Hillman Capital Management Investment Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10085

Hillman Capital Management Investment Trust(Exact name of registrant as specified in charter)

116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802

(Address of principal executive offices)            (Zip code)

Matthew J. Beck

 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802

 (Name and address of agent for service)

Registrant's telephone number, including area code: 252-972-9922

Date of fiscal year end: September 30

Date of reporting period: September 30, 2017

Annual Report 2017

September 30, 2017

                       The Hillman Fund

No Load Shares

This report and the financial statements contained herein are submitted for the general information of the shareholders of The Hillman Fund ("Fund").  The Fund's shares are not deposits or obligations of, or guaranteed by, any depository institution. The Fund's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.  Neither the Fund nor the Fund's distributor is a bank.

The Hillman Fund is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, NC, 27609. There is no affiliation between The Hillman Fund, including its principals, and Capital Investment Group, Inc.

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of The Hillman Fund ("Fund") and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates.  Past performance is not a guarantee of future results.

Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is subject to the following risks: market risk, management style risk, investment advisor risk, operating risk, small-cap and mid-cap companies risk, non-diversified status risk, sector focus risk, and risks from writing options.  More information about these risks and other risks can be found in the Fund's prospectus.

The performance information quoted in this annual report represents past performance, which is not a guarantee of future results.  Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance data quoted.  An investor may obtain performance data current to the most recent month-end by visiting hillmancapital.com.

An investor should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at hillmancapital.com or by calling Shareholder Services at 800-773-3863. The prospectus should be read carefully before investing.

This Annual Report was first distributed to shareholders on or about November 29, 2017.

For More Information on The Hillman Fund:

See Our Website @ hillmancapital.com

or

Call Our Shareholder Services Group at 800-773-3863

Letter to Shareholders

Dear Hillman Fund Shareholder,

We are pleased to provide the annual report for The Hillman Fund for the year ended September 30, 2017.

We have enclosed the attached performance summary to remind our shareholders of Hillman Capital Management's approach and to share some perspective on current economic conditions.

On behalf of the team at Hillman Capital Management, I thank you for your ongoing confidence.  It is our hope that we may continue to serve you throughout the years to come.

Sincerely,

Mark A. Hillman

President and Chief Investment Officer

Hillman Capital Management, Inc.

Performance Summary

For the year ended September 30, 2017, The Hillman Fund returned 18.41% versus a return of 18.61% for the S&P 500 Total Return Index ("The Index").  The Fund continues to be, in my opinion, well positioned with investments in companies with sustainable competitive advantages, at prices that we believe to be reasonable.  Option writing has been beneficial and I will continue to pursue opportunities that could potentially enhance returns and dampen volatility.  It appears likely that the US economy will continue its course of a long and slow economic recovery, as political gridlock continues to dampen any potential major changes to policy. Interest rates remain at relatively low levels, and moderate increases are likely in the year ahead.

I believe that central banks will gradually unwind their aggressive quantitative easing programs and that we will continue to see a slow, but positive, economic growth environment. Through this period, we will continue to focus our energies on making prudent long term investment decisions within the context of our clients' needs.  Our equity strategies continue to be driven by our core belief that competitively advantaged companies will outperform their peers through economic cycles and market cycles.  Our goal is to invest in great enterprises at attractive prices.  We will continue to invest according to this precept for the long-term interests of our clients.

Disclosure:

Past performance is not indicative of future results. An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective. Investment in the Fund is subject to the following risks: market risk, management style risk, investment advisor risk, operating risk, non-diversified status risk, sector focus risk, small-cap and mid-cap companies risk, and risks from writing options.More information about these risks and other risks can be found in the Fund's prospectus.  The S&P 500 Total Return Index is the Standard & Poor's Composite Index of 500 stocks and is a widely recognized, unmanaged index of common stock prices.  It is not possible to invest in this index.

Statements in this Annual Report reflect projections or expectations of future financial or economic performance of the Fund and of the market in general and statements of the Fund's plans and objectives for future operations are forward-looking statements.  No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements.  Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include general economic conditions such as inflation, recession and interest rates.

Underwriter and Distributor: Capital Investment Group, Inc.

100 E. Six Forks Road

Suite 200

Raleigh, NC 27609

Phone (800) 773-3863

There is no affiliation between Capital Investment Group, Inc. and Hillman Capital Management, Inc.

Please see the table below for the Fund's historical performance information through the calendar quarter ended September 30, 2017:

Average Annual Total Returns (Unaudited)
Period Ended September 30, 2017	One Year	Five Year	Ten Year	Since Inception	Gross Expense Ratio**
The Hillman Fund -  No Load Shares	18.41%	14.00%	4.84%	6.55%	1.52%
S&P 500 Total Return Index***	18.61%	14.22%	7.44%	6.01%	N/A

The performance data quoted above represents past performance, which is not a guarantee of future results.  Investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.  Current performance may be lower or higher than the performance data quoted. To obtain more current performance data regarding the Fund, including performance data current to the Fund's most recent month-end, please visit ncfunds.com or call the Fund at 1-800-773-3863. Fee waivers and expenses reimbursements have positively impacted Fund performance.

^*The Fund's inception date is December 29, 2000.

^**Gross expense ratio is from the Fund's prospectus dated January 30, 2017. More recent expense ratios are found in the Financial Highlights.

^***You cannot invest directly in this index.  The index does not have an investment advisor and does not pay any commissions, expenses, or taxes.  If the index did pay commissions, expenses, or taxes, the returns would be lower.

(HCM-17-76)

The Hillman Fund

Performance Update (Unaudited)

For the period from September 30, 2007 to September 30, 2017

Comparison of the Change in Value of a $10,000 Investment

This graph assumes an initial investment of $10,000 and represents the reinvestment of dividends and capital gains distributions. This graph depicts the performance of The Hillman Fund versus the S&P 500 Total Return Index. It is important to note that the Fund is a professionally managed mutual fund while the index is not available for investment and is unmanaged.  The comparison is shown for illustrative purposes only.
	Average Annual Total Returns
						Gross
		As of	One	Five	Ten	Expense
		September 30, 2017	Year	Year	Year	Ratio*
		The Hillman Fund - No Load Shares	18.41%	14.00%	4.84%	1.52%
		S&P 500 Total Return Index	18.61%	14.22%	7.44%	N/A
* The gross expense ratio shown is from the Fund's prospectus dated January 28, 2017, and includes acquired fund fees and expenses.
Performance quoted above represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. An investor may obtain performance data, current to the most recent month-end, by visiting ncfunds.com.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Average annual total returns are historical in nature and measure net investment income and capital gain or loss from portfolio investments assuming reinvestments of dividends and distributions.

The Hillman Fund
Schedule of Investments
As of September 30, 2017
			Shares		Value (Note 1)
COMMON STOCKS - 85.07%
	Consumer Discretionary - 21.01%
	*	Amazon.com, Inc.	1,100	$	1,057,485
		Dunkin' Brands Group, Inc.	10,000		530,800
		Nordstrom, Inc.	30,000		1,414,500
		Starbucks Corp. (a)	36,700		1,971,157
		Target Corp.	15,000		885,150
		The Gap, Inc. (a)	30,000		885,900
		The Walt Disney Co. (a)	10,000		985,700
					7,730,692
	Consumer Staples - 9.16%
	µ	Anheuser-Busch InBev SA/NV	10,000		1,193,000
		Mondelez International, Inc.	26,000		1,057,160
		The Hershey Co.	9,600		1,048,032
		The J.M. Smucker Co.	700		73,451
					3,371,643
	Energy - 5.86%
		Exxon Mobil Corp. (a)	13,200		1,082,136
	*	Transocean Ltd.	100,000		1,076,000
					2,158,136
	Financials - 8.94%
		Bank of America Corp. (a)	30,000		760,200
		The Western Union Co.	74,400		1,428,480
		Wells Fargo & Co. (a)	20,000		1,103,000
					3,291,680
	Health Care - 16.23%
		Amgen, Inc.	6,600		1,230,570
		Bristol-Myers Squibb Co.	27,000		1,720,980
		Eli Lilly & Co.	12,200		1,043,588
	*	Laboratory Corp of America Holdings	6,000		905,820
		Pfizer, Inc.	30,000		1,071,000
					5,971,958
	Industrials - 8.17%
		Emerson Electric Co.	18,000		1,131,120
		General Electric Co.	42,000		1,015,560
	*	Stericycle, Inc. (a)	12,000		859,440
					3,006,120
	Information Technology - 13.05%
		Apple, Inc.	8,000		1,232,960
		International Business Machines Corp.	7,200		1,044,576
		Microsoft Corp.	20,000		1,489,800
		QUALCOMM, Inc.	20,000		1,036,800
					4,804,136
					(Continued)

The Hillman Fund
Schedule of Investments - Continued
As of September 30, 2017
			Shares		Value (Note 1)
COMMON STOCKS - Continued
	Materials - 2.65%
		Compass Minerals International, Inc. (a)	15,000	$	973,500
					973,500
		Total Common Stocks (Cost $28,299,088)			31,307,865
EXCHANGE-TRADED PRODUCT - 4.26%
	*	ProShares Short 20+ Year Treasury	70,000		1,568,700
		Total Exchange-Traded Product (Cost $1,599,451)			1,568,700
SHORT-TERM INVESTMENT - 9.57%
		Money Market Fiduciary Portfolio, 0.01%  §	3,520,880		3,520,880
		Total Short-Term Investment (Cost $3,520,880)			3,520,880
Total Value of Investments (Cost $33,639,582) - 98.90%				$	36,397,445
Total Options Written (Premiums Received $104,716) - (0.33)%					(120,542)
Other Assets Less Liabilities  - 1.43%					524,616
	Net Assets - 100.00%			$	36,801,519
*	Non-income producing investment
§	Represents 7 day effective yield as of September 30, 2017
µ	American Depositary Receipt
(a)	All or a portion of this security is held as collateral for put options written.
The following abbreviation or acronym is used in this portfolio:
	NV - Netherlands security
					(Continued)

The Hillman Fund
Statement of Assets and Liabilities
As of September 30, 2017
Assets:
Investments in securities, at value (cost $33,639,582)		$	36,397,445
Receivables:
	Due from broker		422,800
	Fund shares sold		101,368
	Dividends and interest		15,829
Prepaid expenses:
	Registation and filing fees		21,808
	Fund accounting fees		2,220
	Trustee fees and meeting expenses		500
	Compliance fees		452
Total assets			36,962,422
Liabilities:
Options written, at value (premiums received $104,716)			120,542
Accrued expenses:
	Advisory fees		22,816
	Professional fees		15,500
	Custody fees		660
	Shareholder fulfillment expenses		500
	Miscellaneous compensation expenses		350
	Administration fees		310
	Insurance fees		225
Total liabilities			160,903
Net Assets		$	36,801,519
Net Assets Consist of:
Paid in capital		$	40,747,180
Undistributed net investment income			178,993
Accumulated net realized loss on investments and options written			(6,866,691)
Net unrealized appreciation on investments and options written			2,742,037
Total Net Assets		$	36,801,519
No Load Shares Outstanding, no par value (unlimited authorized shares)			1,657,914
Net Asset Value, Offering Price and Redemption Price Per Share		$	22.20
See Notes to Financial Statements

The Hillman Fund
Schedule of Investments - Continued
As of September 30, 2017
			Number of Contracts	Exercise Price		Expiration Date		Notional Value			Value (Note 1)
PUT OPTIONS WRITTEN - 0.33%
*	Compass Minerals International, Inc.		18	$	60.00	11/17/2017		$	116,820	$	990
*	Compass Minerals International, Inc.		82	62.50		11/17/2017		532,180			9,225
*	General Electric Co.		180	24.00		11/17/2017		435,240			10,800
*	Nike, Inc.		250	52.50		10/20/2017		1,296,250			29,375
*	The J.M. Smucker Co.		100	110.00		10/20/2017		1,049,300			52,000
*	Verizon Communications, Inc.		265	48.50		10/20/2017		1,311,485			18,152
		Put Options Written (Premiums Received $104,716)								$	120,542
			Summary of Investments
			by Sector			% of Net
						Assets		Value
			Consumer Discretionary			21.01%	$	7,730,692
			Consumer Staples			9.16%		3,371,643
			Energy			5.86%		2,158,136
			Financials			8.94%		3,291,680
			Health Care			16.23%		5,971,958
			Industrials			8.17%		3,006,120
			Information Technology			13.05%		4,804,136
			Materials			2.65%		973,500
			Exchange-Traded Product			4.26%		1,568,700
			Short-Term Investment			9.57%		3,520,880
			Put Options Written			-0.33%		(120,542)
			Other Assets Less Liabilities			1.43%		524,616
			Total			100.00%	$	36,801,519
See Notes to Financial Statements

The Hillman Fund
Statement of Operations
For the Year Ended September 30, 2017
Investment Income:
Dividends (net of withholding tax $6,578)		$	698,342
	Total Investment Income		698,342
Expenses:
Advisory fees (Note 2)			349,362
Professional fees			38,662
Administration fees (Note 2)			34,936
Registration & filing expenses			32,991
Fund accounting fees (Note 2)			30,493
Transfer agent fees (Note 2)			21,000
Compliance fees (Note 2)			11,369
Custody fees (Note 2)			10,775
Trustee fees and meeting expenses			10,437
Shareholder servicing expenses			7,771
Security pricing fees			4,488
Miscellaneous compensation expenses (Note 2)			4,200
Insurance fees			3,152
Total Expenses			559,636
Fees waived by the Advisor (Note 2)			(40,287)
Net Expenses			519,349
Net Investment Income			178,993
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain from investments			2,953,450
Net realized gain from options written			728,081
Change in unrealized appreciation on investments			2,040,060
Change in unrealized depreciation on options written			(13,740)
Net Realized and Unrealized Gain on Investments			5,707,851
Net Increase in Net Assets Resulting from Operations		$	5,886,844
See Notes to Financial Statements

The Hillman Fund
Statements of Changes in Net Assets
For the year ended September 30,				2017		2016
Operations:
Net investment income			$	178,993	$	203,109
Net realized gain from investments and options written				3,681,531		1,785,110
Change in unrealized appreciation on investments and options written				2,026,320		2,954,836
Net Increase in Net Assets Resulting from Operations				5,886,844		4,943,055
Distributions to Shareholders:
Net investment income				(203,106)		(185,373)
Net Decrease in Net Assets Resulting from Distributions				(203,106)		(185,373)
Beneficial Interest Transactions:
		Shares sold		2,508,417		29,918,540
		Reinvested distributions		185,485		184,629
		Shares repurchased		(4,357,194)		(35,012,658)
Decrease from Beneficial Interest Transactions				(1,663,292)		(4,909,489)
Net Increase (Decrease) in Net Assets				4,020,446		(151,807)
Net Assets:
Beginning of Year				32,781,073		32,932,880
End of Year			$	36,801,519	$	32,781,073
Undistributed Net Investment Income			$	178,993	$	203,106
Share Information:
		Shares sold		119,997		1,731,242
		Reinvested distributions		9,311		10,703
		Shares repurchased		(209,780)		(2,013,255)
	Net Decrease in Shares of Beneficial Interest			(80,472)		(271,310)
	Shares Outstanding, Beginning of Year			1,738,386		2,009,696
	Shares Outstanding, End of Year			1,657,914		1,738,386
See Notes to Financial Statements

The Hillman Fund
Financial Highlights
For a share outstanding during the
years ended September 30,			2017		2016		2015		2014		2013
Net Asset Value, Beginning of Year		$	18.86	$	16.39	$	17.26	$	14.27	$	11.79
Income (Loss) from Investment Operations:
Net investment income			0.11		0.12		0.09		0.08		0.03
Net realized and unrealized gain (loss)
	on investments and options written		3.35		2.44		(0.88)		2.97		2.48
Total from Investment Operations			3.46		2.56		(0.79)		3.05		2.51
Less Distributions:
From net investment income			(0.12)		(0.09)		(0.08)		(0.06)		(0.03)
Total Distributions			(0.12)		(0.09)		(0.08)		(0.06)		(0.03)
Net Asset Value, End of Year (a)		$	22.20	$	18.86	$	16.39	$	17.26	$	14.27
Total Return			18.41%		15.69%		(4.62)%		21.39%		21.38%	(a)
Net Assets, End of Year (in thousands)		$	36,802	$	32,781	$	32,933	$	32,850	$	28,187
Ratios of:
Gross Expenses to Average Net Assets (b)			1.60%		1.50%		1.50%		1.50%		1.50%
Net Expenses to Average Net Assets (b)			1.50%		1.50%		1.50%		1.50%		1.50%
Net Investment Income to Average Net Assets			0.51%		0.60%		0.53%		0.51%		0.39%
Portfolio turnover rate			89.92%		48.41%		67.77%		55.51%		118.67%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the total returns based upon those net asset values may differ from the net asset values and total returns for shareholder transactions.
(b)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
See Notes to Financial Statements

The Hillman Fund

Notes to Financial Statements

1.      Organization and Significant Accounting Policies

The Hillman Fund, formerly the Hillman Focused Advantage Fund, (the "Fund") is a series of the Hillman Capital Management Investment Trust (the "Trust"), which was organized on July 14, 2000 as a Delaware Business Statutory Trust and is registered under the Investment Company Act of 1940, (the "1940 Act"), as amended, as an open-ended management investment company.

The Fund commenced operations on December 29, 2000.  The investment objective of the Fund is to seek long-term capital appreciation.

The following is a summary of significant accounting policies consistently followed by the Fund.  The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

Investment Valuation

Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the security is principally traded closes early or if trading of the particular security is halted during the day and does not resume prior to the Fund's net asset value calculation) or which cannot be accurately valued using the Fund's normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees.  A security's "fair value" price may differ from the price next available for that security using the Fund's normal pricing procedures.  Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

Option Valuation

Exchange-listed options are valued at the mean of the bid and ask prices as reported on their primary exchange as of 4:00 p.m. Eastern Time (the "Valuation Time").  For purposes of determining the primary exchange for each exchange-traded portfolio option the following shall apply: (i) if the option is traded on the Chicago Board Options Exchange ("CBOE"), the CBOE shall be considered the primary exchange for such option, unless the Advisor instructs the Administrator in writing to use a different exchange as the primary exchange for such option; and (ii) if the option does not trade on the CBOE, the Advisor shall instruct the Administrator in writing as to the primary exchange for such option.  An option may be valued using Fair Valuation when (i) the option does not trade on the valuation date; and (ii) reliable last quoted bid and ask prices as of the Valuation Time are not readily available.

Fair Value Measurement

Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below:

a. Level 1: quoted prices in active markets for identical securities

b. Level 2: other significant observable inputs (including quoted prices for similar securities and identical securities in inactive markets, interest rates, credit risk, etc.)

c. Level 3: significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

(Continued)

The Hillman Fund

Notes to Financial Statements

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizesthe inputs as of September 30, 2017 for the Fund's investments:

Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets Common Stocks*	$	31,307,865	$	31,307,865	$	-	$	-
Exchange-Traded Product		1,568,700		1,568,700		-		-
Short-Term Investment		3,520,880		3,520,880		-		-
Total Assets	$	36,397,445	$	36,397,445	$	-	$	-
Liabilities Put Options Written	$	120,542	$	-	$	120,542	$	-
Total Liabilities	$	120,542	$	-	$	120,542	$	-

(a)  The Fund did not hold any Level 3 securities during the year.  There were no transfers into or out of Level 1 and Level    2 during the year.  It is the Fund's policy to recognize transfers into or out of Level 1 and Level 2 at the end of the reporting year.

*For a detailed breakout by sector, please refer to the Schedule of Investments.

Investment Transactions and Investment Income

Investment transactions are accounted for as of the date purchased or sold (trade date).  Dividend income is recorded on the ex-dividend date.  Interest income is recorded on the accrual basis and includes accretion and amortization of discounts and premiums using the effective interest method.  Gains and losses are determined on the identified cost basis, which is the same basis used for Federal income tax purposes.

Expenses

The Fund bears expenses incurred specifically on its behalf and Trust level expenses.

Distributions

The Fund may declare and distribute dividends from net investment income (if any) annually.  Distributions from capital gains (if any) are generally declared and distributed annually.  Dividends and distributions to shareholders are recorded on ex-date.

Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in the net assets from operations during the reporting period.  Actual results could differ from those estimates.

Federal Income Taxes

No provision for income taxes is included in the accompanying financial statements, as the Fund intends to distribute to shareholders all taxable investment income and realized gains and otherwise comply with Subchapter M of the Internal Revenue Code applicable to regulated investment companies.

(Continued)

The Hillman Fund

Notes to Financial Statements

Option Writing

When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current fair value of the option written.  Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains (losses) from options written.  The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss (depending on if the premium is less than the amount paid for the closing purchase transaction).  If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss.  If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund.  The Fund, as the writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option.  Written options are non-income producing securities.

Derivative Financial Instruments

The Fund may invest in derivative financial instruments (derivatives) in order to manage risk or gain exposure to various other investments or markets.  Derivatives may contain various risks including the potential inability of the counterparty to fulfill their obligations under the terms of the contract, the potential for an illiquid secondary market, and the potential for market movements which may expose the Fund to gains or losses in excess of the amounts shown on the Statement of Assets and Liabilities.

Derivatives are marked to market daily based upon quotations from market makers or the Fund's independent pricing services and the Fund's net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in Investments, at value on the Statement of Assets and Liabilities for options purchased and the Options Written, at value on the Statement of Assets and Liabilities for options written.  Net realized gains and losses and net change in unrealized appreciation and depreciation on these contracts for the year are included in the Realized and Unrealized Gain on Investments on the Statement of Operations for options purchased and Realized and Unrealized Gain on Options Written on the Statement of Operations for options written.

The derivative instruments outstanding as of September 30, 2017 are disclosed below and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed below serve as indicators of the volume of derivative activity for the Fund.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of September 30, 2017:

Derivative Type	Location	Market Value	Notional Value
Equity Contracts – written options	Liabilities-Options written, at value	$  120,542	$4,741,275

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal year ended September 30, 2017:

Derivative Type	Location	Gains/Losses
Equity Contracts – written options	Net realized gain from options written	$       728,081
Equity Contracts – written options	Net change in unrealized depreciation on options written	$       (13,740)

(Continued)

The Hillman Fund

Notes to Financial Statements

The following table presents the Fund's liabilities available for offset under a master netting arrangement of collateral pledged as of September 30, 2017:

Gross Amounts of Assets Presented in the Statement of Assets & Liabilities
	Gross Amounts of Recognized Liabilities	Financial Instruments Pledged	Cash Collateral Pledged	Net Amount of Assets
Description of Liability:
Options Written	$120,542	$120,542	$             -	$             -
Total	$120,542	$120,542	$             -	$             -

The actual financial instruments and cash collateral pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities

2.      Transactions with Affiliates

Advisor

The Fund pays a monthly fee to the Advisor calculated at the annual rate of 1.00% of the Fund's average daily net assets.

The Advisor has entered into a contractual agreement (the "Expense Limitation Agreement") with the Trust, on behalf of the Fund, under which it had agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund's total operating expenses (exclusive of interest, dividends on securities sold short, taxes, brokerage commissions, borrowing costs, fees and expenses of other investment companies in which the Fund invests, and other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of the Fund's business, and amounts, if any, payable under a Rule 12b-1 distribution plan) to not more than 1.499% of the average daily net assets of the Fund.  The current term of the Expense Limitation Agreement remains in effect until January 31, 2018.  While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter.  The Advisor cannot recoup any amounts previously waived or reimbursed.

For the fiscal year ended September 30, 2017, $349,362 in advisory fees were incurred, of which $40,287 in advisory fees were waived by the Advisor.

Administrator

The Fund pays a monthly fee to The Nottingham Company (the "Administrator") based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below subject to a minimum of $2,000 per month.  The Administrator also receives a fee as to procure and pay the Fund's custodian, as additional compensation for fund accounting and recordkeeping services, and additional compensation for certain costs involved with the daily valuation of securities and as reimbursement for out-of-pocket expenses. The Administrator also receives a miscellaneous compensation fee for peer group, comparative analysis, and compliance support totaling $350 per month. As of September 30, 2017, the Administrator received $4,200 in miscellaneous expenses.

(Continued)

The Hillman Fund

Notes to Financial Statements

A breakdown of the fees is provided in the following table:

Administration Fees*		Custody Fees*		Fund Accounting Fees (minimum monthly)	Fund Accounting Fees (asset- based fee)	Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets	Annual Rate
First $250 million	0.100%	First $200 million	0.020%	$2,250	0.01%	$150 per state
Next $250 million	0.080%	Over $200 million	0.009%
Next $250 million	0.060%
Next $250 million	0.050%	*Minimum monthly fees of $2,000 and $417 for Administration and Custody, respectively.
Next $1 billion	0.040%
Over $2 billion	0.035%

The Fund incurred $34,936 in administration fees, $10,775 in custody fees, and $30,493 in fund accounting fees for the fiscal year ended September 30, 2017.

Compliance Services

Cipperman Compliance Services, LLC provides services as the Trust's Chief Compliance Officer.  Cipperman Compliance Services, LLC is entitled to receive customary fees from the Fund for their services pursuant to the Compliance Services Agreement with the Fund.

Transfer Agent

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the Fund.  For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent's fee arrangements with the Fund.  The Fund incurred $21,000 in transfer agent fees during the fiscal year ended September 30, 2017.

Distributor

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's principal underwriter and distributor. The Distributor receives $5,000 per year paid in monthly installments for services provided and expenses assumed.

Certain officers of the Trust are also officers of the Administrator.

3.      Purchases and Sales of Investment Securities

For the fiscal year ended September 30, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Purchases of Securities	Proceeds from Sales of Securities
$28,621,366	$32,392,735

There were no long-term purchases or sales of U.S Government Obligations during the fiscal year ended September 30, 2017.

4.      Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes.  Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.  Permanent differences do not have an effect on the net asset values of the Fund.

(Continued)

The Hillman Fund

Notes to Financial Statements

Management reviewed the Fund's tax positions taken or to be taken on Federal income tax returns for the open tax years September 30, 2014 through September 30, 2017, and determined that the Fund does not have a liability for uncertain tax positions.  The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.  During the year, the Fund did not incur any interest or penalties.

For the fiscal year ended September 30, 2017, the following reclassifications were made:

Paid In Capital	$  (3,400,116)
Accumulated Realized Loss	3,400,116

Distributions during the fiscal years ended were characterized for tax purposes as follows:

	September 30, 2017	September 30, 2016
Ordinary Income	$203,106	$185,373

At September 30, 2017, the tax-basis cost of investments and components of distributable earnings (deficit) were as follows:

Cost of Investments	$	33,562,622
Gross Unrealized Appreciation		3,745,229
Gross Unrealized Depreciation		(1,030,948)
Net Unrealized Appreciation		2,714,281
Undistributed Net Investment Income		178,993
Accumulated Net Capital Losses		(6,864,338)
Accumulated Deficit	$	(3,971,064)

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) and accumulated realized losses is attributable to the tax deferral of losses from wash sales.

Capital Loss Carryforwards

Under the Regulated Investment Company Modernization Act of 2010 ("the Modernization Act"), net capital losses recognized in tax years beginning after December 22, 2010 may be carried forward indefinitely, and the character of the losses is retained as short‐term and/or long‐term. Under the law in effect prior to the Modernization Act, net capital losses were carried forward for eight years and treated as short‐term. As a transition rule, the Modernization Act requires that post‐enactment net capital losses be used before pre‐enactment net capital losses. Accumulated capital losses noted below represent pre‐enactment net capital loss carryforwards, as of September 30, 2017, that may be available to offset future realized capital gains and thereby reduce future taxable gains distributions. The short-term capital loss carryforward in the amount of $6,864,338 is set to expire September 30, 2018.  Short-term capital loss carryforwards totaling $3,374,713 expired this fiscal year end as of September 30, 2017.

5.      Commitments and Contingencies

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund.  In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications.  The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund.  However, based on experience, the Fund expects the risk of loss to be remote.

(Continued)

The Hillman Fund

Notes to Financial Statements

6.      Subsequent Events

The Fund has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of these financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Hillman Capital Management Investment Trust

and the Shareholders of The Hillman Fund

We have audited the accompanying statement of assets and liabilities of The Hillman Fund, a series of shares of beneficial interest in Hillman Capital Management Investment Trust, (the "Fund") including the schedule of investments, as of September 30, 2017, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended.  These financial statements and financial highlights are the responsibility of the Fund's management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of September 30, 2017 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of The Hillman Fund as of September 30, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the five-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

BBD, LLP

Philadelphia, Pennsylvania

November 29, 2017

The Hillman Fund

Additional Information

(Unaudited)

1.      Proxy Voting Policies and Voting Record

A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Proxy Voting and Disclosure Policy are included as Appendix B to the Fund's Statement of Additional Information and are available, (1) without charge, upon request, by calling 1-800-773-3863 and (2) on the Securities and Exchange Commission's ("SEC") website at sec.gov.   Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at sec.gov.

2.      Quarterly Portfolio Holdings

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.  The Fund's Forms N-Q is available on the SEC's website at sec.gov.  You may review and make copies at the SEC's Public Reference Room in Washington, D.C.  Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. You may also obtain copies without charge, upon request, by calling the Fund at 1-800-773-3863.

3.      Tax Information

We are required to advise you within 60 days of the Fund's fiscal year-end regarding the Federal tax status of certain distributions received by shareholders during each fiscal year.  The following information is provided for the Fund's fiscal year ended September 30, 2017.

During the fiscal year, income distributions totaling $203,106 were paid from the Fund, but there were no long-term capital gain distributions.

Dividend and distributions received by retirement plans such as IRAs, Keogh-type plans, and 403(b) plans need not be reported as taxable income.  However, many retirement plans may need this information for their annual information meeting.

4.      Schedule of Shareholder Expenses

As a shareholder of the Fund, you incur other Fund expenses, including Advisory fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2017 through September 30, 2017.

Actual Expenses – The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes – The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

(Continued)

The Hillman Fund

Additional Information

(Unaudited)

	Beginning Account Value April 1, 2017	Ending Account Value September 30, 2017	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,056.10	$7.71
	$1,000.00	$1,017.50	$7.57

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio of 1.50%,    multiplied by 184/365 (to reflect the one-half year period).

5.      Approval of Advisory Agreement

The Advisor supervises the investments of the Fund pursuant to an Investment Advisory Agreement.  At the annual meeting of the Fund's Board of Trustees on December 8, 2016, the Trustees unanimously approved the renewal of the Investment Advisory Agreement for another year.  In considering whether to approve the renewal of the Investment Advisory Agreement, the Trustees reviewed and considered the information they deemed reasonably necessary, including the following material factors: (i) the nature, extent, and quality of the services provided by the Advisor; (ii) the investment performance of the Fund and the Advisor; (iii) the costs of the services to be provided and profits to be realized by the Advisor and its affiliates from the relationship with the Fund; (iv) the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund's investors; (v) the Advisor's practices regarding brokerage and portfolio transactions; and (vi) the Advisor's practices regarding possible conflicts of interest.

At the meeting, the Trustees reviewed various informational materials, including the Investment Advisory Agreement for the Fund and a memorandum from the Advisor to the Trustees containing information about the advisory firm and its business.  The memorandum provided information about the Advisor's finances, personnel, services to the Fund, investment advice, fees, and compliance program.  It also contained information on Fund expenses, including comparative expense ratio information for other mutual funds with strategies similar to the Fund.  The Trustees also reviewed a memorandum from the Fund's legal counsel that summarized the fiduciary duties and responsibilities of the Board of Trustees in reviewing and approving the Investment Advisory Agreement, including the types of information and factors that should be considered in order to make an informed decision.  In addition, the Trustees consulted with separate independent legal counsel retained by them regarding their consideration of the Investment Advisory Agreement.

(i) The nature, extent, and quality of the services provided by the Advisor.  In this regard, the Trustees considered the responsibilities of the Adviser under the Investment Advisory Agreement.  The Trustees reviewed the services being provided by the Adviser to the Fund, including, without limitation, the quality of its investment advisory services since the Fund's inception (including research and recommendations with respect to portfolio securities); its procedures for formulating investment recommendations and assuring compliance with the Fund's investment objective, policies and limitations, coordination of services for the Fund among the Fund's service providers, and efforts to promote the Fund, grow the Fund's assets, and assist in the distribution of Fund shares.

The Trustees noted that the Adviser seeks to achieve the Fund's investment objective by investing primarily in common stocks of U.S. companies that the Adviser believes have qualitative and quantitative competitive advantages and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public.  The Trustees further noted that the Trust's president/principal executive officer and treasurer/principal financial officer were either employees of the Adviser or retained by the Adviser and serve without additional compensation from the Fund.

After reviewing the foregoing information and further information in the memorandum from the Advisor (e.g., descriptions of the Advisor's business, the Advisor's compliance program, and the Advisor's Form ADV), the Board concluded that the nature, extent, and quality of the services provided by the Advisor were satisfactory and adequate for the Fund.

(Continued)

The Hillman Fund

Additional Information

(Unaudited)

(ii) The investment performance of the Fund and the Advisor.  In this regard, the Trustees compared the performance of the Fund with the performance of its benchmark index, comparable funds with similar objectives managed by other investment advisers, and applicable peer group data (e.g., Lipper peer group averages).  The Trustees compared the Fund's returns to those of comparable funds and the peer group average, noting that the Fund had outperformed its benchmark over the one year period, but underperformed its benchmark over the three, five and ten year periods. The Trustees also noted that the Fund had outperformed its peer group average over the one and three year periods and underperformed its peer group average over the five and ten year periods.

The Trustees also considered the consistency of the Adviser's management of the Fund with its investment objective, policies and limitations.  After reviewing the short and long-term investment performance of the Fund, the Adviser's experience managing the Fund and other advisory accounts, the Adviser's historical investment performance, and other factors, the Board concluded that the investment performance of the Fund and the Adviser was satisfactory.

(iii) The costs of the services to be provided and profits to be realized by the Advisor and its affiliates from the relationship with the Fund.  The Trustees first noted that the management fee for the Fund under the Investment Advisory Agreement was 1.00% of average daily net assets.  The Trustees evaluated the Adviser's staffing, personnel, and methods of operating; the education and experience of the Adviser's personnel; the Adviser's compliance program; the financial condition of the Adviser; the level of commitment to the Fund and the Adviser by the principals of the Adviser; the asset level of the Fund; and the overall expenses of the Fund, including certain prior fee waivers and reimbursements by the Adviser on behalf of the Fund and the nature and frequency of advisory fee payments.

The Trustees reviewed the financial statements for the Adviser and discussed the financial stability and profitability of the firm.  The Adviser responded to several questions about the financial condition of the firm and reviewed a profitability analysis with the Trustees.  The Trustees noted that the Adviser directly pays for certain expenses of the Fund under an Expense Limitation Agreement in order to help limit the Fund's annual operating expenses. Previously, the Fund had been a part of a "consolidated" expense structure under which the Fund's administrator paid for the Fund's operating expenses.

The Trustees also considered potential benefits for the Adviser in managing the Fund, including promotion of the Adviser's name, the ability for the Adviser to place small accounts into the Fund, and the potential for the Adviser to generate soft dollars from Fund trades that may benefit the Adviser as well.

The Trustees then compared the fees and expenses of the Fund (including the management fee) to other funds comparable in terms of the type of fund, the nature of its investment strategy, and its style of investment management, among other factors. The Trustees determined that the management fee was higher than the comparable funds and the net expense ratio was higher than the comparable funds.  The Trustees also determined that the Fund's management fee and net expense ratio were higher than its peer group average.  The Trustees noted that the Fund was much smaller in size than its peer group average.  The Trustees also noted that the Adviser's fee for separate account clients was 1.00%.

Following this comparison and upon further consideration and discussion of the foregoing, the Board concluded that the fees to be paid to the Adviser by the Fund were fair and reasonable in relation to the nature and quality of the services provided by the Adviser and that they reflected charges that were within a range of what could have been negotiated at arm's length.

(iv) The extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect economies of scale for the benefit of the Fund's investors.  In this regard, the Trustees reviewed the Fund's operational history and noted that the size of the Fund had not provided an opportunity to realize economies of scale.  The Trustees then reviewed the Fund's fee arrangements for breakpoints or other provisions that would allow the Fund's shareholders to benefit from economies of scale in the future as the Fund grows.  The Trustees determined that the maximum management fee would stay the same regardless of the Fund's asset levels and, therefore, did not reflect economies of scale.  The Trustees noted that the Fund was a relatively small size and economies of scale were unlikely to be achievable in the near future.  It was pointed out that breakpoints in the advisory fee could be reconsidered in the future.

The Hillman Fund

Additional Information

(Unaudited)

The Trustees noted that the Fund will benefit from economies of scale under the agreement with the Administrator since it utilized breakpoints.  The Trustees also noted that the Adviser had agreed to make payments to the Administrator at lower asset levels in order to help limit the Fund's expenses.  The Trustees determined that these arrangements provided potential savings for the benefit of the Fund's investors.

Following further discussion of the Fund's asset levels, expectations for growth, and fee levels, the Board determined that the Fund's fee arrangements were fair and reasonable at the present time in relation to the nature and quality of the services provided by the Adviser.

(v) The Advisor's practices regarding brokerage and portfolio transactions.  In this regard, the Trustees considered the Adviser's standards, and performance in utilizing those standards, for seeking best execution for Fund portfolio transactions.  The Trustees also considered the portfolio turnover rate for the Fund; the process by which evaluations are made of the overall reasonableness of commissions paid; the method and basis for selecting and evaluating the broker-dealers used; any anticipated allocation of portfolio business to persons affiliated with the Adviser; and the extent to which the Fund allocates portfolio business to broker-dealers who provide research, statistical, or other services ("soft dollars").  The Trustees noted, among other things, that the Fund rarely trades blocks of shares which require special handling and that the average commission rate for the Fund was approximately $0.02 per share.  After further review and discussion, the Board determined that the Adviser's practices regarding brokerage and portfolio transactions were satisfactory.

(vi) The Advisor's practices regarding possible conflicts of interest.  In this regard, the Trustees evaluated the potential for conflicts of interest and considered such matters as the experience and ability of the advisory personnel assigned to the Fund; the basis of decisions to buy or sell securities for the Fund and the Adviser's other accounts; the method for bunching of portfolio securities transactions; and the substance and administration of the Adviser's code of ethics.  Following further consideration and discussion, the Board indicated that the Adviser's standards and practices relating to the identification and mitigation of possible conflicts of interests were satisfactory.

Based upon all of the foregoing considerations, the Board of Trustees, including a majority of the Trust's independent trustees, approved the renewal of the Investment Advisory Agreement.

6.      Information about Trustees and Officers

The business and affairs of the Fund and the Trust are managed under the direction of the Trustees.  Information concerning the Trustees and officers of the Trust and Fund is set forth below.  Generally, each Trustee and officer serves an indefinite term or until certain circumstances such as their resignation, death, or otherwise as specified in the Trust's organizational documents. Any Trustee may be removed at a meeting of shareholders by a vote meeting the requirements of the Trust's organizational documents. The Statement of Additional Information of the Fund includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Fund toll-free at 1-800-773-3863.  The address of each Trustee and officer, unless otherwise indicated below, is 116 South Franklin Street, Rocky Mount, North Carolina 27804.  The Independent Trustees received aggregate compensation of $5,000 during the fiscal year ended September 30, 2017 from the Fund for services to the Fund and Trust.  The Interested Trustee and officers did not receive compensation from the Fund for their services to the Fund and Trust.

(Continued)

The Hillman Fund

Additional Information

(Unaudited)

Name, Ageand Address	Positionheld withFund or Trust	Length of Time Served	Principal OccupationDuring Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other DirectorshipsHeld by TrusteeDuring Past 5 Years
Independent Trustees
James H. Speed, Jr.Date of Birth:  06/1953	Independent Trustee, Chairman	Since 3/2009	Previously President and CEO of NC Mutual Insurance Company (insurance company) from 2003 to 2015.	1	Independent Trustee of the Brown Capital Management Mutual Funds for its four series, Starboard Investment Trust for its sixteen series, Centaur Mutual Funds Trust for its one series (all registered investment companies).  Chesapeake Investment Trust, previously known as Gardner Lewis Trust, for its one series and WST Investment Trust for its two series (all registered investment companies). Member of Board of Directors of M&F Bancorp. Member of Board of Directors of Investors Title Company. Previously, Board of Directors of NC Mutual Life Insurance Company.
Theo H. Pitt, Jr.Date of Birth:  04/1936	Independent Trustee	Since 5/2013	Senior Partner, Community Financial Institutions Consulting (financial consulting) since 1999; Partner, Pikar Properties (real estate) since 2001; Account Administrator, Holden Wealth Management Group of Wachovia Securities (money management firm) from 2003-2008.	1	Independent Trustee of World Funds Trust for its forty nine series, Chesapeake Investment Trust, previously known as Gardner-Lewis Investment Trust, for its one series, Leeward Investment Trust for its two series and Starboard Investment Trust for its sixteen series (all registered investment companies).
Interested Trustee*
Mark A. Hillman Date of Birth:  03/1962 7250 Woodmont AvenueSuite 310Bethesda, MD 20814	Trustee and President (Principal Executive Officer)	Since 12/2000	President, Hillman Capital Management, Inc. (investment advisor to the Fund); previously, Chief Investment Officer, Menocal Capital Management, Inc. (investment advisor).	1	None
* Basis of Interestedness. Mr. Hillman is an Interested Trustee because he is an officer of Hillman Capital Management, Inc., the investment advisor to the Fund.

(Continued)

The Hillman Fund

Additional Information

(Unaudited)

Name, Ageand Address	Positionheld withFund or Trust	Length of Time Served	Principal OccupationDuring Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other DirectorshipsHeld by TrusteeDuring Past 5 Years
Other Officers
C. Frank Watson III Date of Birth:  09/1970 1330 St. Mary's Street Suite 400 Raleigh, NC 27605	Treasurer (Principal Financial Officer)	Since 10/2011	President, Fairview Investment Services, LLC since 2005; previously, President and Chief Operating Officer, The Nottingham Company (administrator to the Fund).	n/a	n/a
Matthew J. Beck Date of Birth:  06/1988	Secretary	Since 06/2016	General Counsel of The Nottingham Company since 2014.	n/a	n/a
Ashley E. Harris Date of Birth:  03/1984	Assistant Secretary Assistant Treasurer	Since 5/2014 Since 6/2016	Fund Accounting Manager and Financial Reporting, The Nottingham Company since 2008.	n/a	n/a
Stacey Gillespie Date of Birth:  05/1974	Chief Compliance Officer	Since 3/2016	Compliance Director, Cipperman Compliance Services, LLC (09/15-present). Formerly, Chief Compliance Officer of Boenning & Scattergood, Inc. (2013-2015) and Director of Investment Compliance at Boenning & Scattergood, Inc. (2007-2013).	n/a	n/a

The Hillman Fund

is a series of the

Hillman Capital Management Investment Trust

For Shareholder Service Inquiries:	For Investment Advisor Inquiries:
Nottingham Shareholder Services, LLC	Hillman Capital Management, Inc.
116 South Franklin Street	7250 Woodmont Avenue
Post Office Box 69	Suite 310
Rocky Mount, North Carolina 27802-0069	Bethesda, Maryland 20814
Telephone:	Telephone:
800-773-3863	800-773-3863
World Wide Web @:	World Wide Web @:
ncfunds.com	hillmancapital.com

Item 2.	CODE OF ETHICS.
(a)	The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to its Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer(s), or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.
(c)	There have been no substantive amendments during the period covered by this report.
(d)	The registrant has not granted, during the period covered by this report, any waivers, including an implicit waiver.
(f)(1)	A copy of the code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer is filed pursuant to Item 12.(a)(1) below.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Trustees has determined that the registrant has an audit committee financial expert, as defined in Item 3 of Form N-CSR, serving on its audit committee.

As of the date of this report, September 30, 2017, the registrant's audit committee financial expert is Mr. James H. Speed, Jr. Mr. Speed is "independent" for purposes of Item 3 of Form N-CSR.

Item 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees – Audit fees billed for the registrant for the fiscal years ended September 30, 2016 and September 30, 2017 are reflected in the table below.  These amounts represent aggregate fees billed by the registrant's independent accountant, BBD, LLP ("Accountant"), in connection with the annual audits of the registrant's financial statements and for services normally provided by the Accountant in connection with the registrant's statutory and regulatory filings.

Fund	2016	2017
The Hillman Fund	$12,000	$12,000

(b) Audit-Related Fees – There were no additional fees billed in the fiscal years ended September 30, 2016 and September 30, 2017 for assurance and related services by the Accountant that were reasonably related to the performance of the audit of the registrant's financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees – The tax fees billed in the fiscal years ended for September 30, 2016 and September 30, 2017 for professional services rendered by the Accountant for tax compliance, tax advice, and tax planning are reflected in the table below.  These services were for the completion of each fund's federal, state, and excise tax returns and assistance with distribution calculations.

Fund	2016	2017
The Hillman Fund	$2,000	$2,200

(d)	All Other Fees –There were no other fees billed by the Accountant which were not disclosed in Items (a) through (c) above during the fiscal years ended September 30, 2016 and September 30, 2017.
(e)(1)	The registrant's Board of Trustees pre-approved the engagement of the Accountant for the last two fiscal years at an audit committee meeting of the Board of Trustees called for such purpose and will pre-approve the Accountant for each fiscal year thereafter at an audit committee meeting called for such purpose.  The charter of the audit committee states that the audit committee should pre-approve any audit services and, when appropriate, evaluate and pre-approve any non-audit services provided by the Accountant to the registrant and to pre-approve, when appropriate, any non-audit services provided by the Accountant to the registrant's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant if the engagement relates directly to the operations and financial reporting of the registrant.
(2)	There were no services as described in each of paragraph (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)	Not Applicable.
(g)	Aggregate non-audit fees billed by the Accountant to the registrant for services rendered during the fiscal years ended September 30, 2016 and September 30, 2017 were $2,000 and $2,200, respectively.  There were no non-audit fees billed by the Accountant for services rendered to the registrant's investment adviser, or any other entity controlling, controlled by, or under common control with the registrant's investment adviser.
(h)	Not applicable.
Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

Item 6.	SCHEDULE OF INVESTMENTS.
A copy of the schedule of investments of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR   CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
Item 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
None.
Item 11.	CONTROLS AND PROCEDURES.
(a)	The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
(b)	There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12.	EXHIBITS.
(a)(1)	Code of Ethics required by Item 2 of Form N-CSR is filed herewith as Exhibit 12.(a)(1).
(a)(2)	Certifications required by Item 12.(a)(2) of Form N-CSR are filed herewith as Exhibit 12.(a)(2).
(a)(3)	Not applicable.
(b)	Certifications required by Item 12.(b) of Form N-CSR are filed herewith as Exhibit 12.(b).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Hillman Capital Management Investment Trust

By: (Signature and Title)	/s/ Mark A. Hillman
	Mark A. Hillman, Trustee, President and
Date: December 4,  2017	Principal Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: (Signature and Title)	/s/ Mark A. Hillman
	Mark A. Hillman, Trustee, President and
Date: December 4, 2017	Principal Executive Officer

By: (Signature and Title)	/s/ C. Frank Watson, III
	C. Frank Watson III, Treasurer and
Date: December 4, 2017	Principal Financial Officer