SUBSCRIPTION AGREEMENT



THIS  AGREEMENT  by and between  John Joseph  Murphy  ("Murphy"),  a citizen and
resident  of the  State of New  Jersey  and the  MurphyMorris  Investment  Trust
("Trust"),  a statutory  trust organized and existing under and by virtue of the
laws of the State of Delaware.

In consideration  of the mutual promises set forth herein,  the parties agree as
follows:

     1. The Trust  agrees to sell to Murphy  and  Murphy  hereby  subscribes  to
purchase 8,373.082 shares ("Shares") of beneficial  interest of MurphyMorris ETF
Fund, a series of the Trust, with a par value of $0.001 per Share, at a price of
ten dollars ($10.00) per each Share.

     2. Murphy agrees to pay $83,730.82 for all such Shares at the time of their
issuance, which shall occur upon call of the President of the Trust, at any time
on or before the effective date of the Trust's  Registration  Statement filed by
the  Trust  on  Form  N-1A  with  the   Securities   and   Exchange   Commission
("Registration Statement").

     3. Murphy  acknowledges that the Shares to be purchased  hereunder have not
been registered under the federal securities laws and that, therefore, the Trust
is relying on certain exemptions from such registration requirements,  including
exemptions  dependent on the intent of the  undersigned in acquiring the Shares.
Murphy also understands that any resale of the Shares, or any part thereof,  may
be subject to restrictions  under the federal  securities  laws, and that Murphy
may be required to bear the economic risk of any investment in the Shares for an
indefinite period of time.

     4. Murphy  represents  and warrants  that he is acquiring the Shares solely
for his own account and solely for  investment  purposes  and not with a view to
the resale or disposition of all or any part thereof, and that he has no present
plan or intention to sell or otherwise dispose of the Shares or any part thereof
at any time in the near future.

     5. Murphy agrees that he will not sell or dispose of the Shares or any part
thereof,  except to the Trust itself,  unless the  Registration  Statement  with
respect to such Shares is then in effect under the  Securities  Act of 1933,  as
amended.

IN WITNESS  WHEREOF,  the parties  hereto have executed this  Agreement by their
duly authorized representatives this 10th day of December, 2003.



By:      /s/ John Joseph Murphy
         ________________________
         John Joseph Murphy



MurphyMorris Investment Trust


By:      /s/ John J. Murphy
         _________________________
         John J. Murphy
         President







                             SUBSCRIPTION AGREEMENT



THIS  AGREEMENT  by and  between  Gregory Lee Morris  ("Morris"),  a citizen and
resident  of  the  State  of  Georgia  and  the  MurphyMorris  Investment  Trust
("Trust"),  a statutory  trust organized and existing under and by virtue of the
laws of the State of Delaware.

In consideration  of the mutual promises set forth herein,  the parties agree as
follows:

     1. The Trust  agrees to sell to Morris  and  Morris  hereby  subscribes  to
purchase 3,902.791 shares ("Shares") of beneficial  interest of MurphyMorris ETF
Fund, a series of the Trust, with a par value of $0.001 per Share, at a price of
ten dollars ($10.00) per each Share.

     2. Morris agrees to pay $39,027.91 for all such Shares at the time of their
issuance, which shall occur upon call of the President of the Trust, at any time
on or before the effective date of the Trust's  Registration  Statement filed by
the  Trust  on  Form  N-1A  with  the   Securities   and   Exchange   Commission
("Registration Statement").

     3. Morris  acknowledges that the Shares to be purchased  hereunder have not
been registered under the federal securities laws and that, therefore, the Trust
is relying on certain exemptions from such registration requirements,  including
exemptions  dependent on the intent of the  undersigned in acquiring the Shares.
Morris also understands that any resale of the Shares, or any part thereof,  may
be subject to restrictions  under the federal  securities  laws, and that Morris
may be required to bear the economic risk of any investment in the Shares for an
indefinite period of time.

     4. Morris  represents  and warrants  that he is acquiring the Shares solely
for his own account and solely for  investment  purposes  and not with a view to
the resale or disposition of all or any part thereof, and that he has no present
plan or intention to sell or otherwise dispose of the Shares or any part thereof
at any time in the near future.

     5. Morris agrees that he will not sell or dispose of the Shares or any part
thereof,  except to the Trust itself,  unless the  Registration  Statement  with
respect to such Shares is then in effect under the  Securities  Act of 1933,  as
amended.

IN WITNESS  WHEREOF,  the parties  hereto have executed this  Agreement by their
duly authorized representatives this 10th day of December, 2003.



By:      /s/ Gregory Lee Morris
         ________________________
         Gregory Lee Morris



MurphyMorris Investment Trust


By:      /s/ John J. Murphy
         _________________________
         John J. Murphy
         President