N-CSRS

UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10085

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

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

(Address of principal executive offices)           (Zip code)

Matthew J. Beck

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

 (Name and address of agent for service)

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

Date of fiscal year end: September 30

Date of reporting period: March 31, 2017

Semi-Annual Report 2017

For the period from October 1, 2016 through March 31, 2017

(Unaudited)

                                    The Hillman Fund

No Load Shares

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

The Hillman Fund is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 17 100 E. Six Forks Road, Suite 200, Raleigh, NC, 27609. There is no affiliation between The Hillman Fund, including its principals, and Capital Investment Group, Inc.

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

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

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

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

This Semi-Annual Report was first distributed to shareholders on or about May 30, 2017.

For More Information on Your Hillman Fund:

See Our Website @ hillmancapital.com

or

Call Our Shareholder Services Group at 800-773-3863

The Hillman Fund
Schedule of Investments
(Unaudited)
As of March 31, 2017
			Shares		Value (Note 1)
COMMON STOCKS - 76.48%
	Consumer Discretionary - 28.09%
	*	Amazon.com, Inc.	1,500	$	1,329,810
		Dunkin' Brands Group, Inc.	10,000		546,800
		NIKE, Inc.	20,000		1,114,600
		Nordstrom, Inc.	15,000		698,550
		Office Depot, Inc.	200,000		933,000
		Staples, Inc.	60,000		526,200
		Starbucks Corp. (a)	25,000		1,459,750
		Target Corp.	15,000		827,850
		The Gap, Inc. (a)	30,000		728,700
		The Walt Disney Co. (a)	10,000		1,133,900
		Yum! Brands, Inc.	10,000		639,000
					9,938,160
	Consumer Staples - 6.63%
		The Hershey Co.	12,800		1,398,400
		Whole Foods Market, Inc.	31,900		948,068
					2,346,468
	Energy - 3.06%
		Exxon Mobil Corp. (a)	13,200		1,082,532
	Financials - 12.46%
		American Express Co.	15,000		1,186,650
		Bank of America Corp. (a)	35,000		825,650
		The Bank of New York Mellon Corp.	26,000		1,227,980
		Wells Fargo & Co.	21,000		1,168,860
					4,409,140
	Health Care - 12.34%
		Amgen, Inc.	6,600		1,082,862
		Bristol-Myers Squibb Co.	27,000		1,468,260
	*	Laboratory Corp of America Holdings	6,000		860,820
		Merck & Co., Inc. (a)	15,000		953,100
					4,365,042
	Industrials - 5.16%
	*	Stericycle, Inc. (a)	12,000		994,680
		The Boeing Co.	4,700		831,242
					1,825,922
	Information Technology - 8.72%
		Apple, Inc.	8,000		1,149,280
		Corning, Inc.	26,000		702,000
		Microsoft Corp.	10,000		658,600
		QUALCOMM, Inc.	10,000		573,400
					3,083,280
	Telecommunications - 0.02%
		Verizon Communications, Inc.	100		4,875
		Total Common Stocks (Cost $23,194,887)			27,055,419
					(Continued)

The Hillman Fund
Schedule of Investments - Continued
(Unaudited)
As of March 31, 2017
			Shares		Value (Note 1)
EXCHANGE-TRADED PRODUCT - 2.65%
	*	ProShares Short 20+ Year Treasury	40,000	$	938,400
		Total Exchange-Traded Product (Cost $895,000)			938,400
SHORT-TERM INVESTMENT - 20.20%
		Money Market Fiduciary Portfolio, 0.01%  §	7,145,146		7,145,146
		Total Short-Term Investment (Cost $7,145,146)			7,145,146
Total Value of Investments (Cost $31,235,033) - 99.33%				$	35,138,965
Total Options Written (Premiums Received $98,753) - (0.20)%					(71,825)
Other Assets Less Liabilities  - 0.87%					309,746
	Net Assets - 100.00%			$	35,376,886
*	Non-income producing investment
§	Represents 7 day effective yield as of March 31, 2017
The following acronym or abbreviation was used in this portfolio:
	NV - Netherlands security
(a)	All or a portion of this security is held as collateral for put options written.
					(Continued)

The Hillman Fund
Schedule of Options Written
(Unaudited)
As of March 31, 2017
										Value (Note 1)
PUT OPTIONS WRITTEN - 0.20%				Number of Contracts	Exercise Price			Expiration Date
	*	Anheuser-Busch InBev SA/NV		100	$	110.00		4/21/2017	$	17,750
	*	Compass Minerals International, Inc.		150	67.50			4/21/2017		14,250
	*	Mondelez International, Inc.		230	430.00			4/21/2017		15,525
	*	QUALCOMM, Inc.		100	56.00			4/21/2017		8,150
	*	Transocean Ltd.		1,000	11.50			4/21/2017		10,000
	*	Yum! Brands, Inc.		100	63.00			4/21/2017		6,150
		Put Options Written (Premiums Received $98,753)							$	71,825
			Summary of Investments
					% of Net
			by Sector		Assets			Value
			Consumer Discretionary		28.09%		$	9,938,160
			Consumer Staples		6.63%			2,346,468
			Energy		3.06%			1,082,532
			Financials		12.46%			4,409,140
			Health Care		12.34%			4,365,042
			Industrials		5.16%			1,825,922
			Information Technology		8.72%			3,083,280
			Telecommunications		0.01%			4,875
			Exchange-Traded Product		2.65%			938,400
			Short-Term Investment		20.21%			7,145,146
			Put Options Written		-0.20%			(71,825)
			Other Assets Less Liabilities		0.87%			309,746
			Total		100.00%		$	35,376,886
See Notes to Financial Statements

The Hillman Fund
Statement of Assets and Liabilities
(Unaudited)
As of March 31, 2017
Assets:
Investments in securities, at value (cost $31,235,033)	$	35,138,965
Receivables:
Fund shares sold		1,707
Dividends and interest		17,896
Due from broker		302,906
Prepaid expenses:
Registration and filing expenses		13,622
Professional fees		2,392
Fund accounting fees		2,284
Security pricing fees		1,704
Compliance fees		587
Transfer agent fees		29
Total assets		35,482,092
Liabilities:
Options written, at value (premiums received $98,753)		71,825
Payables:
Fund shares repurchased		102
Accrued expenses:
Advisory fees		28,091
Custody fees		3,467
Insurance fees		684
Shareholder fulfillment fees		426
Miscellaneous expenses		345
Trustee fees and meeting expenses		237
Administration fees		29
Total liabilities		105,206
Net Assets	$	35,376,886
Net Assets Consist of:
Paid in capital	$	44,706,419
Undistributed net investment income		62,415
Accumulated net realized loss on investments and options written		(13,322,808)
Net unrealized appreciation on investments and options written		3,930,860
Total Net Assets	$	35,376,886
No Load Shares Outstanding, no par value (unlimited authorized shares)		1,683,047
Net Asset Value, Offering Price and Redemption Price Per Share	$	21.02
See Notes to Financial Statements

The Hillman Fund
Statement of Operations
(Unaudited)
For the fiscal period ended March 31, 2017
Investment Income:
Dividends		$	319,075
Total Investment Income			319,075
Expenses:
Advisory fees (Note 2)			171,223
Registration and filing expenses			18,028
Administration fees (Note 2)			17,122
Fund accounting fees (Note 2)			15,175
Professional fees			13,264
Transfer agent fees  (Note 2)			10,471
Custody fees (Note 2)			7,225
Compliance fees (Note 2)			5,734
Trustee fees and meeting expenses			4,737
Shareholder fulfillment expenses			4,139
Miscellaneous expenses (Note 2)			2,094
Insurance fees			897
Security pricing fees			498
Total Expenses			270,607
	Expenses reimbursed by Advisor (Note 2)		(13,947)
	Net Expenses		256,660
Net Investment Income			62,415
Net Realized and Unrealized Gain on Investments:
Net realized gain from investments			176,860
Net realized gain from options written			448,670
	Total net realized gain		625,530
Change in unrealized appreciation on investments			3,186,128
Change in unrealized appreciation on options written			29,015
	Total change in unrealized appreciation		3,215,143
Net Realized and Unrealized Gain on Investments			3,840,673
Net Increase in Net Assets Resulting from Operations		$	3,903,088
See Notes to Financial Statements

The Hillman Fund
Statements of Changes in Net Assets
		March 31,		September 30,
For the fiscal year or period ended		2017  (a)		2016
Operations:
Net investment income	$	62,415	$	203,109
Net realized gain from investments and options written		625,530		1,785,110
Change in unrealized appreciation on investments and options written		3,215,143		2,954,836
Net Increase in Net Assets Resulting from Operations		3,903,088		4,943,055
Distributions to Shareholders:
Net investment income		(203,106)		(185,373)
Net Decrease in Net Assets Resulting from Distributions		(203,106)		(185,373)
Beneficial Interest Transactions:
Shares sold		1,436,300		29,918,540
Reinvested distributions		185,485		184,629
Shares repurchased		(2,725,954)		(35,012,658)
Decrease from Beneficial Interest Transactions		(1,104,169)		(4,909,489)
Net Increase (Decrease) in Net Assets		2,595,813		(151,807)
Net Assets:
Beginning of Period		32,781,073		32,932,880
End of Period	$	35,376,886	$	32,781,073
Undistributed Net Investment Income	$	62,415	$	203,106
Share Information:
Shares sold		69,884		1,731,242
Reinvested distributions		9,312		10,703
Shares repurchased		(134,535)		(2,013,255)
Net Decrease in Shares of Beneficial Interest		(55,339)		(271,310)
Shares Outstanding, Beginning of Period		1,738,386		2,009,696
Shares Outstanding, End of Period		1,683,047		1,738,386
(a)   Unaudited.
See Notes to Financial Statements

The Hillman Fund
Financial Highlights
For a share outstanding during each			March 31,		September 30,
of the fiscal years or period ended			2017	(d)	2016		2015		2014		2013
Net Asset Value, Beginning of Period		$	18.86	$	16.39	$	17.26	$	14.27	$	11.79
Income (Loss) from Investment Operations:
Net investment income			0.04		0.12		0.09		0.08		0.03
Net realized and unrealized gain (loss)
	on investments and options written		2.24		2.44		(0.88)		2.97		2.48
Total from Investment Operations			2.28		2.56		(0.79)		3.05		2.51
Less Distributions:
From net investment income			(0.12)		(0.09)		(0.08)		(0.06)		(0.03)
Total Distributions			(0.12)		(0.09)		(0.08)		(0.06)		(0.03)
Net Asset Value, End of Period (a)		$	21.02	$	18.86	$	16.39	$	17.26	$	14.27
Total Return			12.11%	(c)	15.69%		(4.62)%		21.39%		21.38%	(a)
Net Assets, End of Period (in thousands)		$	35,377	$	32,781	$	32,933	$	32,850	$	28,187
Ratios of:
Gross Expenses to Average Net Assets			1.58%	(b)	1.50%		1.50%		1.50%		1.50%
Net Expenses to Average Net Assets			1.50%	(b)	1.50%		1.50%		1.50%		1.50%
Net Investment Income to Average Net Assets			0.36%	(b)	0.60%		0.53%		0.51%		0.39%
Portfolio turnover rate			11.03%	(c)	48.41%		67.77%		55.51%		118.67%
(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the total returns based upon those net asset values may differ from the net asset values and total returns for shareholder transactions.
(b)	Annualized.
(c)	Not annualized.
(d)	Unaudited.
See Notes to Financial Statements

The Hillman Fund

Notes to Financial Statements

(Unaudited)

1.     Organization and Significant Accounting Policies

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

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

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

Investment Valuation

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

Option Valuation

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

Fair Value Measurement

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

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

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

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

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

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following table summarizes the inputs as of March 31, 2017 for the Fund's investments:

Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets Common Stocks*	$	27,055,419	$	27,055,419	$	-	$	-
Exchange-Traded Product		938,400		938,400		-		-
Short-Term Investment		7,145,146		7,145,146		-		-
Total Assets	$	35,138,965	$	35,138,965	$	-	$	-
Liabilities Put Options Written	$	71,825	$	-	$	71,825	$	-
Total Liabilities	$	71,825	$	-	$	71,825	$	-

(a)  The Fund did not hold any Level 3 securities during the period.  There were no transfers into or out of Level 1 and Level 2 during the fiscal period ended March 31, 2017.  It is the Fund's policy to recognize transfers into or out of Level 1 and Level 2 at the end of the reporting period.

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

Investment Transactions and Investment Income

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

Expenses

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

Distributions

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

Estimates

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

Federal Income Taxes

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

Option Writing

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

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

A summary of option contracts written by the Fund during the fiscal period ended March 31, 2017 were as follows:

	Call Options		Put Options
	Number of Contracts	Premiums Received	Number of Contracts	Premiums Received
Options Outstanding,      Beginning of Period	-	$                       -	261	$            26,757
Options written	-	-	8,153	608,528
Options exercised	-	-	(1,359)	(87,861)
Options expired	-	-	(5,375)	(448,671)
Options Outstanding, End of Period	-	$                       -	1,680	$            98,753

Derivative Financial Instruments

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

Derivatives are marked to market daily based upon quotations from market makers or the Fund's independent pricing services and the Fund's net benefit or obligation under the contract, as measured by the fair market value of the contract, is included in the net assets.  Realized gain and loss and unrealized appreciation and depreciation on these derivatives for the year are included in the Statement of Operations and serve as an indicator of the volume of derivative activity in the Fund.

The table above discloses the derivative instruments outstanding as of March 31, 2017.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of March 31, 2017:

Derivative Type	Location	Value
Options Written	Liabilities-Options written, at value	$      71,825

The following table sets forth the effect of the option contracts on the Statement of Operations for the fiscal period ended March 31, 2017:

Derivative Type	Location	Gains
Equity Contracts – written options	Net realized gain from options written	$   448,670
Equity Contracts – written options	Change in unrealized appreciation on options written	$     29,015

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

The following table presents the Fund's liabilities available for offset under a master netting arrangement of collateral pledged as of March 31, 2017:

Gross Amounts of Assets Presented in the Statement of Assets & Liabilities
	Gross Amounts of Recognized Liabilities	Financial Instruments Pledged	Cash Collateral Pledged	Net Amount of Assets
Description of Liability:
Options Written	$71,825	$71,825	$             -	$             -
Total	$71,825	$71,825	$             -	$             -

2.     Transactions with Affiliates

Advisor

The Fund pays a monthly fee to the Advisor calculated at the annual rate of 1.20% of the Fund's average daily net assets.  For the fiscal period ended March 31, 2017, $171,223 in advisory fees were incurred by the Fund, of which $13,947 were reimbursed by the Advisor.

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

Administrator

The Fund pays a monthly fee to the Fund's administrator, The Nottingham Company ("the Administrator"), based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below which is subject to a minimum of $2,000 per month. The Administrator also receives a fee to procure and pay the Fund's custodian, 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.  Effective October 1, 2016, the Administrator also began receiving a miscellaneous compensation fee for peer group, comparative analysis, and compliance support totaling $350 per month. As of March 31, 2017, the Administrator received $2,094 in miscellaneous compensation expenses.

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

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

Administration Fees*		Custody Fees*		Fund Accounting Fees (monthly)	Fund Accounting Fees (annual)	Blue Sky Administration Fees (annual)
Average Net Assets	Annual Rate	Average Net Assets	Annual Rate
First $250 million	0.100%	First $200 million	0.020%	$2,250	0.01%	$150 per state
Next $250 million	0.080%	Over $200 million	0.009%
Next $250 million	0.060%
Next $250 million	0.050%	*Minimum monthly fees of $2,000 and $416 for Administration and Custody, respectively.
On the next $1 billion	0.040%
Over $2  billion	0.035%

The Fund incurred $17,122 in administration fees, $15,175 in fund accounting fees, and $7,225 in custody fees for the fiscal period ended March 31, 2017.

Compliance Services

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

Transfer Agent

Nottingham Shareholder Services, LLC ("Transfer Agent") serves as transfer, dividend paying, and shareholder servicing agent for the Fund.  For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent's fee arrangements with the Fund.

Distributor

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

Certain officers of the Trust may also be officers of the Administrator.

3.     Purchases and Sales of Investment Securities

For the fiscal period ended March 31, 2017, the aggregate cost of purchases and proceeds from sales of investment securities (excluding short-term securities) were as follows:

Purchases of Securities	Proceeds from Sales of Securities
$3,434,755	$10,245,661

There were no long-term purchases or sales of U.S Government Obligations during the fiscal period ended March 31, 2017.

4.     Federal Income Tax

Distributions are determined in accordance with Federal income tax regulations, which differ from GAAP, and, therefore, may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes.  Financial reporting records are adjusted for permanent book/tax differences to reflect tax character but are not adjusted for temporary differences.  Permanent differences do not have an effect on the net asset values of the Fund, and there were no permanent differences in the Fund for the fiscal period ended March 31, 2017.

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

Management reviewed the Fund's tax positions taken or to be taken on Federal income tax returns for the open tax years September 30, 2014 through September 30, 2016, and determined that the Fund does not have a liability for uncertain tax positions.  The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations.  During the fiscal period ended March 31, 2017, the Fund did not incur any interest or penalties.

Distributions during the fiscal year or period ended were characterized for tax purposes as follows:

	March 31, 2017	September 30, 2016
Ordinary Income	$203,106	$185,373

At March 31, 2017, the tax-basis cost of investments and components of distributable earnings were as follows:

Cost of Investments	$	31,136,280
Unrealized Appreciation		4,898,555
Unrealized Depreciation		(967,695)
Net Unrealized Appreciation	$	3,930,860

5.     Commitments and Contingencies

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

6.     Concentration of Risk

At various times, the Fund may have cash, cash collateral, and due from broker balances that exceed federally insured limits.  It is the opinion of management that the solvency of the financial institutions are not of a particular concern at the time.

7.     New Accounting Pronouncement

On October 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

8.     Subsequent Events

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

The Hillman Fund

Additional Information

(Unaudited)

1.     Proxy Voting Policies and Voting Record

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

2.     Quarterly Portfolio Holdings

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

3.     Tax Information

We are required to advise you within 60 days of the Fund's fiscal year-end regarding the Federal tax status of certain distributions received by shareholders during each fiscal year.  The following information is provided for the Fund's fiscal period ended March 31, 2017.

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

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

4.     Schedule of Shareholder Expenses

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from October 1, 2016 through March 31, 2017.

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

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

(Continued)

The Hillman Fund

Additional Information

(Unaudited)

	Beginning Account Value October 1, 2016	Ending Account Value March 31, 2017	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,121.10	$7.93
	$1,000.00	$1,017.45	$7.54

*Expenses are equal to the average account value over the period multiplied by the Fund's annualized expense ratio of 1.50%,    multiplied by 182/365 (to reflect the one-half year period).

The Hillman Fund

is a series of the

Hillman Capital Management Investment Trust

For Shareholder Service Inquiries: For Investment Advisor Inquiries:

Nottingham Shareholder Services, LLC Hillman Capital Management, Inc.

116 South Franklin Street 7250 Woodmont Avenue

Post Office Box 69 Suite 310

Rocky Mount, North Carolina 27802-0069 Bethesda, Maryland 20814

Telephone: Telephone:

800-773-3863 800-773-3863

World Wide Web @: World Wide Web @:

ncfunds.com hillmancapital.com

Item 2.	CODE OF ETHICS.
	Not applicable.

Item 3.	AUDIT COMMITTEE FINANCIAL EXPERT.
	Not applicable.

Item 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES.
	Not applicable.

Item 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS.
	Not applicable.

Item 6.	SCHEDULE OF INVESTMENTS.
	A copy of Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR   CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

Item 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	Not applicable.

Item 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
	Not applicable.

Item 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS.
	None.

Item 11.	CONTROLS AND PROCEDURES.
(a)	The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report.
(b)	There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

SIGNATURES

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

Hillman Capital Management Investment Trust

By: (Signature and Title)	/s/ Mark A. Hillman
Date: June 1, 2017	Mark A. Hillman President and Principal Executive Officer Hillman Capital Management Investment Trust

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

By: (Signature and Title)	/s/ Mark A. Hillman
Date: June 1, 2017	Mark A. Hillman President and Principal Executive Officer Hillman Capital Management Investment Trust

By: (Signature and Title)	/s/ C. Frank Watson, III
Date: June 8, 2017	C. Frank Watson III Treasurer and Principal Financial Officer Hillman Capital Management Investment Trust

EX-99.CERT

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES OXLEY ACT OF 2002

I, Mark A. Hillman, certify that:

1.I have reviewed this report on Form N-CSR of Hillman Capital Management Investment Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 1, 2017	/s/ Mark A. Hillman
	Mark A. Hillman Trustee, President, and Principal Executive Officer Hillman Capital Management Investment Trust

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES OXLEY ACT OF 2002

I, C. Frank Watson III, certify that:

1.I have reviewed this report on Form N-CSR of Hillman Capital Management Investment Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 8, 2017	/s/ C. Frank Watson, III
	C. Frank Watson III Treasurer and Principal Financial Officer Hillman Capital Management Investment Trust

EX-99.906 CERT

EXHIBIT 12.(b)

HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST

CHIEF EXECUTIVE OFFICER CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the semi-annual reports of The Hillman Fund (the "Fund") of the Hillman Capital Management Investment Trust on Form N-CSR for the period ended March 31, 2017 as filed with the Securities and Exchange Commission (the "Report"), the undersigned, Mark A. Hillman, chief executive officer (or equivalent thereof) of the Fund, does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: June 1, 2017	By:	/s/ Mark A. Hillman
		Mark A. Hillman President and Principal Executive Officer Hillman Capital Management Investment Trust

A signed original of this written statement required by Section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request. This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.

HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST

CHIEF FINANCIAL OFFICER CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the semi-annual reports of The Hillman Fund (the "Fund") of the Hillman Capital Management Investment Trust on Form N-CSR for the period ended March 31, 2017, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, C. Frank Watson III, chief financial officer (or equivalent thereof) of the Fund, does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Date: June 8, 2017	By:	/s/ C. Frank Watson, III
		C. Frank Watson III Treasurer and Principal Financial Officer Hillman Capital Management Investment Trust

A signed original of this written statement required by Section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.   This certification is being furnished to the Commission pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR with the Commission.