John P. Hussman, Ph.D.
                            3525 Ellicott Mills Drive
                          Ellicott City, Maryland 21043

                                  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 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/ John P. Hussman
                                        John P. Hussman, Ph.D.



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