0001122649-18-000014.txt : 20180216 0001122649-18-000014.hdr.sgml : 20180216 20180216164112 ACCESSION NUMBER: 0001122649-18-000014 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 14 FILED AS OF DATE: 20180216 DATE AS OF CHANGE: 20180216 EFFECTIVENESS DATE: 20180216 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST CENTRAL INDEX KEY: 0001122649 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-44568 FILM NUMBER: 18621751 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 2529729922 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST CENTRAL INDEX KEY: 0001122649 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-10085 FILM NUMBER: 18621752 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 2529729922 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 0001122649 S000010501 The Hillman Fund C000028969 No Load Shares HCMAX 485BPOS 1 n1axbrl0118.htm HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST - THE HILLMAN FUND

As filed with the Securities and Exchange Commission on February 16, 2018
File Nos. 333-44568 and 811-10085

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.        
Post-Effective Amendment No. 34  
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No.  35  
(Check appropriate box or boxes.)
 
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)
 
 (252)-972-9922
(Registrant's Telephone Number, including Area Code)
 
Paracorp Inc .
2140 South Dupont Hwy., Camden, DE  19934
(Name and Address of Agent for Service)
 
Terrence O. Davis
Holland & Knight LLP
1180 West Peachtree Street
Suite 1180 NW
Atlanta, GA  30309

Approximate Date of Proposed Public Offering:
As soon as practicable after the
 
Effective Date of this Amendment
 

It is proposed that this filing will become effective:  (check appropriate box)

[X]  immediately upon filing pursuant to paragraph (b);
[  ]  on (date) pursuant to paragraph (b);
[  ]  60 days after filing pursuant to paragraph (a)(1);
[  ]  on (date) pursuant to paragraph (a)(1);
[  ]  75 days after filing pursuant to paragraph (a)(2); or
[  ]  on (date) pursuant to paragraph (a)(2) of Rule 485.
 

If appropriate, check the following box:

[  ] This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

 
This Post-Effective Amendment No. 34 to the Trust's Registration Statement on Form N-1A is filed for the sole purpose of submitting the XBRL exhibits for the risk/return summary first provided in Post-Effective Amendment No. 33 filed January 26, 2018 and incorporates Parts A, B and C from said amendment.

SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended ("Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Rocky Mount, State of North Carolina on the 16th day of February , 2018 .
 
HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST
 
 
By:
/s/ Matthew J. Beck
   
Matthew J. Beck
Secretary and Attorney-in-Fact

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.


 Signature  Title  Date
     
                        *                             
James H. Speed, Jr.
Trustee, Chairman
February 16, 2018
     
                        *                             
Theo H. Pitt, Jr.
Trustee
February 16, 2018
     
                        *                             
Mark A. Hillman
Trustee, President
February 16, 2018
     
                        *                             
C. Frank Watson III
Treasurer
February 16, 2018
     
                        *                             
Ashley E. Harris
Assistant Treasurer
February 16, 2018
     
 
 
 
*  By: 
/s/ Matthew J. Beck
Dated: February 16, 2018  
 
Matthew J. Beck
 
 
Secretary and Attorney-in-Fact
 
   









Exhibit Index

Exhibit Number
Description
EX-101.INS
XBRL Instance Document
EX-101.SCH
XBRL Taxonomy Extension Schema Document
EX-101.CAL
XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF
XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB
XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE
XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 hcm-20180128.xml XBRL INSTANCE DOCUMENT 0001122649 2018-01-28 2018-01-28 0001122649 hcm:S000010501Member hcm:C000028969Member 2018-01-28 2018-01-28 0001122649 hcm:S000010501Member 2018-01-28 2018-01-28 0001122649 hcm:S000010501Member hcm:C000028969Member rr:AfterTaxesOnDistributionsMember 2018-01-28 2018-01-28 0001122649 hcm:S000010501Member hcm:C000028969Member rr:AfterTaxesOnDistributionsAndSalesMember 2018-01-28 2018-01-28 0001122649 hcm:S000010501Member hcm:SP500lReturnIndexMember 2018-01-28 2018-01-28 xbrli:pure iso4217:USD <div><b><font style="font-family: times new roman,times;" size="2">THE HILLMAN FUND</font></b></div> <div><font style="font-family: times new roman,times;" size="2"><b>Investment Objective.</b></font></div> <div><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2"><strong>The&#160;</strong><font style="text-align: justify; widows: 2; text-transform: none; background-color: font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 10pt; font-weight: bold; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Hillman&#160;</font><font style="text-align: justify; widows: 2; text-transform: none; background-color: font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 10pt; font-weight: bold; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Fund</font>&#160;(the "Fund") seeks long-term capital appreciation.</font></div> <div><font style="font-family: times new roman,times;" size="2"><b>Fees and Expenses of the Fund.</b></font></div> <div><font style="font-family: times new roman,times;" size="2">These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.</font></div> <div><b><font style="font-family: times new roman,times;" size="2">Shareholder Fees</font></b></div><div><i><font style="font-family: times new roman,times;" size="2">(fees paid directly from your investment)</font></i></div> <div style='display: none;'> ~ http://www.hillmancapital.com/role/ShareholderFeesTheHillmanFund column dei_LegalEntityAxis compact hcm_S000010501Member row primary compact * ~ </div> <div><b><font style="font-family: times new roman,times;" size="2">Annual Fund Operating Expenses</font></b></div><div><i><font style="font-family: times new roman,times;" size="2">(expenses that you pay each year as a percentage of the value of your investment)</font></i></div> <div style='display: none;'> ~ http://www.hillmancapital.com/role/AnnualFundOperatingExpensesTheHillmanFund column dei_LegalEntityAxis compact hcm_S000010501Member row primary compact * ~ </div> <div><b><font style="font-family: times new roman,times;" size="2">Example.</font></b></div> <div><font style="font-family: times new roman,times;" size="2">This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160; The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.&#160; The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. The Example included the Fund's contractual expense limitation through January 31, 2019. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font></div> <div style='display: none;'> ~ http://www.hillmancapital.com/role/ExpenseExampleTheHillmanFundTransposed column dei_LegalEntityAxis compact hcm_S000010501Member row primary compact * ~ </div> <div><u><font style="font-family: times new roman,times;" size="2">Portfolio Turnover.</font></u></div> <div><font style="font-family: times new roman,times;" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).&#160; A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account.&#160; These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.&#160; During the most recent fiscal year, the Fund's portfolio turnover rate was 89.92% of the average value of its portfolio. The increase in the portfolio turnover rate from the prior year was primarily due to an increase in trading volume in the portfolio.</font></div> <div><b><font style="font-family: times new roman,times;" size="2">Principal Investment Strategies.</font></b></div> <div style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 12pt; letter-spacing: normal; color: #000000; font-size: 10pt; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies which the Advisor believes have qualitative and quantitative competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public.</font></div> <div style="text-align: justify; widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; margin-bottom: 12pt; letter-spacing: normal; color: #000000; font-size: 10pt; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">In selecting investments for the Fund, the Advisor first looks at qualitative measures of a company.&#160; Qualitative measures of a company include:</font></div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">dominance in a particular industry or niche market;</font></div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">management style and adaptability;</font></div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">strength of pricing and purchasing power;</font></div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">barriers to industry competition;</font></div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;">strength of brand or franchise with commensurate brand loyalty; and</div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt; margin-bottom: 12pt;" class="dspflisttable" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">quality of products and services.</font></div> </td> </tr> </table> </div> <div style="text-align: justify; 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These companies may also be responsible for technological breakthroughs and/or unique solutions to market needs.&#160; The q</font>uantitative measures of a company include:</font></div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; margin-left: 54pt; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; 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; font-family: times new roman,times;" size="2">&#8226;</font></div> </td> <td style="width: auto; vertical-align: top;"> <div style="text-align: justify; text-indent: 18pt; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times; ; font-family: times new roman,times;" size="2">balance sheet strength;</font></div> </td> </tr> </table> </div> <div style="widows: 2; text-transform: none; font-style: normal; text-indent: 0px; font-family: 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; font-size: 13px; font-weight: normal; word-spacing: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px;"> <table style="width: 100%; font-family: 'times new roman', times, serif; font-size: 10pt;" class="dspflisttable" cellspacing="0" cellpadding="0"> <tr> <td style="width: 54pt; vertical-align: top;"> <div style="text-align: left; font-family: symbol, serif; 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There can be no assurance that the Fund will be successful in meeting its investment objective.&#160; An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Generally, the Fund will be subject to the following additional risks:</font> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Cybersecurity Risk.&#160;</font>As part of its business, the Advisor processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.</font></p> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Investment Advisor Risk.</font>&#160; The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.</font></p> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; 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color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Market Risk.</font>&#160; Market risk refers to the possibility that the value of equity securities held by the Fund may decline due to daily fluctuations in the securities markets.</font></p> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Risks from Writing Options.</font>&#160;&#160; Writing option contracts can result in losses that exceed the Fund's initial investment and may lead to additional turnover and higher tax liability.&#160; The risk involved in writing a call option is that an increase in the market value of the underlying security may result in the Fund selling the security at a lower price than its current market value.&#160; Writing call options also limits the opportunity to profit from an increase in the market value of the underlying security.&#160; The risk involved in writing a put option is that a decrease in the market value of the underlying security may result in the Fund purchasing the security at a higher price than its current market value.</font></p> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Sector Focus Risk.</font>&#160; The Fund may, at times, be more heavily invested in certain sectors, which may cause the value of its shares to be especially sensitive to factors and economic risks that specifically affect those sectors and may cause the Fund's share price to fluctuate more widely than the shares of a mutual fund that invests in a broader range of industries.</font></p> <p style="text-align: left; color: #000000; text-transform: none; text-indent: -23px; letter-spacing: normal; font-family: 'times new roman'; font-size: 13.33px; font-style: normal; font-weight: 400; margin-top: 10px; margin-bottom: 0px; margin-left: 23px; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><font style="font-family: 'times new roman';">&#9679;&#160;&#160;&#160;&#160;&#160;<font style="font-family: 'times new roman', times, serif; font-size: 10pt; font-weight: bold;">Small-Cap and Mid-Cap Companies Risk.</font>&#160; Investing in the securities of small-cap and mid-cap companies generally involves greater risk than investing in larger, more established companies.&#160; This greater risk is, in part, attributable to the fact that the securities of these companies usually have more limited marketability and, therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general.</font></p> </div> <div><b><font style="font-family: times new roman,times;" size="2">Performance Information.</font></b></div> <div><font style="font-family: times new roman,times;" size="2">The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.&#160; The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160; Updated information on the Fund's results can be obtained by visiting www.ncfunds.com.</font></div> <div><b><font style="font-family: times new roman,times;" size="2">Calendar Year Returns</font></b></div> <div style='display: none;'> ~ http://www.hillmancapital.com/role/AnnualTotalReturnsBarChartTheHillmanFund column dei_LegalEntityAxis compact hcm_S000010501Member row primary compact * ~ </div> <table style="width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; orphans: 2; widows: 2; background-color: #ffffff; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom: #000000 2px solid; background-color: #000000; width: 1567px; vertical-align: top;" colspan="3"> <div style="text-align: center; font-family: 'times new roman', times, serif; color: #ffffff; font-size: 10pt; font-weight: bold;"><font style="font-family: times new roman,times;" size="2">Quarterly Returns During This Time Period</font></div> </td> </tr> <tr> <td style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; width: 800px; vertical-align: middle;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">Highest return for a quarter</font></div> </td> <td style="border-bottom: #000000 2px solid; width: 356px; vertical-align: middle;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">&#160;22.62%</font></div> </td> <td style="border-bottom: #000000 2px solid; width: 407px; vertical-align: middle; border-right: #000000 2px solid;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">Quarter ended<font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font>June 30, 2009</font></div> </td> </tr> <tr> <td style="border-bottom: #000000 2px solid; border-left: #000000 2px solid; width: 800px; vertical-align: middle;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">Lowest return for a quarter</font></div> </td> <td style="border-bottom: #000000 2px solid; width: 356px; vertical-align: middle;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">-25.33%</font></div> </td> <td style="border-bottom: #000000 2px solid; width: 407px; vertical-align: middle; border-right: #000000 2px solid;"> <div style="text-align: center; font-family: 'times new roman', times, serif; font-size: 10pt;"><font style="font-family: times new roman,times;" size="2">Quarter ended<font style="font-family: 'times new roman', times, serif; font-size: 10pt;"><br /></font>December 31, 2008</font></div> </td> </tr> </table> <div><b><font style="font-family: times new roman,times;" size="2">Average Annual Total Returns Period Ended December 31, 2017</font></b></div> <div style='display: none;'> ~ http://www.hillmancapital.com/role/AverageAnnualTotalReturnsTheHillmanFundTransposed column dei_LegalEntityAxis compact hcm_S000010501Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ </div> <div><font style="font-family: times new roman,times;" size="2"><font style="font-family: times new roman,times;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as an individual retirement account (IRA) or 401(k) plan.</font></font></div> 0.00 0.00 0.00 0.0100 0.0000 0.0060 0.0003 0.0163 -0.0010 0.0153 156 504 877 1924 -0.0298 -0.4569 0.4457 0.1181 -0.0661 0.1094 0.3268 0.1438 -0.0262 0.1616 0.1637 Before taxes After taxes on distributions After taxes on distributions and sale of shares S&amp;P 500 Total Return Index (reflects no deductions for fees and expenses) 0.1637 0.1611 0.0926 0.2183 0.1484 0.1460 0.1244 0.1579 0.0615 0.0588 0.0503 0.0850 485BPOS 2017-09-30 HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST 0001122649 false HCMAX 2018-01-26 2018-01-28 2018-01-28 0.8992 <div><font style="font-family: times new roman,times;" size="2">"Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year.&#160; The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.</font></div> <div><font style="font-family: times new roman,times;" size="2">An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.</font></div> <div><font style="font-family: times new roman,times;" size="2">The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.</font></div> <div><font style="font-family: times new roman,times;" size="2">www.ncfunds.com</font></div> <div><font style="font-family: times new roman,times;" size="2">The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font></div> <div><font style="font-family: times new roman,times;" size="2">Highest return for a quarter</font></div> 2009-06-30 0.2262 <div><font style="font-family: times new roman,times;" size="2">Lowest return for a quarter</font></div> 2008-12-31 -0.2533 (reflects no deductions for fees and expenses) <div><font style="font-family: times new roman,times;" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font></div> <div><font style="font-family: times new roman,times;" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as an individual retirement account (IRA) or 401(k) plan.</font></div> "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. The Fund's investment advisor, Hillman Capital Management, Inc., (the "Advisor") has entered into an Expense Limitation Agreement with the Fund (the "Expense Limitation Agreement") under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments under the Rule 12b-1 distribution plan, and acquired fund fees and expenses) to not more than 1.499% of the average daily net assets of the Fund. The Expense Limitation Agreement runs through January 31, 2019, and may be terminated by the Board of Trustees of the Fund (the "Board" or the "Trustees") at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to acquired fund fees and other expenses that are not waived under the Expense Limitation Agreement. 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The Hillman Fund
THE HILLMAN FUND
Investment Objective.
The Hillman Fund (the "Fund") seeks long-term capital appreciation.
Fees and Expenses of the Fund.
These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment)
Shareholder Fees
The Hillman Fund
No Load Shares
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) none
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) none
Redemption Fee (as a % of amount redeemed) none
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
The Hillman Fund
No Load Shares
Management Fees 1.00%
Distribution and/or Service (12b-1) Fees none
Other Expenses 0.60%
Acquired Fund Fees and Expenses 0.03% [1]
Total Annual Fund Operating Expenses 1.63%
Fee Waiver and/or Expense Limitation 0.10% [2]
Net Annual Fund Operating Expenses 1.53%
[1] "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
[2] The Fund's investment advisor, Hillman Capital Management, Inc., (the "Advisor") has entered into an Expense Limitation Agreement with the Fund (the "Expense Limitation Agreement") under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments under the Rule 12b-1 distribution plan, and acquired fund fees and expenses) to not more than 1.499% of the average daily net assets of the Fund. The Expense Limitation Agreement runs through January 31, 2019, and may be terminated by the Board of Trustees of the Fund (the "Board" or the "Trustees") at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to acquired fund fees and other expenses that are not waived under the Expense Limitation Agreement.
Example.
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. The Example included the Fund's contractual expense limitation through January 31, 2019. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Expense Example
1 Year
3 Years
5 Years
10 Years
The Hillman Fund | No Load Shares | USD ($) 156 504 877 1,924
Portfolio Turnover.
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 89.92% of the average value of its portfolio. The increase in the portfolio turnover rate from the prior year was primarily due to an increase in trading volume in the portfolio.
Principal Investment Strategies.
In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies which the Advisor believes have qualitative and quantitative competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public.
In selecting investments for the Fund, the Advisor first looks at qualitative measures of a company.  Qualitative measures of a company include:
dominance in a particular industry or niche market;
management style and adaptability;
strength of pricing and purchasing power;
barriers to industry competition;
strength of brand or franchise with commensurate brand loyalty; and
quality of products and services.
If certain companies meet most or all of the qualitative measures, the Advisor then seeks to identify which of those companies possess certain positive quantitative measures and which of those companies the Advisor feels show superior prospects for growth.  The Advisor may make investments without regard to market capitalization.  These companies may, in the view of the Advisor, exhibit positive changes such as a promising new product, new distribution strategy, new manufacturing technology, new management team, or new management philosophy.  These companies may also be responsible for technological breakthroughs and/or unique solutions to market needs.  The quantitative measures of a company include:
price-to-book ratio;
present value of discounted projected cash flows;
balance sheet strength;
price-to-sales ratio; and
price-to-earnings ratio.
 
The Advisor allocates a target percentage of total portfolio value to each security it purchases.  From time to time, the Fund may also focus the Fund's assets in securities of one or more particular sectors of the economy and may at times invest more than 25% of the Fund's net assets in a particular sector, such as the financial, healthcare, retail, and technology sectors.  The Advisor may sell a portfolio holding if the Advisor believes that the price of the security is overvalued or to rebalance the security to the Advisor's targeted percentage of total portfolio value for that security.
 
The Advisor may also sell (or "write") call and put options for the Fund.  Besides selling options in order to receive premiums, the Advisor will seek to sell options that obligate the Fund to purchase or sell the underlying stock at a price believed to be attractive based on the qualitative and quantitative factors described above.
Principal Risks of Investing in the Fund.
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.  There can be no assurance that the Fund will be successful in meeting its investment objective.  An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Generally, the Fund will be subject to the following additional risks:

●     Cybersecurity Risk. As part of its business, the Advisor processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

●     Investment Advisor Risk.  The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.

●     Management Style Risk.   Since different types of securities (e.g., large-cap, mid-cap, growth, value, etc.) tend to shift into and out of favor with stock market investors depending on market and economic conditions, the performance of the Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

●     Market Risk.  Market risk refers to the possibility that the value of equity securities held by the Fund may decline due to daily fluctuations in the securities markets.

●     Risks from Writing Options.   Writing option contracts can result in losses that exceed the Fund's initial investment and may lead to additional turnover and higher tax liability.  The risk involved in writing a call option is that an increase in the market value of the underlying security may result in the Fund selling the security at a lower price than its current market value.  Writing call options also limits the opportunity to profit from an increase in the market value of the underlying security.  The risk involved in writing a put option is that a decrease in the market value of the underlying security may result in the Fund purchasing the security at a higher price than its current market value.

●     Sector Focus Risk.  The Fund may, at times, be more heavily invested in certain sectors, which may cause the value of its shares to be especially sensitive to factors and economic risks that specifically affect those sectors and may cause the Fund's share price to fluctuate more widely than the shares of a mutual fund that invests in a broader range of industries.

●     Small-Cap and Mid-Cap Companies Risk.  Investing in the securities of small-cap and mid-cap companies generally involves greater risk than investing in larger, more established companies.  This greater risk is, in part, attributable to the fact that the securities of these companies usually have more limited marketability and, therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general.

Performance Information.
The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.  The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated information on the Fund's results can be obtained by visiting www.ncfunds.com.
Calendar Year Returns
Bar Chart
Quarterly Returns During This Time Period
Highest return for a quarter
 22.62%
Quarter ended
June 30, 2009
Lowest return for a quarter
-25.33%
Quarter ended
December 31, 2008
Average Annual Total Returns Period Ended December 31, 2017
Average Annual Total Returns - The Hillman Fund
Label
Past 1 Year
Past 5 Years
Past 10 Years
No Load Shares Before taxes 16.37% 14.84% 6.15%
No Load Shares | After Taxes on Distributions After taxes on distributions 16.11% 14.60% 5.88%
No Load Shares | After Taxes on Distributions and Sales After taxes on distributions and sale of shares 9.26% 12.44% 5.03%
S&P 500 Total Return Index S&P 500 Total Return Index (reflects no deductions for fees and expenses) 21.83% 15.79% 8.50%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as an individual retirement account (IRA) or 401(k) plan.
XML 11 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2017
Registrant Name dei_EntityRegistrantName HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST
Central Index Key dei_EntityCentralIndexKey 0001122649
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jan. 26, 2018
Document Effective Date dei_DocumentEffectiveDate Jan. 28, 2018
Prospectus Date rr_ProspectusDate Jan. 28, 2018
The Hillman Fund  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading
THE HILLMAN FUND
Objective [Heading] rr_ObjectiveHeading
Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The Hillman Fund (the "Fund") seeks long-term capital appreciation.
Expense [Heading] rr_ExpenseHeading
Fees and Expenses of the Fund.
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock
These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption
Shareholder Fees
(fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2019
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading
Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the Fund shares are held in a taxable account.  These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance.  During the most recent fiscal year, the Fund's portfolio turnover rate was 89.92% of the average value of its portfolio. The increase in the portfolio turnover rate from the prior year was primarily due to an increase in trading volume in the portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 89.92%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees
"Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year.  The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
Expense Example [Heading] rr_ExpenseExampleHeading
Example.
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The example also assumes that your investment has a 5% return each year and the Fund's operating expenses remain the same. The Example included the Fund's contractual expense limitation through January 31, 2019. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading
Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
In seeking to achieve its objective, the Fund invests primarily in common stocks of U.S. companies which the Advisor believes have qualitative and quantitative competitive advantages, as described below, and have temporarily fallen out of favor for reasons that are considered non-recurring or short-term; whose value is not currently well known; or whose value is not fully recognized by the public.
In selecting investments for the Fund, the Advisor first looks at qualitative measures of a company.  Qualitative measures of a company include:
dominance in a particular industry or niche market;
management style and adaptability;
strength of pricing and purchasing power;
barriers to industry competition;
strength of brand or franchise with commensurate brand loyalty; and
quality of products and services.
If certain companies meet most or all of the qualitative measures, the Advisor then seeks to identify which of those companies possess certain positive quantitative measures and which of those companies the Advisor feels show superior prospects for growth.  The Advisor may make investments without regard to market capitalization.  These companies may, in the view of the Advisor, exhibit positive changes such as a promising new product, new distribution strategy, new manufacturing technology, new management team, or new management philosophy.  These companies may also be responsible for technological breakthroughs and/or unique solutions to market needs.  The quantitative measures of a company include:
price-to-book ratio;
present value of discounted projected cash flows;
balance sheet strength;
price-to-sales ratio; and
price-to-earnings ratio.
 
The Advisor allocates a target percentage of total portfolio value to each security it purchases.  From time to time, the Fund may also focus the Fund's assets in securities of one or more particular sectors of the economy and may at times invest more than 25% of the Fund's net assets in a particular sector, such as the financial, healthcare, retail, and technology sectors.  The Advisor may sell a portfolio holding if the Advisor believes that the price of the security is overvalued or to rebalance the security to the Advisor's targeted percentage of total portfolio value for that security.
 
The Advisor may also sell (or "write") call and put options for the Fund.  Besides selling options in order to receive premiums, the Advisor will seek to sell options that obligate the Fund to purchase or sell the underlying stock at a price believed to be attractive based on the qualitative and quantitative factors described above.
Risk [Heading] rr_RiskHeading
Principal Risks of Investing in the Fund.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.  There can be no assurance that the Fund will be successful in meeting its investment objective.  An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation or any other government agency. Generally, the Fund will be subject to the following additional risks:

●     Cybersecurity Risk. As part of its business, the Advisor processes, stores and transmits large amounts of electronic information, including information relating to the transactions of the Fund. The Advisor and the Fund are therefore susceptible to cybersecurity risk. Cybersecurity failures or breaches of the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties and/or reputational damage. The Fund and its shareholders could be negatively impacted as a result.

●     Investment Advisor Risk.  The Advisor's ability to choose suitable investments has a significant impact on the ability of the Fund to achieve its investment objectives.

●     Management Style Risk.   Since different types of securities (e.g., large-cap, mid-cap, growth, value, etc.) tend to shift into and out of favor with stock market investors depending on market and economic conditions, the performance of the Fund may be better or worse than the performance of stock funds that focus on other types of stocks or have a broader investment style.

●     Market Risk.  Market risk refers to the possibility that the value of equity securities held by the Fund may decline due to daily fluctuations in the securities markets.

●     Risks from Writing Options.   Writing option contracts can result in losses that exceed the Fund's initial investment and may lead to additional turnover and higher tax liability.  The risk involved in writing a call option is that an increase in the market value of the underlying security may result in the Fund selling the security at a lower price than its current market value.  Writing call options also limits the opportunity to profit from an increase in the market value of the underlying security.  The risk involved in writing a put option is that a decrease in the market value of the underlying security may result in the Fund purchasing the security at a higher price than its current market value.

●     Sector Focus Risk.  The Fund may, at times, be more heavily invested in certain sectors, which may cause the value of its shares to be especially sensitive to factors and economic risks that specifically affect those sectors and may cause the Fund's share price to fluctuate more widely than the shares of a mutual fund that invests in a broader range of industries.

●     Small-Cap and Mid-Cap Companies Risk.  Investing in the securities of small-cap and mid-cap companies generally involves greater risk than investing in larger, more established companies.  This greater risk is, in part, attributable to the fact that the securities of these companies usually have more limited marketability and, therefore, may be more volatile and less liquid than securities of larger, more established companies or the market averages in general.

Risk Lose Money [Text] rr_RiskLoseMoney
An investment in the Fund is subject to investment risks, including the possible loss of some or all of the principal amount invested.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading
Performance Information.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.  The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.  Updated information on the Fund's results can be obtained by visiting www.ncfunds.com.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns
The following bar chart and table shown provide an indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual total returns compare to those of a broad-based securities market index.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress
www.ncfunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture
The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading
Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
Quarterly Returns During This Time Period
Highest return for a quarter
 22.62%
Quarter ended
June 30, 2009
Lowest return for a quarter
-25.33%
Quarter ended
December 31, 2008
Performance Table Heading rr_PerformanceTableHeading
Average Annual Total Returns Period Ended December 31, 2017
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred
Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as an individual retirement account (IRA) or 401(k) plan.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown and are not applicable to investors who hold Fund shares through tax-deferred arrangements such as an individual retirement account (IRA) or 401(k) plan.
The Hillman Fund | No Load Shares  
Risk/Return: rr_RiskReturnAbstract  
Trading Symbol dei_TradingSymbol HCMAX
Maximum Sales Charge (Load) Imposed On Purchases (as a % of offering price) rr_MaximumCumulativeSalesChargeOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a % of the lesser of amount purchased or redeemed) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a % of amount redeemed) rr_RedemptionFeeOverRedemption none
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.60%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.03% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.63%
Fee Waiver and/or Expense Limitation rr_FeeWaiverOrReimbursementOverAssets 0.10% [2]
Net Annual Fund Operating Expenses rr_NetExpensesOverAssets 1.53%
1 Year rr_ExpenseExampleYear01 $ 156
3 Years rr_ExpenseExampleYear03 504
5 Years rr_ExpenseExampleYear05 877
10 Years rr_ExpenseExampleYear10 $ 1,924
2007 rr_AnnualReturn2007 (2.98%)
2008 rr_AnnualReturn2008 (45.69%)
2009 rr_AnnualReturn2009 44.57%
2010 rr_AnnualReturn2010 11.81%
2011 rr_AnnualReturn2011 (6.61%)
2012 rr_AnnualReturn2012 10.94%
2013 rr_AnnualReturn2013 32.68%
2014 rr_AnnualReturn2014 14.38%
2015 rr_AnnualReturn2015 (2.62%)
2016 rr_AnnualReturn2016 16.16%
2017 rr_AnnualReturn2017 16.37%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel
Highest return for a quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 22.62%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel
Lowest return for a quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (25.33%)
Label rr_AverageAnnualReturnLabel Before taxes
Past 1 Year rr_AverageAnnualReturnYear01 16.37%
Past 5 Years rr_AverageAnnualReturnYear05 14.84%
Past 10 Years rr_AverageAnnualReturnYear10 6.15%
The Hillman Fund | After Taxes on Distributions | No Load Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel After taxes on distributions
Past 1 Year rr_AverageAnnualReturnYear01 16.11%
Past 5 Years rr_AverageAnnualReturnYear05 14.60%
Past 10 Years rr_AverageAnnualReturnYear10 5.88%
The Hillman Fund | After Taxes on Distributions and Sales | No Load Shares  
Risk/Return: rr_RiskReturnAbstract  
Label rr_AverageAnnualReturnLabel After taxes on distributions and sale of shares
Past 1 Year rr_AverageAnnualReturnYear01 9.26%
Past 5 Years rr_AverageAnnualReturnYear05 12.44%
Past 10 Years rr_AverageAnnualReturnYear10 5.03%
The Hillman Fund | S&P 500 Total Return Index  
Risk/Return: rr_RiskReturnAbstract  
Index No Deduction for Fees, Expenses, Taxes [Text] rr_IndexNoDeductionForFeesExpensesTaxes (reflects no deductions for fees and expenses)
Label rr_AverageAnnualReturnLabel S&P 500 Total Return Index (reflects no deductions for fees and expenses)
Past 1 Year rr_AverageAnnualReturnYear01 21.83%
Past 5 Years rr_AverageAnnualReturnYear05 15.79%
Past 10 Years rr_AverageAnnualReturnYear10 8.50%
[1] "Acquired Fund" means any investment company in which the Fund invests or has invested during the previous fiscal year. The "Total Annual Fund Operating Expenses" and "Net Annual Fund Operating Expenses" will not match the Fund's gross and net expense ratios reported in the Financial Highlights from the Fund's financial statements, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.
[2] The Fund's investment advisor, Hillman Capital Management, Inc., (the "Advisor") has entered into an Expense Limitation Agreement with the Fund (the "Expense Limitation Agreement") under which it has agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in an amount that limits the Fund's annual operating expenses (exclusive of interest, taxes, brokerage fees and commissions, extraordinary expenses, payments under the Rule 12b-1 distribution plan, and acquired fund fees and expenses) to not more than 1.499% of the average daily net assets of the Fund. The Expense Limitation Agreement runs through January 31, 2019, and may be terminated by the Board of Trustees of the Fund (the "Board" or the "Trustees") at any time. The Advisor cannot recoup from the Fund any amounts paid by the Advisor under the Expense Limitation Agreement. Further, net annual operating expenses for the Fund may exceed those contemplated by the waiver due to acquired fund fees and other expenses that are not waived under the Expense Limitation Agreement.
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