SERVICES AGREEMENT


This  AGREEMENT is made and entered into as of this 26th day of April,  2007, by
and between DGHM INVESTMENT TRUST, a statutory trust organized under the laws of
the State of Delaware (the "Trust"), and CAPITAL INVESTMENT GROUP, INC., a North
Carolina corporation (the "Distributor").

                                   WITNESSETH:

WHEREAS,  the Trust is engaged in business as an open-end management  investment
company  and is so  registered  under the  Investment  Company  Act of 1940,  as
amended (the "1940 Act");

WHEREAS,  the  Trust is  authorized  to issue an  unlimited  number of shares of
beneficial interest ("Shares")  representing interests in a series of securities
and other assets, as identified in Appendix A (the "Fund");

WHEREAS,  Distributor has agreed to act as distributor of the Shares of the Fund
pursuant to a Distribution  Agreement  between the Trust and  Distributor  dated
April 26, 2007 (the "Distribution Agreement");

WHEREAS, the Distributor must perform certain administrative services related to
its services as the principal underwriter of the Shares of the Fund; and

WHEREAS,  the Trust  wishes that the  Distributor  perform  such  administrative
services in the manner and on the terms set forth herein;

NOW, THEREFORE, it is hereby agreed between the parties hereto as follows:

1.   Services.    The   Distributor   shall   perform   certain   recordkeeping,
     communication,  and  other  administrative  services  for  the  Fund.  Such
     administrative  services  shall  include,  but  are  not  limited  to,  the
     following:  (i)  maintaining  records  with respect to  submissions  to the
     National Association of Securities Dealers,  dealer discounts and brokerage
     fees and commissions,  and selling agreements;  (ii) maintaining an account
     with the National  Securities Clearing  Corporation's  Fund/SERV System for
     the purpose of processing account registrations,  maintaining accounts, and
     communicating  transaction  data; (iii) preparing  reports,  other than the
     quarterly reports called for by the Distribution  Agreement,  for the Board
     of Trustees as shall be reasonably  requested  from time to time;  and (iv)
     performing other services for the Trust as agreed to by the Distributor and
     the Trust from time to time.  Upon the Board of Trustees  consideration  of
     the  terms of this  agreement  in light  of the  terms of the  Distribution
     Agreement and the Fund's  distribution plans adopted pursuant to Rule 12b-1
     under the 1940 Act (the "Plans"), the Distributor and Trust agree that: (i)
     the services  described herein are not intended to replicate those services
     provided by the  Distributor  under the  Distribution  Agreement;  (ii) the
     services described herein are of an administrative  nature; (iii) it is not



     intended  that the payments made to the  Distributor  pursuant to the Plans
     are for the administrative  services described in this agreement;  (iv) the
     provision of the services  for which the  Distributor  has agreed to assume
     the expenses of are not covered by the Distribution Agreement;  and (v) the
     administrative  services  described in this agreement,  as well as the fees
     provided  hereunder,  are not,  nor are they  intended  to be  payment  for
     marketing and/or distribution services related to, or the promotion of, the
     sale of Shares.

2.   Fees  and  Expenses. The  Trust  will  pay  or  cause to be paid the fee of
     $5,000.00 per annum per Fund to the Distributor  for services  provided and
     expenses assumed by the Distributor under this Agreement. Such fee shall be
     paid to the Distributor in equal monthly installments.

3.   Duration and  Termination. This  Agreement  shall  become  effective  as of
     the date hereof and shall thereafter  continue in effect unless  terminated
     as herein  provided.  This  Agreement  shall  terminate upon (i) the mutual
     written  agreement of the parties  hereto;  or (ii) the  termination of the
     Distribution  Agreement pursuant to which the Distributor acts as principal
     underwriter of the Shares of the Fund.

4.   Miscellaneous. The captions in  this Agreement are included for convenience
     of  reference  only and in no way  define  or limit  any of the  provisions
     hereof or otherwise affect their  construction or effect.  If any provision
     of this  Agreement  shall  be held or  made  invalid  by a court  decision,
     statute,  rule or otherwise,  the remainder of this Agreement  shall not be
     affected  thereby.  This Agreement shall be binding upon and shall inure to
     the benefit of the parties hereto and their respective successors.

5.   Counterparts. This  Agreement  may be executed in one or more counterparts,
     each of which will be deemed an original,  but all of which  together shall
     constitute one and the same instrument.

IN WITNESS WHEREOF,  parties hereto have caused this Agreement to be executed as
of the date first written above.


                                 DGHM INVESTMENT TRUST

                                    /s/ Theo H. Pitt, Jr.
                                 By:____________________________________________
                                 Name: Theo H. Pitt, Jr.
                                 Title:  Chairman


                                 CAPITAL INVESTMENT GROUP, INC.

                                    /s/ Richard K. Bryant
                                 By:____________________________________________
                                 Name: Richard K. Bryant
                                 Title:  President




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                                   APPENDIX A
                           Dated as of April 26, 2007



          DGHM All-Cap Value Fund (Commenced operations: May __, 2007)



















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