UNITED STATES
SECURITIES 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)

Paracorp Inc.

2140 South Dupont Hwy., Camden, DE 19934

(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, 2019

Semi-Annual Report 2019

For the Period from October 1, 2018 through March 31, 2019

(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, 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.

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.

For More Information on The Hillman Fund:

See Our Website @ hillmancapital.com

Call Our Shareholder Services Group at 800-773-3863

Beginning on January 1, 2021, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website at https://www.nottinghamco.com/fundpages/Hillman, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

As of January 1, 2019, you may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call 800-773-3863 to let the Fund know you wish to continue receiving paper copies of your shareholder reports.

If you have previously elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by clicking Enroll at https://www.nottinghamco.com/fundpages/Hillman.

The Hillman Fund

Schedule of Investments
(Unaudited)

As of March 31, 2019
			Shares		Value (Note 1)

COMMON STOCKS - 81.94%

	Communication Services - 9.20%
		AT&T, Inc.	32,000	$	1,003,520
	*	Facebook, Inc.	7,000		1,166,830
		Verizon Communications, Inc.	20,000		1,182,600
					3,352,950
	Consumer Discretionary - 17.47%
	*	Amazon.com, Inc.	700		1,246,525
		Dunkin' Brands Group, Inc.	10,000		751,000
		eBay, Inc.	18,000		668,520
		McDonald's Corp.	6,500		1,234,350
		Office Depot, Inc.	106,787		387,637
		Starbucks Corp. (a)	13,000		966,420
		The Walt Disney Co. (a)	10,000		1,110,300
					6,364,752
	Consumer Staples - 11.81%
	µ	Anheuser-Busch InBev SA/NV	10,000		839,700
		Colgate-Palmolive Co.	15,000		1,028,100
		General Mills, Inc.	22,000		1,138,500
		Mondelez International, Inc. (a)	26,000		1,297,920
					4,304,220
	Financials - 5.16%
		Bank of America Corp. (a)	30,000		827,700
		The Western Union Co.	57,000		1,052,790
					1,880,490
	Health Care - 13.09%
	*	Biogen, Inc.	5,000		1,181,900
		Bristol-Myers Squibb Co.	2,500		119,275
	*	Laboratory Corp of America Holdings	6,000		917,880
		Medtronic PLC	14,000		1,275,120
		Pfizer, Inc.	30,000		1,274,100
					4,768,275
	Industrials - 8.06%
		Emerson Electric Co.	13,000		890,110
		General Electric Co. (a)	84,000		839,160
	*	Stericycle, Inc.	22,000		1,197,240
		Wabtec Corp.	128		9,438
					2,935,948
	Information Technology - 12.03%
		International Business Machines Corp.	7,200		1,015,920
		Lam Research Corp.	3,500		626,535
		Microsoft Corp.	7,500		884,550
		QUALCOMM, Inc.	15,600		889,668
		Texas Instruments, Inc.	9,100		965,237
					4,381,910

					(Continued)

The Hillman Fund

Schedule of Investments - Continued
(Unaudited)

As of March 31, 2019
			Shares		Value (Note 1)

COMMON STOCKS - CONTINUED

	Materials - 3.28%
		Compass Minerals International, Inc. (a)	22,000	$	1,196,140
					1,196,140
	Utilities - 1.84%
		The Southern Co.	13,000		671,840
					671,840

		Total Common Stocks (Cost $27,279,256)			29,856,525

EXCHANGE-TRADED PRODUCT - 1.30%

	Fixed Income - 1.30%
		ProShares Short 20+ Year Treasury	22,000		473,220

		Total Exchange-Traded Product (Cost $502,152)			473,220

LIMITED PARTNERSHIP - 2.72%

	Energy - 2.72%
		Enterprise Products Partners LP	34,000		989,400

		Total Limited Partnership (Cost $973,797)			989,400

SHORT-TERM INVESTMENT - 13.13%
		Money Market Fiduciary Portfolio, 0.25% §	4,784,135		4,784,135

		Total Short-Term Investment (Cost $4,784,135)			4,784,135

Total Value of Investments (Cost $33,539,340) - 99.09%				$	36,103,280

Total Options Written (Premiums Received $276,480) - (0.63)%					(227,753)

Other Assets Less Liabilities - 1.54%					561,790

	Net Assets - 100.00%			$	36,437,317

*	Non-income producing investment
§	Represents 7 day effective yield as of March 31, 2019
µ	American Depositary Receipt
(a)	All or a portion of this security is held as collateral for put options written.

The following abbreviations or acronyms are used in this schedule:
	NV - Netherlands security
	PLC - Public Limited Company
	LP - Limited Partnership
					(Continued)


Schedule of Investments - Continued
(Unaudited)

As of March 31, 2019
			Number of Contracts	Exercise Price		Expiration Date		Notional Value			Value (Note 1)

PUT OPTIONS WRITTEN - 0.63%

*	Goldman Sachs Group, Inc.		67	$	195.00	4/18/2019		$	1,286,333	$	40,703
*	Kraft Heinz Co.		360	35.00		5/17/2019		1,175,400			108,900
*	Microsoft Corp.		75	100.00		4/18/2019		884,550			375
*	Nike, Inc.		150	82.50		5/17/2019		1,263,150			24,375
*	Nordstrom, Inc.		300	43.50		4/18/2019		1,331,400			24,150
*	The Charles Schwab Corp.		300	41.00		5/17/2019		1,282,800			29,250

		Put Options Written (Premiums Received $276,480)								$	227,753



			Summary of Investments
			by Sector			% of Net
						Assets		Value
			Communication Services			9.20%	$	3,352,950
			Consumer Discretionary			17.47%		6,364,752
			Consumer Staples			11.81%		4,304,220
			Financials			5.16%		1,880,490
			Health Care			13.09%		4,768,275
			Industrials			8.06%		2,935,948
			Information Technology			12.03%		4,381,910
			Materials			3.28%		1,196,140
			Utilities			1.84%		671,840
			Exchange-Traded Product			1.30%		473,220
			Limited Partnership			2.72%		989,400
			Short-Term Investment			13.13%		4,784,135
			Put Options Written			-0.63%		(227,753)
			Other Assets Less Liabilities			1.54%		561,790
			Total Net Assets			100.00%	$	36,437,317



See Notes to Financial Statements

The Hillman Fund

Statement of Assets and Liabilities
(Unaudited)

As of March 31, 2019

Assets:
Investments in securities, at value (cost $33,539,340)		$	36,103,280
Cash			20,081
Receivables:
	Due from broker		364,229
	Investments sold		67,751
	Fund shares sold		152,466
	Dividends and interest		19,880
Prepaid expenses:
	Registation and filing fees		30,202
	Professional fees		17,520
	Fund accounting fees		2,435
	Shareholder fulfillment fees		1,160
	Insurance fees		998
	Trustee fees and meeting expenses		691
	Transfer agent fees		113
	Security pricing fees		40

Total assets			36,780,846

Liabilities:
Options written, at value (premiums received $276,480)			227,753
Payables:
	Fund shares purchased		88,205
Accrued expenses:
	Advisory fees		24,521
	Custody fees		2,550
	Miscellaneous expenses		322
	Compliance fees		165
	Administration fees		13

Total liabilities			343,529

Net Assets		$	36,437,317

Net Assets Consist of:
Paid in capital		$	31,689,400
Distributable earnings			4,747,917

Total Net Assets		$	36,437,317
No Load Shares Outstanding, no par value (unlimited authorized shares)			1,406,999
Net Asset Value, Offering Price, and Redemption Price Per Share		$	25.90





See Notes to Financial Statements

The Hillman Fund

Statement of Operations
(Unaudited)

For the Fiscal Period Ended March 31, 2019

Investment Income:
Dividends			$	495,292
Interest				2,376

	Total Investment Income			497,668

Expenses:
Advisory fees (Note 2)				192,379
Registration and filing fees				16,339
Professional fees				18,644
Administration fees (Note 2)				16,447
Fund accounting fees (Note 2)				14,959
Custody fees (Note 2)				13,625
Transfer agent fees (Note 2)				10,387
Compliance fees (Note 2)				6,165
Trustee fees and meeting expenses (Note 3)				4,932
Shareholder fulfillment fees (Note 2)				4,093
Miscellaneous expenses (Note 2)				2,072
Security pricing fees				2,072
Insurance fees				1,085

Total Expenses				303,199

Fees waived by Advisor (note 2)				(27,910)

	Net Expenses			331,109

Net Investment Income				166,559

Net Realized and Unrealized Gain (Loss) on Investments:

	Net realized gain from investments			1,884,119
	Net realized gain from options written			92,723
		Total net realized gain		1,976,842

	Net change in unrealized depreciation on investments			(792,389)
	Net change in unrealized depreciation on options written			(32,052)
		Total net change in unrealized depreciation		(824,441)

Net Realized and Unrealized Gain on Investments				1,152,401

Net Increase in Net Assets Resulting from Operations			$	1,318,960





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			2019	(a)	2018

Operations:
Net investment income		$	166,559	$	236,135
Net realized gain from investments and options written			1,976,842		3,618,534
Change in unrealized appreciation (depreciation) on investments and			-
	options written		(824,441)		695,071

Net Increase in Net Assets Resulting from Operations			1,318,960		4,549,740

Distributions to Shareholders:
Institutional Class Shares			(236,136)		(178,993)

Net Decrease in Net Assets Resulting from Distributions			(236,136)		(178,993)

Beneficial Interest Transactions:
Shares sold			2,109,085		677,782
Reinvested distributions			234,787		177,959
Shares repurchased			(2,026,946)		(6,990,440)

Net Increase (Decrease) from Beneficial Interest Transactions			316,926		(6,134,699)

Net Increase (Decrease) in Net Assets			1,399,750		(1,763,952)

Net Assets:
Beginning of Period			35,037,567		36,801,519
End of Period		$	36,437,317	$	35,037,567

Share Information:
Shares sold			84,944		28,528
Reinvested distributions			10,543		7,717
Shares repurchased			(84,203)		(298,444)

	Net Increase (Decrease) in Shares of Beneficial Interest		11,284		(262,199)

(a) Unaudited.




See Notes to Financial Statements

The Hillman Fund

Financial Highlights

For a share outstanding during			March 31		September 30
the fiscal years or period ended			2019	(e)	2018		2017		2016		2015

Net Asset Value, Beginning of Period		$	25.10	$	22.20	$	18.86	$	16.39	$	17.26

Income (Loss) from Investment Operations:
Net investment income			0.12		0.18		0.11		0.12		0.09
Net realized and unrealized gain (loss)
	on investments and options written		0.85		2.84		3.35		2.44		(0.88)

Total from Investment Operations			0.97		3.02		3.46		2.56		(0.79)

Less Distributions:
From net investment income			(0.17)		(0.12)		(0.12)		(0.09)		(0.08)

Total Distributions			(0.17)		(0.12)		(0.12)		(0.09)		(0.08)

Net Asset Value, End of Period (a)		$	25.90	$	25.10	$	22.20	$	18.86	$	16.39

Total Return			3.94%	(g)	13.65%		18.41%		15.69%		(4.62)%

Net Assets, End of Period (in thousands)		$	36,437	$	35,038	$	36,802	$	32,781	$	32,933

Ratios of:
Gross Expenses to Average Net Assets (b)(c)			1.84%	(f)	1.63%		1.60%		1.50%		1.50%
Net Expenses to Average Net Assets (b)(c)			1.50%	(f)	1.50%		1.50%		1.50%		1.50%
Net Investment Income to Average
	Net Assets (c)(d)		1.00%	(f)	0.68%		0.51%		0.60%		0.53%

Portfolio turnover rate			22.03%	(g)	51.30%		89.92%		48.41%		67.77%



(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America, and, consequently, the net asset value for financial reporting purposes and the total returns based upon those net asset values may differ from the net asset values and total returns for shareholder transactions.
(b)	The expense ratios listed reflect total expenses prior to any waivers and reimbursements (gross expense ratio) and after any waivers and reimbursements (net expense ratio).
(c)	Does not include expenses of the underlying investment companies in which the Fund invests.
(d)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
(e)	Unaudited.
(f)	Annualized.
(g)	Not annualized.






See Notes to Financial Statements

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

1. Organization and Significant Accounting Policies

The Hillman 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”). The Fund follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946 “Financial Services – Investment Companies,” and Financial Accounting Standards Update (“ASU”) 2013-08.

Investment Valuation

The Fund’s investments in securities are carried at fair value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of 4:00 p.m. Eastern Time. Securities traded in the NASDAQ over-the-counter market are generally valued at the NASDAQ Official Closing Price. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the mean of the most recent bid and ask prices. Securities and assets for which representative market quotations are not readily available (e.g., if the exchange on which the portfolio security is principally traded closes early or if trading of the particular portfolio 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 (the “Trustees”). A portfolio security’s “fair value” price may differ from the price next available for that portfolio 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

Options are valued at the mean of the last quoted bid and ask prices as of 4:00 p.m. Eastern Time (the “Valuation Time”). Options will be valued on the basis of prices provided by pricing services when such prices are reasonably believed to reflect the market value of such options and may include the use of composite or National Best Bid/Offer (NBBO) pricing information provided by the pricing services. If there is an ask price but no bid price at the Valuation Time, the option shall be priced at the mean of zero and the ask price at the Valuation Time. An option should be valued using fair value pricing when (i) a reliable last quoted ask price at the Valuation Time is not readily available or (ii) the Fund’s investment advisor or Fund management does not believe the prices provided by the pricing services reflect the market value of such option.

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)

As of March 31, 2019

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, 2019 for the Fund’s investments:


Investments in Securities (a)		Total		Level 1		Level 2		Level 3
Assets Common Stocks*	$	29,856,525	$	29,856,525	$	-	$	-
Exchange-Traded Product*		473,220		473,220		-		-
Limited Partnership*		989,400		989,400		-		-
Short-Term Investment		4,784,135		4,784,135		-		-
Total Assets	$	36,103,280	$	36,103,280	$	-	$	-

Liabilities Put Options Written	$	227,753	$	-	$	227,753	$	-
Total Liabilities	$	227,753	$	-	$	227,753	$	-

(a) The Fund had no transfers into or out of Level 1, 2, or 3 during the fiscal year ended March 31, 2019. The Fund did not hold any Level 3 securities during the year. The Fund recognizes transfers 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.

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

Option Writing

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

Derivative Financial Instruments

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

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

The derivative instruments outstanding as of March 31, 2019 are disclosed below and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed below serve as indicators of the volume of derivative activity for the Fund.

The following table sets forth the effect of the derivative instruments on the Statement of Assets and Liabilities as of March 31, 2019:

Derivative Type	Location	Market Value	Notional Value

Equity Contracts – written options	Liabilities-Options written, at value	$ 227,753	$7,223,633

The following table sets forth the effect of the derivative instruments on the Statement of Operations for the fiscal period ended March 31, 2019:

Derivative Type	Location	Gains/Losses

Equity Contracts – written options	Net realized gain from options written	$ 92,723

Equity Contracts – written options	Net change in unrealized depreciation on options written	$ (32,052)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

The following table presents the Fund’s liabilities available for offset under a master netting arrangement of collateral pledged as of March 31, 2019:

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	$227,753	$227,753	$ -	$ -
Total	$227,753	$227,753	$ -	$ -

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

2. Transactions with Affiliates

Advisor

The Fund pays a monthly fee to Hillman Capital Management, Inc. (the “Advisor”) calculated at the annual rate of 1.00% of the Fund’s average daily net assets.

The Advisor has entered into a contractual agreement (the “Expense Limitation Agreement”) with the Trust, on behalf of the Fund, under which it had agreed to waive or reduce its fees and to assume other expenses of the Fund, if necessary, in amounts that limit the Fund’s total operating expenses (exclusive those expenses and other expenditures which are capitalized in accordance with GAAP, acquired fund fees and expenses, other extraordinary expenses not incurred in the ordinary course of the Fund’s business, and amounts, if any, payable pursuant to a plan adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940) to not more than 1.499% of the average daily net assets of the Fund. The current term of the Expense Limitation Agreement remains in effect until January 31, 2020. While there can be no assurance that the Expense Limitation Agreement will continue after that date, it is expected to continue from year-to-year thereafter. The Advisor cannot recoup any amounts previously waived or reimbursed.

For the fiscal period ended March 31, 2019, $192,379 in advisory fees were incurred, of which $27,910 in advisory fees were waived by the Advisor.

Administrator

The Fund pays a monthly fee to The Nottingham Company (the “Administrator”) based upon the average daily net assets of the Fund and calculated at the annual rates as shown in the schedule below subject to a minimum of $2,000 per month. The Administrator also receives a fee as to procure and pay the Fund’s custodian, as additional compensation for fund accounting and recordkeeping services, and additional compensation for certain costs involved with the daily valuation of securities and as reimbursement for out-of-pocket expenses. The Administrator also receives a miscellaneous compensation fee for peer group, comparative analysis, and compliance support totaling $350 per month. As of March 31, 2019, the Administrator received $2,072 in miscellaneous expenses.

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

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

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

The Fund incurred $16,447 in administration fees, $13,625 in custody fees, and $14,959 in fund accounting fees for the fiscal period ended March 31, 2019.

Compliance Services

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

Transfer Agent

Nottingham Shareholder Services, LLC (“Transfer Agent”) serves as transfer, dividend paying, and shareholder servicing agent for the Fund. For its services, the Transfer Agent is entitled to receive compensation from the Fund pursuant to the Transfer Agent’s fee arrangements with the Fund. The Fund incurred $10,387 in transfer agent fees during the fiscal period ended March 31, 2019.

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. These are included on the Statement of Operations in the Shareholder Fulfillment Expenses.

3. Trustees and Officers

The Board of Trustees is responsible for the management and supervision of the Fund. The Trustees approve all significant agreements between the Trust, on behalf of the Fund, and those companies that furnish services to the Fund; review performance of the Advisor and the Fund; and oversee activities of the Fund. Officers of the Trust and Trustees who are interested persons of the Trust or the Advisor will receive no salary or fees from the Trust. Trustees who are not “interested persons” of the Trust or the Advisor within the meaning of the 1940 Act (the “Independent Trustees”) receive $4,000 each year from the Fund, plus $250 per series of the Trust per meeting attended in person and $100 per series of the Trust per meeting attended by telephone. The Trust will reimburse each Trustee and officer of the Trust for his or her travel and other expenses relating to attendance of Board meetings. Additional fees may also be incurred during the year as special meetings are necessary in addition to the regularly scheduled meetings of the Board of Trustees.

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

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

4. Purchases and Sales of Investment Securities

For the fiscal period ended March 31, 2019, 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
$6,743,551		$8,921,494

There were no long-term purchases or sales of U.S Government Obligations during the fiscal period ended March 31, 2019.

5. 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.

Management reviewed the Fund’s tax positions taken or to be taken on Federal income tax returns for the open tax years September 30, 2016 through September 30, 2018, and as of and during the fiscal period ended March 31, 2019, and determined that the Fund does not have a liability for uncertain tax positions. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Fund did not incur any interest or penalties.

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

	March 31, 2019	September 30, 2018
Ordinary Income	$236,136	$178,993

At March 31, 2019, the tax-basis cost of investments and components of distributable earnings were as follows:

6. New Accounting Pronouncement

In August 2018, the Securities and Exchange Commission adopted amendments to certain disclosure requirements under Regulation S-X to conform to US GAAP, including: (i) an amendment to require presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities; and (ii) an amendment to require presentation of the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, on the Statement of Changes in Net Assets. The amendments also removed the requirement for parenthetical disclosure of undistributed net investment income on the Statement of Changes in Net Assets. This amendment facilitates compliance of the disclosure of information without significantly altering the information provided to investors. These amendments have been adapted with these financial statements. The changes have been applied to the Fund’s financial statements as of the fiscal period ended March 31, 2019.

(Continued)

The Hillman Fund

Notes to Financial Statements

(Unaudited)

As of March 31, 2019

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework–Changes to the Disclosure Requirements for Fair Value Measurement. The amendments eliminate certain disclosure requirements for fair value measurements for all entities, requires public entities to disclose certain new information, and modifies some disclosure requirements. The new guidance is effective for all entities for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. An entity is permitted to early adopt either the entire standard or portions of the standard. The changes have been applied to the Fund’s financial statements as of the fiscal period ended March 31, 2019.

7. Commitments and Contingencies

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

8. Subsequent Events

In accordance with GAAP, management has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date of issuance of the financial statements. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

The Hillman Fund

Additional Information

(Unaudited)

1. Proxy Voting Policies and Voting Record

A copy of the Advisor’s Disclosure Policy is included as Appendix B to the Fund’s Statement of Additional Information and is available, (1) without charge, upon request, by calling 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 800-SEC-0330. You may also obtain copies without charge, upon request, by calling the Fund at 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, 2019.

During the fiscal period, income distributions totaling $236,136 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, 2018 through March 31, 2019.

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, 2018	Ending Account Value March 31, 2019	Expenses Paid During Period*
Actual Hypothetical (5% annual return before expenses)
	$1,000.00	$1,039.40	$7.63
	$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 net 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.	DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable.

Item 13.	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
	/s/ Mark A. Hillman
Date: May 29, 2019	Mark A. Hillman President and Principal Executive Officer

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


	/s/ Mark A. Hillman
Date: May 29, 2019	Mark A. Hillman President and Principal Executive Officer


	/s/ C. Frank Watson, III
	C. Frank Watson III
Date: May 30, 2019	Treasurer and Principal Financial Office

Date: May 29, 2019	/s/ Mark A. Hillman
	Mark A. Hillman Trustee, President, and Principal Executive Officer

Date: May 30, 2019	/s/ C. Frank Watson, III
	C. Frank Watson, III Treasurer and Principal Financial Officer

Cost of Investments

Gross Unrealized Appreciation

Gross Unrealized Depreciation

(1,792,536)

Net Unrealized Appreciation