HUSSMAN INVESTMENT TRUST
AMENDMENT TO THE CUSTODY AGREEMENT
THIS AMENDMENT dated as of this 1st day of August, 2005, to the Custody
Agreement dated July 20, 2000 (the "Agreement"), is entered by and between
HUSSMAN INVESTMENT TRUST, an Ohio business trust (the "Trust"), and U.S. BANK,
N.A., a national banking association (the "Custodian").
RECITALS
WHEREAS, the parties have entered into a Custody Agreement; and
WHEREAS, the Trust and U.S. Bank, N.A., desire to amend said Agreement; and
WHEREAS, the Agreement allows for its amendment by a written instrument
executed by both parties.
NOW, THEREFORE, the parties agree as follows:
The fee schedule of the Agreement is hereby superceded and replaced with
the fee schedule attached hereto.
Except to the extent supplemented hereby, the Agreement shall remain in full
force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by a duly authorized officer on one or more counterparts as of the date
and year first written above.
HUSSMAN INVESTMENT TRUST U.S. BANK, N.A.
By: /s/ Xxxx X. Xxxxxxx By:
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Title: President Title:
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HUSSMAN INVESTMENT TRUST
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DOMESTIC CUSTODY SERVICES
FEE SCHEDULE
(REVISED FEES TO BE IMPLEMENTED ON AUGUST 1, 2005)
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Annual Fee Based Upon Market Value Per Fund
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1.00 basis point on the first $500 million
.75 basis point on the next $500 million
.50 basis point on the balance of fund assets
Minimum annual fee per fund - $6,000
PORTFOLIO TRANSACTION FEES
$ 7.00 per US Bank repurchase agreement transaction
$ 7.00 per book entry security (depository or Federal Reserve system) and non-US
Bank repurchase agrmt
$25.00 per portfolio transaction processed through our New York custodian
definitive security (physical)
$ 8.00 per principal paydown
$15.00 per option/future contract written, exercised or expired
$50.00 per Cedel/Euroclear transaction
$15.00 per mutual fund trade
$15.00 per Fed Wire
$15.00 per margin variation Fed wire
$ 6.00 per short sale
$150.00 per segregated account per year
$ 5.00 per disbursement for fund expenses
o A transaction is a purchase/sale of a security, free receipt/free delivery,
maturity, tender or exchange.
o Overdrafts - charged to the account at prime interest rate plus 2.
o Plus out-of-pocket expenses, and extraordinary expenses based upon
complexity, including items such as shipping fees or transfer fees.
Fees are billed monthly.
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HUSSMAN INVESTMENT TRUST
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CUSTODY COMPARISON
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Hussman Strategic Growth Fund - $1.6
billion in assets under management
Current Fees
3 basis points for the first $20 million = $ 6,000
2 basis points for the next $30 million = $ 6,000
1.5 basis points $50 million plus = $ 232,500
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Sub-total $ 244,500
Plus
Transactions fees:
85 per month @ $9.00 per x 12 mo. = $ 9,180
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Estimated total annual fees $ 253,860
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Hussman Strategic Total Return Fund -
$120 million in assets under management
Current Fees
3 basis points for the first $20 million = $ 6,000
2 basis points for the next $30 million = $ 6,000
1.5 basis points $50 million plus = $ 10,500
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Sub-total $ 22,500
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Plus
Transactions fees:
25 per month @ $9.00 per x 12 mo. = $ 2,700
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Estimated total annual fees $ 25,200
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HUSSMAN STRATEGIC GROWTH FUND
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NEW FEES
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1 basis points for the first $500 million = $ 50,000
..75 basis points for the next $500 million = $ 37,500
..50 basis points $1billion plus = $ 30,000
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Sub-total $ 117,500
Plus
Transactions fees:
85 per month @ $7.00 per x 12 mo. = $ 7,140
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Estimated total annual fees $ 124,640
ESTIMATED SAVINGS = $ 129,220
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HUSSMAN STRATEGIC TOTAL RETURN FUND
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NEW FEES
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1 basis points for the first $500 million = $ 12,000
..75 basis points for the next $500 million =
..50 basis points $1billion plus =
Sub-total $ 12,000
Plus
Transactions fees:
25 per month @ $7.00 per x 12 mo. = $ 2,100
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Estimated total annual fees $ 14,100
ESTIMATED SAVINGS = $11,100
ESTIMATED COMBINED SAVINGS = $140,320
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