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OMB APPROVAL
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OMB Number: 3235-0578
Expires: January 31, 2016
Estimated average burden hours per response: 10.5
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number
811-09911
(Exact name of registrant as specified in charter)
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5136 Dorsey Hall Drive Ellicott City, Maryland
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21042
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(Address of principal executive offices)
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(Zip code)
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John F. Splain
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, 2013
Date of reporting period:
March 31, 2013
Form N-Q is to be used by management investment companies other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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. Schedule of Investments.
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HUSSMAN STRATEGIC GROWTH FUND
|
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SCHEDULE OF INVESTMENTS
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March 31, 2013 (Unaudited)
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COMMON STOCKS - 98.6%
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Shares
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Value
|
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Consumer Discretionary - 25.6%
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Auto Components - 1.7%
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Cooper Tire & Rubber Co.
|
|
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500,000
|
|
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$
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12,830,000
|
|
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TRW Automotive Holdings Corp.
(a)
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500,000
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|
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27,500,000
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40,330,000
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Automobiles - 0.2%
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Ford Motor Co.
|
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400,000
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5,260,000
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|
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Diversified Consumer Services - 0.2%
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Grand Canyon Education, Inc.
(a)
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162,000
|
|
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4,113,180
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Hotels, Restaurants & Leisure - 4.7%
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|
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Brinker International, Inc.
|
|
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350,000
|
|
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13,177,500
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Cheesecake Factory, Inc. (The)
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|
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950,000
|
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36,679,500
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Jack in the Box, Inc.
(a)
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1,240,000
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42,891,600
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Panera Bread Co. - Class A
(a)
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125,000
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20,655,000
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113,403,600
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Internet & Catalog Retail - 1.1%
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|
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Amazon.com, Inc.
(a)
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100,000
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26,649,000
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|
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Leisure Equipment & Products - 0.9%
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Hasbro, Inc.
|
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150,000
|
|
|
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6,591,000
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Mattel, Inc.
|
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330,000
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14,450,700
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|
|
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21,041,700
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Media - 7.4%
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|
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Comcast Corp. - Class A
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100,000
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4,201,000
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DISH Network Corp. - Class A
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1,080,000
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40,932,000
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Gannett Co., Inc.
|
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1,000,000
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21,870,000
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McClatchy Co. (The) - Class A
(a)
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143,000
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414,700
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McGraw-Hill Cos., Inc. (The)
|
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250,000
|
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13,020,000
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Scripps Networks Interactive, Inc. - Class A
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602,000
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38,732,680
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Time Warner Cable, Inc.
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500,000
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48,030,000
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Valassis Communications, Inc.
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325,000
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9,707,750
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176,908,130
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Multiline Retail - 2.3%
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Family Dollar Stores, Inc.
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250,000
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14,762,500
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Target Corp.
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595,000
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40,727,750
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55,490,250
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Specialty Retail - 6.0%
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American Eagle Outfitters, Inc.
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1,250,000
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23,375,000
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HUSSMAN STRATEGIC GROWTH FUND
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SCHEDULE OF INVESTMENTS (Continued)
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COMMON STOCKS - 98.6% (Continued)
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Shares
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Value
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Consumer Discretionary - 25.6% (Continued)
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Specialty Retail - 6.0% (Continued)
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Bed Bath & Beyond, Inc.
(a)
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174,000
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$
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11,209,080
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Chico's FAS, Inc.
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952,000
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15,993,600
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GameStop Corp. - Class A
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650,000
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18,180,500
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Gap, Inc. (The)
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1,000,000
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35,400,000
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TJX Cos., Inc. (The)
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250,000
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11,687,500
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Urban Outfitters, Inc.
(a)
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715,000
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27,699,100
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143,544,780
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Textiles, Apparel & Luxury Goods - 1.1%
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Under Armour, Inc. - Class A
(a)
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500,000
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25,600,000
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Consumer Staples - 9.5%
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Beverages - 2.8%
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Coca-Cola Co. (The)
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500,000
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20,220,000
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PepsiCo, Inc.
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600,000
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47,466,000
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67,686,000
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Food & Staples Retailing - 2.6%
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Walgreen Co.
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533,000
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25,413,440
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Wal-Mart Stores, Inc.
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500,000
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37,415,000
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62,828,440
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Food Products - 2.1%
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Campbell Soup Co.
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600,000
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|
27,216,000
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|
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Ingredion, Inc.
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300,000
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|
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21,696,000
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|
|
|
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|
|
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48,912,000
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|
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Household Products - 2.0%
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|
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Clorox Co. (The)
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150,000
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|
|
|
13,279,500
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Colgate-Palmolive Co.
|
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300,000
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|
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35,409,000
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48,688,500
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Energy - 4.5%
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Energy Equipment & Services - 2.0%
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Diamond Offshore Drilling, Inc.
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202,000
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|
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14,051,120
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Halliburton Co.
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450,000
|
|
|
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18,184,500
|
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Helmerich & Payne, Inc.
|
|
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250,000
|
|
|
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15,175,000
|
|
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|
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47,410,620
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Oil, Gas & Consumable Fuels - 2.5%
|
|
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ConocoPhillips
|
|
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350,000
|
|
|
|
21,035,000
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Exxon Mobil Corp.
|
|
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400,000
|
|
|
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36,044,000
|
|
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Inergy, L.P.
|
|
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120,000
|
|
|
|
2,451,600
|
|
|
|
|
|
|
|
|
|
59,530,600
|
|
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
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SCHEDULE OF INVESTMENTS (Continued)
|
|
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COMMON STOCKS - 98.6% (Continued)
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Shares
|
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Value
|
|
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Financials - 2.8%
|
|
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Commercial Banks - 1.2%
|
|
|
Fifth Third Bancorp
|
|
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850,000
|
|
|
$
|
13,863,500
|
|
|
SunTrust Banks, Inc.
|
|
|
500,000
|
|
|
|
14,405,000
|
|
|
|
|
|
|
|
|
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28,268,500
|
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Consumer Finance - 0.7%
|
|
|
World Acceptance Corp.
(a)
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|
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190,000
|
|
|
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16,315,300
|
|
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|
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|
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|
|
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Diversified Financial Services - 0.5%
|
|
|
Moody's Corp.
|
|
|
250,000
|
|
|
|
13,330,000
|
|
|
|
|
|
|
|
|
|
|
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Insurance - 0.4%
|
|
|
Protective Life Corp.
|
|
|
250,000
|
|
|
|
8,950,000
|
|
|
|
|
|
|
|
|
|
|
|
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Health Care - 25.3%
|
|
|
Biotechnology - 7.8%
|
|
|
Amgen, Inc.
|
|
|
500,000
|
|
|
|
51,255,000
|
|
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Biogen Idec, Inc.
(a)
|
|
|
258,000
|
|
|
|
49,770,780
|
|
|
Celgene Corp.
(a)
|
|
|
59,000
|
|
|
|
6,838,690
|
|
|
Gilead Sciences, Inc.
(a)
|
|
|
558,000
|
|
|
|
27,302,940
|
|
|
PDL BioPharma, Inc.
|
|
|
3,000,000
|
|
|
|
21,930,000
|
|
|
United Therapeutics Corp.
(a)
|
|
|
468,000
|
|
|
|
28,487,160
|
|
|
|
|
|
|
|
|
|
185,584,570
|
|
|
Health Care Equipment & Supplies - 7.6%
|
|
|
Align Technology, Inc.
(a)
|
|
|
597,000
|
|
|
|
20,005,470
|
|
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Baxter International, Inc.
|
|
|
450,000
|
|
|
|
32,688,000
|
|
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Becton, Dickinson and Co.
|
|
|
200,000
|
|
|
|
19,122,000
|
|
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Cyberonics, Inc.
(a)
|
|
|
898,000
|
|
|
|
42,035,380
|
|
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ICU Medical, Inc.
(a)
|
|
|
27,000
|
|
|
|
1,591,650
|
|
|
Medtronic, Inc.
|
|
|
500,000
|
|
|
|
23,480,000
|
|
|
ResMed, Inc.
|
|
|
500,000
|
|
|
|
23,180,000
|
|
|
Zimmer Holdings, Inc.
|
|
|
250,000
|
|
|
|
18,805,000
|
|
|
|
|
|
|
|
|
|
180,907,500
|
|
|
Health Care Providers & Services - 2.1%
|
|
|
AmerisourceBergen Corp.
|
|
|
100,000
|
|
|
|
5,145,000
|
|
|
Bio-Reference Laboratories, Inc.
(a)
|
|
|
116,000
|
|
|
|
3,013,680
|
|
|
Community Health Systems, Inc.
|
|
|
350,000
|
|
|
|
16,586,500
|
|
|
Health Management Associates, Inc. - Class A
(a)
|
|
|
1,650,000
|
|
|
|
21,235,500
|
|
|
Patterson Cos., Inc.
|
|
|
100,000
|
|
|
|
3,804,000
|
|
|
|
|
|
|
|
|
|
49,784,680
|
|
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 98.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Health Care - 25.3% (Continued)
|
|
|
Life Sciences Tools & Services - 1.1%
|
|
|
Harvard Bioscience, Inc.
(a)
|
|
|
1,000,000
|
|
|
$
|
5,650,000
|
|
|
Illumina, Inc.
(a)
|
|
|
400,000
|
|
|
|
21,600,000
|
|
|
|
|
|
|
|
|
|
27,250,000
|
|
|
Pharmaceuticals - 6.7%
|
|
|
Abbott Laboratories
|
|
|
400,000
|
|
|
|
14,128,000
|
|
|
AbbVie, Inc.
|
|
|
400,000
|
|
|
|
16,312,000
|
|
|
AstraZeneca plc - ADR
|
|
|
907,000
|
|
|
|
45,331,860
|
|
|
Eli Lilly & Co.
|
|
|
600,000
|
|
|
|
34,074,000
|
|
|
Medicines Co. (The)
(a)
|
|
|
696,000
|
|
|
|
23,260,320
|
|
|
Novartis AG - ADR
|
|
|
400,000
|
|
|
|
28,496,000
|
|
|
|
|
|
|
|
|
|
161,602,180
|
|
|
Industrials - 9.0%
|
|
|
Air Freight & Logistics - 0.4%
|
|
|
FedEx Corp.
|
|
|
100,000
|
|
|
|
9,820,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Airlines - 2.2%
|
|
|
Copa Holdings S.A. - Class A
|
|
|
100,000
|
|
|
|
11,961,000
|
|
|
JetBlue Airways Corp.
(a)
|
|
|
584,000
|
|
|
|
4,029,600
|
|
|
Southwest Airlines Co.
|
|
|
1,500,000
|
|
|
|
20,220,000
|
|
|
US Airways Group, Inc.
(a)
|
|
|
1,000,000
|
|
|
|
16,970,000
|
|
|
|
|
|
|
|
|
|
53,180,600
|
|
|
Commercial Services & Supplies - 2.5%
|
|
|
Cintas Corp.
|
|
|
836,000
|
|
|
|
36,892,680
|
|
|
Copart, Inc.
(a)
|
|
|
380,000
|
|
|
|
13,026,400
|
|
|
Tetra Tech, Inc.
(a)
|
|
|
300,000
|
|
|
|
9,147,000
|
|
|
|
|
|
|
|
|
|
59,066,080
|
|
|
Electrical Equipment - 0.7%
|
|
|
Generac Holdings, Inc.
|
|
|
500,000
|
|
|
|
17,670,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial Conglomerates - 1.9%
|
|
|
3M Co.
|
|
|
200,000
|
|
|
|
21,262,000
|
|
|
General Electric Co.
|
|
|
1,000,000
|
|
|
|
23,120,000
|
|
|
|
|
|
|
|
|
|
44,382,000
|
|
|
Machinery - 1.3%
|
|
|
Illinois Tool Works, Inc.
|
|
|
500,000
|
|
|
|
30,470,000
|
|
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 98.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Information Technology - 15.7%
|
|
|
Communications Equipment - 0.7%
|
|
|
Cisco Systems, Inc.
|
|
|
750,000
|
|
|
$
|
15,682,500
|
|
|
|
|
|
|
|
|
|
|
|
|
Computers & Peripherals - 2.9%
|
|
|
Seagate Technology plc
|
|
|
750,000
|
|
|
|
27,420,000
|
|
|
Synaptics, Inc.
(a)
|
|
|
650,000
|
|
|
|
26,448,500
|
|
|
Western Digital Corp.
|
|
|
297,000
|
|
|
|
14,933,160
|
|
|
|
|
|
|
|
|
|
68,801,660
|
|
|
Electronic Equipment, Instruments & Components - 0.8%
|
|
|
Amphenol Corp. - Class A
|
|
|
150,000
|
|
|
|
11,197,500
|
|
|
Dolby Laboratories, Inc. - Class A
|
|
|
265,000
|
|
|
|
8,893,400
|
|
|
|
|
|
|
|
|
|
20,090,900
|
|
|
Internet Software & Services - 2.6%
|
|
|
Akamai Technologies, Inc.
(a)
|
|
|
500,000
|
|
|
|
17,645,000
|
|
|
eBay, Inc.
(a)
|
|
|
800,000
|
|
|
|
43,376,000
|
|
|
j2 Global, Inc.
|
|
|
42,000
|
|
|
|
1,646,820
|
|
|
|
|
|
|
|
|
|
62,667,820
|
|
|
IT Services - 1.9%
|
|
|
Amdocs Ltd.
|
|
|
150,000
|
|
|
|
5,437,500
|
|
|
Convergys Corp.
|
|
|
231,000
|
|
|
|
3,933,930
|
|
|
MasterCard, Inc. - Class A
|
|
|
60,000
|
|
|
|
32,467,800
|
|
|
Syntel, Inc.
|
|
|
50,000
|
|
|
|
3,376,000
|
|
|
|
|
|
|
|
|
|
45,215,230
|
|
|
Semiconductors & Semiconductor Equipment - 3.2%
|
|
|
Analog Devices, Inc.
|
|
|
271,000
|
|
|
|
12,598,790
|
|
|
Cirrus Logic, Inc.
(a)
|
|
|
1,000,000
|
|
|
|
22,750,000
|
|
|
Cree, Inc.
(a)
|
|
|
150,000
|
|
|
|
8,206,500
|
|
|
Hittite Microwave Corp.
(a)
|
|
|
39,000
|
|
|
|
2,361,840
|
|
|
SunPower Corp.
(a)
|
|
|
563,000
|
|
|
|
6,497,020
|
|
|
Veeco Instruments, Inc.
(a)
|
|
|
650,000
|
|
|
|
24,914,500
|
|
|
|
|
|
|
|
|
|
77,328,650
|
|
|
Software - 3.6%
|
|
|
Adobe Systems, Inc.
(a)
|
|
|
550,000
|
|
|
|
23,930,500
|
|
|
BMC Software, Inc.
(a)
|
|
|
650,000
|
|
|
|
30,114,500
|
|
|
Oracle Corp.
|
|
|
1,000,000
|
|
|
|
32,340,000
|
|
|
|
|
|
|
|
|
|
86,385,000
|
|
|
Materials - 3.7%
|
|
|
Chemicals - 2.6%
|
|
|
Agrium, Inc.
|
|
|
400,000
|
|
|
|
39,000,000
|
|
|
BASF SE - ADR
|
|
|
91,000
|
|
|
|
7,989,800
|
|
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 98.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Materials - 3.7% (Continued)
|
|
|
Chemicals - 2.6% (Continued)
|
|
|
Monsanto Co.
|
|
|
75,000
|
|
|
$
|
7,922,250
|
|
|
NewMarket Corp.
|
|
|
30,000
|
|
|
|
7,810,800
|
|
|
|
|
|
|
|
|
|
62,722,850
|
|
|
Metals & Mining - 1.1%
|
|
|
Barrick Gold Corp.
|
|
|
300,000
|
|
|
|
8,820,000
|
|
|
Newmont Mining Corp.
|
|
|
250,000
|
|
|
|
10,472,500
|
|
|
Southern Copper Corp.
|
|
|
200,000
|
|
|
|
7,514,000
|
|
|
|
|
|
|
|
|
|
26,806,500
|
|
|
Telecommunication Services - 1.4%
|
|
|
Diversified Telecommunication Services - 0.5%
|
|
|
AT&T, Inc.
|
|
|
300,000
|
|
|
|
11,007,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Telecommunication Services - 0.9%
|
|
|
China Mobile Ltd. - ADR
|
|
|
418,000
|
|
|
|
22,208,340
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 1.1%
|
|
|
Electric Utilities - 1.1%
|
|
|
Duke Energy Corp.
|
|
|
200,000
|
|
|
|
14,518,000
|
|
|
Entergy Corp.
|
|
|
200,000
|
|
|
|
12,648,000
|
|
|
|
|
|
|
|
|
|
27,166,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $2,018,172,735)
|
|
|
$
|
2,360,060,660
|
|
|
|
|
|
|
|
|
|
|
|
|
PUT OPTION CONTRACTS - 1.2%
|
|
Contracts
|
|
|
Value
|
|
|
Nasdaq 100 Index Option, 04/20/2013 at $2,700
|
|
|
1,000
|
|
|
$
|
612,000
|
|
|
Russell 2000 Index Option, 06/22/2013 at $620
|
|
|
2,500
|
|
|
|
37,500
|
|
|
S&P 500 Index Option, 05/18/2013 at $1,550
|
|
|
5,000
|
|
|
|
10,925,000
|
|
|
S&P 500 Index Option, 06/22/2013 at $1,530
|
|
|
6,500
|
|
|
|
17,777,500
|
|
|
Total Put Option Contracts
(Cost $33,948,035)
|
|
|
$
|
29,352,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Value - 99.8%
(Cost $2,052,120,770)
|
|
|
$
|
2,389,412,660
|
|
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
MONEY MARKET FUNDS - 36.6%
|
|
Shares
|
|
|
Value
|
|
|
Federated U.S. Treasury Cash Reserves Fund - Institutional Shares, 0.00%
(b)
|
|
|
268,545,693
|
|
|
$
|
268,545,693
|
|
|
First American Treasury Obligations Fund - Class Y, 0.00%
(b)
|
|
|
607,975,485
|
|
|
|
607,975,485
|
|
|
Total Money Market Funds
(Cost $876,521,178)
|
|
|
$
|
876,521,178
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments and Money Market Funds at Value - 136.4%
(Cost $2,928,641,948)
|
|
|
$
|
3,265,933,838
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Option Contracts - (35.8%)
|
|
|
|
(858,228,500
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets -
(0.6%)
|
|
|
|
(13,357,904
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
2,394,347,434
|
|
|
ADR
|
- American Depositary Receipt.
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
The rate shown is the 7-day effective yield as of March 31, 2013.
|
See accompanying notes to Schedules of Investments.
|
HUSSMAN STRATEGIC GROWTH FUND
|
|
|
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
|
|
|
March 31, 2013 (Unaudited)
|
|
|
|
|
|
WRITTEN CALL OPTION CONTRACTS
|
|
Contracts
|
|
|
Value of
Options
|
|
|
Premiums Received
|
|
|
Nasdaq 100 Index Option,
|
|
|
|
|
|
|
|
|
|
|
04/20/2013 at $1,800
|
|
|
1,000
|
|
|
$
|
101,637,000
|
|
|
$
|
99,198,662
|
|
|
Russell 2000 Index Option,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06/22/2013 at $620
|
|
|
2,500
|
|
|
|
81,875,000
|
|
|
|
75,271,656
|
|
|
S&P 500 Index Option,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
04/20/2013 at $980
|
|
|
11,500
|
|
|
|
674,716,500
|
|
|
|
642,834,617
|
|
|
Total Written Call Option Contracts
|
|
|
$
|
858,228,500
|
|
|
$
|
817,304,935
|
|
See accompanying notes to Schedules of Investments.
|
HUSSMAN STRATEGIC TOTAL RETURN FUND
|
|
|
SCHEDULE OF INVESTMENTS
|
|
|
March 31, 2013 (Unaudited)
|
|
|
|
|
|
COMMON STOCKS - 18.2%
|
|
Shares
|
|
|
Value
|
|
|
Energy - 1.0%
|
|
|
Oil, Gas & Consumable Fuels - 1.0%
|
|
|
NuStar Energy L.P.
|
|
|
89,000
|
|
|
$
|
4,747,260
|
|
|
ONEOK Partners L.P.
|
|
|
144,000
|
|
|
|
8,265,600
|
|
|
Williams Partners L.P.
|
|
|
85,000
|
|
|
|
4,403,000
|
|
|
|
|
|
|
|
|
|
17,415,860
|
|
|
Materials - 12.3%
|
|
|
Metals & Mining - 12.3%
|
|
|
Agnico-Eagle Mines Ltd.
|
|
|
800,000
|
|
|
|
32,832,000
|
|
|
AngloGold Ashanti Ltd. - ADR
|
|
|
1,150,000
|
|
|
|
27,082,500
|
|
|
Barrick Gold Corp.
|
|
|
1,100,000
|
|
|
|
32,340,000
|
|
|
Compañía de Minas Buenaventura S.A. - ADR
|
|
|
550,000
|
|
|
|
14,278,000
|
|
|
Goldcorp, Inc.
|
|
|
850,000
|
|
|
|
28,585,500
|
|
|
Gold Fields Ltd. - ADR
|
|
|
1,000,000
|
|
|
|
7,750,000
|
|
|
Harmony Gold Mining Co. Ltd. - ADR
|
|
|
1,000,000
|
|
|
|
6,410,000
|
|
|
Newmont Mining Corp.
|
|
|
800,000
|
|
|
|
33,512,000
|
|
|
Randgold Resources Ltd. - ADR
|
|
|
250,000
|
|
|
|
21,495,000
|
|
|
Sibanye Gold Ltd. - ADR
(a)
|
|
|
250,000
|
|
|
|
1,412,500
|
|
|
Stillwater Mining Co.
(a)
|
|
|
10,000
|
|
|
|
129,300
|
|
|
|
|
|
|
|
|
|
205,826,800
|
|
|
Utilities - 4.9%
|
|
|
Electric Utilities - 2.3%
|
|
|
American Electric Power Co., Inc.
|
|
|
151,000
|
|
|
|
7,343,130
|
|
|
Duke Energy Corp.
|
|
|
333
|
|
|
|
24,172
|
|
|
Edison International
|
|
|
1,000
|
|
|
|
50,320
|
|
|
Entergy Corp.
|
|
|
101,000
|
|
|
|
6,387,240
|
|
|
Exelon Corp.
|
|
|
400,000
|
|
|
|
13,792,000
|
|
|
FirstEnergy Corp.
|
|
|
83,000
|
|
|
|
3,502,600
|
|
|
NextEra Energy, Inc.
|
|
|
1,000
|
|
|
|
77,680
|
|
|
Pepco Holdings, Inc.
|
|
|
55,000
|
|
|
|
1,177,000
|
|
|
Pinnacle West Capital Corp.
|
|
|
23,000
|
|
|
|
1,331,470
|
|
|
PPL Corp.
|
|
|
100,000
|
|
|
|
3,131,000
|
|
|
UNS Energy Corp.
|
|
|
56,000
|
|
|
|
2,740,640
|
|
|
|
|
|
|
|
|
|
39,557,252
|
|
|
Multi-Utilities - 2.6%
|
|
|
Ameren Corp.
|
|
|
148,000
|
|
|
|
5,182,960
|
|
|
Dominion Resources, Inc.
|
|
|
16,000
|
|
|
|
930,880
|
|
|
DTE Energy Co.
|
|
|
67,000
|
|
|
|
4,578,780
|
|
|
PG&E Corp.
|
|
|
350,000
|
|
|
|
15,585,500
|
|
|
Public Service Enterprise Group, Inc.
|
|
|
400,000
|
|
|
|
13,736,000
|
|
|
HUSSMAN STRATEGIC TOTAL RETURN FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 18.2% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Utilities - 4.9% (Continued)
|
|
|
Multi-Utilities - 2.6% (Continued)
|
|
|
SCANA Corp.
|
|
|
37,000
|
|
|
$
|
1,892,920
|
|
|
TECO Energy, Inc.
|
|
|
91,000
|
|
|
|
1,621,620
|
|
|
|
|
|
|
|
|
|
43,528,660
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $346,280,281)
|
|
|
$
|
306,328,572
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. TREASURY OBLIGATIONS - 74.4%
|
|
Par Value
|
|
|
Value
|
|
|
U.S. Treasury Bills
(b)
- 6.0%
|
|
|
|
|
|
|
0.13%, due 06/06/2013
|
|
$
|
100,000,000
|
|
|
$
|
99,990,800
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Inflation-Protected Notes - 2.8%
|
|
|
|
|
|
|
2.00%, due 07/15/2014
|
|
|
30,538,750
|
|
|
|
32,337,666
|
|
|
2.50%, due 01/15/2029
|
|
|
10,724,700
|
|
|
|
15,007,877
|
|
|
|
|
|
|
|
|
|
47,345,543
|
|
|
U.S. Treasury Notes - 65.6%
|
|
|
|
|
|
|
0.75%, due 06/15/2014
|
|
|
200,000,000
|
|
|
|
201,367,200
|
|
|
2.25%, due 03/31/2016
|
|
|
200,000,000
|
|
|
|
211,281,200
|
|
|
2.00%, due 04/30/2016
|
|
|
150,000,000
|
|
|
|
157,441,500
|
|
|
1.75%, due 05/31/2016
|
|
|
100,000,000
|
|
|
|
104,265,600
|
|
|
3.00%, due 08/31/2016
|
|
|
75,000,000
|
|
|
|
81,480,450
|
|
|
1.75%, due 05/15/2022
|
|
|
100,000,000
|
|
|
|
100,304,700
|
|
|
1.625%, due 11/15/2022
|
|
|
250,000,000
|
|
|
|
245,605,500
|
|
|
|
|
|
|
|
|
|
1,101,746,150
|
|
|
|
|
|
|
|
|
|
|
|
|
Total U.S. Treasury Obligations
(Cost $1,215,949,551)
|
|
|
$
|
1,249,082,493
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 2.0%
|
|
Shares
|
|
|
Value
|
|
|
iShares Gold Trust
(a)
|
|
|
1,500,000
|
|
|
$
|
23,280,000
|
|
|
SPDR DB International Government Inflation-Protected Bond ETF
|
|
|
160,000
|
|
|
|
9,934,400
|
|
|
Total Exchange-Traded Funds
(Cost $32,479,295)
|
|
|
$
|
33,214,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Value - 94.6%
(Cost $1,594,709,127)
|
|
|
$
|
1,588,625,465
|
|
|
HUSSMAN STRATEGIC TOTAL RETURN FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
MONEY MARKET FUNDS - 5.4%
|
|
Shares
|
|
|
Value
|
|
|
Federated U.S. Treasury Cash Reserves Fund - Institutional Shares, 0.00%
(c)
|
|
|
27,065,005
|
|
|
$
|
27,065,005
|
|
|
First American Treasury Obligations Fund - Class Y, 0.00%
(c)
|
|
|
64,115,823
|
|
|
|
64,115,823
|
|
|
Total Money Market Funds
(Cost $91,180,828)
|
|
|
$
|
91,180,828
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments and Money Market Funds at Value - 100.0%
(Cost $1,685,889,955)
|
|
|
$
|
1,679,806,293
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities -
0.0%
(d)
|
|
|
|
504,742
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
1,680,311,035
|
|
|
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 March 31, 2013.
|
|
(d)
|
Percentage rounds to less than 0.1%.
|
See accompanying notes to Schedules of Investments.
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
|
SCHEDULE OF INVESTMENTS
|
|
|
March 31, 2013 (Unaudited)
|
|
|
|
|
|
COMMON STOCKS - 43.6%
|
|
Shares
|
|
|
Value
|
|
|
Consumer Discretionary - 9.4%
|
|
|
Auto Components - 0.3%
|
|
|
Autoliv, Inc.
|
|
|
1,100
|
|
|
$
|
76,054
|
|
|
|
|
|
|
|
|
|
|
|
|
Diversified Consumer Services - 0.7%
|
|
|
H&R Block, Inc.
|
|
|
4,000
|
|
|
|
117,680
|
|
|
Strayer Education, Inc.
|
|
|
1,000
|
|
|
|
48,380
|
|
|
|
|
|
|
|
|
|
166,060
|
|
|
Hotels, Restaurants & Leisure - 2.3%
|
|
|
Carnival Corp.
|
|
|
4,500
|
|
|
|
154,350
|
|
|
Darden Restaurants, Inc.
|
|
|
3,500
|
|
|
|
180,880
|
|
|
McDonald's Corp.
|
|
|
2,100
|
|
|
|
209,349
|
|
|
|
|
|
|
|
|
|
544,579
|
|
|
Household Durables - 0.8%
|
|
|
Garmin Ltd.
|
|
|
4,300
|
|
|
|
142,072
|
|
|
Koss Corp.
|
|
|
9,000
|
|
|
|
45,990
|
|
|
|
|
|
|
|
|
|
188,062
|
|
|
Internet & Catalog Retail - 0.2%
|
|
|
Nutrisystem, Inc.
|
|
|
6,000
|
|
|
|
50,880
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products - 0.7%
|
|
|
Hasbro, Inc.
|
|
|
3,825
|
|
|
|
168,071
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - 2.3%
|
|
|
Harte-Hanks, Inc.
|
|
|
20,500
|
|
|
|
159,695
|
|
|
John Wiley & Sons, Inc. - Class A
|
|
|
5,200
|
|
|
|
202,592
|
|
|
Meredith Corp.
|
|
|
3,000
|
|
|
|
114,780
|
|
|
Omnicom Group, Inc.
|
|
|
1,100
|
|
|
|
64,790
|
|
|
|
|
|
|
|
|
|
541,857
|
|
|
Multiline Retail - 0.8%
|
|
|
Kohl's Corp.
|
|
|
4,300
|
|
|
|
198,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Retail - 0.7%
|
|
|
Best Buy Co., Inc.
|
|
|
2,250
|
|
|
|
49,837
|
|
|
Staples, Inc.
|
|
|
9,500
|
|
|
|
127,585
|
|
|
|
|
|
|
|
|
|
177,422
|
|
|
Textiles, Apparel & Luxury Goods - 0.6%
|
|
|
Coach, Inc.
|
|
|
3,000
|
|
|
|
149,970
|
|
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 43.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Consumer Staples - 6.7%
|
|
|
Beverages - 1.2%
|
|
|
Coca-Cola Co. (The)
|
|
|
2,250
|
|
|
$
|
90,990
|
|
|
PepsiCo, Inc.
|
|
|
2,325
|
|
|
|
183,931
|
|
|
|
|
|
|
|
|
|
274,921
|
|
|
Food & Staples Retailing - 2.4%
|
|
|
Safeway, Inc.
|
|
|
3,000
|
|
|
|
79,050
|
|
|
Sysco Corp.
|
|
|
1,500
|
|
|
|
52,755
|
|
|
Walgreen Co.
|
|
|
5,000
|
|
|
|
238,400
|
|
|
Wal-Mart Stores, Inc.
|
|
|
2,700
|
|
|
|
202,041
|
|
|
|
|
|
|
|
|
|
572,246
|
|
|
Food Products - 1.9%
|
|
|
Campbell Soup Co.
|
|
|
4,500
|
|
|
|
204,120
|
|
|
General Mills, Inc.
|
|
|
1,125
|
|
|
|
55,474
|
|
|
Kellogg Co.
|
|
|
3,000
|
|
|
|
193,290
|
|
|
|
|
|
|
|
|
|
452,884
|
|
|
Household Products - 1.2%
|
|
|
Clorox Co. (The)
|
|
|
1,000
|
|
|
|
88,530
|
|
|
Procter & Gamble Co. (The)
|
|
|
2,700
|
|
|
|
208,062
|
|
|
|
|
|
|
|
|
|
296,592
|
|
|
Energy - 2.9%
|
|
|
Energy Equipment & Services - 0.7%
|
|
|
Ensco plc - Class A
|
|
|
3,000
|
|
|
|
180,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil, Gas & Consumable Fuels - 2.2%
|
|
|
BP plc - ADR
|
|
|
2,600
|
|
|
|
110,110
|
|
|
ConocoPhillips
|
|
|
2,100
|
|
|
|
126,210
|
|
|
Exxon Mobil Corp.
|
|
|
1,400
|
|
|
|
126,154
|
|
|
Occidental Petroleum Corp.
|
|
|
2,000
|
|
|
|
156,740
|
|
|
|
|
|
|
|
|
|
519,214
|
|
|
Financials - 1.6%
|
|
|
Diversified Financial Services - 0.9%
|
|
|
CME Group, Inc.
|
|
|
3,400
|
|
|
|
208,726
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance - 0.7%
|
|
|
Aflac, Inc.
|
|
|
3,500
|
|
|
|
182,070
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - 9.8%
|
|
|
Biotechnology - 0.6%
|
|
|
PDL BioPharma, Inc.
|
|
|
20,000
|
|
|
|
146,200
|
|
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 43.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Health Care - 9.8% (Continued)
|
|
|
Health Care Equipment & Supplies - 4.0%
|
|
|
Baxter International, Inc.
|
|
|
2,950
|
|
|
$
|
214,288
|
|
|
Becton, Dickinson and Co.
|
|
|
2,325
|
|
|
|
222,293
|
|
|
Medtronic, Inc.
|
|
|
3,300
|
|
|
|
154,968
|
|
|
Meridian Bioscience, Inc.
|
|
|
7,000
|
|
|
|
159,740
|
|
|
St. Jude Medical, Inc.
|
|
|
4,900
|
|
|
|
198,156
|
|
|
|
|
|
|
|
|
|
949,445
|
|
|
Health Care Providers & Services - 1.0%
|
|
|
Cardinal Health, Inc.
|
|
|
4,200
|
|
|
|
174,804
|
|
|
Owens & Minor, Inc.
|
|
|
2,000
|
|
|
|
65,120
|
|
|
|
|
|
|
|
|
|
239,924
|
|
|
Health Care Technology - 0.2%
|
|
|
Quality Systems, Inc.
|
|
|
3,000
|
|
|
|
54,840
|
|
|
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 4.0%
|
|
|
Abbott Laboratories
|
|
|
1,750
|
|
|
|
61,810
|
|
|
AbbVie, Inc.
|
|
|
3,250
|
|
|
|
132,535
|
|
|
AstraZeneca plc - ADR
|
|
|
3,500
|
|
|
|
174,930
|
|
|
Eli Lilly & Co.
|
|
|
1,000
|
|
|
|
56,790
|
|
|
Johnson & Johnson
|
|
|
2,650
|
|
|
|
216,054
|
|
|
Merck & Co., Inc.
|
|
|
2,625
|
|
|
|
116,104
|
|
|
Novartis AG - ADR
|
|
|
2,900
|
|
|
|
206,596
|
|
|
|
|
|
|
|
|
|
964,819
|
|
|
Industrials - 3.1%
|
|
|
Aerospace & Defense - 0.8%
|
|
|
Raytheon Co.
|
|
|
1,600
|
|
|
|
94,064
|
|
|
United Technologies Corp.
|
|
|
1,000
|
|
|
|
93,430
|
|
|
|
|
|
|
|
|
|
187,494
|
|
|
Air Freight & Logistics - 0.5%
|
|
|
United Parcel Service, Inc. - Class B
|
|
|
1,400
|
|
|
|
120,260
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 0.3%
|
|
|
Republic Services, Inc.
|
|
|
2,100
|
|
|
|
69,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 0.6%
|
|
|
Eaton Corp. plc
|
|
|
500
|
|
|
|
30,625
|
|
|
Emerson Electric Co.
|
|
|
2,000
|
|
|
|
111,740
|
|
|
|
|
|
|
|
|
|
142,365
|
|
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 43.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Industrials - 3.1% (Continued)
|
|
|
Machinery - 0.6%
|
|
|
Illinois Tool Works, Inc.
|
|
|
2,500
|
|
|
$
|
152,350
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 0.3%
|
|
|
Norfolk Southern Corp.
|
|
|
1,000
|
|
|
|
77,080
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 6.8%
|
|
|
Communications Equipment - 1.5%
|
|
|
Cisco Systems, Inc.
|
|
|
5,500
|
|
|
|
115,005
|
|
|
Comtech Telecommunications Corp.
|
|
|
3,000
|
|
|
|
72,840
|
|
|
Harris Corp.
|
|
|
3,700
|
|
|
|
171,458
|
|
|
|
|
|
|
|
|
|
359,303
|
|
|
Computers & Peripherals - 0.2%
|
|
|
Diebold, Inc.
|
|
|
1,500
|
|
|
|
45,480
|
|
|
|
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components - 0.4%
|
|
|
Molex, Inc.
|
|
|
3,000
|
|
|
|
87,840
|
|
|
|
|
|
|
|
|
|
|
|
|
Office Electronics - 0.7%
|
|
|
CANON, Inc.
|
|
|
4,400
|
|
|
|
161,436
|
|
|
|
|
|
|
|
|
|
|
|
|
Semiconductors & Semiconductor Equipment - 3.0%
|
|
|
Analog Devices, Inc.
|
|
|
2,000
|
|
|
|
92,980
|
|
|
Applied Materials, Inc.
|
|
|
5,000
|
|
|
|
67,400
|
|
|
Intel Corp.
|
|
|
8,500
|
|
|
|
185,725
|
|
|
KLA-Tencor Corp.
|
|
|
2,200
|
|
|
|
116,028
|
|
|
Maxim Integrated Products, Inc.
|
|
|
1,000
|
|
|
|
32,650
|
|
|
Microchip Technology, Inc.
|
|
|
4,000
|
|
|
|
147,040
|
|
|
Xilinx, Inc.
|
|
|
2,250
|
|
|
|
85,882
|
|
|
|
|
|
|
|
|
|
727,705
|
|
|
Software - 1.0%
|
|
|
ClickSoftware Technologies Ltd.
|
|
|
10,000
|
|
|
|
80,400
|
|
|
Microsoft Corp.
|
|
|
6,000
|
|
|
|
171,660
|
|
|
|
|
|
|
|
|
|
252,060
|
|
|
Materials - 1.7%
|
|
|
Chemicals - 1.0%
|
|
|
BASF SE - ADR
|
|
|
2,100
|
|
|
|
184,380
|
|
|
Scotts Miracle-Gro Co. (The) - Class A
|
|
|
1,500
|
|
|
|
64,860
|
|
|
|
|
|
|
|
|
|
249,240
|
|
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 43.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
Materials - 1.7% (Continued)
|
|
|
Metals & Mining - 0.7%
|
|
|
Newmont Mining Corp.
|
|
|
4,000
|
|
|
$
|
167,560
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 1.6%
|
|
|
Electric Utilities - 0.9%
|
|
|
Entergy Corp.
|
|
|
1,600
|
|
|
|
101,184
|
|
|
PPL Corp.
|
|
|
3,600
|
|
|
|
112,716
|
|
|
|
|
|
|
|
|
|
213,900
|
|
|
Water Utilities - 0.7%
|
|
|
Consolidated Water Co. Ltd.
|
|
|
16,000
|
|
|
|
158,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $9,630,269)
|
|
|
$
|
10,474,968
|
|
|
|
|
|
|
|
|
|
|
|
|
PUT OPTION CONTRACTS - 0.1%
|
|
Contracts
|
|
|
Value
|
|
|
S&P 500 Index Option, 06/22/2013 at $1,280 (Cost $16,043)
|
|
|
32
|
|
|
$
|
7,648
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Value - 43.7%
(Cost $9,646,312)
|
|
|
$
|
10,482,616
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 59.8%
|
|
Shares
|
|
|
Value
|
|
|
Federated U.S. Treasury Cash Reserves Fund - Institutional Shares, 0.00%
(a)
|
|
|
4,190,581
|
|
|
$
|
4,190,581
|
|
|
First American Treasury Obligations Fund - Class Y, 0.00%
(a)
|
|
|
10,179,028
|
|
|
|
10,179,028
|
|
|
Total Money Market Funds
(Cost $14,369,609)
|
|
|
$
|
14,369,609
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments and Money Market Funds at Value - 103.5%
(Cost $24,015,921)
|
|
|
$
|
24,852,225
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Option Contracts - (3.8%)
|
|
|
|
(907,104
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities -
0.3%
|
|
|
|
68,018
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
24,013,139
|
|
|
ADR
|
- American Depositary Receipt.
|
|
(a)
|
The rate shown is the 7-day effective yield as of March 31, 2013.
|
See accompanying notes to Schedules of Investments.
|
HUSSMAN STRATEGIC DIVIDEND VALUE FUND
|
|
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
|
|
March 31, 2013 (Unaudited)
|
|
WRITTEN CALL OPTION CONTRACTS
|
|
Contracts
|
|
|
Value of Options
|
|
|
Premiums Received
|
|
|
S&P 500 Index Option,
|
|
|
|
|
|
|
|
|
|
|
06/22/2013 at $1,280
|
|
|
32
|
|
|
$
|
907,104
|
|
|
$
|
825,557
|
|
See accompanying notes to Schedules of Investments.
HUSSMAN INVESTMENT TRUST
NOTES TO SCHEDULES OF INVESTMENTS
March 31, 2013 (Unaudited)
1. Securities and Options Valuation
The portfolio securities of Hussman Strategic Growth Fund, Hussman Strategic Total Return Fund and Hussman Strategic Dividend Value Fund (the “Funds”) are valued at market value as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally, 4:00 Eastern time) on each business day the NYSE is open. Securities, other than options, listed on the NYSE or other exchanges are valued on the basis of their last sale prices on the exchanges on which they are primarily traded. However, if the last sale price on the NYSE is different than the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, the securities are valued at the last bid price on the NYSE or other primary exchange for that day. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last bid price as reported by NASDAQ. Securities traded in the over-the-counter markets, other than NASDAQ quoted securities, are valued at the last sales price, or if there are no sales on that day, at the mean of the closing bid and ask prices.
Pursuant to procedures approved by the Board of Trustees, options traded on a national securities exchange are valued at prices between the closing bid and ask prices determined by Hussman Strategic Advisors, Inc. (the “Adviser”) to most closely reflect market value as of the time of computation of the net asset value. As of March 31, 2013, all options held by Hussman Strategic Growth Fund and Hussman Strategic Dividend Value Fund have been valued in this manner. Options not traded on a national securities exchange or board of trade, but for which over-the-counter market quotations are readily available, are valued at the mean of their closing bid and ask prices.
Fixed income securities not traded or dealt in upon any securities exchange but for which over-the-counter market quotations are readily available generally are valued at the mean of their closing bid and ask prices. Fixed income securities may also be valued on the basis of prices provided by an independent pricing service. Debt securities with remaining maturities of 60 days or less are valued at amortized cost, absent unusual circumstances.
In the event that market quotations are not readily available or are determined by the Adviser to not be reflective of fair market value due to market events or developments, securities and options are valued at fair value as determined by the Adviser in accordance with procedures adopted by the Board of Trustees. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of security, subsequent private transactions in the security or related securities, or a combination of these and other factors.
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of each of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|
·
|
Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
|
|
·
|
Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
|
HUSSMAN INVESTMENT TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
|
|
·
|
Level 3 – model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.
|
Option contracts purchased and written by Hussman Strategic Growth Fund and Hussman Strategic Dividend Value Fund are classified as Level 2 since they are valued using “other significant observable inputs” at prices between the closing bid and ask prices determined by the Adviser to most closely reflect market value. U.S. Treasury obligations held by Hussman Strategic Total Return Fund are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various “other significant observable inputs” including bid and ask quotations, prices of similar securities and interest rates, among other factors. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure the value of a particular security may fall into more than one level of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement of that security is determined to fall in its entirety is the lowest level input that is significant to the fair value measurement.
The following is a summary of the inputs used to value each Fund’s investments and other financial instruments as of March 31, 2013 by security type:
|
Hussman Strategic Growth Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities and Money Market Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
2,360,060,660
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
2,360,060,660
|
|
|
Put Option Contracts
|
|
|
-
|
|
|
|
29,352,000
|
|
|
|
-
|
|
|
|
29,352,000
|
|
|
Money Market Funds
|
|
|
876,521,178
|
|
|
|
-
|
|
|
|
-
|
|
|
|
876,521,178
|
|
Total Investments in Securities
and Money Market Funds
|
|
$
|
3,236,581,838
|
|
|
$
|
29,352,000
|
|
|
$
|
-
|
|
|
$
|
3,265,933,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Option Contracts
|
|
$
|
-
|
|
|
$
|
(858,228,500
|
)
|
|
$
|
-
|
|
|
$
|
(858,228,500
|
)
|
|
Total Other Financial Instruments
|
|
$
|
-
|
|
|
$
|
(858,228,500
|
)
|
|
$
|
-
|
|
|
$
|
(858,228,500
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hussman Strategic Total Return Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities and Money Market Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
306,328,572
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
306,328,572
|
|
|
U.S. Treasury Obligations
|
|
|
-
|
|
|
|
1,249,082,493
|
|
|
|
-
|
|
|
|
1,249,082,493
|
|
|
Exchange-Traded Funds
|
|
|
33,214,400
|
|
|
|
-
|
|
|
|
-
|
|
|
|
33,214,400
|
|
|
Money Market Funds
|
|
|
91,180,828
|
|
|
|
-
|
|
|
|
-
|
|
|
|
91,180,828
|
|
Total Investments in Securities
and Money Market Funds
|
|
$
|
430,723,800
|
|
|
$
|
1,249,082,493
|
|
|
$
|
-
|
|
|
$
|
1,679,806,293
|
|
HUSSMAN INVESTMENT TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
|
Hussman Strategic Dividend Value Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities and Money Market Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
10,474,968
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
10,474,968
|
|
|
Put Option Contracts
|
|
|
-
|
|
|
|
7,648
|
|
|
|
-
|
|
|
|
7,648
|
|
|
Money Market Funds
|
|
|
14,369,609
|
|
|
|
-
|
|
|
|
-
|
|
|
|
14,369,609
|
|
Total Investments in Securities
and Money Market Funds
|
|
$
|
24,844,577
|
|
|
$
|
7,648
|
|
|
$
|
-
|
|
|
$
|
24,852,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Option Contracts
|
|
$
|
-
|
|
|
$
|
(907,104
|
)
|
|
$
|
-
|
|
|
$
|
(907,104
|
)
|
|
Total Other Financial Instruments
|
|
$
|
-
|
|
|
$
|
(907,104
|
)
|
|
$
|
-
|
|
|
$
|
(907,104
|
)
|
Each Fund’s Schedule of Investments identifies the specific securities (by type of security and industry type) that comprise that Fund’s holdings within the Level 1 and Level 2 categories shown in the tables above. As of March 31, 2013, the Funds did not have any transfers in and out of any Level. In addition, the Funds did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2013. It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period.
2. Investment Transactions
Security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.
3. Federal Income Tax
The following information is computed on a tax basis for each item as of March 31, 2013:
|
|
|
Hussman
|
|
|
Hussman
|
|
|
Hussman
|
|
|
|
|
Strategic
|
|
|
Strategic Total
|
|
|
Strategic Dividend
|
|
|
|
|
Growth Fund
|
|
|
Return Fund
|
|
|
Value Fund
|
|
|
Cost of portfolio investments
|
|
$
|
2,934,129,057
|
|
|
$
|
1,686,540,339
|
|
|
$
|
24,015,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
370,728,103
|
|
|
$
|
49,064,660
|
|
|
$
|
1,002,369
|
|
|
Gross unrealized depreciation
|
|
|
(38,923,322
|
)
|
|
|
(55,798,706
|
)
|
|
|
(166,065
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized appreciation/(depreciation)
on investments
|
|
$
|
331,804,781
|
|
|
$
|
(6,734,046
|
)
|
|
$
|
836,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net unrealized depreciation
on written call option contracts
|
|
$
|
(40,923,565
|
)
|
|
$
|
-
|
|
|
$
|
(81,547
|
)
|
As of March 31, 2013, the tax cost of written call option contracts for Hussman Strategic Growth Fund and Hussman Strategic Dividend Value Fund is $817,304,935 and $825,557, respectively.
HUSSMAN INVESTMENT TRUST
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
The difference between the federal income tax cost of portfolio investments and the Schedule of Investments cost for Hussman Strategic Growth Fund and Hussman Strategic Total Return Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to losses deferred due to wash sales and adjustments to basis on publicly traded partnerships.
4. Other Investments and Strategies
If a Fund has significant investments in the securities of issuers in industries within a particular market sector, any development generally affecting issuers within that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. This may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s net asset value per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio will be adversely affected. As of March 31, 2013, Hussman Strategic Growth Fund had 25.6% and 25.3% of the value of its net assets invested in stocks within the Consumer Discretionary and Health Care sectors, respectively.
In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may invest a significant portion of its assets in shares of one or more money market mutual funds. An investment in a money market mutual fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market mutual funds have been rare, they are possible. In addition, the Funds will incur additional indirect expenses due to acquired fund fees and other costs to the extent they invest in shares of money market mutual funds. As of March 31, 2013, Hussman Strategic Growth Fund and Hussman Strategic Dividend Value Fund had 36.6% and 59.8%, respectively, of the value of their net assets invested in money market mutual funds registered under the Investment Company Act of 1940, including 25.4% and 42.4%, respectively, of the value of their net assets invested in shares of a single money market fund.
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF INVESTMENTS
|
|
|
March 28, 2013 (Unaudited)
|
|
|
|
|
|
COMMON STOCKS - 64.6%
|
|
Shares
|
|
|
Value
|
|
|
Argentina - 0.5%
|
|
|
Telecom Argentina S.A. - ADR
|
|
|
28,000
|
|
|
$
|
406,280
|
|
|
|
|
|
|
|
|
|
|
|
|
Australia - 1.3%
|
|
|
Cochlear Ltd.
(a)
|
|
|
3,000
|
|
|
|
213,147
|
|
|
Sonic Healthcare Ltd.
(a)
|
|
|
63,000
|
|
|
|
916,823
|
|
|
|
|
|
|
|
|
|
1,129,970
|
|
|
Austria - 0.7%
|
|
|
OMV AG
(a)
|
|
|
15,000
|
|
|
|
639,640
|
|
|
|
|
|
|
|
|
|
|
|
|
Belgium - 0.7%
|
|
|
Colruyt S.A.
(a)
|
|
|
12,000
|
|
|
|
580,115
|
|
|
|
|
|
|
|
|
|
|
|
|
Canada - 2.6%
|
|
|
Gildan Activewear, Inc.
|
|
|
22,000
|
|
|
|
877,670
|
|
|
Shaw Communications, Inc. - Class B
|
|
|
33,000
|
|
|
|
817,253
|
|
|
Shoppers Drug Mart Corp.
|
|
|
15,000
|
|
|
|
641,819
|
|
|
|
|
|
|
|
|
|
2,336,742
|
|
|
China - 2.5%
|
|
|
Mindray Medical International Ltd. - ADR
|
|
|
22,500
|
|
|
|
898,650
|
|
|
NetEase.com, Inc. - ADR
|
|
|
8,000
|
|
|
|
438,160
|
|
|
WuXi PharmaTech (Cayman), Inc. - ADR
(b)
|
|
|
40,000
|
|
|
|
687,200
|
|
|
Yue Yuen Industrial (Holdings) Ltd. - ADR
|
|
|
12,000
|
|
|
|
193,920
|
|
|
|
|
|
|
|
|
|
2,217,930
|
|
|
Denmark - 0.8%
|
|
|
William Demant Holding A/S
(a) (b)
|
|
|
8,000
|
|
|
|
670,504
|
|
|
|
|
|
|
|
|
|
|
|
|
Finland - 2.2%
|
|
|
Elisa Oyj
(a)
|
|
|
20,000
|
|
|
|
372,222
|
|
|
Lassila & Tikanoja Oyj
(a) (b)
|
|
|
45,000
|
|
|
|
723,799
|
|
|
Tieto Oyj
(a)
|
|
|
40,000
|
|
|
|
848,444
|
|
|
|
|
|
|
|
|
|
1,944,465
|
|
|
France - 5.9%
|
|
|
Alten
|
|
|
19,500
|
|
|
|
772,450
|
|
|
bioMérieux
(a)
|
|
|
6,000
|
|
|
|
566,327
|
|
|
Cegid Group
|
|
|
5,000
|
|
|
|
102,558
|
|
|
Danone S.A.
(a)
|
|
|
13,000
|
|
|
|
905,258
|
|
|
Infotel S.A.
|
|
|
3,066
|
|
|
|
205,566
|
|
|
L'Oréal S.A.
(a)
|
|
|
3,600
|
|
|
|
571,205
|
|
|
Metropole Television S.A.
(a)
|
|
|
17,500
|
|
|
|
272,265
|
|
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 64.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
France - 5.9% (Continued)
|
|
|
Norbert Dentressangle S.A.
|
|
|
9,427
|
|
|
$
|
715,198
|
|
|
Sanofi - ADR
|
|
|
22,100
|
|
|
|
1,128,868
|
|
|
|
|
|
|
|
|
|
5,239,695
|
|
|
Germany - 2.4%
|
|
|
Deutsche Telekom AG
(a)
|
|
|
60,000
|
|
|
|
635,237
|
|
|
SAP AG - ADR
|
|
|
13,100
|
|
|
|
1,055,074
|
|
|
United Internet AG
(a)
|
|
|
20,000
|
|
|
|
486,966
|
|
|
|
|
|
|
|
|
|
2,177,277
|
|
|
India - 1.1%
|
|
|
Wipro Ltd. - ADR
|
|
|
100,000
|
|
|
|
1,010,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Italy - 1.6%
|
|
|
Enel S.P.A.
(a)
|
|
|
125,000
|
|
|
|
409,904
|
|
|
Eni S.P.A. - ADR
|
|
|
10,000
|
|
|
|
448,900
|
|
|
Società Iniziative Autostradali e Servizi S.P.A.
(a)
|
|
|
60,000
|
|
|
|
562,990
|
|
|
|
|
|
|
|
|
|
1,421,794
|
|
|
Japan - 13.8%
|
|
|
ABC-MART, Inc.
(a)
|
|
|
20,000
|
|
|
|
762,862
|
|
|
Central Japan Railway Co.
(a)
|
|
|
3,500
|
|
|
|
369,840
|
|
|
KDDI Corp.
(a)
|
|
|
19,000
|
|
|
|
794,468
|
|
|
K's Holdings Corp.
(a)
|
|
|
14,000
|
|
|
|
449,047
|
|
|
Mochida Pharmaceutical Co. Ltd.
(a)
|
|
|
50,000
|
|
|
|
645,533
|
|
|
Nitori Holdings Co. Ltd.
(a)
|
|
|
2,000
|
|
|
|
154,422
|
|
|
Nomura Research Institute Ltd.
(a)
|
|
|
20,000
|
|
|
|
516,530
|
|
|
Ryohin Keikaku Co. Ltd.
(a)
|
|
|
13,000
|
|
|
|
1,024,198
|
|
|
Shionogi & Co. Ltd.
(a)
|
|
|
40,000
|
|
|
|
810,690
|
|
|
SoftBank Corp.
(a)
|
|
|
20,000
|
|
|
|
921,484
|
|
|
Sogo Medical Co. Ltd.
(a)
|
|
|
15,000
|
|
|
|
530,535
|
|
|
Sugi Holdings Co. Ltd.
(a)
|
|
|
23,000
|
|
|
|
820,627
|
|
|
Sundrug Co. Ltd.
(a)
|
|
|
25,000
|
|
|
|
1,111,554
|
|
|
Takeda Pharmaceutical Co. Ltd.
(a)
|
|
|
10,500
|
|
|
|
575,250
|
|
|
Toppan Forms Co. Ltd.
(a)
|
|
|
66,900
|
|
|
|
650,117
|
|
|
Trend Micro, Inc.
(a)
|
|
|
15,000
|
|
|
|
421,189
|
|
|
United Arrows Ltd.
(a)
|
|
|
25,000
|
|
|
|
855,704
|
|
|
Yamada Denki Co. Ltd.
(a)
|
|
|
10,000
|
|
|
|
458,831
|
|
|
YAOKO Co., Ltd.
(a)
|
|
|
10,000
|
|
|
|
436,098
|
|
|
|
|
|
|
|
|
|
12,308,979
|
|
|
Mexico - 0.3%
|
|
|
Gruma S.A.B. de C.V. - ADR
(b)
|
|
|
15,500
|
|
|
|
272,180
|
|
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 64.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
New Zealand - 1.2%
|
|
|
Chorus Ltd. - ADR
|
|
|
16,000
|
|
|
$
|
187,360
|
|
|
Telecom Corp. of New Zealand Ltd. - ADR
|
|
|
92,500
|
|
|
|
887,075
|
|
|
Warehouse Group Ltd. (The)
|
|
|
13,442
|
|
|
|
39,256
|
|
|
|
|
|
|
|
|
|
1,113,691
|
|
|
Norway - 1.8%
|
|
|
Tomra Systems ASA
|
|
|
95,000
|
|
|
|
927,064
|
|
|
Yara International ASA
(a)
|
|
|
15,000
|
|
|
|
684,700
|
|
|
|
|
|
|
|
|
|
1,611,764
|
|
|
Russia - 0.8%
|
|
|
Mobile TeleSystems OJSC - ADR
|
|
|
33,000
|
|
|
|
684,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Spain - 0.8%
|
|
|
Red Electrica Corp. S.A.
(a)
|
|
|
15,000
|
|
|
|
755,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Sweden - 2.6%
|
|
|
Axfood AB
(a)
|
|
|
13,000
|
|
|
|
529,444
|
|
|
Clas Ohlson AB - B Shares
|
|
|
55,000
|
|
|
|
734,228
|
|
|
Hennes & Mauritz AB - B Shares
(a)
|
|
|
14,100
|
|
|
|
504,940
|
|
|
NIBE Industrier AB - B Shares
(a)
|
|
|
30,000
|
|
|
|
522,959
|
|
|
|
|
|
|
|
|
|
2,291,571
|
|
|
Switzerland - 4.0%
|
|
|
Logitech International S.A.
(b)
|
|
|
61,000
|
|
|
|
425,170
|
|
|
Lonza Group AG
(a) (b)
|
|
|
12,000
|
|
|
|
780,166
|
|
|
Novartis AG - ADR
|
|
|
14,000
|
|
|
|
997,360
|
|
|
Roche Holding Ltd. - ADR
|
|
|
19,000
|
|
|
|
1,113,400
|
|
|
Swisscom AG - ADR
|
|
|
6,000
|
|
|
|
277,920
|
|
|
|
|
|
|
|
|
|
3,594,016
|
|
|
Taiwan - 1.1%
|
|
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
|
|
|
55,000
|
|
|
|
945,450
|
|
|
|
|
|
|
|
|
|
|
|
|
United Kingdom - 15.9%
|
|
|
AstraZeneca plc - ADR
|
|
|
21,500
|
|
|
|
1,074,570
|
|
|
BT Group plc - ADR
|
|
|
10,000
|
|
|
|
420,300
|
|
|
Debenhams plc
|
|
|
375,000
|
|
|
|
471,849
|
|
|
Ensco plc - Class A
|
|
|
2,500
|
|
|
|
150,000
|
|
|
Enterprise Inns plc
(a) (b)
|
|
|
350,000
|
|
|
|
565,900
|
|
|
GlaxoSmithKline plc - ADR
|
|
|
23,500
|
|
|
|
1,102,385
|
|
|
Inmarsat plc
(a)
|
|
|
60,000
|
|
|
|
642,414
|
|
|
J Sainsbury plc
(a)
|
|
|
180,000
|
|
|
|
1,036,921
|
|
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
COMMON STOCKS - 64.6% (Continued)
|
|
Shares
|
|
|
Value
|
|
|
United Kingdom - 15.9% (Continued)
|
|
|
J.D. Wetherspoon plc
(a)
|
|
|
70,000
|
|
|
$
|
572,449
|
|
|
London Stock Exchange Group plc
(a)
|
|
|
25,000
|
|
|
|
497,241
|
|
|
Marks & Spencer Group plc
(a)
|
|
|
40,000
|
|
|
|
237,236
|
|
|
Mitie Group plc
(a)
|
|
|
175,000
|
|
|
|
747,938
|
|
|
National Grid plc - ADR
|
|
|
10,500
|
|
|
|
609,105
|
|
|
Reckitt Benckiser Group plc - ADR
|
|
|
75,000
|
|
|
|
1,082,250
|
|
|
Sage Group plc (The)
(a)
|
|
|
100,000
|
|
|
|
521,545
|
|
|
Smith & Nephew plc - ADR
|
|
|
19,500
|
|
|
|
1,125,735
|
|
|
SSE plc
(a)
|
|
|
35,000
|
|
|
|
791,322
|
|
|
Tesco plc
(a)
|
|
|
125,000
|
|
|
|
726,733
|
|
|
Vodafone Group plc - ADR
|
|
|
19,000
|
|
|
|
539,790
|
|
|
William Morrison Supermarkets plc
(a)
|
|
|
160,000
|
|
|
|
672,614
|
|
|
WS Atkins plc
(a)
|
|
|
45,000
|
|
|
|
624,698
|
|
|
|
|
|
|
|
|
|
14,212,995
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Common Stocks
(Cost $52,318,773)
|
|
|
$
|
57,564,968
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 6.8%
|
|
Shares
|
|
|
Value
|
|
|
iShares MSCI Australia Index Fund
|
|
|
48,000
|
|
|
$
|
1,297,920
|
|
|
iShares MSCI Belgium Index Fund
|
|
|
87,000
|
|
|
|
1,233,660
|
|
|
iShares MSCI Germany Index Fund
|
|
|
49,000
|
|
|
|
1,199,030
|
|
|
iShares MSCI Singapore Index Fund
|
|
|
80,000
|
|
|
|
1,116,800
|
|
|
iShares MSCI Sweden Index Fund
|
|
|
38,000
|
|
|
|
1,235,380
|
|
|
Total Exchange-Traded Funds
(Cost $5,895,307)
|
|
|
$
|
6,082,790
|
|
|
|
|
|
|
|
|
|
|
|
|
PUT OPTION CONTRACTS - 0.0%
(c)
|
|
Contracts
|
|
|
Value
|
|
|
S&P 500 Index Option, 06/22/2013 at $1,150 (Cost $10,634)
|
|
|
100
|
|
|
$
|
7,300
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments at Value - 71.4%
(Cost $58,224,714)
|
|
|
$
|
63,655,058
|
|
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF INVESTMENTS (Continued)
|
|
|
|
|
|
MONEY MARKET FUNDS - 22.9%
|
|
Shares
|
|
|
Value
|
|
|
Northern Institutional Treasury Portfolio, 0.01%
(d)
(Cost $20,389,667)
|
|
|
20,389,667
|
|
|
$
|
20,389,667
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments and Money Market Funds at Value - 94.3%
(Cost $78,614,381)
|
|
|
$
|
84,044,725
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Call Option Contracts - (4.6%)
|
|
|
|
(4,118,000
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 10.3%
|
|
|
|
9,192,467
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.0%
|
|
|
$
|
89,119,192
|
|
|
ADR
|
- American Depositary Receipt.
|
|
(a)
|
Fair value priced (Note 1). Fair valued securities totaled $33,098,535 at March 28, 2013, representing 37.1% of net assets.
|
|
(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 March 28, 2013.
|
See accompanying notes to Schedule of Investments.
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
SUMMARY OF COMMON STOCKS BY SECTOR AND INDUSTRY
|
|
March 28, 2013 (Unaudited)
|
|
|
|
Sector
|
Industry
|
% of
Net Assets
|
|
Consumer Discretionary - 10.1%
|
|
|
|
|
Hotels, Restaurants & Leisure
|
1.3%
|
|
|
Media
|
1.2%
|
|
|
Multiline Retail
|
2.2%
|
|
|
Specialty Retail
|
4.4%
|
|
|
Textiles, Apparel & Luxury Goods
|
1.0%
|
|
Consumer Staples - 11.1%
|
|
|
|
|
Food & Staples Retailing
|
8.0%
|
|
|
Food Products
|
1.3%
|
|
|
Household Products
|
1.2%
|
|
|
Personal Products
|
0.6%
|
|
Energy - 1.4%
|
|
|
|
|
Energy Equipment & Services
|
0.2%
|
|
|
Oil, Gas & Consumable Fuels
|
1.2%
|
|
Financials - 0.6%
|
|
|
|
|
Diversified Financial Services
|
0.6%
|
|
Health Care - 14.9%
|
|
|
|
|
Health Care Equipment & Supplies
|
3.9%
|
|
|
Health Care Providers & Services
|
1.0%
|
|
|
Life Sciences Tools & Services
|
1.6%
|
|
|
Pharmaceuticals
|
8.4%
|
|
Industrials - 6.5%
|
|
|
|
|
Air Freight & Logistics
|
0.8%
|
|
|
Building Products
|
0.6%
|
|
|
Commercial Services & Supplies
|
3.4%
|
|
|
Professional Services
|
0.7%
|
|
|
Road & Rail
|
0.4%
|
|
|
Transportation Infrastructure
|
0.6%
|
|
Information Technology - 9.7%
|
|
|
|
|
Computers & Peripherals
|
0.5%
|
|
|
Internet Software & Services
|
2.1%
|
|
|
IT Services
|
2.9%
|
|
|
Semiconductors & Semiconductor Equipment
|
1.0%
|
|
|
Software
|
3.2%
|
|
Materials - 0.8%
|
|
|
|
|
Chemicals
|
0.8%
|
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
SUMMARY OF COMMON STOCKS BY SECTOR AND INDUSTRY (Continued)
|
|
|
|
Sector
|
Industry
|
% of
Net Assets
|
|
Telecommunication Services - 6.6%
|
|
|
|
|
Diversified Telecommunication Services
|
5.1%
|
|
|
Wireless Telecommunication Services
|
1.5%
|
|
Utilities - 2.9%
|
|
|
|
|
Electric Utilities
|
2.2%
|
|
|
Multi-Utilities
|
0.7%
|
|
|
|
64.6%
|
See accompanying notes to Schedule of Investments.
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF FUTURES CONTRACTS
|
|
|
March 28, 2013 (Unaudited)
|
|
|
FUTURES CONTRACTS
|
Expiration Date
|
|
Contracts
|
|
|
Aggregate Market
Value of Contracts
|
|
|
Unrealized
Appreciation
|
|
|
Dollar Index Future
|
06/17/2013
|
|
|
150
|
|
|
$
|
12,472,500
|
|
|
$
|
24,769
|
|
See accompanying notes to Schedule of Investments
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS
|
|
|
March 28, 2013 (Unaudited)
|
|
|
|
|
|
WRITTEN CALL OPTION CONTRACTS
|
|
Contracts
|
|
|
Value of Options
|
|
|
Premiums Received
|
|
|
S&P 500 Index Option,
|
|
|
|
|
|
|
|
|
|
|
06/22/2013 at $1,150
|
|
|
100
|
|
|
$
|
4,118,000
|
|
|
$
|
3,999,866
|
|
See accompanying notes to Schedule of Investments.
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
|
|
|
|
|
|
SCHEDULE OF FUTURES CONTRACTS SOLD SHORT
|
|
|
|
|
|
March 28, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
FUTURES CONTRACTS SOLD SHORT
|
Expiration Date
|
|
Contracts
|
|
|
Aggregate Market
Value of Contracts
|
|
|
Unrealized
Appreciation
|
|
|
Euro STOXX 50 Index Future
|
06/21/2013
|
|
|
900
|
|
|
$
|
29,605,795
|
|
|
$
|
930,182
|
|
|
FTSE 100 Index Future
|
06/21/2013
|
|
|
150
|
|
|
|
14,504,217
|
|
|
|
120,355
|
|
|
Total Futures Contracts Sold Short
|
|
|
$
|
44,110,012
|
|
|
$
|
1,050,537
|
|
See accompanying notes to Schedule of Investments.
HUSSMAN STRATEGIC INTERNATIONAL FUND
NOTES TO SCHEDULE OF INVESTMENTS
March 28, 2013 (Unaudited)
1. Valuation of Securities and Other Financial Instruments
The portfolio securities of Hussman Strategic International Fund (the “Fund”) are valued at market value as of the close of regular trading on the New York Stock Exchange (“NYSE”) (normally, 4:00 Eastern time) on each business day the NYSE is open. Securities, other than options, listed on the NYSE or other exchanges are valued on the basis of their last sale prices on the exchanges on which they are primarily traded. However, if the last sale price on the NYSE is different than the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, the securities are valued at the last bid price on the NYSE or other primary exchange for that day. Securities which are quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last bid price as reported by NASDAQ. Securities traded in the over-the-counter markets, other than NASDAQ quoted securities, are valued at the last sales price, or if there are no sales on that day, at the mean of the closing bid and ask prices. Securities traded on a foreign stock exchange may be valued based upon the closing price on the principal exchange where the security is traded; however, because the value of securities traded on foreign stock exchanges may be materially affected by events occurring before the Fund’s pricing time but after the close of the primary markets or exchanges on which such securities are traded, such securities will typically be priced at their fair value as determined by an independent pricing service approved by the Board of Trustees. As a result, the prices of securities used to calculate the Fund’s net asset value may differ from quoted or published prices for the same securities. Values of foreign securities are translated from the local currency into U.S. dollars using currency exchange rates supplied by an independent pricing quotation service.
Pursuant to procedures approved by the Board of Trustees, options traded on a national securities exchange are valued at prices between the closing bid and ask prices determined by Hussman Strategic Advisors, Inc. (the “Adviser”) to most closely reflect market value as of the time of computation of the net asset value. As of March 28, 2013, all options held by the Fund have been valued in this manner. Options not traded on a national securities exchange or board of trade, but for which over-the-counter market quotations are readily available, are valued at the mean of their closing bid and ask prices. Futures contracts and options thereon, which are traded on commodities exchanges, are valued at their last sale price as of the close of regular trading on the NYSE or, if not available, at the mean of the bid and ask prices.
In the event that market quotations are not readily available or are determined by the Adviser to not be reflective of fair market value due to market events or developments, securities and other financial instruments are valued at fair value as determined by the Adviser in accordance with procedures adopted by the Board of Trustees. Such methods of fair valuation may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of security, subsequent private transactions in the security or related securities, or a combination of these and other factors.
Accounting principles generally accepted in the United States establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
|
|
·
|
Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.
|
HUSSMAN STRATEGIC INTERNATIONAL FUND
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
|
|
·
|
Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
|
|
|
·
|
Level 3 – model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.
|
Option contracts purchased and written by the Fund are classified as Level 2 since they are valued using “other significant observable inputs” at prices between the closing bid and ask prices determined by the Adviser to most closely reflect market value. Non-U.S. equity securities actively traded in foreign markets held by the Fund may be classified as Level 2 despite the availability of closing prices because such securities are typically valued at their fair value as determined by an independent pricing service. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure the value of a particular security may fall into more than one level of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement of that security is determined to fall in its entirety is the lowest level input that is significant to the fair value measurement.
The following is a summary of the inputs used to value the Fund’s investments and other financial instruments as of March 28, 2013 by security type:
|
Hussman Strategic International Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities and Money Market Funds:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
|
$
|
24,466,433
|
|
|
$
|
33,098,535
|
|
|
$
|
-
|
|
|
$
|
57,564,968
|
|
|
Exchange-Traded Funds
|
|
|
6,082,790
|
|
|
|
-
|
|
|
|
-
|
|
|
|
6,082,790
|
|
|
Put Option Contracts
|
|
|
-
|
|
|
|
7,300
|
|
|
|
-
|
|
|
|
7,300
|
|
|
Money Market Funds
|
|
|
20,389,667
|
|
|
|
-
|
|
|
|
-
|
|
|
|
20,389,667
|
|
|
Total Investments in Securities and Money Market Funds
|
|
$
|
50,938,890
|
|
|
$
|
33,105,835
|
|
|
$
|
-
|
|
|
$
|
84,044,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Instruments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
$
|
12,472,500
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
12,472,500
|
|
|
Futures Contracts Sold Short
|
|
|
(44,110,012
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(44,110,012
|
)
|
|
Written Call Option Contracts
|
|
|
-
|
|
|
|
(4,118,000
|
)
|
|
|
-
|
|
|
|
(4,118,000
|
)
|
|
Total Other Financial Instruments
|
|
$
|
(31,637,512
|
)
|
|
$
|
(4,118,000
|
)
|
|
$
|
-
|
|
|
$
|
(35,755,512
|
)
|
The Fund’s Schedule of Investments identifies the specific securities (by type of security and geographical region) that comprise the Fund’s holdings within the Level 1 and Level 2 categories shown in the tables above. Transfers that occurred between Levels 1 and 2 on March 28, 2013 due to implementation of systematic fair value procedures are as follows:
HUSSMAN STRATEGIC INTERNATIONAL FUND
NOTES TO SCHEDULES OF INVESTMENTS (Continued)
|
|
|
Transfers from
Level 1 to Level 2
|
|
|
Common Stocks
|
|
$
|
3,457,064
|
|
In addition, the Fund did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of March 28, 2013. It is the Fund’s policy to recognize transfers into and out of any Level at the end of the reporting period.
2. Investment Transactions
Security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis.
3. Federal Income Tax
The following information is computed on a tax basis for each item as of March 28, 2013:
|
Cost of portfolio investments
|
|
$
|
78,614,381
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
7,851,567
|
|
|
Gross unrealized depreciation
|
|
|
(2,421,223
|
)
|
|
|
|
|
|
|
|
Net unrealized appreciation on investments
|
|
$
|
5,430,344
|
|
|
|
|
|
|
|
Net unrealized depreciation on written call
option contracts
|
|
$
|
(118,134
|
)
|
|
|
|
|
|
|
|
Net unrealized appreciation on futures contracts
|
|
$
|
1,075,306
|
|
As of March 28, 2013, the tax cost of written options is $3,999,866.
4. Foreign Investment Risk
Compared with investing in the United States, investing in foreign markets involves a greater degree and variety of risk. Investors in international or foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may erode or reverse gains from investments denominated in foreign currencies or widen losses. Foreign governments may expropriate assets, impose capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of these actions could have a severe effect on security prices and impair the Fund’s ability to bring its capital or income back to the U.S. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing credit risk of such debt. Finally, the value of foreign securities may be affected by incomplete, less frequent, or inaccurate financial information about their issuers, social upheavals or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage than U.S. companies by market analysts and may be subject to different reporting standards or regulatory requirements than those applicable to U.S. companies.
Item 2. Controls and Procedures.
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that such information is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)
Hussman Investment Trust
|
By (Signature and Title)*
|
/s/ John P. Hussman
|
|
|
|
|
John P. Hussman, President
|
|
|
|
|
|
|
|
Date
|
May 20, 2013
|
|
|
|
|
|
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ John P. Hussman
|
|
|
|
|
John P. Hussman, President
|
|
|
|
|
|
|
|
Date
|
May 20, 2013
|
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ Mark J. Seger
|
|
|
|
|
Mark J. Seger, Treasurer
|
|
|
|
|
|
|
|
Date
|
May 20, 2013
|
|
|
|
*
|
Print the name and title of each signing officer under his or her signature.
|
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