ncsr0909.htm

Annual Report 2009

September 30, 2009

The Hillman Advantage Equity Fund

The Hillman Focused Advantage Fund

No Load Shares

Class A Shares

Class C Shares

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Hillman Capital Management Funds (“Funds”). This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus. The Funds’ shares are not deposits or obligations of, or guaranteed by, any depository institution. The Funds’ 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 Funds nor the Funds’ distributor is a bank.

Distributor: Capital Investment Group, Inc., 17 Glenwood Ave., Raleigh, NC 27603, Phone 1-866-515-4626.

Statements in this Annual Report that reflect projections or expectations of future financial or economic performance of the Hillman Capital Management Funds (“Funds”) and of the market in general and statements of the Funds’ 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 Funds are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that

the Funds will be successful in meeting their investment objective. Investment in the Funds is subject to the following risks: market risk, investment advisor

risk, management style risk. In addition to the risks outlined above, the Focused Advantage Fund is also subject to non-diversified fund risk and sector focus risk.

More information about these risks and other risks can be found in the Funds’ 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 www.hillmancapital.com.

An investor should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains

this and other information about the Funds. A copy of the prospectus is available at www.hillmancapital.com or by calling Shareholder Services at

1-800-773-3863. The prospectus should be read carefully before investing.

Stated performance in the Funds was achieved at some or all points during the year by waiving or reimbursing part of the Funds’ total expenses to ensure shareholders did not absorb expenses significantly greater than the industry norm.

This Annual Report was first distributed to shareholders on or about November 30, 2009.

For More Information on Your Hillman Capital Management (Hillman) Mutual Funds:

See Our Website @ www.hillmancapital.com

Call Our Shareholder Services Group Toll-Free at 1-800-773-3863

Hillman Funds 2009 Annual Letter to Shareholders

The close of the U.S. equity markets on September 30th, 2009 marked the end of the ninth fiscal year for the Hillman Funds and we are proud of their achievements. Over the past twelve months, through one of the most tumultuous periods in United States financial history, the No Load Shares of the Hillman Focused Advantage Equity Fund (HCMAX) and the No Load Shares of the Hillman Advantage Equity Fund (HCMTX) achieved positive returns of 0.43% and 2.96% respectively. By contrast the benchmark Standard and Poor’s 500 Total Return Index produced a negative return of (6.91%) for the same time period. We believe that the funds’ continued performance is a testament to the prudence of our investment approach and to the effectiveness of our investment team as it manages through challenging financial markets.

In a 1942 speech delivered by Sir Winston Churchill he remarked “Now this is not the end. It is not even the beginning of the end. But it is perhaps, the end of the beginning.”1 Churchill’s comments on the status of World War II reflect our beliefs on the current stage of the economic predicament. After one of the swiftest declines in economic activity experienced since the Great Depression, the United States’ economy showed early signs of stabilization in the third quarter. GDP is widely expected to have increased during the past quarter and Federal Reserve Chairman Ben Bernanke made public his belief that “the recession is technically over”.2

Despite early signs of stabilization and a “technical” end to the recession, we believe it is important to recognize that the United States’ economy still faces significant longer-term challenges. Employment dropped by 263,000 jobs and the unemployment rate reached 9.8% in September.3 The Congressional Budget Office (CBO) estimated that the federal budget deficit will reach nearly $1.6 trillion in 2009, $1.4 trillion in 2010 and will maintain levels in excess of $500 billion through the end of its ten year forecasting period.4 In the near-term, deficit spending may provide needed economic support. Over longer periods, deficit spending can be self defeating. At some point, if continued, large budget deficits will likely have unwanted implications for domestic interest rates, asset values and real economic growth.

We believe that near-term economic recovery hinges on the ability and willingness of U.S. consumers and businesses to shift behavior from acute saving and deleveraging to rational consuming and investing in future growth. We believe that, in aggregate, consumers have a modest ability and a growing willingness to increase spending. For U.S. businesses, a general improvement in credit conditions has somewhat restored their ability to increase capital spending. Though many business leaders remain cautious, we believe that tight inventory levels and improving sentiment among small business leaders are likely precursors to sequential improvement.

Our supposition is that U.S. consumers have an ability to increase spending on smaller discretionary purchases, though credit availability for larger purchases remains tight. We believe that elevated savings rates paired with a reasonable relationship between financial obligations and disposable personal income are indications that consumers have an ability to consume. Over the twelve month period ending August 2009, the monthly personal savings rate averaged 3.9% versus 2% over the prior twelve months.5 Despite the large face value of consumer debt, low interest rates have pushed the Federal Reserve’s Financial Obligations Ratio (computed by adding required payments on outstanding debt, automobile lease payments, home rental payments, homeowners insurance and property tax payments then dividing by disposable personal income) downward. As of the end of June, consumers’ financial obligations as a percentage of disposable income had fallen to levels last seen during 2004.6 For those pursuing large purchases, tight lending standards may persist for some

________________________________________

1 Sir Winston Churchill, Speech in November 1942

2 Ben Bernanke, Question and Answer Session, Brookings Institute, September 15, 2009

3 U.S. Bureau of Labor Statistics, Employment Situation Report, October 2, 2009

4 Congressional Budget Office, Budget and Economic Outlook, August 2009

5 Thomson Baseline, Source: U.S. Bureau of Economic Analysis

6 The Federal Reserve Board, Household Debt Service and Financial Obligations Ratios, Q2 2009

time. That said, recent surveys of loan officers suggest that increasingly fewer banks foresee a need to tighten credit standards beyond current levels.7

Trends in the personal savings rate suggest that U.S. consumers incrementally chose to spend more and save less during the third quarter. The savings rate peaked at 6% in May of 2009 and has since declined steadily to 3% in August.8 Consumer behavior has likely been influenced by a positive wealth effect related to increasing equity and fixed income values, as well as expectations of slowing job losses and stabilizing home prices. Note that we believe that the resumption of consumers’ willingness to spend is largely predicated on their expectations of economic improvement. An unforeseen shock to employment, equity and fixed income markets, or housing could have a materially negative influence on aggregate consumer behavior.

Capital spending initiatives by U.S. businesses have been among the largest casualties of the financial crisis. The uncertain demand environment and frozen credit markets were likely causes of reduced capital spending. During the height of the liquidity crunch in the first quarter of 2009, the commercial paper markets seized, the interest rate spread between AAA corporate credit rates and U.S. Treasury securities increased to 174% of its prior 10 year average, and spreads between BAA and AAA corporate debt rose to 292% of their ten year average.9 In the Federal Reserve’s April Senior Loan Officer Opinion Survey, 80% of respondents indicated they were tightening standards for Commercial and Industrial (C&I) loans10. Amidst these adverse circumstances, capital spending versus prior year levels fell by 15.4% and 19.3% in the first and second quarters respectively.11

We believe that the credit environment affecting U.S. companies is normalizing, thereby increasing the availability of credit. AAA credit spreads and the spread between BAA and AAA debt have regressed toward historical means (resembling their ten year averages). The availability of C&I loans appears to be improving. In its July survey, the Federal Reserve indicated that only 30% of senior loan officers expect to further tighten C&I lending standards, a significant improvement from the 80% level in April. Demonstrating the diminished relevance of restricted credit on business spending, a recent National Federation of Independent Business (NFIB) survey found that only four percent of small business owners cited “financing” as their number one business problem.12

The broader issue affecting business spending appears to be the unwillingness of business leaders to borrow and invest for future growth. During their second quarter earnings calls, we continued to hear many CEO’s beating the drum of fiscal responsibility with the now familiar phrase “managing for cash”, as they worked to reduce inventories and cut discretionary spending. Their sentiment has also been noticed by loan officers, many of whom have suggested that demand for C&I loans remains weak.13 In the aftermath of the recent credit crisis, we believe that the majority of business leaders will be slow to authorize significant increases in capital spending. However, some leading indicators, including reduced inventory levels and a less negative outlook by small business leaders, support a premise that capital spending is near bottom.

Although the U.S. economy has endured significant pain over the past twelve months, we believe that the economy should continue to stabilize over time. Consumer activity appears to be improving and we expect business activity to eventually follow suit. There are many encouraging signs of progress that, if sustained, could trigger a self reinforcing loop with

________________________________________

7 The Federal Reserve Board, July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices

8 U.S. Bureau of Labor Statistics, Employment Situation Report, October 2, 2009

9 Thomson Baseline, Source: Moody’s, Federal Reserve

10 The Federal Reserve Board, July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices

11 U.S. Bureau of Economic Analysis

12 National Federation of Independent Business (NFIB), Small Business Economic Trends

13 The Federal Reserve Board, July 2009 Senior Loan Officer Opinion Survey on Bank Lending Practices

positive implications for the economy. The timing and force of a U.S. economic recovery are important variables when assessing the magnitude of the country’s longer-term challenges. We continue to be mindful of the longer-term picture and recognize that unforeseen shocks to consumers would negatively impact the nascent recovery.

Our investment strategy entails identifying companies our analysis shows to be industry leaders with sustainable competitive advantage and sufficient financial flexibility to weather troughs in economic activity. We believe that competitively advantaged companies will emerge stronger from the economic decline and that this period continues to represent opportunity to purchase great enterprises at attractive prices.

Thank you for your continued trust and support. We look forward to serving you through the years to come.

Sincerely,

Mark Hillman, President

Disclosure:

Past performance is not indicative of future results. An investment in the Funds 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 Funds will be successful in meeting its investment objective. Investment in the Funds is also subject to the following risks: market risk, investment advisor risk, management style risk, non-diversified status and sector focus risk. More information about these risks and other risks can be found in the Funds’ 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.

An investor should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. The prospectus contains this and other information about the Funds. A copy of the prospectus is available at www.nottinghamco.com or by calling Shareholder Services at 1-800-773-3863. The prospectus should be read carefully before investing.

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.

17 Glenwood Avenue

Raleigh, NC 27603

Phone (800) 773-3863

HCM-09-152

The Hillman Advantage Equity Fund No Load Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from December 29, 2000 (Date of Initial Public Investment) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year	Five Year		Since Inception*				Gross Expense Ratio**
The Hillman Advantage Equity Fund No Load Shares	2.96%		1.52%		3.07%			2.66%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Advantage Equity Fund No Load Shares		30.32%					$13,032
S&P 500 Total Return Index		(5.69)%					$9,431

	The Hillman Advantage Equity Fund - No Load Shares	S&P 500 Total Return Index
12/29/2000	10,000	10,000
9/30/2001	8,750	7,961
9/30/2002	8,614	6,330
9/30/2003	10,635	7,874
9/30/2004	12,084	8,967
9/30/2005	13,658	10,065
9/30/2006	15,866	11,151
9/30/2007	16,888	12,984
9/30/2008	12,658	10,131
9/30/2009	13,032	9,431

The graph assumes an initial $10,000 investment at December 29, 2000 (Date of Initial Public Investment). All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Advantage Equity Fund - No Load Shares (the “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.

* The Fund’s inception date – December 29, 2000 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

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 www.hillmancapital.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.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1407.70	$8.75
Hypothetical (5% return before expenses)	$1,000.00	$1,017.80	$7.33

* Actual expenses are based on expenses incurred in the most recent six-month period. The Fund’s annualized six-month expense ratio is 1.45%. The values under “Expenses Paid During Period” are equal to the annualized ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the number of days in the six month period ending September 30, 2009).

The Hillman Advantage Equity Fund Class A Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year			Since Inception*				Gross Expense Ratio**
The Hillman Advantage Equity Fund Class A Shares - No Sales Load		3.94%			(1.33)%			2.66%
The Hillman Advantage Equity Fund Class A Shares - 5.75% Maximum Sales Load		(2.04)%			(3.13)%			2.66%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Advantage Equity Fund Class A Shares - No Sales Load			(4.19)%				$9,581
The Hillman Advantage Equity Fund Class A Shares - 5.75% Maximum Sales Load			(9.70)%				$9,030
S&P 500 Total Return Index			(8.29)%				$9,171

	The Hillman Advantage Equity Fund - Class A Shares	S&P 500 Total Return Index
7/18/2006	9,425	10,000
9/30/2006	10,306	10,844
9/30/2007	11,586	12,626
9/30/2008	8,687	9,852
9/30/2009	9,030	9,581

The graph assumes an initial $10,000 investment ($9,425 after maximum sales load of 5.75%) at July 18, 2006 (Date of Initial Public Offering). All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Advantage Equity Fund – Class A Shares (the “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.

* The Fund’s inception date – July 18, 2006 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1,408.10	$7.43
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	$6.23

* Actual expenses are based on expenses incurred in the most recent six-month period. The Fund’s annualized six-month expense ratio is 1.23%. The values under “Expenses Paid During Period” are equal to the annualized ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the number of days in the six month period ending September 30, 2009).

The Hillman Advantage Equity Fund Class C Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year			Since Inception*				Gross Expense Ratio**
The Hillman Advantage Equity Fund Class C Shares - No Sales Load		3.03%			(1.54)%			3.41%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Advantage Equity Fund Class C Shares - No Sales Load			(4.85)%				$9,515
S&P 500 Total Return Index			(8.29)%				$9,171

	The Hillman Advantage Equity Fund - Class C Shares	S&P 500 Total Return Index
7/18/2006	10,000	10,000
9/30/2007	10,919	10,844
9/30/2007	12,301	12,626
9/30/2008	9,235	9,852
9/30/2009	9,515	9,171

The graph assumes an initial $10,000 investment at July 18, 2006 (Date of Initial Public Offering). The deduction of the maximum contingent deferred sales charge (“CDSC”) is not reflected in the graph or chart above because the 1% CDSC for the Class C Shares is imposed on proceeds redeemed within 1 year of the purchase date. The CDSC may be waived or reduced under certain circumstances. All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Advantage Equity Fund – Class C Shares (the “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.

* The Fund’s inception date – July 18, 2006 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include CDSC fees on redemption payments and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1,407.60	$7.42
Hypothetical (5% return before expenses)	$1,000.00	$1,018.90	$6.23

The Hillman Advantage Equity Fund

Schedule of Investments


As of September 30, 2009
			Shares		Value (Note 1)

COMMON STOCKS - 95.41%

	Consumer Discretionary - 13.76%
		Best Buy Co., Inc.	6,100	$	228,872
		Black & Decker Corp.	5,300		245,337
		Harley-Davidson, Inc.	11,600		266,800
	*	Starbucks Corp.	13,400		276,710
		The Walt Disney Co.	9,100		249,886
		Time Warner, Inc.	9,600		276,288
					1,543,893
	Consumer Staples - 11.07%
		Campbell Soup Co.	7,100		231,602
		Clorox Co.	3,100		182,342
		HJ Heinz Co.	5,600		222,600
		McCormick & Co., Inc.	6,800		230,792
		Sysco Corp.	6,800		168,980
		Wal-Mart Stores, Inc.	4,200		206,178
					1,242,494
	Energy - 4.03%
		Exxon Mobil Corp.	3,100		212,691
	*	Transocean Ltd	2,800		239,484
					452,175
	Financials - 9.60%
		American Express Co.	8,100		274,590
		JPMorgan Chase & Co.	6,700		293,594
		The Allstate Corp.	8,200		251,084
		The Goldman Sachs Group, Inc.	1,400		258,090
					1,077,358
	Health Care - 9.80%
		Aetna, Inc.	9,200		256,036
	*	Amgen, Inc.	3,200		192,736
		Johnson & Johnson	3,100		188,759
		Merck & Co., Inc.	8,500		268,855
		Pfizer, Inc.	11,700		193,635
					1,100,021
	Industrials - 15.70%
		3M Co.	3,100		228,780
		General Electric Co.	17,900		293,918
		Goodrich Corp.	4,500		244,530
		Honeywell International, Inc.	6,100		226,615
		Ingersoll-Rand PLC	9,300		285,231
		Raytheon Co.	5,000		239,850
		The Boeing Co.	4,500		243,675
					1,762,599


					(Continued)

The Hillman Advantage Equity Fund

Schedule of Investments


As of September 30, 2009
			Shares		Value (Note 1)

COMMON STOCKS - (Continued)

	Information Technology - 23.35%
	*	Cisco Systems, Inc.	9,700	$	228,338
		Corning, Inc.	13,500		206,685
	*	Google, Inc.	500		247,925
		Hewlett-Packard Co.	5,500		259,655
		Intel Corp.	11,500		225,055
		International Business Machines Corp.	1,800		215,298
		Microsoft Corp.	9,900		256,311
		Oracle Corp.	10,200		212,568
		Texas Instruments, Inc.	9,800		232,162
		The Western Union Co.	14,800		280,016
	*	Yahoo!, Inc.	14,400		256,464
					2,620,477
	Materials - 2.35%
		EI Du Pont de Nemours & Co.	8,200		263,548
					263,548
	Telecommunications - 3.60%
		AT&T, Inc.	8,700		234,987
		Verizon Communications, Inc.	5,600		169,512
					404,499
	Utilities - 2.15%
		American Electric Power Co., Inc.	7,800		241,722
					241,722

		Total Common Stocks (Cost $9,869,441)			10,708,786

INVESTMENT COMPANY - 2.13%
	§	HighMark 100% US Treasury Money Market Fund, 0.02%	238,864		238,864

		Total Investment Company (Cost $238,864)			238,864

Total Value of Investments (Cost $10,108,305) - 97.54%				$	10,947,650

Other Assets Less Liabilities - 2.46%					275,604

	Net Assets - 100%			$	11,223,254

*	Non-income producing investment
§	Represents 7 day effective yield

	The following acronym is used in this portfolio:
	PLC - Public Limited Company


					(Continued)

The Hillman Advantage Equity Fund

Schedule of Investments


As of September 30, 2009


	Summary of Investments by Sector
		% of Net
	Sector	Assets		Value
	Consumer Discretionary	13.76%	$	1,543,893
	Consumer Staples	11.07%		1,242,494
	Energy	4.03%		452,175
	Financials	9.60%		1,077,358
	Health Care	9.80%		1,100,021
	Industrials	15.70%		1,762,599
	Information Technology	23.35%		2,620,477
	Materials	2.35%		263,548
	Telecommunications	3.60%		404,499
	Utilities	2.15%		241,722
	Investment Company	2.13%		238,864
	Total	97.54%	$	10,947,650































See Notes to Financial Statements

The Hillman Focused Advantage Fund No Load Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from December 29, 2000 (Date of Initial Public Investment) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year	Five Year		Since Inception*				Gross Expense Ratio**
The Hillman Focused Advantage Fund No Load Shares	0.43%		0.47%		2.26%			1.74%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Focused Advantage Fund No Load Shares		21.58%					$12,158
S&P 500 Total Return Index		(5.69)%					$9,431

	The Hillman Focused Advantage Fund - No Load Shares	S&P 500 Total Return Index
12/29/2000	10,000	10,000
9/30/2001	7,500	7,961
9/30/2002	6,550	6,330
9/30/2003	9,668	7,874
9/30/2004	11,874	8,967
9/30/2005	14,806	10,065
9/30/2006	15,866	11,151
9/30/2007	18,057	12,984
9/30/2008	12,106	10,131
9/30/2009	12,158	9,431

The graph assumes an initial $10,000 investment at December 29, 2000 (Date of Initial Public Investment). All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Focused Advantage Fund - No Load Shares (the “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.

* The Fund’s inception date – December 29, 2000 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1,443.10	$8.88
Hypothetical (5% return before expenses)	$1,000.00	$1,017.80	$7.33

The Hillman Focused Advantage Fund Class A Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year			Since Inception*				Gross Expense Ratio**
The Hillman Focused Advantage Fund Class A Shares - No Sales Load		0.47%			(5.18)%			1.74%
The Hillman Focused Advantage Fund Class A Shares - 5.75% Maximum Sales Load		(5.30)%			(6.92)%			1.74%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Focused Advantage Fund Class A Shares - No Sales Load			(15.68)%				$8,432
The Hillman Focused Advantage Fund Class A Shares - 5.75% Maximum Sales Load			(20.53)%				$7,947
S&P 500 Total Return Index			(8.29)%				$9,171

	The Hillman Focused Advantage Fund - Class A Shares	S&P 500 Total Return Index
7/18/2006	9,425	10,000
9/30/2006	10,343	10,844
9/30/2007	11,794	12,626
9/30/2008	7,909	9,852
9/30/2009	7,947	9171

The graph assumes an initial $10,000 investment ($9,425 after maximum sales load of 5.75%) at July 18, 2006 (Date of Initial Public Offering). All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Focused Advantage Fund – Class A Shares (the “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.

* The Fund’s inception date – July 18, 2006 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1,444.50	$9.13
Hypothetical (5% return before expenses)	$1,000.00	$1,017.60	$7.54

* Actual expenses are based on expenses incurred in the most recent six-month period. The Fund’s annualized six-month expense ratio is 1.49%. The values under “Expenses Paid During Period” are equal to the annualized ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the number of days in the six month period ending September 30, 2009).

The Hillman Focused Advantage Fund Class C Shares

Performance Update - $10,000 Investment (Unaudited)

For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2009

Performance Returns for the periods ended September 30, 2009
Average Annual Total Returns	One Year			Since Inception*				Gross Expense Ratio**
The Hillman Focused Advantage Fund Class C Shares - No Sales Load		(0.06)%			(5.89)%			2.49%
Cumulative Total Investment Returns			Since Inception*			Final Value of $10,000 Investment
The Hillman Focused Advantage Fund Class C Shares - No Sales Load			(17.69)%				$8,231
S&P 500 Total Return Index			(8.29)%				$9,171

	The Hillman Focused Advantage Fund - Class C Shares	S&P 500 Total Return Index
7/18/2006	10,000	10,000
9/30/2006	10,952	10,844
9/30/2007	12,377	12,626
9/30/2008	8,245	9,852
9/30/2009	8,303	9,171

The graph assumes an initial $10,000 investment at July 18, 2006 (Date of Initial Public Offering). The deduction of the maximum contingent deferred sales charge (“CDSC”) is not reflected in the graph or chart above because the 1% CDSC for the Class C Shares is imposed on proceeds redeemed within 1 year of the purchase date. The CDSC may be waived or reduced under certain circumstances. All dividends and distributions are reinvested. This graph depicts the performance of The Hillman Focused Advantage Fund – Class C Shares (the “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.

* The Fund’s inception date – July 18, 2006 (Date of Initial Public Investment).

** The gross expense ratio shown is from the Fund’s prospectus dated January 28, 2009. This number may vary from the expense ratio shown elsewhere in this

report because it is based on a different time period and, if applicable, does not include fee or expense waivers.

Fund Expenses (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include CDSC fees on redemption payments and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. 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 as indicated below. Actual Expenses – The first line of the table below provides information about the 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 (for example, 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 annual rate of return of 5% 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 by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Expense Example	Beginning Account Value April 1, 2009	Ending Account Value September 30, 2009	Expenses Paid During Period*
Actual	$1,000.00	$1,437.70	$13.38
Hypothetical (5% return before expenses)	$1,000.00	$1,014.09	$11.06

* Actual expenses are based on expenses incurred in the most recent six-month period. The Fund’s annualized six-month expense ratio is 2.19%. The values under “Expenses Paid During Period” are equal to the annualized ratio multiplied by the average account value over the period, multiplied by 183/365 (to reflect the number of days in the six month period ending September 30, 2009).

The Hillman Focused Advantage Fund

Schedule of Investments


As of September 30, 2009
			Shares		Value (Note 1)

COMMON STOCKS - 97.17%

	Consumer Discretionary - 5.35%
	*	Starbucks Corp.	46,900	$	968,485
					968,485
	Consumer Staples - 9.32%
		McCormick & Co, Inc.	24,500		831,530
		Sysco Corp.	34,400		854,840
					1,686,370
	Energy - 8.80%
		Exxon Mobil Corp.	10,000		686,100
	*	Transocean Ltd	10,600		906,618
					1,592,718
	Financials - 10.69%
		JPMorgan Chase & Co.	21,000		920,220
		The Goldman Sachs Group, Inc.	5,500		1,013,925
					1,934,145
	Health Care - 8.25%
		Aetna, Inc.	23,400		651,222
		Pfizer, Inc.	50,800		840,740
					1,491,962
	Industrials - 21.39%
		General Electric Co.	57,900		950,718
		Goodrich Corp.	15,800		858,572
		Ingersoll-Rand PLC	35,800		1,097,986
		The Boeing Co.	17,800		963,870
					3,871,146
	Information Technology - 15.91%
		Corning, Inc.	55,600		851,236
		Hewlett-Packard Co.	21,600		1,019,736
		Microsoft Corp.	38,900		1,007,121
					2,878,093
	Materials - 4.85%
		EI Du Pont de Nemours & Co.	27,300		877,422
					877,422
	Telecommunications - 7.90%
		AT&T, Inc.	33,400		902,134
		Verizon Communications, Inc.	17,400		526,698
					1,428,832
	Utilities - 4.71%
		American Electric Power Co., Inc.	27,500		852,225
					852,225

		Total Common Stocks (Cost $19,470,961)			17,581,398


					(Continued)

The Hillman Focused Advantage Fund

Schedule of Investments


As of September 30, 2009
						Shares		Value (Note 1)

INVESTMENT COMPANY - 2.78%
	§	HighMark 100% US Treasury Money Market Fund, 0.02%				502,501	$	502,501

		Total Investment Company (Cost $502,501)						502,501

Total Value of Investments (Cost $19,973,462) - 99.95%							$	18,083,899

Other Assets Less Liabilities - 0.05%								9,872

	Net Assets - 100%						$	18,093,771

*	Non-income producing investment
§	Represents 7 day effective yield

	The following acronym is used in this portfolio:
	PLC - Public Limited Company




			Summary of Investments by Sector
				% of Net
			Sector	Assets		Value
			Consumer Discretionary	5.35%	$	968,485
			Consumer Staples	9.32%		1,686,370
			Energy	8.80%		1,592,718
			Financials	10.69%		1,934,145
			Health Care	8.25%		1,491,962
			Industrials	21.39%		3,871,146
			Information Technology	15.91%		2,878,093
			Materials	4.85%		877,422
			Telecommunications	7.90%		1,428,832
			Utilities	4.71%		852,225
			Investment Company	2.78%		502,501
			Total	99.95%	$	18,083,899











See Notes to Financial Statements

Hillman Capital Management Funds

Statements of Assets and Liabilities

				Advantage Equity		Focused Advantage
As of September 30, 2009				Fund		Fund

Assets:
	Investments, at cost		$	10,108,305	$	19,973,462
	Investments, at value (note 1)		$	10,947,650	$	18,083,899
	Receivables:
		Fund shares sold		250,720		51,509
		Dividends and interest		14,830		17,356
	Prepaid expenses
		Fund accounting fees		4,527		5,234
		Compliance services fees		646		646
		Other expenses		18,592		20,227
	Due from affiliates:
		Advisor (note 2)		11,157		-

	Total Assets			11,248,122		18,178,871

Liabilities:
	Payables:
		Fund shares repurchased		203		52,005
		Distributions		418		2,265
	Accrued expenses			24,247		25,807
	Due to affiliates:
		Advisor (note 2)		-		5,023

	Total Liabilities			24,868		85,100

Net Assets			$	11,223,254	$	18,093,771
Net Assets Consist of:
	Capital		$	13,431,703	$	48,924,045
	Undistributed net investment income			12,193		188,027
	Accumulated net realized loss on investments			(3,059,987)		(29,128,738)
	Net unrealized appreciation (depreciation) in investments			839,345		(1,889,563)
	Total Net Assets		$	11,223,254	$	18,093,771

No Load Shares Outstanding, no par value (unlimited shares authorized)				1,120,865		1,802,059
	Net Assets - No Load Shares		$	11,192,438	$	17,444,604
	Net Asset Value, Maximum Offering Price and Redemption Price Per Share		$	9.99	$	9.68

Class A Shares Outstanding, no par value (unlimited shares authorized)				941		29,895
	Net Assets - Class A Shares		$	9,580	$	289,935
	Net Asset Value and Redemption Price Per Share		$	10.18	$	9.70
	Maximum Offering Price Per Share (Net Asset Value ÷ 94.25%)		$	10.80	$	10.29

Class C Shares Outstanding, no par value (unlimited shares authorized)				2,094		37,084
	Net Assets - Class C Shares		$	21,236	$	359,232
	Net Asset Value, Maximum Offering Price and Redemption Price Per Share (a)		$	10.14	$	9.69
(a)	Class C shares have a contingent deferred sales charge (note 1).



See Notes to Financial Statements

Hillman Capital Management Funds

Statements of Operations

		Advantage Equity	Focused Advantage
For the fiscal year ended September 30, 2009		Fund	Fund

Investment Income:
	Dividends	$ 252,864	$ 472,979

	Total Investment Income	252,864	472,979

Expenses:
	Advisory fees (note 2)	99,130	172,344
	Administration fees (note 2)	24,000	24,484
	Transfer agent fees (note 2)	40,555	45,310
	Registration and filing administration fees (note 2)	29,962	29,962
	Fund accounting fees (note 2)	51,991	52,723
	Compliance services fees (note 2)	7,750	7,750
	Custody fees (note 2)	5,514	8,388
	Distribution and service fees (note 3)	24,911	45,054
	Legal fees	24,187	25,322
	Audit and tax preparation fees	16,500	16,500
	Registration and filing expenses	30,467	37,947
	Printing expenses	1,060	2,920
	Trustees' fees and meeting expenses	5,634	5,634
	Securities pricing fees	3,604	1,750
	Other operating expenses	9,687	24,426

	Total Expenses	374,952	500,514

	Expenses reimbursed by Advisor (note 2)	(35,423)	(28,537)
	Expenses reimbursed by Administrator (note 2)	(92,578)	(47,862)
	Advisory fees waived (note 2)	(99,130)	(165,499)
	Distribution and service fees waived (note 3)	(4,358)	(6,531)

	Net Expenses	143,463	252,085

Net Investment Income		109,401	220,894

Net Realized and Unrealized (Loss) Gain from Investments:
	Net realized loss from investments	(3,050,569)	(8,390,816)
	Change in unrealized appreciation on investments	2,046,032	5,327,720

Net Realized and Unrealized Loss on Investments		(1,004,537)	(3,063,096)

Net Decrease in Net Assets Resulting from Operations		$ (895,136)	$ (2,842,202)









See Notes to Financial Statements

Hillman Capital Management Funds

Statements of Changes in Net Assets

			Advantage Equity Fund		Focused Advantage Fund
For the fiscal years ended September 30,			2009	2008	2009	2008

Operations:
	Net investment income		$ 109,401	$ 171,955	$ 220,894	$ 834,160
	Net realized (loss) gain from investment transactions		(3,050,569)	524,942	(8,390,816)	(18,075,122)
	Capital gain distributions from other
		investment companies	-	27,536	-	193,293
	Change in unrealized appreciation/depreciation
		on investments	2,046,032	(6,452,019)	5,327,720	(14,573,512)
Net Decrease in Net Assets
		Resulting from Operations	(895,136)	(5,727,586)	(2,842,202)	(31,621,181)
Distributions to Shareholders: (note 5)
	Net investment income
		No Load Shares	(106,127)	(161,533)	(124,008)	(731,029)
		Class A Shares	(85)	(902)	(1,769)	(5,462)
		Class B Shares	(62)	(145)	(387)	(1,502)
		Class C Shares	(135)	(160)	(702)	(2,168)
	Net realized gain from investment transactions
		No Load Shares	(60,220)	(1,627,185)	(86,796)	(8,299,490)
		Class A Shares	(42)	(6,278)	(1,060)	(34,082)
		Class B Shares	(42)	(764)	(366)	(9,308)
		Class C Shares	(51)	(763)	(664)	(42,279)
Decrease in Net Assets Resulting from Distributions			(166,764)	(1,797,730)	(215,752)	(9,125,320)
Capital Share Transactions: (note 6)
	No Load Shares
		Shares sold	684,151	480,780	1,681,471	45,158,468
		Reinvested distributions	165,374	1,767,063	194,637	8,600,168
		Shares repurchased	(3,010,805)	(6,301,988)	(11,096,148)	(88,916,832)
	Class A Shares
		Shares sold	10,125	87,693	213,269	237,715
		Reinvested distributions	127	7,180	2,781	38,748
		Shares repurchased	(52,974)	(17,314)	(200,055)	(365,832)
	Class B Shares
		Shares sold	-	-	28,000	63,800
		Reinvested distributions	103	909	753	10,810
		Shares repurchased	(8,145)	-	(135,348)	(12,499)
	Class C Shares
		Shares sold	8,145	2,500	189,670	96,850
		Reinvested distributions	186	923	1,366	44,447
		Shares repurchased	-	-	(125,958)	(206,326)
Decrease in Net Assets
		Resulting from Capital Share Transactions	(2,203,713)	(3,972,254)	(9,245,562)	(35,250,483)
Net Decrease in Net Assets			(3,265,613)	(11,497,570)	(12,303,516)	(75,996,984)
Net Assets:
	Beginning of Year		14,488,867	25,986,437	30,397,287	106,394,271
	End of Year		$11,223,254	$14,488,867	$18,093,771	$30,397,287

Undistributed Net Investment Income			$ 12,193	$ 9,201	$ 188,027	$ 93,999



See Notes to Financial Statements

Hillman Capital Management Funds

Financial Highlights
		Advantage Equity Fund
For a share outstanding during the		No Load Shares
fiscal years ended September 30,		2009	2008	2007	2006		2005

Net Asset Value, Beginning of Year		$ 9.87	$ 14.24	$ 13.75	$ 12.76		$ 11.56
Income (Loss) from Investment Operations:
	Net investment income	0.09	0.12	0.07	0.08		0.09
	Net realized and unrealized gain (loss) on securities	0.16	(3.48)	1.53	1.23		1.40
Total from Investment Operations		0.25	(3.36)	1.60	1.31		1.49
Less Distributions:
	Dividends (from net investment income)	(0.09)	(0.11)	(0.09)	(0.15)		(0.10)
	Distributions (from capital gains)	(0.04)	(0.90)	(1.02)	(0.17)		(0.19)
Total Distributions		(0.13)	(1.01)	(1.11)	(0.32)		(0.29)
Net Asset Value, End of Year		$ 9.99	$ 9.87	$ 14.24	$ 13.75		$ 12.76
Total Return (e)		2.96%	(25.05%)	11.99%	10.41%		13.02%
Net Assets, End of Year (in thousands)		$11,192	$14,408	$25,950	$23,544		$20,064
Average Net Assets for the Year (in thousands)		$ 9,885	$19,919	$25,544	$20,994		$18,682
Ratio of Gross Expenses to Average Net Assets (f)		3.78%	2.66%	2.40%	2.11%		2.18%
Ratio of Net Expenses to Average Net Assets (f)		1.45%	1.48%	1.49%	1.61%		1.75%
Ratio of Net Investment Income to Average Net Assets		1.10%	0.86%	0.51%	0.67%		0.81%
Portfolio Turnover Rate		52.28%	33.61%	12.18%	38.18%		12.11%

		Advantage Equity Fund
For a share outstanding during the		Class A Shares
fiscal years or period ended September 30,		2009	2008	2007	2006 (a)

Net Asset Value, Beginning of Period		$ 9.96	$ 14.38	$ 13.79	$ 12.62
Income (Loss) from Investment Operations:
	Net investment income	0.15	0.09	0.10	0.02
	Net realized and unrealized gain (loss) on securities	0.20	(3.48)	1.55	1.17
Total from Investment Operations		0.35	(3.39)	1.65	1.19
Less Distributions:
	Dividends (from net investment income)	(0.09)	(0.13)	(0.04)	(0.02)
	Distributions (from capital gains)	(0.04)	(0.90)	(1.02)	-
Total Distributions		(0.13)	(1.03)	(1.06)	(0.02)
Net Asset Value, End of Period		$ 10.18	$ 9.96	$ 14.38	$ 13.79
Total Return (d)(e)		3.94%	(25.01%)	12.36%	9.43%	(b)
Net Assets, End of Period (in thousands)		$ 10	$ 60	$ 12	$ 11
Average Net Assets for the Period (in thousands)		$ 11	$ 75	$ 12	$ 10
Ratio of Gross Expenses to Average Net Assets (f)		3.78%	2.66%	2.15%	2.23%	(c)
Ratio of Net Expenses to Average Net Assets (f)		1.24%	1.46%	1.24%	1.24%	(c)
Ratio of Net Investment Income to Average Net Assets		1.23%	0.90%	0.76%	0.91%	(c)
Portfolio Turnover Rate		52.28%	33.61%	12.18%	38.18%	(b)

(a)	For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Total return does not reflect payment of sales charge, if any.
(e)	Includes adjustments in accordance with accounting principles generally accepted in the United States and,
	consequently, the net asset value for financial reporting purposes and the returns based upon those net asset
	values may differ from the net asset values and returns for shareholder transactions.
(f)	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								(Continued)

Hillman Capital Management Funds

Financial Highlights
		Advantage Equity Fund
For a share outstanding during the		Class C Shares
fiscal years or period ended September 30,		2009	2008	2007	2006 (a)

Net Asset Value, Beginning of Period		$ 10.01	$ 14.44	$ 13.81	$ 12.62
Income (Loss) from Investment Operations:
	Net investment income	0.09	0.11	0.10	0.02
	Net realized and unrealized gain (loss) on securities	0.17	(3.50)	1.55	1.17
Total from Investment Operations		0.26	(3.39)	1.65	1.19
Less Distributions:
	Dividends (from net investment income)	(0.09)	(0.14)	-	-
	Distributions (from capital gains)	(0.04)	(0.90)	(1.02)	-
Total Distributions		(0.13)	(1.04)	(1.02)	-
Net Asset Value, End of Period		$ 10.14	$ 10.01	$ 14.44	$ 13.81
Total Return (d)(e)		3.03%	(24.87%)	12.33%	9.43%	(b)
Net Assets, End of Period (in thousands)		$ 21	$ 11	$ 12	$ 11
Average Net Assets for the Period (in thousands)		$ 12	$ 12	$ 12	$ 10
Ratio of Gross Expenses to Average Net Assets (f)		4.53%	3.41%	2.15%	2.23%	(c)
Ratio of Net Expenses to Average Net Assets (f)		1.25%	1.36%	1.24%	1.24%	(c)
Ratio of Net Investment Income to Average Net Assets		1.15%	1.02%	0.76%	0.91%	(c)
Portfolio Turnover Rate		52.28%	33.61%	12.18%	38.18%	(b)

		Focused Advantage Fund
For a share outstanding during the		No Load Shares
fiscal years ended September 30,		2009	2008	2007	2006		2005

Net Asset Value, Beginning of Year		$ 9.76	$ 16.15	$ 15.26	$ 14.73		$ 11.82
Income (Loss) from Investment Operations:
	Net investment income	0.13	0.20	0.09	0.09		-
	Net realized and unrealized (loss) gain on securities	(0.11)	(5.17)	1.97	0.95		2.92
Total from Investment Operations		0.02	(4.97)	2.06	1.04		2.92
Less Distributions:
	Dividends (from net investment income)	(0.06)	(0.17)	(0.13)	(0.09)		(0.01)
	Distributions (from capital gains)	(0.04)	(1.25)	(1.04)	(0.42)		-
Total Distributions		(0.10)	(1.42)	(1.17)	(0.51)		(0.01)
Net Asset Value, End of Year		$ 9.68	$ 9.76	$ 16.15	$ 15.26		$ 14.73
Total Return (e)		0.43%	(32.96%)	13.81%	7.15%		24.69%
Net Assets, End of Year (in thousands)		$17,445	$29,674	$105,093	$78,144		$65,180
Average Net Assets for the Year (in thousands)		$16,774	$84,158	$ 93,766	$88,103		$32,265
Ratio of Gross Expenses to Average Net Assets (f)		2.89%	1.74%	1.71%	1.62%		1.89%
Ratio of Net Expenses to Average Net Assets (f)		1.45%	1.48%	1.48%	1.53%		1.75%
Ratio of Net Investment Income to Average Net Assets		1.29%	0.98%	0.60%	0.57%		0.02%
Portfolio Turnover Rate		29.79%	47.31%	37.86%	43.27%		39.94%

(a)	For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Total return does not reflect payment of sales charge, if any.
(e)	Includes adjustments in accordance with accounting principles generally accepted in the United States and,
	consequently, the net asset value for financial reporting purposes and the returns based upon those net asset
	values may differ from the net asset values and returns for shareholder transactions.
(f)	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								(Continued)

Hillman Capital Management Funds

Financial Highlights
		Focused Advantage Fund
For a share outstanding during the		Class A Shares
fiscal years or period ended September 30,		2009	2008	2007	2006 (a)

Net Asset Value, Beginning of Period		$ 9.78	$ 16.21	$ 15.31	$ 13.97
Income (Loss) from Investment Operations:
	Net investment income	0.08	0.18	0.06	0.03
	Net realized and unrealized (loss) gain on securities	(0.06)	(5.17)	2.03	1.33
Total from Investment Operations		0.02	(4.99)	2.09	1.36
Less Distributions:
	Dividends (from net investment income)	(0.06)	(0.19)	(0.15)	(0.02)
	Distributions (from capital gains)	(0.04)	(1.25)	(1.04)	-
Total Distributions		(0.10)	(1.44)	(1.19)	(0.02)
Net Asset Value, End of Period		$ 9.70	$ 9.78	$ 16.21	$ 15.31
Total Return (d)(e)		0.47%	(32.94%)	14.03%	9.74%	(b)
Net Assets, End of Period (in thousands)		$ 290	$ 294	$ 589	$ 11
Average Net Assets for the Period (in thousands)		$ 198	$ 437	$ 269	$ 10
Ratio of Gross Expenses to Average Net Assets (f)		2.89%	1.74%	1.71%	1.58%	(c)
Ratio of Net Expenses to Average Net Assets (f)		1.49%	1.48%	1.48%	1.24%	(c)
Ratio of Net Investment Income to Average Net Assets		1.23%	1.17%	0.60%	0.93%	(c)
Portfolio Turnover Rate		29.79%	47.31%	37.86%	43.27%	(b)

		Focused Advantage Fund
For a share outstanding during the		Class C Shares
fiscal years or period ended September 30,		2009	2008	2007	2006 (a)

Net Asset Value, Beginning of Period		$ 9.78	$ 16.15	$ 15.33	$ 13.97
(Loss) Income from Investment Operations:
	Net investment income	0.04	0.06	0.01	0.03
	Net realized and unrealized (loss) gain on securities	(0.06)	(5.11)	1.91	1.33
Total from Investment Operations		(0.02)	(5.05)	1.92	1.36
Less Distributions:
	Dividends (from net investment income)	(0.03)	(0.07)	(0.06)	-
	Distributions (from capital gains)	(0.04)	(1.25)	(1.04)	-
Total Distributions		(0.07)	(1.32)	(1.10)	-
Net Asset Value, End of Period		$ 9.69	$ 9.78	$ 16.15	$ 15.33
Total Return (d)(e)		(0.06)%	(33.45%)	13.01%	9.74%	(b)
Net Assets, End of Period (in thousands)		$ 359	$ 304	$ 592	$ 11
Average Net Assets for the Period (in thousands)		$ 199	$ 303	$ 390	$ 10
Ratio of Gross Expenses to Average Net Assets (f)		3.64%	2.49%	2.44%	1.58%	(c)
Ratio of Net Expenses to Average Net Assets (f)		2.20%	2.21%	2.21%	1.24%	(c)
Ratio of Net Investment Loss to Average Net Assets		0.45%	0.38%	(0.13)%	0.93%	(c)
Portfolio Turnover Rate		29.79%	47.31%	37.86%	43.27%	(b)

(a)	For the period from July 18, 2006 (Date of Initial Public Offering) to September 30, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Total return does not reflect payment of sales charge, if any.
(e)	Includes adjustments in accordance with accounting principles generally accepted in the United States and,
	consequently, the net asset value for financial reporting purposes and the returns based upon those net asset
	values may differ from the net asset values and returns for shareholder transactions.
(f)	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

Hillman Capital Management Funds

Notes to Financial Statements

1. Organization and Significant Accounting Policies

The Hillman Advantage Equity Fund and The Hillman Focused Advantage Fund, (collectively the “Funds” and individually a “Fund”) are series funds. The Funds are part of the Hillman Capital Management Investment Trust (the “Trust”), which was organized 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 Hillman Advantage Equity Fund (“Advantage Equity Fund”) commenced operations on December 29, 2000. The investment objective of the Fund is to seek maximum total return through a combination of long-term capital appreciation and current income.

The Hillman Focused Advantage Fund (“Focused Advantage Fund”) commenced operations on December 29, 2000. The investment objective of the Fund is to seek long-term capital appreciation.

The Board of Trustees of the Trust (the “Trustees”) approved, on February 14, 2006, a plan to authorize three new classes of shares for both Funds designated as Class A Shares, Class B Shares, and Class C Shares. On July 18, 2006, the Class A Shares, Class B Shares, and Class C Shares became effective. The Funds currently have an unlimited number of authorized shares, which are divided into four classes – No Load Shares, Class A Shares, Class B Shares, and Class C Shares.

Between February 14, 2006, and June 15, 2009, the Funds offered four classes of shares (No Load Shares, Class A Shares, Class B Shares, and Class C Shares). On June 15, 2009, the Class B Shares of both Funds were converted into Class C Shares.

Each class of shares has equal rights as to assets of its corresponding 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. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. The Funds’ Class C shares are sold without an initial sales charge; however, they are subject to a contingent deferred sales charge. Class C shares are charged at a rate of 1% if redeemed in the first year, which is payable to the Distributor of the Trust. Class A shares are sold with an initial sales charge of up to 5.75% of the amount invested. The No Load, Class A, and Class C shares are subject to distribution plan fees as described in Note 3. Class C shares are automatically converted into the No Load shares after ten years.

The following is a summary of significant accounting policies consistently followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America. In June 2009, the Financial Accounting Standards Board (“FASB”) codified its standards and accounting principles for the financial statements issued for years ending after September 15, 2009. Herein, the Funds will make reference to accounting principles generally accepted in the United States issued by FASB as Accounting Standards Codification (“ASC”).

Investment Valuation

The Funds’ investments in securities are carried at value. 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 or which cannot be accurately valued using the Funds’ normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Trustees. Fair value pricing may be used, for example, in situations where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) the exchange on which the portfolio security is principally traded closes early; or (iii) trading of the portfolio security is halted during the day and does not resume prior to the Funds’ net asset value calculation. A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Funds’ normal pricing procedures. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

Fair Value Measurement

The Funds have adopted ASC Topic 820, Fair Value Measurements, effectively October 1, 2008. ASC Topic 820 defines fair value, establishes a frame work for measuring fair value and expands disclosure about fair value measurements.

Various inputs are used in determining the value of the Funds’ 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, interest rates, credit risk, etc.)

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

The Funds have adopted FASB guidance updating ASC Topic 820 titled, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability have Significantly Decreased and Identifying Transactions that are not Orderly” which provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction that is not orderly, and how that information must be incorporated into fair value measurement. The guidance emphasizes that even if there has been a significant decrease in volume and level of activity for an asset or liability and regardless of the valuation techniques used, the objective of a fair value measurement remains the same.

An Investment asset’s or liability’s level within the fair value hierarchy is based on the lowest level input, individually or in aggregate, that is significant to fair value measurement.

The valuation techniques used by the Funds to measure fair value during the fiscal year ending September 30, 2009 maximized the use of observable inputs and minimized the use of unobservable inputs.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used in valuing the Funds’ assets as of September 30, 2009:

		Advantage Equity Fund
Assets		Total		Level 1		Level 2		Level 3
Common Stocks	$	10,708,786	$	10,708,786	$	- -	$	- -
Investment Company		238,864		- -		238,864		- -
Total	$	10,947,650	$	10,708,786	$	-238,864	$	- -

		Focused Advantage Fund
Assets		Total		Level 1		Level 2		Level 3
Common Stocks	$	17,581,398	$	17,581,398	$	- -	$	- -
Investment Company		502,501		- -		502,501		- -
Total	$	18,083,899	$	17,581,398	$	502,501	$	- -

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. Certain dividends from foreign securities will be recorded as soon as the Trust is informed of the dividend if such information is obtained subsequent to the ex-dividend date. Interest income is recorded on the accrual basis and includes amortization of discounts and premiums. Gains and losses are determined on the identified cost basis, which is the same basis used for federal income tax purposes.

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

Expenses

The Funds bear expenses incurred specifically on their behalf as well as a portion of general trust expenses, which are allocated according to methods reviewed annually by the Trustees.

Dividend Distributions

The Funds may declare and distribute dividends from net investment income (if any) at the end of each calendar quarter. 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 accounting principles generally accepted in the United States of America 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 reported 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 Funds intend 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.

2. Transactions with Affiliates

Advisor

The Funds pays a monthly advisory fee to Hillman Capital Management, Inc., (the “Advisor”) based upon the average daily net assets of each Fund and calculated at an annual rate. The Advisor has agreed to waive or reduce its fees and to assume other expenses of each Fund, if necessary, in amounts that limit each Fund’s total operating expenses (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, and payments, if any, under a Rule 12b-1 Plan) to not more than a specified percentage of the average daily net assets of each Fund for the fiscal year ended September 30, 2009.

Fund	Advisor Fees Rate	Expense Limitation Ratio	Advisor Fees Waived	Expenses Reimbursed
Advantage Equity	1.00%	1.24%	$99,130	$35,423
Focused Advantage	1.00%	1.24%	$165,499	$28,537

Administrator

Each Fund pays a monthly administration fee to The Nottingham Company (the “Administrator”) based upon the average daily net assets of each Fund and calculated at the annual rates as shown in the schedule below which is subject to a minimum of $2,000 per month per Fund. The Administrator also receives a fee to procure and pay the custodian for each Fund, 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. A breakdown of these fees is provided in the following schedule. For the fiscal year ended September 30, 2009, the Administrator reimbursed expenses in the amounts of $92,578 to the Advantage Equity Fund and $47,862 to the Focused Advantage Fund.

Administration Fees (1)			Custody Fees (2)		Fund Accounting Fees (monthly)	Fund Accounting Asset Based		Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets		Annual Rate		Average Net Assets	Annual Rate
First $50 million	0.125%	First $100 million		0.020%	$2,250	All Assets	0.01%	$150 per state
Next $50 million	0.100%	Over $100 million		0.009%	$750 (3)			per class
Over $100 million	0.075%

(1) Subject to a minimum fee of $2,000 per month (2) Subject to a minimum fee of $400 per month (3) For each additional class.

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

Compliance Services

Nottingham Compliance Services, LLC, a fully owned affiliate of The Nottingham Company, provides services which assist the Trust’s Chief Compliance Officer in monitoring and testing the policies and procedures of the Trust in conjunction with requirements under Rule 38a-1 of the Securities and Exchange Commission. It receives compensation for this service at an annual rate of $7,750 per Fund.

Transfer Agent

Nottingham Shareholder Services, LLC (“Transfer Agent”) serves as transfer, dividend paying, and shareholder servicing agent for the Funds. It receives compensation for its services based upon $15 per shareholder per year, subject to a minimum fee of $1,750 per month per Fund, plus $500 per month for each additional class of shares.

Distributor

Capital Investment Group, Inc. (the “Distributor”) serves as the Fund’s principal underwriter and distributor. The Distributor receives any sales charges imposed on purchases of shares and re-allocates a portion of such charges to dealers through whom the sale was made, if any. During the fiscal year ended September 30, 2009, there were no sales charges for the Advantage Equity Fund and sales charges of $415 for the Focused Advantage Fund.

Certain Trustees and officers of the Trust are also officers of the Advisor, the Distributor or the Administrator.

3. Distribution and Service Fees

The Trustees, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act), of the Trust adopted distribution and service plans pursuant to Rule 12b-1 of the 1940 Act (the “Plans”) applicable to the No Load Shares, Class A Shares, Class B Shares, and Class C Shares. The 1940 Act regulates the manner in which a regulated investment company may assume costs of distributing and promoting the sales of its shares and servicing of its shareholder accounts. The Plans provide that the Fund may incur certain costs, which may not exceed 0.25% per annum of the average daily net assets of the No Load Shares and Class A Shares or 1.00% per annum of the average daily net assets of the Class B Shares or Class C Shares for each year elapsed subsequent to adoption of the Plans, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel, or other expenses reasonably intended to result in sales of No Load Shares, Class A Shares, Class B Shares, and Class C Shares in the Funds or support servicing of those classes’ shareholder accounts. See the table below for a breakout of the 12b-1 fees incurred and waived for the Advantage Equity Fund and the Focused Advantage Fund for the fiscal year ended September 30, 2009.

	Advantage Equity		Focused Advantage
Class	Incurred	Waived	Incurred	Waived
No Load Shares	$24,711	$4,194	$41,935	$6,387
Class A Shares	28	20	495	17
Class B Shares	51	49	639	42
Class C Shares	121	95	1,985	85

4. Purchases and Sales of Investment Securities

For the fiscal year ended September 30, 2009 the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Fund	Purchases of Securities	Proceeds from Sales of Securities
Advantage Equity	$ 5,165,700	$ 7,693,119
Focused Advantage	5,312,256	16,346,029

There were no purchases of long-term U.S. Government Obligations for either Fund during the fiscal year ended September 30, 2009.

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

5. Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which may differ from generally accepted accounting principles, 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.

Management reviewed the tax positions in the open tax years of 2006, 2007, and 2008 and determined that the implementation of ASC Topic 740 “Accounting for Uncertainty in Income Taxes” had no impact on the Funds’ net assets or results of operations. As of and during the fiscal year ended September 30, 2009, the Funds do not have a liability for uncertain tax positions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the Funds did not incur any interest or penalties.

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

		Distributions from
Fund	For the fiscal year ended	Ordinary Income	Long-Term Capital Gains
Advantage Equity	09/30/2009	$106,409	$60,355
	09/30/2008	291,078	1,506,652
Focused Advantage	09/30/2009	215,752	-
	09/30/2008	2,124,349	7,000,971

At September 30, 2009, the tax-basis cost of investments and components of distributable earnings were as follows:

		Advantage Equity		Focused Advantage
Cost of Investments	$	10,206,827	$	20,190,571

Unrealized Appreciation	$	1,521,657	$	1,277,281
Unrealized Depreciation		(780,834)		(3,383,953)
Net Unrealized Appreciation (Depreciation)		740,823		(2,106,672)

Undistributed Ordinary Income		12,193		188,027
Accumulated Capital Losses		(150,250)		(21,309,002)
Other Book/Tax Differences		(2,811,215)		(7,602,627)
Distributable Earnings	$	(2,208,449)	$	(30,830,274)

The difference between book-basis and tax-basis net unrealized appreciation (depreciation) is attributable to the deferral of losses from wash sales. Accumulated capital losses noted above represent net capital loss carryovers as of September 30, 2009 that may be available to offset future realized capital gains and thereby reduce future taxable gain distributions. Capital loss carryforwards for the Advantage Equity Fund and the Focused Advantage Fund in the amounts of $150,250 and $21,309,002, respectively, are set to expire September 30, 2017.

Pursuant to federal income tax regulations applicable to investment companies, recognition of capital losses on certain transactions is deferred until the subsequent tax year. Consequently, realized losses reflected in the accompanying financial statements include net capital losses realized between November 1 and the Fund’s fiscal year-end that have not been recognized for tax purposes. Other book to tax differences in the current year primarily consists of these post-October loss deferrals.

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

6.	Capital Share Transactions

For the fiscal year ended		Advantage Equity Fund
		No Load Shares		Class A Shares
		September 30, 2009	September 30, 2008	September 30, 2009	September 30, 2008
Transactions in Capital Shares				1,194	6,148
	Shares sold	75,493	38,588	1,194	6,148
	Reinvested distributions	21,227	141,795	16	573
	Shares repurchased	(435,182)	(542,887)	(6,271)	(1,574)
Net (Decrease) Increase in Capital Shares		(338,462)	(362,504)	(5,061)	5,147
Shares Outstanding, Beginning of Year		1,459,327	1,821,831	6,002	855
Shares Outstanding, End of Year		1,120,865	1,459,327	941	6,002

For the fiscal year ended		Advantage Equity Fund
		Class B Shares		Class C Shares
		September 30, 2009	September 30, 2008	September 30, 2009	September 30, 2008
Transactions in Capital Shares				936	210
	Shares sold	-	-	936	210
	Reinvested distributions	14	73	23	74
	Shares repurchased	(938)	-	-	-
Net (Decrease) Increase in Capital Shares		(924)	73	959	284
Shares Outstanding, Beginning of Year		924	851	1,135	851
Shares Outstanding, End of Year		-	924	2,094	1,135

For the fiscal year ended		Focused Advantage Fund
		No Load Shares		Class A Shares
		September 30, 2009	September 30, 2008	September 30, 2009	September 30, 2008
Transactions in Capital Shares				26,863	18,335
	Shares sold	213,341	3,385,389	26,863	18,335
	Reinvested distributions	26,256	642,455	367	2,960
	Shares repurchased	(1,479,090)	(7,494,988)	(27,426)	(27,531)
Net Decrease in Capital Shares		(1,239,493)	(3,467,144)	(196)	(6,236)
Shares Outstanding, Beginning of Year		3,041,552	6,508,696	30,091	36,327
Shares Outstanding, End of Year		1,802,059	3,041,552	29,895	30,091

For the fiscal year ended		Focused Advantage Fund
		Class B Shares		Class C Shares
		September 30, 2009	September 30, 2008	September 30, 2009	September 30, 2008
Transactions in Capital Shares				23,272	7,306
	Shares sold	3,738	5,629	23,272	7,306
	Reinvested distributions	107	836	191	3,312
	Shares repurchased	(16,706)	(1,042)	(17,464)	(16,201)
Net (Decrease) Increase in Capital Shares		(12,861)	5,423	5,999	(5,583)
Shares Outstanding, Beginning of Year		12,861	7,438	31,085	36,668
Shares Outstanding, End of Year		-	12,861	37,084	31,085

(Continued)

Hillman Capital Management Funds

Notes to Financial Statements

7. 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. The Fund expects that risk of loss to be remote.

8. Subsequent Events

In accordance with the adoption of ASC Topic 855, Subsequent Events, and in preparing these financial statements, the Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through November 30, 2009. 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 Shareholders of The Hillman Advantage Equity Fund

and The Hillman Focused Advantage Fund

We have audited the accompanying statements of assets and liabilities of The Hillman Advantage Equity Fund and The Hillman Focused Advantage Fund, each a series of shares of Hillman Capital Management Investment Trust, including the schedules of investments, as of September 30, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' 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, 2009 by correspondence with the custodian. 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 Advantage Equity Fund and The Hillman Focused Advantage Fund as of September 30, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

BRIGGS, BUNTING & DOUGHERTY, LLP

Philadelphia, Pennsylvania

November 30, 2009

Hillman Capital Management Funds

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 Funds’ Statement of Additional Information and are available, (1) without charge, upon request, by calling 1-800-773-3863 and (2) on the SEC’s website at http://ww.sec.gov. Information regarding how the Funds 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 Funds at the number above and (2) on the SEC’s website at http://www.sec.gov.

2. Quarterly Portfolio Holdings

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. You may review and make copies at the SEC’s Public Reference Room in Washington, D.C. You may also obtain copies after paying a duplicating fee by writing the SEC’s Public Reference Section, Washington, D.C. 20549-0102 or by electronic request to publicinfo@sec.gov, or is available without charge, upon request, by calling the Funds at 1-800-773-3863. Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330, (1-800-732-0330).

3. Information about Trustees and Officers

The business and affairs of the Funds and the Trust are managed under the direction of the Trustees. Information concerning the Trustees and officers of the Trust and Funds 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 Funds includes additional information about the Trustees and officers and is available, without charge, upon request by calling the Funds 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 $5,400 during the fiscal year ended September 30, 2009 from each Fund for their services to the Funds and Trust. The Interested Trustee and officers did not receive compensation from the Funds for their services to the Funds and Trust.

Name, Age, and Address	Position(s) held with Fund/Trust	Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorships Held by Trustee
Independent Trustees
Jack E. Brinson, 77	Trustee	Since 12/2000	Retired since January 2000; Previously, President, Brinson Investment Co. (personal investments) and President, Brinson Chevrolet, Inc. (auto dealership).	2	Independent Trustee of the following – DGHM Investment Trust for the one series of that trust; Gardner Lewis Investment Trust for the two series of that trust; The Nottingham Investment Trust II for the four series of that trust; New Providence Investment Trust for the one series of that trust; Tilson Investment Trust for the two series of that trust; and Starboard Investment Trust for the two series of that trust; (all registered investment companies)

Hillman Capital Management Funds

Additional Information (Unaudited)

Name, Age,

and Address

Position(s) held with Fund/Trust

Length of Time Served

Principal Occupation(s)

During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships

Held by Trustee

James H. Speed, Jr., 56	Trustee	Since 3/2009	President and CEO of NC Mutual Insurance Company (insurance company) since May 2003; President of Speed Financial Group, Inc. (consulting/private investments) from March 2000 to April 2003.	4	Independent Trustee of the following - New Providence Investment Trust for the one series of that trust; and Tilson Investment Trust for the two series of that trust; The Nottingham Investment Trust for the four series of that trust; and Starboard Investment Trust for the two series of that trust; (all registered investment companies). Member of Board of Directors of NC Mutual Life Insurance Company. Member of Board of Directors of M&F Bancorp.
Interested Trustee*
Mark A. Hillman, 47 7501 Wisconsin Avenue Suite 1100 E Bethesda, MD 20814	Trustee and President (Principal Executive Officer)	Trustee and President since 12/2000	President, Hillman Capital Management, Inc. (investment advisor to the Funds); previously, Chief Investment Officer, Menocal Capital Management, Inc. (investment advisor).	2	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 Funds.
Other Officers
John D. Marriott, Jr., 48 107 Glenwood Avenue Raleigh, NC 27603	Treasurer (Principal Financial Officer)	Since 8/2007	Manager, Fairview Investment Services, LLC (investment services) since February, 2007; Registered Principal, Capital Investment Group, Inc. (distributor to the Funds) since 1997; previously, Managing Director of North Carolina Shareholders, LLC (transfer agent to the funds).	n/a	n/a
C. Frank Watson III, 39 107 Glenwood Avenue Raleigh, NC 27603	Chief Compliance Officer	Since 5/2006	President, Fairview Investment Services, LLC since 2005; previously, President and Chief Operating Officer, The Nottingham Company (administrator to the funds).	n/a	n/a
Angela D. Mincher, 43	Assistant Secretary	Since 8/2008	Systems Analyst, The Nottingham Company since 2005; previously Fund Accountant since 2001.	n/a	n/a
A. Vason Hamrick, 32	Secretary and Assistant Treasurer	Since 3/2007	Corporate Counsel, The Nottingham Company since 2004.	n/a	n/a

The Hillman Capital Management

Mutual Funds are a series of the

Hillman Capital Management Investment Trust

For Shareholder Service Inquiries:

For Investment Advisor Inquiries:

Documented:

Nottingham Shareholder Services, LLC

Hillman Capital Management, Inc.

116 South Franklin Street

7501 Wisconsin Avenue

Post Office Drawer 4365

Suite 1100 E

Rocky Mount, North Carolina 27803

Bethesda, Maryland 20814

Toll-Free Telephone:

1-800-773-3863

World Wide Web @:

ncfunds.com

hillmancapital.com

Fund	2008	2009
The Hillman Focused Advantage Fund (formerly The Hillman Aggressive Equity Fund)	$14,000	$14,000
The Hillman Advantage Equity Fund (formerly The Hillman Total Return Fund)	$14,000	$14,000