HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS - 113.3% | Shares | Value | ||||||
| Communications - 10.0% | ||||||||
| Cable & Satellite - 0.4% | ||||||||
| Sirius XM Holdings, Inc. | 60,000 | $ | 1,419,000 | |||||
| Entertainment Content - 1.4% | ||||||||
| AppLovin Corporation - Class A (a)(b) | 16,000 | 2,088,800 | ||||||
| Electronic Arts, Inc. | 16,000 | 2,295,040 | ||||||
| 4,383,840 | ||||||||
| Internet Media & Services - 6.0% | ||||||||
| Alphabet, Inc. - Class C (a) | 16,000 | 2,675,040 | ||||||
| DoorDash, Inc. - Class A (b) | 8,000 | 1,141,840 | ||||||
| LifeMD, Inc. (a)(b) | 40,000 | 209,600 | ||||||
| Lyft, Inc. - Class A (a)(b) | 100,000 | 1,275,000 | ||||||
| Meta Platforms, Inc. - Class A | 12,000 | 6,869,280 | ||||||
| Netflix, Inc. (a)(b) | 200 | 141,854 | ||||||
| Shutterstock, Inc. (a) | 40,000 | 1,414,800 | ||||||
| Spotify Technology S.A. (a)(b) | 8,000 | 2,948,240 | ||||||
| TripAdvisor, Inc. (a)(b) | 140,000 | 2,028,600 | ||||||
| 18,704,254 | ||||||||
| Telecommunications - 2.2% | ||||||||
| AST SpaceMobile, Inc. (a)(b) | 120,000 | 3,138,000 | ||||||
| Verizon Communications, Inc. (a) | 80,000 | 3,592,800 | ||||||
| 6,730,800 | ||||||||
| Consumer Discretionary - 22.3% | ||||||||
| Apparel & Textile Products - 3.0% | ||||||||
| Carter's, Inc. | 20,000 | 1,299,600 | ||||||
| Kontoor Brands, Inc. | 20,000 | 1,635,600 | ||||||
| Levi Strauss & Company - Class A (a) | 60,000 | 1,308,000 | ||||||
| Ralph Lauren Corporation (a) | 6,000 | 1,163,220 | ||||||
| Skechers U.S.A., Inc. - Class A (a)(b) | 30,000 | 2,007,600 | ||||||
| Tapestry, Inc. (a) | 40,000 | 1,879,200 | ||||||
| 9,293,220 | ||||||||
| Automobiles - 0.3% | ||||||||
| General Motors Company (a) | 20,000 | 896,800 | ||||||
| Consumer Services - 1.9% | ||||||||
| American Public Education, Inc. (b) | 5,000 | 73,750 | ||||||
| Grand Canyon Education, Inc. (b) | 20,000 | 2,837,000 | ||||||
| Perdoceo Education Corporation (a) | 40,000 | 889,600 | ||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Consumer Discretionary - 22.3% (continued) | ||||||||
| Consumer Services - 1.9% (continued) | ||||||||
| Strategic Education, Inc. (a) | 24,000 | $ | 2,221,200 | |||||
| 6,021,550 | ||||||||
| E-Commerce Discretionary - 1.7% | ||||||||
| Amazon.com, Inc. (b) | 6,000 | 1,117,980 | ||||||
| Etsy, Inc. (b) | 30,000 | 1,665,900 | ||||||
| Revolve Group, Inc. (a)(b) | 100,000 | 2,478,000 | ||||||
| 5,261,880 | ||||||||
| Home & Office Products - 1.2% | ||||||||
| MillerKnoll, Inc. | 80,000 | 1,980,800 | ||||||
| SharkNinja, Inc. (a) | 16,000 | 1,739,360 | ||||||
| 3,720,160 | ||||||||
| Home Construction - 0.6% | ||||||||
| Forestar Group, Inc. (b) | 60,000 | 1,942,200 | ||||||
| Leisure Facilities & Services - 3.0% | ||||||||
| Brinker International, Inc. (b) | 20,000 | 1,530,600 | ||||||
| Dave & Buster's Entertainment, Inc. (b) | 30,000 | 1,021,500 | ||||||
| Planet Fitness, Inc. - Class A (b) | 22,000 | 1,786,840 | ||||||
| Six Flags Entertainment Corporation (a) | 40,000 | 1,612,400 | ||||||
| Sweetgreen, Inc. - Class A (a)(b) | 100,000 | 3,545,000 | ||||||
| 9,496,340 | ||||||||
| Retail - Discretionary - 10.3% | ||||||||
| Advance Auto Parts, Inc. | 70,000 | 2,729,300 | ||||||
| American Eagle Outfitters, Inc. (a) | 100,000 | 2,239,000 | ||||||
| Buckle, Inc. (The) | 80,000 | 3,517,600 | ||||||
| Dick's Sporting Goods, Inc. | 10,000 | 2,087,000 | ||||||
| Gap, Inc. (The) (a) | 140,000 | 3,087,000 | ||||||
| Guess?, Inc. (a) | 100,000 | 2,013,000 | ||||||
| Kohl's Corporation | 60,000 | 1,266,000 | ||||||
| lululemon athletica, inc. (b) | 8,000 | 2,170,800 | ||||||
| Macy's, Inc. | 200,000 | 3,138,000 | ||||||
| Nordstrom, Inc. (a) | 60,000 | 1,349,400 | ||||||
| Sally Beauty Holdings, Inc. (b) | 160,000 | 2,171,200 | ||||||
| Ulta Beauty, Inc. (a)(b) | 3,000 | 1,167,360 | ||||||
| Urban Outfitters, Inc. (a)(b) | 80,000 | 3,064,800 | ||||||
| Williams-Sonoma, Inc. (a) | 14,000 | 2,168,880 | ||||||
| 32,169,340 | ||||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Consumer Discretionary - 22.3% (continued) | ||||||||
| Wholesale - Discretionary - 0.3% | ||||||||
| ScanSource, Inc. (a)(b) | 16,000 | $ | 768,480 | |||||
| Consumer Staples - 13.0% | ||||||||
| Beverages - 1.2% | ||||||||
| Coca-Cola Company (The) (a) | 10,000 | 718,600 | ||||||
| PepsiCo, Inc. | 18,000 | 3,060,900 | ||||||
| 3,779,500 | ||||||||
| Food - 7.9% | ||||||||
| BellRing Brands, Inc. (b) | 20,000 | 1,214,400 | ||||||
| Campbell Soup Company | 60,000 | 2,935,200 | ||||||
| Flowers Foods, Inc. | 100,000 | 2,307,000 | ||||||
| Fresh Del Monte Produce, Inc. (a) | 20,000 | 590,800 | ||||||
| General Mills, Inc. | 30,000 | 2,215,500 | ||||||
| Hershey Company (The) (a) | 20,000 | 3,835,600 | ||||||
| Ingredion, Inc. (a) | 20,000 | 2,748,600 | ||||||
| J.M. Smucker Company (The) (a) | 20,000 | 2,422,000 | ||||||
| Kraft Heinz Company (The) (a) | 20,000 | 702,200 | ||||||
| Post Holdings, Inc. (a)(b) | 8,000 | 926,000 | ||||||
| Utz Brands, Inc. (a) | 60,000 | 1,062,000 | ||||||
| Vital Farms, Inc. (a)(b) | 100,000 | 3,507,000 | ||||||
| 24,466,300 | ||||||||
| Household Products - 1.5% | ||||||||
| Colgate-Palmolive Company | 24,000 | 2,491,440 | ||||||
| Kimberly-Clark Corporation (a) | 16,000 | 2,276,480 | ||||||
| 4,767,920 | ||||||||
| Retail - Consumer Staples - 2.4% | ||||||||
| Dollar General Corporation | 20,000 | 1,691,400 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. (a) | 80,000 | 2,375,200 | ||||||
| Target Corporation (a) | 10,000 | 1,558,600 | ||||||
| Walgreens Boots Alliance, Inc. (a) | 200,000 | 1,792,000 | ||||||
| 7,417,200 | ||||||||
| Energy - 3.4% | ||||||||
| Oil & Gas Producers - 1.8% | ||||||||
| CVR Energy, Inc. (a) | 60,000 | 1,381,800 | ||||||
| Diamondback Energy, Inc. | 10,000 | 1,724,000 | ||||||
| Marathon Petroleum Corporation (a) | 6,000 | 977,460 | ||||||
| Phillips 66 | 10,000 | 1,314,500 | ||||||
| 5,397,760 | ||||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Energy - 3.4% (continued) | ||||||||
| Renewable Energy - 1.6% | ||||||||
| Array Technologies, Inc. (b) | 200,000 | $ | 1,320,000 | |||||
| Canadian Solar, Inc. (b) | 140,000 | 2,346,400 | ||||||
| SolarEdge Technologies, Inc. (a)(b) | 60,000 | 1,374,600 | ||||||
| 5,041,000 | ||||||||
| Financials - 9.5% | ||||||||
| Banking - 7.4% | ||||||||
| Associated Banc-Corp | 100,000 | 2,154,000 | ||||||
| BankUnited, Inc. | 30,000 | 1,093,200 | ||||||
| Citigroup, Inc. (a) | 40,000 | 2,504,000 | ||||||
| Customers Bancorp, Inc. (a)(b) | 60,000 | 2,787,000 | ||||||
| Hope Bancorp, Inc. | 60,000 | 753,600 | ||||||
| JPMorgan Chase & Company | 8,000 | 1,686,880 | ||||||
| KeyCorp | 60,000 | 1,005,000 | ||||||
| Merchants Bancorp (a) | 60,000 | 2,697,600 | ||||||
| UMB Financial Corporation (a) | 30,000 | 3,153,300 | ||||||
| Wells Fargo & Company (a) | 40,000 | 2,259,600 | ||||||
| Western Alliance Bancorp (a) | 14,000 | 1,210,860 | ||||||
| Zions Bancorporation, N.A. (a) | 40,000 | 1,888,800 | ||||||
| 23,193,840 | ||||||||
| Institutional Financial Services - 0.3% | ||||||||
| StoneX Group, Inc. (a)(b) | 10,000 | 818,800 | ||||||
| Insurance - 0.6% | ||||||||
| Unum Group (a) | 30,000 | 1,783,200 | ||||||
| Specialty Finance - 1.2% | ||||||||
| Ally Financial, Inc. (a) | 60,000 | 2,135,400 | ||||||
| Discover Financial Services (a) | 12,000 | 1,683,480 | ||||||
| 3,818,880 | ||||||||
| Health Care - 22.4% | ||||||||
| Biotech & Pharma - 15.6% | ||||||||
| Amgen, Inc. (a) | 10,000 | 3,222,100 | ||||||
| Amneal Pharmaceuticals, Inc. (b) | 200,000 | 1,664,000 | ||||||
| Ardelyx, Inc. (b) | 340,000 | 2,342,600 | ||||||
| Biogen, Inc. (b) | 6,000 | 1,163,040 | ||||||
| C4 Therapeutics, Inc. (b) | 40,000 | 228,000 | ||||||
| Catalyst Pharmaceuticals, Inc. (a)(b) | 100,000 | 1,988,000 | ||||||
| Collegium Pharmaceutical, Inc. (b) | 40,000 | 1,545,600 | ||||||
| Corcept Therapeutics, Inc. (b) | 40,000 | 1,851,200 | ||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Health Care - 22.4% (continued) | ||||||||
| Biotech & Pharma - 15.6% (continued) | ||||||||
| Eli Lilly & Company (a) | 1,400 | $ | 1,240,316 | |||||
| Exelixis, Inc. (a)(b) | 120,000 | 3,114,000 | ||||||
| GeneDx Holdings Corporation (b) | 60,000 | 2,546,400 | ||||||
| Halozyme Therapeutics, Inc. (b) | 40,000 | 2,289,600 | ||||||
| Harmony Biosciences Holdings, Inc. (a)(b) | 60,000 | 2,400,000 | ||||||
| Innoviva, Inc. (b) | 120,000 | 2,317,200 | ||||||
| Iovance Biotherapeutics, Inc. (b) | 140,000 | 1,314,600 | ||||||
| Kiniksa Pharmaceuticals International plc (a)(b) | 80,000 | 1,999,200 | ||||||
| Neurocrine Biosciences, Inc. (b) | 30,000 | 3,456,600 | ||||||
| Novavax, Inc. (b) | 80,000 | 1,010,400 | ||||||
| Novo Nordisk A/S - ADR | 48,000 | 5,715,360 | ||||||
| Pacira BioSciences, Inc. (a)(b) | 20,000 | 301,000 | ||||||
| Praxis Precision Medicines, Inc. (a)(b) | 20,000 | 1,150,800 | ||||||
| TG Therapeutics, Inc. (a)(b) | 100,000 | 2,339,000 | ||||||
| United Therapeutics Corporation (a)(b) | 6,000 | 2,150,100 | ||||||
| Vertex Pharmaceuticals, Inc. (a)(b) | 3,000 | 1,395,240 | ||||||
| 48,744,356 | ||||||||
| Health Care Facilities & Services - 4.4% | ||||||||
| CVS Health Corporation | 60,000 | 3,772,800 | ||||||
| DaVita, Inc. (b) | 8,000 | 1,311,440 | ||||||
| HCA Healthcare, Inc. | 6,000 | 2,438,580 | ||||||
| Medpace Holdings, Inc. (a)(b) | 4,000 | 1,335,200 | ||||||
| Patterson Companies, Inc. | 100,000 | 2,184,000 | ||||||
| Progyny, Inc. (b) | 100,000 | 1,676,000 | ||||||
| Universal Health Services, Inc. - Class B (a) | 4,000 | 916,040 | ||||||
| 13,634,060 | ||||||||
| Medical Equipment & Devices - 2.4% | ||||||||
| DexCom, Inc. (a)(b) | 40,000 | 2,681,600 | ||||||
| Embecta Corporation (a) | 60,000 | 846,000 | ||||||
| Exact Sciences Corporation (a)(b) | 16,000 | 1,089,920 | ||||||
| Integra LifeSciences Holdings Corporation (a)(b) | 140,000 | 2,543,800 | ||||||
| Zynex, Inc. (a)(b) | 40,000 | 326,400 | ||||||
| 7,487,720 | ||||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Industrials - 6.6% | ||||||||
| Commercial Support Services - 1.2% | ||||||||
| Cimpress plc (a)(b) | 30,000 | $ | 2,457,600 | |||||
| H&R Block, Inc. | 20,000 | 1,271,000 | ||||||
| 3,728,600 | ||||||||
| Electrical Equipment - 2.9% | ||||||||
| Alarm.com Holdings, Inc. (a)(b) | 20,000 | 1,093,400 | ||||||
| Allegion plc (a) | 12,000 | 1,748,880 | ||||||
| American Superconductor Corporation (a)(b) | 100,000 | 2,360,000 | ||||||
| NEXTracker, Inc. - Class A (a)(b) | 80,000 | 2,998,400 | ||||||
| Select Water Solutions, Inc. | 80,000 | 890,400 | ||||||
| 9,091,080 | ||||||||
| Engineering & Construction - 0.8% | ||||||||
| Dycom Industries, Inc. (a)(b) | 6,000 | 1,182,600 | ||||||
| Primoris Services Corporation (a) | 20,000 | 1,161,600 | ||||||
| 2,344,200 | ||||||||
| Transportation & Logistics - 1.1% | ||||||||
| Costamare, Inc. (a) | 30,000 | 471,600 | ||||||
| Dorian LPG Ltd. (a) | 40,000 | 1,376,800 | ||||||
| Golden Ocean Group Ltd. (a) | 120,000 | 1,605,600 | ||||||
| 3,454,000 | ||||||||
| Transportation Equipment - 0.6% | ||||||||
| Allison Transmission Holdings, Inc. (a) | 20,000 | 1,921,400 | ||||||
| Materials - 6.2% | ||||||||
| Metals & Mining - 6.2% | ||||||||
| Agnico Eagle Mines Ltd. | 50,000 | 4,028,000 | ||||||
| Alamos Gold, Inc. - Class A | 50,000 | 997,000 | ||||||
| Anglogold Ashanti plc (a) | 50,000 | 1,331,500 | ||||||
| Barrick Gold Corporation (a) | 250,000 | 4,972,500 | ||||||
| Cleveland-Cliffs, Inc. (b) | 100,000 | 1,277,000 | ||||||
| Hecla Mining Company | 50,000 | 333,500 | ||||||
| Kinross Gold Corporation | 70,000 | 655,200 | ||||||
| Newmont Corporation (a) | 70,000 | 3,741,500 | ||||||
| Pan American Silver Corporation | 50,000 | 1,043,500 | ||||||
| Royal Gold, Inc. (a) | 7,000 | 982,100 | ||||||
| 19,361,800 | ||||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||
| Real Estate - 0.3% | ||||||||
| Real Estate Owners & Developers - 0.3% | ||||||||
| Janus International Group, Inc. (a)(b) | 100,000 | $ | 1,011,000 | |||||
| Technology - 18.1% | ||||||||
| Semiconductors - 5.3% | ||||||||
| ACM Research, Inc. - Class A (a)(b) | 200,000 | 4,060,000 | ||||||
| Applied Materials, Inc. | 1,000 | 202,050 | ||||||
| Cirrus Logic, Inc. (b) | 14,000 | 1,738,940 | ||||||
| Intel Corporation (a) | 140,000 | 3,284,400 | ||||||
| NVIDIA Corporation (a) | 2,000 | 242,880 | ||||||
| QUALCOMM, Inc. (a) | 36,000 | 6,121,800 | ||||||
| Wolfspeed, Inc. (a)(b) | 100,000 | 970,000 | ||||||
| 16,620,070 | ||||||||
| Software - 6.3% | ||||||||
| Adobe, Inc. (b) | 200 | 103,556 | ||||||
| Bandwidth, Inc. - Class A (b) | 120,000 | 2,101,200 | ||||||
| Check Point Software Technologies Ltd. (a)(b) | 14,000 | 2,699,340 | ||||||
| Elastic N.V. (a)(b) | 40,000 | 3,070,400 | ||||||
| Gen Digital, Inc. | 40,000 | 1,097,200 | ||||||
| GigaCloud Technology, Inc. - Class A (a)(b) | 160,000 | 3,676,800 | ||||||
| Immersion Corporation | 150,000 | 1,338,000 | ||||||
| IonQ, Inc. (a)(b) | 400,000 | 3,496,000 | ||||||
| Microsoft Corporation | 200 | 86,060 | ||||||
| Qualys, Inc. (a)(b) | 16,000 | 2,055,360 | ||||||
| 19,723,916 | ||||||||
| Technology Hardware - 5.2% | ||||||||
| Apple, Inc. (a) | 200 | 46,600 | ||||||
| Benchmark Electronics, Inc. | 20,000 | 886,400 | ||||||
| Dell Technologies, Inc. - Class C (a) | 14,000 | 1,659,560 | ||||||
| F5, Inc. (a)(b) | 10,000 | 2,202,000 | ||||||
| Flex Ltd. (a)(b) | 30,000 | 1,002,900 | ||||||
| InterDigital, Inc. | 24,000 | 3,399,120 | ||||||
| NetApp, Inc. (a) | 20,000 | 2,470,200 | ||||||
| Super Micro Computer, Inc. (a)(b) | 3,000 | 1,249,200 | ||||||
| Ubiquiti, Inc. (a) | 14,000 | 3,104,080 | ||||||
| 16,020,060 | ||||||||
| Technology Services - 1.3% | ||||||||
| Infosys Ltd. - ADR (a) | 100,000 | 2,227,000 | ||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 113.3% (continued) | Shares | Value | ||||||||||
| Technology - 18.1% (continued) | ||||||||||||
| Technology Services - 1.3% (continued) | ||||||||||||
| Pagseguro Digital Ltd. - Class A (a)(b) | 200,000 | $ | 1,722,000 | |||||||||
| TaskUS, Inc. - Class A (a)(b) | 10,000 | 129,200 | ||||||||||
| 4,078,200 | ||||||||||||
| Utilities - 1.5% | ||||||||||||
| Electric Utilities - 0.9% | ||||||||||||
| NRG Energy, Inc. (a) | 30,000 | 2,733,000 | ||||||||||
| Water Utilities - 0.6% | ||||||||||||
| Consolidated Water Company Ltd. (a) | 80,000 | 2,016,800 | ||||||||||
| Total Common Stocks (Cost $334,406,931) | $ | 353,262,526 | ||||||||||
| 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) | 8,000 | $ | 43,280 | |||||||||
| EXCHANGE-TRADED PUT OPTION CONTRACTS - 2.4% | Contracts | Notional Amount | Value | |||||||||
| Russell 2000® Index Option, 11/15/2024 at $2,200 | 670 | $ | 149,407,990 | $ | 3,872,600 | |||||||
| S&P 500® Index Option, 11/15/2024 at $5,750 | 350 | 201,686,800 | 3,703,000 | |||||||||
| Total Put Option Contracts (Cost $7,971,889) | $ | 351,094,790 | $ | 7,575,600 | ||||||||
| Total Investments at Value - 115.7% (Cost $342,378,820) | $ | 360,881,406 | ||||||||||
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
| MONEY MARKET FUNDS - 44.4% | Shares | Value | ||||||
| Invesco Treasury Portfolio - Institutional Class, 4.79% (d) (Cost $138,458,577) | 138,458,577 | $ | 138,458,577 | |||||
| Total Investments and Money Market Funds at Value - 160.1% (Cost $480,837,397) | $ | 499,339,983 | ||||||
| Written Call Option Contracts – (60.1%) | (187,370,250 | ) | ||||||
| Liabilities in Excess of Other Assets – (0.0%) (c) | (55,508 | ) | ||||||
| Net Assets – 100.0% | $ | 311,914,225 | ||||||
ADR - American Depositary Receipt.
| (a) | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of September 30, 2024 was $350,049,186. |
| (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 September 30, 2024. |
The average monthly notional value of exchange-traded put option contracts during the three months ended September 30, 2024 was $388,153,530.
HUSSMAN STRATEGIC GROWTH FUND
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
September 30, 2024 (Unaudited)
| EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS | Contracts | Notional Amount | Strike Price | Expiration Date | Value of Options | |||||||||||||
| Call Option Contracts | ||||||||||||||||||
| Russell 2000® Index Option | 670 | $ | 149,407,990 | $ | 1,200 | 12/20/2024 | $ | 69,391,900 | ||||||||||
| S&P 500® Index Option | 350 | 201,686,800 | 2,400 | 12/20/2024 | 117,978,350 | |||||||||||||
| Total Written Call Option Contracts (Premiums received $167,355,214) | $ | 351,094,790 | $ | 187,370,250 | ||||||||||||||
The average monthly notional value of exchange-traded written call option contracts during the three months ended September 30, 2024 was $388,153,530.
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS - 64.4% | Shares | Value | ||||||
| Communications - 5.7% | ||||||||
| Cable & Satellite - 0.3% | ||||||||
| Sirius XM Holdings, Inc. (a) | 3,000 | $ | 70,950 | |||||
| Entertainment Content - 0.8% | ||||||||
| AppLovin Corporation - Class A (a)(b) | 800 | 104,440 | ||||||
| Electronic Arts, Inc. (a) | 800 | 114,752 | ||||||
| 219,192 | ||||||||
| Internet Media & Services - 3.4% | ||||||||
| Alphabet, Inc. - Class C (a) | 800 | 133,752 | ||||||
| DoorDash, Inc. - Class A (a)(b) | 400 | 57,092 | ||||||
| LifeMD, Inc. (b) | 2,000 | 10,480 | ||||||
| Lyft, Inc. - Class A (a)(b) | 5,000 | 63,750 | ||||||
| Meta Platforms, Inc. - Class A (a) | 600 | 343,464 | ||||||
| Netflix, Inc. (b) | 10 | 7,093 | ||||||
| Shutterstock, Inc. (a) | 2,000 | 70,740 | ||||||
| Spotify Technology S.A. (a)(b) | 400 | 147,412 | ||||||
| TripAdvisor, Inc. (a)(b) | 7,000 | 101,430 | ||||||
| 935,213 | ||||||||
| Telecommunications - 1.2% | ||||||||
| AST SpaceMobile, Inc. (a)(b) | 6,000 | 156,900 | ||||||
| Verizon Communications, Inc. | 4,000 | 179,640 | ||||||
| 336,540 | ||||||||
| Consumer Discretionary - 12.7% | ||||||||
| Apparel & Textile Products - 1.7% | ||||||||
| Carter's, Inc. (a) | 1,000 | 64,980 | ||||||
| Kontoor Brands, Inc. (a) | 1,000 | 81,780 | ||||||
| Levi Strauss & Company - Class A (a) | 3,000 | 65,400 | ||||||
| Ralph Lauren Corporation (a) | 300 | 58,161 | ||||||
| Skechers U.S.A., Inc. - Class A (a)(b) | 1,500 | 100,380 | ||||||
| Tapestry, Inc. | 2,000 | 93,960 | ||||||
| 464,661 | ||||||||
| Automobiles - 0.2% | ||||||||
| General Motors Company (a) | 1,000 | 44,840 | ||||||
| Consumer Services - 1.1% | ||||||||
| American Public Education, Inc. (b) | 250 | 3,687 | ||||||
| Grand Canyon Education, Inc. (a)(b) | 1,000 | 141,850 | ||||||
| Perdoceo Education Corporation (a) | 2,000 | 44,480 | ||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Consumer Discretionary - 12.7% (continued) | ||||||||
| Consumer Services - 1.1% (continued) | ||||||||
| Strategic Education, Inc. (a) | 1,200 | $ | 111,060 | |||||
| 301,077 | ||||||||
| E-Commerce Discretionary - 1.0% | ||||||||
| Amazon.com, Inc. (a)(b) | 300 | 55,899 | ||||||
| Etsy, Inc. (a)(b) | 1,500 | 83,295 | ||||||
| Revolve Group, Inc. (a)(b) | 5,000 | 123,900 | ||||||
| 263,094 | ||||||||
| Home & Office Products - 0.7% | ||||||||
| MillerKnoll, Inc. (a) | 4,000 | 99,040 | ||||||
| SharkNinja, Inc. (a) | 800 | 86,968 | ||||||
| 186,008 | ||||||||
| Home Construction - 0.3% | ||||||||
| Forestar Group, Inc. (a)(b) | 3,000 | 97,110 | ||||||
| Leisure Facilities & Services - 1.7% | ||||||||
| Brinker International, Inc. (a)(b) | 1,000 | 76,530 | ||||||
| Dave & Buster's Entertainment, Inc. (a)(b) | 1,500 | 51,075 | ||||||
| Planet Fitness, Inc. - Class A (a)(b) | 1,100 | 89,342 | ||||||
| Six Flags Entertainment Corporation (a) | 2,000 | 80,620 | ||||||
| Sweetgreen, Inc. - Class A (a)(b) | 5,000 | 177,250 | ||||||
| 474,817 | ||||||||
| Retail - Discretionary - 5.9% | ||||||||
| Advance Auto Parts, Inc. (a) | 3,500 | 136,465 | ||||||
| American Eagle Outfitters, Inc. (a) | 5,000 | 111,950 | ||||||
| Buckle, Inc. (The) (a) | 4,000 | 175,880 | ||||||
| Dick's Sporting Goods, Inc. (a) | 500 | 104,350 | ||||||
| Gap, Inc. (The) (a) | 7,000 | 154,350 | ||||||
| Guess?, Inc. (a) | 5,000 | 100,650 | ||||||
| Kohl's Corporation (a) | 3,000 | 63,300 | ||||||
| lululemon athletica, inc. (a)(b) | 400 | 108,540 | ||||||
| Macy's, Inc. (a) | 10,000 | 156,900 | ||||||
| Nordstrom, Inc. (a) | 3,000 | 67,470 | ||||||
| Sally Beauty Holdings, Inc. (a)(b) | 8,000 | 108,560 | ||||||
| Ulta Beauty, Inc. (a)(b) | 150 | 58,368 | ||||||
| Urban Outfitters, Inc. (a)(b) | 4,000 | 153,240 | ||||||
| Williams-Sonoma, Inc. (a) | 700 | 108,444 | ||||||
| 1,608,467 | ||||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Consumer Discretionary - 12.7% (continued) | ||||||||
| Wholesale - Discretionary - 0.1% | ||||||||
| ScanSource, Inc. (a)(b) | 800 | $ | 38,424 | |||||
| Consumer Staples - 7.4% | ||||||||
| Beverages - 0.7% | ||||||||
| Coca-Cola Company (The) | 500 | 35,930 | ||||||
| PepsiCo, Inc. (a) | 900 | 153,045 | ||||||
| 188,975 | ||||||||
| Food - 4.5% | ||||||||
| BellRing Brands, Inc. (a)(b) | 1,000 | 60,720 | ||||||
| Campbell Soup Company (a) | 3,000 | 146,760 | ||||||
| Flowers Foods, Inc. (a) | 5,000 | 115,350 | ||||||
| Fresh Del Monte Produce, Inc. (a) | 1,000 | 29,540 | ||||||
| General Mills, Inc. (a) | 1,500 | 110,775 | ||||||
| Hershey Company (The) (a) | 1,000 | 191,780 | ||||||
| Ingredion, Inc. (a) | 1,000 | 137,430 | ||||||
| J.M. Smucker Company (The) (a) | 1,000 | 121,100 | ||||||
| Kraft Heinz Company (The) | 1,000 | 35,110 | ||||||
| Post Holdings, Inc. (a)(b) | 400 | 46,300 | ||||||
| Utz Brands, Inc. (a) | 3,000 | 53,100 | ||||||
| Vital Farms, Inc. (a)(b) | 5,000 | 175,350 | ||||||
| 1,223,315 | ||||||||
| Household Products - 0.9% | ||||||||
| Colgate-Palmolive Company (a) | 1,200 | 124,572 | ||||||
| Kimberly-Clark Corporation (a) | 800 | 113,824 | ||||||
| 238,396 | ||||||||
| Retail - Consumer Staples - 1.3% | ||||||||
| Dollar General Corporation (a) | 1,000 | 84,570 | ||||||
| Natural Grocers by Vitamin Cottage, Inc. (a) | 4,000 | 118,760 | ||||||
| Target Corporation (a) | 500 | 77,930 | ||||||
| Walgreens Boots Alliance, Inc. | 10,000 | 89,600 | ||||||
| 370,860 | ||||||||
| Energy - 1.9% | ||||||||
| Oil & Gas Producers - 1.0% | ||||||||
| CVR Energy, Inc. (a) | 3,000 | 69,090 | ||||||
| Diamondback Energy, Inc. (a) | 500 | 86,200 | ||||||
| Marathon Petroleum Corporation (a) | 300 | 48,873 | ||||||
| Phillips 66 (a) | 500 | 65,725 | ||||||
| 269,888 | ||||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Energy - 1.9% (continued) | ||||||||
| Renewable Energy - 0.9% | ||||||||
| Array Technologies, Inc. (a)(b) | 10,000 | $ | 66,000 | |||||
| Canadian Solar, Inc. (a)(b) | 7,000 | 117,320 | ||||||
| SolarEdge Technologies, Inc. (a)(b) | 3,000 | 68,730 | ||||||
| 252,050 | ||||||||
| Financials - 5.4% | ||||||||
| Banking - 4.2% | ||||||||
| Associated Banc-Corp (a) | 5,000 | 107,700 | ||||||
| BankUnited, Inc. (a) | 1,500 | 54,660 | ||||||
| Citigroup, Inc. (a) | 2,000 | 125,200 | ||||||
| Customers Bancorp, Inc. (a)(b) | 3,000 | 139,350 | ||||||
| Hope Bancorp, Inc. (a) | 3,000 | 37,680 | ||||||
| JPMorgan Chase & Company (a) | 400 | 84,344 | ||||||
| KeyCorp (a) | 3,000 | 50,250 | ||||||
| Merchants Bancorp (a) | 3,000 | 134,880 | ||||||
| UMB Financial Corporation (a) | 1,500 | 157,665 | ||||||
| Wells Fargo & Company (a) | 2,000 | 112,980 | ||||||
| Western Alliance Bancorp (a) | 700 | 60,543 | ||||||
| Zions Bancorporation, N.A. (a) | 2,000 | 94,440 | ||||||
| 1,159,692 | ||||||||
| Institutional Financial Services - 0.2% | ||||||||
| StoneX Group, Inc. (b) | 500 | 40,940 | ||||||
| Insurance - 0.3% | ||||||||
| Unum Group | 1,500 | 89,160 | ||||||
| Specialty Finance - 0.7% | ||||||||
| Ally Financial, Inc. (a) | 3,000 | 106,770 | ||||||
| Discover Financial Services (a) | 600 | 84,174 | ||||||
| 190,944 | ||||||||
| Health Care - 12.7% | ||||||||
| Biotech & Pharma - 8.9% | ||||||||
| Amgen, Inc. (a) | 500 | 161,105 | ||||||
| Amneal Pharmaceuticals, Inc. (a)(b) | 10,000 | 83,200 | ||||||
| Ardelyx, Inc. (a)(b) | 17,000 | 117,130 | ||||||
| Biogen, Inc. (a)(b) | 300 | 58,152 | ||||||
| C4 Therapeutics, Inc. (b) | 2,000 | 11,400 | ||||||
| Catalyst Pharmaceuticals, Inc. (a)(b) | 5,000 | 99,400 | ||||||
| Collegium Pharmaceutical, Inc. (a)(b) | 2,000 | 77,280 | ||||||
| Corcept Therapeutics, Inc. (a)(b) | 2,000 | 92,560 | ||||||
| Eli Lilly & Company (a) | 70 | 62,016 | ||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Health Care - 12.7% (continued) | ||||||||
| Biotech & Pharma - 8.9% (continued) | ||||||||
| Exelixis, Inc. (a)(b) | 6,000 | $ | 155,700 | |||||
| GeneDx Holdings Corporation (a)(b) | 3,000 | 127,320 | ||||||
| Halozyme Therapeutics, Inc. (a)(b) | 2,000 | 114,480 | ||||||
| Harmony Biosciences Holdings, Inc. (a)(b) | 3,000 | 120,000 | ||||||
| Innoviva, Inc. (a)(b) | 6,000 | 115,860 | ||||||
| Iovance Biotherapeutics, Inc. (a)(b) | 7,000 | 65,730 | ||||||
| Kiniksa Pharmaceuticals International plc (a)(b) | 4,000 | 99,960 | ||||||
| Neurocrine Biosciences, Inc. (a)(b) | 1,500 | 172,830 | ||||||
| Novavax, Inc. (a)(b) | 4,000 | 50,520 | ||||||
| Novo Nordisk A/S - ADR (a) | 2,400 | 285,768 | ||||||
| Pacira BioSciences, Inc. (a)(b) | 1,000 | 15,050 | ||||||
| Praxis Precision Medicines, Inc. (a)(b) | 1,000 | 57,540 | ||||||
| TG Therapeutics, Inc. (a)(b) | 5,000 | 116,950 | ||||||
| United Therapeutics Corporation (a)(b) | 300 | 107,505 | ||||||
| Vertex Pharmaceuticals, Inc. (a)(b) | 150 | 69,762 | ||||||
| 2,437,218 | ||||||||
| Health Care Facilities & Services - 2.5% | ||||||||
| CVS Health Corporation (a) | 3,000 | 188,640 | ||||||
| DaVita, Inc. (a)(b) | 400 | 65,572 | ||||||
| HCA Healthcare, Inc. (a) | 300 | 121,929 | ||||||
| Medpace Holdings, Inc. (a)(b) | 200 | 66,760 | ||||||
| Patterson Companies, Inc. (a) | 5,000 | 109,200 | ||||||
| Progyny, Inc. (b) | 5,000 | 83,800 | ||||||
| Universal Health Services, Inc. - Class B (a) | 200 | 45,802 | ||||||
| 681,703 | ||||||||
| Medical Equipment & Devices - 1.3% | ||||||||
| DexCom, Inc. (a)(b) | 2,000 | 134,080 | ||||||
| Embecta Corporation (a) | 3,000 | 42,300 | ||||||
| Exact Sciences Corporation (a)(b) | 800 | 54,496 | ||||||
| Integra LifeSciences Holdings Corporation (a)(b) | 7,000 | 127,190 | ||||||
| Zynex, Inc. (b) | 2,000 | 16,320 | ||||||
| 374,386 | ||||||||
| Industrials - 3.7% | ||||||||
| Commercial Support Services - 0.7% | ||||||||
| Cimpress plc (a)(b) | 1,500 | 122,880 | ||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Industrials - 3.7% (continued) | ||||||||
| Commercial Support Services - 0.7% (continued) | ||||||||
| H&R Block, Inc. (a) | 1,000 | $ | 63,550 | |||||
| 186,430 | ||||||||
| Electrical Equipment - 1.7% | ||||||||
| Alarm.com Holdings, Inc. (a)(b) | 1,000 | 54,670 | ||||||
| Allegion plc (a) | 600 | 87,444 | ||||||
| American Superconductor Corporation (a)(b) | 5,000 | 118,000 | ||||||
| NEXTracker, Inc. - Class A (a)(b) | 4,000 | 149,920 | ||||||
| Select Water Solutions, Inc. | 4,000 | 44,520 | ||||||
| 454,554 | ||||||||
| Engineering & Construction - 0.4% | ||||||||
| Dycom Industries, Inc. (a)(b) | 300 | 59,130 | ||||||
| Primoris Services Corporation (a) | 1,000 | 58,080 | ||||||
| 117,210 | ||||||||
| Transportation & Logistics - 0.6% | ||||||||
| Costamare, Inc. (a) | 1,500 | 23,580 | ||||||
| Dorian LPG Ltd. (a) | 2,000 | 68,840 | ||||||
| Golden Ocean Group Ltd. (a) | 6,000 | 80,280 | ||||||
| 172,700 | ||||||||
| Transportation Equipment - 0.3% | ||||||||
| Allison Transmission Holdings, Inc. (a) | 1,000 | 96,070 | ||||||
| Materials - 3.5% | ||||||||
| Metals & Mining - 3.5% | ||||||||
| Agnico Eagle Mines Ltd. | 2,500 | 201,400 | ||||||
| Alamos Gold, Inc. - Class A | 2,500 | 49,850 | ||||||
| Anglogold Ashanti plc (a) | 2,500 | 66,575 | ||||||
| Barrick Gold Corporation | 12,500 | 248,625 | ||||||
| Cleveland-Cliffs, Inc. (a)(b) | 5,000 | 63,850 | ||||||
| Hecla Mining Company | 2,500 | 16,675 | ||||||
| Kinross Gold Corporation | 3,500 | 32,760 | ||||||
| Newmont Corporation | 3,500 | 187,075 | ||||||
| Pan American Silver Corporation | 2,500 | 52,175 | ||||||
| Royal Gold, Inc. | 350 | 49,105 | ||||||
| 968,090 | ||||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Real Estate - 0.2% | ||||||||
| Real Estate Owners & Developers - 0.2% | ||||||||
| Janus International Group, Inc. (a)(b) | 5,000 | $ | 50,550 | |||||
| Technology - 10.3% | ||||||||
| Semiconductors - 3.0% | ||||||||
| ACM Research, Inc. - Class A (b) | 10,000 | 203,000 | ||||||
| Applied Materials, Inc. | 50 | 10,102 | ||||||
| Cirrus Logic, Inc. (a)(b) | 700 | 86,947 | ||||||
| Intel Corporation (a) | 7,000 | 164,220 | ||||||
| NVIDIA Corporation | 100 | 12,144 | ||||||
| QUALCOMM, Inc. | 1,800 | 306,090 | ||||||
| Wolfspeed, Inc. (a)(b) | 5,000 | 48,500 | ||||||
| 831,003 | ||||||||
| Software - 3.6% | ||||||||
| Adobe, Inc. (b) | 10 | 5,178 | ||||||
| Bandwidth, Inc. - Class A (a)(b) | 6,000 | 105,060 | ||||||
| Check Point Software Technologies Ltd. (a)(b) | 700 | 134,967 | ||||||
| Elastic N.V. (a)(b) | 2,000 | 153,520 | ||||||
| Gen Digital, Inc. (a) | 2,000 | 54,860 | ||||||
| GigaCloud Technology, Inc. - Class A (a)(b) | 8,000 | 183,840 | ||||||
| Immersion Corporation (a) | 7,500 | 66,900 | ||||||
| IonQ, Inc. (a)(b) | 20,000 | 174,800 | ||||||
| Microsoft Corporation (a) | 10 | 4,303 | ||||||
| Qualys, Inc. (a)(b) | 800 | 102,768 | ||||||
| 986,196 | ||||||||
| Technology Hardware - 2.9% | ||||||||
| Apple, Inc. | 10 | 2,330 | ||||||
| Benchmark Electronics, Inc. (a) | 1,000 | 44,320 | ||||||
| Dell Technologies, Inc. - Class C (a) | 700 | 82,978 | ||||||
| F5, Inc. (a)(b) | 500 | 110,100 | ||||||
| Flex Ltd. (a)(b) | 1,500 | 50,145 | ||||||
| InterDigital, Inc. (a) | 1,200 | 169,956 | ||||||
| NetApp, Inc. (a) | 1,000 | 123,510 | ||||||
| Super Micro Computer, Inc. (a)(b) | 150 | 62,460 | ||||||
| Ubiquiti, Inc. (a) | 700 | 155,204 | ||||||
| 801,003 | ||||||||
| Technology Services - 0.8% | ||||||||
| Infosys Ltd. - ADR (a) | 5,000 | 111,350 | ||||||
| Pagseguro Digital Ltd. - Class A (a)(b) | 10,000 | 86,100 | ||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 64.4% (continued) | Shares | Value | ||||||
| Technology - 10.3% (continued) | ||||||||
| Technology Services - 0.8% (continued) | ||||||||
| TaskUS, Inc. - Class A (b) | 500 | $ | 6,460 | |||||
| 203,910 | ||||||||
| Utilities - 0.9% | ||||||||
| Electric Utilities - 0.5% | ||||||||
| NRG Energy, Inc. (a) | 1,500 | 136,650 | ||||||
| Water Utilities - 0.4% | ||||||||
| Consolidated Water Company Ltd. (a) | 4,000 | 100,840 | ||||||
| Total Common Stocks (Cost $16,735,755) | $ | 17,663,126 | ||||||
| U.S. TREASURY OBLIGATIONS - 29.6% | Par Value | Value | ||||||
| U.S. Treasury Bills (c) - 14.5% | ||||||||
| 5.333%, due 10/31/2024 | $ | 2,000,000 | $ | 1,992,216 | ||||
| 5.318%, due 12/12/2024 | 2,000,000 | 1,982,135 | ||||||
| 3,974,351 | ||||||||
| U.S. Treasury Bonds - 1.5% | ||||||||
| 3.000%, due 05/15/2047 | 500,000 | 408,760 | ||||||
| U.S. Treasury Inflation-Protected Bonds - 2.0% | ||||||||
| 2.125%, due 02/15/2054 | 500,000 | 532,113 | ||||||
| U.S. Treasury Inflation-Protected Notes - 10.1% | ||||||||
| 0.125%, due 04/15/2026 | 1,199,340 | 1,165,981 | ||||||
| 0.125%, due 04/15/2027 | 500,000 | 536,158 | ||||||
| 0.125%, due 01/15/2031 | 604,125 | 554,799 | ||||||
| 1.750%, due 01/15/2034 | 500,000 | 517,343 | ||||||
| 2,774,281 | ||||||||
| U.S. Treasury Notes - 1.5% | ||||||||
| 0.625%, due 08/15/2030 | 500,000 | 421,162 | ||||||
| Total U.S. Treasury Obligations (Cost $8,161,427) | $ | 8,110,667 | ||||||
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF INVESTMENTS (continued)
| WARRANTS - 0.0% (d) | Shares | Value | ||||||||||
| Energy - 0.0% (d) | ||||||||||||
| Oil & Gas Services & Equipment - 0.0% (d) | ||||||||||||
| Nabors Industries Ltd., expires 06/11/2026 (Cost $0) | 240 | $ | 1,298 | |||||||||
| EXCHANGE-TRADED PUT OPTION CONTRACTS - 0.1% | Contracts | Notional Amount | Value | |||||||||
| Russell 2000® Index Option, 12/20/2024 at $1,600 | 30 | $ | 6,689,910 | $ | 12,600 | |||||||
| S&P 500® Index Option, 12/20/2024 at $3,600 | 16 | 9,219,968 | 7,680 | |||||||||
| Total Put Option Contracts (Cost $44,793) | $ | 15,909,878 | $ | 20,280 | ||||||||
| Total Investments at Value - 94.1% (Cost $24,941,975) | $ | 25,795,371 | ||||||||||
| MONEY MARKET FUNDS - 25.5% | Shares | Value | ||||||||||
| Invesco Treasury Portfolio - Institutional Class, 4.79% (e) (Cost $7,001,308) | 7,001,308 | $ | 7,001,308 | |||||||||
| Total Investments and Money Market Funds at Value - 119.6% (Cost $31,943,283) | $ | 32,796,679 | ||||||||||
| Written Call Option Contracts - (19.8%) | (5,432,840 | ) | ||||||||||
| Other Assets in Excess of Liabilities - 0.2% | 52,349 | |||||||||||
| Net Assets - 100.0% | $ | 27,416,188 | ||||||||||
ADR - American Depositary Receipt.
| (a) | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of September 30, 2024 was $15,990,880. |
| (b) | Non-income producing security. |
| (c) | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
| (d) | Percentage rounds to less than 0.1%. |
| (e) | The rate shown is the 7-day effective yield as of September 30, 2024. |
The average monthly notional value of exchange-traded put option contracts during the three months ended September 30, 2024 was $17,857,643.
HUSSMAN STRATEGIC ALLOCATION FUND
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
September 30, 2024 (Unaudited)
| EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS | Contracts | Notional Amount | Strike Price | Expiration Date | Value of Options | |||||||||||||
| Call Option Contracts | ||||||||||||||||||
| Russell 2000® Index Option | 30 | $ | 6,689,910 | $ | 1,600 | 12/20/2024 | $ | 1,928,520 | ||||||||||
| S&P 500® Index Option | 16 | 9,219,968 | 3,600 | 12/20/2024 | 3,504,320 | |||||||||||||
| Total Written Call Option Contracts (Premiums received $4,535,469) | $ | 15,909,878 | $ | 5,432,840 | ||||||||||||||
The average monthly notional value of exchange-traded written call option contracts during the three months ended September 30, 2024 was $17,857,643.
HUSSMAN STRATEGIC TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS
September 30, 2024 (Unaudited)
| COMMON STOCKS - 18.7% | Shares | Value | ||||||
| Energy - 0.8% | ||||||||
| Oil & Gas Producers - 0.8% | ||||||||
| California Resources Corporation | 15,000 | $ | 787,050 | |||||
| DT Midstream, Inc. | 500 | 39,330 | ||||||
| Vital Energy, Inc. (a) | 20,000 | 538,000 | ||||||
| 1,364,380 | ||||||||
| Materials - 16.7% | ||||||||
| Metals & Mining - 16.7% | ||||||||
| Agnico Eagle Mines Ltd. | 75,000 | 6,042,000 | ||||||
| Alamos Gold, Inc. - Class A | 75,000 | 1,495,500 | ||||||
| Anglogold Ashanti plc | 75,000 | 1,997,250 | ||||||
| B2Gold Corporation | 1,100,000 | 3,388,000 | ||||||
| Barrick Gold Corporation | 375,000 | 7,458,750 | ||||||
| Hecla Mining Company | 75,000 | 500,250 | ||||||
| Kinross Gold Corporation | 105,000 | 982,800 | ||||||
| Newmont Corporation | 105,000 | 5,612,250 | ||||||
| Pan American Silver Corporation | 75,000 | 1,565,250 | ||||||
| Royal Gold, Inc. | 10,500 | 1,473,150 | ||||||
| 30,515,200 | ||||||||
| Utilities - 1.2% | ||||||||
| Electric Utilities - 1.2% | ||||||||
| AES Corporation (The) | 1,000 | 20,060 | ||||||
| ALLETE, Inc. | 1,000 | 64,190 | ||||||
| Ameren Corporation | 100 | 8,746 | ||||||
| American Electric Power Company, Inc. | 100 | 10,260 | ||||||
| Avangrid, Inc. | 1,000 | 35,790 | ||||||
| Avista Corporation | 1,000 | 38,750 | ||||||
| Black Hills Corporation | 500 | 30,560 | ||||||
| Consolidated Edison, Inc. | 1,000 | 104,130 | ||||||
| Dominion Energy, Inc. | 500 | 28,895 | ||||||
| DTE Energy Company | 100 | 12,841 | ||||||
| Duke Energy Corporation | 500 | 57,650 | ||||||
| Edison International | 500 | 43,545 | ||||||
| Entergy Corporation | 500 | 65,805 | ||||||
| Exelon Corporation | 1,000 | 40,550 | ||||||
| FirstEnergy Corporation | 1,000 | 44,350 | ||||||
| Hawaiian Electric Industries, Inc. (a) | 1,000 | 9,680 | ||||||
| NorthWestern Energy Group, Inc. | 1,000 | 57,220 | ||||||
| NRG Energy, Inc. | 12,000 | 1,093,200 | ||||||
| Otter Tail Corporation | 1,000 | 78,160 | ||||||
HUSSMAN STRATEGIC TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (continued)
| COMMON STOCKS - 18.7% (continued) | Shares | Value | ||||||
| Utilities - 1.2% (continued) | ||||||||
| Electric Utilities - 1.2% (continued) | ||||||||
| Pinnacle West Capital Corporation | 1,000 | $ | 88,590 | |||||
| Portland General Electric Company | 1,000 | 47,900 | ||||||
| PPL Corporation | 1,000 | 33,080 | ||||||
| Public Service Enterprise Group, Inc. | 500 | 44,605 | ||||||
| Southern Company (The) | 500 | 45,090 | ||||||
| 2,103,647 | ||||||||
| Gas & Water Utilities - 0.0% (b) | ||||||||
| Global Water Resources, Inc. | 1,000 | 12,590 | ||||||
| Total Common Stocks (Cost $31,892,160) | $ | 33,995,817 | ||||||
| EXCHANGE-TRADED FUNDS - 1.2% | Shares | Value | ||||||
| Invesco CurrencyShares British Pound Sterling Trust | 5,000 | $ | 643,966 | |||||
| Invesco CurrencyShares Euro Currency Trust | 7,500 | 771,488 | ||||||
| Invesco CurrencyShares Japanese Yen Trust (a) | 12,500 | 803,750 | ||||||
| Total Exchange-Traded Funds (Cost $2,210,871) | $ | 2,219,204 | ||||||
| U.S. TREASURY OBLIGATIONS - 71.1% | Par Value | Value | ||||||
| U.S. Treasury Bills (c) - 5.4% | ||||||||
| 5.318%, due 12/12/2024 | $ | 10,000,000 | $ | 9,910,673 | ||||
| U.S. Treasury Bonds - 2.3% | ||||||||
| 3.000%, due 05/15/2047 | 5,000,000 | 4,087,597 | ||||||
| U.S. Treasury Inflation-Protected Bonds - 2.9% | ||||||||
| 2.125%, due 02/15/2054 | 5,000,000 | 5,321,135 | ||||||
HUSSMAN STRATEGIC TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (continued)
| U.S. TREASURY OBLIGATIONS - 71.1% (continued) | Par Value | Value | ||||||
| U.S. Treasury Inflation-Protected Notes - 41.7% | ||||||||
| 0.125%, due 04/15/2026 | $ | 11,993,400 | $ | 11,659,809 | ||||
| 0.125%, due 04/15/2027 | 20,000,000 | 21,446,323 | ||||||
| 2.500%, due 01/15/2029 | 14,649,700 | 15,273,538 | ||||||
| 0.125%, due 01/15/2030 | 12,224,900 | 11,397,532 | ||||||
| 0.125%, due 01/15/2031 | 12,082,500 | 11,095,981 | ||||||
| 1.750%, due 01/15/2034 | 5,000,000 | 5,173,425 | ||||||
| 76,046,608 | ||||||||
| U.S. Treasury Notes - 18.8% | ||||||||
| 1.375%, due 01/31/2025 | 15,000,000 | 14,845,649 | ||||||
| 2.125%, due 05/31/2026 | 10,000,000 | 9,746,484 | ||||||
| 1.500%, due 08/15/2026 | 10,000,000 | 9,610,547 | ||||||
| 34,202,680 | ||||||||
| Total U.S. Treasury Obligations (Cost $131,182,584) | $ | 129,568,693 | ||||||
| WARRANTS - 0.0% (b) | Shares | Value | ||||||
| Energy - 0.0% (b) | ||||||||
| Oil & Gas Services & Equipment - 0.0% (b) | ||||||||
| Nabors Industries Ltd., expires 06/11/2026 (Cost $0) | 8,000 | $ | 43,280 | |||||
| Total Investments at Value - 91.0% (Cost $165,285,615) | $ | 165,826,994 | ||||||
HUSSMAN STRATEGIC TOTAL RETURN FUND
SCHEDULE OF INVESTMENTS (continued)
| MONEY MARKET FUNDS - 9.0% | Shares | Value | ||||||
| Invesco Treasury Portfolio - Institutional Class, 4.79% (d) (Cost $16,353,485) | 16,353,485 | $ | 16,353,485 | |||||
| Total Investments and Money Market Funds at Value - 100.0% (Cost $181,639,100) | $ | 182,180,479 | ||||||
| Other Assets in Excess of Liabilities - 0.0% (b) | 54,547 | |||||||
| Net Assets - 100.0% | $ | 182,235,026 | ||||||
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
| (c) | Rate shown is the annualized yield at time of purchase, not a coupon rate. |
| (d) | The rate shown is the 7-day effective yield as of September 30, 2024. |
