June 19, 2000 Hussman Investment Trust 135 Merchant Street, Suite 230 Cincinnati, Ohio 45246 Re: Initial Capital Agreement Gentlemen: In connection with my purchase from you and your issuance to me of 10,000 shares of the Hussman Strategic Growth Fund...

                             Xxxx X. Xxxxxxx, Ph.D.
                            0000 Xxxxxxxx Xxxxx Xxxxx
                          Xxxxxxxx Xxxx, Xxxxxxxx 00000

                                  June 19, 2000


Hussman Investment Trust
000 Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxx, Xxxx 00000

     Re: Initial Capital Agreement

Gentlemen:

     In  connection  with my purchase from you and your issuance to me of 10,000
shares of the Hussman Strategic Growth Fund for an aggregate cash  consideration
of One Hundred Thousand Dollars  ($100,000),  this will confirm that I am buying
such shares for  investment for my account only and not with a view to reselling
or otherwise distributing them.

                                        Very truly yours,


                                        /s/ Xxxx X. Xxxxxxx
                                        Xxxx X. Xxxxxxx, Ph.D.