# EDGAR Filing Document

**Accession Number:** 0002022290
**File Stem:** 0001398344-25-016651
**Filing Date:** 2025-8
**Character Count:** 78764
**Document Hash:** 3bfda96cc4bf88faadf36cffe38c4131
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-016651.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001398344-25-016651

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**EFFECTIVENESS DATE**: 20250826

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Diamond Hill Securitized Credit Fund
- **CENTRAL INDEX KEY:** 0002022290

**ORGANIZATION NAME:**
- **EIN:** 992838444
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23964
- **FILM NUMBER:** 251255766

**BUSINESS ADDRESS:**
- **STREET 1:** 325 JOHN H MCCONNELL BLVD.
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 614-255-3333

**MAIL ADDRESS:**
- **STREET 1:** 325 JOHN H MCCONNELL BLVD.
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**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: 811-23964**

**Diamond Hill Securitized Credit Fund**

**(Exact name of registrant as specified in charter)**

**325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215**

(Address of principal executive offices) (Zip code)

**Jo Ann Quinif**

**325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215**

(Name and address of agent for service)

**Registrant's telephone number, including area code: <u>614-255-3333</u>**

**Date of fiscal year end: <u>December 31</u>**

**Date of reporting period: <u>June 30, 2025</u>**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) ![](fp0094276-1_i.jpg)

**Semi-Annual Report** 

June 30, 2025

**Diamond Hill Securitized Credit Fund**<br>

This material must be preceded or accompanied by a current prospectus. <br> Not FDIC insured \| No bank guarantee \| May lose value

![](fp0094276-1_ia.jpg)

&nbsp;&nbsp;**Table of Contents**<br>

---

| | |
|:---|:---|
| Our Shared Investment Principles  | 1 |
| **Financial Statements** |  |
| Schedule of Investments  | 2 |
| Statement of Assets and Liabilities  | 7 |
| Statement of Operations  | 8 |
| Statements of Changes in Net Assets  | 9 |
| Financial Highlights  | 10 |
| Notes to Financial Statements  | 12 |
| Other Items  | 22 |
| Schedule of Shareholder Expenses  | 23 |

---

**Our Shared Investment Principles**

**Our shared investment principles** 

**Active, fundamental approach** 

An active, research-driven approach that capitalizes on our intellectual curiosity and unique insights is essential to deliver better returns than benchmarks or peers.

**Ownership** 

Investing with an ownership mentality requires deep due diligence to build the conviction needed to invest over the long term.

**Long term** 

Focusing on the long term allows us to look beyond near-term noise, allowing clients to realize the benefits of our deep, disciplined research process.

**Valuation discipline** 

We believe the best way to compound returns is to take an ownership stake in an investment at a discount to its underlying value and have the discipline to wait for that value to be realized.

**Strategic capacity management** 

Prudent capacity management protects our ability to generate competitive long-term investment results for our clients.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 1**<br>

**Diamond Hill Securitized Credit Fund** <br> Schedule of Investments <br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 93.4%** | **Securitized — 93.4%** | **Securitized — 93.4%** | **Securitized — 93.4%** | **Securitized — 93.4%** |
| **ABS-Other — 0.5%** | **ABS-Other — 0.5%** | **ABS-Other — 0.5%** | **ABS-Other — 0.5%** | **ABS-Other — 0.5%** |
| Accelerated Assets, LLC, Series 2021-1H, Class D <sup>(a)</sup> | 3.580% | 10/20/40 | $574676 | $517413 |
| **Agency MBS CMO Derivatives — 0.9%** | **Agency MBS CMO Derivatives — 0.9%** | **Agency MBS CMO Derivatives — 0.9%** | **Agency MBS CMO Derivatives — 0.9%** | **Agency MBS CMO Derivatives — 0.9%** |
| FHLMC, Series 3866, Class DS (-2\* SOFR30A + 921) <sup>(b)</sup> | 0.263% | 05/15/41 | 318205 | 253441 |
| GNMA, Series 2021-158, Class MT (IO) (-3.33\* SOFR30A + 11) <sup>(b)</sup> | 0.000% | 08/20/51 | 1605260 | 660722 |
|  |  |  |  | 914163 |
| **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** |
| Ally Bank Auto Credit-Linked Notes, Series 2024-B, Class G <sup>(a)</sup> | 11.395% | 09/15/32 | 744056 | 741061 |
| Hertz Vehicle Financing, LLC, Series 2023-2A, Class D <sup>(a)</sup> | 9.400% | 09/25/29 | 250000 | 256737 |
| Tricolor Auto Securitization Trust, Series 2025-2A, Class F <sup>(a)</sup> | 11.230% | 03/15/32 | 1300000 | 1333026 |
| Tricolor Auto Securitization Trust, Series 2025-1, Class E <sup>(a)</sup> | 10.370% | 04/15/32 | 1000000 | 1011340 |
|  |  |  |  | 3342164 |
| **CRE/CLO — 4.0%** | **CRE/CLO — 4.0%** | **CRE/CLO — 4.0%** | **CRE/CLO — 4.0%** | **CRE/CLO — 4.0%** |
| Acre Commerical Mortgage Trust, Series 2021-FL4, Class B (1\* TSFR1M + 151) <sup>(a)(b)</sup> | 6.329% | 12/18/37 | 840043 | 832127 |
| BXMT Ltd., Series 2020-FL3, Class D (1\* TSFR1M + 291) <sup>(a)(b)</sup> | 7.743% | 11/15/37 | 800000 | 772038 |
| BXMT Ltd., Series 2020-FL2, Class D (1\* TSFR1M + 206) <sup>(a)(b)</sup> | 6.643% | 02/15/38 | 125000 | 120027 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **CRE/CLO — 4.0% continued** | **CRE/CLO — 4.0% continued** | **CRE/CLO — 4.0% continued** | **CRE/CLO — 4.0% continued** | **CRE/CLO — 4.0% continued** |
| BXMT Ltd., Series 2021-FL4, Class D (1\* TSFR1M + 236) <sup>(a)(b)</sup> | 6.693% | 05/15/38 | $2500000 | $2350972 |
|  |  |  |  | 4075164 |
| **Credit Cards — 7.9%** | **Credit Cards — 7.9%** | **Credit Cards — 7.9%** | **Credit Cards — 7.9%** | **Credit Cards — 7.9%** |
| Genesis Sales Finance Master Trust, Series 2024-B, Class F <sup>(a)</sup> | 13.370% | 12/20/32 | 2000000 | 2030955 |
| Perimeter Master Note Business Trust, Series 2025-1A, Class D <sup>(a)</sup> | 12.800% | 12/16/30 | 6000000 | 5996132 |
|  |  |  |  | 8027087 |
| **HECM — 16.1%** | **HECM — 16.1%** | **HECM — 16.1%** | **HECM — 16.1%** | **HECM — 16.1%** |
| Brean Asset Backed Securities Trust, Series 2021-RM1, Class M1 <sup>(a)</sup> | 1.600% | 10/25/63 | 2575726 | 2208473 |
| Brean Asset Backed Securities Trust, Series 2025-RM10, Class M4 <sup>(a)</sup> | 5.000% | 01/25/65 | 1836543 | 1431300 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class M4 <sup>(a)</sup> | 4.500% | 03/25/78 | 5468959 | 4489329 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class M2 <sup>(a)</sup> | 4.500% | 03/25/78 | 1920404 | 1710007 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class M3 <sup>(a)</sup> | 4.500% | 03/25/78 | 1136505 | 979478 |
| Finance of America HECM Buyout, Series 2024-HB1, Class M5 <sup>(a)</sup> | 6.000% | 10/01/34 | 3000000 | 2253429 |

---

**2 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** |
| **HECM — 16.1% continued** | **HECM — 16.1% continued** | **HECM — 16.1% continued** | **HECM — 16.1% continued** | **HECM — 16.1% continued** |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M3 <sup>(a)</sup> | 4.000% | 08/25/62 | $3750000 | $3269060 |
|  |  |  |  | 16341076 |
| **Laboratory — 2.2%** | **Laboratory — 2.2%** | **Laboratory — 2.2%** | **Laboratory — 2.2%** | **Laboratory — 2.2%** |
| Life Financial Services Trust, Series 2021-BMR, Class G (1\* TSFR1M + 306) <sup>(a)(b)</sup> | 7.376% | 03/15/38 | 1225000 | 1204178 |
| Life Financial Services Trust, Series 2022-BMR2, Class C (1\* TSFR1M + 209) <sup>(a)(b)</sup> | 6.405% | 05/15/39 | 1100000 | 990000 |
|  |  |  |  | 2194178 |
| **Multifamily — 4.7%** | **Multifamily — 4.7%** | **Multifamily — 4.7%** | **Multifamily — 4.7%** | **Multifamily — 4.7%** |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class B1 (1\* SOFR30A + 550) <sup>(a)(b)</sup> | 9.805% | 07/25/41 | 2500000 | 2506083 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class B1 (1\* SOFR30A + 600) <sup>(a)(b)</sup> | 10.305% | 10/25/44 | 2125000 | 2194502 |
|  |  |  |  | 4700585 |
| **Office — 17.5%** | **Office — 17.5%** | **Office — 17.5%** | **Office — 17.5%** | **Office — 17.5%** |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A <sup>(a)</sup> | 2.627% | 01/15/32 | 2500000 | 2185962 |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2016-SS1, Class A <sup>(a)</sup> | 3.665% | 12/15/35 | 3250000 | 3057248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Office — 17.5% continued** | **Office — 17.5% continued** | **Office — 17.5% continued** | **Office — 17.5% continued** | **Office — 17.5% continued** |
| Banc of America Merrill Lynch Commerical Mortgage, Series 2020-BOC, Class D <sup>(a)</sup> | 3.289% | 01/15/32 | $5000000 | $3523028 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class B <sup>(a)</sup> | 2.461% | 04/12/42 | 2000000 | 1731691 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class D <sup>(a)</sup> | 2.461% | 04/12/42 | 1800000 | 1424221 |
| DBGS Mortgage Trust, Series 2018-5BP, Class D <sup>(a)</sup> | 5.926% | 06/15/33 | 1000000 | 872500 |
| Drop Mortgage Trust, Series 2021-FILE, Class A (1\* TSFR1M + 126) <sup>(a)(b)</sup> | 5.576% | 10/15/43 | 1065000 | 1033531 |
| Drop Mortgage Trust, Series 2021-FILE, Class B (1\* TSFR1M + 181) <sup>(a)(b)</sup> | 6.126% | 10/15/43 | 1738000 | 1639700 |
| NYT Mortgage Trust, Series 2019-NYT, Class D (1\* TSFR1M + 230) <sup>(a)(b)</sup> | 6.609% | 12/15/35 | 1500000 | 1400586 |
| NYT Mortgage Trust, Series 2019-NYT, Class E (1\* TSFR1M + 280) <sup>(a)(b)</sup> | 7.109% | 12/15/35 | 1000000 | 889514 |
|  |  |  |  | 17757981 |
| **Residential Transition Loan — 4.8%** | **Residential Transition Loan — 4.8%** | **Residential Transition Loan — 4.8%** | **Residential Transition Loan — 4.8%** | **Residential Transition Loan — 4.8%** |
| LHOME Mortgage Trust, Series 2024-RTL5, Class M2 <sup>(a)</sup> | 8.180% | 09/25/39 | 2500000 | 2466928 |
| ROC Mortgage Trust, Series 2025-RTL1, Class M2 <sup>(a)</sup> | 8.539% | 02/25/40 | 2400000 | 2378764 |
|  |  |  |  | 4845692 |

---

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 3**<br>

**Diamond Hill Securitized Credit Fund**<br> Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** | **Securitized — 93.4% continued** |
| **Single Family Rental — 3.3%** | **Single Family Rental — 3.3%** | **Single Family Rental — 3.3%** | **Single Family Rental — 3.3%** | **Single Family Rental — 3.3%** |
| Progress Residential Trust, Series 2021-SFR3, Class A <sup>(a)</sup> | 1.637% | 05/17/26 | $150167 | $147980 |
| Progress Residential Trust, Series 2021-SFR4, Class B <sup>(a)</sup> | 1.808% | 05/17/38 | 680000 | 666285 |
| Progress Residential Trust, Series 2021-SFR6, Class D <sup>(a)</sup> | 2.225% | 07/17/38 | 2556000 | 2492028 |
|  |  |  |  | 3306293 |
| **Small Business — 5.6%** | **Small Business — 5.6%** | **Small Business — 5.6%** | **Small Business — 5.6%** | **Small Business — 5.6%** |
| Kapitus Asset Securitization, LLC, Series 2024-1A, Class D <sup>(a)</sup> | 9.900% | 09/10/31 | 2100000 | 2095857 |
| Mulligan Asset Securitization Loans, Series 2024-1, Class C <sup>(a)</sup> | 12.057% | 10/15/31 | 2500000 | 2549792 |
| Mulligan Asset Securitization Loans, Series 2024-1, Class C NEW <sup>(a)</sup> | 12.057% | 10/15/31 | 1000000 | 1019917 |
|  |  |  |  | 5665566 |
| **Unsecured Consumer — 22.6%** | **Unsecured Consumer — 22.6%** | **Unsecured Consumer — 22.6%** | **Unsecured Consumer — 22.6%** | **Unsecured Consumer — 22.6%** |
| AMCR ABS Trust, Series 2023-1A, Class C <sup>(a)</sup> | 12.520% | 01/21/31 | 500000 | 517324 |
| AMCR ABS Trust, Series 2024-A, Class C <sup>(a)</sup> | 11.250% | 08/18/31 | 4082000 | 4103808 |
| Cherry Securitization Trust, Series 2024-1A, Class D <sup>(a)</sup> | 12.280% | 04/15/32 | 3000000 | 3048642 |
| Cherry Securitization Trust, Series 2025-1A, Class D <sup>(a)</sup> | 12.690% | 11/15/32 | 4010000 | 4106209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ****<br>| **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Unsecured Consumer — 22.6% continued** | **Unsecured Consumer — 22.6% continued** | **Unsecured Consumer — 22.6% continued** | **Unsecured Consumer — 22.6% continued** | **Unsecured Consumer — 22.6% continued** |
| Freedom Financial, Series 2022-4FP, Class CTF <sup>(a)(c)</sup> | 0.000% | 12/18/29 | $25976 | $4208112 |
| Oportun Funding, LLC, Series 2025-A, Class E <sup>(a)</sup> | 10.000% | 02/08/33 | 1500000 | 1493777 |
| Oportun Funding, LLC, Series 2025-B, Class E <sup>(a)</sup> | 9.400% | 05/09/33 | 1000000 | 996677 |
| Pagaya AI Debt Selection Trust, Series 2025-3, Class E <sup>(a)</sup> | 12.626% | 12/15/32 | 2500000 | 2557557 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class F <sup>(a)</sup> | 12.000% | 01/20/34 | 2000000 | 1841629 |
|  |  |  |  | 22873735 |
| **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** |
| (Cost $90,808,592) | (Cost $90,808,592) | (Cost $90,808,592) | (Cost $90,808,592) | $94561097 |

---

**4 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| ****<br>| **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 6.2%** | **Registered Investment Companies — 6.2%** | **Registered Investment Companies — 6.2%** |
| State Street Institutional US Government Money Market Fund - Premier Class, 4.27% <sup>(d)</sup> (Cost $6,239,742) | 6239742 | $6239742 |
| **Total Investment Securities — 99.6%** | **Total Investment Securities — 99.6%** | **Total Investment Securities — 99.6%** |
| (Cost $97,048,334) | (Cost $97,048,334) | $100800839 |
| **Other Assets in Excess of Liabilities — 0.4%** | **Other Assets in Excess of Liabilities — 0.4%** | 463693 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $101264532 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2025 was $93,646,934, representing 92.5% of net assets. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. The rate shown is the effective interest rate as of June 30, 2025. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Illiquid and fair valued security, using observable inputs, as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2025 was $4,208,112, representing 4.2% of net assets. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of June 30, 2025.

IO - Interest Only

SOFR - Secured Overnight Financing Rate

TSFR - CME Term SOFR

See accompanying Notes to Financial Statements.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 5**<br>

**Diamond Hill Securitized Credit Fund**<br> Tabular Presentation of Schedules of Investments<br> June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Allocation** | **% of<br> Net Assets** |
| &nbsp;&nbsp;Securitized | 93.4% |
| &nbsp;&nbsp;Registered Investment Companies | 6.2% |
| &nbsp;&nbsp;Other |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | 0.4% |
|  | 100.0% |
| &nbsp;&nbsp;**Bloomberg US Aggregate <br> Bond Index Sector Allocation** | **% of Index** |
| &nbsp;&nbsp;Treasury | 45.1% |
| &nbsp;&nbsp;Agency RMBS/CMBS | 25.3% |
| &nbsp;&nbsp;Corporate Credit | 24.2% |
| &nbsp;&nbsp;Non-Corporate Credit | 3.7% |
| &nbsp;&nbsp;Non-Agency RMBS/CMBS | 0.7% |
| &nbsp;&nbsp;Agency | 0.6% |
| &nbsp;&nbsp;Asset-Backed Securities | 0.4% |
|  | 100.0% |

---

**6 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Statement of Assets and Liabilities<br> June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Assets** |  |
| Investments at cost  | $97048334 |
| Investments at fair value | $100800839 |
| Receivable for fund shares issued | 201939 |
| Receivable for dividends and interest | 371622 |
| **Total Assets** | 101374400 |
| **Liabilities** |  |
| Payable to Investment Adviser | 99287 |
| Payable to Administrator | 8216 |
| Other accrued expenses  | 2365 |
| **Total Liabilities** | 109868 |
| **Net Assets** | $101264532 |
| **Components of Net Assets** |  |
| Paid-in capital  | $97422380 |
| Accumlated earnings | 3842152 |
| **Net Assets** | $101264532 |
| **Net Assets** |  |
| Class I Shares | $840646 |
| Class R Shares | $100423886 |
| **Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)** |  |
| Class I Shares | 79577 |
| Class R Shares | 9513017 |
| **Net Asset Value, offering and redemption price per share:** |  |
| Class I Shares | $10.56 |
| Class R Shares | $10.56 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 7**<br>

**Diamond Hill Securitized Credit Fund**<br> Statement of Operations <br> For the Six Months Ended June 30, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividends | $76953 |
| Interest | 2845694 |
| **Total investment income**  | 2922647 |
| **Expenses** |  |
| Investment management fees | 464914 |
| Administration fees - Class R Shares | 36831 |
| Administration fees - Class I Shares | 1808 |
| Other fees | 1566 |
| **TOTAL EXPENSES**  | 505119 |
| **Net Investment Income** | 2417528 |
| **Realized and Unrealized Gains on Investments** |  |
| Net realized gains on investment transactions | 209709 |
| Net changes in unrealized appreciation (depreciation) on investments | 3676397 |
| **Net Realized and Unrealized Gains on Investments** | 3886106 |
| **Change in Net Assets from Operations** | $6303634 |

---

See accompanying Notes to Financial Statements.

**8 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> six months <br> ended<br> June 30, 2025 <br> (Unaudited)** | **For the period <br> ended <br> December 31, <br> 2024\*** |
| **From Operations** |  |  |
| Net investment income | $2417528 | $949866 |
| Net realized gains on investment transactions | 209709 | 61258 |
| Net change in unrealized appreciation (depreciation) on investments | 3676397 | 76108 |
| **Change in Net Assets** | 6303634 | 1087232 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (23446) | (2264) |
| &nbsp;&nbsp;&nbsp;Class R Shares | (2571227) | (951777) |
| **Change in Net Assets from Distributions to Shareholders** | (2594673) | (954041) |
| **Change in Net Assets from Capital Transactions** | 45499339 | 51823041 |
| **Total Change in Net Assets** | 49208300 | 51956232 |
| **Net Assets:** |  |  |
| Beginning of period | 52056232 | 100000 |
| End of period | $101264532 | $52056232 |
| **Capital Transactions** |  |  |
| **Class I Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | $1250000 | $240000 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions | 23446 | 2264 |
| &nbsp;&nbsp;&nbsp;Transfer to Class R Shares | (711854) |  |
| **Change in Net Assets from Class I Shares Transactions** | 561592 | 242264 |
| **Class R Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 44210866 | 51564000 |
| &nbsp;&nbsp;&nbsp;Reinvested distributions | 130127 | 16777 |
| &nbsp;&nbsp;&nbsp;Transfer from Class I Shares | 711854 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (115100) |  |
| **Change in Net Assets from Class R Shares Transactions** | 44937747 | 51580777 |
| **Change in Net Assets from Capital Transactions** | $45499339 | $51823041 |
| **Share Transactions:** |  |  |
| **Class I Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 121967 | 23833 |
| &nbsp;&nbsp;&nbsp;Reinvested | 2263 | 226 |
| &nbsp;&nbsp;&nbsp;Transfer to Class R Shares | (68712) |  |
| **Change in Shares Outstanding** | 55518 | 24059 |
| **Class R Shares** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4275890 | 5155167 |
| &nbsp;&nbsp;&nbsp;Reinvested | 12536 | 1673 |
| &nbsp;&nbsp;&nbsp;Transfer from Class I Shares | 68712 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (10961) |  |
| **Change in Shares Outstanding** | 4346177 | 5156840 |
| **Change in Total Shares Outstanding** | 4401695 | 5180899 |

---

\* Represents the period from commencement of operations (December 13, 2024) through December 31, 2024 for Class I Shares and the period from the commencement of operations (September 30, 2024) through December 31, 2024 for Class R Shares.

See accompanying Notes to Financial Statements.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 9**<br>

**Diamond Hill Securitized Credit Fund**<br> Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Net asset <br> value <br> beginning of <br> period**  | **Net <br> investment <br> income<sup>(B)</sup>** | **Net realized <br> and <br> unrealized <br> gains on <br> investments**  | **Total from <br> investment <br> operations**  | **Dividends <br> from net <br> investment <br> income**  |
| **Securitized Credit Fund <sup>(A)</sup>** |  |  |  |  |  |
| **Class I Shares** |  |  |  |  |  |
| For the six months ended June 30, 2025 (Unaudited) | $10.03 | 0.31 | 0.54 | 0.85 | (0.32) |
| For the period ended December 31, 2024 | $10.07 | 0.03 | 0.03 | 0.06 | (0.10) |
| **Class R Shares** |  |  |  |  |  |
| For the six months ended June 30, 2025 (Unaudited) | $10.03 | 0.33 | 0.54 | 0.87 | (0.34) |
| For the period ended December 31, 2024 | $10.00 | 0.19 | 0.03 | 0.22 | (0.19) |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception date of Class I was December 13, 2024 and inception date of Class R was September 30, 2024.

<sup>(B)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income per share has been calculated using the average daily shares outstanding during the period.

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

<sup>(D)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>(E)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

See accompanying Notes to Financial Statements. 

**10 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions <br> from net <br> realized <br> capital gains**  | **Total <br> distributions**  | **Net asset <br> value end of <br> period**  | **Total Return** | **Net assets <br> at end of <br> period <br> (000's)**  | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average net <br> assets** | **Portfolio <br> turnover <br> rate<sup>(C)</sup>** |
| – | (0.32) | $10.56 | 8.61 %<sup>(D)</sup> | $841 | 1.75 %<sup>(E)</sup> | 6.07 %<sup>(E)</sup> | 19 %<sup>(D)</sup> |
| – | (0.10) | $10.03 | 0.55 %<sup>(D)</sup> | $241 | 1.75 %<sup>(E)</sup> | 6.47 %<sup>(E)</sup> | 24 %<sup>(D)</sup> |
| – | (0.34) | $10.56 | 8.82 %<sup>(D)</sup> | $100424 | 1.35 %<sup>(E)</sup> | 6.48 %<sup>(E)</sup> | 19 %<sup>(D)</sup> |
| – | (0.19) | $10.03 | 2.18 %<sup>(D)</sup> | $51815 | 1.35 %<sup>(E)</sup> | 7.57 %<sup>(E)</sup> | 24 %<sup>(D)</sup> |

---

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 11**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements<br> June 30, 2025 (Unaudited)

**Organization** 

Diamond Hill Securitized Credit Fund (the "Fund") is organized as a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a continuously-offered, non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the 1940 Act. The Fund's investment objective is to seek to maximize total return. Under normal market conditions, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securitized bond investments. Securitized bond investments are also referred to as "structured product securities" or "structured products." Securitized bond investments include interests in pools of secured loans backed by commercial real estate, residential real estate, commercial or consumer loans, and securitizations such as agency and non-agency mortgage-backed securities ("MBS") (including commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS"), and collateralized mortgage obligations ("CMOs")), asset-backed securities ("ABS"), and other similar securities and related instruments. Shareholders will be given 60 days prior notice of any change in the Fund's policy to invest at least 80% of net assets in securitized bond investments. The Fund commenced operations on September 30, 2024. The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

The Fund engages in a continuous offering of shares of beneficial interest of the fund ("Shares"). The Fund currently offers two classes of shares: Class I Shares which are sold without any sales loads and subject to a $2,500 initial investment minimum and Class R Shares which are sold without any sales loads and subject to a $50,000,000 initial investment minimum. As of June 30, 2025, Class A Shares (to be sold without any sales loads, but subject to Distribution and Shareholder Servicing Fees of 0.50% of the average daily net assets of Class A Shares and subject to a $2,500 initial investment minimum) are not currently offered. Each class of shares has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, and exchange privileges of each class of shares.

The Fund operates as a single operating segment which is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Treasurer of the Fund. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**New Accounting Pronouncement** - In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by

**12 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.

**Significant Accounting Policies** 

The following is a summary of the Fund's significant accounting policies.

Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which 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 income and expenses during the reporting period. Actual results could differ from those estimates.

Security valuation — The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used by the Fund maximizes the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments)

Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales price is not readily available are valued at the closing bid price in the principal market where such securities are normally traded. Investments in other open-end investment companies are valued at their reported net asset value ("NAV") per share. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 13**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a price becomes stale, or an event occurs that materially affects the furnished price) are valued by the Valuation & Liquidity Committee of Diamond Hill Capital Management, Inc. ("DHCM" or the "Adviser"). In these cases, the Valuation & Liquidity Committee, established and appointed by the Board of Trustees, determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by the Fund ("good faith fair valuation") pursuant to Rule 2a-5 under the 1940 Act. When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or analysts of the situation at issue, transactions implicitly valuing the security (such as a merger, tender offer, etc.), the value of other securities or contracts which derive their value from the security at issue, and the implications (whether negative or positive) of the circumstances which have caused trading in the security to halt. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities may be classified as Level 2 or Level 3 in the fair value hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. The following is a summary of the Fund's investments and the inputs used to value the investments as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - <br> Quoted Prices**  | **Level 2 - Other <br> Significant <br> Observable <br> Inputs**  | **Level 3 - <br> Significant <br> Unobservable <br> Inputs**  | **Total**  |
| **Investments in Securities (Assets)** | **Investments in Securities (Assets)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Securitized\* | $— | $94561097 | $— | $94561097 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 6239742 |  |  | 6239742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6239742 | $94561097 | $— | $100800839 |

---

\* See Schedule of Investments for industry classification.

There were no transfers into or out of Level 3 for the for the six months ended June 30, 2025.

Securities lending — Under the terms of the securities lending agreement with State Street Bank and Trust Company ("State Street"), State Street is authorized to loan securities on behalf of the Fund to approved borrowers. The contractual maturity of securities lending transactions is on an overnight and continuous basis. In exchange, the Fund receives cash and/or U.S. Treasury and government agency securities as collateral in the amount of at least 100% of the value of the securities loaned. Any collateral shortfalls due to changes in security

**14 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

market prices are adjusted the next business day. The cash collateral is invested in short-term instruments as noted in the Fund's Schedule of Investments. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. The agreement indemnifies the Fund from losses incurred in the event of a borrower's material default of the terms and conditions of the borrower agreement. The agreement provides that after predetermined rebates to borrowers, the Fund retains a portion of its respective net securities lending income and pays State Street the remaining portion. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into a master netting agreement and collateral agreement with State Street that provide the Fund, in the event of default (such as bankruptcy or borrower's failure to pay or perform), the right to net rights and obligations under such agreements and liquidate and set off collateral against the net amount owed to the Fund. During the six months ended June 30, 2025, the Fund did not have any securities on loan.

Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. Interest only stripped mortgage-backed securities ("IO Strips") are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Fund upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

Share valuation — The NAV per share of each class of shares of the Fund is calculated daily by dividing the total value of a Fund's assets attributable to that class, less liabilities attributable to that class, by the number of shares of that class outstanding.

Income taxes — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

The Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and any net realized capital gains to its shareholders.

The Fund recognizes tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund has reviewed tax positions taken in the current tax year that remain subject to examination by all major tax jurisdictions, including federal and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 15**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2025, the Fund did not incur any interest or penalties.

Distributions to shareholders — Dividends from net investment income are declared and paid monthly for the Fund. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in the expenses of each class. Net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for paydown gains and losses on mortgage-backed securities and deferrals of certain losses. Permanent book and tax basis differences are reclassified among the components of net assets. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.

Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund.

**Principal Risk Factors** 

The principal risks of investing in the Fund are summarized below. For a more comprehensive list of potential risks the Fund may be subject to, please refer to the Fund's Prospectus and Statement of Additional Information.

Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk - The Fund may invest in asset-backed, mortgage-related, and mortgage-backed securities, including so-called "sub-prime" mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

CMOs and stripped mortgage-backed securities ("SMBSs"), including those structured as interest only ("IOs") and principal only ("POs"), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. CMOs are issued in multiple classes, and each class may have its own interest rate and/or final payment date. A class with an earlier final payment date may have certain preferences in receiving principal payments or earning interest. As a result, the value of some classes in which the Fund

**16 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

invests may be more volatile and may be subject to higher risk of non-payment. The risk of default, for "sub-prime" mortgages is generally higher than other types of MBS. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.

The values of IO and PO MBS are more volatile than other types of mortgage-related securities. They are very sensitive not only to changes in interest rates, but also to the rate of prepayments. A rapid or unexpected increase in prepayments can significantly depress the price of interest-only securities, while a rapid or unexpected decrease could have the same effect on principal-only securities. In addition, because there may be a drop in trading volume, an inability to find a ready buyer, or the imposition of legal restrictions on the resale of securities, these instruments may be illiquid. The Fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. In response to changes in market interest rates or other market conditions, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If interest rates move in a manner not anticipated by the Adviser, the Fund could lose all or substantially all of its investment in inverse IOs.

Closed-End Structure Risk - The Fund is a closed-end investment company. It is designed for long-term investors and not as a trading vehicle. Unlike the shares of many closed-end investment companies, the Shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the Shares and the Fund expects that no secondary market will develop. Liquidity is provided to Shareholders only through the Fund's quarterly repurchase offers for no less than 5% of the Shares outstanding at NAV. There is no guarantee that Shareholders will be able to sell all of the Shares they desire in a quarterly repurchase offer.

Credit Risk - There is a risk that issuers and counterparties will not make payments on securities and repurchase agreements held by the Fund. Such default could result in losses to the Fund. In addition, the credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in Shares. Lower credit quality also may affect liquidity and make it difficult for the Fund to sell the security.

Current Market Environment Risk - Various sectors of the financial markets may experience an extended period of adverse conditions. Market uncertainty may increase dramatically, and these conditions may result in disruptions of the global credit markets, periods of reduced liquidity, greater general volatility, volatility of credit spreads, and a contraction of availability of credit and lack of price transparency. In particular, certain types of securitized vehicles may come under stress due to economic factors and trends, such as higher than expected interest rates, property vacancies and consumer stress. The Fund anticipates that a significant portion of its net assets may be illiquid and subject to these risks.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 17**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

High Yield and Distressed Securities Risk - The Fund will purchase fixed income securities rated below the investment grade category. Securities in this rating category are speculative. These investments may be issued by companies that are less creditworthy or financially distressed. Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.

Liquidity Risk - The Fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Liquidity risk may result from the lack of an active market or a reduced number and capacity of traditional market participants to make a market in fixed income securities and may be magnified during times of market stress. The Fund may not be able to meet the requests to redeem Shares without significant dilution of remaining investors' interest in the Fund.

Market Risk - The value of the Fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries or overall securities markets. When the value of the Fund's investments goes down, a shareholder's investment in the Fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, trade barriers, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the Fund's service providers, disrupt the Fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the Fund's investments.

Non-Diversification Risk - The Fund is classified as "non-diversified" under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.

**Investment Transactions** 

For the six months ended June 30, 2025, purchases and sales (including maturities) of investment securities (excluding short-term securities, U.S. government obligations and in-kind transactions) were as follows:

---

| | |
|:---|:---|
| **Purchases**  | **Sales**  |
| $51847197 | $13481730 |

---

**Investment Advisory Fees and Other Transactions with Affiliates** 

As of June 30, 2025, the Fund receives Investment Management and Advisory Services from DHCM under a Management Agreement that provides for fees to be paid monthly at an annual rate of 1.25% of the Fund's average daily net assets. The Management Agreement is subject to annual approval by the Board of Trustees. In addition, the Fund has entered into

**18 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

an Administrative Services Agreement whereby DHCM is paid a fee monthly at an annual rate of 0.50% for Class A and Class I Shares and 0.10% for Class R Shares of each class' average daily net assets. These administrative fees are used to pay most of the Fund's operating expenses except advisory fees, distribution fees, custody fees, brokerage fees and commissions, taxes, extraordinary or non-recurring expenses.

Pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Servicing Plan on behalf of the Fund's Class A Shares (the "Plan"). Under the Plan, Class A Shares pay a Distribution and Servicing Fee monthly at an annual rate of 0.50% (of which 0.25% is a shareholder service fee and the remaining portion is a distribution fee) of Class A Shares average daily net assets. Class I and Class R Shares are not subject to any Distribution Fees. The Fund has entered into a Distribution Agreement on behalf of the Fund with Foreside Financial Services, LLC ("Distributor"). Pursuant to the Distribution Agreement, the Distributor acts as principal underwriter of the Fund's shares. As of June 30, 2025, no such Distribution and Servicing Fees were incurred by the Fund, as Class A Shares are not currently offered.

The Officers of the Fund are affiliated with DHCM. Such Officers receive no compensation from the Fund for serving in their respective roles.

**Beneficial Ownership** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Northern Trust Company owned as a record shareholder 52% of the outstanding shares of the Fund and Charles Schwab & Co owned as a record shareholder 33% of the outstanding shares of the Fund.

**Trustee Fees** 

The Independent Trustees are compensated for their services to the Fund by DHCM as part of the administration services agreement. The Independent Trustees were paid $15,000 in fees during the six months ended June 30, 2025. In addition, DHCM reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

**Commitments and Contingencies** 

The Fund indemnifies the Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund has entered into contracts that contain a variety of representations and warranties and provides 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 that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 19**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

**Federal Tax Information** 

The amount and character of income and capital gain distributions paid by the Fund is determined in accordance with Federal income tax regulations, which may differ from GAAP.

The tax character of distributions paid during the periods ended June 30, 2025 and December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **December 31, <br> 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $2594673 | $954041 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains |  |  |
| Total distributions | $2594673 | $954041 |

---

The following information was computed on a tax basis for each item as of December 31, 2024:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments | $76108 |
| Undistributed ordinary income | 57083 |
| &nbsp;&nbsp;&nbsp;Distributable earnings | $133191 |

---

As of June 30, 2025, the Fund's federal tax cost of investments and net unrealized appreciation (depreciation) on investments was as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $97048334 |
| Gross unrealized appreciation | 3960364 |
| Gross unrealized depreciation | (207859) |
| Net unrealized appreciation on investments | $3752505 |

---

Reclassification of capital accounts - During the fiscal period ended December 31, 2024, there were no permanent differences that resulted in adjustments to distributable earnings or paid-in capital.

**Share Repurchase Program** 

The Shares have no history of public trading, nor is it intended that the Shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Shares.

The Fund is an "interval fund," which is designed to provide some liquidity to Shareholders by making quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV. In connection with any given repurchase offer, it is possible that the Fund may offer to repurchase only the minimum allowable amount of 5% of its outstanding Shares at the NAV applicable to the class of Shares repurchased. Shareholders will receive written notice of each quarterly repurchase offer ("Repurchase Offer Notice") that includes the date the repurchase offer ends ("Repurchase Request Deadline") and the date the repurchase price will be determined ("Repurchase Pricing Date"). Shares will be repurchased at the NAV per share determined on the Repurchasing Pricing Date.

**20 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Notes to Financial Statements (Continued)<br> June 30, 2025 (Unaudited)

During the six months ended June 30, 2025, the Fund completed two quarterly repurchase offers. The results of the completed repurchase offers were as follows:

---

| | | |
|:---|:---|:---|
| Commencement Date | February 24, 2025 | May 29, 2025 |
| Notice Date | February 24, 2025 | May 29, 2025 |
| Valuation Date | March 21, 2025 | June 20, 2025 |
| Valuation Date Net Asset Value – Class I Shares | $10.38 | $10.53 |
| Valuation Date Net Asset Value – Class R Shares | $10.38 | $10.52 |
| Shares Repurchased – Class I Shares |  |  |
| Shares Repurchased – Class R Shares | 1485 | 9476 |
| Value of Shares Repurchased – Class I Shares | $— | $— |
| Value of Shares Repurchased – Class R Shares | $15416 | $99684 |
| Percentage of Shares Repurchased – Class I Shares | 0.0% | 0.0% |
| Percentage of Shares Repurchased – Class R Shares | 0.0% | 0.1% |
| Percentage of Shares Repurchased – Total Fund Shares | 0.0% | 0.1% |

---

**Subsequent Events** 

The Fund evaluated events from June 30, 2025 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Fund's financial statements.

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 21**<br>

**Diamond Hill Securitized Credit Fund**<br> Other Items<br> June 30, 2025 (Unaudited)

**Proxy Voting** 

The investment Adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Fund. A description of the policies and procedures that the Adviser uses in fulfilling this responsibility and information regarding how those proxies will be voted during the twelve-month period ended June 30 will be available without charge upon request by calling toll free number 1-888-226-5595, or through the Fund's website, or on the Securities and Exchange Commission's ("Commission") website at www.sec.gov.

**Portfolio Disclosure** 

The Fund files a complete listing of portfolio holdings for the Fund as of the end of the first and third quarters of each fiscal year on Part F to Form N-PORT. The complete listing is available on the Commission's website. Monthly portfolio holdings are also available on www.diamond-hill.com.

**22 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Credit Fund**<br> Schedule of Shareholder Expenses <br> Hypothetical Example of a $1,000 Investment at Beginning of Period <br> (Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Account value <br> at the beginning <br> of the period ($)** | **Account value <br> at the end <br> of the period ($)** | **Account value <br> at the end <br> of the period ($)** | **Expenses paid <br> during <br> the period ($)** | **Expenses paid <br> during <br> the period ($)** | **Funds <br> annualized <br> expense <br> ratio (%)** |
|  | **Actual** | **Actual** | **Hypothetical** | **Actual\*** | **Hypothetical\*\*** | **Actual** |
| &nbsp;&nbsp;Class I | 1000.00 | 1086.10 | 1016.12 | 9.05 | 8.75 | 1.75% |
| &nbsp;&nbsp;Class R | 1000.00 | 1088.20 | 1018.10 | 6.99 | 6.76 | 1.35% |

---

\* Actual expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 for Class I and multiplied by 181/365 for Class R.

---

| | |
|:---|:---|
| \*\*  | Hypothetical expenses are equal to each Class's annualized net expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period). |

---

**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 23**<br>

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**24 DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM**<br>

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**DIAMOND HILL SECURITIZED CREDIT FUND \| SEMI-ANNUAL REPORT \| JUNE 30, 2025 \| DIAMOND-HILL.COM 25**<br>

![](fp0094276-1_26.jpg)

INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, INC.

DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)

**DIAMOND-HILL.COM \| 855.255.8955 \| 325 JOHN H. MCCONNELL BLVD \| SUITE 200 \| COLUMBUS, OHIO \| 43215** 

DHSC-SAR063025

(b) Included with (a)

**Item 2.** **Code of Ethics.**

Not required

**Item 3.** **Audit Committee Financial Expert.**

Not required

**Item 4.** **Principal Accountant Fees and Services.**

Not required

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) The Registrant's schedule(s) of investments is included in the Financial Statements under Item 1 of this form.

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

Not applicable.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

The registrant has delegated proxy voting responsibilities with respect to the registrant to the investment adviser, subject to the general oversight of the board of trustees. The investment adviser has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940 consistent with its fiduciary obligations and the Proxy Policy has been approved by the board of trustees of the registrant as the policies and procedures that the investment adviser will use when voting proxies on behalf of the registrant. The Proxy Policy is designed and implemented in a manner reasonably expected to ensure that voting and consent rights are exercised prudently and solely in the best economic interests of the registrant and its shareholders considering all relevant factors and without undue influence from individuals or groups who may have an economic interest in the outcome of a proxy vote. Any conflict between the interests of the registrant's shareholders, on one hand, and those of the investment adviser or principal underwriter on the other will be reported to the board of trustees and the board of trustees will provide direction to the investment adviser on how to vote the proxy.

The Proxy Policy sets forth the investment adviser's voting guidelines. The guidelines contain information about the key objectives in voting proxies, various client and investment adviser decision methods, conflicts of interest, general voting principles, and detailed explanations on how the investment adviser will typically vote on certain matters that are typically up for shareholder vote. Each vote is ultimately determined on a case-by-case basis, taking into consideration all relevant facts and circumstances at the time of the vote.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not required

(b) Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during 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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed: Not required.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto.](fp0094276-3_ex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.

(a)(5) Change in the registrant's independent public accountant: Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto.](fp0094276-3_ex99906cert.htm)

[Exhibit 99.CERT](fp0094276-3_ex99cert.htm) [Certifications required by Rule 30a-2(a) under the Act](fp0094276-3_ex99cert.htm)

[Exhibit 99.906CERT](fp0094276-3_ex99906cert.htm) [Certifications required by Rule 30a-2(b) under the Act](fp0094276-3_ex99906cert.htm)

**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.

---

| | |
|:---|:---|
| Registrant | Diamond Hill Securitized Credit Fund |
| By (Signature and Title) | /s/ Jo Ann Quinif |
|  | Jo Ann Quinif, Principal Executive Officer |
| Date: | August 26, 2025 |

---

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.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Jo Ann Quinif |
|  | Jo Ann Quinif, Principal Executive Officer |
| Date: | August 26, 2025 |
| By (Signature and Title) | /s/ Julie A. Roach |
|  | Julie A. Roach, Principal Financial Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Jo Ann Quinif, certify that:

1. I have reviewed this report on Form N-CSR of the Diamond Hill Securitized Credit Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
 us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and

d) Disclosed
 in this report any changes in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 26, 2025 | /s/ Jo Ann Quinif |
|  | Jo Ann Quinif |
|  | Principal Executive Officer |

---

CERTIFICATIONS

I, Julie A. Roach, certify that:

1. I have reviewed this report on Form N-CSR of the Diamond Hill Securitized Credit Fund (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to
 us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed
 such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and

d) Disclosed
 in this report any changes in the registrant's internal control over financial reporting that occurred during the period
 covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
 internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial
 information; and

b) Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | |
|:---|:---|
| Date: August 26, 2025 | /s/ Julie A. Roach |
|  | Julie A. Roach |
|  | Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of the Diamond Hill Securitized Credit Fund (the "Registrant").

Jo Ann Quinif, Principal Executive Officer, and Julie A. Roach, Principal Financial Officer, of the Diamond Hill Securitized Credit Fund (the "Registrant"), each certify to the best of his knowledge that:

1. The
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully
 complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The
 information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of
 operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer <br> Diamond Hill Securitized Credit Fund  | Principal Financial Officer <br> Diamond Hill Securitized Credit Fund  |
| /s/ Jo Ann Quinif | /s/ Julie A. Roach |
| Jo Ann Quinif <br> Date: August 26, 2025  | Julie A. Roach <br> Date: August 26, 2025  |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.