# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0001398344-23-005298
**Filing Date:** 2023-3
**Character Count:** 288847
**Document Hash:** f69d6ea534d8faaca4ab6cad03c91174
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005298.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001398344-23-005298

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUSSMAN INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001110502
- **IRS NUMBER:** 522226627
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09911
- **FILM NUMBER:** 23696674

**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 Growth Fund (Series ID: S000001544)

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

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

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

### Hussman Strategic International Fund (Series ID: S000026486)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000079449 | Hussman Strategic International Fund | HSIEX           |

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

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF <br> REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

Hussman Investment Trust

(Exact name of registrant as specified in charter)

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

David K. James

<u>Ultimus Fund Solutions, LLC</u> <u>225 Pictoria Drive, Suite 450</u> <u>Cincinnati, Ohio 45246</u> <br> (Name and address of agent for service)

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

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>December 31, 2022</u>

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

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

**Item 1. Reports to Stockholders.**

(a) HUSSMAN INVESTMENT TRUST

HUSSMAN STRATEGIC GROWTH FUND

HUSSMAN STRATEGIC ALLOCATION FUND

HUSSMAN STRATEGIC TOTAL RETURN FUND

HUSSMAN STRATEGIC INTERNATIONAL FUND

**SEMI-ANNUAL REPORT** 

**December 31, 2022** 

**(Unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Performance Information |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Growth Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Allocation Fund  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Total Return Fund  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic International Fund  | 4 |
| Letter to Shareholders  | 5 |
| Portfolio Information  | 19 |
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Growth Fund  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Allocation Fund  | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Total Return Fund  | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic International Fund  | 52 |
| Statements of Assets and Liabilities  | 61 |
| Statements of Operations  | 63 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Growth Fund  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Allocation Fund  | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Total Return Fund  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic International Fund  | 68 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Growth Fund  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Allocation Fund  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic Total Return Fund  | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hussman Strategic International Fund  | 72 |
| Notes to Financial Statements  | 73 |
| About Your Funds' Expenses  | 97 |
| Other Information  | 99 |
| Privacy Notice  | 100 |

---

Hussman Strategic Growth Fund

**Comparison of the Change in Value of a $10,000 Investment in <br> Hussman Strategic Growth Fund versus the S&P 500<sup>®</sup>** **Index<sup>(a)</sup>** **(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 |
|  | 1 Year | 3 Years | 5 Years | 10 Years | Since <br> Inception<sup>(b)</sup> |
| &nbsp;&nbsp;Hussman Strategic Growth Fund<sup>(c)(d)</sup> | 17.32% | 10.26% | 3.42% | -3.29% | 1.13% |
| &nbsp;&nbsp;S&P 500<sup>**®**</sup> Index | -18.11% | 7.66% | 9.42% | 12.56% | 6.41% |

---

<sup>(a)</sup> Hussman Strategic Growth Fund invests primarily in stocks listed on the New York, American, and NASDAQ exchanges and varies its investment exposure to market fluctuations depending on market conditions. The S&P 500<sup>**®**</sup> Index is an index of large capitalization stocks. However, the Fund may invest in securities that are not included in the S&P 500<sup>**®**</sup> Index and there are no restrictions as to the market capitalization of companies in which the Fund invests. "HSGFX equity investments and cash equivalents only (unhedged)" reflects the performance of the Fund's stock investments and modest day-to-day cash balances, after fees and expenses, and does not reflect the impact of hedging transactions on the Fund's overall investment performance. The Fund's unhedged equity investments do not represent a separately available portfolio, and their performance is presented solely for purposes of comparison and performance attribution. Performance data presented using log scale. Each segment on the vertical axis represents an equivalent percentage change.

<sup>(b)</sup> The Fund commenced operations on July 24, 2000.

<sup>(c)</sup> Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(d)</sup> The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2023 to the extent necessary to limit the Fund's annual ordinary operating expenses to an amount not exceeding 1.15% annually of the Fund's average daily net assets.

**1**<br>

Hussman Strategic Allocation Fund

**Comparison of the Change in Value of a $10,000 Investment in Hussman Strategic Allocation Fund versus the Bloomberg U.S. EQ:FI 60:40 Index\*<sup>(a)</sup>** **(Unaudited) and Benchmark Fixed Allocation Composite<sup>(a)</sup>** **(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 |
|  | 1 Year | 3 Years | Since <br> Inception<sup>(b)</sup> |
| &nbsp;&nbsp;Hussman Strategic Allocation Fund<sup>(c)(d)</sup> | 4.42% | 7.58% | 6.56% |
| &nbsp;&nbsp;Bloomberg U.S. EQ:FI 60:40 Index | -16.86% | 3.73% | 5.58% |
| &nbsp;&nbsp;Benchmark Fixed Allocation Composite | -14.04% | 4.67% | 6.42% |

---

\* Effective February 28, 2023, the Fund changed its primary benchmark to the Bloomberg U.S. EQ:FI 60:40 Index, a broad-based securities market index. The Fund will also continue to compare its performance to Benchmark Fixed Allocation Composite as a secondary benchmark.

<sup>(a)</sup> The Bloomberg U.S. EQ:FI 60:40 Index is designed to measure cross-asset market performance in the U.S. The index rebalances monthly to 60% equities and 40% fixed income. The equity and fixed income allocation is represented by Bloomberg U.S. Large Cap Index and U.S. Aggregate Bond Index. Benchmark Fixed Allocation Composite represents the gross investment performance of a portfolio that is invested in securities included in three separate indices, weighted as follows: 60% S&P 500<sup>®</sup> Index, 30% Bloomberg U.S. Treasury Unhedged Index and 10% Bloomberg U.S. Treasury Bills Index. The S&P 500 Index is an index of the 500 largest U.S. large capitalization stocks. The Bloomberg U.S. Treasury Unhedged Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. The Bloomberg U.S. Treasury Bills Index tracks the market for treasury bills with 1 to 2.9999 months to maturity issued by the U.S. government.

<sup>(b)</sup> The Fund commenced operations on August 27, 2019.

<sup>(c)</sup> Returns do no reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemptions of Fund shares.

<sup>(d)</sup> The Advisor has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2023 to the extent necessary to limit the Fund's annual ordinary operating expenses to an amount not exceeding 1.25% annually of the Fund's average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the six months ended December 31, 2022 would have been 2.12%.

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

Hussman Strategic Total Return Fund

**Comparison of the Change in Value of a $10,000 Investment in Hussman Strategic Total Return Fund <br> versus the Bloomberg U.S. Aggregate Bond Index<sup>(a)</sup>** **(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 |
|  | 1 Year | 3 Years | 5 Years | 10 Years | Since <br> Inception<sup>(b)</sup> |
| &nbsp;&nbsp;Hussman Strategic Total Return Fund<sup>(c)(d)</sup> | - 6.23% | 1.89% | 3.64% | 2.10% | 4.31% |
| &nbsp;&nbsp;Bloomberg U.S. Aggregate Bond Index | -13.01% | -2.71% | 0.02% | 1.06% | 3.18% |

---

<sup>(a)</sup> The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment grade fixed rate bond market, with index components for U.S. government, agency and corporate securities. The Fund does not invest solely in securities included in the Bloomberg U.S. Aggregate Bond Index and may invest in other types of bonds, as well as common stocks, exchange-traded funds and other securities.

<sup>(b)</sup> The Fund commenced operations on September 12, 2002.

<sup>(c)</sup> Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(d)</sup> The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2023 to the extent necessary to limit the Fund's annual ordinary operating expenses to an amount not exceeding 0.75% annually of the Fund's average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the six months ended December 31, 2022 would have been 0.78%.

**3**<br>

Hussman Strategic International Fund

**Comparison of the Change in Value of a $10,000 Investment in <br> Hussman Strategic International Fund versus the MSCI EAFE Index<sup>(a)</sup>** **(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 | **Average Annual Total Returns** <br>For the Periods Ended December 31, 2022 |
|  | 1 Year | 3 Years | 5 Years | 10 Years | Since <br> Inception<sup>(b)</sup> |
| &nbsp;&nbsp;Hussman Strategic International Fund<sup>(c)(d)</sup> | -2.94% | -2.47% | -1.89% | -1.46% | -1.19% |
| &nbsp;&nbsp;MSCI EAFE Index | -14.45% | 0.87% | 1.54% | 4.67% | 4.41% |

---

<sup>(a)</sup> The MSCI EAFE (Europe, Australasia, and Far East) Index is a free float-adjusted weighted capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. As of December 31, 2021, the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The Fund is not required to invest in each of the countries represented in the MSCI EAFE Index and may invest in securities that are not included in the MSCI EAFE Index. In addition, the Fund varies its exposure to market fluctuations depending on market conditions.

<sup>(b)</sup> The Fund commenced operations on December 31, 2009.

<sup>(c)</sup> Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

<sup>(d)</sup> The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2023 to the extent necessary to limit the Fund's annual ordinary operating expenses to an amount not exceeding 2.00% annually of the Fund's average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the six months ended December 31, 2022 would have been 3.82%.

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders (Unaudited)</u> <u>*February 10, 2023*</u>

**Dear Shareholder,** 

"By relentlessly depriving investors of risk-free return over the past decade, the Federal Reserve has spawned an all-asset speculative bubble that we estimate will provide investors little but return-free risk over the coming decade. As usual, no forecasts are necessary. Our investment discipline is to align our market outlook with measurable conditions including valuations, market internals, and the observable behavior of interest rates, inflation, and other factors. There is no question that we view stock market valuations as perilously high, and likely to be followed by more than a decade of negative total returns. Yet we constantly gauge the condition of investor psychology – speculative versus risk-averse – based on the uniformity of market internals across thousands of securities. Our investment approach does not require valuations to return to their historical norms, though we constantly hold that possibility in mind. We have broadened the range of conditions in which we expect to adopt a constructive market exposure, with position limits and safety nets that reduce the risk that we believe is inherent in a hypervalued market."

*— Hussman Funds 2021 Semi-Annual Report (02/11/22)* 

For the year ended December 31, 2022, the Hussman Funds performed as intended. All of the Funds pursue a value-conscious, historically-informed, risk-managed, full-cycle investment discipline. Amid significant market volatility, and continuing potential for extreme market turbulence, all of the Funds outperformed their respective benchmarks.

Strategic Growth Fund maintained a flexible but generally defensive stance toward market risk during the year ended December 31, 2022, and had a total return of 17.32%, compared with a total return of -18.11% for the S&P 500 Index. Strategic Allocation Fund also maintained a generally defensive investment stance during the year, and had a total return of 4.42%, compared with a total return of -16.86% for the Bloomberg U.S. EQ:FI 60:40 Index. Strategic Total Return Fund maintained an unhedged but modest exposure to interest rate volatility during the year, typically ranging between 2-3 years in duration, and had a total return of -6.23%, compared with a total return of -13.01% for the Bloomberg U.S. Aggregate Bond Index. Strategic International Fund maintained a generally defensive exposure to international equity market fluctuations during the year, and had a total return of -2.94% compared with a total return of -14.45% for the MSCI EAFE Index.

For the 3-year period ended December 31, 2022, Strategic Growth Fund had an average annual total return of 10.26%, compared with 7.66% annually for the Fund's benchmark, the S&P 500 Index. The deepest interim loss for the Fund during

**5**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

this period was -13.11%, compared with an interim loss of -33.79% for the S&P 500 Index. Strategic Allocation Fund had a 3-year average annual total return of 7.58%, compared with 3.73% annually for the Fund's benchmark, the Bloomberg U.S. EQ:FI 60:40 Index. The deepest interim loss for the Fund during this period was -5.11% compared with an interim loss of -21.68% for the benchmark. Strategic Total Return Fund had a 3-year average annual total return of 1.89% compared with a total return of -2.71% for the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index. The deepest interim loss for the Fund during this period was -13.53% compared with an interim loss of -18.41% for the benchmark. Strategic International Fund had a 3-year average annual total return of -2.47%, compared with a 0.87% gain for the Fund's benchmark, the MSCI EAFE Index. The deepest interim loss for the Fund during this period was -13.20%, compared with an interim loss of -33.90% for the benchmark.

**Valuations and long-term returns** 

While 2022 was a challenging year for the financial markets, it is important to place stock and bond market losses in the context of valuations. Every security is a claim on a future stream of cash flows that investors expect to be delivered over time. For any given set of cash flows, the only way to increase the future expected return is to reduce the current price. For example, at the beginning of 2022, investors had priced 10-year Treasury bonds to provide a yield to maturity (average annual total return) of just 1.51%. By the end of the year, 10-year Treasury bonds were priced to provide average annual returns of 3.87% (as were 9-year Treasuries). To achieve that higher yield to maturity, the price decline required of 10-year Treasury bonds in 2022 was (1.0151^10) / (1.0387^9) – 1 = -17.46%, assuming a zero coupon for simplicity. From this lower starting price, the additional yield-to-maturity amounts to nothing but the expected recovery of that loss. The higher long-term return is the result of a larger advance in the price toward the face value of the bond as it matures, and for coupon bonds, of future cash flows being a larger percentage of the lower starting price.

Put simply, higher expected returns go hand-in-hand with lower starting valuations. Long-term returns are not determined by randomly flipping a coin, but by arithmetic. Respect for the relationship between current price, expected future cash flows, and long-term returns is what distinguishes "investing" from "speculation." Year-to-year returns can experience a great deal of fluctuation, particularly as investor psychology shifts between speculation and risk-aversion. Yet long-term returns are much more mathematical in nature, because they are linked, and must ultimately be produced, by the delivery of future cash flows. There can be uncertainty around those cash flows due to default risk, or in the case of stocks, economic and business fluctuations. Yet in our analysis, the extent of the uncertainty around long-term economy-wide and index-level

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

cash flows is far smaller than investors often seem to imagine. Long-term cash flows are also much less dependent on current-year profit margins than nearly all of Wall Street implicitly assumes when it values stocks based on a single year of "forward operating earnings."

In the belief that low or zero interest rates left investors "no alternative" but to speculate, regardless of valuations, investors drove stock market valuations to a January 2022 extreme that, on our most reliable measures, stood at 3.6 times the historical norms that we associate with "run of the mill" long-term stock market returns (historically, about 10% annually). Presently, our most reliable valuation measures, based on their correlation with actual subsequent returns in market cycles across history, remain between 2.4 and 2.7 times their respective historical norms. These valuations exceed those observed at the 1929 and 2000 peaks, are matched by valuations observed at market peaks in 2018 and 2020, and are exceeded only by the final speculative advance to the January 2022 extreme. Nothing in our investment discipline requires these valuation measures to revisit their historical norms in the future. Still, it is worth repeating that respect for the relationship between current price, expected future cash flows, and long-term returns is the crucial distinction between "investing" and "speculating."

As I observed in our 2021 Semi-Annual Report:

"Faced with short-term interest rates near zero, it may be reasonable for investors to expect stock market valuations to stand well-above their historical norms. It is also not impossible for the stock market to 'grow its way out' of extreme valuations. The main difficulty with valuations at 3.6 times their historical norms is arithmetic. If these valuation measures were simply to touch those norms 30 years from today, prices would have to grow 4% slower than fundamentals, on average, during that period (1/3.6 ^ 1/30 – 1 = -4.18%). Given that S&P 500 revenues, nonfinancial gross value-added, and nominal GDP have all grown at a rate of only about 4% over the past 10, 20, and 30 years, the same economic growth, coupled with that 4% valuation headwind, would combine to leave the S&P 500 Index unchanged over those 30 years."

The market losses of 2022 have removed only the most speculative froth from the extreme valuations that the Federal Reserve encouraged through a decade of zero-interest rate monetary policies. In our view, these losses have not meaningfully restored "value," particularly in the equity markets. Value is not measured by the extent that prices have declined, but by the relationship between prices and properly discounted cash flows. We presently observe little basis on which to expect adequate long-term returns from passive holdings in U.S. equities or Treasury bonds. As of early-February

**7**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

2023, we estimate 12-year average annual nominal total returns of just 0.7% annually for a passive portfolio allocated 60% to the S&P 500, 30% to Treasury bonds, and 10% to Treasury bills.

This will change. Valuations and prospective long-term returns can change substantially even over a year or two. For now, however, the phrase "passive investment" seems something of an oxymoron. As I wrote in February 2020, with market valuations and estimated long-term returns close to present levels, "Whatever they're doing, it's not 'investment'."

Decades ago, the famed value investor Benjamin Graham wrote, "The habit of relating what is paid to what is being offered is an invaluable trait in investment. We are convinced that the average investor cannot deal successfully with price movements by endeavoring to forecast them. Our recommended policy has, however, made provision for changes in the proportion of common stocks to bonds in the portfolio, if the investor chooses to do so, according as the level of stock prices appears less or more attractive by value standards. That sounds like timing; but when you consider it you will see that it is not really timing at all, but rather the purchase and sale of securities by the method of valuation."

The objective of the Hussman Funds is to provide investors with alternatives that pursue a value-conscious, historically-informed, risk-managed, full-cycle investment discipline. The Federal Reserve's foray into zero-interest rate policy certainly required us to adapt in ways that increase our attention to speculative pressures and limit our reliance on historical "limits" to speculation. These adaptations have restored the strategic flexibility that we enjoyed across decades of complete market cycles, and their benefit has been increasingly evident in recent years – even amid an overall advance in the S&P 500 since 2019. Still, what quantitative easing and zero interest rate policy emphatically did not change is arithmetic, and specifically, the arithmetic that links current price, expected future cash flows, and long-term investment returns. In our view, the greatest risk in the financial markets is the willingness to ignore that arithmetic. Such willingness has never been permanent.

**Portfolio Composition** 

As of December 31, 2022, Strategic Growth Fund had net assets of $542,397,568, and held 274 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were technology (23.6%), health care (17.0%), consumer discretionary (15.1%), consumer staples (9.2%), materials (8.2%),

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

communications (7.7%), industrials (7.6%) and financials (7.0%). The smallest sector holdings as a percent of net assets were energy (4.4%), utilities (0.7%) and real estate (0.2%).

Strategic Growth Fund's holdings of individual stocks as of December 31, 2022 were valued at $546,086,300. Against these stock positions, the Fund also held 825 option combinations (long put option/short call option) on the S&P 500 Index and 1,250 option combinations on the Russell 2000 Index. Each option combination behaves inversely to the underlying index, and has a notional value of $100 times the index value. On December 31, 2022, the S&P 500 Index closed at 3,839.50, while the Russell 2000 Index closed at 1,761.246. The Fund's total hedge represented a notional value of $536,914,500, hedging 98.3% of the dollar value of the Fund's investment positions in individual stocks.

Though the performance of Strategic Growth Fund's diversified portfolio cannot be attributed to any narrow group of stocks, the following equity holdings achieved gains in excess of $1.5 million during the six months ended December 31, 2022: Dick's Sporting Goods, The Buckle, Clearfield, Netflix, Super Micro Computer, Etsy, Sprouts Farmers Market and Biogen IDEC. There were no equity holdings with a loss in excess of $1.5 million during this period.

As of December 31, 2022, Strategic Allocation Fund had net assets of $25,162,361 and held 270 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were technology (17.7%), health care (13.0%), consumer discretionary (11.6%), consumer staples (7.0%), materials (5.9%), communications (5.8%), industrials (5.6%) and financials (5.5%). The smallest sector weights were energy (3.1%), utilities (0.6%) and real estate (0.2%). Treasury bills, Treasury notes and money market funds represented 28.8% of the Fund's net assets.

Strategic Allocation Fund's holdings of individual stocks as of December 31, 2022 were valued at $19,133,416, representing 76.0% of the Fund's net assets. Against these stock positions, the Fund also held 27 option combinations (long put option/short call option) on the S&P 500 and 40 option combinations on the Russell 2000 Index. The notional value of this hedge was $17,411,634, hedging 91.0% of the value of equity investments held by the Fund. The Fund's holdings in long-term Treasury obligations represented 9.6% of the Fund's net assets.

**9**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

In Strategic Allocation Fund, during the six months ended December 31, 2022, the following equity holdings achieved gains in excess of $50,000: Dick's Sporting Goods, The Buckle, Clearfield, Netflix, Super Micro Computer, Etsy, Atlas Air Worldwide, Sprouts Farmers Market and Biogen IDEC. There were no equity holdings with a loss in excess of $50,000 during this period.

As of December 31, 2022, Strategic Total Return Fund had net assets of $224,880,382. Treasury bills, Treasury notes, Treasury Inflation-Protected Securities (TIPS) and money market funds represented 78.2% of the Fund's net assets. Sector holdings of equities as a percent of net assets were precious metals shares (12.9%), energy (3.5%), exchange-traded funds (2.9%), utilities (2.0%), and industrials (0.4%).

In Strategic Total Return Fund, during the six months ended December 31, 2022, the following holdings achieved portfolio gains in excess of $200,000: AngloGold Ashanti ADR, Agnico Eagle Mines, and Cheniere Energy Partners. Portfolio losses in excess of $200,000 during this period were recognized in Nabors Industries, Laredo Petroleum, Barrick Gold, NRG Energy and Newmont, as well as several US Treasury securities, despite a typical portfolio duration of only 2-3 years during 2022.

As of December 31, 2022, Strategic International Fund had net assets of $14,051,131 and held 191 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were consumer discretionary (16.7%), financials (11.7%), communications (10.5%), health care (9.8%), industrials (9.6%), consumer staples (8.1%), technology (7.6%) and materials (7.2%), The smallest sector weights were utilities (3.1%), energy (1.9%) and real estate (1.8%). Investment in shares of money market funds accounted for 7.7% of net assets.

Strategic International Fund's holdings of individual stocks as of December 31, 2022 were valued at $12,361,519. In order to hedge the impact of general market fluctuations, as of December 31, 2022, Strategic International Fund was long 12 put option contracts on the S&P 500 Index and short 75 futures on the Mini MSCI EAFE Index. The notional value of this hedge was $11,934,900, hedging 96.5% of the value of equity investments held by the Fund. Because part the hedge in Strategic International Fund reflected the use of long index put options without a matching short call option position, the Fund had a small positive net exposure to fluctuations in the international equity markets during the year.

While Strategic International Fund's investment portfolio is diversified and the Fund's performance is affected by numerous investment positions, the hedging strategy of the Fund was primarily responsible for the reduced sensitivity of the Fund to market fluctuations from the Fund's inception through December 31, 2022. The only equity

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

holding having a portfolio gain in excess of $35,000 during the six months ended December 31, 2022 was Europris ASA. Equity holdings with portfolio losses in excess of $35,000 during this period were recognized in Wacom Co. and International Distribution Services PLC.

Supplementary performance information for the Funds is available on the Hussman Funds website: www.hussmanfunds.com

**Current Outlook** 

Despite broad-based equity market losses in 2022, the retreat is still nowhere near what we estimate would be needed simply to restore historically run-of-the-mill prospects for long-term equity returns. In our view, the potential loss in the Standard & Poor's 500 Index remains about -60% from current levels. Still, as I noted in our 2021 Semi-Annual Report, our investment approach emphatically does not require valuations to return to their historical norms. The adaptations we have adopted in recent years restore the strategic flexibility that we enjoyed across decades of complete market cycles, allowing us to embrace even the possibility of sustained market overvaluation without concern, however unlikely we might consider that outcome.

**Bonds** 

In the bond market, the yield on 10-year U.S. Treasury bonds advanced from just 1.51% at the beginning of 2022 to 3.87% by the end of the year, while the yield of 3-month Treasury bills advanced from just 0.06% to 4.38%. Given that Treasury bond yields remain well-below T-bill yields, the potential for further bond market losses depends largely on what yield investors view as acceptable based on inflation, competing yields, and economic activity. Historically, the total return of 10-year Treasury bonds has lagged Treasury bill returns, on average, when the yield on 10-year Treasury bond has been below the average of core CPI inflation, 3-month T-bill yields, and year-over-year nominal GDP growth. As of December 31, 2022, that average stood at 5.80%. In early-February 2023, 10-year Treasury bond yields fell as low as 3.33%, further widening the gap from these benchmarks.

In our view, prevailing bond yields already rely on a significant retreat in inflation, as well as explicit Federal Reserve interest rate cuts, leaving little room for further declines in yield except in the event of fresh economic weakness or credit distress. We currently view this tradeoff between potential return and risk as inadequate to justify significant exposure to long-term bonds.

**11**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

Inflation pressures peaked in mid-2022 and eased modestly by the end of the year. Core consumer prices increased by 5.7% during 2022, while the core personal consumption expenditures price index increased by 4.4%. It is possible that inflation may retreat progressively from these levels, but the historical record suggests that inflation shocks tend to decay over a period of years rather than quarters. Indeed, across history, we find that the best predictor of inflation is not unemployment, GDP growth, or even Federal Reserve policy. Rather, inflation has a significant psychological component; the best predictor of inflation is the most recent rate of inflation, with the next best predictor being lagged inflation from the previous year. After that, the best correlates of inflation, although weaker, are negative economic shocks, which exert downward pressure on inflation, as well as tight capacity and supply shocks – particularly amid unsustainable government deficits – which exert upward pressure on inflation.

In recent months, investors appear to have taken rapidly declining inflation and resumed monetary easing for granted, embedding those expectations into bond yields and still-elevated market valuations. Having done so, investors now rely on those outcomes. Any stall in progress on the inflation front, and particularly any upward surprise in core inflation even on the order of 0.2-0.4%, could be disruptive to both bonds and stocks. Meanwhile, the most likely drivers of improving inflation –economic recession and credit strains – would pose their own challenges to the financial markets. In our view, this creates a tightrope: the failure of inflation to resolve quickly would be unfavorable for the financial markets, yet the conditions most likely to produce a quick resolution of inflation would also be unfavorable for the financial markets.

**Precious metals** 

With regard to precious metals and other commodities, inflation does tend to be supportive for these assets. Yet the combination of rising nominal interest rates and gradually easing inflation pressures also means that "real" after-inflation interest rates have been pressed higher. This has been particularly true in the U.S., resulting in upward pressure on the foreign exchange value of the U.S. dollar. Historically, the shares of precious metals companies tend to perform most strongly when real interest rates and the U.S. dollar are falling, particularly when nominal Treasury yields are falling as well.

The Hussman Funds generally held moderate positions in precious metals shares during 2022. In particular, Strategic Total Return Fund generally held between 8-12% of net assets in this sector during 2022, which we view as neither defensive nor

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

aggressive in context of the Fund's objective and history. I expect that more aggressive exposure to precious metals shares will await some combination of lower prices or downward pressures on real and nominal interest rates.

**Equities** 

We continue to view elevated stock market valuations as the most pointed risk faced by most investors. The chart below presents several of our most reliable market valuation measures, each as a multiple to its own historical norm. The lines are nearly indistinguishable, as their shared reliability is reflected in similar behavior over time. A color version of this chart is presented in the online version of this Semi-Annual Report (www.hussmanfunds.com). While the 2022 retreat in U.S. equity markets has removed the most extreme speculative froth from valuations, all of these measures remain near their 2000 speculative peaks.

![](fp0081651-2_13.jpg)

Several arguments are typically offered in defense of current speculative extremes. One suggestion is that these extremes are driven by very large companies such as Apple, Google, and Microsoft, that deserve their valuations due to high profit margins. The difficulty with this argument is that even when components of the Standard & Poor's 500 Index are sorted by their price/revenue multiples, the median valuation of every subset has exceeded its 2000 extreme in recent years, from the 10% of components with the lowest multiples to the 10% with the highest multiples. The same is true when S&P 500 components are sorted by market capitalization. Moreover, when

**13**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

the components of the S&P 500 are sorted by market capitalization, the median profit margins of the largest stocks comprising 20-40% of S&P 500 market capitalization are no higher, relative to the median S&P 500 component, than has been typical over the past two decades. In short, the rich valuations we observe in the U.S. equity market are not the artifact of a handful of companies, nor have the largest companies become significantly more profitable in recent years, relative to other S&P 500 components.

It is true that the general level of corporate profit margins has been higher, across the board, than in 2000, but three clear macroeconomic drivers account for nearly all of that difference, and none are permanent. First, for several years following the 2008-2009 global financial crisis, profit margins enjoyed a significant boost due to depressed labor costs – a boost that has been gradually reversing since 2014. Second, low interest rates also helped to boost profit margins during the past decade. Economy-wide corporate interest costs closely track Baa corporate bond yields. Given that nonfinancial corporate debt is nearly the same size as nonfinancial corporate revenue, each 100 basis point decline in Baa corporate yields tends to reduce interest costs and boost profit margins by that same 100 basis points. This driver has sharply reversed in recent quarters, as the level of Baa interest rates moved from 3.3% to 5.6% in 2022. Finally, trillions of dollars in deficit spending caused a sharp but temporary boost in the income and savings of other economic sectors, as every deficit of government must be matched by a corresponding surplus in household, corporate, and foreign saving. This is not a theory but an accounting identity. Unless one expects multi-trillion dollar pandemic deficits to become the norm, this recent driver of corporate profits should not be viewed as sustainable.

Put simply, the data do not support the argument that current valuation extremes are somehow justified by a structural change in the composition of S&P 500 components, nor do they support the belief that elevated profit margins reflect a structural change in macroeconomic conditions. To the contrary, the data suggest that elevated profit margins in recent years have been driven by temporary and cyclical factors. Depressed labor costs were the primary driver between 2009-2014, followed by depressed interest costs due to zero interest rate monetary policies later in the decade, and finally amplified by pandemic deficits in recent years. In our view, it is dangerous and almost superstitious to take the bloated profit margins and corporate earnings of recent years at face value, and to value equities on that basis. The failure of profit margins to maintain a permanently high plateau could have very unpleasant consequences in a market where the price/revenue ratio of the S&P 500 is currently near 2.4, compared with a historical norm of less than 1.0.

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

**Monetary policy and yield-seeking speculation** 

Investors often make the mistake of dismissing rich valuations if they do not result in immediate losses. That is emphatically not how valuations work. Extreme valuations are not equal to a near-term forecast about market direction. When investors are inclined to speculate, they tend to be indiscriminate about it, so the "uniformity" of market internals across thousands of stocks, industries, sectors, and security-types conveys information about that psychology. I developed our key measure of market internals in 1998, even before the inception of the Hussman Funds, and it has remained an important part of our investment discipline. In previous market cycles across history, there were also measurable "limits" to speculation. These syndromes combined overextended valuations, price behavior, and investor sentiment, and were regularly followed by severe market losses. The most important impact of unprecedented Federal Reserve policy in recent years – zero interest rates and quantitative easing (QE) – was to remove any well-defined "limit" to financial speculation.

The policy of "quantitative easing" involves changing the mix of government liabilities that are held by the public. It "works" largely by starving investors of yield. Specifically, the Federal Reserve ("Fed") buys interest-bearing Treasury and mortgage securities for its balance sheet, and pays for them by creating different liabilities – bank reserves and currency – which someone in the economy has to hold instead, at every moment in time, until the Fed retires them. For much of the past decade, this money earned zero interest. Most of this base money is held by the public indirectly, as bank balances. The only way for a holder to get rid of this "base money" is to buy something, typically investment securities that might offer the hope of a higher return. Yet buying another security does not destroy the base money. The money just passes to the seller, like a hot potato. By January 2022, the Fed was forcing the public to choke down zero-interest base money in the breathtaking amount of 36% of GDP. The discomfort of investors with that much "zero" encouraged the most profound speculative financial bubble in U.S. history.

We estimate that until the Federal Reserve reduces its balance sheet to less than 16% of nominal GDP (which was the historical peak prior to 2008), holding interest rates above zero will require the Fed to explicitly pay interest to banks and financial institutions on reserves and "reverse repos." The Fed is presently doing just that, paying interest in the amount of 4.65% annually. The effect is to convert zero-interest base money to the "synthetic" equivalent of interest-bearing Treasury bills. This reduces the incentive of holders to get rid of the base money through spending or yield-seeking speculation, and eases the pressure on both inflation and security valuations.

**15**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

It is important to observe that easy monetary policy does not, in itself, ensure speculation or support financial markets. Recall, for example, that the Federal Reserve eased aggressively through the entire 2000-2002 and 2007-2009 market collapses. When investors become risk-averse, safe low-interest liquidity is treated as a desirable asset rather than an inferior one; creating more of it does not provoke speculation. It was easy money, combined with speculative investor psychology, that produced the recent financial bubble. We remain aware of the potential for fresh speculation and reckless Fed policy, and constantly monitor the uniformity of market internals for that reason, but we no longer assume that speculation or Fed recklessness have any reliable "limit."

**Value-conscious, historically-informed, risk-managed, full-cycle** 

The core elements of our discipline – value-conscious, historically-informed, risk-managed, full-cycle – drive both our security selection and our exposure to market risk. Our aim is to implement that discipline on behalf of our shareholders, as market conditions change over time. In that context, it is notable that from the inception of Strategic Growth Fund on July 24, 2000 through December 31, 2022, the equity investments and cash equivalents of the Fund had a cumulative total return of 748.72% (10.00% annually), versus a cumulative total return of 300.59% (6.38% annually) for the S&P 500. For more than a decade after the Fund's inception, through October 2010, the hedging approach of the Fund both added to the stock selection returns of the Fund, and reduced downside risk. It is not a coincidence that this changed exactly when the Federal Reserve doubled down on its policy of quantitative easing; expanding the quantity of zero-interest base money beyond any historical range, encouraging relentless yield-seeking speculation, and ultimately driving equity market valuations above their 1929 and 2000 extremes.

While the challenges of deranged Federal Reserve policy ultimately led us to abandon our reliance on historically reliable "limits" to speculation, valuations and market internals remain essential elements of our discipline. We remain convinced that valuations are highly informative about likely long-term market returns, yet nothing in our approach relies on valuations to retreat to their historical norms. We remain convinced that speculation and risk-aversion can be distinguished by the uniformity and divergence of market action across thousands of securities, yet nothing in our approach relies on future restraint on the part of speculators or the Fed. We have broadened our ability to pursue a value-conscious discipline even amid rich valuations, yet nothing in our approach relies on the spectacular valuation extremes of recent years to be sustained – as passive investors now require.

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

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

In short, the adaptations we made in response to reckless monetary policy had one key objective: to restore our strategic flexibility. We have surrendered the "limits" that held us to a defensive outlook, yet we have preserved the elements of our discipline – particularly attention to valuations and market internals – that were essential in navigating previous complete market cycles, and remain so today. All the Hussman Funds are intended to outperform their respective benchmarks over time, with smaller interim losses than passive investment approaches. As we regularly observed in previous market cycles, and have increasingly observed in recent years, I am pleased to report that for the year ended December 31, 2022, our discipline performed "as intended."

As always, I remain grateful for your trust.

Sincerely,

John P. Hussman, Ph.D.

*Past performance is not predictive of future performance. There is no assurance that the Hussman Funds will achieve their investment objectives. Investment results and principal value will fluctuate so that shares of the Funds, when redeemed, may be worth more or less than their original cost. It is possible to lose money when investing in securities. Current performance may be higher or lower than the performance data quoted.* 

*Periodic updates regarding market conditions and investment strategy, as well as special reports, analysis, and performance data current to the most recent month end, are available at the Hussman Funds website www.hussmanfunds.com.* 

*An investor should consider the investment objectives, risks, charges and expenses of the Funds carefully before investing. The Funds' prospectuses contain this and other important information. To obtain a copy of the Hussman Funds' prospectuses please visit our website at www.hussmanfunds.com or call 1-800-487-7626 and a copy will be sent to you free of charge. Please read the prospectus carefully before you invest. The Hussman Funds are distributed by Ultimus Fund Distributors, LLC.* 

*Estimates of prospective return and risk for equities, bonds and other financial markets are forward-looking statements based the analysis and reasonable beliefs of Hussman Strategic Advisors (the "Adviser"), which serves as the investment adviser of the Funds. They are not a guarantee of future performance and are not indicative of the prospective returns of any of the Hussman Funds. Actual returns may differ substantially from the estimates provided. Estimates of prospective long-term returns for* 

**17**<br>

<u><br> The Hussman Funds</u> <br> <u>Letter to Shareholders *(continued)*</u>

*the S&P 500 reflect valuation methods focusing on the relationship between current market prices and earnings, dividends and other fundamentals, adjusted for variability over the economic cycle.* 

*This Letter to Shareholders seeks to describe some of the Adviser's current opinions and views of the financial markets. Although the Adviser believes it has a reasonable basis for the opinions or views expressed, actual results may differ, sometimes significantly so, from those expected or expressed. The securities held by the Funds that are discussed in this Letter to Shareholders were held during the period covered by this Report. They do not comprise the entire investment portfolios of the Funds, may be sold at any time and may no longer be held by the Funds. The opinions of the Adviser with respect to those securities may change at any time.* 

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

<u>Hussman Strategic Growth Fund<br> Portfolio Information </u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Sector Allocation (% of Common Stocks)** 

<u>Hussman Strategic Allocation Fund<br> Portfolio Information </u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Asset Allocation (% of Net Assets)** 

**19**<br>

<u>Hussman Strategic Allocation Fund<br> Portfolio Information *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Sector Allocation (% of Common Stocks)** 

---

| |
|:---|
| Hussman Strategic Total Return Fund <br> Portfolio Information  |
| *December 31, 2022 (Unaudited)* |

---

**Asset Allocation (% of Net Assets)** 

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

<u>Hussman Strategic International Fund<br> Portfolio Information </u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Sector Allocation (% of Common Stocks)** 

**Country Allocation (% of Common Stocks)** 

**21**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments </u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7%** | **Shares** | **Value** |
| **Communications — 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Advertising & Marketing — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. <sup>(a)</sup>  | 25000 | $2039250 |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A <sup>(a)</sup>  | 120000 | 4196400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. <sup>(a)</sup>  | 600000 | 3504000 |
|  |  | 7700400 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 80000 | 1253600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Global - Class B <sup>(a)</sup>  | 90000 | 1519200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 137095 | 1299661 |
|  |  | 4072461 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C <sup>(a)</sup> <sup>(b)</sup>  | 60000 | 5323800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarGurus, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 36000 | 504360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 3610200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 4423200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shutterstock, Inc. <sup>(a)</sup>  | 30000 | 1581600 |
|  |  | 15443160 |
| &nbsp;&nbsp;&nbsp;*Publishing & Broadcasting — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entravision Communications Corporation - Class A <sup>(a)</sup>  | 25000 | 120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. <sup>(a)</sup>  | 180000 | 2014200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. <sup>(a)</sup>  | 15000 | 2625450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. <sup>(a)</sup>  | 50000 | 1059500 |
|  |  | 5819150 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. <sup>(a)</sup>  | 30000 | 552300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. <sup>(a)</sup>  | 60000 | 313200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. <sup>(a)</sup>  | 150000 | 5910000 |
|  |  | 6775500 |
| **Consumer Discretionary — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carter's, Inc. <sup>(a)</sup>  | 15000 | 1119150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 28000 | 120680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movado Group, Inc. <sup>(a)</sup>  | 25000 | 806250 |
|  |  | 2046080 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Consumer Discretionary — 15.1% (continued)** | **Consumer Discretionary — 15.1% (continued)** | **Consumer Discretionary — 15.1% (continued)** |
| &nbsp;&nbsp;&nbsp;*Automotive — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. <sup>(a)</sup>  | 30000 | $1207500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company <sup>(a)</sup>  | 100000 | 1163000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. <sup>(a)</sup>  | 25000 | 1040000 |
|  |  | 3410500 |
| &nbsp;&nbsp;&nbsp;*Consumer Services — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Group, Inc. <sup>(a)</sup>  | 15000 | 357300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Company - Class B <sup>(a)</sup>  | 2500 | 1510525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education Corporation <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 347500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 12000 | 375360 |
|  |  | 2590685 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-FLOWERS.COM, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 75000 | 717000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 18000 | 1512000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 39000 | 4671420 |
|  |  | 6900420 |
| &nbsp;&nbsp;&nbsp;*Home & Office Products — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corporation <sup>(a)</sup>  | 125000 | 698750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Company - Class A <sup>(a)</sup>  | 50000 | 619500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. <sup>(a)</sup>  | 60000 | 2059800 |
|  |  | 3378050 |
| &nbsp;&nbsp;&nbsp;*Home Construction — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. <sup>(a)</sup>  | 30000 | 1500300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestar Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 35000 | 539350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corporation <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 1365750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 557700 |
|  |  | 3963100 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 60000 | 1914600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Brothers, Inc. <sup>(b)</sup>  | 30000 | 845700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation <sup>(a)</sup>  | 24000 | 2380800 |
|  |  | 5141100 |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries <sup>(a)</sup>  | 6000 | 554700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 90000 | 1605600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. <sup>(a)</sup>  | 21000 | 1585290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. <sup>(a)</sup>  | 30000 | 1581000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 1239300 |
|  |  | 6565890 |

---

**23**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Consumer Discretionary — 15.1% (continued)** | **Consumer Discretionary — 15.1% (continued)** | **Consumer Discretionary — 15.1% (continued)** |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. <sup>(a)</sup>  | 60000 | $837600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 1073000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company, Inc. <sup>(a)</sup>  | 30000 | 2406300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big 5 Sporting Goods Corporation <sup>(a)</sup>  | 125000 | 1103750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) <sup>(a)</sup>  | 90000 | 4081500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chico's FAS, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 120000 | 590400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designer Brands, Inc. - Class A <sup>(a)</sup>  | 30000 | 293400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. <sup>(a)</sup>  | 25000 | 3007250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Holdings, Inc. - Class B <sup>(a)</sup> <sup>(b)</sup>  | 150000 | 927000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express, Inc. <sup>(b)</sup>  | 250000 | 255000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) <sup>(a)</sup>  | 15000 | 169200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesco, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 1150500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hibbett, Inc. <sup>(a)</sup>  | 35000 | 2387700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) <sup>(a)</sup>  | 6000 | 1895160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corporation <sup>(a)</sup>  | 75000 | 1893750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. <sup>(a)</sup>  | 9000 | 1793160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, inc. <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 961140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. <sup>(a)</sup>  | 250000 | 5162500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarineMax, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 50000 | 1561000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 90000 | 1452600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. <sup>(a)</sup>  | 5000 | 574650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 150000 | 1878000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 12000 | 5628840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 60000 | 1431000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. <sup>(a)</sup>  | 24000 | 2758080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zumiez, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 50000 | 1087000 |
|  |  | 46359480 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Educational Development Corporation | 49300 | 155788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation <sup>(a)</sup>  | 30000 | 1602300 |
|  |  | 1758088 |
| **Consumer Staples — 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corporation <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 697950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. <sup>(a)</sup>  | 6000 | 1083960 |
|  |  | 1781910 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Consumer Staples — 9.2% (continued)** | **Consumer Staples — 9.2% (continued)** | **Consumer Staples — 9.2% (continued)** |
| &nbsp;&nbsp;&nbsp;*Food — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc. <sup>(a)</sup>  | 120000 | $1338000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Company <sup>(a)</sup>  | 45000 | 2553750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. <sup>(a)</sup>  | 30000 | 2515500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company (The) <sup>(a)</sup>  | 6000 | 950760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellogg Company <sup>(a)</sup>  | 75000 | 5343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) <sup>(a)</sup>  | 45000 | 1831950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 25000 | 335250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 1330000 |
|  |  | 16198210 |
| &nbsp;&nbsp;&nbsp;*Household Products — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) <sup>(a)</sup>  | 5000 | 701650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company <sup>(a)</sup>  | 30000 | 2363700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. <sup>(a)</sup>  | 60000 | 2013000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation <sup>(a)</sup>  | 15000 | 2036250 |
|  |  | 7114600 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A <sup>(a)</sup>  | 25000 | 518500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Lots, Inc. <sup>(a)</sup>  | 45000 | 661500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 661600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A <sup>(a)</sup>  | 36000 | 3472560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Company (The) <sup>(a)</sup>  | 90000 | 4012200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. <sup>(a)</sup>  | 90000 | 822600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 120000 | 3884400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. <sup>(a)</sup>  | 90000 | 3362400 |
|  |  | 17395760 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) <sup>(a)</sup>  | 75000 | 2624250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 120000 | 4645200 |
|  |  | 7269450 |
| **Energy — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup>  | 75000 | 3501000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources Corporation <sup>(a)</sup>  | 60000 | 2610600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Company <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 1112700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners, L.P. <sup>(a)</sup>  | 18000 | 1023660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. <sup>(a)</sup>  | 24000 | 1390320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. <sup>(a)</sup>  | 75000 | 1842750 |

---

**25**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Energy — 4.4% (continued)** | **Energy — 4.4% (continued)** | **Energy — 4.4% (continued)** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.2% (continued)* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.2% (continued)* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.2% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | $2313900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. <sup>(a)</sup>  | 24000 | 1217040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation <sup>(a)</sup>  | 24000 | 600480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company <sup>(a)</sup>  | 40000 | 1393200 |
|  |  | 17005650 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 2323050 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Solar, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 120000 | 3708000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 224685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JinkoSolar Holding Company Ltd. - ADR <sup>(a)</sup> <sup>(b)</sup>  | 9000 | 367920 |
|  |  | 4300605 |
| **Financials — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. <sup>(a)</sup>  | 35000 | 1270850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. <sup>(a)</sup>  | 150000 | 2698500 |
|  |  | 3969350 |
| &nbsp;&nbsp;&nbsp;*Banking — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp <sup>(a)</sup>  | 30000 | 692700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. <sup>(a)</sup>  | 39850 | 1568895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 75000 | 2125500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. <sup>(a)</sup>  | 50000 | 640500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kearny Financial Corporation <sup>(a)</sup>  | 75000 | 761250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. <sup>(a)</sup>  | 100000 | 860000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company <sup>(a)</sup>  | 25000 | 1032250 |
|  |  | 7681095 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. <sup>(a)</sup>  | 15000 | 1882050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A <sup>(a)</sup>  | 25000 | 2727000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 953000 |
|  |  | 5562050 |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. <sup>(a)</sup>  | 25000 | 1798500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corporation (The) <sup>(a)</sup>  | 24000 | 3254400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. <sup>(a)</sup>  | 6000 | 1987620 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Financials — 7.0% (continued)** | **Financials — 7.0% (continued)** | **Financials — 7.0% (continued)** |
| &nbsp;&nbsp;&nbsp;*Insurance — 3.0% (continued)* | &nbsp;&nbsp;&nbsp;*Insurance — 3.0% (continued)* | &nbsp;&nbsp;&nbsp;*Insurance — 3.0% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(a)</sup>  | 30000 | $921600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corporation <sup>(a)</sup>  | 125000 | 3018750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) <sup>(a)</sup>  | 9000 | 1167390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. <sup>(a)</sup>  | 5000 | 497300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group <sup>(a)</sup>  | 90000 | 3692700 |
|  |  | 16338260 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company <sup>(a)</sup>  | 30000 | 4432500 |
| **Health Care — 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 12.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup>  | 30000 | 4848300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 391950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. <sup>(a)</sup>  | 15000 | 3939600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc. <sup>(b)</sup>  | 175000 | 348250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 60000 | 1116000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 90000 | 1827900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG <sup>(a)</sup> <sup>(b)</sup>  | 16000 | 650400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(b)</sup>  | 75000 | 798000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Editas Medicine, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 266100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. <sup>(a)</sup>  | 5000 | 1829200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 150000 | 2406000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. <sup>(a)</sup>  | 24000 | 2060400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 24000 | 1365600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corporation <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 3614400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 275000 | 3643750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 793800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 150000 | 1858500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc <sup>(a)</sup> <sup>(b)</sup>  | 12000 | 1911720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson <sup>(a)</sup>  | 15000 | 2649750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. <sup>(a)</sup>  | 20000 | 2219000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 2986000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 1737450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. <sup>(a)</sup>  | 120000 | 6148800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 7500 | 5411175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc. <sup>(b)</sup>  | 150000 | 225000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 953500 |

---

**27**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Health Care — 17.0% (continued)** | **Health Care — 17.0% (continued)** | **Health Care — 17.0% (continued)** |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 12.1% (continued)* | &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 12.1% (continued)* | &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 12.1% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. <sup>(a)</sup>  | 30000 | $220800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 120000 | 4280400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 150000 | 1108500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 12000 | 3465360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. <sup>(a)</sup>  | 50000 | 556500 |
|  |  | 65632105 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corporation <sup>(a)</sup>  | 10000 | 3313400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation <sup>(a)</sup>  | 35000 | 3261650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 446700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. <sup>(a)</sup>  | 7500 | 1799700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corporation of America Holdings <sup>(a)</sup>  | 9000 | 2119320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson Companies, Inc. <sup>(a)</sup>  | 75000 | 2102250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. <sup>(a)</sup>  | 20000 | 3128800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B <sup>(a)</sup>  | 24000 | 3381360 |
|  |  | 19553180 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Diagnostics, Inc. <sup>(b)</sup>  | 35000 | 88200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 20000 | 1496200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 7500 | 1516500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inogen, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 886950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic plc <sup>(a)</sup>  | 9000 | 699480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho Corporation <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 514020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation <sup>(a)</sup> <sup>(b)</sup>  | 5000 | 1712900 |
|  |  | 6914250 |
| **Industrials — 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 488880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. <sup>(a)</sup>  | 18000 | 657180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half International, Inc. <sup>(a)</sup>  | 24000 | 1771920 |
|  |  | 2917980 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company <sup>(a)</sup>  | 15000 | 1798800 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. <sup>(a)</sup>  | 45000 | 3860100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 3402600 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Industrials — 7.6% (continued)** | **Industrials — 7.6% (continued)** | **Industrials — 7.6% (continued)** |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.5% (continued)* | &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.5% (continued)* | &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.5% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. <sup>(a)</sup>  | 15000 | $871200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WidePoint Corporation <sup>(b)</sup>  | 109000 | 198391 |
|  |  | 8332291 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 638250 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 7500 | 939000 |
| &nbsp;&nbsp;&nbsp;*Machinery — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corporation <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 396000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 15000 | 1126800 |
|  |  | 1522800 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. <sup>(a)</sup>  | 54000 | 4944240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. <sup>(a)</sup>  | 30000 | 3117600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation <sup>(a)</sup>  | 30000 | 5196000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. <sup>(a)</sup>  | 75000 | 3930750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. <sup>(a)</sup>  | 12500 | 2036250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. <sup>(a)</sup>  | 25000 | 1562750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B <sup>(a)</sup>  | 18000 | 3129120 |
|  |  | 23916710 |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. <sup>(a)</sup>  | 30000 | 1248000 |
| **Materials — 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdvanSix, Inc. <sup>(a)</sup>  | 75000 | 2851500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 24000 | 692880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. <sup>(a)</sup>  | 60000 | 564000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A <sup>(a)</sup>  | 45000 | 3736350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Company (The) <sup>(a)</sup>  | 75000 | 3290250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup>  | 15000 | 489750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Corporation <sup>(a)</sup>  | 30000 | 3076200 |
|  |  | 14700930 |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Global Group, Inc. <sup>(a)</sup>  | 72000 | 4350960 |

---

**29**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Materials — 8.2% (continued)** | **Materials — 8.2% (continued)** | **Materials — 8.2% (continued)** |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 1.2% (continued)* | &nbsp;&nbsp;&nbsp;*Containers & Packaging — 1.2% (continued)* | &nbsp;&nbsp;&nbsp;*Containers & Packaging — 1.2% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc. - Class A <sup>(a)</sup>  | 15000 | $1005900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Company <sup>(a)</sup>  | 30000 | 1038900 |
|  |  | 6395760 |
| &nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company <sup>(a)</sup>  | 45000 | 3090150 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. <sup>(a)</sup>  | 54000 | 2807460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Ltd. - ADR <sup>(a)</sup>  | 108000 | 2097360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation <sup>(a)</sup>  | 216000 | 3710880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corporation <sup>(a)</sup>  | 18000 | 2476080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation <sup>(a)</sup>  | 144000 | 588960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation <sup>(a)</sup>  | 72000 | 3398400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. <sup>(a)</sup>  | 10800 | 1217376 |
|  |  | 16296516 |
| &nbsp;&nbsp;&nbsp;*Steel — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation <sup>(a)</sup>  | 24000 | 3163440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worthington Industries, Inc. <sup>(a)</sup>  | 15000 | 745650 |
|  |  | 3909090 |
| **Real Estate — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2500 | 398425 |
| &nbsp;&nbsp;&nbsp;*REITs — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. <sup>(a)</sup>  | 6000 | 813840 |
| **Technology — 23.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 75000 | 2142750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. <sup>(a)</sup>  | 60000 | 1438800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. <sup>(a)</sup>  | 30000 | 2921400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 3571200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. <sup>(a)</sup>  | 6000 | 3354780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 3351600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(a)</sup>  | 180000 | 4757400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corporation <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 946700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation <sup>(a)</sup>  | 10000 | 3770300 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Technology — 23.6% (continued)** | **Technology — 23.6% (continued)** | **Technology — 23.6% (continued)** |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 7.2% (continued)* | &nbsp;&nbsp;&nbsp;*Semiconductors — 7.2% (continued)* | &nbsp;&nbsp;&nbsp;*Semiconductors — 7.2% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. <sup>(a)</sup>  | 36000 | $1593360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(a)</sup>  | 15000 | 749700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 200000 | 3366000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. <sup>(a)</sup>  | 54000 | 5936760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. <sup>(a)</sup>  | 12000 | 1093560 |
|  |  | 38994310 |
| &nbsp;&nbsp;&nbsp;*Software — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 2019180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 45000 | 3793500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ebix, Inc. <sup>(a)</sup>  | 85000 | 1696600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc <sup>(a)</sup> <sup>(b)</sup>  | 600000 | 2070000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup>  | 9000 | 2158380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 2805750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 30000 | 1561800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenable Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 25000 | 953750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 48000 | 5892480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziff Davis, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 2373000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 1016100 |
|  |  | 26340540 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 8.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup>  | 6000 | 779580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 3640500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 3137100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. <sup>(a)</sup>  | 30000 | 1247400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> <sup>(b)</sup>  | 90000 | 4588200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. <sup>(a)</sup>  | 75000 | 3573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearfield, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 36000 | 3389040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. <sup>(a)</sup>  | 45000 | 1437300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C <sup>(a)</sup>  | 30000 | 1206600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 20000 | 2870200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. <sup>(a)</sup>  | 210000 | 5642699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. <sup>(a)</sup>  | 15000 | 1023000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. <sup>(a)</sup>  | 170000 | 5433200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 9000 | 469530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. <sup>(a)</sup>  | 45000 | 2702700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 120000 | 456000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc <sup>(a)</sup>  | 45000 | 2367450 |

---

**31**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 100.7% (continued)** | **Shares** | **Value** |
| **Technology — 23.6% (continued)** | **Technology — 23.6% (continued)** | **Technology — 23.6% (continued)** |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 8.9% (continued)* | &nbsp;&nbsp;&nbsp;*Technology Hardware — 8.9% (continued)* | &nbsp;&nbsp;&nbsp;*Technology Hardware — 8.9% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 15000 | $1231500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turtle Beach Corporation <sup>(a)</sup> <sup>(b)</sup>  | 125000 | 896250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ubiquiti, Inc. <sup>(a)</sup>  | 7500 | 2051475 |
|  |  | 48142724 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 15000 | 942600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 90000 | 5147100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. <sup>(a)</sup>  | 2500 | 1003025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR <sup>(a)</sup>  | 180000 | 3241800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. <sup>(a)</sup>  | 24000 | 1759920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 30000 | 2136600 |
|  |  | 14231045 |
| **Utilities — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. <sup>(a)</sup>  | 90000 | 2863800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Energy Corporation <sup>(a)</sup>  | 50000 | 1160000 |
|  |  | 4023800 |
| **Total Common Stocks (Cost $586,702,611)** |  | $546086300 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0%<sup>(c)</sup>** |  |  |
| **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 | $263200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 2.3%**  | **Contracts** | **Notional <br> Amount** | **Value** |
| Russell 2000 Index Option, 01/20/2023 at $1,750  | 1250 | $220156250 | $4233750 |
| S&P 500 Index Option, 02/17/2023 at $3,800  | 825 | 316758750 | 8096550 |
| **Total Put Option Contracts** (Cost $16,447,398)  |  | $536915000 | $12330300 |
| **Total Investments at Value — 103.0%** (Cost $603,150,009)  |  |  | $558679800 |

---

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

<u>Hussman Strategic Growth Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 32.1%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.22% <sup>(d)</sup> (Cost $174,328,348)  | 174328348 | $174328348 |
| **Total Investments and Money Market Funds at Value — 135.1%** (Cost $777,478,357)  |  | $733008148 |
| **Written Call Option Contracts — (35.1%)**  |  | (190452050) |
| **Liabilities in Excess of Other Assets — (0.0%)** <sup>(c)</sup>  |  | (158530) |
| **Net Assets — 100.0%**  |  | $542397568 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of December 31, 2022 was $540,136,571. |
| <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 December 31, 2022. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**33**<br>

<u>Hussman Strategic Growth Fund<br> Schedule of Open Written Option Contracts</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional <br> Amount** | **Strike <br> Price** | **Expiration <br> Date** | **Value of <br> Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index Option  | 1250 | $220156250 | $1200 | 03/17/2023 | $70947500 |
| &nbsp;&nbsp;&nbsp;S&P 500 Index Option  | 825 | 316758750 | 2400 | 03/17/2023 | 119504550 |
| **Total Written Call Option Contracts** (Premiums received $208,710,316)  |  | $536915000 |  |  | $190452050 |

---

See accompanying notes to financial statements.<br>

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0%** | **Shares** | **Value** |
| **Communications — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Advertising & Marketing — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc. <sup>(a)</sup>  | 1000 | $81570 |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A <sup>(a)</sup>  | 4000 | 139880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. <sup>(a)</sup>  | 20000 | 116800 |
|  |  | 256680 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Networks, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 3200 | 50144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Global - Class B <sup>(a)</sup>  | 3600 | 60768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 5483 | 51979 |
|  |  | 162891 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C <sup>(a)</sup> <sup>(b)</sup>  | 2000 | 177460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarGurus, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1200 | 16812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 120340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 600 | 176928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shutterstock, Inc. <sup>(a)</sup>  | 1000 | 52720 |
|  |  | 544260 |
| &nbsp;&nbsp;&nbsp;*Publishing & Broadcasting — 0.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entravision Communications Corporation - Class A <sup>(a)</sup>  | 1000 | 4800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. <sup>(a)</sup>  | 6000 | 67140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. <sup>(a)</sup>  | 500 | 87515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEGNA, Inc. <sup>(a)</sup>  | 2000 | 42380 |
|  |  | 201835 |
| &nbsp;&nbsp;&nbsp;*Telecommunications — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. <sup>(a)</sup>  | 1000 | 18410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumen Technologies, Inc. <sup>(a)</sup>  | 2000 | 10440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. <sup>(a)</sup>  | 5000 | 197000 |
|  |  | 225850 |
| **Consumer Discretionary — 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carter's, Inc. <sup>(a)</sup>  | 500 | 37305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fossil Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 800 | 3448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Movado Group, Inc. <sup>(a)</sup>  | 1000 | 32250 |
|  |  | 73003 |

---

**35**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Consumer Discretionary — 11.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Automotive — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 1000 | $40250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Company <sup>(a)</sup>  | 4000 | 46520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. <sup>(a)</sup>  | 1000 | 41600 |
|  |  | 128370 |
| &nbsp;&nbsp;&nbsp;*Consumer Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franchise Group, Inc. <sup>(a)</sup>  | 500 | 11910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graham Holdings Company - Class B <sup>(a)</sup>  | 100 | 60421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perdoceo Education Corporation <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 13900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc. <sup>(b)</sup>  | 400 | 12512 |
|  |  | 98743 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-FLOWERS.COM, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 28680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 600 | 50400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1300 | 155714 |
|  |  | 234794 |
| &nbsp;&nbsp;&nbsp;*Home & Office Products — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACCO Brands Corporation <sup>(a)</sup>  | 5000 | 27950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Company - Class A <sup>(a)</sup>  | 2000 | 24780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. <sup>(a)</sup>  | 2400 | 82392 |
|  |  | 135122 |
| &nbsp;&nbsp;&nbsp;*Home Construction — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Century Communities, Inc. <sup>(a)</sup>  | 1000 | 50010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestar Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 15410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corporation <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 45525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRI Pointe Homes, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 18590 |
|  |  | 129535 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2000 | 63820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Brothers, Inc. <sup>(b)</sup>  | 1000 | 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corporation <sup>(a)</sup>  | 800 | 79360 |
|  |  | 171370 |
| &nbsp;&nbsp;&nbsp;*Leisure Products — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 200 | 18490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. <sup>(b)</sup>  | 3000 | 53520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. <sup>(a)</sup>  | 700 | 52843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. <sup>(a)</sup>  | 1000 | 52700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YETI Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1200 | 49572 |
|  |  | 227125 |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Consumer Discretionary — 11.6% (continued)** | **Consumer Discretionary — 11.6% (continued)** | **Consumer Discretionary — 11.6% (continued)** |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary — 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 2000 | $27920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 42920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Company, Inc. <sup>(a)</sup>  | 1000 | 80210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big 5 Sporting Goods Corporation <sup>(a)</sup>  | 5000 | 44150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buckle, Inc. (The) <sup>(a)</sup>  | 3000 | 136050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chico's FAS, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Designer Brands, Inc. - Class A | 1000 | 9780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. <sup>(a)</sup>  | 1000 | 120290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duluth Holdings, Inc. - Class B <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 37080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Express, Inc. <sup>(b)</sup>  | 10000 | 10200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) <sup>(a)</sup>  | 500 | 5640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesco, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 46020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hibbett, Inc. <sup>(a)</sup>  | 1400 | 95508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. (The) <sup>(a)</sup>  | 200 | 63172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohl's Corporation <sup>(a)</sup>  | 2500 | 63125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. <sup>(a)</sup>  | 300 | 59772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;lululemon athletica, inc. <sup>(b)</sup>  | 100 | 32038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Macy's, Inc. <sup>(a)</sup>  | 10000 | 206500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarineMax, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2000 | 62440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordstrom, Inc. | 3000 | 48420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. <sup>(a)</sup>  | 200 | 22986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 75120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 187628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2000 | 47700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. <sup>(a)</sup>  | 800 | 91936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zumiez, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2000 | 43480 |
|  |  | 1674845 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Discretionary — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Educational Development Corporation | 1700 | 5372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corporation <sup>(a)</sup>  | 1000 | 53410 |
|  |  | 58782 |
| **Consumer Staples — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages — 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Beverage Corporation <sup>(a)</sup> <sup>(b)</sup>  | 600 | 27918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. <sup>(a)</sup>  | 200 | 36132 |
|  |  | 64050 |

---

**37**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Consumer Staples — 7.0% (continued)** | **Consumer Staples — 7.0% (continued)** | **Consumer Staples — 7.0% (continued)** |
| &nbsp;&nbsp;&nbsp;*Food — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B&G Foods, Inc. <sup>(a)</sup>  | 4000 | $44600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell Soup Company <sup>(a)</sup>  | 1500 | 85125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. <sup>(a)</sup>  | 1000 | 83850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company (The) <sup>(a)</sup>  | 200 | 31692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellogg Company <sup>(a)</sup>  | 2500 | 178100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) <sup>(a)</sup>  | 1500 | 61065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 1000 | 13410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 53200 |
|  |  | 551042 |
| &nbsp;&nbsp;&nbsp;*Household Products — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) <sup>(a)</sup>  | 200 | 28066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company <sup>(a)</sup>  | 1000 | 78790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. <sup>(a)</sup>  | 2500 | 83875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation <sup>(a)</sup>  | 500 | 67875 |
|  |  | 258606 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A <sup>(a)</sup>  | 1000 | 20740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Big Lots, Inc. <sup>(a)</sup>  | 1500 | 22050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 26464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingles Markets, Inc. - Class A <sup>(a)</sup>  | 1300 | 125398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Company (The) <sup>(a)</sup>  | 3000 | 133740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. <sup>(a)</sup>  | 3000 | 27420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 5000 | 161850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. <sup>(a)</sup>  | 3000 | 112080 |
|  |  | 629742 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andersons, Inc. (The) <sup>(a)</sup>  | 3000 | 104970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 4000 | 154840 |
|  |  | 259810 |
| **Energy — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup>  | 2500 | 116700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources Corporation <sup>(a)</sup>  | 2000 | 87020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Company <sup>(b)</sup>  | 1000 | 37090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners, L.P. | 600 | 34122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 800 | 46344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 2500 | 61425 |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Energy — 3.1% (continued)** | **Energy — 3.1% (continued)** | **Energy — 3.1% (continued)** |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.3% (continued)* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.3% (continued)* | &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 2.3% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | $77130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. <sup>(a)</sup>  | 800 | 40568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation <sup>(a)</sup>  | 800 | 20016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company <sup>(a)</sup>  | 1600 | 55728 |
|  |  | 576143 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 61948 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Solar, Inc. <sup>(b)</sup>  | 4000 | 123600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 50 | 7490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JinkoSolar Holding Company Ltd. - ADR <sup>(a)</sup> <sup>(b)</sup>  | 300 | 12264 |
|  |  | 143354 |
| **Financials — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes, Inc. <sup>(a)</sup>  | 1400 | 50834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. <sup>(a)</sup>  | 5000 | 89950 |
|  |  | 140784 |
| &nbsp;&nbsp;&nbsp;*Banking — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Associated Banc-Corp <sup>(a)</sup>  | 1000 | 23090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. <sup>(a)</sup>  | 1594 | 62756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customers Bancorp, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 2500 | 70850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. <sup>(a)</sup>  | 2000 | 25620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kearny Financial Corporation <sup>(a)</sup>  | 3000 | 30450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Community Bancorp, Inc. <sup>(a)</sup>  | 4000 | 34400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company <sup>(a)</sup>  | 1000 | 41290 |
|  |  | 288456 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services — 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. <sup>(a)</sup>  | 600 | 75282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A <sup>(a)</sup>  | 1000 | 109080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 38120 |
|  |  | 222482 |
| &nbsp;&nbsp;&nbsp;*Insurance — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. <sup>(a)</sup>  | 1000 | 71940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corporation (The) <sup>(a)</sup>  | 800 | 108480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Re Group Ltd. <sup>(a)</sup>  | 200 | 66254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(a)</sup>  | 1000 | 30720 |

---

**39**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Financials — 5.5% (continued)** | **Financials — 5.5% (continued)** | **Financials — 5.5% (continued)** |
| &nbsp;&nbsp;&nbsp;*Insurance — 2.3% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corporation <sup>(a)</sup>  | 5000 | $120750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corporation (The) <sup>(a)</sup>  | 300 | 38913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. <sup>(a)</sup>  | 200 | 19892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group <sup>(a)</sup>  | 3000 | 123090 |
|  |  | 580039 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Company <sup>(a)</sup>  | 1000 | 147750 |
| **Health Care — 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 9.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. <sup>(a)</sup>  | 1000 | 161610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)</sup> <sup>(b)</sup>  | 500 | 13065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. <sup>(a)</sup>  | 500 | 131320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc. <sup>(b)</sup>  | 5000 | 9950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(b)</sup>  | 2000 | 37200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 60930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG <sup>(a)</sup> <sup>(b)</sup>  | 600 | 24390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynavax Technologies Corporation <sup>(b)</sup>  | 2500 | 26600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Editas Medicine, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 8870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. <sup>(a)</sup>  | 200 | 73168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 5000 | 80200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. <sup>(a)</sup>  | 800 | 68680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 800 | 45520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corporation <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 120480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 10000 | 132500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc. <sup>(b)</sup>  | 500 | 26460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 74340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc <sup>(a)</sup> <sup>(b)</sup>  | 400 | 63724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson <sup>(a)</sup>  | 500 | 88325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Company, Inc. <sup>(a)</sup>  | 800 | 88760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 119440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1800 | 69498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. <sup>(a)</sup>  | 4000 | 204960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 300 | 216447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc. <sup>(b)</sup>  | 6000 | 9000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 38140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. <sup>(a)</sup>  | 1000 | 7360 |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Health Care — 13.0% (continued)** | **Health Care — 13.0% (continued)** | **Health Care — 13.0% (continued)** |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma — 9.2% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 4000 | $142680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 6000 | 44340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 400 | 115512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. <sup>(a)</sup>  | 2000 | 22260 |
|  |  | 2325729 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Corporation <sup>(a)</sup>  | 400 | 132536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corporation <sup>(a)</sup>  | 1400 | 130466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 500 | 14890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. <sup>(a)</sup>  | 300 | 71988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratory Corporation of America Holdings <sup>(a)</sup>  | 300 | 70644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patterson Companies, Inc. <sup>(a)</sup>  | 2500 | 70075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. <sup>(a)</sup>  | 600 | 93864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B <sup>(a)</sup>  | 800 | 112712 |
|  |  | 697175 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Co-Diagnostics, Inc. <sup>(b)</sup>  | 1000 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 800 | 59848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 300 | 60660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inogen, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 29565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic Plc <sup>(a)</sup>  | 300 | 23316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QuidelOrtho Corporation <sup>(a)</sup> <sup>(b)</sup>  | 200 | 17134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corporation <sup>(a)</sup> <sup>(b)</sup>  | 200 | 68516 |
|  |  | 261559 |
| **Industrials — 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASGN, Inc. <sup>(b)</sup>  | 200 | 16296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. <sup>(a)</sup>  | 600 | 21906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half International, Inc. <sup>(a)</sup>  | 800 | 59064 |
|  |  | 97266 |
| &nbsp;&nbsp;&nbsp;*Diversified Industrials — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Company <sup>(a)</sup>  | 500 | 59960 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. <sup>(a)</sup>  | 1500 | 128670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atkore, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 113420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 500 | 29040 |

---

**41**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Industrials — 5.6% (continued)** | **Industrials — 5.6% (continued)** | **Industrials — 5.6% (continued)** |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.1% (continued)* | &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.1% (continued)* | &nbsp;&nbsp;&nbsp;*Electrical Equipment — 1.1% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WidePoint Corporation <sup>(b)</sup>  | 800 | $1456 |
|  |  | 272586 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(b)</sup>  | 1000 | 25530 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 300 | 37560 |
| &nbsp;&nbsp;&nbsp;*Machinery — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corporation <sup>(a)</sup> <sup>(b)</sup>  | 400 | 15840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 500 | 37560 |
|  |  | 53400 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. <sup>(a)</sup>  | 1800 | 164808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. <sup>(a)</sup>  | 1000 | 103920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corporation <sup>(a)</sup>  | 1000 | 173200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. <sup>(a)</sup>  | 2500 | 131025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. <sup>(a)</sup>  | 500 | 81450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matson, Inc. <sup>(a)</sup>  | 1000 | 62510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B <sup>(a)</sup>  | 600 | 104304 |
|  |  | 821217 |
| &nbsp;&nbsp;&nbsp;*Transportation Equipment — 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. <sup>(a)</sup>  | 1000 | 41600 |
| **Materials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AdvanSix, Inc. <sup>(a)</sup>  | 2500 | 95050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intrepid Potash, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 800 | 23096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 2000 | 18800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. - Class A <sup>(a)</sup>  | 1500 | 124545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Company (The) <sup>(a)</sup>  | 2500 | 109675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. <sup>(a)</sup>  | 500 | 16325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westlake Corporation <sup>(a)</sup>  | 1000 | 102540 |
|  |  | 490031 |
| *Containers & Packaging — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berry Global Group, Inc. <sup>(a)</sup>  | 2400 | 145032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greif, Inc. - Class A <sup>(a)</sup>  | 500 | 33530 |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Materials — 5.9% (continued)** | **Materials — 5.9% (continued)** | **Materials — 5.9% (continued)** |
| &nbsp;&nbsp;&nbsp;*Containers & Packaging — 0.8% (continued)* | &nbsp;&nbsp;&nbsp;*Containers & Packaging — 0.8% (continued)* | &nbsp;&nbsp;&nbsp;*Containers & Packaging — 0.8% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Company | 1000 | $34630 |
|  |  | 213192 |
| &nbsp;&nbsp;&nbsp;*Forestry, Paper & Wood Products — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Company <sup>(a)</sup>  | 1500 | 103005 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. <sup>(a)</sup>  | 1800 | 93582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Ltd. - ADR <sup>(a)</sup>  | 3600 | 69912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation <sup>(a)</sup>  | 7200 | 123696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encore Wire Corporation <sup>(a)</sup>  | 600 | 82536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation <sup>(a)</sup>  | 4800 | 19632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation <sup>(a)</sup>  | 2400 | 113280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. <sup>(a)</sup>  | 360 | 40579 |
|  |  | 543217 |
| &nbsp;&nbsp;&nbsp;*Steel — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corporation <sup>(a)</sup>  | 800 | 105448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worthington Industries, Inc. | 500 | 24855 |
|  |  | 130303 |
| **Real Estate — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Real Estate Services — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 100 | 15937 |
| &nbsp;&nbsp;&nbsp;*REITs — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 200 | 27128 |
| **Technology — 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd. <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 85710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amkor Technology, Inc. <sup>(a)</sup>  | 2000 | 47960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. <sup>(a)</sup>  | 1200 | 116856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 119040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. <sup>(a)</sup>  | 200 | 111826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 111720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corporation <sup>(a)</sup>  | 6000 | 158580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPG Photonics Corporation <sup>(a)</sup> <sup>(b)</sup>  | 400 | 37868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corporation <sup>(a)</sup>  | 400 | 150812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. <sup>(a)</sup>  | 1200 | 53112 |

---

**43**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Technology — 17.7% (continued)** | **Technology — 17.7% (continued)** | **Technology — 17.7% (continued)** |
| &nbsp;&nbsp;&nbsp;*Semiconductors — 5.5% (continued)* | &nbsp;&nbsp;&nbsp;*Semiconductors — 5.5% (continued)* | &nbsp;&nbsp;&nbsp;*Semiconductors — 5.5% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. <sup>(a)</sup>  | 500 | $24990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Photronics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 8000 | 134640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 1800 | 197892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. <sup>(a)</sup>  | 400 | 36452 |
|  |  | 1387458 |
| &nbsp;&nbsp;&nbsp;*Software — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 200 | 67306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1500 | 126450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ebix, Inc. <sup>(a)</sup>  | 3400 | 67864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc <sup>(a)</sup> <sup>(b)</sup>  | 20000 | 69000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corporation <sup>(a)</sup>  | 300 | 71946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 112230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 1000 | 52060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenable Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 38150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VMware, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 1600 | 196416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ziff Davis, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 79100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Video Communications, Inc. - Class A <sup>(b)</sup>  | 500 | 33870 |
|  |  | 914392 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. <sup>(a)</sup>  | 200 | 25986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 121350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 104570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 1000 | 41580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)</sup> <sup>(b)</sup>  | 3000 | 152940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. <sup>(a)</sup>  | 2500 | 119100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearfield, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1200 | 112968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 1500 | 47910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C <sup>(a)</sup>  | 1200 | 48264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 750 | 107633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. <sup>(a)</sup>  | 7000 | 188090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. <sup>(a)</sup>  | 500 | 34100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Juniper Networks, Inc. <sup>(a)</sup>  | 6000 | 191759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 300 | 15651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. <sup>(a)</sup>  | 1500 | 90090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 4000 | 15200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc <sup>(a)</sup>  | 1500 | 78915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc. <sup>(b)</sup>  | 600 | 49260 |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 76.0% (continued)** | **Shares** | **Value** |
| **Technology — 17.7% (continued)** | **Technology — 17.7% (continued)** | **Technology — 17.7% (continued)** |
| &nbsp;&nbsp;&nbsp;*Technology Hardware — 6.6% (continued)* | &nbsp;&nbsp;&nbsp;*Technology Hardware — 6.6% (continued)* | &nbsp;&nbsp;&nbsp;*Technology Hardware — 6.6% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Turtle Beach Corporation <sup>(a)</sup> <sup>(b)</sup>  | 5000 | $35850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ubiquiti, Inc. <sup>(a)</sup>  | 300 | 82059 |
|  |  | 1663275 |
| &nbsp;&nbsp;&nbsp;*Technology Services — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A <sup>(a)</sup> <sup>(b)</sup>  | 500 | 31420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 3000 | 171570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. <sup>(a)</sup>  | 100 | 40121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Ltd. - ADR <sup>(a)</sup>  | 6000 | 108060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. <sup>(a)</sup>  | 800 | 58664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)</sup> <sup>(b)</sup>  | 1000 | 71220 |
|  |  | 481055 |
| **Utilities — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. <sup>(a)</sup>  | 3000 | 95460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Energy Corporation | 2000 | 46400 |
|  |  | 141860 |
| **Total Common Stocks (Cost $20,817,191)** |  | $19133416 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 21.4%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(c)</sup>** **— 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.359%, due 01/19/2023  | $1000000 | $998393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.511%, due 05/02/2023  | 2000000 | 1969953 |
|  |  | 2968346 |
| **U.S. Treasury Inflation-Protected Notes — 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.500%, due 04/15/2024  | 590805 | 574850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, due 04/15/2027  | 527740 | 492522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%, due 01/15/2031  | 572330 | 509263 |
|  |  | 1576635 |
| **U.S. Treasury Notes — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, due 01/31/2027  | 500000 | 452051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.625%, due 08/15/2030  | 500000 | 394824 |
|  |  | 846875 |
| **Total U.S. Treasury Obligations** (Cost $5,664,258)  |  | $5391856 |

---

**45**<br>

<u>Hussman Strategic Allocation Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0%<sup>(d)</sup>** | **Shares** | **Value** |
| **Energy — 0.0% <sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 0.0%* <sup>*(d)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 240 | $7896 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 1.2%**  | **Contracts** | **Notional <br> Amount** | **Value** |
| Russell 2000 Index Option, 03/17/2023 at $1,600  | 40 | $7045000 | $106560 |
| S&P 500 Index Option, 03/17/2023 at $3,600  | 27 | 10366650 | 182115 |
| **Total Put Option Contracts** (Cost $296,179)  |  | $17411650 | $288675 |
| **Total Investments at Value — 98.6%** (Cost $26,777,628)  |  |  | $24821843 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 7.4%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.22% <sup>(e)</sup> (Cost $1,864,563)  | 1864563 | $1864563 |
| **Total Investments and Money Market Funds at Value — 106.0%** (Cost $28,642,191)  |  | $26686406 |
| **Written Call Option Contracts — (6.6%)**  |  | (1658566) |
| **Other Assets in Excess of Liabilities — 0.6%**  |  | 134521 |
| **Net Assets — 100.0%**  |  | $25162361 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of December 31, 2022 was $17,785,006. |
| <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> | Percentage rounds to less than 0.1%. |
| <sup>(e)</sup> | The rate shown is the 7-day effective yield as of December 31, 2022. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

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

<u>Hussman Strategic Allocation Fund<br> Schedule of Open Written Option Contracts</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional <br> Amount** | **Strike <br> Price** | **Expiration <br> Date** | **Value of <br> Options** |
| **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp;Russell 2000 Index Option  | 40 | $7045000 | $1600 | 03/17/2023 | $783280 |
| &nbsp;&nbsp;&nbsp;S&P 500 Index Option  | 27 | 10366650 | 3600 | 03/17/2023 | 875286 |
| **Total Written Call Option Contracts** (Premiums received $2,287,281)  |  | $17411650 |  |  | $1658566 |

---

See accompanying notes to financial statements.<br>

**47**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments |
| *December 31, 2022 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 18.8%** | **Shares** | **Value** |
| **Energy — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corporation | 15000 | $700200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources Corporation | 15000 | 652650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callon Petroleum Company <sup>(a)</sup>  | 30000 | 1112700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners, L.P. | 18000 | 1023660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 30000 | 737100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 500 | 27630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laredo Petroleum, Inc. <sup>(a)</sup>  | 30000 | 1542600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation | 24000 | 600480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SM Energy Company | 40000 | 1393200 |
|  |  | 7790220 |
| **Industrials — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment — 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 15000 | 871200 |
| **Materials — 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Construction Materials — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 35000 | 1061900 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining — 12.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 90000 | 4679100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A | 50000 | 505500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti Ltd. - ADR | 180000 | 3495600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corporation | 500000 | 1785000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Gold Corporation | 360000 | 6184800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coeur Mining, Inc. <sup>(a)</sup>  | 100000 | 336000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compania de Minas Buenaventura S.A.A. - ADR | 50000 | 372500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation | 240000 | 981600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | 120000 | 5664000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 25000 | 408500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 18000 | 2028960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corporation | 25000 | 977000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yamana Gold, Inc. | 100000 | 555000 |
|  |  | 27973560 |
| **Utilities — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation (The) | 1000 | 28760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLETE, Inc. | 1000 | 64510 |

---

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

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *December 31, 2022 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 18.8% (continued)** | **Shares** | **Value** |
| **Utilities — 2.0% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities — 1.5% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corporation | 100 | $8892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 100 | 9495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avangrid, Inc. | 1000 | 42980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 1000 | 44340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corporation | 500 | 35170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1000 | 95310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 500 | 30660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 100 | 11753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 500 | 51495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 500 | 31810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corporation | 500 | 56250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corporation | 1000 | 43230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corporation | 1000 | 41940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. | 1000 | 41850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Corporation | 1000 | 59340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 75000 | 2386500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | 1000 | 58710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corporation | 1000 | 76040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Company | 1000 | 49000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corporation | 1000 | 29220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 500 | 30635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 500 | 35705 |
|  |  | 3363595 |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities — 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 1000 | 13280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corporation | 30000 | 1112100 |
|  |  | 1125380 |
| **Total Common Stocks (Cost $42,900,205)** |  | $42185855 |

---

**49**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *December 31, 2022 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 2.9%**  | **Shares** | **Value** |
| Invesco CurrencyShares British Pound Sterling Trust  | 20000 | $2322800 |
| Invesco CurrencyShares Euro Currency Trust  | 25000 | 2470000 |
| Invesco CurrencyShares Japanese Yen Trust <sup>(a)</sup>  | 25000 | 1777500 |
| **Total Exchange-Traded Funds** (Cost $6,723,234)  |  | $6570300 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 77.0%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(b)</sup>** **— 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp; 3.886%, due 03/30/2023  | $25000000 | $24744202 |
| &nbsp;&nbsp;&nbsp; 4.511%, due 05/02/2023  | 8000000 | 7879810 |
|  |  | 32624012 |
| **U.S. Treasury Inflation-Protected Notes — 25.1%** |  |  |
| &nbsp;&nbsp;&nbsp; 0.500%, due 04/15/2024  | 11816100 | 11496992 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 04/15/2027  | 10554800 | 9850437 |
| &nbsp;&nbsp;&nbsp; 2.500%, due 01/15/2029  | 13878600 | 14493634 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 01/15/2030  | 11581500 | 10422294 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 01/15/2031  | 11446600 | 10185266 |
|  |  | 56448623 |
| **U.S. Treasury Notes — 37.4%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, due 05/31/2024  | 25000000 | 24099610 |
| &nbsp;&nbsp;&nbsp; 1.375%, due 01/31/2025  | 15000000 | 14107617 |
| &nbsp;&nbsp;&nbsp; 2.125%, due 05/31/2026  | 10000000 | 9369922 |
| &nbsp;&nbsp;&nbsp; 1.500%, due 08/15/2026  | 25000000 | 22820312 |
| &nbsp;&nbsp;&nbsp; 1.500%, due 01/31/2027  | 5000000 | 4520508 |
| &nbsp;&nbsp;&nbsp; 2.250%, due 11/15/2027  | 10000000 | 9233203 |
|  |  | 84151172 |
| **Total U.S. Treasury Obligations** (Cost $181,676,486)  |  | $173223807 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.1%** | **Shares** | **Value** |
| **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment — 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 8000 | $263200 |
| **Total Investments at Value — 98.8%** (Cost $231,299,925)  |  | $222243162 |

---

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

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *December 31, 2022 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 1.2%** | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.22% <sup>(c)</sup> (Cost $2,561,541)  | 2561541 | $2561541 |
| **Total Investments and Money Market Funds at Value — 100.0%** (Cost $233,861,466)  |  | $224804703 |
| **Other Assets in Excess of Liabilities — 0.0%<sup>(d)</sup>**  |  | 75679 |
| **Net Assets — 100.0%**  |  | $224880382 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
| <sup>(c)</sup> | The rate shown is the 7-day effective yield as of December 31, 2022. |
| <sup>(d)</sup> | Percentage rounds to less than 0.1%. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**51**<br>

<u>Hussman Strategic International Fund<br> Schedule of Investments</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0%** | **Shares** | **Value** |
| **Australia — 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accent Group Ltd. | 52000 | $59321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aurizon Holdings Ltd. | 20000 | 50664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australian Clinical Labs Ltd. | 20000 | 40634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BHP Group Ltd. | 3000 | 92922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Norman Holdings Ltd. | 24000 | 67241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IPH Ltd. | 10000 | 58769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRESS Ltd. | 9000 | 58169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hi-Fi Ltd. | 3800 | 108296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandfire Resources Ltd. | 10000 | 36979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SG Fleet Group Ltd. | 32000 | 39652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SmartGroup Corporation Ltd. | 10000 | 34621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonic Healthcare Ltd. | 2000 | 40698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strabag SE | 2000 | 83735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Retail Group Ltd. | 12000 | 87086 |
|  |  | 858787 |
| **Austria — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMV AG | 1200 | 61748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semperit AG Holding | 1500 | 31787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telekom Austria AG | 14000 | 86532 |
|  |  | 180067 |
| **Belgium — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ackermans & van Haaren N.V. | 400 | 68674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bekaert S.A. | 1000 | 38875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;bpost S.A. | 10000 | 51428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Econocom Group S.A./N.V. | 28000 | 85439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etablissements Franz Colruyt N.V. | 1500 | 34269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proximus S.A. | 3000 | 28973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telenet Group Holding N.V. | 2600 | 42482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Van de Velde N.V. | 2500 | 80844 |
|  |  | 430984 |
| **Canada — 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. | 1800 | 79102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corporation | 10000 | 35526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BRP, Inc. | 500 | 38122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada Goose Holdings, Inc. <sup>(a)</sup>  | 1800 | 32013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Western Bank | 4000 | 71081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celestica, Inc. <sup>(a)</sup>  | 7000 | 78895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CI Financial Corporation | 7100 | 70845 |

---

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

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0% (continued)** | **Shares** | **Value** |
| **Canada — 10.7% (continued)** | **Canada — 10.7% (continued)** | **Canada — 10.7% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 1700 | $99430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eldorado Gold Corporation <sup>(a)</sup>  | 4000 | 33354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | 4300 | 99405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iA Financial Corporation, Inc. | 2000 | 117094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IGM Financial, Inc. | 3500 | 97714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation | 4000 | 16308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manulife Financial Corporation | 5500 | 98102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North West Company, Inc. (The) | 2500 | 65678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Open Text Corporation | 1800 | 53337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parex Resources, Inc. | 3200 | 47624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power Corporation of Canada | 4000 | 94095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Bank of Canada | 500 | 47011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spin Master Corporation | 3000 | 73828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Life Financial, Inc. | 1500 | 69630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tourmaline Oil Corporation | 1000 | 50460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcontinental, Inc. - Class A | 3000 | 33856 |
|  |  | 1502510 |
| **Denmark — 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Demant A/S <sup>(a)</sup>  | 2800 | 78091 |
| **France — 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALD S.A. | 9500 | 109644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AXA S.A. | 3500 | 97524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrefour S.A. | 4700 | 78636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eurofins Scientific SE | 600 | 43092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eutelsat Communications S.A. | 8000 | 59650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ipsen S.A. | 500 | 53797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercialys S.A. | 10600 | 110941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metropole Television S.A. | 6500 | 106848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange S.A. | 9800 | 97267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publicis Groupe S.A. | 500 | 31951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanofi | 1000 | 96456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Société BIC S.A. | 1200 | 82169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Television Francaise 1 S.A. | 10000 | 76792 |
|  |  | 1044767 |

---

**53**<br>

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0% (continued)** | **Shares** | **Value** |
| **Germany — 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASF SE | 2000 | $98508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | 1400 | 123987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CropEnergies AG | 7500 | 104397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daimler Truck Holding AG <sup>(a)</sup>  | 3300 | 101479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Post AG | 1500 | 56157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Telekom AG | 4000 | 79611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.ON SE | 10000 | 99451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius Medical Care AG & Company KGaA | 2000 | 65345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fresenius SE & Company KGaA | 3000 | 83821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hornbach Holding AG & Company KGaA | 500 | 41351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | 800 | 52332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ProSiebenSat.1 Media SE | 7500 | 66545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 400 | 41309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talanx AG | 2100 | 99028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Volkswagon AG | 300 | 47077 |
|  |  | 1160398 |
| **Israel — 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus500 Ltd. | 5000 | 108548 |
| **Italy — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A2A S.p.A. | 67000 | 89356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACEA S.p.A. | 750 | 10369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hera S.p.A. | 18000 | 48565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leonardo S.p.A. | 8500 | 73333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moncler S.p.A. | 1000 | 53153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAI Way S.p.A. | 13000 | 75361 |
|  |  | 350137 |
| **Japan — 20.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asahi Company Ltd. | 7000 | 72894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belluna Company Ltd. | 11500 | 59215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canon, Inc. | 3000 | 64922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daito Trust Construction Company Ltd. | 500 | 51183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daiwabo Holdings Company Ltd. | 2000 | 29316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enigmo, Inc. | 10500 | 50732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eRex Company Ltd. | 5500 | 90957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Feed One Company Ltd. | 3000 | 16285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hokkaido Electric Power Company, Inc. | 20000 | 70645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honda Motor Company Ltd. | 4000 | 91221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IBJ, Inc. | 9000 | 66595 |

---

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

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0% (continued)** | **Shares** | **Value** |
| **Japan — 20.1% (continued)** | **Japan — 20.1% (continued)** | **Japan — 20.1% (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan Post Insurance Company Ltd. | 2000 | $35169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kaga Electronics Company Ltd. | 4000 | 123422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kohnan Shoji Company Ltd. | 3000 | 77874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Komeri Company Ltd. | 4500 | 93261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Konica Minolta, Inc. | 5000 | 19918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KYB Corporation | 1800 | 46171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsubishi Corporation | 2500 | 81149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui-Soko Holdings Company Ltd. | 2000 | 54346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mizuho Leasing Company Ltd. | 1800 | 45504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGK Insulators Ltd. | 5500 | 69716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGK Spark Plug Company Ltd. | 4000 | 73297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nintendo Company Ltd. | 3050 | 128221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nissha Company Ltd. | 3000 | 41393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nisso Corporation | 6000 | 26204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panasonic Holdings Corporation | 5000 | 41838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharma Foods International Company Ltd. | 2000 | 19977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pressance Corporation | 6000 | 69974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RAIZNEXT Corporation | 5000 | 49838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rakuten Group, Inc. | 5000 | 22532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rengo Company Ltd. | 6500 | 44599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shimamura Company Ltd. | 400 | 39855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sugi Holdings Company Ltd. | 600 | 26680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Chemical Company Ltd. | 13500 | 48398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Rubber Industries Ltd. | 4000 | 34757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sundrug Company Ltd. | 4000 | 118847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | 4000 | 57250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takasago International Corporation | 4000 | 77119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Company Ltd. | 2500 | 78104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TerraSky Company Ltd. <sup>(a)</sup>  | 1800 | 33202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tomoku Company Ltd. | 3000 | 38471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toppan, Inc. | 3000 | 44295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Towa Pharmaceutical Company Ltd. | 5500 | 88770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toyota Motor Corporation | 5000 | 68202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcosmos, Inc. | 2000 | 49106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wacom Company Ltd. | 24000 | 106078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;World Holdings Company Ltd. | 2500 | 47482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z Holdings Corporation | 16000 | 39954 |
|  |  | 2824938 |

---

**55**<br>

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0% (continued)** | **Shares** | **Value** |
| **Luxembourg — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aperam S.A. | 1500 | $47585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTL Group S.A. | 2450 | 103215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SES S.A. | 12000 | 78189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solutions 30 SE <sup>(a)</sup>  | 8000 | 14720 |
|  |  | 243709 |
| **Netherlands — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASR Nederland N.V. | 1300 | 61787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize N.V. | 2500 | 71900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NN Group N.V. | 2000 | 81810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PostNL N.V. | 15000 | 27360 |
|  |  | 242857 |
| **New Zealand — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KMD Brands Ltd. | 40000 | 26131 |
| **Norway — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elkem ASA | 18000 | 64791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europris ASA | 16000 | 112088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yara International ASA | 1800 | 79054 |
|  |  | 255933 |
| **Portugal — 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Navigator Company S.A. (The) | 20000 | 73970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOS SGPS S.A. | 17500 | 70907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semapa-Sociedade de Investimento e Gestao | 7600 | 100864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonae SGPS S.A. | 95000 | 95201 |
|  |  | 340942 |
| **Spain — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios S.A. | 3000 | 85867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atresmedia Corporacion de Medios de Comunicacion S.A. | 23000 | 78598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enagas S.A. | 1000 | 16634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Faes Farma S.A. | 25000 | 93969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indra Sistemas S.A. | 9000 | 102623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laboratorios Farmaceuticos Rovi S.A. | 900 | 34795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mapfre S.A. | 42000 | 81274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mediaset Espana Comunicacion S.A. <sup>(a)</sup>  | 24000 | 85180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neinor Homes S.A. | 8000 | 69939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharma Mar S.A. | 1000 | 68899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosegur Cia de Seguridad S.A. | 25000 | 47435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telefonica S.A. | 15000 | 54318 |
|  |  | 819531 |

---

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

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 88.0% (continued)** | **Shares** | **Value** |
| **Sweden — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clas Ohlson AB - B Shares | 10000 | $69002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentric AB | 4500 | 84068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB - B Shares | 6000 | 64667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexpol AB | 10000 | 106713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mekonomen AB | 9500 | 102448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB <sup>(a)</sup>  | 2400 | 49679 |
|  |  | 476577 |
| **Switzerland — 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Logitech International S.A. | 500 | 31007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novartis AG | 1400 | 126705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roche Holdings AG | 450 | 141416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swisscom AG | 125 | 68481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UBS Group AG | 3000 | 55762 |
|  |  | 423371 |
| **United Kingdom — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airtel Africa plc | 30000 | 40422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B & M European Value Retail S.A. | 17500 | 86861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BT Group plc | 30000 | 40506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centamin plc | 30000 | 40993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza Group plc | 20000 | 70936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FDM Group Holdings plc | 1500 | 13582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GlaxoSmithKline plc | 7000 | 120974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haleon plc <sup>(a)</sup>  | 7000 | 27694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halfords Group plc | 25000 | 63163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals plc | 2000 | 37269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IG Group Holdings plc | 11000 | 103638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Distributions Services plc | 16000 | 41010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jupiter Fund Management plc | 8000 | 12843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Luceco plc | 15000 | 18112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rio Tinto plc | 1200 | 84455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serco Group Plc. | 32000 | 60115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SThree plc | 5000 | 24359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesco plc | 25000 | 67367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watches of Switzerland Group plc <sup>(a)</sup>  | 1500 | 14655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watkins Jones plc | 20000 | 24287 |
|  |  | 993241 |
| **Total Common Stocks (Cost $14,417,529)** |  | $12361519 |

---

**57**<br>

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 0.7%**  | **Contracts** | **Notional <br> Amount** | **Value** |
| S&P 500 Index Option, 01/20/2023 at $3,850 (Cost $120,088)  | 12 | $4607400 | $92328 |
| **Total Investments at Value — 88.7%** (Cost $14,537,617)  |  |  | $12453847 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 7.7%**  | **Shares** | **Value** |
| Invesco Short-Term Investments Trust - Treasury Portfolio - Institutional Class, 4.22% <sup>(b)</sup> (Cost $1,084,673)  | 1084673 | $1084673 |
| **Total Investments and Money Market Funds at Value — 96.4%** (Cost $15,622,290)  |  | $13538520 |
| **Other Assets in Excess of Liabilities — 3.6%**  |  | 512611 |
| **Net Assets — 100.0%**  |  | $14051131 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2022. <br> See accompanying notes to financial statements.

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

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | |
|:---|:---|
| **Common Stocks by Sector/Industry** | **% of Net <br> Assets** |
| **Communications — 10.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising & Marketing  | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable & Satellite  | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversified Telecommunication Services  | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entertainment Content  | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Media & Services  | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Publishing & Broadcasting  | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications  | 3.4% |
| **Consumer Discretionary — 16.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apparel & Textile Products  | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive  | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home & Office Products  | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Construction  | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Facilities & Services  | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Products  | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail - Discretionary  | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale - Discretionary  | 2.0% |
| **Consumer Staples — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail - Consumer Staples  | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale - Consumer Staples  | 0.6% |
| **Energy — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oil & Gas Producers  | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Renewable Energy  | 0.8% |
| **Financials — 11.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset Management  | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking  | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Financial Services  | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance  | 7.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Specialty Finance  | 1.4% |
| **Health Care — 9.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotech & Pharma  | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Facilities & Services  | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medical Equipment & Devices  | 0.8% |
| **Industrials — 9.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aerospace & Defense  | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Freight & Logistics  | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Support Services  | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrical Equipment  | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Engineering & Construction  | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Intermediate Products  | 1.0% |

---

**59**<br>

<u>Hussman Strategic International Fund<br> Schedule of Investments *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | |
|:---|:---|
| **Common Stocks by Sector/Industry (continued)** | **% of Net <br> Assets** |
| **Industrials — 9.6% (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery  | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation & Logistics  | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Equipment  | 0.7% |
| **Materials — 7.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals  | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Containers & Packaging  | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forestry, Paper & Wood Products  | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals & Mining  | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel  | 0.3% |
| **Real Estate — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Owners & Developers  | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Services  | 0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REITs  | 0.8% |
| **Technology — 7.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Software  | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Hardware  | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Services  | 1.8% |
| **Utilities — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities  | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gas & Water Utilities  | 0.2% |
|  | 88.0% |

---

See accompanying notes to financial statements. <br>

<u>Hussman Strategic International Fund<br> Schedule of Futures Contracts Sold Short</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS SOLD SHORT** | **Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value/<br> Unrealized <br> Appreciation\*** |
| **FUTURES** |  |  |  |  |
| Mini MSCI EAFE Index Future  | 75 | 03/17/2023 | $7310250 | $119815 |

---

---

| | |
|:---|:---|
| \* | Includes cumulative appreciation (depreciation) of futures contracts from the date that contracts were opened through December 31, 2022. Only current day variation margin is reported on the Statements of Assets and Liabilities. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

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

<u>Hussman Investment Trust<br> Statements of Assets and Liabilities</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost  | $603150009 | $26777628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 1)  | $558679800 | $24821843 |
| &nbsp;&nbsp;&nbsp;Investments in money market funds  | 174328348 | 1864563 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold  | 1146413 | 66116 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 3)  |  | 6167 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 1176396 | 41818 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable  | 8509 |  |
| &nbsp;&nbsp;&nbsp;Other assets  | 71103 | 56708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 735410569 | 26857215 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Written call options, at value (Notes 1 and 4) (premiums received $208,710,316 and $2,287,281)  | 190452050 | 1658566 |
| &nbsp;&nbsp;&nbsp;Distributions payable  | 752550 | 2078 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed  | 1282119 | 2100 |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fees (Note 3)  | 418257 |  |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 3)  | 48700 | 6690 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses  | 59325 | 25420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 193013001 | 1694854 |
| **CONTINGENCIES AND COMMITMENTS (NOTES 8 & 9)**  |  |  |
| **NET ASSETS**  | $542397568 | $25162361 |
| Net assets consist of: |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital  | $1382977131 | $27730156 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (deficit)  | (840579563) | (2567795) |
| **NET ASSETS**  | $542397568 | $25162361 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 76631530 | 2645463 |
| Net asset value, offering price and redemption price per share <sup>(a)</sup> (Note 1)  | $7.08 | $9.51 |

---

<sup>(a)</sup> Redemption fee may apply to redemptions of shares held for 60 days or less. <br> See accompanying notes to financial statements.

**61**<br>

<u>Hussman Investment Trust<br> Statements of Assets and Liabilities *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
|  | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost  | $231299925 | $14537617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Note 1)  | $222243162 | $12453847 |
| &nbsp;&nbsp;&nbsp;Investments in money market funds  | 2561541 | 1084673 |
| &nbsp;&nbsp;&nbsp;Margin deposits for futures contracts (Note 1)  |  | 365871 |
| &nbsp;&nbsp;&nbsp;Variation margin receivable (Notes 1 and 4)  |  | 71266 |
| &nbsp;&nbsp;&nbsp;Receivable for capital shares sold  | 5525 | 16 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 3)  |  | 20159 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable  | 619454 | 20004 |
| &nbsp;&nbsp;&nbsp;Tax reclaims receivable  |  | 44210 |
| &nbsp;&nbsp;&nbsp;Other assets  | 95325 | 54523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets  | 225525007 | 14114569 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions payable  | 73221 | 2818 |
| &nbsp;&nbsp;&nbsp;Payable for capital shares redeemed  | 415631 | 21695 |
| &nbsp;&nbsp;&nbsp;Accrued investment advisory fees (Note 3)  | 98343 |  |
| &nbsp;&nbsp;&nbsp;Payable to administrator (Note 3)  | 23400 | 7060 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses  | 34030 | 31865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities  | 644625 | 63438 |
| **CONTINGENCIES AND COMMITMENTS (NOTE 8)**  |  |  |
| **NET ASSETS**  | $224880382 | $14051131 |
| Net assets consist of: |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital  | $283031061 | $30273560 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit  | (58150679) | (16222429) |
| **NET ASSETS**  | $224880382 | $14051131 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 16683326 | 1804268 |
| Net asset value, offering price and redemption price per share <sup>(a)</sup> (Note 1)  | $13.48 | $7.79 |

---

<sup>(a)</sup> Redemption fee may apply to redemptions of shares held for 60 days or less. <br> See accompanying notes to financial statements.

&nbsp;&nbsp;&nbsp;**62**<br>

<u>Hussman Investment Trust<br> Statements of Operations</u> <br> <u>*For the Six Months Ended December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends  | $7169209 | $229110 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends  | (25886) | (867) |
| &nbsp;&nbsp;&nbsp;Interest  |  | 43353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 7143323 | 271596 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 3)  | 2307651 | 89043 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3)  | 180240 | 14000 |
| &nbsp;&nbsp;&nbsp;Transfer agent, account maintenance and shareholder services fees (Note 3)  | 151608 | 14143 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 3)  | 44671 | 44671 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 3)  | 40193 | 16187 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees  | 30711 | 12869 |
| &nbsp;&nbsp;&nbsp;Legal fees  | 20304 | 22804 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees  | 33099 | 6009 |
| &nbsp;&nbsp;&nbsp;Insurance expense  | 28202 | 5687 |
| &nbsp;&nbsp;&nbsp;Postage and supplies  | 19378 | 3765 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 3)  | 19053 | 3008 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees  | 9500 | 9500 |
| &nbsp;&nbsp;&nbsp;Printing of shareholder reports  | 11553 | 4887 |
| &nbsp;&nbsp;&nbsp;Pricing fees  | 5345 | 2132 |
| &nbsp;&nbsp;&nbsp;Other expenses  | 3804 | 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 2905312 | 251509 |
| &nbsp;&nbsp;&nbsp;Previous fee waivers and Fund expenses recovered by the Adviser (Note 3)  | 7230 |  |
| &nbsp;&nbsp;&nbsp;Less fee waivers and Fund expenses absorbed by the Adviser (Note 3)  |  | (102978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 2912542 | 148531 |
| **NET INVESTMENT INCOME**  | 4230781 | 123065 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND WRITTEN OPTION CONTRACTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (8719231) | (917948) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts (Note 4)  | (7815911) | 547008 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 27485568 | 1297551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts (Note 4)  | (6370013) | (203621) |
| **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND WRITTEN OPTION CONTRACTS**  | 4580413 | 722990 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $8811194 | $846055 |

---

See accompanying notes to financial statements.<br>

**63**<br>

<u>Hussman Investment Trust<br> Statements of Operations *(continued)*</u> <br> <u>*For the Six Months Ended December 31, 2022 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
|  | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income  | $1019938 | $237754 |
| &nbsp;&nbsp;&nbsp;Foreign withholding taxes on dividends  | (50048) | (37915) |
| &nbsp;&nbsp;&nbsp;Interest  | 2714998 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income  | 3684888 | 199839 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees (Note 3)  | 619016 | 67119 |
| &nbsp;&nbsp;&nbsp;Administration fees (Note 3)  | 86645 | 14000 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses (Note 3)  | 44671 | 44671 |
| &nbsp;&nbsp;&nbsp;Transfer agent, account maintenance and shareholder services fees (Note 3)  | 67839 | 18199 |
| &nbsp;&nbsp;&nbsp;Fund accounting fees (Note 3)  | 27435 | 18708 |
| &nbsp;&nbsp;&nbsp;Legal fees  | 22804 | 22804 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees  | 25821 | 18600 |
| &nbsp;&nbsp;&nbsp;Insurance expense  | 21807 | 4675 |
| &nbsp;&nbsp;&nbsp;Postage and supplies  | 7901 | 13956 |
| &nbsp;&nbsp;&nbsp;Custodian and bank service fees  | 8038 | 12665 |
| &nbsp;&nbsp;&nbsp;Audit and tax services fees  | 10000 | 9000 |
| &nbsp;&nbsp;&nbsp;Pricing fees  | 1407 | 15290 |
| &nbsp;&nbsp;&nbsp;Printing of shareholder reports  | 8086 | 5076 |
| &nbsp;&nbsp;&nbsp;Compliance service fees (Note 3)  | 10125 | 2714 |
| &nbsp;&nbsp;&nbsp;Other expenses  | 3803 | 2573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses  | 965398 | 270050 |
| &nbsp;&nbsp;&nbsp;Less fee waivers and Fund expenses absorbed by the Adviser (Note 3)  | (37659) | (128758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses  | 927739 | 141292 |
| **NET INVESTMENT INCOME**  | 2757149 | 58547 |
| **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized losses from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (8966324) | (105961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 4)  |  | (173565) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions  |  | (4396) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 668162 | 415278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts (Note 4)  |  | (159587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  |  | 2331 |
| **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCIES**  | (8298162) | (25900) |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(5541013) | $32647 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp;**64**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year Ended <br> June 30, <br> 2022** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $4230781 | $3047804 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (8719231) | 57685348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts  | (7815911) | 43605661 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 27485568 | (120952911) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts  | (6370013) | 36202414 |
| Net increase in net assets resulting from operations  | 8811194 | 19588316 |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (5831678) | (1512449) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 88013244 | 178518334 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 5079128 | 1329093 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 1)  | 30924 | 70224 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (60702192) | (103894552) |
| Net increase in net assets from capital share transactions  | 32421104 | 76023099 |
| **TOTAL INCREASE IN NET ASSETS**  | 35400620 | 94098966 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 506996948 | 412897982 |
| &nbsp;&nbsp;&nbsp;End of period  | $542397568 | $506996948 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 12687569 | 26844521 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 717391 | 217884 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (8749262) | (16061961) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding  | 4655698 | 11000444 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period  | 71975832 | 60975388 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period  | 76631530 | 71975832 |

---

See accompanying notes to financial statements.<br>

**65**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year Ended <br> June 30, <br> 2022** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $123065 | $88163 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (917948) | 765793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts  | 547008 | 2000277 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 1297551 | (4692633) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts  | (203621) | 1147643 |
| Net increase (decrease) in net assets resulting from operations  | 846055 | (690757) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (4043983) | (707384) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 5654526 | 6252263 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 3919735 | 691200 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 1)  | 1080 | 2418 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (2788083) | (3855951) |
| Net increase in net assets from capital share transactions  | 6787258 | 3089930 |
| **TOTAL INCREASE IN NET ASSETS**  | 3589330 | 1691789 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 21573031 | 19881242 |
| &nbsp;&nbsp;&nbsp;End of period  | $25162361 | $21573031 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 539326 | 557994 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 410308 | 63504 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (278808) | (346550) |
| &nbsp;&nbsp;&nbsp;Net increase in shares outstanding  | 670826 | 274948 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period  | 1974637 | 1699689 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period  | 2645463 | 1974637 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp;**66**<br>

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year Ended <br> June 30, <br> 2022** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $2757149 | $4800240 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from investments  | (8966324) | 4890371 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments  | 668162 | (21618297) |
| Net decrease in net assets resulting from operations  | (5541013) | (11927686) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (2568709) | (4601477) |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 10255543 | 50992210 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 2361114 | 4190704 |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 1)  | 5081 | 38720 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (43319052) | (91543939) |
| Net decrease in net assets from capital share transactions  | (30697314) | (36322305) |
| **TOTAL DECREASE IN NET ASSETS**  | (38807036) | (52851468) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 263687418 | 316538886 |
| &nbsp;&nbsp;&nbsp;End of period  | $224880382 | $263687418 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 752637 | 3474448 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 177654 | 290274 |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (3208919) | (6250155) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares outstanding  | (2278628) | (2485433) |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period  | 18961954 | 21447387 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period  | 16683326 | 18961954 |

---

See accompanying notes to financial statements.<br>

**67**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year Ended <br> June 30, <br> 2022**  |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | $58547 | $183117 |
| &nbsp;&nbsp;&nbsp;Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | (105961) | 1193509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  | (173565) | 1440515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions  | (4396) | (30931) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments  | 415278 | (4058804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts  | (159587) | 75306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation  | 2331 | (4605) |
| Net increase (decrease) in net assets resulting from operations  | 32647 | (1201893) |
| **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (230582) |  |
| **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 480544 | 2250917 |
| &nbsp;&nbsp;&nbsp;Net asset value of shares issued in reinvestment of distributions to shareholders  | 227763 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from redemption fees collected (Note 1)  | 939 | 304 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (943853) | (1435988) |
| Net increase (decrease) in net assets from capital share transactions  | (234607) | 815233 |
| **TOTAL DECREASE IN NET ASSETS**  | (432542) | (386660) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | 14483673 | 14870333 |
| &nbsp;&nbsp;&nbsp;End of period  | $14051131 | $14483673 |
| **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold  | 62233 | 270771 |
| &nbsp;&nbsp;&nbsp;Shares reinvested  | 29238 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed  | (122797) | (174291) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares outstanding  | (31326) | 96480 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at beginning of period  | 1835594 | 1739114 |
| &nbsp;&nbsp;&nbsp;Shares outstanding at end of period  | 1804268 | 1835594 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp;**68**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** | **Year <br> Ended <br> June 30, <br> 2020** | **Year <br> Ended <br> June 30, <br> 2019** | **Year <br> Ended <br> June 30, <br> 2018** |
| Net asset value at beginning of period  | $7.04 | $6.77 | $6.12 | $5.87 | $6.46 | $6.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.05 | 0.05 | 0.01 | 0.06 | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and written option contracts  | 0.07 | 0.25 | 0.65 | 0.29 | (0.61) | (0.25) |
| Total from investment operations  | 0.12 | 0.30 | 0.66 | 0.35 | (0.51) | (0.19) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.08) | (0.03) | (0.01) | (0.10) | (0.08) | (0.03) |
| Proceeds from redemption fees collected (Note 1)  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
| Net asset value at end of period  | $7.08 | $7.04 | $6.77 | $6.12 | $5.87 | $6.46 |
| Total return <sup>(b)</sup>  | 1.66 %<sup>(c)</sup> | 4.43% | 10.80% | 6.17% | (8.05 %) | (2.81 %) |
| Net assets at end of period (000's)  | $542398 | $506997 | $412898 | $308774 | $293906 | $324003 |
| Ratio of total expenses to average net assets  | 1.13 %<sup>(d)</sup> | 1.14% | 1.19% | 1.26% | 1.24% | 1.23% |
| Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.13 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15% | 1.14% | 1.13% |
| Ratio of net investment income to average net assets <sup>(e)</sup>  | 1.65 %<sup>(d)</sup> | 0.74% | 0.09% | 0.87% | 1.66% | 0.82% |
| Portfolio turnover rate  | 37 %<sup>(c)</sup> | 113% | 198% | 167% | 124% | 142% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</sup> | Ratio was determined after advisory fee waivers and/or recovery. (Note 3). |
| See accompanying notes to financial statements.  | See accompanying notes to financial statements.  |

---

**69**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** | **Period Ended <br> June 30, <br> 2020 <sup>(a)</sup>** |
| Net asset value at beginning of period  | $10.93 | $11.70 | $10.32 | $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.05 | 0.04 | (0.02) | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and written option contracts  | 0.32 | (0.42) | 1.98 | 0.29 |
| Total from investment operations  | 0.37 | (0.38) | 1.96 | 0.32 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.05) | (0.04) | (0.01) | (0.00)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized gains  | (1.74) | (0.35) | (0.57) |  |
| Total distributions  | (1.79) | (0.39) | (0.58) | (0.00)<sup>(b)</sup> |
| Proceeds from redemption fees collected (Note 1)  | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> | 0.00 <sup>(b)</sup> |
| Net asset value at end of period  | $9.51 | $10.93 | $11.70 | $10.32 |
| Total return <sup>(c)</sup>  | 3.39 %<sup>(d)</sup> | (3.19 %) | 19.70% | 3.23 %<sup>(d)</sup> |
| Net assets at end of period (000's)  | $25162 | $21573 | $19881 | $8093 |
| Ratio of total expenses to average net assets  | 2.12 %<sup>(e)</sup> | 2.08% | 2.87% | 4.67 %<sup>(e)</sup> |
| Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.25 %<sup>(e)</sup> | 1.25% | 1.25% | 1.25 %<sup>(e)</sup> |
| Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 1.04 %<sup>(e)</sup> | 0.42% | (0.11 %) | 0.34 %<sup>(e)</sup> |
| Portfolio turnover rate  | 38 %<sup>(d)</sup> | 98% | 163% | 94 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations (August 27, 2019) through June 30, 2020. |
| <sup>(b)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after advisory fee waivers and absorption of Fund expenses by the Adviser (Note 3). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

&nbsp;&nbsp;&nbsp;**70**<br>

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** | **Year <br> Ended <br> June 30, <br> 2020** | **Year <br> Ended <br> June 30, <br> 2019** | **Year <br> Ended <br> June 30, <br> 2018** |
| Net asset value at beginning of period  | $13.91 | $14.76 | $14.50 | $12.83 | $11.86 | $11.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | 0.16 | 0.26 | 0.14 | 0.13 | 0.19 | 0.10 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments and foreign currency contracts  | (0.44) | (0.86) | 0.25 | 1.66 | 0.95 | (0.12) |
| Total from investment operations  | (0.28) | 0.60 | 0.39 | 1.79 | 1.14 | (0.02) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.15) | (0.25) | (0.13) | (0.12) | (0.17) | (0.10) |
| Proceeds from redemption fees collected (Note 1)  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
| Net asset value at end of period  | $13.48 | $13.91 | $14.76 | $14.50 | $12.83 | $11.86 |
| Total return <sup>(b)</sup>  | (2.02 %)<sup>(c)</sup> | (4.14 %) | 2.70% | 14.00% | 9.72% | (0.18 %) |
| Net assets at end of period (000's)  | $224880 | $263687 | $316539 | $290129 | $221235 | $274602 |
| Ratio of total expenses to average net assets  | 0.78 %<sup>(d)</sup> | 0.75% | 0.75% | 0.81% | 0.81% | 0.77% |
| Ratio of net expenses to average net assets <sup>(e)</sup>  | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.74% | 0.73% |
| Ratio of net investment income to average net assets <sup>(e)</sup>  | 2.23 %<sup>(d)</sup> | 1.73% | 0.93% | 0.87% | 1.36% | 0.76% |
| Portfolio turnover rate  | 20 %<sup>(c)</sup> | 22% | 38% | 88% | 61% | 63% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</sup> | Ratio was determined after advisory fee waivers (Note 3). |
| See accompanying notes to financial statements.  | See accompanying notes to financial statements.  |

---

**71**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months <br> Ended <br> December 31, <br> 2022 <br> (Unaudited)**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** | **Year <br> Ended <br> June 30, <br> 2020** | **Year <br> Ended <br> June 30, <br> 2019** | **Year <br> Ended <br> June 30, <br> 2018** |
| Net asset value at beginning of period  | $7.89 | $8.55 | $8.38 | $8.35 | $8.87 | $8.80 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | 0.04 | 0.08 | (0.00)<sup>(a)</sup> | 0.04 | 0.06 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gains (losses) on investments, futures contracts and foreign currencies  | (0.01) | (0.74) | 0.28 | 0.05 | (0.57) | 0.10 |
| Total from investment operations  | 0.03 | (0.66) | 0.28 | 0.09 | (0.51) | 0.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.13) |  | (0.11) | (0.06) | (0.01) | (0.05) |
| Proceeds from redemption fees collected (Note 1)  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
| Net asset value at end of period  | $7.79 | $7.89 | $8.55 | $8.38 | $8.35 | $8.87 |
| Total return <sup>(b)</sup>  | 0.38 %<sup>(c)</sup> | (7.72 %) | 3.38% | 1.08% | (5.79 %) | 1.34% |
| Net assets at end of period (000's)  | $14051 | $14484 | $14870 | $14995 | $21934 | $26973 |
| Ratio of total expenses to average net assets  | 3.82 %<sup>(d)</sup> | 3.35% | 3.54% | 3.43% | 2.72% | 2.42% |
| Ratio of net expenses to average net assets <sup>(e)</sup>  | 2.00 %<sup>(d)</sup> | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.83 %<sup>(d)</sup> | 1.24% | (0.08 %) | 0.06% | 0.61% | 0.18% |
| Portfolio turnover rate  | 15 %<sup>(c)</sup> | 48% | 88% | 115% | 58% | 61% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</sup> | Ratio was determined after advisory fee waivers and absorption of Fund expenses by the Adviser (Note 3). |
| See accompanying notes to financial statements.  | See accompanying notes to financial statements.  |

---

&nbsp;&nbsp;&nbsp;**72**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

Hussman Strategic International Fund's investment objective seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. The Fund invests primarily in equity securities of non-U.S. issuers.

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

**Regulatory Update** – In October 2020, the U.S. Securities and Exchange Commission (the "SEC") adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). The Funds were required to comply with Rule 18f-4 by August 19, 2022. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities and requires funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Funds have adopted Rule 18f-4 and are currently adhering to the requirements.

**73**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Securities, Options and Futures Valuation** — The Funds' portfolio securities are valued at market value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m. Eastern time) on each business day the NYSE is open. Securities listed on the NYSE or other exchanges, other than options, are valued on the basis of their last sale prices on the exchanges on which they are primarily traded. However, if the last sale price on the NYSE is different than the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, the securities are valued at the last bid price on the NYSE or other primary exchange for that day. Securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last bid price as reported by NASDAQ. Securities traded in over-the-counter markets, other than NASDAQ quoted securities, are valued at the last sales price, or if there are no sales on that day, at the mean of the closing bid and ask prices. Securities traded on a foreign stock exchange are valued at their closing prices on the principal exchange where they are traded; however, on days when the value of securities traded on foreign stock exchanges may be materially affected by events occurring before a Fund's pricing time, but after the close of the primary markets or exchanges on which such securities are traded, such securities typically will be valued at their fair value as determined by an independent pricing service approved by the Board of Trustees where such value is believed to reflect the market values of such securities as of the time of computation of a Fund's net asset value ("NAV"). As a result, the prices of foreign securities used to calculate a Fund's NAV may differ from quoted or published prices for these securities. Values of foreign securities denominated in or expected to settle in a foreign currency are translated from the local currency into U.S. dollars using prevailing currency exchange rates as of the close of the NYSE, as supplied by an independent pricing service.

Pursuant to procedures approved by the Board of Trustees, options traded on a national securities exchange are valued at prices between the closing bid and ask prices determined by Hussman Strategic Advisors, Inc. (the "Adviser") to most closely reflect market value as of the time of computation of NAV. As of December 31, 2022, all options held by Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund have been valued in this manner. Options not traded on a national securities exchange or board of trade, but for which over-the-counter market quotations are readily available, are valued at the mean between their closing bid and ask prices. Futures contracts and options thereon, which are traded on commodities exchanges, are valued at their last sale prices as of the close of regular trading on the NYSE or, if not available, at the mean between their bid and ask prices.

&nbsp;&nbsp;&nbsp;**74**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

Fixed income securities traded over-the-counter and not traded or dealt in upon any securities exchange, but for which market quotations are readily available, generally are valued at the mean of their closing bid and ask prices. Fixed income securities may also be valued on the basis of prices provided by an independent pricing service. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost if the Adviser, under the supervision of the Board of Trustees, determines that the amortized cost value of the security represents fair value.

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

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

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

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

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

● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among market makers.

**75**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

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

Option contracts purchased or written by Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund are classified as Level 2 since they are valued using "other significant observable inputs" at prices between the closing bid and ask prices determined by the Adviser to most closely reflect fair value. U.S. Treasury obligations held by Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs," including bid and ask quotations, prices of similar securities and interest rates, among other factors. Non-U.S. equity securities actively traded in foreign markets held by Hussman Strategic International Fund may be classified as Level 2 despite the availability of closing prices because such securities are typically valued at their fair value as determined by an independent pricing service, as described below.

The Trust uses an independent pricing service to determine the fair value of portfolio securities traded on a foreign securities exchange when the value of such securities may be materially affected by events occurring before a Fund's pricing time, but after the close of the primary markets or exchanges on which such securities are traded. These intervening events might be: country-specific (e.g., natural disaster, economic or political developments, interest rate change); issuer specific (e.g., earnings report, merger announcement); or U.S. markets-specific (such as a significant movement in the U.S. markets that is deemed likely to affect the value of foreign securities). The pricing service uses an automated system incorporating a model based on multiple parameters, including a security's local closing price, relevant general and sector indices, currency fluctuations, trading in depositary receipts and futures, if applicable, and/or research valuations by its staff, in determining what it believes is the fair value of the securities. The frequency of use of this procedure depends on market and other events and thus cannot be predicted. However, the procedure may be utilized to a significant extent by Hussman Strategic International Fund.

Determining the fair value of portfolio securities involves reliance on judgment, and a security's fair value may differ depending on the method used for determining value. With respect to a portfolio security that has been valued at fair value, there can be no assurance that a Fund could purchase or sell that security at a price equal to the fair value of such security used in calculating the Fund's NAV. Because of the inherent

&nbsp;&nbsp;&nbsp;**76**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

uncertainty in determining fair value and the various factors considered in making such determinations, there can be significant deviations between the fair value at which a portfolio security is being carried and the price at which it can be sold. To the extent Hussman Strategic International Fund has significant holdings of foreign securities, fair value determinations will be used more frequently for this Fund than for the other Funds.

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

The following is a summary of each Fund's investments and other financial instruments and the inputs used to value the investments and other financial instruments as of December 31, 2022 by security type:

**Hussman Strategic Growth Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
| Common Stocks  | $546086300 | $— | $— | $546086300 |
| Warrants  | 263200 |  |  | 263200 |
| Exchange-Traded Put Option Contracts  |  | 12330300 |  | 12330300 |
| Money Market Funds  | 174328348 |  |  | 174328348 |
| Total Investments in Securities and Money Market Funds  | $720677848 | $12330300 | $— | $733008148 |
| **Other Financial Instruments:** |  |  |  |  |
| Exchange-Traded Written Call Option Contracts  | $— | $(190452050) | $— | $(190452050) |
| Total Other Financial Instruments  | $— | $(190452050) | $— | $(190452050) |

---

**77**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
| Common Stocks  | $19133416 | $— | $— | $19133416 |
| U.S. Treasury Obligations  |  | 5391856 |  | 5391856 |
| Warrants  | 7896 |  |  | 7896 |
| Exchange-Traded Put Option Contracts  |  | 288675 |  | 288675 |
| Money Market Funds  | 1864563 |  |  | 1864563 |
| Total Investments in Securities and Money Market Funds  | $21005875 | $5680531 | $— | $26686406 |
| **Other Financial Instruments:** |  |  |  |  |
| Exchange-Traded Written Call Option Contracts  | $— | $(1658566) | $— | $(1658566) |
| Total Other Financial Instruments  | $— | $(1658566) | $— | $(1658566) |

---

**Hussman Strategic Total Return Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
| Common Stocks  | $42185855 | $— | $— | $42185855 |
| Exchange-Traded Funds  | 6570300 |  |  | 6570300 |
| U.S. Treasury Obligations  |  | 173223807 |  | 173223807 |
| Warrants  | 263200 |  |  | 263200 |
| Money Market Funds  | 2561541 |  |  | 2561541 |
| Total Investments in Securities and Money Market Funds  | $51580896 | $173223807 | $— | $224804703 |

---

&nbsp;&nbsp;&nbsp;**78**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Hussman Strategic International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:**  |  |  |  |  |
| Common Stocks  | $1982994 | $10378525 | $— | $12361519 |
| Exchange-Traded Put Option Contracts  |  | 92328 |  | 92328 |
| Money Market Funds  | 1084673 |  |  | 1084673 |
| Total Investments in Securities and Money Market Funds  | $3067667 | $10470853 | $— | $13538520 |
| **Other Financial Instruments:** |  |  |  |  |
| Futures Contracts Sold Short\*  | 119815 |  |  | 119815 |
| Total Other Financial Instruments  | $119815 | $— | $— | $119815 |

---

\* Includes cumlative appreciation (depreciation) of futures contracts as of December 31, 2022.

Each Fund's Schedule of Investments identifies the specific securities (by type of security and sector and industry type or geographical region) that comprise that Fund's holdings within the Level 1 and Level 2 categories shown in the tables above. The Funds did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2022.

**Futures Contracts and Option Transactions** — Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund may purchase and write call and put options on broad-based stock indices and also may purchase and write call and put option contracts on individual securities. Each of the Funds may use financial futures contracts and related option contracts to hedge against changes in the market value of its portfolio securities. Hussman Strategic Total Return Fund and Hussman Strategic International Fund may also purchase foreign currency options to manage their exposures to foreign currencies. Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund may purchase interest rate futures contracts to protect against a decline in the value of its portfolio resulting from rising interest rates. Hussman Strategic International Fund may enter into forward foreign currency contracts to hedge against the adverse impact of changes in foreign exchange rates on the U.S. dollar value of its investments or changes in the prices at which it effects transactions in foreign securities.

**79**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund may each use futures and option contracts on stock indices for the purpose of seeking to reduce the market risk that would otherwise be associated with the securities in which it invests. For example, these Funds may sell a stock index futures contracts to hedge the risk of a general market or market sector decline that might adversely affect prices of the Funds' portfolio securities. To the extent there is a correlation between a Fund's portfolio and a particular stock index, the sale of futures contracts on that index could reduce the Fund's exposure to general market risk.

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

When a Fund purchases or sells a stock index futures contract, no price is paid to or received by the Fund upon the purchase or sale of the futures contract. Instead, the Fund is required to deposit in a segregated account with its custodian an amount of cash or qualifying securities currently ranging from 2% to 11% of the contract amount. This is called "initial margin." Subsequent payments, known as "variation margin," are made or received by the Fund to or from the separate account each day, depending on the daily fluctuations in the value of the underlying stock index. The Fund recognizes an unrealized gain or loss equal to the daily variation margin. If general market movements are not as expected, the Fund may not achieve the anticipated benefits from the use of futures contracts and may realize a loss. In addition to the possibility that there may be an imperfect correlation or no correlation at all between

&nbsp;&nbsp;&nbsp;**80**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

the movements in the stock index futures and the portion of the portfolio being hedged, the price of the stock index futures may not correlate perfectly with movements in the stock index due to certain market distortions.

**Foreign Currency Translation** — Investment securities and other assets and liabilities denominated in or expected to settle in foreign currencies are translated into U.S. dollars based on exchange rates on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The values of investment securities and other assets and liabilities are translated as of the close of the NYSE each day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Purchases and sales of investment securities and income and expenses are translated at the rate of exchange prevailing as of 4:00 p.m., Eastern time, on the respective date of such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Funds do not isolate that portion of the results of operations caused by changes in foreign exchange rates on investments from those caused by changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gains or losses on investments.

Reported net realized foreign exchange gains or losses arise from: (1) purchases and sales of foreign currencies; (2) currency gains or losses realized between the trade and settlement dates on securities transactions; and (3) the difference between the amounts of dividends, interest and foreign withholding taxes recorded on a Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Reported net unrealized foreign exchange gains and losses arise from changes in the U.S. dollar value of assets and liabilities that result from changes in exchange rates.

**Share Valuation and Redemption Fees** — The NAV per share of each Fund is calculated as of the close of regular trading on the NYSE (normally 4:00 p.m., Eastern time) on each day that the NYSE is open for business. NAV per share of a Fund is calculated by dividing the total value of the Fund's assets, less its liabilities, by the number of its shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share next computed after receipt of an order to purchase or to redeem shares. However, a redemption fee of 1.5%, payable to the applicable Fund, generally will apply to shares that are redeemed 60 days or less from the date of purchase. During the periods ended December 31, 2022 and June 30, 2022, proceeds from redemption fees, recorded in capital, totaled: $30,924 and $70,224, respectively, for Hussman Strategic Growth Fund; $1,080 and $2,418, respectively, for Hussman Strategic Allocation Fund; $5,081 and $38,720, respectively, for Hussman Strategic Total Return Fund; and $939 and $304, respectively, for Hussman Strategic International Fund.

**81**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

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

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

The tax character of distributions paid during the periods ended December 31, 2022 and June 30, 2022 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary <br> Income** | **Long-Term<br> Capital Gains** | **Total <br> Distributions\*** |
| **Hussman Strategic Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | $5831678 | $— | $5831678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2022 | $1512449 | $— | $1512449 |
| **Hussman Strategic Allocation Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | $1998527 | $2045456 | $4043983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2022 | $706103 | $— | $706103 |
| **Hussman Strategic Total Return Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | $2568709 | $— | $2568709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2022 | $4528047 | $— | $4528047 |
| **Hussman Strategic International Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2022 | $230582 | $— | $230582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 30, 2022 | $— | $— | $— |

---

\* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to reclassifications of the character of the distributions as a result of permanent differences between the financial statements and income tax reporting.

&nbsp;&nbsp;&nbsp;**82**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

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

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

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

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

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

The tax character of distributable earnings (accumulated deficit) as of December 31, 2022 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International <br> Fund** |
| Net unrealized depreciation  | $(43797770) | $(2063018) | $(12247040) | $(2066204) |
| Accumulated ordinary income  | 924390 | 6511 | 204582 | 56898 |
| Capital loss carryforwards  | (769564237) |  | (38634299) | (13832876) |
| Other losses  | (27389396) | (509210) | (7400701) | (377429) |
| Other temporary differences  | (752550) | (2078) | (73221) | (2818) |
| Total accumulated deficit  | $(840579563) | $(2567795) | $(58150679) | $(16222429) |

---

**83**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

The following information is based upon the federal income tax cost of investment securities as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International <br> Fund** |
| Cost of investments and money market funds  | $586353868 | $27090858 | $237051743 | $15604724 |
| Gross unrealized appreciation  | $38262636 | $1362940 | $5544209 | $660231 |
| Gross unrealized depreciation  | (82060406) | (3425958) | (17791249) | (2726435) |
| Net unrealized depreciation  | $(43797770) | $(2063018) | $(12247040) | $(2066204) |

---

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

As of June 30, 2022, the Funds had the following capital loss carryforwards for federal income tax purposes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International <br> Fund** |
| Short-term capital loss carryforwards  | $502024980 | $— | $38085031 | $13832876 |
| Long-term capital loss carryforwards  | 267539257 |  | 549268 |  |
| Total  | $769564237 | $— | $38634299 | $13832876 |

---

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

Each Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed each Fund's tax positions taken on federal income tax returns for the current and all open tax years (generally, tax returns that have been filed within the past three years) and all major jurisdictions and has

&nbsp;&nbsp;&nbsp;**84**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. Therefore, no tax expense (including interest and penalties) was recorded in the current year and no adjustments were made to prior periods.

**2. INVESTMENT TRANSACTIONS** 

During the six months ended December 31, 2022, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International <br> Fund** |
| Purchases of investment securities  | $213872381 | $6843388 | $18546838 | $2077620 |
| Proceeds from sales and maturities of investment securities  | $197065819 | $6826635 | $28743543 | $1854216 |

---

During the six months ended December 31, 2022, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Growth Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** | **Hussman <br> Strategic <br> International <br> Fund** |
| Purchases of investment securities  | $— | $1104179 | $22855887 | $— |
| Proceeds from sales and maturities of investment securities  | $— | $1307280 | $48841100 | $— |

---

**3. TRANSACTIONS WITH AFFILIATES** 

**Advisory Agreement** 

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

**85**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

the next $3 billion of such assets; and 0.65% of such assets over $5 billion. Under the terms of a separate Advisory Agreement between the Trust and the Adviser, Hussman Strategic Total Return Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at annual rates of: 0.50% of the first $1 billion of the Fund's average daily net assets; 0.45% of the next $1.5 billion of such assets; and 0.40% of such assets over $2.5 billion. Under the terms of a separate Advisory Agreement between the Trust and the Adviser, Hussman Strategic International Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at annual rates of: 0.95% of the first $2 billion of the Fund's average daily net assets; 0.90% of the next $3 billion of such assets; and 0.85% of such assets over $5 billion.

The Adviser has contractually agreed that, until November 1, 2023, it will waive its advisory fees and/or absorb operating expenses of each Fund to the extent necessary so that operating expenses of Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund, Hussman Strategic Total Return Fund and Hussman Strategic International Fund (excluding fees and expenses incurred on investments in other investment companies and pooled investment vehicles, brokerage commissions, taxes, interest expense and any extraordinary expenses) do not exceed annually an amount equal to 1.15%, 1.25%, 0.75%, and 2.00%, respectively, of such Fund's average daily net assets. During the six months ended December 31, 2022, the Adviser waived advisory fees in the amount of $89,043, $37,659 and $67,119 with respect to Hussman Strategic Allocation Fund, Hussman Strategic Total Return Fund and Hussman Strategic International Fund, respectively. Additionally, during the six months ended December 31, 2022, the Adviser absorbed operating expenses of $13,935 and $61,639 with respect to Hussman Strategic Allocation Fund and Hussman Strategic International Fund, respectively. During the six months ended December 31, 2022, Hussman Strategic Growth Fund did not waive any advisory fees.

Pursuant to the Expense Limitation Agreements governing these arrangements, each Fund is obligated to reimburse the Adviser the amount of advisory fees previously waived and expenses previously absorbed by the Adviser for a period of three years from the date such fees or expenses were waived or absorbed, but only if such reimbursement does not cause the Fund's operating expenses (after the reimbursement is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the time such fees and expenses were waived or absorbed; and (ii) the expense limitation in effect at the time the Adviser seeks reimbursement of such fees and expenses. The Expense Limitation Agreements may not be terminated by the Adviser without the approval of the Board of Trustees. As of December 31, 2022, the amount of fee waivers and expense reimbursements available for possible recovery by the Adviser

&nbsp;&nbsp;&nbsp;**86**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

from Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund, Hussman Strategic Total Return Fund and Hussman Strategic International Fund is $276,245, $604,113, $98,766 and $666,333, respectively. The portions of these amounts that the Adviser may recover expire as of the following dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, <br> 2023** | **June 30, <br> 2024** | **June 30, <br> 2025** | **December 31, <br> 2025** | **Total** |
| Hussman Strategic Growth Fund  | $150241 | $126004 | $— | $— | $276245 |
| Hussman Strategic Allocation Fund  | $119841 | $209679 | $171615 | $102978 | $604113 |
| Hussman Strategic Total Return Fund  | $50854 | $— | $10253 | $37659 | $98766 |
| Hussman Strategic International Fund  | $110367 | $228170 | $199038 | $128758 | $666333 |

---

During the six months ended December 31, 2022, Hussman Strategic Growth Fund recovered $7,230 of past advisory fees waived.

The Adviser may agree to continue after November 1, 2023 the current arrangement to limit the Funds' expenses or to implement a similar arrangement, but it is not obligated to do so.

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

**Other Service Providers** 

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

The Funds compensate certain financial intermediaries for providing account maintenance and shareholder services to shareholder accounts held through such intermediaries. During six months ended December 31, 2022, Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund, Hussman Strategic Total Return Fund and Hussman Strategic International Fund paid $106,577, $5,143, $46,546 and $9,199, respectively, to financial intermediaries for such services. These amounts are included in transfer agent, account maintenance and shareholder services fees on the Statements of Operations.

**87**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Trustee Compensation** 

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

**Principal Holder of Fund Shares** 

As of December 31, 2022, an officer of the Adviser owned of record 36.2% of the outstanding shares of Hussman Strategic Allocation Fund and an affiliate of the Adviser and an officer of the Adviser owned of record 26.7% and 22.8%, respectively, of the outstanding shares of Hussman Strategic International Fund. A shareholder owning of record or beneficially 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

&nbsp;&nbsp;&nbsp;**88**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**4. DERIVATIVES TRANSACTIONS** 

The locations in the Statements of Assets and Liabilities of the derivative positions of Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund are as follows:

**Hussman Strategic Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset <br> Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the <br> Six Months Ended <br> December 31, <br> 2022\*** |
| Index put options purchased | Equity | Investments in securities at value | $12330300 | $— | $527518467 |
| Index call options purchased | Equity | Investments in securities at value |  |  | 90961917 |
| Index call options written | Equity | Written call options, at value |  | (190452050) | (516370017) |

---

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

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset <br> Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the <br> Six Months Ended <br> December 31, <br> 2022\*** |
| Index put options purchased | Equity | Investments in securities at value | $288675 | $— | $17173746 |
| Index call options written | Equity | Written call options, at value |  | (1658566) | (17070829) |

---

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

**89**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Hussman Strategic International Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset <br> Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the <br> Six Months Ended <br> December 31, <br> 2022\*** |
| Index put options purchased | Equity | Investments in securities at value | $92328 | $— | $4557745 |
| Futures contracts sold short\*\* | Equity | Variation margin payable | $— | $(119815) | $(7635196) |

---

---

| | |
|:---|:---|
| \* | The average monthly notional value generally represents the Fund's derivative activity throughout the six months. |
| \*\* | Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through December 31, 2022. Only current variation margin is reported on the Statements of Assets and Liabilities. |

---

Realized and unrealized gains and losses associated with transactions in derivative instruments for Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund during the six months ended December 31, 2022 are recorded in the following locations on the Statements of Operations:

**Hussman Strategic Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized <br> Gains (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(12391327) | Net change in unrealized appreciation (depreciation) on investments | $(5602204) |
| Index call options purchased | Equity | Net realized gains (losses) from investments | (2999443) | Net change in unrealized appreciation (depreciation) on investments |  |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | (7815911) | Net change in unrealized appreciation (depreciation) on written option contracts | (6370013) |

---

&nbsp;&nbsp;&nbsp;**90**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized <br> Gains (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(871022) | Net change in unrealized appreciation (depreciation) on investments | $38231 |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | 547008 | Net change in unrealized appreciation (depreciation) on written option contracts | (203621) |

---

**Hussman Strategic International Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized <br> Gains (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(55265) | Net change in unrealized appreciation (depreciation) on investments | $61684 |
| Futures contracts sold short | Equity | Net realized gains (losses) from futures contracts | $(173565) | Net change in unrealized appreciation (depreciation) on futures contracts | $(159587) |

---

Hussman Strategic Total Return Fund had no transactions in derivative instruments during the six months ended December 31, 2022.

In the ordinary course of business, Hussman Strategic Growth Fund, Hussman Strategic Allocation Fund and Hussman Strategic International Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset the exposure it has on any transaction with a specific counterparty with

**91**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

any collateral it has received or delivered in connection with other transactions with that counterparty. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis.

The offsetting of financial liabilities and derivative liabilities as of December 31, 2022 are as follows:

**Hussman Strategic Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
| Written options at market value  | $(190452050) | $— | $(190452050) | $155999700 | $(34452350) |
| &nbsp;&nbsp;&nbsp;Total subject to a master netting or similar arrangement  | $(190452050) | $— | $(190452050) | $155999700 | $(34452350) |

---

\* Common stocks owned by the Fund are held in escrow by the Fund's custodian (or by a security depository) to secure the Fund's obligations to settle outstanding call option contracts it has written (Note 1).

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
| Written options at market value  | $(1658566) | $— | $(1658566) | $1388810 | $(269756) |
| &nbsp;&nbsp;&nbsp;Total subject to a master netting or similar arrangement  | $(1658566) | $— | $(1658566) | $1388810 | $(269756) |

---

\* Common stocks owned by the Fund are held in escrow by the Fund's custodian (or by a security depository) to secure the Fund's obligations to settle outstanding call option contracts it has written (Note 1).

&nbsp;&nbsp;&nbsp;**92**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Hussman Strategic International Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Assets** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
| Variation margin receivable - futures contracts  | $71266 | $— | $71266 | $— | $71266 |
| &nbsp;&nbsp;&nbsp;Total subject to a master netting or similar arrangement  | $71266 | $— | $71266 | $— | $71266 |

---

\* Amounts in cash collateral pledged in the table above are limited to the net amounts of liabilities presented in the Statements of Assets and Liabilities.

**5. CERTAIN INVESTMENTS AND ASSOCIATED RISKS** 

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

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

**93**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**Investments in Money Market Funds** — In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may at times invest a significant portion of its assets in shares of money market funds. As of December 31, 2022, Hussman Strategic Growth Fund had 32.1% of the value of its net assets invested in shares of a money market fund registered under the 1940 Act. The annual report, along with the report of the independent registered public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. The Fund, as investors in money market funds, indirectly bear the fees and expenses of those funds, which are in addition to the fees and expenses of the Fund.

**Sector Risk** — If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development generally affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. This may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments, may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio could be adversely affected if it has significant holdings of securities of issuers in that sector. As of December 31, 2022, Hussman Strategic Growth Fund had 23.6% of the value of its net assets invested in stocks within the Technology sector.

**Foreign Investment Risk** — Compared with investing in the United States, investing in foreign markets involves a greater degree and variety of risks. Investors in foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar's value versus other currencies may erode or reverse gains from investments denominated in foreign currencies or increase losses. Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of these actions could have a severe effect on securities prices and impair an investor's ability to bring its capital or income back to the U.S. Exchange rate fluctuations also may impair a foreign issuer's ability to repay U.S. dollar denominated debt, thereby increasing credit risk associated with investment in such debt. The values of foreign securities may be affected by incomplete, less frequent or inaccurate financial information about

&nbsp;&nbsp;&nbsp;**94**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

their issuers, social upheavals or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage than U.S. companies by market analysts and may be subject to reporting standards or regulatory requirements that differ from those applicable to U.S. companies.

As of December 31, 2022, Hussman Strategic International Fund had 22.9% of the value of its common stock portfolio invested in stocks of companies domiciled in Japan. At times, the Japanese economy has been negatively affected by government intervention and protectionism, an unstable financial services sector, a heavy reliance on international trade and natural disasters. These factors, as well as other adverse political developments, increases in government debt and changes to fiscal monetary or trade policies, may negatively affect Japanese markets and the prices of stocks of Japanese companies.

**6. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** 

Hussman Strategic International Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objective. Hussman Strategic International Fund may (but is not required to) enter into contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross-hedge against either specific transactions or portfolio positions generally. Foreign currency hedging transactions may be used to reduce the risk that the U.S. dollar value of the Fund's holdings of securities denominated in foreign currency will decline in value due to changes in foreign currency exchange rates or to protect against adverse changes in the prices of securities that the Fund is purchasing or selling prior to settlement of those transactions. All foreign currency exchange contracts are marked-to-market daily at the applicable translation rates resulting in unrealized gains or losses. Realized and unrealized gains or losses from transactions in foreign currency exchange contracts are included in the Fund's Statement of Assets and Liabilities and Statement of Operations. Risks associated with these contracts include the potential inability of counterparties to meet the terms of their contracts and unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Hussman Strategic International Fund, as previously noted, may also purchase foreign currency options to manage foreign currency exposures.

As of and during the six months ended December 31, 2022, Hussman Strategic International Fund had no forward currency exchange contracts outstanding.

**95**<br>

<u>Hussman Investment Trust<br> Notes to Financial Statements *(continued)*</u> <br> <u>*December 31, 2022 (Unaudited)*</u>

**7. BANK LINE OF CREDIT** 

Hussman Strategic Growth Fund has an unsecured bank line of credit with its custodian bank in the amount of $10,000,000. Hussman Strategic Total Return Fund has an unsecured bank line of credit with its custodian bank in the amount of $2,000,000. Any borrowings under these arrangements bear interest at the Prime Rate, currently 7.50% as of December 31, 2022. During the six months ended December 31, 2022, Hussman Strategic Growth Fund and Hussman Strategic Total Return Fund did not borrow under their line of credit. Hussman Strategic Allocation Fund and Hussman Strategic International Fund currently do not have bank lines of credit.

**8. CONTINGENCIES AND COMMITMENTS** 

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

**9. SUBSEQUENT EVENTS** 

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

&nbsp;&nbsp;&nbsp;**96**<br>

<u>Hussman Investment Trust<br> About Your Funds' Expenses *(Unaudited)*</u> <br>   <br>  

We believe it is important for you to understand the impact of costs on your investment. As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, which may include redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. A mutual fund's ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio.

The examples below are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (July 1, 2022 – December 31, 2022).

The table on the following page illustrates each Fund's ongoing costs in two ways:

<u>Actual fund return</u> – This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from each Fund's actual return, and the fourth column shows the dollar amount of operating expenses that would have been paid by an investor who started the period with $1,000 invested in that Fund. You may use that information, together with the amount of your investment, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), and then multiply the result by the number given for the applicable Fund under the heading "Expenses Paid During Period."

<u>Hypothetical 5% return</u> – This section is intended to help you compare each Fund's ongoing costs with those of other mutual funds. It assumes that each Fund had an annual return of 5% before expenses during the period shown. In this case, because the return used is not each Fund's actual return, the results do not illustrate the actual expenses associated with your investment. However, the example is useful in making comparisons because the SEC requires all mutual funds to provide an example of fund expenses based on a 5% annual return. You can assess each Fund's ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other mutual funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The expense ratios used in computing annual expenses in the tables are the expense ratios of the Funds during the six-month period ended December 31, 2022, annualized, after fee waivers and expense reimbursements. Actual expenses of the Funds in future periods may differ. The calculations assume no

**97**<br>

<u>Hussman Investment Trust<br> About Your Funds' Expenses *(Unaudited) (continued)*</u> <br>   <br>  

shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

More information about each Fund's expenses, including annual expense ratios, can be found elsewhere in this report. For additional information on operating expenses and other shareholder costs, please refer to each Fund's prospectus.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Beginning <br> Account Value <br> July 1, 2022 | Ending <br> Account Value <br> December 31, 2022 | Net<br> Expense<br> Ratio<sup>(a)</sup> | Expenses<br> Paid During<br> Period<sup>(b)</sup> |
| **Hussman Strategic Growth Fund** | **Hussman Strategic Growth Fund** | **Hussman Strategic Growth Fund** | **Hussman Strategic Growth Fund** | **Hussman Strategic Growth Fund** |
| Based on Actual Fund Return | $1000.00 | $1016.60 | 1.13% | $5.74 |
| Based on Hypothetical 5% Return (before expenses) | $1000.00 | $1019.51 | 1.13% | $5.75 |
| **Hussman Strategic Allocation Fund** | **Hussman Strategic Allocation Fund** | **Hussman Strategic Allocation Fund** | **Hussman Strategic Allocation Fund** | **Hussman Strategic Allocation Fund** |
| Based on Actual Fund Return | $1000.00 | $1033.90 | 1.25% | $6.41 |
| Based on Hypothetical 5% Return (before expenses) | $1000.00 | $1018.90 | 1.25% | $6.36 |
| **Hussman Strategic Total Return Fund** | **Hussman Strategic Total Return Fund** | **Hussman Strategic Total Return Fund** | **Hussman Strategic Total Return Fund** | **Hussman Strategic Total Return Fund** |
| Based on Actual Fund Return | $1000.00 | $979.80 | 0.75% | $3.74 |
| Based on Hypothetical 5% Return (before expenses) | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **Hussman Strategic International Fund** | **Hussman Strategic International Fund** | **Hussman Strategic International Fund** | **Hussman Strategic International Fund** | **Hussman Strategic International Fund** |
| Based on Actual Fund Return | $1000.00 | $1003.80 | 2.00% | $10.10 |
| Based on Hypothetical 5% Return (before expenses) | $1000.00 | $1015.12 | 2.00% | $10.16 |

---

<sup>(a)</sup> Annualized, based on each Fund's most recent one-half year expenses. <br> <sup>(b)</sup> Expenses are equal to each Fund's annualized net expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

&nbsp;&nbsp;&nbsp;**98**<br>

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

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-800-HUSSMAN (1-800-487-7626), or on the SEC's website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-800-HUSSMAN, or on the SEC's website at www.sec.gov.

Each Fund files a complete listing of portfolio holdings with the SEC as of the end of the first and third quarters of each fiscal year as an exhibit to each Fund's Form N-PORT. The filings are available upon request, by calling 1-800-HUSSMAN (1-800-487-7626). You may also obtain copies of these filings on the SEC's website at www.sec.gov and the Funds' website at www.hussmanfunds.com.

**99**<br>

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| | | | |
|:---|:---|:---|:---|
| **Privacy Notice** | **Privacy Notice** | **Privacy Notice** | **Privacy Notice** |
| **FACTS** | **WHAT DO THE HUSSMAN FUNDS DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DO THE HUSSMAN FUNDS DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DO THE HUSSMAN FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| **Why?** | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| **What?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>■ Social Security number <br>■ Assets <br>■ Retirement Assets <br>■ Transaction History <br>■ Checking Account Information <br>■ Purchase History <br>■ Account Balances <br>■ Account Transactions <br>■ Wire Transfer Instructions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>■ Social Security number <br>■ Assets <br>■ Retirement Assets <br>■ Transaction History <br>■ Checking Account Information <br>■ Purchase History <br>■ Account Balances <br>■ Account Transactions <br>■ Wire Transfer Instructions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>■ Social Security number <br>■ Assets <br>■ Retirement Assets <br>■ Transaction History <br>■ Checking Account Information <br>■ Purchase History <br>■ Account Balances <br>■ Account Transactions <br>■ Wire Transfer Instructions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| **How?** | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Hussman Funds choose to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Hussman Funds choose to share; and whether you can limit this sharing. | All financial companies need to share your personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Hussman Funds choose to share; and whether you can limit this sharing. |
| **Reasons we can share your personal information** | **Reasons we can share your personal information** | **Do the Hussman Funds share?** | **Can you limit this sharing?** |
| **For our everyday business purposes –** <br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | **For our everyday business purposes –** <br> Such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| **For our marketing purposes –** <br> to offer our products and services to you | **For our marketing purposes –** <br> to offer our products and services to you | No | We don't share |
| For joint marketing with other financial companies | For joint marketing with other financial companies | No | We don't share |
| **For our affiliates' everyday business purposes –** <br> information about your creditworthiness | **For our affiliates' everyday business purposes –** <br> information about your creditworthiness | No | We don't share |
| **For nonaffiliates to market to you** | **For nonaffiliates to market to you** | No | We don't share |
| **Questions?** | Call 1-800-HUSSMAN (1-800-487-7626) | Call 1-800-HUSSMAN (1-800-487-7626) | Call 1-800-HUSSMAN (1-800-487-7626) |

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&nbsp;&nbsp;&nbsp;**100**<br>

---

| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | Hussman Investment Trust <br>Ultimus Fund Distributors, LLC (Distributor) <br>Ultimus Fund Solutions, LLC (Administrator) |
| **What we do** | **What we do** |
| **How do the Hussman Funds protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. <br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| **How do the Hussman Funds collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you <br>■ Provide account information <br>■ Give us your contact information <br>■ Make deposits or withdrawals from your account <br>■ Make a wire transfer <br>■ Tell us where to send the money <br>■ Tell us who receives the money <br>■ Show your government-issued ID <br>■ Show your driver's license <br>We also collect your personal information from other companies. |
| **Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only <br>■ Sharing for affiliates' everyday business purposes – information about your creditworthiness <br>■ Affiliates from using your information to market to you <br>■ Sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing.  |
| **Definitions** | **Definitions** |
| **Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. <br>■ *Hussman Strategic Advisors, Inc., the investment manager to the Hussman Funds, could be deemed to be an affiliate.* |
| **Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies <br>■ *The Hussman Funds do not share with nonaffiliates so they can market to you.* |
| **Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>■ *The Hussman Funds do not jointly market.* |

---

**101**<br>

INVESTMENT ADVISER<br> Hussman Strategic Advisors, Inc.<br> 6021 University Boulevard, Suite 490<br> Ellicott City, Maryland 21043

www.hussmanfunds.com<br> 1-800-HUSSMAN (1-800-487-7626)

ADMINISTRATOR/TRANSFER AGENT

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

CUSTODIAN

U.S. Bank, N.A.<br> 425 Walnut Street<br> Cincinnati, Ohio 45202

INDEPENDENT REGISTERED<br> PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.<br> 342 N. Water Street<br> Suite 830<br> Milwaukee, Wisconsin 53202

LEGAL COUNSEL

Schulte Roth & Zabel LLP<br> 901 Fifteenth Street, NW<br> Suite 800<br> Washington, DC 20005

This Report is authorized for <br> distribution only if accompanied or preceded <br> by a current Prospectus of the Funds.

Hussman-SAR-22

(b) Not applicable

**Item 2. Code of Ethics.**

Not required

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

Not required

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

Not required

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

Not applicable

**Item 6. Investments.**

(a) Not applicable [schedule filed under Item 1]

(b) Not applicable

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

 **Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 10. Submission of Matters to a Vote of Security Holders.**

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

**Item 11. Controls and Procedures.**

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

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Exhibits.**

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

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant: Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

---

| | |
|:---|:---|
| [Exhibit 99.CERT](fp0081651-2_ex99cert.htm) | [Certifications required by Rule 30a-2(a) under the Act](fp0081651-2_ex99cert.htm) |
| [Exhibit 99.906CERT](fp0081651-2_ex99906cert.htm) | [Certifications required by Rule 30a-2(b) under the Act](fp0081651-2_ex99906cert.htm) |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| (Registrant) | (Registrant) | Hussman Investment Trust |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ John P. Hussman |
| | | John P. Hussman, President |
| Date | March 2, 2023 |  |

---

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

---

| | | |
|:---|:---|:---|
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ John P. Hussman |
| | | John P. Hussman, President |
| Date | March 2, 2023 |  |

---

---

| | | |
|:---|:---|:---|
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Mark J. Seger |
| | | Mark J. Seger, Treasurer |
| Date | March 2, 2023 |  |

---

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

## Ex-99.Cert

EX-99.CERT

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

I, John P. Hussman, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: March 2, 2023 | /s/ John P. Hussman |
|  | John P. Hussman, President |

---

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

I, Mark J. Seger, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: March 2, 2023 | /s/ Mark J. Seger |
|  | Mark J. Seger, Treasurer |

---

## Exhibit 99.906

EX-99.906CERT

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the
 "Form N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of
 1934, as amended; and

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

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| Hussman Investment Trust | Hussman Investment Trust |
| /s/ John P. Hussman | /s/ Mark J. Seger |
| John P. Hussman, President | Mark J. Seger, Treasurer |
| Date: March 2, 2023 | Date: March 2, 2023 |

---

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

 ****

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

 ****