Notes to Financial Statements
1. Organization and Significant Accounting Policies
The DGHM All-Cap Value Fund (the “Fund”) is a series portfolio of the DGHM Investment Trust (the
“Trust”). The Trust was organized as a Delaware statutory trust and is registered under the Investment
Company Act of 1940 (the “1940 Act”), as amended, as an open-end management investment company. The
Fund is classified as diversified as defined in the 1940 Act.
The Fund commenced operations on June 20, 2007. The investment objective of the Fund is to provide long-
term capital appreciation through investments that the advisor believes are undervalued.
Each class of shares has equal rights as to assets of the Fund, and the classes are identical except for differences
in their sales charge structures and ongoing distribution and service fees. Income, expenses (other than
distribution and service fees), and realized and unrealized gains or losses on investments are allocated to each
class of shares based upon its relative net assets. Both classes have equal voting privileges, except where
otherwise required by law or when the Board of Trustees (the “Trustees”) determines that the matter to be voted
on affects only the interests of the shareholders of a particular class. The Fund’s Class C shares are sold without
an initial sales charge; however, both Class A and C shares are subject to a contingent deferred sales charge.
Class A shares sold are subject to a maximum sales charge of 5%, as well as a contingent deferred sales charge
of 0.5% imposed on transactions over $1,000,000 proceeds that are redeemed within one year of the purchase
date. Class C shares impose a 1% contingent deferred sales charge on proceeds that are redeemed within one
year of the purchase date. The contingent deferred sales charge is payable to the Distributor of the Trust. Class
C shares automatically convert into Class A shares after seven years.
The following accounting policies have been consistently followed by the Fund and are in conformity with