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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR Something changed! This happens often.

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-99999

Fictitious Investment Company Trust

(Exact name of registrant as specified in charter)

100 F St. NE, Washington, DC 20549

(Address of principal executive offices) (Zip code)

John Smith, Secretary

100 F St. NE

Washington, DC 20549

(Name and address of agent for service)

Registrant's telephone number, including area code:

| 999-999-9999 |

Date of fiscal year end: | October 31
Date of reporting period: | April 30, 2032

| Item 1. | Reports to Stockholders.

| Fictitious Income ETF |
Ticker: FAKER |
Stock Exchange: NASDAQ |
Semi-Annual Shareholder Report | April 30, 2032

This semi-annual shareholder report contains important information about the Fictitious Income ETF (“Fund”) for the period of November 1, 2031 to April 30, 2032.

You can find additional information about the Fund at www.fictitiouscompany.com/faker . You can also request this information by contacting us at 1-800-555-5555 or by emailing info@fictitiouscompany.com .

What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)

Fund | Costs of a $10,000 investment* | Costs paid as a percentage of a $10,000 investment†
Fictitious Income ETF | $ 25 | 0.52 %

† This charge is annualized.

Fund Performance.

Keep in mind that the Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Average Annual Total Returns

| 1 Year | 5 Years | Since Inception ( 5/1/2024 )
Fictitious Income ETF | -8.93 % | 1.71 % | 3.91 %
ABC Broad-based Index* (reflects no deduction for fees, expenses, or taxes) | -7.45 % | 1.95 % | 2.54 %
QRS Broad-based Index* (reflects no deduction for fees, expenses, or taxes) | -5.62 % | 2.15 % | 0.53 %
XYZ Additional Index (reflects no deduction for fees, expenses, or taxes) | -4.24 % | 4.07 % | 5.77 %

* As of 2/1/2032, the ABC Broad-based Index replaced the QRS Broad-based Index as the Fund’s primary benchmark because it is a better reflection of the overall domestic fixed-income market since it includes a larger universe of investments.

Visit www.fictitiouscompany.com/faker for more recent performance information.

Premium/Discount to NAV Summary

Shareholders may pay more than net asset value (NAV) when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices. The data presented below represents past performance and cannot be used to predict future results.

| Number of Days Trading in each Premium/Discount Range |
| Trading at a Premium to NAV | Trading at a Discount to NAV |
| Facts not required are not tagged. |  |

| Total Days at Premium | 1.00% or more | 0.75% to 0.99% | 0.50% to 0.74% | 0.25% to 0.49% | 0.00% to 0.24% | -0.01% to -0.24% | -0.25% to -0.49% | -0.50% to -0.74% | -0.75% to -0.99% | -1.00% or more | Total Days at Discount
Fiscal Year 2031 | 168 | 0 | 2 | 3 | 12 | 151 | 60 | 6 | 3 | 1 | 0 | 70
First Quarter of Fiscal Year 2032 | 40 | 0 | 1 | 1 | 4 | 34 | 20 | 2 | 1 | 1 | 0 | 24
Second Quarter of Fiscal Year 2032 | 38 | 0 | 1 | 2 | 3 | 32 | 22 | 2 | 1 | 0 | 0 | 25

Fund Statistics (for the last six months)

Fund's Net Assets: | $ 502 mil.
Number of Investments: | 342
Portfolio Turnover: | 78 %
Average Credit Quality (based on credit ratings provided by UVW Rating Inc.) | BB+
Weighted Average Maturity: | 4.3 years
Effective Duration | 3.22
Average Premium/Discount | 0.04%

Graphical Representation of Holdings.

Asset Class (% of Total Investments) |  |  | Credit Quality* (% of Total) |  |  |
Bank Loans | 52.6 % |  | U.S. Government | 4.8 % |
Corporate – High Quality | 14.3 % |  | AAA | 3.6 % |
Corporate – High Yield | 11.4 % |  | AA | 5.8 % |
Mortgage Backed Securities | 7.1 % |  | A | 16.7 % |
Treasury | 4.8 % |  | BBB | 20.4 % |
Asset Backed Securities | 3.3 % |  | BB | 34.9 % |
Cash | 1.8 % |  | B | 8.1 % |
Equity | 1.6 % |  | CCC & Below | 3.6 % |
Other | 3.1 % |  | Unrated | 2.1 % |

| * | Credit Quality is based on credit ratings provided by UVW Rating Inc., a nationally recognized statistical rating organization, because the XYZ Advisers (the Fund’s manager) believes they have the broadest coverage of securities held by the Fund.

Top Ten Portfolio Holdings (% of total investments) |
Security | Percentage |  | Security | Percentage
XYZ MORTPASS 6% 11/52 | 5.58 % |  | US 10YR NOTE 12/20/2041 | 0.99 %
TBA GNMA SINGLE 5% | 5.46 % |  | DEF BUDGET 4.62% 02/37 | 0.98 %
QRS 4.194% 06/49 | 5.2 % |  | MNO 4.27% 05/39 | 0.95 %
TUV 2.791% 10/51 | 3.17 % |  | HIJ Loan 6.5% 03/39 | 0.92 %
ABC VAR 04/47 | 2.1 % |  | GNMA 2030-100 VAR 05/62 | 0.9 %

Availability of Additional Information.

Additional information about the Fund is available at www.fictitiouscompany.com/faker, including its:

· Prospectus | · Holdings | · Fund Commentary
· Financial Information | · Proxy Voting information | · Description of UVW Rating Inc.’s credit ratings

These tables would normally be hidden; they contain the data points for the images above.

Date | Fictitious Income ETF | ABC Broad-based Index | QRS Broad-based Index | XYZ Additional Index
4/30/2024 | 10000 | 10000 | 10000 | 10000
4/30/2025 | 11132 | 10299 | 9264 | 11555
4/30/2026 | 11212 | 10106 | 9343 | 11411
4/30/2027 | 12484 | 11102 | 9375 | 12828
4/30/2028 | 12847 | 11466 | 9615 | 13174
4/30/2029 | 13678 | 11844 | 9481 | 13969
4/30/2030 | 12946 | 10977 | 9412 | 13091
4/30/2031 | 14921 | 13211 | 11050 | 16357
4/30/2032 | 13588 | 12226 | 10429 | 15663

Sector (% of net assets) | pct
Technology | 23%
Consumer Discretionary | 7%
Industrials | 9%
Financial Services | 11%
Consumer Staples | 4%
Health Care | 12%
Telecommunications | 9%
Energy | 13%
Real Estate | 6%
Materials | 6%