Form N-CSR HUSSMAN INVESTMENT TRUST For: Jun 30



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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

811-09911

 

 

Hussman
Investment Trust

(Exact
name of registrant as specified in charter)

 

6021 University Boulevard, Suite 490        Ellicott City, Maryland 21043
(Address of principal executive offices) (Zip code)

 

David K. James

 

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

 

Registrant’s telephone number, including area code: (513) 587-3400  

 

Date of fiscal year end: June 30  

 

Date of reporting period: June 30, 2022  

 

 

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

 

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

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

 

 

 


 

 

HUSSMAN INVESTMENT TRUST

 

HUSSMAN STRATEGIC GROWTH FUND

 

HUSSMAN STRATEGIC ALLOCATION FUND

 

HUSSMAN STRATEGIC TOTAL RETURN FUND

 

HUSSMAN STRATEGIC INTERNATIONAL FUND

 

ANNUAL REPORT

 

June 30, 2022

 

 

 

THIS PAGE INTENTIONALLY LEFT BLANK.

 

Table of Contents

 

   

Performance Information

 

Hussman Strategic Growth Fund

1

Hussman Strategic Allocation Fund

2

Hussman Strategic Total Return Fund

3

Hussman Strategic International Fund

4

Letter to Shareholders

5

Portfolio Information

20

Schedules of Investments

 

Hussman Strategic Growth Fund

23

Hussman Strategic Allocation Fund

36

Hussman Strategic Total Return Fund

49

Hussman Strategic International Fund

53

Statements of Assets and Liabilities

62

Statements of Operations

64

Statements of Changes in Net Assets

 

Hussman Strategic Growth Fund

66

Hussman Strategic Allocation Fund

67

Hussman Strategic Total Return Fund

68

Hussman Strategic International Fund

69

Financial Highlights

 

Hussman Strategic Growth Fund

70

Hussman Strategic Allocation Fund

71

Hussman Strategic Total Return Fund

72

Hussman Strategic International Fund

73

Notes to Financial Statements

74

Report of Independent Registered Public Accounting Firm

99

About Your Funds’ Expenses

101

Board of Trustees and Officers

103

Other Information

105

Federal Tax Information

105

Approval of Investment Advisory Agreements

106

Discussion of Liquidity Risk Management Program

114

 


Hussman Strategic Growth Fund

 

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


 

Average Annual Total Returns

For the Periods Ended June 30, 2022

 

1 Year

3 Years

5 Years

10 Years

Since
Inception(b)

 

Hussman Strategic Growth Fund(c)(d)

4.43%

7.10%

1.89%

(3.99%)

1.08%

 

S&P 500® Index

(10.62%)

10.60%

11.31%

12.96%

6.45%

 

 

(a)

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

(b)

The Fund commenced operations on July 24, 2000.

(c)

Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)

The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2022 to the extent necessary to limit the Fund’s annual ordinary operating expenses to an amount not exceeding 1.15% annually of the Fund’s average daily net assets.

 

 


Hussman Strategic Allocation Fund

 

Comparison of the Change in Value of a $10,000 Investment in Hussman Strategic Allocation Fund
versus Benchmark Fixed Allocation Composite
(a) (Unaudited)


 

Average Annual Total Returns

For the Periods Ended June 30, 2022

 

1 Year

Since
Inception(b)

Hussman Strategic Allocation Fund(c)(d)

(3.19%)

6.51%

Benchmark Fixed Allocation Composite

(8.59%)

7.34%

 

(a)

Benchmark Fixed Allocation Composite represents the gross investment performance of a portfolio that is invested in securities included in three separate indices, weighted as follows: 60% S&P 500® Index, 30% Bloomberg U.S. Treasury Unhedged Index and 10% Bloomberg U.S. Treasury Bills Index. The Composite represents an investment approach that invests a fixed percentage of assets in stocks, bonds, and money market securities, with little or no variation. The Fund may invest in securities that are not included in the indices that comprise the Composite.

(b)

The Fund commenced operations on August 27, 2019.

(c)

Returns do no reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemptions of Fund shares.

(d)

The Advisor has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2022 to the extent necessary to limit the Fund’s annual ordinary operating expenses to an amount not exceeding 1.25% annually of the Fund’s average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the fiscal year ended June 30, 2022 would have been 2.08%.

 

 


Hussman Strategic Total Return Fund

 

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


 

Average Annual Total Returns

For the Periods Ended June 30, 2022

 

1 Year

3 Years

5 Years

10 Years

Since
Inception(b)

 

Hussman Strategic Total Return Fund(c)(d)

(4.14%)

3.92%

4.21%

2.33%

4.53%

 

Bloomberg U.S. Aggregate Bond Index

(10.29%)

(0.93%)

0.88%

1.54%

3.42%

 

 

(a)

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

(b)

The Fund commenced operations on September 12, 2002.

(c)

Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)

The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2022 to the extent necessary to limit the Fund’s annual ordinary operating expenses to an amount not exceeding 0.75% annually of the Fund’s average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the fiscal year ended June 30, 2022 would have been 0.75%.

 

 


Hussman Strategic International Fund

 

Comparison of the Change in Value of a $10,000 Investment in
Hussman Strategic International Fund versus the MSCI EAFE Index
(a) (Unaudited)


 

Average Annual Total Returns

For the Periods Ended June 30, 2022

 

1 Year

3 Years

5 Years

10 Years

Since
Inception(b)

 

Hussman Strategic International Fund(c)(d)

(7.72%)

(1.20%)

(1.64%)

(1.60%)

(1.27%)

 

MSCI EAFE Index

(17.77%)

1.07%

2.20%

5.40%

4.08%

 

 

(a)

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

(b)

The Fund commenced operations on December 31, 2009.

(c)

Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

(d)

The Adviser has contractually agreed to waive its investment advisory fees and/or absorb Fund expenses until at least November 1, 2022 to the extent necessary to limit the Fund’s annual ordinary operating expenses to an amount not exceeding 2.00% annually of the Fund’s average daily net assets. Absent this arrangement, the expense ratio of the Fund (annualized) for the fiscal year ended June 30, 2022 would have been 3.35%.

 

 

The Hussman Funds

Letter to Shareholders

August 8, 2022

 

Dear Shareholder,

 

“The backward-looking returns of passive investment strategies are always the most glorious when market overvaluation is the most extreme. Yet that is also precisely the moment when likely future returns are the most dismal. Indeed, the problem with a speculative bubble is that short-term market outcomes cannot become better without long-term outcomes becoming worse, and long-term market outcomes cannot become better without short-term outcomes becoming worse. All one faces is an unfortunate situation.”

 

John P. Hussman, Ph.D., Hussman Funds 2021 Annual Report

 

The Hussman Funds performed as intended during the fiscal year ended June 30, 2022, each outperforming its respective benchmark with smaller interim losses.

 

My impression is that future investors will remember 2022 more enduringly than current investors may recognize. On January 3, 2022, the Standard & Poor’s 500® Index reached the most extreme level of stock market valuations in history, based on measures that we find best-correlated with actual subsequent S&P 500 total returns. In doing so, the recent extreme has already joined the ranks of 1929 and 2000, the two most memorable predecessors.

 

The January 2022 stock market peak was followed by a steep initial decline, resulting in an overall loss of -10.62% for the S&P 500 during the fiscal year ended June 30, 2022. During the same period, the yield-to-maturity of 10-year U.S. Treasury bonds rose from 1.47% to 3.01%, resulting in an overall loss of -11.12% in 10-year Treasury bonds. This was a poor combination for passive investment strategies.

 

Yet despite market losses in both stocks and bonds in recent quarters, we currently estimate the likelihood of negative 10-12 year total returns for a passive investment allocation invested 60% in the S&P 500, 30% in Treasury bonds, and 10% in Treasury bills. Indeed, measured both from the recent market peak, and from present levels, I expect S&P 500 total returns to be negative, on average, for well over a decade – an outcome I also projected at the 2000 market peak.

 

That said, if a steep market decline was to front-load those losses, investors could also enjoy prospects for satisfactory long-term returns even a year or two from now. It is the current valuation extreme, and the prospect of depressed 10- and even 20-year market returns – measured from this extreme – that long-term investors may want to think twice about locking in. In the interim, the most challenging financial event for investors

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

in the coming years will likely be the repricing of securities to valuations that imply adequate long-term returns, following more than a decade of reckless and intentional Fed-induced yield-seeking speculation encouraged by zero-interest rate policies.

 

The chart below presents several of our most reliable valuation measures, each as a multiple to its own historical norm. Because all of these measures are well-correlated with actual subsequent market returns, and with each other, the lines are nearly indistinguishable. Following a modest rebound from market losses in the first half of 2022, all of these measures remain more extreme than at any point in U.S. history prior to August 2020.

 

The arrow on the chart below indicates the level of valuations as of this writing (August 8, 2022). The shaded box identifies points when equity market valuations were at or above present levels. Notably, the recent market decline has simply retraced the frothiest portion of the recent bubble, leaving the most reliable market valuation measures above their 1929 and 2000 extremes. A color version of this chart is presented in the online version of this Annual Report (www.hussmanfunds.com).

 

 

Our most reliable valuation measures are presently close to 2.8 times the historical norms that we associate with run-of-the-mill S&P 500 total returns (historically about 10% annually, on average). Given that S&P 500 revenues, nominal GDP, and corporate gross value-added have grown at an average annual rate of about 4% over the past 10, 20, and 30 years, and dividends presently contribute less than

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

2% annually to S&P 500 total returns,
any material retreat in valuations would create unpleasant arithmetic for long-term returns. A retreat in valuations to their run-of-the-mill
historical norms over a 10-year period would subtract -9.8% annually from the returns that investors might otherwise enjoy from the combination
of growth and dividends. A retreat in valuations to 1.5 times their norms over a 10-year period would subtract about -6.1% annually.
In either case, the likely outcome would be a decade of zero or negative total returns.

 

While reliable valuation measures are extremely informative about long-term market returns, particularly over a 10-12 year horizon, one must be careful not to interpret valuations as near-term market forecasts. That is emphatically not how valuations work. The main factor that determines whether an overvalued market continues to advance, or drops like a rock instead, is whether investor psychology is inclined toward speculation or risk-aversion. When investors are inclined to speculate, they tend to be indiscriminate about it. When investors become risk-averse, they tend to be skittish and selective. For that reason, our most reliable gauge of speculation versus risk-aversion is the uniformity or divergence of market internals – across thousands of individual stocks, industries, sectors, and security types, including debt securities of varying creditworthiness.

 

As I wrote at the 2000 bubble peak, “When the market loses that uniformity, valuations often matter suddenly and with a vengeance. This is a lesson best learned before a crash rather than after one. Valuations, trend uniformity, and yield pressures are now uniformly unfavorable, and the market faces extreme risk in this environment.” That is the same environment we face at present, but as those conditions change, so will our market outlook.

 

In short, the question is not whether valuations matter, but when. The strongest market returns typically emerge when reasonable valuations are joined by uniformity in market internals, suggesting a shift to speculative investor psychology. The most profound market losses typically emerge when extreme valuations are joined by deterioration and divergence in market internals, suggesting a shift to risk-averse investor psychology. The same is true for bonds. The highest returns emerge when a high yield is being driven lower. The deepest losses emerge when a low yield is being driven higher.

 

In previous market cycles across history, there were limits to speculation – once market conditions featured a combination of extreme valuations, steeply overbought conditions, and lopsided bullish sentiment, those “overvalued, overbought, overbullish” syndromes typically signaled sharp downside risk even before the uniformity of market internals deteriorated. Amid the novelty of the Federal Reserve’s zero-interest rates

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

policies, those historically reliable limits became painfully irrelevant. For our part, we ultimately adapted to zero-interest rate policies by becoming content to gauge the presence or absence of speculative psychology – based on the uniformity or divergence of market internals – without assuming that either speculation or risk-aversion have reliable limits.

 

We do not need to rely on a return to historically run-of-the-mill valuations, nor would we rule out that possibility. We can rule out neither periods of fresh speculation, nor periods of market free-fall, nor “fast, furious, prone-to-failure” advances to clear oversold conditions. Our practice – our discipline – is to remain in the present moment: to align our investment outlook with observable and measurable conditions such as valuations and market internals, and to change our outlook as those conditions change. While the present combination of extreme valuations and ragged market internals creates the potential for abrupt “trap door” market losses, improvement in the uniformity of market internals could encourage us to lean more constructive even here. No specific forecasts, end-of-year price targets, or scenarios are required.

 

Given that the S&P 500 remains well-above its February 19, 2020 pre-pandemic peak, the returns of Strategic Growth Fund and Strategic Allocation Fund from February 19, 2020 through the June 30, 2022 fiscal year-end illustrate the impact of the adaptations we have introduced in recent years. In a volatile but generally advancing market, amid the most extreme valuations in history, Strategic Growth Fund gained 34.88% during this period, compared with a total return of 16.07% for the S&P 500 Index. The deepest interim loss experienced by Strategic Growth Fund during this period was -13.11%, compared with an interim loss of -33.79% for the S&P 500. Similarly, Strategic Allocation Fund gained 19.72% during this period, compared with a gain of 9.76% for a benchmark fixed-allocation portfolio invested 60% in the S&P 500, 30% in the Bloomberg U.S. Treasury Unhedged Index, and 10% in the Bloomberg U.S. Treasury Bills Index. The deepest interim loss experienced by Strategic Allocation Fund during this period was -4.98%, compared with -19.93% for the benchmark portfolio.

 

Fund Performance

 

Strategic Growth Fund

 

In the fiscal year ended June 30, 2022, Strategic Growth Fund gained 4.43%. During the same period, the S&P 500 lost -10.62%. Notably, this period reflects conditions during which our most reliable valuation measures averaged 2-3 times their historical norms. The Fund presently maintains a strongly defensive position reflective of extreme valuations and divergence in our measures of market internals. While an

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

improvement in our measures of internals would encourage a more neutral investment outlook, we presently observe a combination of extremes that has often been resolved by sharp market declines – whether accompanied by recessions, as in 2000-2002 and 2007-2009, or independent of them, as in 1987 and 1998.

 

The hedging stance of the Fund since the beginning of 2020 has varied between a strongly defensive position (particularly before mid-March 2020, and since October 2021) and a more neutral near-term outlook (particularly in the months following the March 2020 market low). During the 2022 fiscal year, amid a combination of extreme valuations and divergent market internals, Strategic Growth Fund maintained a generally defensive market stance. The hedging strategy of the Fund contributed notably to a reduction in overall risk, as the deepest interim loss experienced by the Fund during this period was -9.90%, compared with an interim loss of -22.99% for the S&P 500 Index.

 

The stock selection approach of Strategic Growth Fund has outperformed the S&P 500 Index by an average of 3.45% (345 basis points) annually since the inception of the Fund on July 24, 2000. Yet as is often the case near bull market peaks, the broad market retreated to a greater and more persistent degree during the fiscal year ended June 30, 2022 than the large-capitalization stocks that dominate the S&P 500. The performance of the Fund’s stock selections, excluding the impact of hedging, lost -18.85% versus a -10.62% loss in the S&P 500 Index. As at other market extremes such as 2000, our stock selection discipline presently avoids large holdings in high-weight components of the S&P 500 that we consider to be overvalued speculative “glamour” stocks.

 

From the inception of Strategic Growth Fund on July 24, 2000 through June 30, 2022, the Fund had an average annual total return of 1.08%, compared with an average annual total return of 6.45% for the S&P 500 Index. Given that Strategic Growth Fund outperformed the S&P 500 Index, with smaller periodic losses, from its July 24, 2000 inception through May 20, 2014, the current performance gap is distinctly the result of challenges that we encountered during the speculative bubble of recent years. In recent years, we have adapted our investment discipline in a way that leaves us content to gauge the presence or absence of speculative pressures, without assuming that they have a well-defined limit. We believe that these adaptations have addressed the primary reason behind this period of underperformance.

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

An initial $10,000 investment in the Fund at its inception on July 24, 2000 would have grown to $12,668, compared with $39,427 for the same investment in the S&P 500 Index. The deepest peak-to-trough loss experienced by the Fund since its inception was -60.36%. The deepest loss experienced by the S&P 500 Index since the inception of the Fund was -55.25%.

 

It is notable that from the inception of the Fund on July 24, 2000 through the market low on March 9, 2009, Strategic Growth Fund gained 105.57% (an 8.71% average annual total return) compared with a -45.99% loss in the S&P 500 (a -6.89% average annual loss). The deepest loss experienced by the Fund during this period was -21.45%, compared with a -55.25% loss in the S&P 500. Indeed, the returns of Strategic Growth Fund remained ahead of the returns of the S&P 500 from the Fund’s inception on July 24, 2000 through May 20, 2014. While there is no assurance that the future performance of the Fund, relative to the S&P 500, will be similar to that of the 2000-2009 period, we do believe that we have restored the flexibility of our investment discipline that contributed to the Fund’s previous record of sound total returns and contained losses.

 

Strategic Allocation Fund

 

In the fiscal year ended June 30, 2022, Strategic Allocation Fund had a total return of -3.19%, compared with a total return of -8.59% in the benchmark fixed-allocation composite index which is weighted 60% S&P 500 Index, 30% Bloomberg U.S. Treasury Unhedged Index and 10% Bloomberg U.S. Treasury Bills Index. The Fund always holds unhedged positions of at least 5% in both equity and bond market investments. The Fund presently holds an unhedged equity position representing approximately 6% of net assets, hedged equities representing approximately 76% of assets, bonds representing approximately 12% of assets, and the remaining assets in money market investments.

 

From the inception of the Strategic Allocation Fund on August 27, 2019 through June 30, 2022, the Fund had an average annual total return of 6.51%, compared with an average annual total return of 7.34% for the benchmark fixed-allocation composite index. An initial $10,000 investment in the Fund at its inception on August 27, 2019 would have grown to $11,963, compared with $12,233 for the same investment in the benchmark fixed-allocation composite index. The deepest loss experienced by the Fund since inception was -4.98%. The deepest loss experienced by the benchmark fixed-allocation composite index since the inception of the Fund was -19.93%.

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

Strategic Total Return Fund

 

In the fiscal year ended June 30, 2022, Strategic Total Return Fund had a total return of -4.14%. During the same period, the Bloomberg U.S. Aggregate Bond Index had a total return of -10.29%. Strategic Total Return Fund held a moderately constructive position in long-term bonds during this period, with a duration typically ranging between 2-3 years (meaning that a 100 basis point move in interest rates would be expected to affect Fund value by about 2-3% on the basis of bond price fluctuations). The Fund currently holds 73% of net assets in Treasury securities, with 20% of assets in shares of companies in the precious metals, energy, and utilities sectors. The remaining net assets are invested in exchange-traded funds and money market investments. The Fund benefited from holdings in shares of companies engaged in the mining of precious metals, as well as utilities, largely by varying the size of its investment positions in response to periods of strength and weakness in these sectors. The deepest interim loss experienced by the Fund during this period was -7.76%, compared with an interim loss of -13.77% for the Bloomberg U.S. Aggregate Bond Index.

 

From the inception of Strategic Total Return Fund on September 12, 2002 through June 30, 2022, the Fund had an average annual total return of 4.53%, compared with an average annual total return of 3.42% for the Bloomberg U.S. Aggregate Bond Index. An initial $10,000 investment in the Fund on September 12, 2002 would have grown to $24,017, compared with $19,459 for the same investment in the Bloomberg U.S. Aggregate Bond Index. The deepest loss experienced by the Fund since inception was -11.52%, compared with a maximum loss of -14.31% for the Bloomberg U.S. Aggregate Bond Index during the same period.

 

Strategic International Fund

 

In the fiscal year ended June 30, 2022, Strategic International Fund had a total return of -7.72%. During the same period, the MSCI EAFE Index lost -17.77%. The Fund is currently fully hedged against the impact of market fluctuations. The deepest interim loss in Strategic International Equity Fund during this period was -8.16%, compared with an interim loss of -22.34% for the MSCI EAFE Index.

 

Because international stock markets tend to become highly correlated during steep declines in the U.S. stock market, the downside risk that we observe in the U.S. market exists in international equity markets as well. A material improvement in U.S. conditions, particularly in our measures of market internals, would likely encourage a constructive stance in the international markets as well. Without the elevated level

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

of market risk that we currently observe, the Fund will have substantially greater opportunity to establish a constructive investment stance based on individual country valuations and market action, along with other local considerations.

 

From the inception of Strategic International Fund on December 31, 2009 through June 30, 2022, the Fund had an average annual total return of -1.27%, compared with an average annual total return of 4.08% for the MSCI EAFE Index. An initial $10,000 investment in the Fund on December 31, 2009 would be worth $8,525, compared with $16,485 for the same investment in the MSCI EAFE Index. The deepest loss experienced by the Fund since inception was -22.87%, compared with a maximum loss of -34.12% for the MSCI EAFE Index during the same period.

 

Portfolio Composition

 

As of June 30, 2022, Strategic Growth Fund had net assets of $506,996,948, and held 277 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were technology (20.9%), consumer discretionary (17.4%), health care (15.9%), consumer staples (10.3%), communications (9.2%), financials (7.8%), materials (5.9%), and industrials (5.3%). The smallest sector holdings were in energy (2.9%), utilities (0.7%) and real estate (0.1%). Exchange-traded funds represented 0.2% of the Fund’s net assets.

 

Strategic Growth Fund’s holdings of individual stocks and exchange-traded funds as of June 30, 2022 were valued at $489,547,464. Against these stock positions, the Fund also held 700 option combinations (long put option/short call option) on the S&P 500 Index and 1,150 option combinations on the Russell 2000 Index. The Fund also held 50 long puts on the S&P 500 Index. Each option combination behaves as a short sale on the underlying index, with a notional value of $100 times the index value. On June 30, 2022, the S&P 500 Index closed at 3,785.38, while the Russell 2000 Index closed at 1,707.99. The Fund’s total hedge therefore represented a short position of $480,322,350, thereby hedging 98.1% of the dollar value of the Fund’s long investment positions in individual issues.

 

Although the performance of Strategic Growth Fund’s diversified portfolio cannot be attributed to any narrow group of stocks, the following equity holdings achieved gains in excess of $1 million during the fiscal year ended June 30, 2022: First Solar, Clearfield, H&R Block, Antero Resources, Mosaic, Stamps.com and Range Resources. The Fund realized losses in equity holdings in excess of $2 million during this same period in Turtle Beach, Meta Platforms, Warner Brothers Discover, Cambium Networks, AMC Networks, Sleep Number and Big Lots.

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

As of June 30, 2022, Strategic Allocation Fund had net assets of $21,573,031 and held 277 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were technology (17.3%), consumer discretionary (15.0%), health care (13.5%), consumer staples (8.8%), communications (7.6%), financials (6.7%), materials (5.2%) and industrials (4.5%). The smallest sector weights were energy (2.5%), utilities (0.5%) and real estate (0.1%). Exchange-traded funds represented 0.2% of the Fund’s net assets. Treasury securities with more than one year until maturity represented 10.5% of net assets. The remaining Fund assets were invested in shorter-term Treasury securities and money market funds.

 

Strategic Allocation Fund’s holdings of individual stocks and exchange-traded funds as of June 30, 2022 were valued at $17,656,368. Against these positions, the Fund also held 25 option combinations (long put option/short call option) on the S&P 500 and 40 option combinations on the Russell 2000 Index. The notional value of this hedge was $16,295,410, hedging 92.3% of the value of equity investments held by the Fund.

 

In Strategic Allocation Fund, during the period ended June 30, 2022, the Fund did not recognize any individual equity portfolio gains in excess of $100,000. The Fund realized losses in equity holdings in excess of $100,000 during this same period in Sleep Number and Big Lots.

 

As of June 30, 2022, Strategic Total Return Fund had net assets of $263,687,418. Treasury notes, Treasury bills, Treasury Inflation-Protected Securities (TIPS), and investments in money market funds represented 77.0% of the Fund’s net assets. Shares of exchange-traded funds accounted for 3.2% of net assets. Precious metals shares accounted for 11.6% of net assets, and shares in utilities and energy-related companies collectively accounted for 7.9% of net assets.

 

In Strategic Total Return Fund, during the fiscal year ended June 30, 2022, portfolio gains in excess of $500,000 were achieved in Range Resources, Newmont and SM Energy. Portfolio losses in excess of $1.5 million during this same period were U.S. Treasury Note (1.50%, due 8/15/2026), U.S. Treasury Inflation Note (2.50%, due 1/15/2029) and U.S. Treasury Note (2.00%, due 5/31/2024).

 

As of June 30, 2022, Strategic International Fund had net assets of $14,483,673 and held 190 stocks in a wide variety of industries. The largest sector holdings as a percent of net assets were in consumer discretionary (14.6%), communications (10.9%), health care (10.7%), financials (10.6%), industrials (8.2%), technology (7.8%), consumer staples (6.7%), and materials (5.4%). The smallest sector holdings were in utilities (3.0%), real estate (2.0%), and energy (1.8%).

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

In order to hedge the impact of general market fluctuations, as of June 30, 2022, Strategic International Fund was short 80 futures on the Mini MSCI EAFE Index and long 11 puts on the S&P 500 Index. The notional value of this hedge was $11,571,918, hedging 97.8% of the dollar value of equity investments held by the Fund. When the Fund is in a hedged investment position, the primary driver of Fund returns is the difference in performance between the stocks owned by the Fund and the indices that are used to hedge.

 

While the investment portfolio of Strategic International Fund is widely diversified and its performance is affected by numerous investment positions, the hedging strategy of the Fund was primarily responsible for the reduced sensitivity of the Fund to market fluctuations from the Fund’s inception through June 30, 2022. The Fund did not recognize any individual equity holding gains in excess of $100,000 during the fiscal year ended June 30, 2022. The Fund realized one equity holding loss in excess of $100, 000 in Halfords Group during this same period.

 

Supplementary information including quarterly returns and equity-only performance of the Funds is available on the Hussman Funds website: www.hussmanfunds.com.

 

Current Outlook

 

The recent speculative bubble has led investors to imagine that extreme valuations represent “wealth creation.” But securities are simply claims to a stream of future cash flows that will be delivered into the hands of investors over time. The “wealth” is not in the market capitalization. It is in the cash flows. One can receive a wealth transfer from other investors by selling at high valuations, but those investors must then hold the bag. For any given set of cash flows, the higher the price investors pay, the lower the subsequent returns investors will enjoy as those cash flows are delivered over time. This is not simply finance theory – it is arithmetic. When market capitalization becomes wildly elevated relative to the cash flows available to service it, the result is an extended period of poor returns.

 

My impression is that a great deal of financial market capitalization will simply evaporate in the coming years. Despite recent market losses, valuations are nowhere near run-of-the-mill historical norms. In my view, the cash flows generated by the economy are nowhere near enough to service bloated market capitalizations in a way that provides adequate long-term investment returns. When the collapse comes (and I suspect it will), investors should not blame Fed tightening for bursting the bubble. Once “bubble” is in hand, “burst” is inevitable. The blame will rest on a decade of reckless monetary policy that encouraged the bubble in the first place.

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

Notably, monetary easing has historically been beneficial for the stock market only in periods when investors have been inclined to speculate, which we gauge based on the uniformity of market internals across a broad range of securities. This has been true even amid quantitative easing since 2008. When investors are inclined to speculate, they tend to view low-interest liquidity as an “inferior” asset, so increasing its supply tends to amplify yield-seeking speculation. In contrast, when investor psychology shifts to risk-aversion, which we gauge from deterioration and divergence of market internals, investors tend to view low-interest liquidity as a desirable asset rather than an inferior one, so increasing its supply does nothing to promote speculation. Recall that both the 2000-2002 and 2007-2009 collapses occurred amid persistent and aggressive monetary easing by the Federal Reserve.

 

From the perspective of our own investment discipline, the correct lesson of the recent yield-seeking bubble is that, in the face of unprecedented monetary policies, one must be content to gauge the presence or absence of speculative pressures based on valuations and market internals, without assuming that either speculation or risk-aversion have any well-defined limit. In contrast, it is dangerous and incorrect to imagine that the lesson of this bubble is to ignore valuations and market internals, and to dismiss overextended conditions even when both valuations and internals are unfavorable, as they are today.

 

With the recent advance in consumer price inflation to a year-over-year rate of 9%, the Federal Reserve has been forced to quickly tighten monetary policy. In this environment, a great deal of attention has been focused on the potential for the Fed to “pivot” to an easier stance, as investors appear to equate monetary easing with an advancing stock market. In our view, it is more important to attend to the condition of market internals directly. A shift to monetary easing, without a shift toward speculative investor psychology, would mirror the combination of conditions that has been typical of recessionary bear market declines. Accordingly, our own investment outlook will shift as measurable, observable conditions shift. No forecasts or scenarios are required.

 

In my view, the recent inflationary episode can be reasonably described as being the combination of four factors. First, the government ran enormous deficits during the pandemic, and those deficits fueled a great deal of demand for goods and services. Second, there have been significant labor and supply disruptions in recent quarters, associated first with the pandemic and more recently with the war in Ukraine. Third, total U.S. public debt has soared in recent years to over 120% of GDP, while the Federal Reserve has clearly violated its section 2A mandate to “maintain long run growth of the monetary and credit aggregates commensurate with the economy’s

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

long run potential to increase production.” Fourth, given all of these factors, it is not surprising that the public has begun to lose confidence in the soundness of government liabilities.

 

Combine strong demand and constrained supply of goods and services with excessive supply and weakening demand for government liabilities, and the result is a situation where goods and services have increased in price, relative to government liabilities. We observe this as inflation.

 

Still, that fourth consideration – demand for dollars – is the one most sensitive to public psychology, and may be the quickest to affect the trajectory of inflation. When investors become risk-averse, they often seek liquidity as a safe haven. The increased demand for “safe” government liabilities tends to dampen inflationary pressures, because cash is seen as a desirable asset rather than an inferior and revolting one. That is why credit crises are deflationary. Meanwhile, risk-aversion does nothing good for financial speculation, particularly at near-record valuations. The upshot is that the same risk-aversion that would be “good” for inflation could be quite unfavorable for stocks and low-grade credit. We observed the same thing, of course, during the global financial crisis.

 

Suffice it to say that we do not have pointed views on inflation. Rather, inflationary pressures are likely to ease if risk-aversion becomes more pronounced. In my view, that may be a reasonable base expectation. Notably, economic weakness – even without amplified inflationary pressures – would likely be quite favorable for precious metals shares. The Philadelphia Gold and Silver Index (XAU) has historically performed best in periods when Treasury bond yields were below, not above, their levels of 6 months earlier, with particularly strong gains when economic activity is contracting. The correspondence between “inflation” and “rising gold stocks” is more complex than investors may recognize. As always, we will respond to observable evidence as it emerges.

 

With regard to longer-term bonds, the historical fact is that, except during relatively weak economic conditions, the total return of 10-year Treasury bonds has historically lagged the return on T-bills when the bond yield has exceeded T-bill yields by less than about 2%. An example of “relatively weak economic conditions” might include year-over-year nominal GDP growth below the 10-year bond yield, coupled with tepid or contracting economic activity. With the federal funds rate likely headed above 3% in a relatively short time, that rule-of-thumb implies that the total return of longer-term bonds may lag Treasury bills until yields are materially higher; or alternatively, until relatively weak economic conditions emerge. At this point, neither is the case. Our broader bond market gauges are also fairly restrained at present.

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

As for more questionable “assets,” the loss of confidence in government liabilities has also contributed to some of the madness in cryptocurrencies in recent years. The spectacle has certainly been fascinating to watch, but from the standpoint of valuation, “limited supply” is a meaningless attribute when anyone can costlessly introduce a new competing currency, and when these “digital assets” have neither aesthetic value, industrial use, collateral backing, nor fiat status to confer value. This makes the value of cryptocurrencies almost entirely dependent on psychological factors.

 

Blockchain technology has numerous potentially useful applications that are distinct from speculating or “investing” in crypto. In my undoubtedly unpopular view, much of what’s occurring in cryptocurrencies is a form of wealth extraction, where people transfer their hard-earned savings to strangers in return for digital Pokémon that have no tether to value aside from speculative psychology. I suspect it will all ultimately prove to be like any other bubble: rewarding for the issuers – mostly the early “miners” who introduced the cryptocurrencies, and early speculators who can successfully locate a greater fool – and devastating for anyone who overstays the party.

 

Amid rich equity market valuations and inadequate long-term bond yields, it is tempting to imagine that successful investment requires one to discover some overlooked or obscure asset class that has escaped a decade of yield-seeking speculation. The underlying assumption is that investors have no choice but to embrace risk at every moment.

 

In my view, successful investment requires something entirely different. It requires the ability to “lean” – to vary one’s investment stance and market exposure in response to changes in valuations, market internals, overextended conditions, and security selection opportunities, accepting greater risk when risk-premiums are adequate or being pressed lower, and defending capital when risk-premiums are inadequate or being pressed higher. That ability to lean toward and away from risk, as market conditions change, was the “secret” that allowed us to admirably navigate decades of complete market cycles prior to the Federal Reserve’s deranged experiment with zero-interest policy. I believe that the adaptations we have adopted in recent years have restored that flexibility, without the “limits” that left us constrained for too long.

 

A decade of zero-interest rate policy encouraged investors to drive the financial markets to speculative valuations that reflect those zero rates, and that we estimate will be followed by a decade of zero investment returns for passive investors. Relentless monetary expansion led us to abandon our detrimental belief that speculation still has historically-reliable limits, and we have adapted our discipline accordingly. What we have not abandoned, however, is our belief in arithmetic – which links valuations to

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

subsequent long-term returns. Likewise, we have not abandoned measures of market internals that for decades have helped us to gauge speculation versus risk-aversion among investors.

 

As we look ahead to the completion of this market cycle, and those that follow, what the Hussman Funds offer is not bearishness, but flexibility. Our value-conscious, historically-informed, full-cycle investment discipline reflects our conviction that the tradeoff between return and risk is not fixed, but changes as market conditions change. We expect that this discipline will provide investors a useful companion and alternative to purely passive investment approaches.

 

Meanwhile, given that all of the Hussman Funds are intended to outperform their respective benchmarks over time, with smaller interim losses than passive investment approaches, I am pleased to report that, for the fiscal year ended June 30, 2022, our discipline has performed “as intended.”

 

I remain grateful, as always, for your trust.

 

Sincerely,

 

John P. Hussman, Ph.D.

 

Past performance is not predictive of future performance. Investment results and principal value will fluctuate so that shares of the Funds, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted.

 

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

 

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

 

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

 

 

The Hussman Funds

Letter to Shareholders (continued)

 

returns for the Standard & Poor’s 500® Index reflect valuation methods focusing on the relationship between current market prices and earnings, dividends and other fundamentals, adjusted for variability over the economic cycle.

 

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

 

 

Hussman Strategic Growth Fund
Portfolio Information

June 30, 2022 (Unaudited)

 

Sector Allocation (% of Common Stocks)


 

Hussman Strategic Allocation Fund
Portfolio Information

June 30, 2022 (Unaudited)

 

 

Asset Allocation (% of Net Assets)

 

 

 

Hussman Strategic Allocation Fund
Portfolio Information (continued)

June 30, 2022 (Unaudited)

 

Sector Allocation (% of Common Stocks)


 

Hussman Strategic Total Return Fund
Portfolio Information

June 30, 2022 (Unaudited)

 

 

Asset Allocation (% of Net Assets)

 

 

 

Hussman Strategic International Fund
Portfolio Information

June 30, 2022 (Unaudited)

 

Sector Allocation (% of Common Stocks)

 


 

Country Allocation (% of Common Stocks)

 


 

 

Hussman Strategic Growth Fund
Schedule of Investments

June 30, 2022

 

COMMON STOCKS — 96.4%

 

Shares

   

Value

 

Communications — 9.2%

               

Advertising & Marketing — 0.3%

               

Omnicom Group, Inc. (a)

    25,000     $ 1,590,250  
                 

Cable & Satellite — 1.1%

               

Comcast Corporation – Class A

    60,000       2,354,400  

Sirius XM Holdings, Inc. (a)

    500,000       3,065,000  
              5,419,400  

Entertainment Content — 1.3%

               

AMC Networks, Inc. – Class A (a)(b)

    80,000       2,329,600  

Paramount Global – Class B (a)

    90,000       2,221,200  

Warner Bros. Discovery, Inc. (a)(b)

    137,095       1,839,815  
              6,390,615  

Internet Media & Services — 4.4%

               

Alphabet, Inc. – Class C (a)(b)

    4,250       9,296,662  

Baidu, Inc. – ADR (a)(b)

    15,000       2,230,950  

CarGurus, Inc. (a)(b)

    36,000       773,640  

Meta Platforms, Inc. – Class A (a)(b)

    30,000       4,837,500  

Netflix, Inc. (a)(b)

    15,000       2,623,050  

Shutterstock, Inc. (a)

    45,000       2,578,950  
              22,340,752  

Publishing & Broadcasting — 1.4%

               

Entravision Communications Corporation – Class A (a)

    25,000       114,000  

Gray Television, Inc. (a)

    200,000       3,378,000  

Nexstar Media Group, Inc. – Class A (a)

    15,000       2,443,200  

TEGNA, Inc. (a)

    50,000       1,048,500  
              6,983,700  

Telecommunications — 0.7%

               

AT&T, Inc.

    30,000       628,800  

Lumen Technologies, Inc. (a)

    60,000       654,600  

Verizon Communications, Inc. (a)

    45,000       2,283,750  
              3,567,150  

Consumer Discretionary — 17.4%

               

Apparel & Textile Products — 0.5%

               

Carter’s, Inc. (a)

    25,000       1,762,000  

Fossil Group, Inc. (a)(b)

    28,000       144,760  

Movado Group, Inc. (a)

    25,000       773,250  
              2,680,010  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 17.4% (continued)

               

Automotive — 0.4%

               

Ford Motor Company (a)

    100,000     $ 1,113,000  

Harley-Davidson, Inc. (a)

    25,000       791,500  
              1,904,500  

Consumer Services — 0.8%

               

Franchise Group, Inc.

    15,000       526,050  

Graham Holdings Company – Class B (a)

    3,000       1,700,520  

Perdoceo Education Corporation (a)(b)

    25,000       294,500  

Stride, Inc. (a)(b)

    40,000       1,631,600  
              4,152,670  

E-Commerce Discretionary — 2.3%

               

1-800-FLOWERS.COM, Inc. – Class A (a)(b)

    75,000       713,250  

Amazon.com, Inc. (a)(b)

    65,000       6,903,650  

eBay, Inc. (a)

    25,000       1,041,750  

Etsy, Inc. (a)(b)

    36,000       2,635,560  

PetMed Express, Inc. (a)

    30,000       597,000  
              11,891,210  

Home & Office Products — 0.7%

               

ACCO Brands Corporation (a)

    125,000       816,250  

Hamilton Beach Brands Holding Company – Class A (a)

    50,000       620,500  

iRobot Corporation (a)(b)

    25,000       918,750  

Tempur Sealy International, Inc. (a)

    60,000       1,282,200  
              3,637,700  

Home Construction — 1.1%

               

Century Communities, Inc. (a)

    30,000       1,349,100  

D.R. Horton, Inc. (a)

    10,000       661,900  

Forestar Group, Inc. (a)(b)

    35,000       479,150  

Lennar Corporation – Class A (a)

    5,000       352,850  

LGI Homes, Inc. (a)(b)

    6,000       521,400  

M/I Homes, Inc. (a)(b)

    20,000       793,200  

Taylor Morrison Home Corporation (a)(b)

    30,000       700,800  

TRI Pointe Homes, Inc. (b)

    30,000       506,100  
              5,364,500  

Leisure Facilities & Services — 1.2%

               

Brinker International, Inc. (a)(b)

    60,000       1,321,800  

Starbucks Corporation (a)

    60,000       4,583,400  
              5,905,200  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 17.4% (continued)

Leisure Products — 0.9%

               

Mattel, Inc. (a)(b)

    15,000     $ 334,950  

Thor Industries, Inc. (a)

    21,000       1,569,330  

Winnebago Industries, Inc. (a)

    25,000       1,214,000  

YETI Holdings, Inc. (a)(b)

    30,000       1,298,100  
              4,416,380  

Retail – Discretionary — 9.0%

               

Abercrombie & Fitch Company – Class A (a)(b)

    30,000       507,600  

AutoNation, Inc. (a)(b)

    10,000       1,117,600  

AutoZone, Inc. (a)(b)

    500       1,074,560  

Big 5 Sporting Goods Corporation (a)

    125,000       1,401,250  

Buckle, Inc. (The) (a)

    150,000       4,153,500  

CarMax, Inc. (a)(b)

    5,000       452,400  

Chico’s FAS, Inc. (a)(b)

    150,000       745,500  

Dick’s Sporting Goods, Inc. (a)

    55,000       4,145,350  

Duluth Holdings, Inc. – Class B (a)(b)

    150,000       1,431,000  

Express, Inc. (b)

    250,000       490,000  

Foot Locker, Inc. (a)

    36,000       909,000  

Gap, Inc. (The) (a)

    15,000       123,600  

Genesco, Inc. (a)(b)

    25,000       1,247,750  

Hibbett, Inc. (a)

    35,000       1,529,850  

Home Depot, Inc. (The)

    9,000       2,468,430  

Kohl’s Corporation (a)

    75,000       2,676,750  

Lowe’s Companies, Inc. (a)

    5,000       873,350  

lululemon athletica, inc. (a)(b)

    7,500       2,044,575  

Macy’s, Inc. (a)

    200,000       3,664,000  

MarineMax, Inc. (a)(b)

    50,000       1,806,000  

O’Reilly Automotive, Inc. (a)(b)

    2,500       1,579,400  

Penske Automotive Group, Inc. (a)

    10,000       1,046,900  

Sally Beauty Holdings, Inc. (a)(b)

    150,000       1,788,000  

Tractor Supply Company (a)

    6,000       1,163,100  

Ulta Beauty, Inc. (a)(b)

    6,000       2,312,880  

Urban Outfitters, Inc. (a)(b)

    75,000       1,399,500  

Williams-Sonoma, Inc. (a)

    20,000       2,219,000  

Zumiez, Inc. (a)(b)

    50,000       1,300,000  
              45,670,845  

Wholesale – Discretionary — 0.5%

               

Educational Development Corporation

    53,000       223,660  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 17.4% (continued)

Wholesale – Discretionary — 0.5% (continued)

               

LKQ Corporation (a)

    50,000     $ 2,454,500  
              2,678,160  

Consumer Staples — 10.3%

               

Beverages — 0.8%

               

National Beverage Corporation (a)

    30,000       1,468,200  

PepsiCo, Inc. (a)

    15,000       2,499,900  
              3,968,100  

Food — 3.9%

               

B&G Foods, Inc. (a)

    150,000       3,567,000  

BellRing Brands, Inc. (a)(b)

    25,000       622,250  

Campbell Soup Company (a)

    60,000       2,883,000  

General Mills, Inc. (a)

    30,000       2,263,500  

Herbalife Nutrition Ltd. (a)(b)

    30,000       613,500  

J.M. Smucker Company (The) (a)

    12,000       1,536,120  

Kellogg Company (a)

    60,000       4,280,400  

Kraft Heinz Company (The) (a)

    45,000       1,716,300  

Phibro Animal Health Corporation – Class A (a)

    25,000       478,250  

USANA Health Sciences, Inc. (a)(b)

    25,000       1,809,000  
              19,769,320  

Household Products — 0.6%

               

Clorox Company (The) (a)

    5,000       704,900  

Colgate-Palmolive Company (a)

    10,000       801,400  

Kimberly-Clark Corporation (a)

    5,000       675,750  

Nu Skin Enterprises, Inc. – Class A (a)

    25,000       1,082,500  
              3,264,550  

Retail – Consumer Staples — 3.3%

               

Albertsons Companies, Inc. (a)

    25,000       668,000  

Big Lots, Inc. (a)

    75,000       1,572,750  

BJ’s Wholesale Club Holdings, Inc. (a)(b)

    15,000       934,800  

Ingles Markets, Inc. – Class A (a)

    25,000       2,168,750  

Kroger Company (The) (a)

    25,000       1,183,250  

Natural Grocers by Vitamin Cottage, Inc. (a)

    75,000       1,196,250  

Ollie’s Bargain Outlet Holdings, Inc. (a)(b)

    9,000       528,750  

Sprouts Farmers Market, Inc. (a)(b)

    175,000       4,431,000  

Target Corporation (a)

    9,000       1,271,070  

Walgreens Boots Alliance, Inc. (a)

    60,000       2,274,000  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Consumer Staples — 10.3% (continued)

               

Retail – Consumer Staples — 3.3% (continued)

               

Walmart, Inc. (a)

    6,000     $ 729,480  
              16,958,100  

Wholesale – Consumer Staples — 1.7%

               

Andersons, Inc. (The) (a)

    75,000       2,474,250  

United Natural Foods, Inc. (a)(b)

    150,000       5,910,000  
              8,384,250  

Energy — 2.9%

               

Oil & Gas Producers — 2.1%

               

California Resources Corporation (a)

    60,000       2,310,000  

Callon Petroleum Company (a)(b)

    25,000       980,000  

Continental Resources, Inc. (a)

    30,000       1,960,500  

Laredo Petroleum, Inc. (a)(b)

    30,000       2,068,200  

Ovintiv, Inc. (a)

    30,000       1,325,700  

Range Resources Corporation (a)(b)

    30,000       742,500  

SM Energy Company (a)

    40,000       1,367,600  
              10,754,500  

Oil & Gas Services & Equipment — 0.4%

               

Nabors Industries Ltd. (a)(b)

    15,000       2,008,500  
                 

Renewable Energy — 0.4%

               

Canadian Solar, Inc. (a)(b)

    25,000       778,500  

First Solar, Inc. (a)(b)

    1,500       102,195  

JinkoSolar Holding Company Ltd. – ADR (a)(b)

    15,000       1,037,700  
              1,918,395  

Financials — 7.8%

               

Asset Management — 0.8%

               

BrightSphere Investment Group, Inc. (a)

    50,000       900,500  

Federated Hermes, Inc. (a)

    35,000       1,112,650  

Invesco Ltd. (a)

    125,000       2,016,250  
              4,029,400  

Banking — 1.6%

               

Associated Banc-Corp (a)

    30,000       547,800  

Citizens Financial Group, Inc. (a)

    39,850       1,422,247  

Customers Bancorp, Inc. (a)(b)

    75,000       2,542,500  

Hope Bancorp, Inc. (a)

    50,000       692,000  

Kearny Financial Corporation (a)

    75,000       833,250  

New York Community Bancorp, Inc. (a)

    100,000       913,000  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Financials — 7.8% (continued)

Banking — 1.6% (continued)

Wells Fargo & Company (a)

    25,000     $ 979,250  
              7,930,047  

Institutional Financial Services — 1.4%

               

Cboe Global Markets, Inc. (a)

    24,000       2,716,560  

Evercore, Inc. – Class A (a)

    25,000       2,340,250  

Houlihan Lokey, Inc. (a)

    15,000       1,183,950  

StoneX Group, Inc. (a)(b)

    10,000       780,700  
              7,021,460  

Insurance — 3.3%

               

Aflac, Inc. (a)

    30,000       1,659,900  

Allstate Corporation (The) (a)

    24,000       3,041,520  

Lincoln National Corporation (a)

    30,000       1,403,100  

NMI Holdings, Inc. – Class A (a)(b)

    25,000       416,250  

Old Republic International Corporation (a)

    125,000       2,795,000  

Progressive Corporation (The) (a)

    9,000       1,046,430  

Prudential Financial, Inc. (a)

    36,000       3,444,480  

Unum Group (a)

    90,000       3,061,800  
              16,868,480  

Specialty Finance — 0.7%

               

American Express Company (a)

    20,000       2,772,400  

Navient Corporation (a)

    75,000       1,049,250  
              3,821,650  

Health Care — 15.9%

               

Biotech & Pharma — 10.2%

               

AbbVie, Inc. (a)

    30,000       4,594,800  

Alkermes plc (a)(b)

    15,000       446,850  

Amgen, Inc.

    10,000       2,433,000  

Amneal Pharmaceuticals, Inc. (a)(b)

    175,000       556,500  

Biogen, Inc. (a)(b)

    21,000       4,282,740  

Catalyst Pharmaceuticals, Inc. (a)(b)

    125,000       876,250  

Corcept Therapeutics, Inc. (a)(b)

    135,000       3,210,300  

CRISPR Therapeutics AG (a)(b)

    10,000       607,700  

Editas Medicine, Inc. (a)(b)

    10,000       118,300  

Exelixis, Inc. (a)(b)

    25,000       520,500  

Gilead Sciences, Inc. (a)

    30,000       1,854,300  

Halozyme Therapeutics, Inc. (a)(b)

    9,000       396,000  

Incyte Corporation (a)(b)

    9,000       683,730  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Health Care — 15.9% (continued)

Biotech & Pharma — 10.2% (continued)

Innoviva, Inc. (a)(b)

    275,000     $ 4,059,000  

Ironwood Pharmaceuticals, Inc. (a)(b)

    150,000       1,729,500  

Jazz Pharmaceuticals plc (a)(b)

    5,000       780,050  

Johnson & Johnson

    3,000       532,530  

Neurocrine Biosciences, Inc. (a)(b)

    30,000       2,924,400  

Pfizer, Inc. (a)

    90,000       4,718,700  

Prothena Corporation plc (a)(b)

    15,000       407,250  

Regeneron Pharmaceuticals, Inc. (a)(b)

    10,000       5,911,300  

Rigel Pharmaceuticals, Inc. (b)

    150,000       169,500  

Sage Therapeutics, Inc. (a)(b)

    25,000       807,500  

Supernus Pharmaceuticals, Inc. (a)(b)

    125,000       3,615,000  

Vanda Pharmaceuticals, Inc. (a)(b)

    150,000       1,635,000  

Vertex Pharmaceuticals, Inc. (a)(b)

    12,000       3,381,480  

Viatris, Inc. (a)

    50,000       523,500  
              51,775,680  

Health Care Facilities & Services — 3.7%

               

Cigna Corporation (a)

    6,000       1,581,120  

CVS Health Corporation (a)

    45,000       4,169,700  

Fulgent Genetics, Inc. (a)(b)

    15,000       817,950  

HCA Healthcare, Inc. (a)

    18,000       3,025,080  

Laboratory Corporation of America Holdings (a)

    12,500       2,929,500  

Patterson Companies, Inc.

    30,000       909,000  

Quest Diagnostics, Inc. (a)

    25,000       3,324,500  

Universal Health Services, Inc. – Class B (a)

    20,000       2,014,200  
              18,771,050  

Medical Equipment & Devices — 2.0%

               

Co-Diagnostics, Inc. (a)(b)

    35,000       196,350  

Hologic, Inc. (a)(b)

    45,000       3,118,500  

Illumina, Inc. (b)

    7,500       1,382,700  

Inogen, Inc. (a)(b)

    60,000       1,450,800  

Meridian Bioscience, Inc. (a)(b)

    60,000       1,825,200  

QuidelOrtho Corporation (a)(b)

    6,000       583,080  

Waters Corporation (a)(b)

    5,000       1,654,900  
              10,211,530  
                 

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Industrials — 5.3%

               

Commercial Support Services — 0.7%

               

ASGN, Inc. (a)(b)

    6,000     $ 541,500  

H&R Block, Inc. (a)

    30,000       1,059,600  

Robert Half International, Inc. (a)

    24,000       1,797,360  
              3,398,460  

Electrical Equipment — 0.8%

               

Allegion plc (a)

    15,000       1,468,500  

Atkore, Inc. (a)(b)

    30,000       2,490,300  

WidePoint Corporation (b)

    109,000       260,510  
              4,219,310  

Industrial Intermediate Products — 0.2%

               

Proto Labs, Inc. (a)(b)

    25,000       1,196,000  
                 

Industrial Support Services — 0.3%

               

WESCO International, Inc. (a)(b)

    15,000       1,606,500  
                 

Machinery — 0.2%

               

Evoqua Water Technologies Corporation (a)(b)

    25,000       812,750  

Ichor Holdings Ltd. (a)(b)

    5,000       129,900  
              942,650  

Transportation & Logistics — 3.1%

               

Atlas Air Worldwide Holdings, Inc. (a)(b)

    35,000       2,159,850  

C.H. Robinson Worldwide, Inc. (a)

    25,000       2,534,250  

Expeditors International of Washington, Inc. (a)

    35,000       3,411,100  

Knight-Swift Transportation Holdings, Inc. (a)

    75,000       3,471,750  

Landstar System, Inc. (a)

    7,500       1,090,650  

Matson, Inc. (a)

    25,000       1,822,000  

United Parcel Service, Inc. – Class B (a)

    6,000       1,095,240  
              15,584,840  

Materials — 5.9%

               

Chemicals — 1.6%

               

AdvanSix, Inc.

    75,000       2,508,000  

LyondellBasell Industries N.V. – Class A (a)

    35,000       3,061,100  

Mosaic Company (The) (a)

    20,000       944,600  

Valvoline, Inc. (a)

    30,000       864,900  

Westlake Corporation

    9,000       882,180  
              8,260,780  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Materials — 5.9% (continued)

               

Containers & Packaging — 1.0%

               

Berry Global Group, Inc. (a)(b)

    60,000     $ 3,278,400  

Greif, Inc. – Class A (a)

    30,000       1,871,400  
              5,149,800  

Forestry, Paper & Wood Products — 0.5%

               

Boise Cascade Company (a)

    45,000       2,677,050  
                 

Metals & Mining — 2.8%

               

Agnico Eagle Mines Ltd. (a)

    60,000       2,745,600  

AngloGold Ashanti Ltd. – ADR (a)

    60,000       887,400  

Barrick Gold Corporation (a)

    225,000       3,980,250  

Encore Wire Corporation

    15,000       1,558,800  

Kinross Gold Corporation (a)

    125,000       447,500  

Newmont Corporation (a)

    55,000       3,281,850  

Royal Gold, Inc. (a)

    10,000       1,067,800  
              13,969,200  

Real Estate — 0.1%

               

Real Estate Services — 0.1%

               

Jones Lang LaSalle, Inc. (a)(b)

    2,500       437,150  
                 

Technology — 20.9%

               

Semiconductors — 5.6%

               

Amkor Technology, Inc. (a)

    180,000       3,051,000  

Applied Materials, Inc. (a)

    30,000       2,729,400  

Axcelis Technologies, Inc. (a)(b)

    35,000       1,919,400  

Cirrus Logic, Inc. (a)(b)

    60,000       4,352,400  

Intel Corporation (a)

    90,000       3,366,900  

IPG Photonics Corporation (a)(b)

    10,000       941,300  

KLA Corporation

    3,000       957,240  

Kulicke & Soffa Industries, Inc. (a)

    36,000       1,541,160  

MaxLinear, Inc. (a)(b)

    15,000       509,700  

Photronics, Inc. (a)(b)

    90,000       1,753,200  

Power Integrations, Inc. (a)

    12,000       900,120  

QUALCOMM, Inc. (a)

    50,000       6,387,000  
              28,408,820  

Software — 4.2%

               

Akamai Technologies, Inc. (a)(b)

    30,000       2,739,900  

Concentrix Corporation (a)

    12,500       1,695,500  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Technology — 20.9% (continued)

               

Software — 4.2% (continued)

               

Ebix, Inc. (a)

    85,000     $ 1,436,500  

IonQ, Inc (a)(b)

    200,000       876,000  

Microsoft Corporation (a)

    5,000       1,284,150  

Oracle Corporation (a)

    25,000       1,746,750  

Qualys, Inc. (a)(b)

    15,000       1,892,100  

Red Violet, Inc. (a)(b)

    2,500       47,600  

SS&C Technologies Holdings, Inc. (a)

    9,000       522,630  

Tenable Holdings, Inc. (a)(b)

    25,000       1,135,250  

Thryv Holdings, Inc. (a)(b)

    25,000       559,750  

Upstart Holdings, Inc. (a)(b)

    2,500       79,050  

VMware, Inc. – Class A (a)

    42,000       4,787,160  

Ziff Davis, Inc. (a)(b)

    35,000       2,608,550  
              21,410,890  

Technology Hardware — 7.8%

               

Apple, Inc.

    10,000       1,367,200  

Arista Networks, Inc. (a)(b)

    9,000       843,660  

Aviat Networks, Inc. (a)(b)

    15,000       375,600  

Ciena Corporation (a)(b)

    60,000       2,742,000  

Cisco Systems, Inc. (a)

    75,000       3,198,000  

Clearfield, Inc. (a)(b)

    60,000       3,717,000  

Dell Technologies, Inc. – Class C (a)

    45,000       2,079,450  

F5, Inc. (a)(b)

    20,000       3,060,800  

Fabrinet (a)(b)

    15,000       1,216,500  

HP, Inc. (a)

    50,000       1,639,000  

Jabil, Inc. (a)

    25,000       1,280,250  

Juniper Networks, Inc. (a)

    125,000       3,562,500  

Lumentum Holdings, Inc. (a)(b)

    9,000       714,780  

NetApp, Inc. (a)

    75,000       4,893,000  

Pitney Bowes, Inc. (a)

    120,000       434,400  

Seagate Technology Holdings plc (a)

    35,000       2,500,400  

Super Micro Computer, Inc. (a)(b)

    40,000       1,614,000  

Turtle Beach Corporation (a)(b)

    125,000       1,528,750  

Ubiquiti, Inc. (a)

    10,000       2,482,100  
              39,249,390  

Technology Services — 3.3%

               

Block, Inc. – Class A (a)(b)

    15,000       921,900  

Cognizant Technology Solutions Corporation – Class A (a)

    85,000       5,736,650  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 96.4% (continued)

 

Shares

   

Value

 

Technology — 20.9% (continued)

               

Technology Services — 3.3% (continued)

               

FactSet Research Systems, Inc. (a)

    6,000     $ 2,307,420  

Infosys Ltd. – ADR (a)

    180,000       3,331,800  

Maximus, Inc. (a)

    30,000       1,875,300  

PayPal Holdings, Inc. (a)(b)

    35,000       2,444,400  
              16,617,470  

Utilities — 0.7%

               

Electric Utilities — 0.7%

               

NRG Energy, Inc. (a)

    90,000       3,435,300  
                 

Total Common Stocks (Cost $562,317,951)

          $ 488,611,664  

 

EXCHANGE-TRADED FUNDS — 0.2%

 

 

   

 

 

iShares Gold Trust (a)(b)

    15,000     $ 514,650  

SPDR Gold Shares (a)(b)

    2,500       421,150  

Total Exchange-Traded Funds (Cost $926,237)

          $ 935,800  

 

WARRANTS — 0.0% (c)

 

 

   

 

 

Energy — 0.0% (c)

               

Oil & Gas Services & Equipment — 0.0% (c)

               

Nabors Industries Ltd., expires 06/11/2026 (Cost $0)

    8,000     $ 255,840  

 

EXCHANGE-TRADED PUT OPTION CONTRACTS — 3.6%

 

Contracts

   

Notional
Amount

   

Value

 

Russell 2000 Index Option, 08/19/2022 at $1,700

    1,150     $ 196,418,850     $ 8,539,900  

S&P 500® Index Option, 08/19/2022 at $3,750

    750       203,903,500       9,522,750  

Total Put Option Contracts (Cost $16,577,543)

          $ 480,322,450     $ 18,062,650  
                         

Total Investments at Value — 100.2% (Cost $579,821,731)

                  $ 507,865,954  

 

 

Hussman Strategic Growth Fund
Schedule of Investments (continued)

June 30, 2022

 

MONEY MARKET FUNDS — 30.9%

 

Shares

   

Value

 

Invesco Short-Term Investments Trust – Treasury Portfolio – Institutional Class, 1.36% (d) (Cost $156,688,061)

    156,688,061     $ 156,688,061  
                 

Total Investments and Money Market Funds at Value — 131.1% (Cost $736,509,792)

          $ 664,554,015  
                 

Written Call Option Contracts — (30.8%)

            (155,999,700 )
                 

Liabilities in Excess of Other Assets — (0.3%)

            (1,557,367 )
                 

Net Assets — 100.0%

          $ 506,996,948  

 

ADR – American Depositary Receipt.

(a)

All or a portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of June 30, 2022 was $465,570,994.

(b)

Non-income producing security.

(c)

Percentage rounds to less than 0.1%.

(d)

The rate shown is the 7-day effective yield as of June 30, 2022.

See accompanying notes to financial statements.

 

 

Hussman Strategic Growth Fund
Schedule of Open Written Option Contracts

June 30, 2022

 

EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS

 

Contracts

   

Notional
Amount

   

Strike
Price

   

Expiration
Date

   

Value of
Options

 

Call Option Contracts

Russell 2000 Index Option

    1,150     $ 196,418,850     $ 1,200       09/16/2022     $ 58,955,900  

S&P 500® Index Option

    700       264,976,600       2,400       09/16/2022       97,043,800  

Total Written Call Option Contracts (Premiums received $180,627,979)

          $ 461,395,450                     $ 155,999,700  

 

See accompanying notes to financial statements.

 

 

Hussman Strategic Allocation Fund
Schedule of Investments

June 30, 2022

 

COMMON STOCKS — 81.7%

 

Shares

   

Value

 

Communications — 7.6%

               

Advertising & Marketing — 0.3%

               

Omnicom Group, Inc. (a)

    1,000     $ 63,610  
                 

Cable & Satellite — 0.9%

               

Comcast Corporation – Class A (a)

    2,000       78,480  

Sirius XM Holdings, Inc. (a)

    20,000       122,600  
              201,080  

Entertainment Content — 1.2%

               

AMC Networks, Inc. – Class A (a)(b)

    3,200       93,184  

Paramount Global – Class B (a)

    3,600       88,848  

Warner Bros. Discovery, Inc. (a)(b)

    5,483       73,582  
              255,614  

Internet Media & Services — 3.4%

               

Alphabet, Inc. – Class C (a)(b)

    140       306,243  

Baidu, Inc. – ADR (a)(b)

    500       74,365  

CarGurus, Inc. (a)(b)

    1,200       25,788  

Meta Platforms, Inc. – Class A (a)(b)

    1,000       161,250  

Netflix, Inc. (a)(b)

    500       87,435  

Shutterstock, Inc. (a)

    1,500       85,965  
              741,046  

Publishing & Broadcasting — 1.2%

               

Entravision Communications Corporation – Class A (a)

    1,000       4,560  

Gray Television, Inc. (a)

    8,000       135,120  

Nexstar Media Group, Inc. – Class A (a)

    500       81,440  

TEGNA, Inc. (a)

    2,000       41,940  
              263,060  

Telecommunications — 0.6%

               

AT&T, Inc.

    1,000       20,960  

Lumen Technologies, Inc. (a)

    2,000       21,820  

Verizon Communications, Inc. (a)

    1,500       76,125  
              118,905  

Consumer Discretionary — 15.0%

               

Apparel & Textile Products — 0.5%

               

Carter’s, Inc. (a)

    1,000       70,480  

Fossil Group, Inc. (a)(b)

    800       4,136  

Movado Group, Inc. (a)

    1,000       30,930  
              105,546  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 15.0% (continued)

               

Automotive — 0.4%

               

Ford Motor Company (a)

    4,000     $ 44,520  

Harley-Davidson, Inc. (a)

    1,000       31,660  
              76,180  

Consumer Services — 0.7%

               

Franchise Group, Inc. (a)

    500       17,535  

Graham Holdings Company – Class B (a)

    100       56,684  

Perdoceo Education Corporation (a)(b)

    1,000       11,780  

Stride, Inc. (a)(b)

    1,600       65,264  
              151,263  

E-Commerce Discretionary — 1.9%

               

1-800-FLOWERS.COM, Inc. – Class A (b)

    3,000       28,530  

Amazon.com, Inc. (a)(b)

    2,200       233,662  

eBay, Inc. (a)

    1,000       41,670  

Etsy, Inc. (a)(b)

    1,200       87,852  

PetMed Express, Inc.

    1,000       19,900  
              411,614  

Home & Office Products — 0.7%

               

ACCO Brands Corporation (a)

    5,000       32,650  

Hamilton Beach Brands Holding Company – Class A (a)

    2,000       24,820  

iRobot Corporation (a)(b)

    1,000       36,750  

Tempur Sealy International, Inc. (a)

    2,400       51,288  
              145,508  

Home Construction — 0.9%

               

Century Communities, Inc. (a)

    1,000       44,970  

D.R. Horton, Inc. (a)

    400       26,476  

Forestar Group, Inc. (a)(b)

    1,000       13,690  

Lennar Corporation – Class A (a)

    200       14,114  

LGI Homes, Inc. (a)(b)

    200       17,380  

M/I Homes, Inc. (a)(b)

    800       31,728  

Taylor Morrison Home Corporation (a)(b)

    1,000       23,360  

TRI Pointe Homes, Inc. (b)

    1,000       16,870  
              188,588  

Leisure Facilities & Services — 0.9%

               

Brinker International, Inc. (a)(b)

    2,000       44,060  

Starbucks Corporation (a)

    2,000       152,780  
              196,840  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 15.0% (continued)

Leisure Products — 0.8%

               

Mattel, Inc. (b)

    500     $ 11,165  

Thor Industries, Inc. (a)

    700       52,311  

Winnebago Industries, Inc. (a)

    1,000       48,560  

YETI Holdings, Inc. (a)(b)

    1,200       51,924  
              163,960  

Retail – Discretionary — 7.8%

               

Abercrombie & Fitch Company – Class A (b)

    1,000       16,920  

AutoNation, Inc. (a)(b)

    400       44,704  

AutoZone, Inc. (a)(b)

    20       42,982  

Big 5 Sporting Goods Corporation (a)

    5,000       56,050  

Buckle, Inc. (The) (a)

    5,000       138,450  

CarMax, Inc. (a)(b)

    200       18,096  

Chico’s FAS, Inc. (a)(b)

    4,000       19,880  

Dick’s Sporting Goods, Inc. (a)

    2,000       150,740  

Duluth Holdings, Inc. – Class B (a)(b)

    6,000       57,240  

Express, Inc. (b)

    10,000       19,600  

Foot Locker, Inc. (a)

    1,200       30,300  

Gap, Inc. (The) (a)

    500       4,120  

Genesco, Inc. (a)(b)

    1,000       49,910  

Hibbett, Inc. (a)

    1,400       61,194  

Home Depot, Inc. (The)

    300       82,281  

Kohl’s Corporation (a)

    2,500       89,225  

Lowe’s Companies, Inc. (a)

    200       34,934  

lululemon athletica, inc. (b)

    250       68,153  

Macy’s, Inc. (a)

    8,000       146,560  

MarineMax, Inc. (a)(b)

    2,000       72,240  

O’Reilly Automotive, Inc. (a)(b)

    100       63,176  

Penske Automotive Group, Inc. (a)

    400       41,876  

Sally Beauty Holdings, Inc. (a)(b)

    6,000       71,520  

Tractor Supply Company (a)

    200       38,770  

Ulta Beauty, Inc. (a)(b)

    200       77,096  

Urban Outfitters, Inc. (a)(b)

    3,000       55,980  

Williams-Sonoma, Inc. (a)

    800       88,760  

Zumiez, Inc. (a)

    2,000       52,000  
              1,692,757  

Wholesale – Discretionary — 0.4%

               

Educational Development Corporation (a)

    1,800       7,596  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Consumer Discretionary — 15.0% (continued)

Wholesale – Discretionary — 0.4% (continued)

LKQ Corporation (a)

    1,800     $ 88,362  
              95,958  

Consumer Staples — 8.8%

               

Beverages — 0.7%

               

National Beverage Corporation (a)

    1,000       48,940  

PepsiCo, Inc. (a)

    550       91,663  
              140,603  

Food — 3.2%

               

B&G Foods, Inc. (a)

    5,000       118,900  

BellRing Brands, Inc. (a)(b)

    1,000       24,890  

Campbell Soup Company (a)

    2,200       105,710  

General Mills, Inc. (a)

    1,000       75,450  

Herbalife Nutrition Ltd. (a)(b)

    1,200       24,540  

J.M. Smucker Company (The) (a)

    400       51,204  

Kellogg Company (a)

    2,000       142,680  

Kraft Heinz Company (The) (a)

    1,500       57,210  

Phibro Animal Health Corporation – Class A (a)

    1,000       19,130  

USANA Health Sciences, Inc. (a)(b)

    1,000       72,360  
              692,074  

Household Products — 0.6%

               

Clorox Company (The) (a)

    200       28,196  

Colgate-Palmolive Company (a)

    400       32,056  

Kimberly-Clark Corporation (a)

    200       27,030  

Nu Skin Enterprises, Inc. – Class A (a)

    1,000       43,300  
              130,582  

Retail – Consumer Staples — 2.9%

               

Albertsons Companies, Inc.

    1,000       26,720  

Big Lots, Inc. (a)

    3,000       62,910  

BJ’s Wholesale Club Holdings, Inc. (a)(b)

    500       31,160  

Ingles Markets, Inc. – Class A (a)

    1,000       86,750  

Kroger Company (The) (a)

    800       37,864  

Natural Grocers by Vitamin Cottage, Inc. (a)

    3,000       47,850  

Ollie’s Bargain Outlet Holdings, Inc. (a)(b)

    300       17,625  

Sprouts Farmers Market, Inc. (a)(b)

    6,500       164,580  

Target Corporation (a)

    300       42,369  

Walgreens Boots Alliance, Inc. (a)

    2,400       90,960  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Consumer Staples — 8.8% (continued)

Retail – Consumer Staples — 2.9% (continued)

Walmart, Inc.

    200     $ 24,316  
              633,104  

Wholesale – Consumer Staples — 1.4%

               

Andersons, Inc. (The) (a)

    3,000       98,970  

United Natural Foods, Inc. (a)(b)

    5,000       197,000  
              295,970  

Energy — 2.5%

               

Oil & Gas Producers — 1.9%

               

California Resources Corporation (a)

    2,400       92,400  

Callon Petroleum Company (a)(b)

    1,000       39,200  

Continental Resources, Inc. (a)

    1,200       78,420  

Laredo Petroleum, Inc. (a)(b)

    1,200       82,728  

Ovintiv, Inc. (a)

    1,000       44,190  

Range Resources Corporation (a)(b)

    1,000       24,750  

SM Energy Company (a)

    1,600       54,704  
              416,392  

Oil & Gas Services & Equipment — 0.2%

               

Nabors Industries Ltd. (a)(b)

    400       53,560  
                 

Renewable Energy — 0.4%

               

Canadian Solar, Inc. (a)(b)

    1,000       31,140  

First Solar, Inc. (a)(b)

    50       3,407  

JinkoSolar Holding Company Ltd. – ADR (a)(b)

    600       41,508  
              76,055  

Financials — 6.7%

               

Asset Management — 0.7%

               

BrightSphere Investment Group, Inc. (a)

    2,000       36,020  

Federated Hermes, Inc. (a)

    1,400       44,506  

Invesco Ltd. (a)

    5,000       80,650  
              161,176  

Banking — 1.4%

               

Associated Banc-Corp (a)

    1,000       18,260  

Citizens Financial Group, Inc. (a)

    1,594       56,890  

Customers Bancorp, Inc. (a)(b)

    2,500       84,750  

Hope Bancorp, Inc. (a)

    2,000       27,680  

Kearny Financial Corporation (a)

    3,000       33,330  

New York Community Bancorp, Inc. (a)

    4,000       36,520  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Financials — 6.7% (continued)

Banking — 1.4% (continued)

Wells Fargo & Company (a)

    1,000     $ 39,170  
              296,600  

Institutional Financial Services — 1.2%

               

Cboe Global Markets, Inc. (a)

    800       90,552  

Evercore, Inc. – Class A (a)

    1,000       93,610  

Houlihan Lokey, Inc. (a)

    500       39,465  

StoneX Group, Inc. (b)

    400       31,228  
              254,855  

Insurance — 2.7%

               

Aflac, Inc. (a)

    1,000       55,330  

Allstate Corporation (The) (a)

    800       101,384  

Lincoln National Corporation (a)

    1,000       46,770  

NMI Holdings, Inc. – Class A (a)(b)

    1,000       16,650  

Old Republic International Corporation (a)

    5,000       111,800  

Progressive Corporation (The) (a)

    300       34,881  

Prudential Financial, Inc. (a)

    1,200       114,816  

Unum Group (a)

    3,000       102,060  
              583,691  

Specialty Finance — 0.7%

               

American Express Company (a)

    750       103,965  

Navient Corporation (a)

    3,000       41,970  
              145,935  

Health Care — 13.5%

               

Biotech & Pharma — 8.6%

               

AbbVie, Inc. (a)

    1,000       153,160  

Alkermes plc (a)(b)

    500       14,895  

Amgen, Inc.

    350       85,155  

Amneal Pharmaceuticals, Inc. (a)(b)

    5,000       15,900  

Biogen, Inc. (a)(b)

    700       142,758  

Catalyst Pharmaceuticals, Inc. (a)(b)

    5,000       35,050  

Corcept Therapeutics, Inc. (a)(b)

    4,500       107,010  

CRISPR Therapeutics AG (a)(b)

    400       24,308  

Editas Medicine, Inc. (a)(b)

    400       4,732  

Exelixis, Inc. (a)(b)

    1,000       20,820  

Gilead Sciences, Inc. (a)

    1,200       74,172  

Halozyme Therapeutics, Inc. (b)

    300       13,200  

Incyte Corporation (b)

    300       22,791  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Health Care — 13.5% (continued)

Biotech & Pharma — 8.6% (continued)

Innoviva, Inc. (a)(b)

    10,000     $ 147,600  

Ironwood Pharmaceuticals, Inc. (a)(b)

    6,000       69,180  

Jazz Pharmaceuticals plc (a)(b)

    200       31,202  

Johnson & Johnson

    100     17,751  

Neurocrine Biosciences, Inc. (a)(b)

    1,200       116,976  

Pfizer, Inc. (a)

    3,000       157,290  

Prothena Corporation plc (a)(b)

    600       16,290  

Regeneron Pharmaceuticals, Inc. (a)(b)

    350       206,896  

Rigel Pharmaceuticals, Inc. (b)

    6,000       6,780  

Sage Therapeutics, Inc. (a)(b)

    1,000       32,300  

Supernus Pharmaceuticals, Inc. (a)(b)

    5,000       144,600  

Vanda Pharmaceuticals, Inc. (a)(b)

    6,000       65,400  

Vertex Pharmaceuticals, Inc. (a)(b)

    400       112,716  

Viatris, Inc. (a)

    2,000       20,940  
              1,859,872  

Health Care Facilities & Services — 3.2%

               

Cigna Corporation (a)

    200       52,704  

CVS Health Corporation (a)

    1,500       138,990  

Fulgent Genetics, Inc. (a)(b)

    500       27,265  

HCA Healthcare, Inc. (a)

    600       100,836  

Laboratory Corporation of America Holdings (a)

    500       117,180  

Patterson Companies, Inc.

    1,000       30,300  

Quest Diagnostics, Inc. (a)

    1,000       132,980  

Universal Health Services, Inc. – Class B (a)

    800       80,568  
              680,823  

Medical Equipment & Devices — 1.7%

               

Co-Diagnostics, Inc. (a)(b)

    1,000       5,610  

Hologic, Inc. (a)(b)

    1,500       103,950  

Illumina, Inc. (a)(b)

    300       55,308  

Inogen, Inc. (a)(b)

    2,400       58,032  

Meridian Bioscience, Inc. (a)(b)

    2,000       60,840  

QuidelOrtho Corporation (a)(b)

    200       19,436  

Waters Corporation (a)(b)

    200       66,196  
              369,372  

Industrials — 4.5%

               

Commercial Support Services — 0.5%

               

ASGN, Inc. (b)

    200       18,050  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Industrials — 4.5% (continued)

Commercial Support Services — 0.5% (continued)

H&R Block, Inc. (a)

    1,000     $ 35,320  

Robert Half International, Inc. (a)

    800       59,912  
              113,282  

Electrical Equipment — 0.7%

               

Allegion plc (a)

    600       58,740  

Atkore, Inc. (a)(b)

    1,000       83,010  

WidePoint Corporation (b)

    800       1,912  
              143,662  

Industrial Intermediate Products — 0.2%

               

Proto Labs, Inc. (a)(b)

    1,000       47,840  
                 

Industrial Support Services — 0.2%

               

WESCO International, Inc. (a)(b)

    500       53,550  
                 

Machinery — 0.2%

               

Evoqua Water Technologies Corporation (a)(b)

    1,000       32,510  

Ichor Holdings Ltd. (b)

    200       5,196  
              37,706  

Transportation & Logistics — 2.7%

               

Atlas Air Worldwide Holdings, Inc. (a)(b)

    1,400       86,394  

C.H. Robinson Worldwide, Inc. (a)

    1,000       101,370  

Expeditors International of Washington, Inc. (a)

    1,200       116,952  

Knight-Swift Transportation Holdings, Inc. (a)

    2,500       115,725  

Landstar System, Inc. (a)

    300       43,626  

Matson, Inc.

    1,000       72,880  

United Parcel Service, Inc. – Class B (a)

    200       36,508  
              573,455  

Materials — 5.2%

               

Chemicals — 1.3%

               

AdvanSix, Inc.

    2,500       83,600  

LyondellBasell Industries N.V. – Class A (a)

    1,200       104,952  

Mosaic Company (The) (a)

    800       37,784  

Valvoline, Inc. (a)

    1,000       28,830  

Westlake Corporation

    300       29,406  
              284,572  

Containers & Packaging — 0.9%

               

Berry Global Group, Inc. (a)(b)

    2,400       131,136  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Materials — 5.2% (continued)

Containers & Packaging — 0.9% (continued)

Greif, Inc. – Class A (a)

    1,000     $ 62,380  
              193,516  

Forestry, Paper & Wood Products — 0.4%

               

Boise Cascade Company (a)

    1,500       89,235  
                 

Metals & Mining — 2.6%

               

Agnico Eagle Mines Ltd. (a)

    2,500       114,400  

AngloGold Ashanti Ltd. – ADR (a)

    2,500       36,975  

Barrick Gold Corporation (a)

    9,000       159,210  

Encore Wire Corporation (a)

    500       51,960  

Kinross Gold Corporation (a)

    5,000       17,900  

Newmont Corporation (a)

    2,200       131,274  

Royal Gold, Inc. (a)

    400       42,712  
              554,431  

Real Estate — 0.1%

               

Real Estate Services — 0.1%

               

Jones Lang LaSalle, Inc. (a)(b)

    100       17,486  
                 

Technology — 17.3%

               

Semiconductors — 4.6%

               

Amkor Technology, Inc. (a)

    6,000       101,700  

Applied Materials, Inc. (a)

    1,000       90,980  

Axcelis Technologies, Inc. (a)(b)

    1,400       76,776  

Cirrus Logic, Inc. (a)(b)

    2,000       145,080  

Intel Corporation (a)

    3,200       119,712  

IPG Photonics Corporation (a)(b)

    400       37,652  

KLA Corporation

    100       31,908  

Kulicke & Soffa Industries, Inc. (a)

    1,200       51,372  

MaxLinear, Inc. (b)

    500       16,990  

Photronics, Inc. (b)

    3,000       58,440  

Power Integrations, Inc.

    400       30,004  

QUALCOMM, Inc. (a)

    1,700       217,158  
              977,772  

Software — 3.7%

               

Akamai Technologies, Inc. (a)(b)

    1,200       109,596  

Concentrix Corporation (a)

    500       67,820  

Ebix, Inc. (a)

    3,400       57,460  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Technology — 17.3% (continued)

Software — 3.7% (continued)

IonQ, Inc (a)(b)

    8,000     $ 35,040  

Microsoft Corporation

    180       46,229  

Oracle Corporation (a)

    1,000       69,870  

Qualys, Inc. (a)(b)

    500       63,070  

Red Violet, Inc. (b)

    100       1,904  

SS&C Technologies Holdings, Inc.

    300       17,421  

Tenable Holdings, Inc. (a)(b)

    1,000       45,410  

Thryv Holdings, Inc. (a)(b)

    1,000       22,390  

Upstart Holdings, Inc. (b)

    100       3,162  

VMware, Inc. – Class A (a)

    1,400       159,572  

Ziff Davis, Inc. (a)(b)

    1,400       104,342  
              803,286  

Technology Hardware — 6.4%

               

Apple, Inc.

    400       54,688  

Arista Networks, Inc. (b)

    300       28,122  

Aviat Networks, Inc. (a)(b)

    500       12,520  

Ciena Corporation (a)(b)

    2,000       91,400  

Cisco Systems, Inc. (a)

    2,500       106,600  

Clearfield, Inc. (a)(b)

    2,000       123,900  

Dell Technologies, Inc. – Class C (a)

    1,500       69,315  

F5, Inc. (a)(b)

    750       114,780  

Fabrinet (a)(b)

    300       24,330  

HP, Inc. (a)

    2,000       65,560  

Jabil, Inc. (a)

    1,000       51,210  

Juniper Networks, Inc. (a)

    5,000       142,500  

Lumentum Holdings, Inc. (b)

    300       23,826  

NetApp, Inc. (a)

    2,500       163,100  

Pitney Bowes, Inc. (a)

    4,000       14,480  

Seagate Technology Holdings plc (a)

    1,200       85,728  

Super Micro Computer, Inc. (a)(b)

    1,300       52,455  

Turtle Beach Corporation (a)(b)

    5,000       61,150  

Ubiquiti, Inc. (a)

    400       99,284  
              1,384,948  

Technology Services — 2.6%

               

Block, Inc. – Class A (a)(b)

    500       30,730  

Cognizant Technology Solutions Corporation – Class A (a)

    3,000       202,470  

FactSet Research Systems, Inc. (a)

    200       76,914  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 81.7% (continued)

 

Shares

   

Value

 

Technology — 17.3% (continued)

Technology Services — 2.6% (continued)

Infosys Ltd. – ADR (a)

    6,000     $ 111,060  

Maximus, Inc. (a)

    1,000       62,510  

PayPal Holdings, Inc. (a)(b)

    1,200       83,808  
              567,492  

Utilities — 0.5%

               

Electric Utilities — 0.5%

               

NRG Energy, Inc. (a)

    3,000       114,510  
                 

Total Common Stocks (Cost $20,543,337)

          $ 17,618,936  

 

EXCHANGE-TRADED FUNDS — 0.2%

 

 

   

 

 

iShares Gold Trust (a)(b)

    600     $ 20,586  

SPDR Gold Shares (a)(b)

    100       16,846  

Total Exchange-Traded Funds (Cost $37,240)

          $ 37,432  

 

U.S. TREASURY OBLIGATIONS — 12.8%

 

Par Value

   

Value

 

U.S. Treasury Inflation-Protected Notes — 2.4%

               

0.125%, due 01/15/2031

  $ 555,200     $ 529,869  
                 

U.S. Treasury Notes — 10.4%

               

0.125%, due 07/31/2022

    500,000       499,586  

1.500%, due 01/31/2027

    500,000       467,520  

0.625%, due 08/15/2030

    500,000       415,527  

0.875%, due 11/15/2030

    500,000       423,184  

1.125%, due 02/15/2031

    500,000       430,703  
              2,236,520  
                 

Total U.S. Treasury Obligations (Cost $3,057,457)

          $ 2,766,389  

 

WARRANTS — 0.0% (c)

 

Shares

   

Value

 

Energy — 0.0% (c)

               

Oil & Gas Services & Equipment — 0.0% (c)

               

Nabors Industries Ltd., expires 06/11/2026 (Cost $0)

    240     $ 7,675  

 

 

Hussman Strategic Allocation Fund
Schedule of Investments (continued)

June 30, 2022

 

EXCHANGE-TRADED PUT OPTION CONTRACTS — 2.3%

 

Contracts

   

Notional
Amount

   

Value

 

Russell 2000 Index Option, 09/16/2022 at $1,600

    40     $ 6,831,960     $ 223,640  

S&P 500® Index Option, 09/16/2022 at $3,600

    25       9,463,450       275,750  

Total Put Option Contracts (Cost $545,124)

          $ 16,295,410     $ 499,390  
                         

Total Investments at Value — 97.0% (Cost $24,183,158)

                  $ 20,929,822  

 

MONEY MARKET FUNDS — 10.0%

 

Shares

   

Value

 

Invesco Short-Term Investments Trust – Treasury Portfolio – Institutional Class, 1.36% (d) (Cost $2,150,211)

    2,150,211     $ 2,150,211  
                 

Total Investments and Money Market Funds at Value – 107.0% (Cost $26,333,369)

          $ 23,080,033  
                 

Written Call Option Contracts — (6.4%)

            (1,388,810 )
                 

Liabilities in Excess of Other Assets — (0.6%)

            (118,192 )
                 

Net Assets — 100.0%

          $ 21,573,031  

 

ADR – American Depositary Receipt.

(a)

All or a portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of June 30, 2022 was $16,471,916.

(b)

Non-income producing security.

(c)

Percentage rounds to less than 0.1%.

(d)

The rate shown is the 7-day effective yield as of June 30, 2022.

See accompanying notes to financial statements.

 

 

Hussman Strategic Allocation Fund
Schedule of Open Written Option Contracts

June 30, 2022

 

EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS

 

Contracts

   

Notional
Amount

   

Strike
Price

   

Expiration
Date

   

Value of
Options

 

Call Option Contracts

Russell 2000 Index Option

    40     $ 6,831,960     $ 1,600       09/16/2022     $ 652,560  

S&P 500® Index Option

    25       9,463,450       3,600       09/16/2022       736,250  

Total Written Call Option Contracts (Premiums received $2,221,146)

          $ 16,295,410                     $ 1,388,810  

 

See accompanying notes to financial statements.

 

 

Hussman Strategic Total Return Fund
Schedule of Investments

June 30, 2022

 

COMMON STOCKS — 19.7%

 

Shares

   

Value

 

Energy — 5.7%

               

Oil & Gas Producers — 3.9%

               

Callon Petroleum Company (a)

    25,000     $ 980,000  

Cheniere Energy Partners, L.P.

    20,000       897,400  

Continental Resources, Inc.

    25,000       1,633,750  

DT Midstream, Inc.

    500       24,510  

Laredo Petroleum, Inc. (a)

    30,000       2,068,200  

NuStar Energy, L.P.

    31,000       434,000  

ONEOK, Inc.

    985       54,667  

PBF Energy, Inc. – Class A (a)

    35,000       1,015,700  

Range Resources Corporation (a)

    30,000       742,500  

SM Energy Company

    40,000       1,367,600  

Valero Energy Corporation

    10,000       1,062,800  

Williams Companies, Inc. (The)

    1,293       40,355  
              10,321,482  

Oil & Gas Services & Equipment — 1.8%

               

Halliburton Company

    35,000       1,097,600  

Helmerich & Payne, Inc.

    25,000       1,076,500  

Nabors Industries Ltd. (a)

    20,000       2,678,000  
              4,852,100  

Materials — 11.6%

               

Construction Materials — 0.3%

               

MDU Resources Group, Inc.

    35,000       944,650  
                 

Metals & Mining — 11.3%

               

Agnico Eagle Mines Ltd.

    120,000       5,491,200  

Alamos Gold, Inc. – Class A

    75,000       526,500  

AngloGold Ashanti Ltd. – ADR

    120,000       1,774,800  

B2Gold Corporation

    150,000       508,500  

Barrick Gold Corporation

    450,000       7,960,500  

Coeur Mining, Inc. (a)

    100,000       304,000  

Compania de Minas Buenaventura S.A.A. – ADR

    50,000       330,000  

Kinross Gold Corporation

    250,000       895,000  

Newmont Corporation

    110,000       6,563,700  

Novagold Resources, Inc. (a)

    50,000       240,500  

Pan American Silver Corporation

    30,000       590,100  

Royal Gold, Inc.

    20,000       2,135,600  

Wheaton Precious Metals Corporation

    50,000       1,801,500  

Yamana Gold, Inc.

    125,000       581,250  
              29,703,150  

 

 

Hussman Strategic Total Return Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 19.7% (continued)

 

Shares

   

Value

 

Real Estate — 0.2%

               

REITs — 0.2%

               

Macerich Company (The)

    20,000     $ 174,200  

Tanger Factory Outlet Centers, Inc.

    20,000       284,400  
              458,600  

Utilities — 2.2%

               

Electric & Gas Marketing & Trading — 0.1%

               

Via Renewables, Inc.

    20,000       153,200  
                 

Electric Utilities — 1.7%

               

AES Corporation (The)

    1,000       21,010  

ALLETE, Inc.

    1,000       58,780  

Ameren Corporation

    100       9,036  

American Electric Power Company, Inc.

    100       9,594  

Avangrid, Inc.

    1,000       46,120  

Avista Corporation

    10,000       435,100  

Black Hills Corporation

    500       36,385  

Consolidated Edison, Inc.

    1,000       95,100  

Constellation Energy Corporation

    3,333       190,848  

Dominion Energy, Inc.

    500       39,905  

DTE Energy Company

    100       12,675  

Duke Energy Corporation

    500       53,605  

Edison International

    500       31,620  

Entergy Corporation

    500       56,320  

Exelon Corporation

    1,000       45,320  

FirstEnergy Corporation

    1,000       38,390  

Hawaiian Electric Industries, Inc.

    1,000       40,900  

NorthWestern Corporation

    1,000       58,930  

NRG Energy, Inc.

    75,000       2,862,750  

Otter Tail Corporation

    1,000       67,130  

Pinnacle West Capital Corporation

    1,000       73,120  

Portland General Electric Company

    1,000       48,330  

PPL Corporation

    1,000       27,130  

Public Service Enterprise Group, Inc.

    500       31,640  

Southern Company (The)

    500       35,655  
              4,425,393  

 

 

Hussman Strategic Total Return Fund
Schedule of Investments (continued)

June 30, 2022

 

COMMON STOCKS — 19.7% (continued)

 

Shares

   

Value

 

Utilities — 2.2% (continued)

               

Gas & Water Utilities — 0.4%

               

Global Water Resources, Inc.

    1,000     $ 13,210  

UGI Corporation

    30,000       1,158,300  
              1,171,510  
                 

Total Common Stocks (Cost $54,696,589)

          $ 52,030,085  

 

EXCHANGE-TRADED FUNDS — 3.2%

 

 

   

 

 

Invesco CurrencyShares British Pound Sterling Trust (a)

    20,000     $ 2,337,200  

Invesco CurrencyShares Euro Currency Trust (a)

    20,000       1,938,200  

Invesco CurrencyShares Japanese Yen Trust (a)

    25,000       1,724,375  

Invesco CurrencyShares Swiss Franc Trust (a)

    5,000       468,987  

iShares Gold Trust (a)

    30,000       1,029,300  

SPDR Gold Shares (a)

    5,000       842,300  

Total Exchange-Traded Funds (Cost $8,585,008)

          $ 8,340,362  

 

U.S. TREASURY OBLIGATIONS — 73.3%

 

Par Value

   

Value

 

U.S. Treasury Bills (b) — 7.6%

               

1.500%, due 08/23/2022

  $ 20,000,000     $ 19,956,766  
                 

U.S. Treasury Inflation-Protected Notes — 13.8%

               

2.500%, due 01/15/2029

    13,463,200       15,019,815  

0.125%, due 01/15/2030

    11,234,900       10,762,942  

0.125%, due 01/15/2031

    11,104,000       10,606,360  
              36,389,117  

U.S. Treasury Notes — 51.9%

               

1.500%, due 08/15/2022

    25,000,000       25,001,734  

2.000%, due 05/31/2024

    25,000,000       24,571,289  

1.375%, due 01/31/2025

    15,000,000       14,402,637  

2.125%, due 05/31/2026

    10,000,000       9,675,195  

1.500%, due 08/15/2026

    25,000,000       23,515,625  

1.500%, due 01/31/2027

    5,000,000       4,675,195  

2.250%, due 11/15/2027

    10,000,000       9,605,078  

0.625%, due 08/15/2030

    10,000,000       8,313,672  

0.875%, due 11/15/2030

    10,000,000       8,466,016  

1.125%, due 02/15/2031

    10,000,000       8,615,625  
              136,842,066  
                 

Total U.S. Treasury Obligations (Cost $200,257,564)

          $ 193,187,949  

 

 

Hussman Strategic Total Return Fund
Schedule of Investments (continued)

June 30, 2022

 

WARRANTS — 0.1%

 

Shares

   

Value

 

Energy — 0.1%

               

Oil & Gas Services & Equipment — 0.1%

               

Nabors Industries Ltd., expires 06/11/2026 (Cost $0)

    8,000     $ 255,840  
                 

Total Investments at Value — 96.3% (Cost $263,539,161)

          $ 253,814,236  

 

MONEY MARKET FUNDS — 3.7%

 

 

   

 

 

Invesco Short-Term Investments Trust – Treasury Portfolio – Institutional Class, 1.36% (c) (Cost $9,770,116)

    9,770,116     $ 9,770,116  
                 

Total Investments and Money Market Funds at Value — 100.0% (Cost $273,309,277)

          $ 263,584,352  
                 

Other Assets in Excess of Liabilities — 0.0% (d)

            103,066  
                 

Net Assets — 100.0%

          $ 263,687,418  

 

ADR – American Depositary Receipt.

(a)

Non-income producing security.

(b)

Rate shown is the annualized yield at time of purchase, not a coupon rate.

(c)

The rate shown is the 7-day effective yield as of June 30, 2022.

(d)

Percentage rounds to less than 0.1%.

See accompanying notes to financial statements.

 

 

Hussman Strategic International Fund
Schedule of Investments

June 30, 2022

 

COMMON STOCKS — 81.7%

 

Shares

   

Value

 

Australia — 5.5%

               

Accent Group Ltd.

    52,000     $ 44,556  

Aurizon Holdings Ltd.

    20,000       52,613  

BHP Group Ltd.

    3,000       85,922