0000910472-05-000123 Sample Contracts

EXPENSE LIMITATION AGREEMENT MERIT ADVISORS INVESTMENT TRUST
Expense Limitation Agreement • June 22nd, 2005 • Merit Advisors Investment Trust

This Agreement is made and entered into effective as of June 16, 2005, by and between the Merit Tactical Treasury 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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INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • June 22nd, 2005 • Merit Advisors Investment Trust • Delaware

This Investment Sub-advisory Agreement ("Agreement") is made and entered into as of June 16, 2005, by and between Merit Advisors, Inc., an Oklahoma corporation ("Advisor") and Avondale Investments, LLC, a Oklahoma limited liability company ("Sub-Advisor").

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • June 22nd, 2005 • Merit Advisors Investment Trust • Delaware

This Agreement is made and entered into effective as of June 16,2005, by and between the Merit Advisors Investment Trust, a Delaware statutory trust (the "Trust") on behalf of the Merit Tactical Treasury Fund, a series of shares of the Trust (the "Fund"), and Merit Advisors, Inc., an Oklahoma corporation (hereinafter referred to as "Advisor").

UNDERWRITING AGREEMENT Amended Schedule A Funds to be Serviced Under This Agreement
Underwriting Agreement • June 22nd, 2005 • Merit Advisors Investment Trust

Effective as of June 20, 2005 this Amended Schedule A shall replace the existing Schedule A of the Underwriting Agreement dated January 4, 2005.

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