Exhibit (k): Balance Sheet
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The Hillman Total Return Fund
Statement of Assets and Liabilities
October 27, 2000
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Assets:
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Cash $ 100,000
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Total Assets 100,000
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Liabilities: -
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Net Assets for 10,000 shares outstanding $ 100,000
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Net Assets Consist of:
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Paid in Capital $ 100,000
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Net Asset Value, Offering Price and Redemption Proceeds
Per Share:
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$100,000 / 10,000 shares outstanding $ 10.00
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Notes:
(1) The Hillman Total Return Fund (the "Fund") is an open-end management
investment company (a mutual fund) in a diversified series of the Hillman
Capital Management Investment Trust (the "Trust"). The Trust was
established as a Delaware business trust under a Declaration of Trust on
July 14, 2000 and is registered under the investment company Act of 1940,
as amended. The Fund has had no operations since that date other than those
relating to organizational matters, including the issuance of 10,000 shares
at $10.00 per share.
(2) Reference is made to the "Management of the Fund" (on page 8),
"Administration of the Fund" (on page 9) and Tax Information (on page 16)
in the prospectus for descriptions of the investment advisory fee,
administrative and other services and federal tax aspects of the Fund.
(3) Certain Officers and Trustees of the Trust are Officers and Directors or
Trustees of the Advisor and the Administrator.
(4) Investment Valuations - Short-term securities are valued at cost which
approximates fair market value.
