John F. Splain, Esq.
135 Merchant Street, Suite 230
Cincinnati, Ohio 45246
(513) 587-3400
June 23, 2000
Hussman Investment Trust
3525 Ellicott Mills Drive
Ellicott City, Maryland 21043
Gentlemen:
You have requested my opinion in connection with the registration by Hussman
Investment Trust, an Ohio business trust (the "Trust"), of an indefinite number
of shares of beneficial interest (the "Shares") of its sole series, the Hussman
Strategic Growth Fund, authorized by the Trust's Declaration of Trust, to be
filed with the Securities and Exchange Commission as an exhibit to the Trust's
registration statement on Form N-1A (File No. 333-35342), as amended (the
"Registration Statement"), under the Securities Act of 1933 and the Investment
Company Act of 1940.
I have examined and relied upon originals or copies, certified or otherwise
identified to my satisfaction, of such records, agreements, documents and other
instruments and certificates or comparable documents of public officials and of
officers and representatives of the Trust, and I have made such inquiries of the
officers and representatives of the Trust, as I have deemed relevant and
necessary as the basis for the opinion hereinafter set forth.
In such examination, I have assumed, without independent verification, the
genuineness of all signatures (whether original or photostatic) and the
authenticity of all documents submitted to me as originals and the conformity to
authentic original documents of all documents submitted to me as certified or
photostatic copies. As to all questions of fact material to such opinion, I have
relied upon the certificates referred to hereinabove. I have assumed, without
independent verification, the accuracy of the relevant facts stated therein.
This letter expresses by opinion as to the provisions of the Trust's Declaration
of Trust and the laws of the State of Ohio applying to business trusts
generally, but does not extend to federal securities or other laws or the laws
of jurisdictions outside the State of Ohio.
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Hussman Investment Trust
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Based on the foregoing, and subject to the qualifications set forth herein, I am
of the opinion that the Shares have been duly and validly authorized, and, when
issued and delivered as described in the Registration Statement, will be fully
paid and nonassessable by the Trust.
I hereby consent to the filing of this opinion as an exhibit to the Registration
Statement. In giving such consent, I do not thereby admit that I come within the
category of persons whose consent is required under Section 7 of the Securities
and Exchange Commission promulgated thereunder.
Very truly yours,
/s/ John F. Splain
John F. Splain
Counsel
