0000910472-05-000021 Sample Contracts

CUSTODY AGREEMENT
Custody Agreement • January 27th, 2005 • Merit Advisors Investment Trust • New York

AGREEMENT, dated as of November 2nd, 2004 between the MERIT ADVISORS INVESTMENT TRUST , a statutory trust organized and existing under the laws of the State of Delaware having its principal office and place of business at 11032 Quail Creek Road, Suite 105, Oklahoma City, Oklahoma 73120-6208 (the “Fund”) and The Bank of New York, a New York corporation authorized to do a banking business having its principal office and place of business at One Wall Street, New York, New York 10286 (“Custodian”).

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TRANSFER AGENCY SERVICE AGREEMENT
Transfer Agency Service Agreement • January 27th, 2005 • Merit Advisors Investment Trust • New York

AGREEMENT made this 2nd day of November, 2004, by and between the MERIT ADVISORS INVESTMENT TRUST, a Delaware statutory trust, having its principal office and place of business at 11032 Quail Creek Road, Suite 105, Oklahoma City, Oklahoma 73120-6208 (the “Trust”), and Gemini Fund Services, LLC, a Nebraska limited liability company having its principal office at 150 Motor Parkway, Hauppauge, NY 11788 (“GFS”).

UNDERWRITING AGREEMENT Between MERIT ADVISORS INVESTMENT TRUST and AQUARIUS FUND DISTRIBUTORS, LLC
Underwriting Agreement • January 27th, 2005 • Merit Advisors Investment Trust • Nebraska

AGREEMENT made this 4th day of January 2005, by and between MERIT ADVISORS INVESTMENT TRUST, a Delaware statutory trust, having its principal office and place of business at 11032 Quail Creek Road, Suite 105, Oklahoma City, Oklahoma 73120-6208 (the “Trust”), and AQUARIUS FUND DISTRIBUTORS, LLC, a Nebraska limited liability company having its principal office and place of business at 4020 South 147th Street, Omaha, Nebraska 68137 (“AFD”).

EXPENSE LIMITATION AGREEMENT MERIT ADVISORS INVESTMENT TRUST
Expense Limitation Agreement • January 27th, 2005 • Merit Advisors Investment Trust

This Agreement is made and entered into effective as of March 22, 2004, by and between the Merit High Yield Fund (the "Fund"), a series of shares of the Merit Advisors Investment Trust, a Delaware statutory trust (the "Trust") and Merit Advisors, Inc., an Oklahoma corporation (the "Advisor").

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