# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0001398344-26-003971
**Filing Date:** 2026-2
**Character Count:** 181326
**Document Hash:** 48c389f316ea68c95512aeca3b743b33
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003971.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001398344-26-003971

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 27

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09911
- **FILM NUMBER:** 26694322

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

<u>Hussman Investment Trust</u> <br> (Exact name of registrant as specified in charter)

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

David K. James

<u>Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 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:&nbsp;&nbsp;&nbsp;&nbsp; <u>June 30</u> <br>Date of reporting period: <u>December 31, 2025</u>

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

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

**Item 1. Reports to Stockholders.**

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

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i7c9053ac114cbec59e152cb5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Hussman Strategic Market Cycle Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Market Cycle Fund | $56 | 1.15% |

---

## How did the Fund perform during the reporting period?
During the semi-annual period ended December 31, 2025, our most reliable equity market valuation measures remained at the steepest extremes in U.S. financial history, exceeding levels observed at the 1929 and 2000 peaks. Short and intermediate-term market action also became increasingly overextended during this period.

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

Even so, the Fund benefited from a September 2024 hedging implementation intended to vary the intensity of the Fund's hedge positions even during extreme market conditions. We have further extended this implementation, with the expectation of benefiting to a greater degree from market advances even if recent extremes persist, while retaining defense against a potential speculative collapse.

Despite a bearish stock market outlook amid a largely uncorrected advance to unprecedented valuations in the second half of 2025, the total return of the Fund was 6.25% for the calendar year ended December 31, 2025. The Fund benefited from increased turnover in its stock holdings, allowing the Fund to respond to price fluctuations among individual stocks.

The following equity holdings achieved gains in excess of $2 million during the six months ended December 31, 2025: Barrick Mining Corporation, Paramount Skydance Corporation - Class B, Ubiquiti, Inc., Praxis Precision Medicines, Inc., EchoStar Corporation - Class A, United Natural Foods, Inc., and Newmont Corporation. The only equity holding with a loss in excess of $2 million during this period was Charter Communications, Inc. - Class A.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ib5f6d4def4af2ac479c9c2f9.jpg)

---

| | | |
|:---|:---|:---|
| | Hussman Strategic Market Cycle Fund | S&P 500<sup>®</sup> Index |
| Dec-2015 | $10000 | $10000 |
| Dec-2016 | $8851 | $11196 |
| Dec-2017 | $7725 | $13640 |
| Dec-2018 | $8403 | $13042 |
| Dec-2019 | $6818 | $17149 |
| Dec-2020 | $7808 | $20304 |
| Dec-2021 | $7790 | $26132 |
| Dec-2022 | $9140 | $21399 |
| Dec-2023 | $8079 | $27025 |
| Dec-2024 | $7512 | $33786 |
| Dec-2025 | $7982 | $39827 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Hussman Strategic Market Cycle Fund | 6.25% | 0.44% | -2.23% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |

---

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

### Fund Statistics
* Net Assets$340,968,340

* Number of Portfolio Holdings227

* Advisory Fee (net of waivers)$1,585,323

* Portfolio Turnover229%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](id704728a99284da9a3e68904.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| Money Market Funds | 43.4% |
| Common Stocks | 109.0% |

---

As of December 31, 2025, 97.5% of the value of the Fund's equity investments were hedged with option combinations (long put options/short call options) on the S&P 500<sup>®</sup> Index and Russell 2000<sup>®</sup> Index. A significant portion of money market holdings represent proceeds from written call options.

### Equity Sector Weighting (% of common stocks)
![Group By Sector Chart](i8ae99f34bf654133a42ff6bf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Utilities | 1.0% |
| Materials | 2.9% |
| Industrials | 6.2% |
| Financials | 6.5% |
| Communications | 6.6% |
| Energy | 7.2% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 12.9% |
| Technology | 20.2% |
| Health Care | 26.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| QUALCOMM, Inc. | 1.3% |
| Etsy, Inc. | 1.3% |
| Ubiquiti, Inc. | 1.3% |
| United Natural Foods, Inc. | 1.2% |
| Charter Communications, Inc. - Class A | 1.1% |
| Genpact Ltd. | 1.1% |
| ACADIA Pharmaceuticals, Inc. | 1.1% |
| Check Point Software Technologies Ltd. | 1.1% |
| Exelixis, Inc. | 1.0% |
| Halozyme Therapeutics, Inc. | 1.0% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i7c9053ac114cbec59e152cb5.jpg)

# Hussman Strategic Market Cycle Fund (HSGFX)

# Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 123125-HSGFX

# Hussman Strategic Allocation Fund
(HSAFX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i7c9053ac114cbec59e152cb5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Hussman Strategic Allocation Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Allocation Fund | $63 | 1.25% |

---

## How did the Fund perform during the reporting period?
During the semi-annual period ended December 31, 2025, our most reliable equity market valuation measures remained at the steepest extremes in U.S. financial history, exceeding levels observed at the 1929 and 2000 peaks. Short and intermediate-term market action also became increasingly overextended during this period.

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

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

Despite a defensive stock market outlook amid a largely uncorrected advance at unprecedented valuations, the total return of the Fund was 7.83% for the calendar year ended December 31, 2025. The Fund benefited from increased turnover in its stock holdings, allowing the Fund to respond to price fluctuations among individual stocks.

The only equity holding that achieved a gain in excess of $150,000 during the six months ended December 31, 2025 was Barrick Mining Corporation. The only equity holding with a loss in excess of $150,000 during this period was Charter Communications, Inc.- Class A.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i96a9754c749a29bc2dbec52a.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Hussman Strategic Allocation Fund | Bloomberg U.S. Aggregate Bond Index | Bloomberg US EQ:FI 60:40 Index | S&P 500<sup>®</sup> Index |
| Aug-2019 | $10000 | $10000 | $10000 | $10000 |
| Dec-2019 | $9933 | $9967 | $10751 | $11337 |
| Dec-2020 | $11047 | $10715 | $12536 | $13423 |
| Dec-2021 | $11845 | $10550 | $14432 | $17276 |
| Dec-2022 | $12368 | $9177 | $12000 | $14147 |
| Dec-2023 | $12449 | $9685 | $14208 | $17866 |
| Dec-2024 | $12666 | $9806 | $16364 | $22336 |
| Dec-2025 | $13658 | $10522 | $18624 | $26329 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (August 27, 2019) |
| Hussman Strategic Allocation Fund | 7.83% | 4.33% | 5.04% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 0.80% |
| Bloomberg US EQ:FI 60:40 Index | 13.81% | 8.24% | 10.30% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 16.48% |

---

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

### Fund Statistics
* Net Assets$27,183,165

* Number of Portfolio Holdings232

* Advisory Fee (net of waivers)$0

* Portfolio Turnover206%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i4cf41e17e93bc0b2f82983b5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| U.S. Treasury Obligations | 16.6% |
| Money Market Funds | 36.1% |
| Common Stocks | 69.1% |

---

As of December 31, 2025, 91.8% of the value of the Fund's equity investments were hedged with option combinations (long put options/short call options) on the S&P 500<sup>®</sup> Index and Russell 2000<sup>®</sup> Index. A significant portion of money market holdings represent proceeds from written call options.

### Equity Sector Weighting (% of common stocks)
![Group By Sector Chart](i69a0edb25ca391f3b0f49e4a.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Utilities | 1.0% |
| Materials | 2.9% |
| Industrials | 6.2% |
| Communications | 6.6% |
| Financials | 6.5% |
| Energy | 7.2% |
| Consumer Discretionary | 10.0% |
| Consumer Staples | 12.9% |
| Technology | 20.2% |
| Health Care | 26.6% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Inflation-Protected Notes, 1.875%, due 07/15/35 | 7.5% |
| U.S. Treasury Notes, 4.000%, due 11/15/35 | 3.6% |
| U.S. Treasury Inflation-Protected Notes, 1.750%, due 01/15/34 | 1.9% |
| U.S. Treasury Notes, 4.250%, due 05/15/35 | 1.9% |
| U.S. Treasury Inflation-Protected Bonds, 2.125%, due 02/15/54 | 1.8% |
| QUALCOMM, Inc. | 0.8% |
| Etsy, Inc. | 0.8% |
| Ubiquiti, Inc. | 0.8% |
| United Natural Foods, Inc. | 0.7% |
| Charter Communications, Inc. - Class A | 0.7% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i7c9053ac114cbec59e152cb5.jpg)

# Hussman Strategic Allocation Fund (HSAFX)

# Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 123125-HSAFX

# Hussman Strategic Total Return Fund
(HSTRX)

# Semi-Annual Shareholder Report - December 31, 2025
![Image](i7c9053ac114cbec59e152cb5.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Hussman Strategic Total Return Fund (the "Fund") for the period of July 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626.

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

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Total Return Fund | $39 | 0.75% |

---

## How did the Fund perform during the reporting period?
During the semi-annual period ended December 31, 2025, 10-year U.S. Treasury yields fell to 4%. Based on benchmarks used by the Adviser to gauge the adequacy of long-term Treasury yields, the Fund modestly reduced its exposure to longer-term bonds as the year progressed, bringing their average duration to about 5 years, with an overall portfolio duration of just over 3 years.

The Fund held varying exposure in stocks of companies in the precious metals industry, ranging between 5-25% of net assets. In 2025, these shares benefited from the generally supportive behavior of real interest rates coupled with economic conditions that continue to hover near levels that have historically defined the threshold of recession. The Fund had minor exposure to the utility and energy industries during the calendar year. The Fund's investment stance is expected to change in response to shifts in observable market conditions.

For the calendar year ended December 31, 2025, the total return of the Fund was 20.93%, compared with a 7.30% gain in its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund benefited from both the fixed income and equity holdings in the portfolio. The deepest peak-to-trough loss in the Fund was -3.14% compared with -2.54% for the benchmark. The Fund has outperformed its benchmark for the past 1, 3, 5, 7, and 10 years, and since inception on September 12, 2002.

The following holdings achieved gains in excess of $1 million during the six months ended December 31, 2025: Barrick Mining Corporation, Newmont Corporation, Agnico Eagle Mines Ltd., and Hecla Mining Company. There were no portfolio losses in excess of $1 million during this period.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iab24015ef3381af142023068.jpg)

---

| | | |
|:---|:---|:---|
| | Hussman Strategic Total Return Fund | Bloomberg U.S. Aggregate Bond Index |
| Dec-2015 | $10000 | $10000 |
| Dec-2016 | $10803 | $10265 |
| Dec-2017 | $10934 | $10628 |
| Dec-2018 | $11096 | $10629 |
| Dec-2019 | $12363 | $11556 |
| Dec-2020 | $13779 | $12423 |
| Dec-2021 | $13945 | $12232 |
| Dec-2022 | $13077 | $10641 |
| Dec-2023 | $13866 | $11229 |
| Dec-2024 | $14706 | $11369 |
| Dec-2025 | $17785 | $12199 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Hussman Strategic Total Return Fund | 20.93% | 5.24% | 5.93% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |

---

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

### Fund Statistics
* Net Assets$254,865,144

* Number of Portfolio Holdings54

* Advisory Fee (net of waivers)$585,435

* Portfolio Turnover121%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i52ea3d0f1758f858867fbfbf.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| Exchange-Traded Funds | 0.9% |
| Common Stocks | 6.3% |
| Money Market Funds | 17.1% |
| U.S. Treasury Obligations | 75.7% |

---

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

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Inflation-Protected Notes, 1.875%, due 07/15/35 | 25.8% |
| U.S. Treasury Notes, 4.000%, due 11/15/35 | 13.5% |
| U.S. Treasury Bills, 3.520%, due 11/27/26 | 11.4% |
| U.S. Treasury Inflation-Protected Notes, 2.500%, due 01/15/29 | 6.1% |
| U.S. Treasury Inflation-Protected Notes, 0.125%, due 01/15/30 | 4.7% |
| U.S. Treasury Notes, 2.125%, due 05/31/26 | 3.9% |
| U.S. Treasury Notes, 1.500%, due 08/15/26 | 3.9% |
| U.S. Treasury Inflation-Protected Notes, 1.750%, due 01/15/34 | 2.2% |
| U.S. Treasury Notes, 4.250%, due 05/15/35 | 2.0% |
| U.S. Treasury Inflation-Protected Bonds, 2.125%, due 02/15/54 | 1.9% |

---

## Material Fund Changes
No material changes occurred during the period ended December 31, 2025.

![Image](i7c9053ac114cbec59e152cb5.jpg)

# Hussman Strategic Total Return Fund (HSTRX)

# Semi-Annual Shareholder Report - December 31, 2025

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

* Prospectus

* Financial information

* Holdings

* Proxy voting information

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

TSR-SAR 123125-HSTRX**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

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

(a) HUSSMAN INVESTMENT TRUST

HUSSMAN STRATEGIC MARKET CYCLE FUND

HUSSMAN STRATEGIC ALLOCATION FUND

HUSSMAN STRATEGIC TOTAL RETURN FUND

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

**December 31, 2025 (Unaudited)**

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 23 |
| Statements of Assets and Liabilities  | 26 |
| Statements of Operations  | 27 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 31 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 34 |
| Notes to Financial Statements  | 35 |
| Additional Information  | 54 |

---

<u> Hussman Strategic Market Cycle Fund Schedule of Investments </u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5%** | **Shares** | **Value** |
|  **Communications — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp; *Cable & Satellite — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 18000 | $3757500 |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corporation - Class B <sup>(a)</sup>  | 140000 | 1876000 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 4.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. - Class A <sup>(a)(b)</sup>  | 20000 | 2714400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiverr International Ltd. <sup>(a)(b)</sup>  | 40000 | 790400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. - Class A <sup>(a)(b)</sup>  | 90000 | 1743300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. <sup>(a)</sup>  | 80000 | 2583200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. - Class A <sup>(a)(b)</sup>  | 40000 | 1035600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. <sup>(a)(b)</sup>  | 100000 | 1456000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <sup>(a)(b)</sup>  | 30000 | 2451300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. <sup>(b)</sup>  | 40000 | 792800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. <sup>(a)</sup>  | 6000 | 1457700 |
|  |  | 15024700 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc. <sup>(a)(b)</sup>  | 260000 | 1211600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <sup>(a)</sup>  | 70000 | 2851100 |
|  |  | 4062700 |
|  **Consumer Discretionary — 11.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Apparel & Textile Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corporation <sup>(a)</sup>  | 10000 | 670200 |
| &nbsp;&nbsp;&nbsp; *Automotive — 0.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc <sup>(a)(b)</sup>  | 36000 | 2739240 |
| &nbsp;&nbsp;&nbsp; *Consumer Services — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. <sup>(a)(b)</sup>  | 100000 | 736000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Company - Class B <sup>(a)</sup>  | 2000 | 2197200 |
|  |  | 2933200 |
| &nbsp;&nbsp;&nbsp; *E-Commerce Discretionary — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. - Class A <sup>(a)(b)</sup>  | 60000 | 1983000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. <sup>(a)</sup>  | 20000 | 1742000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. <sup>(a)(b)</sup>  | 80000 | 4435200 |

---

**1**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Consumer Discretionary — 11.0% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *E-Commerce Discretionary — 2.7% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newegg Commerce, Inc. <sup>(a)(b)</sup>  | 20000 | $1015200 |
|  |  | 9175400 |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc. <sup>(a)(b)</sup>  | 100000 | 1121000 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. - Class A <sup>(a)</sup>  | 100000 | 734000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. <sup>(a)</sup>  | 60000 | 1524000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc. <sup>(a)(b)</sup>  | 20000 | 895000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corporation <sup>(a)</sup>  | 30000 | 2526300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. <sup>(a)</sup>  | 6000 | 1430940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. <sup>(a)</sup>  | 10000 | 1203300 |
|  |  | 8313540 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corporation <sup>(a)(b)</sup>  | 80000 | 933600 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 3.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <sup>(a)</sup>  | 20000 | 786000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc. <sup>(a)(b)</sup>  | 2000 | 412960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) <sup>(a)</sup>  | 60000 | 1536000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. <sup>(a)(b)</sup>  | 300000 | 1542000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. <sup>(a)(b)</sup>  | 100000 | 2582000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc. <sup>(a)(b)</sup>  | 80000 | 1140800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. <sup>(a)(b)</sup>  | 40000 | 3010400 |
|  |  | 11010160 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Discretionary — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corporation <sup>(a)</sup>  | 20000 | 604000 |
|  **Consumer Staples — 14.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Company (The) <sup>(a)</sup>  | 40000 | 2796400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. <sup>(a)</sup>  | 20000 | 2870400 |
|  |  | 5666800 |
| &nbsp;&nbsp;&nbsp; *Food — 7.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. <sup>(a)</sup>  | 16000 | 1273120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) <sup>(a)</sup>  | 100000 | 2787000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole plc <sup>(a)</sup>  | 140000 | 2098600 |

---

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

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Consumer Staples — 14.3% (continued)** | **Consumer Staples — 14.3% (continued)** | **Consumer Staples — 14.3% (continued)** |
| &nbsp;&nbsp;&nbsp; *Food — 7.2% (continued)* | &nbsp;&nbsp;&nbsp; *Food — 7.2% (continued)* | &nbsp;&nbsp;&nbsp; *Food — 7.2% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. <sup>(a)</sup>  | 160000 | $1740800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. <sup>(a)</sup>  | 40000 | 1425200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. <sup>(a)</sup>  | 60000 | 2790000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd. <sup>(a)(b)</sup>  | 60000 | 773400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey Company (The) <sup>(a)</sup>  | 10000 | 1819800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Company (The) <sup>(a)</sup>  | 10000 | 978100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Company (The) <sup>(a)</sup>  | 40000 | 970000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. <sup>(a)</sup>  | 160000 | 2001600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. <sup>(a)(b)</sup>  | 6000 | 594300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. <sup>(a)</sup>  | 80000 | 2930400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc. <sup>(a)(b)</sup>  | 80000 | 2555200 |
|  |  | 24737520 |
| &nbsp;&nbsp;&nbsp; *Household Products — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox Company (The) <sup>(a)</sup>  | 10000 | 1008300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Company <sup>(a)</sup>  | 40000 | 3160800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation <sup>(a)</sup>  | 6000 | 605340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd. - Class A <sup>(a)(b)</sup>  | 20000 | 803600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. <sup>(a)</sup>  | 80000 | 1833600 |
|  |  | 7411640 |
| &nbsp;&nbsp;&nbsp; *Retail - Consumer Staples — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. - Class A <sup>(a)</sup>  | 100000 | 1717000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corporation <sup>(a)</sup>  | 10000 | 1327700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc. <sup>(a)(b)</sup>  | 14000 | 2637040 |
|  |  | 5681740 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Consumer Staples — 1.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Company  | 20000 | 1149800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <sup>(a)(b)</sup>  | 120000 | 4040400 |
|  |  | 5190200 |
|  **Energy — 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 3.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corporation <sup>(a)</sup>  | 40000 | 711600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation <sup>(a)</sup>  | 100000 | 2446000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners, L.P. <sup>(a)</sup>  | 40000 | 2139200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. <sup>(a)</sup>  | 40000 | 1083600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. <sup>(a)</sup>  | 40000 | 1052800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. <sup>(a)</sup>  | 40000 | 1017600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation <sup>(a)</sup>  | 40000 | 1465200 |

---

**3**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Energy — 8.0% (continued)** | **Energy — 8.0% (continued)** | **Energy — 8.0% (continued)** |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 3.6% (continued)* | &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 3.6% (continued)* | &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 3.6% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corporation <sup>(a)</sup>  | 6000 | $975780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc. <sup>(a)(b)</sup>  | 40000 | 1405600 |
|  |  | 12297380 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc. <sup>(a)(b)</sup>  | 40000 | 874800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corporation plc <sup>(a)</sup>  | 40000 | 1129600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. <sup>(a)</sup>  | 100000 | 544000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. <sup>(a)</sup>  | 60000 | 2302800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd. <sup>(a)(b)</sup>  | 20000 | 1008000 |
|  |  | 5859200 |
| &nbsp;&nbsp;&nbsp; *Renewable Energy — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc. <sup>(a)(b)</sup>  | 240000 | 2212800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc. <sup>(a)(b)</sup>  | 120000 | 2852400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. - Class A <sup>(a)(b)</sup>  | 240000 | 2040000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. <sup>(a)(b)</sup>  | 70000 | 2019500 |
|  |  | 9124700 |
|  **Financials — 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd. - Class A <sup>(a)</sup>  | 40000 | 635600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. - Class A <sup>(a)</sup>  | 80000 | 1309600 |
|  |  | 1945200 |
| &nbsp;&nbsp;&nbsp; *Banking — 2.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank OZK <sup>(a)</sup>  | 50000 | 2301000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. <sup>(a)</sup>  | 30000 | 1337100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. <sup>(a)</sup>  | 10000 | 1166900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. <sup>(a)(b)</sup>  | 10000 | 731200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter & Company, Inc. - Class A <sup>(a)</sup>  | 100000 | 848000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corporation <sup>(a)</sup>  | 20000 | 654800 |
|  |  | 7039000 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corporation <sup>(a)</sup>  | 14000 | 1912260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation <sup>(a)</sup>  | 10000 | 1290100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. <sup>(a)(b)</sup>  | 14000 | 1331820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. - Class A <sup>(a)</sup>  | 60000 | 1999200 |
|  |  | 6533380 |
| &nbsp;&nbsp;&nbsp; *Insurance — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. <sup>(a)</sup>  | 10000 | 1398600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corporation <sup>(a)</sup>  | 40000 | 1781200 |

---

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

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Financials — 7.1% (continued)** | **Financials — 7.1% (continued)** | **Financials — 7.1% (continued)** |
| &nbsp;&nbsp;&nbsp; *Insurance — 1.9% (continued)* | &nbsp;&nbsp;&nbsp; *Insurance — 1.9% (continued)* | &nbsp;&nbsp;&nbsp; *Insurance — 1.9% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc. <sup>(a)(b)</sup>  | 20000 | $2695200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. - Class A <sup>(a)(b)</sup>  | 10000 | 722300 |
|  |  | 6597300 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. <sup>(a)</sup>  | 30000 | 2220900 |
|  **Health Care — 29.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 20.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 140000 | 3739400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes plc <sup>(a)(b)</sup>  | 100000 | 2798000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 6000 | 2385900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. <sup>(a)</sup>  | 8000 | 2618480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 30000 | 2368200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc. <sup>(a)(b)</sup>  | 100000 | 1186000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 100000 | 1595000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 240000 | 1872000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. <sup>(a)(b)</sup>  | 30000 | 1782900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 100000 | 2334000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. <sup>(a)(b)</sup>  | 30000 | 1044000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. <sup>(a)(b)</sup>  | 200000 | 2326000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. <sup>(a)(b)</sup>  | 80000 | 3506400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. <sup>(a)</sup>  | 14000 | 1718360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <sup>(a)(b)</sup>  | 50000 | 3365000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup>  | 60000 | 2245200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunocore Holdings plc - ADR <sup>(b)</sup>  | 40000 | 1388400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corporation <sup>(a)(b)</sup>  | 24000 | 2370480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. <sup>(a)(b)</sup>  | 100000 | 1999000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc. <sup>(a)(b)</sup>  | 40000 | 814400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. <sup>(a)(b)</sup>  | 20000 | 2836600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc. <sup>(a)(b)</sup>  | 100000 | 636000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. <sup>(a)(b)</sup>  | 120000 | 3105600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. <sup>(a)</sup>  | 40000 | 996000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 140000 | 2322600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 40000 | 1494400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. <sup>(a)(b)</sup>  | 8000 | 2357920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. <sup>(a)(b)</sup>  | 12000 | 1048080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. <sup>(a)(b)</sup>  | 24000 | 1823040 |

---

**5**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Health Care — 29.4% (continued)** | **Health Care — 29.4% (continued)** | **Health Care — 29.4% (continued)** |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 20.6% (continued)* | &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 20.6% (continued)* | &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 20.6% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 50000 | $2141500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc - Class A <sup>(a)</sup>  | 60000 | 2318400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. <sup>(a)(b)</sup>  | 60000 | 1291200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc. <sup>(a)(b)</sup>  | 60000 | 1904400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 16000 | 1310080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. <sup>(a)(b)</sup>  | 30000 | 1146300 |
|  |  | 70189240 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 4.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc. <sup>(a)(b)</sup>  | 60000 | 1488600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. <sup>(a)</sup>  | 60000 | 1180800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corporation <sup>(a)</sup>  | 40000 | 3174400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corporation <sup>(a)(b)</sup>  | 10000 | 1300600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. <sup>(a)</sup>  | 10000 | 2561300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc. <sup>(a)(b)</sup>  | 120000 | 3081600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. <sup>(a)</sup>  | 4000 | 694120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc. <sup>(a)(b)</sup>  | 200000 | 1400000 |
|  |  | 14881420 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 4.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. <sup>(a)(b)</sup>  | 40000 | 2654800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <sup>(a)(b)</sup>  | 14000 | 2484160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc <sup>(a)</sup>  | 20000 | 1921200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc. <sup>(a)(b)</sup>  | 4000 | 1243640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc. <sup>(a)(b)</sup>  | 80000 | 1577600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corporation <sup>(a)(b)</sup>  | 16000 | 1267840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. <sup>(a)(b)</sup>  | 40000 | 2362000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc. <sup>(a)(b)</sup>  | 14000 | 1703100 |
|  |  | 15214340 |
|  **Industrials — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc. <sup>(a)(b)</sup>  | 200000 | 1578000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. <sup>(a)(b)</sup>  | 140000 | 1848000 |
|  |  | 3426000 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc. <sup>(a)(b)</sup>  | 100000 | 1912000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LegalZoom.com, Inc. <sup>(a)(b)</sup>  | 100000 | 993000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. - Class A <sup>(a)</sup>  | 30000 | 2365800 |
|  |  | 5270800 |

---

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

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Industrials — 6.9% (continued)** | **Industrials — 6.9% (continued)** | **Industrials — 6.9% (continued)** |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion plc <sup>(a)</sup>  | 14000 | $2229080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc. <sup>(a)(b)</sup>  | 240000 | 1718400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc. - Class A <sup>(a)(b)</sup>  | 28000 | 2439080 |
|  |  | 6386560 |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd. <sup>(a)(b)</sup>  | 100000 | 746000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. <sup>(a)(b)</sup>  | 40000 | 993200 |
|  |  | 1739200 |
| &nbsp;&nbsp;&nbsp; *Machinery — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corporation <sup>(a)</sup>  | 10000 | 1256300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc. <sup>(a)(b)</sup>  | 30000 | 1714200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc. <sup>(a)(b)</sup>  | 10000 | 595000 |
|  |  | 3565500 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings S.A. - Class A <sup>(a)</sup>  | 10000 | 1206100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd. <sup>(a)</sup>  | 40000 | 998000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corporation Ltd. <sup>(a)</sup>  | 100000 | 903000 |
|  |  | 3107100 |
|  **Materials — 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp; *Chemicals — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. <sup>(a)</sup>  | 10000 | 773400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. <sup>(a)</sup>  | 100000 | 571000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Company (The) <sup>(a)</sup>  | 80000 | 1927200 |
|  |  | 3271600 |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd.  | 4000 | 678120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A <sup>(a)</sup>  | 20000 | 771600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc <sup>(a)</sup>  | 6000 | 511680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Minerals, Inc. <sup>(a)</sup>  | 10000 | 504150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation <sup>(a)</sup>  | 20000 | 871000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. <sup>(a)(b)</sup>  | 40000 | 785600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company <sup>(a)</sup>  | 20000 | 383800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation <sup>(a)</sup>  | 10000 | 281600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation <sup>(a)</sup>  | 10000 | 998500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation <sup>(a)</sup>  | 8000 | 414480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. <sup>(a)</sup>  | 4000 | 889160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. <sup>(a)(b)</sup>  | 20000 | 438400 |
|  |  | 7528090 |

---

**7**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Technology — 22.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 2.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. - Class A <sup>(a)(b)</sup>  | 60000 | $2367000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. <sup>(a)(b)</sup>  | 10000 | 1185000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. <sup>(a)</sup>  | 26000 | 4447300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corporation <sup>(a)</sup>  | 16000 | 1868480 |
|  |  | 9867780 |
| &nbsp;&nbsp;&nbsp; *Software — 8.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. - Class A <sup>(a)(b)</sup>  | 40000 | 1196400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <sup>(a)(b)</sup>  | 20000 | 3711200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. - Class A <sup>(a)</sup>  | 60000 | 2104800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corporation <sup>(a)</sup>  | 80000 | 3326400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. - Class A <sup>(a)(b)</sup>  | 20000 | 885600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc. <sup>(a)(b)</sup>  | 4000 | 702000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. - Class A <sup>(a)(b)</sup>  | 50000 | 1964000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. <sup>(a)(b)</sup>  | 30000 | 1346100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc. <sup>(a)(b)</sup>  | 20000 | 3292400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. <sup>(a)</sup>  | 16000 | 2549760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc. <sup>(a)(b)</sup>  | 16000 | 2126400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. <sup>(a)(b)</sup>  | 8000 | 1754880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 24000 | 2098080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. <sup>(a)(b)</sup>  | 100000 | 806000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - Class A <sup>(a)(b)</sup>  | 10000 | 862900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. <sup>(a)(b)</sup>  | 140000 | 1423800 |
|  |  | 30150720 |
| &nbsp;&nbsp;&nbsp; *Technology Hardware — 3.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc. <sup>(a)(b)</sup>  | 140000 | 1216600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Holding Corporation <sup>(a)</sup>  | 40000 | 853600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. <sup>(a)</sup>  | 6000 | 1910280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. <sup>(a)(b)</sup>  | 40000 | 1170800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. <sup>(a)</sup>  | 8000 | 4426800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc. <sup>(a)(b)</sup>  | 80000 | 2756800 |
|  |  | 12334880 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 6.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corporation <sup>(a)(b)</sup>  | 10000 | 427500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 20000 | 1660000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dLocal Ltd. <sup>(a)(b)</sup>  | 200000 | 2828000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. <sup>(a)(b)</sup>  | 30000 | 2283300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. <sup>(a)</sup>  | 40000 | 1163600 |

---

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

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 110.5% (continued)** | **Shares** | **Value** |
|  **Technology — 22.3% (continued)** | **Technology — 22.3% (continued)** | **Technology — 22.3% (continued)** |
| &nbsp;&nbsp;&nbsp; *Technology Services — 6.9% (continued)* | &nbsp;&nbsp;&nbsp; *Technology Services — 6.9% (continued)* | &nbsp;&nbsp;&nbsp; *Technology Services — 6.9% (continued)* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. <sup>(a)</sup>  | 80000 | $3742400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd. - Class A <sup>(a)</sup>  | 200000 | 1928000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. - Class A <sup>(a)(b)</sup>  | 60000 | 1895400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. <sup>(a)</sup>  | 20000 | 1167600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc. <sup>(a)(b)</sup>  | 50000 | 3173750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc. - Class A <sup>(a)(b)</sup>  | 200000 | 2358000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Company (The) <sup>(a)</sup>  | 100000 | 931000 |
|  |  | 23558550 |
|  **Utilities — 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corporation <sup>(a)</sup>  | 40000 | 1533600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global plc - Class A <sup>(a)(b)</sup>  | 100000 | 565000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corporation <sup>(a)(b)</sup>  | 4000 | 1499360 |
|  |  | 3597960 |
|  **Total Common Stocks** (Cost $375,102,314)  |  | $376615940 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0% <sup>(c)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(c)*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 8000 | $1424 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 1.9%**  | **Contracts** | **Notional <br> Amount** | **Value** |
|  Russell 2000<sup>®</sup> Index Option, 02/20/2026 at $2,450  | 680 | $168769880 | $3264000 |
|  S&P 500<sup>®</sup> Index Option, 02/20/2026 at $6,850  | 290 | 198519500 | 3398800 |
|  **Total Put Option Contracts** (Cost $6,206,867)  |  | $367289380 | $6662800 |
|  **Total Investments at Value — 112.4%** (Cost $381,309,181)  |  |  | $383280164 |

---

**9**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 44.0%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(d)</sup> (Cost $149,979,163)  | 149979163 | $149979163 |
|  **Total Investments and Money Market Funds at Value — 156.4%** (Cost $531,288,344)  |  | $533259327 |
|  **Written Call Option Contracts — (55.0%)**  |  | (187681420) |
|  **Liabilities in Excess of Other Assets — (1.4%)**  |  | (4609567) |
|  **Net Assets — 100.0%**  |  | $340968340 |

---

---

| | |
|:---|:---|
| 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, 2025 was $372,415,940. |
| <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, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

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

<u> Hussman Strategic Market Cycle Fund Schedule of Open Written Option Contracts</u> <br> <u> *December 31, 2025 (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<sup>®</sup> Index Option  | 680 | $168769880 | $1200 | 03/23/2026 | $87338520 |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index Option  | 290 | 198519500 | 3400 | 03/23/2026 | 100342900 |
|  **Total Written Call Option Contracts** (Premiums received $187,107,502)  |  | $367289380 |  |  | $187681420 |

---

See accompanying notes to financial statements.<br>

**11**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3%** | **Shares** | **Value** |
|  **Communications — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Cable & Satellite — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 900 | $187875 |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paramount Skydance Corporation - Class B <sup>(a)</sup>  | 7000 | 93800 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Airbnb, Inc. - Class A <sup>(a)(b)</sup>  | 1000 | 135720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiverr International Ltd. <sup>(a)(b)</sup>  | 2000 | 39520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lyft, Inc. - Class A <sup>(a)(b)</sup>  | 4500 | 87165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc. <sup>(a)</sup>  | 4000 | 129160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc. - Class A <sup>(a)(b)</sup>  | 2000 | 51780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc. <sup>(a)(b)</sup>  | 5000 | 72800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <sup>(a)(b)</sup>  | 1500 | 122565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. <sup>(b)</sup>  | 2000 | 39640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc. <sup>(a)</sup>  | 300 | 72885 |
|  |  | 751235 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc. <sup>(a)(b)</sup>  | 13000 | 60580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <sup>(a)</sup>  | 3500 | 142555 |
|  |  | 203135 |
|  **Consumer Discretionary — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Apparel & Textile Products — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PVH Corporation <sup>(a)</sup>  | 500 | 33510 |
| &nbsp;&nbsp;&nbsp; *Automotive — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aptiv plc <sup>(a)(b)</sup>  | 1800 | 136962 |
| &nbsp;&nbsp;&nbsp; *Consumer Services — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. <sup>(a)(b)</sup>  | 5000 | 36800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Company - Class B <sup>(a)</sup>  | 100 | 109860 |
|  |  | 146660 |
| &nbsp;&nbsp;&nbsp; *E-Commerce Discretionary — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. - Class A <sup>(a)(b)</sup>  | 3000 | 99150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. <sup>(a)</sup>  | 1000 | 87100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. <sup>(a)(b)</sup>  | 4000 | 221760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newegg Commerce, Inc. <sup>(a)(b)</sup>  | 1000 | 50760 |
|  |  | 458770 |

---

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

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Consumer Discretionary — 6.9% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc. <sup>(a)(b)</sup>  | 5000 | $56050 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 1.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc. - Class A <sup>(a)</sup>  | 5000 | 36700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. <sup>(a)</sup>  | 3000 | 76200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc. <sup>(a)(b)</sup>  | 1000 | 44750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corporation <sup>(a)</sup>  | 1500 | 126315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. <sup>(a)</sup>  | 300 | 71547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. <sup>(a)</sup>  | 500 | 60165 |
|  |  | 415677 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corporation <sup>(b)</sup>  | 4000 | 46680 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 2.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <sup>(a)</sup>  | 1000 | 39300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc. <sup>(a)(b)</sup>  | 100 | 20648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. (The) <sup>(a)</sup>  | 3000 | 76800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. <sup>(a)(b)</sup>  | 15000 | 77100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. <sup>(a)(b)</sup>  | 5000 | 129100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc. <sup>(a)(b)</sup>  | 4000 | 57040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. <sup>(a)(b)</sup>  | 2000 | 150520 |
|  |  | 550508 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Discretionary — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LKQ Corporation  | 1000 | 30200 |
|  **Consumer Staples — 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Company (The) <sup>(a)</sup>  | 2000 | 139820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. <sup>(a)</sup>  | 1000 | 143520 |
|  |  | 283340 |
| &nbsp;&nbsp;&nbsp; *Food — 4.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. <sup>(a)</sup>  | 800 | 63656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) <sup>(a)</sup>  | 5000 | 139350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole plc <sup>(a)</sup>  | 7000 | 104930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. <sup>(a)</sup>  | 8000 | 87040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. <sup>(a)</sup>  | 2000 | 71260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. <sup>(a)</sup>  | 3000 | 139500 |

---

**13**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Consumer Staples — 9.0% (continued)** | **Consumer Staples — 9.0% (continued)** | **Consumer Staples — 9.0% (continued)** |
| &nbsp;&nbsp;&nbsp; *Food — 4.6% (continued)*  | &nbsp;&nbsp;&nbsp; *Food — 4.6% (continued)*  | &nbsp;&nbsp;&nbsp; *Food — 4.6% (continued)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herbalife Ltd. <sup>(a)(b)</sup>  | 3000 | $38670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey Company (The) <sup>(a)</sup>  | 500 | 90990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Company (The) <sup>(a)</sup>  | 500 | 48905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Company (The) <sup>(a)</sup>  | 2000 | 48500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods Ltd. <sup>(a)</sup>  | 8000 | 100080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. <sup>(a)(b)</sup>  | 300 | 29715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. <sup>(a)</sup>  | 4000 | 146520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Farms, Inc. <sup>(a)(b)</sup>  | 4000 | 127760 |
|  |  | 1236876 |
| &nbsp;&nbsp;&nbsp; *Household Products — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox Company (The) <sup>(a)</sup>  | 500 | 50415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Company <sup>(a)</sup>  | 2000 | 158040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation <sup>(a)</sup>  | 300 | 30267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech Ltd. - Class A <sup>(a)(b)</sup>  | 1000 | 40180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. <sup>(a)</sup>  | 4000 | 91680 |
|  |  | 370582 |
| &nbsp;&nbsp;&nbsp; *Retail - Consumer Staples — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. - Class A <sup>(a)</sup>  | 5000 | 85850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corporation <sup>(a)</sup>  | 500 | 66385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc. <sup>(a)(b)</sup>  | 700 | 131852 |
|  |  | 284087 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Consumer Staples — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Company <sup>(a)</sup>  | 1000 | 57490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <sup>(a)(b)</sup>  | 6000 | 202020 |
|  |  | 259510 |
|  **Energy — 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 2.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corporation  | 2000 | 35580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APA Corporation <sup>(a)</sup>  | 5000 | 122300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners, L.P. <sup>(a)</sup>  | 2000 | 106960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc.  | 2000 | 54180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. <sup>(a)</sup>  | 2000 | 52640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVR Energy, Inc. <sup>(a)</sup>  | 2000 | 50880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corporation <sup>(a)</sup>  | 2000 | 73260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corporation <sup>(a)</sup>  | 300 | 48789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc. <sup>(a)(b)</sup>  | 2000 | 70280 |
|  |  | 614869 |

---

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

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Energy — 5.0% (continued)** | **Energy — 5.0% (continued)** | **Energy — 5.0% (continued)** |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innovex International, Inc. <sup>(b)</sup>  | 2000 | $43740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Noble Corporation plc <sup>(a)</sup>  | 2000 | 56480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc.  | 5000 | 27200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLB Ltd. <sup>(a)</sup>  | 3000 | 115140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valaris Ltd. <sup>(b)</sup>  | 1000 | 50400 |
|  |  | 292960 |
| &nbsp;&nbsp;&nbsp; *Renewable Energy — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Array Technologies, Inc. <sup>(a)(b)</sup>  | 12000 | 110640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Solar, Inc. <sup>(a)(b)</sup>  | 6000 | 142620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. - Class A <sup>(a)(b)</sup>  | 12000 | 102000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. <sup>(a)(b)</sup>  | 3500 | 100975 |
|  |  | 456235 |
|  **Financials — 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patria Investments Ltd. - Class A <sup>(a)</sup>  | 2000 | 31780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XP, Inc. - Class A <sup>(a)</sup>  | 4000 | 65480 |
|  |  | 97260 |
| &nbsp;&nbsp;&nbsp; *Banking — 1.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank OZK <sup>(a)</sup>  | 2500 | 115050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. <sup>(a)</sup>  | 1500 | 66855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. <sup>(a)</sup>  | 500 | 58345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. <sup>(a)(b)</sup>  | 500 | 36560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter & Company, Inc. - Class A  | 5000 | 42400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corporation <sup>(a)</sup>  | 1000 | 32740 |
|  |  | 351950 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corporation <sup>(a)</sup>  | 700 | 95613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State Street Corporation <sup>(a)</sup>  | 500 | 64505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. <sup>(a)(b)</sup>  | 700 | 66591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. - Class A <sup>(a)</sup>  | 3000 | 99960 |
|  |  | 326669 |
| &nbsp;&nbsp;&nbsp; *Insurance — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. <sup>(a)</sup>  | 500 | 69930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corporation <sup>(a)</sup>  | 2000 | 89060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc. <sup>(a)(b)</sup>  | 1000 | 134760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Root, Inc. - Class A <sup>(b)</sup>  | 500 | 36115 |
|  |  | 329865 |

---

**15**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Financials — 4.5% (continued)** | **Financials — 4.5% (continued)** | **Financials — 4.5% (continued)** |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. <sup>(a)</sup>  | 1500 | $111045 |
|  **Health Care — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 12.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 7000 | 186970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes plc <sup>(a)(b)</sup>  | 5000 | 139900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 300 | 119295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. <sup>(a)</sup>  | 400 | 130924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 1500 | 118410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arvinas, Inc. <sup>(a)(b)</sup>  | 5000 | 59300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 5000 | 79750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 12000 | 93600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. <sup>(a)(b)</sup>  | 1500 | 89145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 5000 | 116700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. <sup>(a)(b)</sup>  | 1500 | 52200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. <sup>(a)(b)</sup>  | 10000 | 116300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. <sup>(a)(b)</sup>  | 4000 | 175320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. <sup>(a)</sup>  | 700 | 85918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <sup>(a)(b)</sup>  | 2500 | 168250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup>  | 3000 | 112260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immunocore Holdings plc - ADR <sup>(b)</sup>  | 2000 | 69420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corporation <sup>(a)(b)</sup>  | 1200 | 118524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. <sup>(a)(b)</sup>  | 5000 | 99950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc. <sup>(b)</sup>  | 2000 | 40720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. <sup>(a)(b)</sup>  | 1000 | 141830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc. <sup>(a)(b)</sup>  | 5000 | 31800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. <sup>(a)(b)</sup>  | 6000 | 155280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. <sup>(a)</sup>  | 2000 | 49800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 7000 | 116130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 2000 | 74720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. <sup>(a)(b)</sup>  | 400 | 117896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. <sup>(a)(b)</sup>  | 600 | 52404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. <sup>(a)(b)</sup>  | 1200 | 91152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 2500 | 107075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma plc - Class A <sup>(a)</sup>  | 3000 | 115920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. <sup>(a)(b)</sup>  | 3000 | 64560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc. <sup>(a)(b)</sup>  | 3000 | 95220 |

---

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

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Health Care — 18.4% (continued)** | **Health Care — 18.4% (continued)** | **Health Care — 18.4% (continued)** |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 12.9% (continued)*  | &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 12.9% (continued)*  | &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 12.9% (continued)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 800 | $65504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. <sup>(a)(b)</sup>  | 1500 | 57315 |
|  |  | 3509462 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 2.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc. <sup>(a)(b)</sup>  | 3000 | 74430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. <sup>(a)</sup>  | 3000 | 59040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corporation <sup>(a)</sup>  | 2000 | 158720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corporation <sup>(a)(b)</sup>  | 500 | 65030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. <sup>(a)</sup>  | 500 | 128065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc. <sup>(a)(b)</sup>  | 6000 | 154080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc.  | 200 | 34706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teladoc Health, Inc. <sup>(a)(b)</sup>  | 10000 | 70000 |
|  |  | 744071 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 2.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DexCom, Inc. <sup>(a)(b)</sup>  | 2000 | 132740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <sup>(a)(b)</sup>  | 700 | 124208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medtronic plc <sup>(a)</sup>  | 1000 | 96060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc. <sup>(a)(b)</sup>  | 200 | 62182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SI-BONE, Inc. <sup>(a)(b)</sup>  | 4000 | 78880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corporation <sup>(a)(b)</sup>  | 800 | 63392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tempus AI, Inc. <sup>(a)(b)</sup>  | 2000 | 118100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc. <sup>(a)(b)</sup>  | 700 | 85155 |
|  |  | 760717 |
|  **Industrials — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace & Defense — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amprius Technologies, Inc. <sup>(a)(b)</sup>  | 10000 | 78900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joby Aviation, Inc. <sup>(a)(b)</sup>  | 7000 | 92400 |
|  |  | 171300 |
| &nbsp;&nbsp;&nbsp; *Commercial Support Services — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc. <sup>(a)(b)</sup>  | 5000 | 95600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LegalZoom.com, Inc. <sup>(a)(b)</sup>  | 5000 | 49650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. - Class A <sup>(a)</sup>  | 1500 | 118290 |
|  |  | 263540 |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegion plc <sup>(a)</sup>  | 700 | 111454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc. <sup>(a)(b)</sup>  | 12000 | 85920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nextpower, Inc. - Class A <sup>(a)(b)</sup>  | 1400 | 121954 |
|  |  | 319328 |

---

**17**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Industrials — 4.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHS Holding Ltd. <sup>(b)</sup>  | 5000 | $37300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. <sup>(b)</sup>  | 2000 | 49660 |
|  |  | 86960 |
| &nbsp;&nbsp;&nbsp; *Machinery — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corporation <sup>(a)</sup>  | 500 | 62815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Solutions International, Inc. <sup>(a)(b)</sup>  | 1500 | 85710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc. <sup>(a)(b)</sup>  | 500 | 29750 |
|  |  | 178275 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copa Holdings S.A. - Class A <sup>(a)</sup>  | 500 | 60305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FLEX LNG Ltd. <sup>(a)</sup>  | 2000 | 49900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teekay Corporation Ltd. <sup>(a)</sup>  | 5000 | 45150 |
|  |  | 155355 |
|  **Materials — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Chemicals — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc.  | 500 | 38670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICL Group Ltd. <sup>(a)</sup>  | 5000 | 28550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mosaic Company (The) <sup>(a)</sup>  | 4000 | 96360 |
|  |  | 163580 |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. <sup>(a)</sup>  | 200 | 33906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A <sup>(a)</sup>  | 1000 | 38580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc <sup>(a)</sup>  | 300 | 25584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Minerals, Inc. <sup>(a)</sup>  | 500 | 25208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation <sup>(a)</sup>  | 1000 | 43550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. <sup>(a)(b)</sup>  | 2000 | 39280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company <sup>(a)</sup>  | 1000 | 19190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation <sup>(a)</sup>  | 500 | 14080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation <sup>(a)</sup>  | 500 | 49925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation <sup>(a)</sup>  | 400 | 20724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. <sup>(a)</sup>  | 200 | 44458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. <sup>(a)(b)</sup>  | 1000 | 21920 |
|  |  | 376405 |
|  **Technology — 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ACM Research, Inc. - Class A <sup>(a)(b)</sup>  | 3000 | 118350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. <sup>(a)(b)</sup>  | 500 | 59250 |

---

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

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Technology — 14.0% (continued)** | **Technology — 14.0% (continued)** | **Technology — 14.0% (continued)** |
| &nbsp;&nbsp;&nbsp; *Semiconductors — 1.8% (continued)*  | &nbsp;&nbsp;&nbsp; *Semiconductors — 1.8% (continued)*  | &nbsp;&nbsp;&nbsp; *Semiconductors — 1.8% (continued)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. <sup>(a)</sup>  | 1300 | $222365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corporation <sup>(a)</sup>  | 800 | 93424 |
|  |  | 493389 |
| &nbsp;&nbsp;&nbsp; *Software — 5.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. - Class A <sup>(a)(b)</sup>  | 2000 | 59820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <sup>(a)(b)</sup>  | 1000 | 185560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. - Class A <sup>(a)</sup>  | 3000 | 105240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corporation <sup>(a)</sup>  | 4000 | 166320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. - Class A <sup>(a)(b)</sup>  | 1000 | 44280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duolingo, Inc. <sup>(b)</sup>  | 200 | 35100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. - Class A <sup>(a)(b)</sup>  | 2500 | 98200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. <sup>(a)(b)</sup>  | 1500 | 67305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nutex Health, Inc. <sup>(a)(b)</sup>  | 1000 | 164620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. <sup>(a)</sup>  | 800 | 127488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc. <sup>(a)(b)</sup>  | 800 | 106320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc. <sup>(a)(b)</sup>  | 400 | 87744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. <sup>(a)</sup>  | 1200 | 104904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. <sup>(a)(b)</sup>  | 5000 | 40300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - Class A <sup>(a)(b)</sup>  | 500 | 43145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. <sup>(a)(b)</sup>  | 7000 | 71190 |
|  |  | 1507536 |
| &nbsp;&nbsp;&nbsp; *Technology Hardware — 2.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc. <sup>(a)(b)</sup>  | 7000 | 60830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Holding Corporation  | 2000 | 42680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. <sup>(a)</sup>  | 300 | 95514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. <sup>(a)(b)</sup>  | 2000 | 58540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. <sup>(a)</sup>  | 400 | 221340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc. <sup>(a)(b)</sup>  | 4000 | 137840 |
|  |  | 616744 |
| &nbsp;&nbsp;&nbsp; *Technology Services — 4.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claritev Corporation <sup>(a)(b)</sup>  | 500 | 21375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 1000 | 83000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dLocal Ltd. <sup>(a)(b)</sup>  | 10000 | 141400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc. <sup>(a)(b)</sup>  | 1500 | 114165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. <sup>(a)</sup>  | 2000 | 58180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. <sup>(a)</sup>  | 4000 | 187120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd. - Class A <sup>(a)</sup>  | 10000 | 96400 |

---

**19**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 69.3% (continued)** | **Shares** | **Value** |
|  **Technology — 14.0% (continued)** | **Technology — 14.0% (continued)** | **Technology — 14.0% (continued)** |
| &nbsp;&nbsp;&nbsp; *Technology Services — 4.3% (continued)*  | &nbsp;&nbsp;&nbsp; *Technology Services — 4.3% (continued)*  | &nbsp;&nbsp;&nbsp; *Technology Services — 4.3% (continued)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. - Class A <sup>(a)(b)</sup>  | 3000 | $94770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.  | 1000 | 58380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sezzle, Inc. <sup>(a)(b)</sup>  | 2500 | 158687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TaskUS, Inc. - Class A <sup>(a)(b)</sup>  | 10000 | 117900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Union Company (The)  | 5000 | 46550 |
|  |  | 1177927 |
|  **Utilities — 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookfield Renewable Corporation  | 2000 | 76680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReNew Energy Global plc - Class A <sup>(a)(b)</sup>  | 5000 | 28250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corporation <sup>(a)(b)</sup>  | 200 | 74968 |
|  |  | 179898 |
|  **Total Common Stocks** (Cost $18,755,116)  |  | $18830797 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 16.7%** | **Par Value** | **Value** |
|  **U.S. Treasury Inflation-Protected Bonds — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 02/15/2054  | $530720 | $478563 |
|  **U.S. Treasury Inflation-Protected Notes — 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 01/15/2034  | 530175 | 528168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, due 07/15/2035  | 2027900 | 2026415 |
|  |  | 2554583 |
|  **U.S. Treasury Notes — 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, due 05/15/2035  | 500000 | 505351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, due 11/15/2035  | 1000000 | 987891 |
|  |  | 1493242 |
|  **Total U.S. Treasury Obligations** (Cost $4,532,742)  |  | $4526388 |

---

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

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0% <sup>(c)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(c)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 240 | $43 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE—TRADED PUT OPTION CONTRACTS — 0.0% <sup>(c)</sup>** | **Contracts** | **Notional <br> Amount** | **Value** |
|  Russell 2000<sup>®</sup> Index Option, 03/20/2026 at $1,600  | 31 | $7693921 | $5456 |
|  S&P 500<sup>®</sup> Index Option, 03/20/2026 at $4,600  | 14 | 9583700 | 7560 |
|  **Total Put Option Contracts** (Cost $40,196)  |  | $17277621 | $13016 |
|  **Total Investments at Value — 86.0%** (Cost $23,328,054)  |  |  | $23370244 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 36.2%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio - Institutional Class, 3.64% <sup>(d)</sup> (Cost $9,838,623)  | 9838623 | $9838623 |
|  **Total Investments and Money Market Funds at Value — 122.2%** (Cost $33,166,677)  |  | $33208867 |
|  **Written Call Option Contracts — (21.9%)**  |  | (5946240) |
|  **Liabilities in Excess of Other Assets — (0.3%)**  |  | (79462) |
|  **Net Assets — 100.0%**  |  | $27183165 |

---

---

| | |
|:---|:---|
| 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, 2025 was $17,854,066. |
| <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, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**21**<br>

<u> Hussman Strategic Allocation Fund Schedule of Open Written Option Contracts</u> <br> <u> *December 31, 2025 (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<sup>®</sup> Index Option  | 31 | $7693921 | $1600 | 03/23/2026 | $2754660 |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index Option  | 14 | 9583700 | 4600 | 03/23/2026 | 3191580 |
|  **Total Written Call Option Contracts** (Premiums received $5,938,275)  |  | $17277621 |  |  | $5946240 |

---

See accompanying notes to financial statements.<br>

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

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments |
| *December 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 6.3%** | **Shares** | **Value** |
|  **Energy — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corporation  | 1000 | $44710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Energy Company - Class A  | 1906 | 15993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | 500 | 59840 |
|  |  | 120543 |
|  **Materials — 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 5.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd.  | 8000 | 1356240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A  | 40000 | 1543200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc  | 12000 | 1023360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aura Minerals, Inc.  | 15000 | 756225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B2Gold Corporation  | 300000 | 1353000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation  | 40000 | 1742000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company  | 40000 | 767600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation  | 20000 | 563200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation  | 20000 | 1997000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation  | 16000 | 828960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc.  | 8000 | 1778320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sibanye-Stillwater Ltd. - ADR <sup>(a)</sup>  | 20000 | 285000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SSR Mining, Inc. <sup>(a)</sup>  | 40000 | 876800 |
|  |  | 14870905 |
|  **Utilities — 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Corporation (The)  | 1000 | 14340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corporation  | 100 | 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Company, Inc.  | 100 | 11531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corporation  | 1000 | 38540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corporation  | 500 | 34710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc.  | 1000 | 99320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | 500 | 29295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Company  | 100 | 12898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corporation  | 500 | 58605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International  | 500 | 30010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corporation  | 1000 | 92430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corporation  | 1000 | 43590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corporation  | 1000 | 44770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. <sup>(a)</sup>  | 1000 | 12300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Energy Group, Inc.  | 1000 | 64540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | 1000 | 159240 |

---

**23**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *December 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 6.3% (continued)** | **Shares** | **Value** |
|  **Utilities — 0.4% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 0.4% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corporation  | 1000 | $80810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corporation  | 1000 | 88700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Company  | 1000 | 47990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corporation  | 1000 | 35020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc.  | 500 | 40150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Company (The)  | 500 | 43600 |
|  |  | 1092375 |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 0.0%* <sup>*(b)*</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc.  | 1000 | 8450 |
|  **Total Common Stocks** (Cost $13,680,451)  |  | $16092273 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 0.9%** | **Shares** | **Value** |
|  Invesco CurrencyShares British Pound Sterling Trust  | 5000 | $648750 |
|  Invesco CurrencyShares Euro Currency Trust  | 7500 | 813412 |
|  Invesco CurrencyShares Japanese Yen Trust <sup>(a)</sup>  | 12500 | 733375 |
|  **Total Exchange-Traded Funds** (Cost $2,210,871)  |  | $2195537 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 75.4%** | **Par Value** | **Value** |
|  **U.S. Treasury Bills <sup>(c)</sup>** **— 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp; 3.520%, due 11/27/2026  | $30000000 | $29081541 |
|  **U.S. Treasury Inflation—Protected Bonds — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.125%, due 02/15/2054  | 5307200 | 4785633 |
|  **U.S. Treasury Inflation—Protected Notes — 38.8%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, due 01/15/2029  | 15164300 | 15667994 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 01/15/2030  | 12654400 | 12018034 |
| &nbsp;&nbsp;&nbsp; 1.750%, due 01/15/2034  | 5301750 | 5281679 |
| &nbsp;&nbsp;&nbsp; 1.875%, due 07/15/2035  | 65906750 | 65858477 |
|  |  | 98826184 |

---

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

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *December 31, 2025 (Unaudited)* |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 75.4% (continued)** | **Par Value** | **Value** |
|  **U.S. Treasury Notes — 23.3%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.125%, due 05/31/2026  | $10000000 | $9941102 |
| &nbsp;&nbsp;&nbsp; 1.500%, due 08/15/2026  | 10000000 | 9874086 |
| &nbsp;&nbsp;&nbsp; 4.250%, due 05/15/2035  | 5000000 | 5053516 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 11/15/2035  | 35000000 | 34576172 |
|  |  | 59444876 |
|  **Total U.S. Treasury Obligations** (Cost $192,712,376)  |  | $192138234 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0%<sup>(b)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(b)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 8000 | $1424 |
|  **Total Investments at Value — 82.6%** (Cost $208,603,698)  |  | $210427468 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 17.0%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio — Institutional Class, 3.64% <sup>(d)</sup> (Cost $43,269,676)  | 43269676 | $43269676 |
|  **Total Investments and Money Market Funds at Value — 99.6%** (Cost $251,873,374)  |  | $253697144 |
|  **Other Assets in Excess of Liabilities — 0.4%**  |  | 1168000 |
|  **Net Assets — 100.0%**  |  | $254865144 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup> | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
| <sup>(d)</sup> | The rate shown is the 7-day effective yield as of December 31, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**25**<br>

<u> Hussman Investment Trust Statements of Assets and Liabilities</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At cost  | $381309181 | $23328054 | $208603698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At value (Note 1)  | $383280164 | $23370244 | $210427468 |
| &nbsp;&nbsp;&nbsp; Investments in money market funds  | 149979163 | 9838623 | 43269676 |
| &nbsp;&nbsp;&nbsp; Due from Adviser (Note 3)  |  | 2802 |  |
| &nbsp;&nbsp;&nbsp; Receivable for capital shares sold  | 608609 | 2472 | 310113 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold  | 8018774 |  |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 531428 | 69357 | 1394255 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable  | 18260 | 411 |  |
| &nbsp;&nbsp;&nbsp; Other assets  | 62432 | 18045 | 45729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  | 542498830 | 33301954 | 255447241 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Written call options, at value (Notes 1 and 4) (premiums received $187,107,502 and $5,938,275)  | 187681420 | 5946240 |  |
| &nbsp;&nbsp;&nbsp; Distributions payable  | 660160 | 2916 | 146710 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 3873377 | 4595 | 281667 |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased  | 9020245 | 140669 |  |
| &nbsp;&nbsp;&nbsp; Accrued investment advisory fees (Note 3)  | 218758 |  | 102810 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 3)  | 39910 | 9530 | 29045 |
| &nbsp;&nbsp;&nbsp; Accrued account maintenance and shareholder servicing fees (Note 3)  | 15750 | 444 | 8385 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 20870 | 14395 | 13480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  | 201530490 | 6118789 | 582097 |
|  **CONTINGENCIES AND COMMITMENTS (NOTE 7)**  |  |  |  |
|  **NET ASSETS**  | $340968340 | $27183165 | $254865144 |
|  Net assets consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $1281697642 | $28566158 | $266724448 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (940729302) | (1382993) | (11859304) |
|  **NET ASSETS**  | $340968340 | $27183165 | $254865144 |
|  Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 59890394 | 2740123 | 15107288 |
|  Net asset value, offering price and redemption price per share (Note 1)  | $5.69 | $9.92 | $16.87 |

---

See accompanying notes to financial statements.<br>

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

<u> Hussman Investment Trust Statements of Operations</u> <br> <u> *For the Six Months Ended December 31, 2025 (Unaudited)*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $5707103 | $304102 | $1220110 |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (28935) | (1039) | (14309) |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  | 7021 |  |  |
| &nbsp;&nbsp;&nbsp; Interest  |  | 123456 | 3175621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income  | 5685189 | 426519 | 4381422 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3)  | 1611620 | 104988 | 607491 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 3)  | 127190 | 13975 | 87138 |
| &nbsp;&nbsp;&nbsp; Account maintenance and shareholder services fees (Note 3)  | 71932 | 1635 | 40255 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 3)  | 32587 | 32587 | 32587 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 27857 | 27857 | 27857 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 3)  | 32859 | 16402 | 27209 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 27575 | 15234 | 20477 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 3)  | 27950 | 9000 | 17130 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 30465 | 11528 | 7685 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 27048 | 3211 | 16308 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 10750 | 10750 | 10750 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 3)  | 15699 | 4678 | 10863 |
| &nbsp;&nbsp;&nbsp; Printing of shareholder reports  | 9422 | 9512 | 9242 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 12499 | 2065 | 7711 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 19592 | 18004 | 11292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  | 2085045 | 281426 | 933995 |
| &nbsp;&nbsp;&nbsp; Less fee waivers and Fund expenses absorbed by the Adviser (Note 3)  | (26297) | (106481) | (22056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses  | 2058748 | 174945 | 911939 |
|  **NET INVESTMENT INCOME**  | 3626441 | 251574 | 3469483 |

---

**27**<br>

<u> Hussman Investment Trust Statements of Operations *(continued)*</u> <br> <u> *For the Six Months Ended December 31, 2025 (Unaudited)*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND WRITTEN OPTION CONTRACTS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | $19589385 | $2473649 | $17950038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts (Note 4)  | (60822910) | (2689260) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (5641768) | (440451) | (1307961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts (Note 4)  | 16405498 | 701636 |  |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND WRITTEN OPTION CONTRACTS**  | (30469795) | 45574 | 16642077 |
|  **NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(26843354) | $297148 | $20111560 |

---

See accompanying notes to financial statements.<br>

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2025 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2025** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $3626441 | $8022721 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 19589385 | 59471201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (60822910) | (38229933) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (5641768) | 23105194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | 16405498 | (11192396) |
|  Net change in net assets resulting from operations  | (26843354) | 41176787 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (7838425) | (8547656) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 55293277 | 101744671 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 7178266 | 7758628 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (49307510) | (103332879) |
|  Net increase in net assets from capital share transactions  | 13164033 | 6170420 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (21517746) | 38799551 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 362486086 | 323686535 |
| &nbsp;&nbsp;&nbsp; End of period  | $340968340 | $362486086 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 9172228 | 16595764 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 1261558 | 1415808 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (8272603) | (17626762) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 2161183 | 384810 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of period  | 57729211 | 57344401 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of period  | 59890394 | 57729211 |

---

See accompanying notes to financial statements.<br>

**29**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2025 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2025** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $251574 | $574587 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2473649 | 2430241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (2689260) | (1451307) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (440451) | 1373185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | 701636 | (554835) |
|  Net change in net assets resulting from operations  | 297148 | 2371871 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (250002) | (576046) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 952494 | 4211726 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 243090 | 560652 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (2477518) | (4737681) |
|  Net increase (decrease) in net assets from capital share transactions  | (1281934) | 34697 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (1234788) | 1830522 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 28417953 | 26587431 |
| &nbsp;&nbsp;&nbsp; End of period  | $27183165 | $28417953 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 95815 | 438199 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 24433 | 58292 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (249933) | (495969) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | (129685) | 522 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of period  | 2869808 | 2869286 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of period  | 2740123 | 2869808 |

---

See accompanying notes to financial statements.<br>

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

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended <br> December 31, <br> 2025 <br> (Unaudited)** | **Year Ended <br> June 30, <br> 2025** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $3469483 | $5112356 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investments  | 17950038 | 14671497 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (1307961) | 6643871 |
|  Net change in net assets resulting from operations  | 20111560 | 26427724 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (3350474) | (5480421) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 28490954 | 50661809 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 3064822 | 4997340 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (16478932) | (33330986) |
|  Net increase in net assets from capital share transactions  | 15076844 | 22328163 |
|  **TOTAL INCREASE IN NET ASSETS**  | 31837930 | 43275466 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 223027214 | 179751748 |
| &nbsp;&nbsp;&nbsp; End of period  | $254865144 | $223027214 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 1722651 | 3355751 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 182725 | 332305 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (999588) | (2250068) |
| &nbsp;&nbsp;&nbsp; Net increase in shares outstanding  | 905788 | 1437988 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of period  | 14201500 | 12763512 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of period  | 15107288 | 14201500 |

---

See accompanying notes to financial statements.<br>

**31**<br>

<u> Hussman Strategic Market Cycle Fund 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> 2025 <br> (Unaudited)** | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023** | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of period  | $6.28 | $5.64 | $6.37 | $7.04 | $6.77 | $6.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.06 | 0.15 | 0.19 | 0.13 | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written option contracts  | (0.52) | 0.65 | (0.73) | (0.72) | 0.25 | 0.65 |
|  Total from investment operations  | (0.46) | 0.80 | (0.54) | (0.59) | 0.30 | 0.66 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.13) | (0.16) | (0.19) | (0.08) | (0.03) | (0.01) |
|  Proceeds from redemption fees collected \*  |  |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of period  | $5.69 | $6.28 | $5.64 | $6.37 | $7.04 | $6.77 |
|  Total return <sup>(b)</sup>  | (7.29 %)<sup>(c)</sup> | 14.69% | (8.72%) | (8.54 %) | 4.43% | 10.80% |
|  Net assets at end of period (000's)  | $340968 | $362486 | $323687 | $466228 | $506997 | $412898 |
|  Ratio of total expenses to average net assets  | 1.16 %<sup>(d)</sup> | 1.18% | 1.16% | 1.12% | 1.14% | 1.19% |
|  Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.15 %<sup>(d)</sup> | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
|  Ratio of net investment income to average net assets <sup>(e)</sup>  | 2.03 %<sup>(d)</sup> | 2.48% | 2.55% | 1.97% | 0.74% | 0.09% |
|  Portfolio turnover rate  | 229 %<sup>(c)</sup> | 470% | 113% | 79% | 113% | 198% |

---

---

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

---

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

<u> Hussman Strategic Allocation Fund 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> 2025 <br> (Unaudited)** | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of period  | $9.90 | $9.27 | $9.32 | $10.93 | $11.70 | $10.32 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.09 | 0.20 | 0.18 | 0.12 | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written option contracts  | 0.02 | 0.63 | (0.05) | 0.13 | (0.42) | 1.98 |
|  Total from investment operations  | 0.11 | 0.83 | 0.13 | 0.25 | (0.38) | 1.96 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.09) | (0.20) | (0.18) | (0.12) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  |  |  | (1.74) | (0.35) | (0.57) |
|  Total distributions  | (0.09) | (0.20) | (0.18) | (1.86) | (0.39) | (0.58) |
|  Proceeds from redemption fees collected \*  |  |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of period  | $9.92 | $9.90 | $9.27 | $9.32 | $10.93 | $11.70 |
|  Total return <sup>(b)</sup>  | 1.11 %<sup>(c)</sup> | 9.07% | 1.43% | 2.06% | (3.19 %) | 19.70% |
|  Net assets at end of period (000's)  | $27183 | $28418 | $26587 | $27739 | $21573 | $19881 |
|  Ratio of total expenses to average net assets  | 2.01 %<sup>(d)</sup> | 2.13% | 2.14% | 2.16% | 2.08% | 2.87% |
|  Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.25 %<sup>(d)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 1.80 %<sup>(d)</sup> | 2.11% | 1.92% | 1.32% | 0.42% | (0.11 %) |
|  Portfolio turnover rate  | 206 %<sup>(c)</sup> | 468% | 129% | 79% | 98% | 163% |

---

---

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

---

**33**<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> 2025 <br> (Unaudited)** | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023** | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of period  | $15.70 | $14.08 | $13.59 | $13.91 | $14.76 | $14.50 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.23 | 0.39 | 0.40 | 0.33 | 0.26 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 1.17 | 1.65 | 0.50 | (0.34) | (0.86) | 0.25 |
|  Total from investment operations  | 1.40 | 2.04 | 0.90 | (0.01) | 0.60 | 0.39 |
|  Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.23) | (0.42) | (0.41) | (0.31) | (0.25) | (0.13) |
|  Proceeds from redemption fees collected \* |  |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of period  | $16.87 | $15.70 | $14.08 | $13.59 | $13.91 | $14.76 |
|  Total return <sup>(b)</sup>  | 8.90 %<sup>(c)</sup> | 14.69% | 6.73% | (0.03 %) | (4.14 %) | 2.70% |
|  Net assets at end of period (000's)  | $254865 | $223027 | $179752 | $215255 | $263687 | $316539 |
|  Ratio of total expenses to average net assets  | 0.77 %<sup>(d)</sup> | 0.83% | 0.82% | 0.78% | 0.75% | 0.75% |
|  Ratio of net expenses to average net assets <sup>(e)</sup>  | 0.75 %<sup>(d)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Ratio of net investment income to average net assets <sup>(e)</sup>  | 2.85 %<sup>(d)</sup> | 2.69% | 2.81% | 2.36% | 1.73% | 0.93% |
|  Portfolio turnover rate  | 121 %<sup>(c)</sup> | 270% | 55% | 42% | 22% | 38% |

---

---

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

---

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

<u> Hussman Investment Trust Notes to Financial Statements</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

The 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 ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

**Segment Reporting** — The President and Chief Executive Officer of the Funds acts as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is predetermined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by Hussman Strategic Advisors, Inc. (the "Adviser"). The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Funds' Schedule of Investments, Statements of Changes in Net Assets and Financial Highlights.

**Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer

**35**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management concludes that there is no material impact on the Funds' financial statements.

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

Pursuant to procedures approved by the Board of Trustees, options traded on a national securities exchange are valued at prices between the closing bid and ask prices determined by the Adviser to most closely reflect market value as of the time of computation of the net asset value ("NAV"). As of December 31, 2025, all options held by Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund have been valued in this manner. Options not traded on a national securities exchange or board of trade, but for which over-the-counter market quotations are readily available, are valued at the mean between their closing bid and ask prices. Futures contracts and options thereon, if any, which are traded on commodities exchanges, are valued at their last sale prices as of the close of regular trading on the NYSE or, if not available, at the mean between their bid and ask prices.

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

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

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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

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

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

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

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

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

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

**37**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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

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

The following is a summary of each Fund's investments and other financial instruments and the inputs used to value the investments and other financial instruments as of December 31, 2025 by security type:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $376615940 | $— | $— | $376615940 |
|  Warrants  | 1424 |  |  | 1424 |
|  Exchange-Traded Put Option Contracts  |  | 6662800 |  | 6662800 |
|  Money Market Funds  | 149979163 |  |  | 149979163 |
|  Total Investments in Securities and Money Market Funds  | $526596527 | $6662800 | $— | $533259327 |
| **Other Financial Instruments:** |  |  |  |  |
|  Exchange-Traded Written Call Option Contracts  | $— | $(187681420) | $— | $(187681420) |
|  Total Other Financial Instruments  | $— | $(187681420) | $— | $(187681420) |

---

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $18830797 | $— | $— | $18830797 |
|  U.S. Treasury Obligations  |  | 4526388 |  | 4526388 |
|  Warrants  | 43 |  |  | 43 |
|  Exchange-Traded Put Option Contracts  |  | 13016 |  | 13016 |
|  Money Market Funds  | 9838623 |  |  | 9838623 |
|  Total Investments in Securities and Money Market Funds  | $28669463 | $4539404 | $— | $33208867 |
| **Other Financial Instruments:** |  |  |  |  |
|  Exchange-Traded Written Call Option Contracts  | $— | $(5946240) | $— | $(5946240) |
|  Total Other Financial Instruments  | $— | $(5946240) | $— | $(5946240) |

---

**Hussman Strategic Total Return Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $16092273 | $— | $— | $16092273 |
|  Exchange-Traded Funds  | 2195537 |  |  | 2195537 |
|  U.S. Treasury Obligations  |  | 192138234 |  | 192138234 |
|  Warrants  | 1424 |  |  | 1424 |
|  Money Market Funds  | 43269676 |  |  | 43269676 |
|  Total Investments in Securities and Money Market Funds  | $61558910 | $192138234 | $— | $253697144 |

---

Each Fund's Schedule of Investments identifies the specific securities (by type of security and sector and industry type) that comprise that Fund's holdings within the Level 1 and Level 2 categories shown in the tables above. The Funds did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of December 31, 2025.

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

**39**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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

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

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

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

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

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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

The tax character of distributions paid during the periods ended December 31, 2025 and June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Period Ended** | **Ordinary <br> Income** | **Long-Term<br> Capital Gains** | **Total <br> Distributions\*** |
| **Hussman Strategic Market Cycle Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025 | $7838425 | $— | $7838425 |
| &nbsp;&nbsp;&nbsp; June 30, 2025 | $8547656 | $— | $8547656 |
| **Hussman Strategic Allocation Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025 | $250002 | $— | $250002 |
| &nbsp;&nbsp;&nbsp; June 30, 2025 | $576133 | $— | $576133 |
| **Hussman Strategic Total Return Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; December 31, 2025 | $3350474 | $— | $3350474 |
| &nbsp;&nbsp;&nbsp; June 30, 2025 | $5536840 | $— | $5536840 |

---

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

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

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

**41**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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

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

The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds' interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds' interpretation of country-specific taxation of dividend income and related amounts reclaimable.

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.

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

The tax character of accumulated deficit as of December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Net unrealized appreciation (depreciation)  | $(3146923) | $(73849) | $1091699 |
|  Accumulated ordinary income  | 820354 | 5438 | 261541 |
|  Capital loss carryforwards  | (914875902) | (1609341) | (31046733) |
|  Other gains (losses)  | (22866671) | 297675 | 17980899 |
|  Other temporary differences  | (660160) | (2916) | (146710) |
|  Total accumulated deficit  | $(940729302) | $(1382993) | $(11859304) |

---

The following information is based upon the federal income tax cost of investment securities as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Cost of investments  | $198745667 | $17497853 | $209335769 |
|  Gross unrealized appreciation  | $26022764 | $1365372 | $2996177 |
|  Gross unrealized depreciation  | (29169687) | (1439221) | (1904478) |
|  Net unrealized appreciation (depreciation)  | $(3146923) | $(73849) | $1091699 |

---

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

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

---

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

---

**43**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

These CLCFs, 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 years (generally, tax returns that have been filed within the past three years) and all major jurisdictions and has concluded that no provisions for unrecognized tax benefits or expenses is required in these financial statements. Therefore, no tax expense (including interest and penalties) was recorded in the current year and no adjustments were made to prior periods.

Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the six months ended December 31, 2025, the Funds did not incur any interest or penalties.

**2. INVESTMENT TRANSACTIONS** 

During the six months ended December 31, 2025, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Purchases of investment securities  | $926037339 | $46301996 | $70758561 |
|  Proceeds from sales of investment securities  | $970105327 | $48505278 | $116223733 |

---

During the six months ended December 31, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Purchases of investment securities  | $— | $3517816 | $106062630 |
|  Proceeds from sales and maturities of investment securities  | $— | $5663945 | $102488282 |

---

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**3. TRANSACTIONS WITH AFFILIATES** 

***Advisory Agreement***

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

The Adviser has contractually agreed that, until November 1, 2026, it will waive its advisory fees and/or absorb operating expenses of each Fund to the extent necessary so that operating expenses of Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund (excluding fees and expenses incurred on investments in other investment companies and pooled investment vehicles, brokerage commissions, taxes, interest expense and any extraordinary expenses) do not exceed annually an amount equal to 1.15%, 1.25% and 0.75%, respectively, of such Fund's average daily net assets. During the six months ended December 31, 2025, the Adviser waived advisory fees in the amount of $26,297, $104,988 and $22,056 with respect to Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund, respectively. Additionally, during the six months ended December 31, 2025, the Adviser absorbed operating expenses of $1,493 with respect to Hussman Strategic Allocation Fund.

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

**45**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

in effect at the time the Adviser seeks reimbursement of such fees and expenses. The Expense Limitation Agreements may not be terminated by the Adviser without the approval of the Board of Trustees. As of December 31, 2025, the amount of fee waivers and expense reimbursements available for possible recovery by the Adviser from Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund is $180,049, $705,321 and $331,823, respectively. The portions of these amounts that the Adviser may recover expire as of the following dates:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, <br> 2026** | **June 30, <br> 2027** | **June 30, <br> 2028** | **December 31, <br> 2028** | **Total** |
|  Hussman Strategic Market Cycle Fund  | $— | $49483 | $104269 | $26297 | $180049 |
|  Hussman Strategic Allocation Fund  | $114813 | $244935 | $239092 | $106481 | $705321 |
|  Hussman Strategic Total Return Fund  | $24966 | $135372 | $149429 | $22056 | $331823 |

---

The Adviser may agree to continue after November 1, 2026 the current arrangement to limit the Funds' expenses or to implement a similar arrangement, but it is not obligated to do so.

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

***Other Service Providers***

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

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

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

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, 2025, Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund paid $71,932, $1,635 and $40,255, respectively, to financial intermediaries for such services.

***Trustee Compensation***

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

***Principal Holder of Fund Shares***

As of December 31, 2025, Charles Schwab & Co. (for the benefit of its customers) owned of record 30.3% and 43.2% of the outstanding shares of Hussman Strategic Market Cycle Fund and Hussman Strategic Total Return Fund, respectively, National Financial Services, LLC (for the benefit of its customers) owned of record 27.1% of the outstanding shares of Hussman Strategic Market Cycle Fund and an officer of the Adviser owned of record 36.8% of the outstanding shares of Hussman Strategic Allocation Fund. A shareholder owning of record or beneficially 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**47**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**4. DERIVATIVES TRANSACTIONS** 

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

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the Six <br> Months Ended <br> December 31, <br> 2025\*** |
| Index put options purchased | Equity | Investments in securities at value | $6662800 | $— | $400932169 |
| Index call options written | Equity | Written call options, at value |  | (187681420) | (400932169) |

---

\* 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 Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the Six <br> Months Ended <br> December 31, <br> 2025\*** |
| Index put options purchased | Equity | Investments in securities at value | $13016 | $— | $18821126 |
| Index call options written | Equity | Written call options, at value |  | (5946240) | (18821126) |

---

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

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

Realized and unrealized gains and losses associated with transactions in derivative instruments for Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund during the six months ended December 31, 2025 are recorded in the following locations on the Statements of Operations:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized Gains <br> (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(31417273) | Net change in unrealized appreciation (depreciation) on investments | $3330428 |
| Index call options purchased | Equity | Net realized gains (losses) from investments | 42762 | Net change in unrealized appreciation (depreciation) on investments |  |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | (60822910) | Net change in unrealized appreciation (depreciation) on written option contracts | 16405498 |

---

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized Gains <br> (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(87819) | Net change in unrealized appreciation (depreciation) on investments | $5198 |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | (2689260) | Net change in unrealized appreciation (depreciation) on written option contracts | 701636 |

---

**49**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

Hussman Strategic Total Return Fund had no transactions in derivative instruments during the six months ended December 31, 2025.

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

The offsetting of financial liabilities and derivative liabilities as of December 31, 2025 are as follows:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
|  Written options at market value  | $(187681420) | $— | $(187681420) | $187681420 | $— |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total subject to a master netting or similar arrangement  | $(187681420) | $— | $(187681420) | $187681420 | $— |

---

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

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
|  Written options at market value  | $(5946240) | $— | $(5946240) | $5946240 | $— |
| &nbsp;&nbsp;&nbsp; Total subject to a master netting or similar arrangement  | $(5946240) | $— | $(5946240) | $5946240 | $— |

---

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

**5. CERTAIN INVESTMENTS AND ASSOCIATED RISKS** 

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

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

**51**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (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, 2025, Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund had 44.0% and 36.2%, respectively, of the value of its net assets invested in shares of a money market fund registered under the 1940 Act. The annual report, along with the report of the independent registered public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. The Fund, as investors in money market funds, indirectly bear the fees and expenses of those funds, which are in addition to the fees and expenses of the Fund.

**Sector Risk** — If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development generally affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. This may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments, may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio could be adversely affected if it has significant holdings of securities of issuers in that sector. As of December 31, 2025, Hussman Strategic Market Cycle Fund had 29.4% of the value of its net assets invested in stocks within the Health Care sector.

**6. BANK LINE OF CREDIT** 

The Trust has established a $15,000,000 unsecured bank line of credit with its custodian bank which collectively allows the Funds to borrow up to this line. Any borrowings under these arrangements bear interest at the Prime Rate, currently 6.75% as of December 31, 2025. During the six months ended December 31, 2025, Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund did not borrow under their line of credit.

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

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *December 31, 2025 (Unaudited)*</u>

**7. CONTINGENCIES AND COMMITMENTS** 

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

**8. SUBSEQUENT EVENTS** 

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

**53**<br>

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

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

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

**Proxy Disclosure** 

Not applicable.

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

Refer to the financial statements included herein.

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

Not applicable.

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

INVESTMENT ADVISER

Hussman Strategic Advisors, Inc.

6021 University Boulevard, Suite 490

Ellicott City, Maryland 21043

www.hussmanfunds.com

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

ADMINISTRATOR/TRANSFER AGENT

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

CUSTODIAN

U.S. Bank, N.A.

425 Walnut Street

Cincinnati, Ohio 45202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 N. Water Street

Suite 830

Milwaukee, Wisconsin 53202

LEGAL COUNSEL

Troutman Pepper Locke LLP

3000 Two Logan Square

Eighteenth and Arch Streets

Philadelphia, PA 19103

This Report is authorized for

distribution only if accompanied or preceded

by a current Prospectus of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Included in (a)

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

**Item 16. Controls and Procedures.**

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

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

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

Not applicable

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

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

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

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

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](fp0097042-2_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](fp0097042-2_ex99906cert.htm)

Exhibit 99.CERT [Certifications required by Rule 30a-2(a) under the Act](fp0097042-2_ex99cert.htm) <br>Exhibit 99.906CERT [Certifications required by Rule 30a-2(b) under the Act](fp0097042-2_ex99906cert.htm)

**SIGNATURES**

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

---

| | |
|:---|:---|
| (Registrant) | Hussman Investment Trust |
| By (Signature and Title)\* | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |
| Date | February 27, 2026 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |
| Date | February 27, 2026 |
| By (Signature and Title)\* | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Treasurer and Chief Financial Officer |
| Date | February 27, 2026 |

---

<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: February 27, 2026 | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |

---

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

I, Angela A. Simmons, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 27, 2026 | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

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

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

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form
N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended;
and

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

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| Hussman Investment Trust | Hussman Investment Trust |
| /s/ John P. Hussman | /s/ Angela A. Simmons |
| John P. Hussman, President and Chief | Angela A. Simmons, Treasurer and Chief |
| Executive Officer | Financial Officer |
| Date: February 27, 2026 | Date: February 27, 2026 |

---

***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.