Home
About Us
Resources
Contact Us

About Us
Resources
Contact Us

Hillman Value Fund (HCMAX) - Full Holdings

Ticker	Cusip	Description	Shares	Market Value	% of Portfolio

Data as of 6/30/2025

Holdings are subject to change

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. Generally, the Fund will be subject to the following additional risks: Cybersecurity Risk, Investment Advisor Risk, Market Risk, Risks from Writing Options, Sector Focus Risk, COVID-19 Risk, Small-Cap and Mid-Cap Companies Risk, and Value Risk. More information about these risks and other risks can be found in the Fund's prospectus.

An investor should consider the investment objectives, risks, and 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 the link below or by calling Shareholder Services at 1-855-400-5944. The prospectus should be read carefully before investing.

Hillman Capital Management, Inc. (the “Adviser”) has contractually agreed to limit the Total Annual Fund Operating Expenses of the Fund (exclusive of (i) any front-end or contingent deferred loads; (ii) brokerage fees and commissions; (iii) acquired fund fees and expenses; (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); (v) borrowing costs (such as interest and dividend expense on securities sold short); (vi) taxes; and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees and contractual indemnification of Fund service providers (other than the Adviser)) to an annual rate of not more than: 0.95% of the Fund’s average daily net assets for the Fund’s No Load Class. This agreement is in effect through at least January 31, 2025, and will automatically continue upon annual approval by the board for successive twelvemonth periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its noncontinuance prior to the end of the then effective term. Except due to the Adviser’s notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board of Trustees of the Trust.

The Fund may not be available for sale in all states. The information presented on this page is not an offer to sell or a solicitation of an offer to purchase the Fund.

ALPS Distributors, Inc. is the distributor of the Hillman Capital Management Funds, 1290 Broadway, Suite 1000, Denver, CO 80203.

ALPS Distributors, Inc. is not affiliated with Hillman Capital Management, Inc.

HIL000289 | HCM-24-129

Phone: Lindsey Vaughan (240) 743-2499

Follow Us: LinkedIn

7255 Woodmont Ave, Suite 260 • Bethesda, MD 20814
Email: info@hillmancapital.com

© 2025 All Rights Reserved Hillman Capital Management