# EDGAR Filing Document

**Accession Number:** 0001032423
**File Stem:** 0001032423-25-000087
**Filing Date:** 2025-7
**Character Count:** 501321
**Document Hash:** 381eaec2dd6d2649a21e0b6161afabbf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001032423-25-000087.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001032423-25-000087

**CONFORMED SUBMISSION TYPE**: N-14/A

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIAMOND HILL FUNDS
- **CENTRAL INDEX KEY:** 0001032423

**ORGANIZATION NAME:**
- **EIN:** 316547095
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-14/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288342
- **FILM NUMBER:** 251157693

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BSG FUNDS
- **DATE OF NAME CHANGE:** 19970206
**CENTRAL INDEX KEY**: 0001032423

**CENTRAL INDEX KEY**: 0001032423

## Series and Classes Contracts Data

### Diamond Hill Large Cap Concentrated ETF (Series ID: S000094326)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000262826 | Diamond Hill Large Cap Concentrated ETF |  |

### Diamond Hill Large Cap Concentrated Fund (Series ID: S000071665)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000227094 | Diamond Hill Large Cap Concentrated Fund Class Y  | DHFYX           |
| C000227095 | Diamond Hill Large Cap Concentrated Fund Investor | DHFAX           |
| C000227096 | Diamond Hill Large Cap Concentrated Fund Class I  | DHFIX           |

As filed with the U.S. Securities and Exchange Commission on July 29, 2025

File No. 333-288342

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-14**

**REGISTRATION STATEMENT**

*UNDER THE SECURITIES ACT OF 1933*

Pre-Effective Amendment No. 1 ☒

Post-Effective Amendment No. __ ☐

(Check appropriate box or boxes.)

**DIAMOND HILL FUNDS**

(Exact Name of Registrant as Specified in Charter)

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

(Address of Principal Executive Office) (Zip Code)

**(888) 226-5595**

Registrant's Telephone Number, including Area Code

**Thomas E. Line, Diamond Hill Funds**

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

(Name and Address of Agent for Service)

Please send copies of all communications to:

Michael V. Wible, Esq.

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

(614) 469-3200

**Approximate Date of Proposed Public Offering:** As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

**Title of the securities being registered:** Shares of beneficial interest, with no par value, of Diamond Hill Large Cap Concentrated ETF

**No filing fee is due** because Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended.

**DIAMOND HILL LARGE CAP CONCENTRATED FUND**

**A SERIES OF DIAMOND HILL FUNDS**

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215

[DATE]

Dear Shareholder:

We wish to provide you with some important information concerning your investment. You are receiving this Combined Prospectus/Information Statement because you own shares of the Diamond Hill Large Cap Concentrated Fund, a series of the Diamond Hill Funds (the "Trust"). The Board of Trustees of the Trust (the "Board"), after careful consideration and upon recommendation of Diamond Hill Capital Management, Inc. (the "Adviser"), has approved the conversion (the "Reorganization") of the Diamond Hill Large Cap Concentrated Fund (the "Target Fund") into an exchange-traded fund ("ETF") by reorganizing the Target Fund into the newly created series of the Trust, the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"). The Target Fund and the Survivor Fund are sometimes referred to separately as a "Fund," and together as the "Funds." **The Reorganization does not require your approval, and you are not being asked to vote.** The attached Combined Prospectus/Information Statement contains information about the Survivor Fund and provides details about the terms and conditions of the Reorganization. You should review the Combined Prospectus/Information Statement carefully and retain it for future reference.

The Target Fund and Survivor Fund have identical investment objectives and substantially similar principal investment strategies, although the Target Fund is a mutual fund that concentrates its investments in approximately 20 securities and the Survivor Fund is an ETF that concentrates its investments in approximately 20-30 securities. Each Fund invests, under normal market conditions, at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. We anticipate that the Reorganization will benefit shareholders of the Target Fund as discussed more fully in the Combined Prospectus/Information Statement.

The Board has concluded that the Reorganization is in the best interests of the Target Fund and its shareholders. In approving the Reorganization, the Board considered, among other things: (i) the Funds' identical investment objectives and substantially similar principal investment strategies; (ii) the expected portfolio management efficiencies for the Survivor Fund such as equal or lower expenses, lower cost of operations, potential for improved tax efficiency, intraday trading, enhanced portfolio transparency and potential for expanded distribution opportunities; and (iii) the terms and conditions of the Agreement and Plan of Reorganization (the "Plan of Reorganization"). The Board also considered that it is not anticipated that shareholders will recognize any gain or loss for tax purposes on the exchange of Target Fund shares for Survivor Fund shares in the Reorganization and that the costs of the Reorganization will be borne by the Adviser. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency. An ETF generally may acquire and redeem securities in-kind. Redeeming ETF shares in-kind can minimize an ETF's need to sell securities at a taxable gain, thereby reducing the need for taxable realized gains to be distributed to ETF shareholders.

The Plan of Reorganization provides that the Target Fund will transfer all of its assets and liabilities to the Survivor Fund. In exchange for the transfer of these assets and liabilities, the Survivor Fund will simultaneously issue shares to the Target Fund in an amount equal in value to the net asset value ("NAV") of the Target Fund's shares as of the close of business on the business day preceding the foregoing transfers. These transfers are expected to occur on or about September 26, 2025 (the "Closing Date"). Immediately after the Reorganization, the Target Fund will make a liquidating distribution to its shareholders of the Survivor Fund shares received, so that a shareholder in the Target Fund at the Closing Date of the Reorganization will receive a number of shares of the Survivor Fund with the same aggregate value as the shareholder had in the Target Fund immediately before the Reorganization. Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders and any shares held in direct accounts and such cash payment may be taxable. Shares of the Survivor Fund are not issued in fractional shares, so cash will be paid to some shareholders in lieu of fractional shares of the Survivor Fund, which cash payment may be taxable to shareholders in non-tax qualified accounts. If you hold your shares directly with the Target Fund, your investment will be liquidated on September 25, 2025. If you hold your shares of the Target Fund through a brokerage account that cannot accept shares of an ETF and do not take action prior to September 25, 2025 to set up a brokerage account that permits investment in ETF shares, you will not receive shares of the Survivor Fund as part of the Reorganization. Instead, your investment will be liquidated on September 25, 2025 and you will receive cash equal in value to the NAV of your Target Fund shares.

------

The Target Fund offers three classes of shares, Investor Class, Class I and Class Y. The Survivor Fund offers only one class of shares. As part of the Reorganization, on or around September 5, 2025, all issued and outstanding Class I and Investor Class shares of the Target Fund will convert to Class Y shares of the Target Fund (the "Share Class Consolidation"). The Share Class Consolidation is intended to move shareholders into a share class that most closely resembles the Survivor Fund's sole share class. The Share Class Consolidation will be effected on the basis of the relative NAVs of the two relevant classes, without the imposition of any sales load, fee or other charges.

Following the Reorganization, the Target Fund will cease operations and be terminated as a separate series of the Trust. Shareholders of the Target Fund will not be assessed any sales charges, redemption fees or any other shareholder fee in connection with the Reorganization. In addition, we do not expect the Reorganization to cause the shareholders of the Target Fund to recognize any federally taxable gains or losses on the exchange of Target Fund shares for Survivor Fund shares.

**NO ACTION ON YOUR PART IS REQUIRED TO EFFECT THE REORGANIZATION.**

If you have questions, please contact the Funds at 1-888-226-5595.

Sincerely,

<u>/s/Thomas E. Line</u>

Thomas E. Line

President

Diamond Hill Funds

------

**QUESTIONS AND ANSWERS**

We recommend that you read the complete Combined Prospectus/Information Statement. The following Questions and Answers provide an overview of the key features of the Reorganization and of the information contained in this Combined Prospectus/Information Statement.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;What is this document and why did we send it to you?**

A.&nbsp;&nbsp;&nbsp;&nbsp;This is a Combined Prospectus/Information Statement that provides you with information about a plan of reorganization between the Diamond Hill Large Cap Concentrated Fund (the "Target Fund") and the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"). Both the Target Fund and the Survivor Fund are series of the Diamond Hill Funds (the "Trust"). The Target Fund and the Survivor Fund are sometimes referred to separately as a "Fund," and together as the "Funds." The Funds pursue identical investment objectives and substantially similar investment strategies. When the reorganization of the Target Fund into the Survivor Fund (the "Reorganization") is completed, your shares of the Target Fund will be exchanged for shares of the Survivor Fund, and the Target Fund will cease operations and will be terminated as a series of the Trust. Please refer to this Combined Prospectus/Information Statement for a detailed explanation of the Reorganization, and a more complete description of the Survivor Fund.

You are receiving this Combined Prospectus/Information Statement because you own shares of the Target Fund. The Reorganization does not require approval by you or by shareholders of either the Target or Survivor Fund, and you are not being asked to vote.

**Q. &nbsp;&nbsp;&nbsp;&nbsp;Has the Board of Trustees approved the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Yes. The Board of Trustees of the Trust (the "Board") has approved the Reorganization. After careful consideration, the Board, including all of the trustees of the Trust ("Trustees") who are not "interested persons" of the Trust (as defined in the Investment Company Act of 1940, as amended (the "Company Act")) (the "Independent Trustees"), determined that the Reorganization is in the best interests of the Target Fund's shareholders and that the shareholders' interests in their Target Fund shares will not be diluted as a result of the Reorganization. The Board noted that shareholders will benefit by maintaining investment in an identical investment objective and substantially similar investment strategy on a tax-free basis in an exchange-traded fund ("ETF") with potential for operating efficiencies. The Survivor Fund will not commence operations before completion of the Reorganization and does not have existing shareholders.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;How will the Reorganization affect me as a shareholder?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Unlike the Target Fund, individual shares of the Survivor Fund are not purchased or redeemed directly with the Survivor Fund at net asset value ("NAV"). Rather, you will buy and sell shares of the Survivor Fund only in secondary market transactions on the NYSE Arca, Inc. (the "Exchange"). Shares are listed for trading on the Exchange under the symbol [DHLX] and will trade at market prices. The market price of shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares. In addition, unlike shares of the Target Fund, which can only be purchased or redeemed once daily after the next-determined NAV, Survivor Fund shares can be purchased and sold throughout the trading day like shares of publicly-traded companies, which gives you greater flexibility to enter into or exit out of your investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, you will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

The number of shares of the Survivor Fund you receive in the Reorganization (and thus the number of shares allocated to you) will depend on the relative NAV per share of each Fund immediately prior to the Reorganization. Thus, although the aggregate NAV of your account will be the same, you may receive a greater or lesser number of shares of the Survivor Fund than you currently hold of the Target Fund. No physical share certificates will be issued.

**Q. What are some features of ETFs that differ from mutual funds?**

A. &nbsp;&nbsp;&nbsp;&nbsp;The following are some unique features of ETFs as compared to mutual funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased at a quoted bid price and sold at a quoted ask price on the exchange, which gives the shareholder more control over the ability to enter into or exit out of

i

------

their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Share Classes</u>. As a mutual fund, the Target Fund offers multiple classes of shares with different sales charges, expenses and/or minimum investment amounts. As an ETF, the Survivor Fund offers only one class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sales only through a Broker</u>. Unlike the mutual fund shares of the Target Fund, ETF shares cannot be purchased or redeemed directly from the Survivor Fund (except by an authorized participant, "Authorized Participant"). Investors that wish to purchase or sell Survivor Fund shares after the Reorganization will need to have a broker-dealer execute their transaction at market prices. When buying and selling shares through a financial intermediary, a shareholder may incur brokerage or other charges determined by the financial intermediary, although ETFs such as the Survivor Fund may trade with no transaction fees on many platforms. In addition, a shareholder of an ETF, such as the Survivor Fund, may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Because ETF shares trade at market prices rather than at NAV, shares of an ETF, like the Survivor Fund, may trade at a price less than (discount) or greater than (premium) the ETF's NAV. The trading prices of the Survivor Fund's shares in the secondary market will fluctuate continuously throughout trading hours based on the supply and demand for the Survivor Fund's shares and shares of the underlying securities held by the Survivor Fund, economic conditions, and other factors, rather than at the Survivor Fund's NAV, which is calculated at the end of each business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for lower expense ratio</u>. While both the Target Fund and the Survivor Fund pay a management fee of 0.50% of average daily net assets, the Survivor Fund will operate at a total expense ratio equal to or lower than the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Increased transparency</u>. As a shareholder of the Survivor Fund, you will gain the benefit of fully daily transparency because the Survivor Fund will be a transparent ETF that operates with full transparency into its underlying portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the Exchange. This holdings information will be found on the Survivor Fund's website, www.diamond-hill.com/documenrts. The Target Fund does not provide full daily transparency into its underlying portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Lower cost of operation</u>. The Survivor Fund is expected to cost less to operate relative to the Target Fund because there are expenses that the Target Fund incurs as part of its operations that the Survivor Fund will not incur, including per-account transfer agency fees, shareholder servicing fees, state registration fees, and certain transaction-related expenses. Any cost savings is reflected in the "Annual Fund Operating Expenses" table on page 7 of the Combined Prospectus/Information Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund, sells portfolio securities, that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for an ETF, including actively-managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an ETF typically are small and shareholders in an ETF are largely only subject to capital gains tax on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for expanded distribution</u>. As an ETF, the Survivor Fund may have additional distribution opportunities such as firms and advisers that utilize ETFs within investment models or client portfolios, which could lead to an increase in the Survivor Fund's assets, potentially resulting in greater economies of scale.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Are the Funds' Investment Objectives and Principal Investment Strategies different?**

A.**&nbsp;&nbsp;&nbsp;&nbsp;**Each Fund's investment objective is identical because each Fund seeks to provide long-term capital appreciation. The Target Fund and the Survivor Fund also have substantially similar principal investment strategies, except that the Target Fund concentrates its investments in approximately 20 securities and the Survivor Fund concentrates its investments in approximately 20-30 securities. In addition, each Fund invests, under normal market conditions, at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Diamond Hill Capital Management, Inc. (the "Adviser") believes are

ii

------

undervalued. The Survivor Fund will maintain its current investment objective and principal investment strategies after the Reorganization.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Are there any differences in risks between the Fund and the Acquiring ETF?**

A. &nbsp;&nbsp;&nbsp;&nbsp;Yes. The Survivor Fund is subject to additional risks attributable to operating as an ETF. Because the Survivor Fund's shares are bought and sold in the secondary market at market prices, there may be times when the market price of shares is more or less than NAV per share. In addition, due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of the Survivor Fund's shares may significantly reduce investment results and an investment in the Survivor Fund's shares may not be advisable for investors who anticipate regularly making small investments. Finally, since only Authorized Participants may engage in creation or redemption transactions directly with the Survivor Fund, to the extent Authorized Participants exit the business, the Survivor Fund's shares may be more likely to trade at a premium or discount and possibly face trading halts or delisting. These risks are discussed in greater detail in the Combined Prospectus/Information Statement.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will the Reorganization affect the way my investments are managed?**

A. &nbsp;&nbsp;&nbsp;&nbsp;No. The Adviser is the investment adviser to both the Target Fund and the Survivor Fund. The current portfolio manager of the Target Fund also will serve as portfolio manager of the Survivor Fund, and the Survivor Fund will be managed using the same investment objective and substantially similar investment strategies as are currently used by the Target Fund.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Why is no shareholder action necessary?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Neither a vote of the shareholders of the Target Fund nor a vote of the shareholders of the Survivor Fund is required to approve the Reorganization under the Ohio Revised Code or under the Trust's Declaration of Trust. Pursuant to Rule 17a-8 under the Company Act, a vote of the shareholders of the Target Fund is not required.

**Q. When will the Reorganization occur?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization is expected to take effect on or about September 26, 2025 ("Closing Date"), or as soon as possible thereafter.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Who will pay for the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The costs of the Reorganization will be borne by the Adviser, whether or not the Reorganization is consummated. The costs of the Reorganization are estimated to be approximately $250,000.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will the Reorganization result in any federal tax liability to me?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization generally is not expected to result in a tax consequence to Target Fund shareholders. However, you may experience tax consequences if you receive cash in redemption of any fractional shares of the Target Fund prior to the Reorganization because either you do not hold shares of the Target Fund through a brokerage account, or on the Closing Date of the Reorganization you hold your shares of the Target Fund directly through a brokerage account that cannot accept shares of the Survivor Fund. In these circumstances, your investment in the Target Fund will either be liquidated and the cash value of your Target Fund shares returned to you, or your shares of the Target Fund will be transferred by your financial intermediary to a different investment option. Both situations may be taxable events.

Shareholders should consult their tax advisors as to the specific consequences to them of the Reorganization, including the applicability and effect of state, local, foreign, and other taxes.

**Q.&nbsp;&nbsp;&nbsp;&nbsp; What do I need to do about my Target Fund account prior to the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp; The following provides information to determine whether you will need to take action prior to the Reorganization with respect to your Target Fund shares based on the characteristics of your account.

iii

------

**<u>Accounts that Require No Action</u>**

If you hold your shares of the Target Fund in a brokerage account that permits you to purchase securities traded in the stock market, such as ETF shares or other types of stocks, then you will not need to take any action with respect to your account prior to the Reorganization to receive ETF shares of the Survivor Fund.

**<u>Accounts that Require Action</u>**

***Non-Accommodating Brokerage Accounts—***If you hold your shares of the Target Fund in a brokerage account that only allows you to hold shares of mutual funds, you will need to contact your financial intermediary to set up a brokerage account that permits investment in ETF shares. If you hold your shares of the Target Fund through an account with a financial intermediary that is not able to hold shares of the Survivor Fund, like many group retirement plans, your financial intermediary may transfer your investment in the Target Fund to a different investment option prior to the Reorganization.

***Fund Direct Accounts—***You cannot maintain a fund direct account with the Survivor Fund; if you do not have a brokerage account or a relationship with a brokerage firm, you need to open an account that can accept or maintain Survivor Fund shares. If you are unable to establish a brokerage account that can accept ETF shares, your shares will be liquidated. The conversion of Survivor Fund shares to cash may be subject to fees and expenses and will be a taxable event.

**If you are unsure about the ability of your account to accept ETF shares, contact your financial advisor or other financial intermediary.**

**Q.**&nbsp;&nbsp;&nbsp;&nbsp; **How do I transfer my Target Fund Shares from a Non-Accommodating Brokerage Account to a Brokerage Account that accepts ETF shares?**

A. &nbsp;&nbsp;&nbsp;&nbsp; The broker where you hold your Target Fund shares should be able to assist you in changing the characteristics of your brokerage account to an account that is permitted to invest in ETF shares. Contact your broker right away to make the necessary changes to your account before the Reorganization.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Can I redeem my shares of the Target Fund before the Reorganization takes place?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Yes. You may redeem your Target Fund shares, at any time before the Reorganization takes place, as set forth in the Target Fund's prospectus. If you choose to do so, your request will be treated as a normal exchange or redemption of shares. Target Fund shares that you hold as of September 26, 2025 will be exchanged for shares of the Survivor Fund.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will shareholders have to pay any sales load, commission or other similar fee in connection with the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;No. Shareholders will not pay any sales load, commission, or other similar fee in connection with the Reorganization, and Target Fund shareholders will not pay any such fee indirectly.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;How do I transact in shares of the Survivor Fund after the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;After the Reorganization, shares of the Survivor Fund will be listed on the Exchange and may only be purchased and sold in the secondary market. Shares of the Survivor Fund also may be traded on other national securities exchanges, electronic crossing networks, and other alternative trading systems. Should you decide to purchase or sell shares of the Survivor Fund after the Reorganization, you will need to place a trade through a broker who will execute your trade in the secondary market at prevailing market prices. Because the Survivor Fund's shares trade at market prices rather than at NAV, the Survivor Fund's shares may trade at a price less than (discount) or greater than (premium) the Survivor Fund's NAV. As with all transactions for ETFs, your broker may charge a commission for purchase and sale transactions.

**Q. What if I do not want to own shares of the Survivor Fund?**

A.&nbsp;&nbsp;&nbsp;&nbsp;If you do not want to receive shares of the Survivor Fund, you can redeem your Target Fund shares prior to the Reorganization. Prior to doing so, however, you should consider the tax consequences associated with such action. Redemption of your Target Fund shares may be a taxable event if you hold your shares in a taxable account. The last date to redeem your Target Fund shares prior to the Reorganization is September 25, 2025.

iv

------

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Whom do I contact for further information?**

A.&nbsp;&nbsp;&nbsp;&nbsp;You can contact your financial advisor or other financial intermediary for further information. You may also contact the Funds at 1-888-226-5595. You may also visit the Funds' website at www.diamond-hill.com/documents.

**Important additional information about the Reorganization is set forth in the accompanying Combined Prospectus/Information Statement. Please read it carefully.**

v

------

The information in this Prospectus/Information Statement is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus/Information Statement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer of sale is not permitted.

Subject to Completion

**INFORMATION STATEMENT FOR**

**DIAMOND HILL LARGE CAP CONCENTRATED FUND, A SERIES OF DIAMOND HILL FUNDS**

**325 JOHN H. MCCONNELL BLVD., SUITE 200**

**COLUMBUS, OHIO 43215** 

**888-226-5595**

**PROSPECTUS FOR**

**DIAMOND HILL LARGE CAP CONCENTRATED ETF, A SERIES OF DIAMOND HILL FUNDS**

**325 JOHN H. MCCONNELL BLVD., SUITE 200**

**COLUMBUS, OHIO 43215** 

&nbsp;&nbsp;&nbsp;&nbsp;**888-226-5595** 

**DATED [\*]**

**RELATING TO THE REORGANIZATION OF**

**DIAMOND HILL LARGE CAP CONCENTRATED FUND**

**WITH AND INTO**

**DIAMOND HILL LARGE CAP CONCENTRATED ETF**

This Combined Prospectus/Information Statement is furnished to you as a shareholder of the Diamond Hill Large Cap Concentrated Fund (the "Target Fund"), a series of the Diamond Hill Funds, an Ohio business trust (the "Trust"). As provided in the Agreement and Plan of Reorganization (the "Plan of Reorganization"), the Target Fund will be reorganized into the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"), also a series of the Trust (the "Reorganization"). The Target Fund and the Survivor Fund are each referred to herein as a "Fund," and together, the "Funds." For purposes of this Combined Prospectus/Information Statement, the terms "shareholder," "you," and "your" refer to the shareholders of the Target Fund.

The Board of Trustees of the Trust (the "Board"), on behalf of each Fund, has approved the Reorganization and has determined that the Reorganization is in the best interests of each Fund and their respective shareholders. The Survivor Fund pursues the same investment objective, which is to provide long-term capital appreciation, and substantially similar investment strategies as the Target Fund. While the Target Fund is a mutual fund and the Survivor Fund is an exchange-traded fund ("ETF"), each Fund invests, under normal circumstances, at least 80% of its net assets in U.S. securities with large market capitalizations that Diamond Hill Capital Management, Inc. ("Adviser") believes are undervalued. However, the Target Fund concentrates its investments in approximately 20 securities, whereas the Survivor Fund concentrates its investments in approximately 20-30 securities. See "Summary—Investment Objectives and Principal Investment Strategies" below.

Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders and any shares held in direct accounts with the Target Fund. Such cash payment may be taxable. At the closing date of the Reorganization ("Closing Date"), the Survivor Fund will acquire substantially all of the assets and liabilities of the Target Fund in exchange for shares of the Survivor Fund. Immediately after receiving the Survivor Fund shares, the Target Fund will distribute these shares to its shareholders in liquidation of the Target Fund. Target Fund shareholders will receive shares of the Survivor Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund shares they held immediately prior to the Reorganization. After distributing these shares, the Target Fund will cease operations and be terminated as a series of the Trust. The Reorganization is not expected to require the sale of any portfolio positions (*i.e.*, portfolio repositioning).

A copy of the form of the Plan of Reorganization is included as Exhibit A to this Combined Prospectus/Information Statement.

------

This Combined Prospectus/Information Statement sets forth concisely the information you should know about the Reorganization and constitutes an offering of the shares of the Survivor Fund issued in the Reorganization. Please read it carefully and retain it for future reference.

A Statement of Additional Information dated [\*] (the "Reorganization SAI"), relating to this Combined Prospectus/Information Statement and the Reorganization has been filed with the Securities and Exchange Commission ("SEC"), and is also incorporated herein by reference. The Reorganization SAI is available upon request and without charge by calling 888-226-5595.

In addition, the following documents each have been filed with the SEC and are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Prospectus and Statement of Additional Information related to the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1032423/000103242325000006/ck0001032423-20241231.htm)</u>, each dated February 28, 2025 (File Nos. 811-08061 and 333-22075, Acc. No. 0001032423-25-000006);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Prospectus and Statement of Additional Information related to the Survivor Fund](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000044/dhf-lccetf485a.htm)</u>, each dated [\*] (File Nos. 811-08061 and 333-22075, Acc. No. 0001032423-25-000044); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Annual Report to shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/1032423/000139834425003195/fp0091722-37_ncsrixbrl.htm)</u> of the Target for the fiscal year ended December 31, 2024, which has previously been made available to shareholders of the Target Fund (File Nos. 811-08061 and 333-22075, Acc. No. 0001398344-25-003195)

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the "Company Act"), and in accordance therewith, file reports and other information, including proxy materials, with the SEC.

Shares of the Survivor Fund are expected to be listed for trading on the NYSE Arca, Inc. ("NYSE" or the "Exchange"). The shareholder reports, proxy statements and other information concerning the Survivor Fund can be inspected at the exchange

The Reorganization SAI, each Fund's Prospectus and SAI, and the Target Fund's annual and semi-annual shareholder reports are available upon request and without charge by writing to the Funds' at P.O. Box 46707, Cincinnati, OH 45246, or by calling toll-free at 1-888-226-5595. They also are available, free of charge, at the Funds' website at www.diamond-hill.com/documents. Information about the Funds is accessible via the EDGAR database on the SEC's internet site at www.sec.gov and copies may be obtained upon payment of a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**THIS COMBINED PROSPECTUS/INFORMATION STATEMENT IS EXPECTED TO BE SENT TO SHAREHOLDERS OF THE TARGET FUND ON OR ABOUT [AUGUST __, 2025].** 

**THIS COMBINED PROSPECTUS/INFORMATION STATEMENT IS FOR INFORMATION PURPOSES ONLY, AND YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO RECEIVING IT, EXCEPT TO CHECK FOR WHETHER YOU HAVE A BROKERAGE ACCOUNT THAT CAN ACCEPT SHARES OF AN ETF.** 

**WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.**

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION NOT CONTAINED IN THIS COMBINED PROSPECTUS/INFORMATION STATEMENT AND, IF SO GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THIS COMBINED PROSPECTUS/INFORMATION STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION IN WHICH, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.**

**NEITHER THE SEC NOR ANY STATE REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS COMBINED PROSPECTUS/INFORMATION STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY](#i8b246092b26949eab45bd343a9caa849) | [4](#i8b246092b26949eab45bd343a9caa849) |
| &nbsp;&nbsp;&nbsp;[The Reorganization](#i526d23ffabdb4cff8fd536869cb150f6) | [4](#i526d23ffabdb4cff8fd536869cb150f6) |
| &nbsp;&nbsp;&nbsp;[Investment Objectives and Principal Investment Strategies](#i02cfa57db497400d9be81ddfc247ec9a) | [6](#i02cfa57db497400d9be81ddfc247ec9a) |
| &nbsp;&nbsp;&nbsp;[Fees and Expenses](#i40cd23ecb82747aa8f559df9bfea1f16) | [6](#i40cd23ecb82747aa8f559df9bfea1f16) |
| &nbsp;&nbsp;&nbsp;[Federal Tax Consequences](#id24b1c7f72074a0488d44ebd0844a16c) | [7](#id24b1c7f72074a0488d44ebd0844a16c) |
| &nbsp;&nbsp;&nbsp;[Purchase, Exchange, Redemption, Transfer and Valuation of Shares](#ie1b75deb8a074bbc8c868963a2948329) | [7](#ie1b75deb8a074bbc8c868963a2948329) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Risks](#i41e3410724704a858f083e14804ecf3f) | [7](#i41e3410724704a858f083e14804ecf3f) |
| [COMPARISON OF THE TARGET FUND AND SURVIVOR FUND](#i3d261315f89544b597b68a4d4eb43b64) | [8](#i3d261315f89544b597b68a4d4eb43b64) |
| &nbsp;&nbsp;&nbsp;[Investment Objectives and Principal Investment Strategies](#i61698604d2274a04a010e1d90f7edc4c) | [8](#i61698604d2274a04a010e1d90f7edc4c) |
| &nbsp;&nbsp;&nbsp;[Fundamental Investment Policies](#i93cb953b83174a8c9b22366f8d78b270) | [8](#i93cb953b83174a8c9b22366f8d78b270) |
| &nbsp;&nbsp;&nbsp;[Risks of the Funds](#i27d1f2b38c534a29968c5559ff518862) | [9](#i27d1f2b38c534a29968c5559ff518862) |
| &nbsp;&nbsp;&nbsp;[Performance History](#i060a5633e3ce48e284ae4ce45b3ec014) | [11](#i060a5633e3ce48e284ae4ce45b3ec014) |
| &nbsp;&nbsp;&nbsp;[Management of the Funds](#i4de79b8377114ab78b19a7a9b40172b5) | [12](#i4de79b8377114ab78b19a7a9b40172b5) |
| &nbsp;&nbsp;&nbsp;[Other Service Providers](#iad01a092c3244c3d93378245cef0332b) | [12](#iad01a092c3244c3d93378245cef0332b) |
| &nbsp;&nbsp;&nbsp;[Purchase, Redemption and Pricing of Fund Shares](#if5880132d06f41d5807d93c879626d5a) | [13](#if5880132d06f41d5807d93c879626d5a) |
| &nbsp;&nbsp;&nbsp;[Redemption Procedures](#i09ba22af38b44f9e936820dd4155ff41) | [15](#i09ba22af38b44f9e936820dd4155ff41) |
| &nbsp;&nbsp;&nbsp;[Tax Status, Dividends, and Distributions](#i313dc83ed80d4026ac76c8e3af715b46) | [18](#i313dc83ed80d4026ac76c8e3af715b46) |
| [FINANCIAL HIGHLIGHTS](#ibb3c342acece4e0f9176f50aea338eb3) | [18](#ibb3c342acece4e0f9176f50aea338eb3) |
| [INFORMATION RELATING TO THE REORGANIZATION](#if3b3dae1877849aa8c225b7ccaec2513) | [19](#if3b3dae1877849aa8c225b7ccaec2513) |
| &nbsp;&nbsp;&nbsp;[Description of the Reorganization](#i6904996033b6414fa7631ad30c520bcf) | [19](#i6904996033b6414fa7631ad30c520bcf) |
| &nbsp;&nbsp;&nbsp;[Terms of the Reorganization](#i632e01bb7ef54a809ccf41b24b0aaf67) | [19](#i632e01bb7ef54a809ccf41b24b0aaf67) |
| &nbsp;&nbsp;&nbsp;[Reasons for the Reorganization](#i6f25cc7f868c43759b267439ca368e7d) | [19](#i6f25cc7f868c43759b267439ca368e7d) |
| &nbsp;&nbsp;&nbsp;[Federal Income Taxes](#ib546a89ca90e4d938a9d1650f656316d) | [21](#ib546a89ca90e4d938a9d1650f656316d) |
| &nbsp;&nbsp;&nbsp;[Expenses of the Reorganization](#i3fb7a8165fb74758a97e609670ae2a6f) | [21](#i3fb7a8165fb74758a97e609670ae2a6f) |
| &nbsp;&nbsp;&nbsp;[Continuation of Shareholder Accounts and Plans; Share Certificates](#ifdf030648cf24994afea837b01284880) | [21](#ifdf030648cf24994afea837b01284880) |
| [OTHER INFORMATION](#iff38bc73c509422fb4739cb4b1fc5544) | [21](#iff38bc73c509422fb4739cb4b1fc5544) |
| &nbsp;&nbsp;&nbsp;[Capitalization](#i0e61d286d35a4d32adf29dc1acaf6a50) | [21](#i0e61d286d35a4d32adf29dc1acaf6a50) |
| &nbsp;&nbsp;&nbsp;[Shareholder Information](#i446fc466729e4d119558be78633951c9) | [22](#i446fc466729e4d119558be78633951c9) |
| &nbsp;&nbsp;&nbsp;[Shareholder Rights and Obligations](#i369a000b99dd4d3fb86e6bb4b782c281) | [22](#i369a000b99dd4d3fb86e6bb4b782c281) |
| &nbsp;&nbsp;&nbsp;[Shareholder Proposals](#ib98e4eba5f3449d586769764d2eb8c1a) | [23](#ib98e4eba5f3449d586769764d2eb8c1a) |
| [EXHIBIT A—AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION](#if5ec9294a7924c6684a7ea9f88c470ab) | [A-1](#if5ec9294a7924c6684a7ea9f88c470ab) |
| [EXHIBIT B—FINANCIAL HIGHLIGHTS](#i1476029fdf004c13bb22c0f434ea6e52) | [B-1](#i1476029fdf004c13bb22c0f434ea6e52) |

---

------

**SUMMARY**

*The following is a summary of certain information contained elsewhere in this Combined Prospectus/Information Statement and is qualified in its entirety by reference to the more complete information contained herein. Shareholders should read the entire Combined Prospectus/Information Statement carefully.*

The Trust, organized under the laws of the state of Ohio as a business trust, is an open-end management investment company registered with the SEC. The Target Fund and Survivor Fund are each organized as separate series of the Trust. The investment objective of each of the Target Fund and the Survivor Fund are identical and each Fund seeks to provide long-term capital appreciation.

Diamond Hill Capital Management, Inc. (the "Adviser") is the investment adviser for the Target Fund and will serve as the investment adviser for the Survivor Fund. Austin Hawley serves as the Target Fund's Portfolio Manager and will serve as the portfolio manager of the Survivor Fund following the Reorganization.

**The Reorganization**

*The Proposed Reorganization*. The Board, including the trustees of the Trust ("Trustees") who are not "interested persons" of the Trust (as defined in the Company Act) (the "Independent Trustees"), on behalf of each of the Target Fund and the Survivor Fund, has approved the Agreement and Plan of Reorganization (the "Plan of Reorganization"). The Plan of Reorganization provides for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer of all of the assets and liabilities of the Target Fund to the Survivor Fund in exchange for shares of the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution of such shares to the Target Fund's shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of the Target Fund as a separate series of the Trust and liquidation of the Target Fund.

If the proposed Reorganization is completed, the Survivor Fund will acquire substantially all of the assets and liabilities of the Target Fund, and shareholders of the Target Fund will receive shares of the Survivor Fund with an aggregate NAV equal to the aggregate NAV of the Target Fund shares that the shareholders own immediately prior to the Reorganization.

*Background and Reasons for the Proposed Reorganization*. The Reorganization has been proposed because the Adviser believes that it is in the best interests of each Fund's shareholders for the Target Fund to be reorganized into the Survivor Fund. The Survivor Fund has an identical investment objective and substantially similar principal investment strategies to the Target Fund, but the Survivor Fund will be operated as an ETF and will concentrate its investments in approximately 20-30 securities, whereas the Target Fund is a mutual fund that concentrates its investments in approximately 20 securities. As an ETF, the Survivor Fund may provide the following benefits to Target Fund shareholders following the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potentially lower expense ratio</u>. While both the Target Fund and the Survivor Fund pay a management fee of 0.50% of average daily net assets, and the Survivor Fund will operate at a total expense ratio equal to or lower than the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Increased transparency</u>. Unlike the Target Fund, the Survivor Fund will be a transparent ETF that operates with full transparency of its portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the NYSE Arca, Inc. (the "Exchange"). This holdings information will be found on the Survivor Fund's website, www.diamond-hill.com/documents. This transparency will provide shareholders with more current information about the Survivor Fund's portfolio holdings, allowing shareholders to make more informed decisions with respect to their investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund, sells portfolio securities, that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for an ETF, including actively-managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an ETF typically are small and shareholders in an ETF are largely only subject to capital gains on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased at a quoted bid price and sold at a quoted ask price throughout the trading day on the Exchange, which gives the shareholder more control over the ability to

------

enter into or exit out of their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions may also result in paying brokerage commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for expanded distribution</u>. As an ETF, the Survivor Fund may have additional distribution opportunities, such as firms and adviser that utilize ETFs withing investment models or client portfolios, which could lead to an increase in the Survivor Fund's assets, potentially resulting in greater economies of scale.

As a result, the Adviser believes Target Fund shareholders would benefit from becoming shareholders of the Survivor Fund.

In approving the Plan of Reorganization, the Board, on behalf of the Target Fund, including the Independent Trustees, determined that the Reorganization is in the best interests of the Target Fund and that the interests of the Target Fund shareholders will not be diluted as a result of the Reorganization. Before reaching this conclusion, the Board engaged in a thorough review process relating to the proposed Reorganization. The Board approved the Reorganization at a meeting held on May 22, 2025.

The factors considered by the Board with in approving the Reorganization included, but were not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with an identical investment objective and substantially similar principal investment strategies to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with the same management fee and equal or lower total operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same portfolio manager that currently manages the Target Fund will manage the Survivor Fund after the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Survivor Fund is expected to achieve certain operating efficiencies as an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in any tax consequence to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Target Fund shareholder will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of the Target Fund must have a brokerage account that is permitted to hold ETF shares in order to receive shares of the Survivor Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A vote of shareholders of the Target Fund is not required under the Trust's governing documents.

The Board, including all of the Independent Trustees, concluded, based upon the factors and determinations summarized above, that the Reorganization is advisable and in the best interests of the shareholders of the Target Fund, and that the interests of the shareholders of the Target Fund will not be diluted as a result of the Reorganization. The determinations on behalf of the Target Fund were made on the basis of each Trustee's business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have placed different weight on various factors and assigned different degrees of materiality to various conclusions.

Neither a vote of the shareholders of the Target Fund nor a vote of the shareholders of the Survivor Fund is required to approve the Reorganization under Ohio law or under the Trust's Declaration of Trust.

In addition, pursuant to Rule 17a-8 under the Company Act, a vote of the shareholders of the Target Fund is not required if as a result of the Reorganization: (i) there is no policy of the Target Fund that under Section 13 of the Company Act could not be changed without a vote of a majority of its outstanding voting securities that is materially different from a policy of the Survivor Fund; (ii) the Survivor Fund's investment management agreement is not materially different from that of the Target Fund; (iii) the Independent Trustees of the Target Fund who were elected by its shareholders will comprise a majority of the Independent Trustees of the Board overseeing the Survivor Fund; and (iv) after the Reorganization, the Survivor Fund will not be authorized to pay fees under a 12b-1 plan that are greater than fees authorized to be paid by the Target Fund under such a plan. The Reorganization meets all of these conditions, and therefore, a vote of shareholders is not required under the Company Act.

------

The Target Fund offers three classes of shares, Investor Class, Class I and Class Y. The Survivor Fund offers only one class of shares. As part of the Reorganization, on or around September 5, 2025, all issued and outstanding Class I and Investor Class shares of the Target Fund will convert to Class Y shares of the Target Fund (the "Share Class Consolidation"). Total annual fund operating expenses for Investor Class shares and Class I shares of the Target Fund are 0.96% and 0.67%, respectively, while total annual fund operating expenses for Class Y shares of the Target Fund are 0.55%. The Share Class Consolidation is intended to move shareholders into a share class that most closely resembles the ETF's sole share class. The Share Class Consolidation will be affected on the basis of the relative NAVs of the two relevant classes, without the imposition of any sales load, fee or other charge.

**Investment Objectives and Principal Investment Strategies**

The Funds have identical investment objectives and substantially similar principal investment strategies, except that the Target Fund concentrates its investments in approximately 20 securities and the Survivor Fund concentrates its investments in approximately 20-30 securities. The investment objective and principal investment strategies of the Survivor Fund will continue after the Reorganization. See "Comparison of the Target Fund and the Survivor Fund — Comparison of Investment Objectives and Principal Investment Strategies," below.

Each Fund's investment objective is to provide long-term capital appreciation. Each Fund invests, under normal market conditions, at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that the Adviser believes are undervalued. For each Fund, equity securities consist of common and preferred stocks and large cap companies are defined as companies with market capitalization of $15 billion or greater at the time of purchase. Each Fund is non-diversified, but whereas the Target Fund concentrates its investments in approximately 20 securities, the Survivor Fund intends to concentrate its investments in approximately 20-30 securities.

For information on risks, see "Comparison of the Target Fund and Survivor Fund — Risks of the Funds," below. The fundamental investment policies applicable to the Target Fund are also applicable to the Survivor Fund.

**Fees and Expenses**

The following tables describe the fees and expenses that you may pay if you buy, hold, and/or sell shares of the Target Fund or Survivor Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries that are not reflected in the tables and examples below. The tables allow you to compare and contrast the expense levels for the Target Fund with the Survivor Fund. Annual fund operating expenses for the Target Fund shown in the table below are based on the Target Fund's expenses for the fiscal year ended December 31, 2024. Also shown are annual fund operating expenses projected for the Survivor Fund on a pro forma basis after giving effect to the proposed Reorganization, based on pro forma net assets as of December 31, 2024. The fee table does not reflect the costs associated with the Reorganization because the Adviser is paying the costs of the Reorganization. Pro forma numbers do not reflect any potential liquidation of shareholders associated with the Reorganization or cash paid in lieu of fractional Survivor Fund shares. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. You will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of Survivor Fund shares from the Reorganization.

**Shareholder Fees** (fees paid directly from your investment):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Target Fund Investor**  | **Target Fund Class I** | **Target Fund Class Y** | ***Pro Forma***<br>**Survivor Fund** |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering price) |  |  |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of offering price) |  |  |  |  |
| Redemption Fee (as a % of amount redeemed on shares held less than 60 days) |  |  |  |  |

---

 

------

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>**Target Fund Investor**  | **Target Fund Class I** | **Target Fund Class Y** | ***Pro Forma***<br>**Survivor Fund** |
| Management Fees | 0.50% | 0.50% | 0.50% | 0.50% |
| Distribution and/or Service (12b-1) Fees | 0.25% |  |  | 0.00%<sup>1</sup> |
| Other expenses | 0.21% | 0.17% | 0.05% | 0.05%<sup>2</sup> |
| Total Annual Fund Operating Expenses | 0.96% | 0.67% | 0.55% | 0.55% |

---

<sup>1</sup> The Survivor Fund does not have a Rule 12b-1 distribution plan and does not assess a 12b-1 fee.

<sup>2</sup> Other Expenses are based on estimated amounts for the current fiscal year.

**EXAMPLES**

The Example below is intended to help you compare the cost of investing in the Funds with the cost of investing in other funds. This Example assumes that you invest $10,000 in each Fund for the time periods indicated and then redeem or sell, as applicable, all of your shares at the end of those periods. This Example also assumes that your investment has a 5% return each year and that each Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| **Target Fund Investor** | $98 | $306 | $531 | $1178 |
| **Target Fund Class I** | $68 | $214 | $373 | $835 |
| **Target Fund Class Y** | $56 | $176 | $307 | $689 |
| ***Pro Forma* — Survivor Fund** | $56 | $176 | $307 | $689 |

---

**Federal Tax Consequences**

It is expected that the Reorganization itself will be a tax-free reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended ("Code"). Accordingly, no gain or loss is expected to be recognized by the Funds as a direct result of the Reorganization. However, Target Fund shareholders may recognize gain or loss upon the receipt of cash in redemption of fractional shares of the Target Fund prior to the Reorganization, and shareholders whose Target Fund shares are not held in a brokerage account, or are held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, may recognize gain or loss if their Target Fund shares are either liquidated and redeemed for cash, or transferred by their financial intermediary to a different investment option. As a non-waivable condition to the Reorganization, the Trust will receive an opinion of counsel to the effect that the Reorganization will qualify as a tax-free reorganization for federal income tax purposes as defined by Section 368(a) of the Code.

**Purchase, Exchange, Redemption, Transfer and Valuation of Shares**

The policies of the Target Fund and the Survivor Fund regarding the purchase, redemption, and exchange of shares are materially different. The Target Fund and Survivor Fund have identical valuation policies. Please see "Comparison of the Target Fund and Survivor Fund" below for information regarding the purchase, exchange, redemption, transfer and valuation of shares of each Fund.

**Principal Investment Risks**

Because of their substantially similar principal investment strategies, the principal risks associated with an investment in the Survivor Fund are substantially similar to those risks associated with an investment in the Target Fund. Principal investment risks for both Funds include current market environment risk, focused portfolio risk, management risk, market risk, and sector emphasis risk. As an ETF, the Survivor Fund is subject to the additional risks of investing in an ETF and of the ETF structure risks. More information on each of these types of investment risks can be found under "Comparison of the Target Fund and Survivor Fund — Risks of the Funds" below.

------

**COMPARISON OF THE TARGET FUND AND SURVIVOR FUND**

The Funds' investment objectives are identical, their principal investment strategies are substantially similar, and the portfolio manager managing the Target Fund will manage the Survivor Fund. The principal risks of the Target Fund also apply to the Survivor Fund. However, the Survivor Fund has some additional risks due to its operations as an ETF. Below is a comparison of the Funds' investment objectives, investment policies, risks, performance, management and operations.

**Investment Objectives and Principal Investment Strategies**

The Survivor Fund will maintain the investment objective and substantially similar principal investment strategies of the Target Fund after the Reorganization. Each Fund's investment objective is to provide long-term capital appreciation. Each Fund invests, under normal market conditions, at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that the Adviser believes are undervalued. For each Fund, equity securities consist of common and preferred stocks and large cap companies are defined as companies with market capitalization of $15 billion or greater at the time of purchase. Each Fund is non-diversified, but whereas the Target Fund concentrates its investment in approximately 20 securities, the Survivor Fund intends to concentrate its investments in approximately 20-30 securities. The Adviser uses the same investment methodology to select investments for both the Target Fund and the Survivor Fund.

**Fundamental Investment Policies**

Each Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund, which means the vote of the lesser of: (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

As a matter of fundamental policy, each Fund, except as otherwise noted, may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Money</u>. The Fund will not borrow money, except (a) from a bank or from another Fund of the Trust, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowing and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. The Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is (a) consistent with or permitted by the Company Act the rules and regulations promulgated thereunder or interpretations of the Securities and Exchange Commission or its staff and (b) as described in the Prospectus and this SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Underwriting</u>. The Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), a Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Commodities</u>. The Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies that are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Loans</u>. The Fund will not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. The Fund will not invest 25% or more of their respective total assets in any particular industry. This limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

With respect to paragraph 1 above, if asset coverage on borrowing at any time falls below 300% for a Fund, within three days (or such longer period as the SEC may prescribe by rule or regulation) that Fund shall reduce the amount of its borrowings to the extent that asset coverage of such borrowings will be at least 300%.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association, corporation, or personal holding company, may be merged or consolidated with or acquired by the Trust; provided that, if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation, or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

The fundamental investment policies of the Survivor Fund will continue after the Reorganization.

**Risks of the Funds**

The following are the principal investment risks involved in an investment in both Funds:

*Current Market Environment Risk.* Various sectors of the financial markets may experience an extended period of adverse conditions. Market uncertainty can increase dramatically, and these conditions may result in disruptions of the equity markets, periods of reduced liquidity, greater general volatility, volatility of credit spreads, and a contraction of availability of credit and lack of price transparency.

*Focused Portfolio Risk.* Each Fund may have more volatility and is considered to have more risk than a fund that invests in securities of a greater number of issuers because changes in the value of a single issuer's security may have a more significant effect, either positive or negative, on the Fund's NAV.

*Management Risk.* The Adviser's judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which a Fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser's intrinsic value-oriented approach may fail to produce the intended results.

*Market Risk.* The value of each 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 a Fund's investments goes down, your 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 each 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 a 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.

*Sector Emphasis Risk.* Each Fund, from time to time, may invest 25% or more of its assets in one or more sectors, subjecting the Fund to sector emphasis risk. This risk is the risk that a Fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector in which the Fund has a focused position, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.

The following are additional principal investment risks involved in an investment in the Survivor Fund due to the Survivor Fund's ETF structure:

*Authorized Participant Risk.* Only an authorized participant ("Authorized Participant") that has entered into a contractual arrangement with the Distributor (as defined below) may engage in creation or redemption transactions directly with the Fund. To the

------

extent that Authorized Participants exit the business or are unable or unwilling to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able or willing to step forward to create or redeem large blocks of shares known as "Creation Units," shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in instruments that have lower trading volumes.

*Concentration of Primary Market Participants.* The Fund may have a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace.

*Costs of Buying or Selling Shares.* Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

*Shares May Trade at Prices Other Than NAV.* As with all ETFs, shares may only be bought and sold in the secondary market at market prices. As a result there may be times when the market price of shares is more than the NAV intraday (premium) or less than the NAV intraday (discount) due to supply and demand of shares or during periods of market volatility.

*Secondary Market Trading Risk.* Although Fund shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. Investors buying or selling shares in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. The bid-ask spread, which varies over time, is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has less trading volume and market liquidity. In addition, the bid-ask spread can be affected by the liquidity of the Fund's underlying investments and can widen if the fund's underlying investments become less liquid or illiquid.

Shares of the Fund, similar to shares of other issuers listed on a stock exchange, may be sold short; and therefore, are subject to the risk of increased volatility and price decreases associated with being sold short. In addition, trading activity in derivative products based on the Fund may lead to increased trading volume and volatility in the secondary market for the shares of the Fund.

**Share Classes**

As a mutual fund, the Target Fund offers multiple classes of shares with different sales charges, expense and /or minimum investments. As an ETF, the Survivor Fund offers only one class of shares.

------

**Performance History**

Following the Reorganization, the Survivor Fund will assume the performance history of Class Y Shares of the Target Fund. The bar charts and tables that follow show how the Target Fund has performed on a calendar year basis and provide an indication of the risks of investing in the Target Fund by showing changes in the Target Fund's performance from year to year and by showing how the Target Fund's average annual total returns based on NAV compare to those of its respective index and a broad-based market index. Past performance (before and after taxes) is not necessarily an indication of how the Survivor Fund will perform in the future. Updated performance information is available at no cost by visiting www.diamond-hill.com/documents or by calling 1-888-226-5595.

**CLASS Y ANNUAL TOTAL RETURN-YEARS ENDED 12/31**

![chart-d1f66c847af94e3e8b3a.jpg](chart-d1f66c847af94e3e8b3a.jpg)

---

| | |
|:---|:---|
| Best Quarter: | 4Q 2023, +12.51% |
| Worst Quarter: | 2Q 2022, -15.46% |

---

**Performance Table**

**Average Annualized Total Returns**

(For periods ended December 31, 2024)

---

| | | |
|:---|:---|:---|
| | ***One Year*** | ***Since Inception<br>of the Fund 2/26/21*** |
| Class Y Return before taxes | 14.34% | 9.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y Return after taxes on distributions | 12.57% | 8.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class Y Return after taxes on distributions and sale of Fund shares | 9.79% | 7.40% |
| Investor Return before taxes | 13.87% | 9.07% |
| Class I Return before taxes | 14.24% | 9.41% |
| Russell 3000 Index (reflects no deduction for fees, expenses or taxes) | 23.81% | 11.96% |
| Russell 1000 Value Index | 14.37% | 9.26% |
| Russell 1000 Index | 24.51% | 12.65% |

---

The Target Fund's broad-based securities market index is the Russell 3000 Index, which measures the performance of roughly 3,000 of the largest US companies based on total market capitalization.

The Russell 1000 Value Index represents the index of securities that is utilized by the Adviser for measuring performance. The Russell 1000 Value Index and the Russell 1000 Index represent indexes of securities that reflect the market sectors in which the fund may invest.

The Russell 1000 Index measures the performance of U.S. large-cap companies with lower price/book ratios and forecasted growth values. The Russell 1000 Index measures the performance of roughly 1,000 U.S. large-cap companies.

The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return), and are not available for direct investment.

------

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Target Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

**Management of the Funds**

*<u>Adviser</u>*

Diamond Hill Capital Management, Inc. (the "Adviser"), located at 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215, serves as the Target Fund's investment adviser and will serve as the Survivor Fund's investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly-owned subsidiary of Diamond Hill Investment Group, Inc. The Adviser has been an investment adviser to individuals, pension and profit sharing plans, trusts, corporations, and other institutions since June 2, 1988. As of May 31, 2025, the Adviser had an approximate total of $29.4 billion in assets under management.

Pursuant to the investment management agreement between the Adviser and the Fund (the "Management Agreement"), the Adviser, subject to the supervision of the Board and in conformity with the stated objective and policies of the Funds, manages both the investment operations of the Funds and the composition of each Fund's portfolio, including the purchase, retention, and disposition of securities. In connection therewith, the Adviser is obligated to keep certain books and records of the Funds. The Adviser also administers the corporate affairs of the Funds, and in connection therewith, furnishes the Funds with office facilities, together with those ordinary clerical and bookkeeping services that are not being furnished by the Funds' custodian and transfer agent, and the Funds' sub-administrator and sub-fund accountant. The management services of the Adviser are not exclusive under the terms of the Management Agreement and the Adviser is free to, and does, render management services to others.

The management fee set forth in the Management Agreement for the Target Fund is 0.50% annually, to be paid on a monthly basis. For the fiscal year ended December 31, 2024, the Adviser earned a fee equal to 0.50% for services provided to the Target Fund. The Survivor Fund will have an annual management fee equal to 0.50% of its average daily net assets.

Under an administration agreement with Diamond Hill Capital Management, Inc., as administrator to the Funds (the "Administrator"), the Administrator assumes and pays all ordinary expenses of the Funds not assumed by the Funds. The Funds pay all brokerage fees and commissions, custodian fees, taxes, borrowing costs, expenses related to conducting shareholders' meetings and proxy solicitations, fees and extraordinary or non-recurring expenses. Pursuant to the administration agreement, the Administrator receives a fee, paid monthly at an annual rate of 0.05% of the Target Fund's average daily net assets of Class Y Shares. Pursuant to the administration agreement, the Administrator receives a fee, which is paid monthly at an annual rate of 0.05% of the Survivor Fund's average daily net assets. The Target Fund also pays expenses it is authorized to pay pursuant to Rule 12b-1 under the Company Act. The Survivor Fund does not assess a 12b-1 fee. A discussion regarding the basis for the Board's renewal of the Management Agreement is available in the additional information in the Target Fund's financial statements for the year ended December 31, 2024, posted on the Target Fund's website on February 25, 2025.

*<u>Portfolio Manager</u>*

Austin Hawley serves as the Target Fund's Portfolio Manager and will serve as the portfolio manager of the Survivor Fund. As a result, he holds ultimate responsibility and accountability for the investment results of the Funds' portfolios and has full authority to make all investment decisions for the Funds. Mr. Hawley has a Bachelor of Arts degree in History (cum laude) from Dartmouth College, a Masters degree in Business Administration (with distinction) from Tuck School of Business at Dartmouth College and holds the CFA designation. He has been an investment professional with the Adviser since August 2008. Mr. Hawley currently serves as a Portfolio Manager for the Adviser. From July 1999 to July 2002, Mr. Hawley was an Investment Associate at Putnam Investments. He was an Equity Analyst at Putnam Investments from July 2004 to July 2008.

**Other Service Providers**

Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) located at Three Canal Plaza, Suite 100, Portland, ME 04101 is the Trust's principal underwriter and exclusive agent for distribution of each Fund's Shares (the "Distributor").

The Adviser also serves as transfer agent and fund accountant to the Target Fund.

Pursuant to a Master Services Agreement entered into between the Adviser and Ultimus Fund Solutions, LLC ("Ultimus"), which has its principal office at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246, Ultimus acts as sub-fund accounting agent for

------

the Funds and, in such capacity, maintains the books and records of the Funds, calculates their NAV, calculates investment performance, and prepares all financial statements and regulatory filings. Ultimus also serves as sub-transfer agent for the Target Fund.

State Street Bank and Trust Company ("State Street"), located at One Congress Street, Suite 1, Boston, MA 02114 is the custodian for each Fund's investments.

State Street also acts as transfer agent, dividend disbursing, and shareholder servicing agent for the Survivor Fund pursuant to written agreement with the Trust (the "Transfer Agent").

**Purchase, Redemption and Pricing of Fund Shares** 

The following tables describe differences in how shares of the Target Fund and the Survivor Fund may be purchased and redeemed.

***&nbsp;&nbsp;&nbsp;&nbsp;****Purchase Procedures*

The Target Fund and the Survivor Fund have materially different procedures for purchasing shares.

---

| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Purchase Methods.** You may purchase shares of the Target Fund:<br>• Directly from the Target Fund by contacting the Fund's transfer agent to request an application; or<br>• Through a broker or other financial intermediary.<br>The price of the shares is based on the Target Fund's NAV next determined after the order is received. The NAV is calculated at the close of trading (normally 4:00 p.m., Eastern time) on each day the New York Stock Exchange ("NYSE") is open for business. Should the NYSE experience an unexpected market closure or restriction on trading during or on what is expected to be an open business day, the Target Fund will make a determination whether to calculate the NAV at the times as described above or to suspend the determination of the NAV based on available information at the time of or during the unexpected closure or restriction on trading. Purchase requests received by the Target Fund or an authorized agent of the Fund after the NYSE closes, or on a day on which the NYSE is not open for trading, will be effective on the next open business day thereafter on which the NYSE is open for trading, and the offering price will be based on the Target Fund's NAV at the close of trading on that day. | **Purchase Method.** Unlike the Target Fund, individual shares of the Survivor Fund are not purchased at NAV directly with the Fund. Rather, investors (other than Authorized Participants) buy shares of the Survivor Fund only in secondary market transactions on the Exchange. Shares are listed for trading on the Exchange under the symbol [DHLX]. Only Authorized Participants may buy shares from the Fund directly and those transactions are made at NAV and only in Creation Units.<br>Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions, and other factors may affect the trading prices of shares**.** <br>Shares of the Survivor Fund can be bought throughout the day like shares of publicly-traded companies. |

---

------

---

| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Minimum Investment.** The minimum initial amount for Investor and Class I shares is $2,500, and for Class Y shares is $500,000. The Target Fund may waive the investment minimums:<br>• For corporate participant directed retirement accounts (such as 401(k) accounts);<br>• For shares purchased through financial intermediaries that have entered into a written agreement with the funds or its agents; and<br>• In other circumstances as the Target Fund may determine appropriate.<br>All investments and exchanges are subject to approval by the Fund and the Fund reserves the right to limit the amount of purchases or reject any purchase at any time.<br>**AIP Program.** When making your initial investment in a fund, you may choose to participate in the fund's AIP by completing the AIP section of the application form discussed above. Purchase amounts ($100 minimum) are automatically debited each month from your bank account through ACH (automated clearing house) and are subject to the payment of any applicable sales charge.<br>**Transaction Fees.** Shares of the Fund are purchased at their NAV without a sales charge.<br>The Fund's principal underwriter compensates brokers and other financial intermediaries who sell shares of the funds. Compensation comes from Rule 12b-1 fees and payments by the principal underwriter or affiliates of the principal underwriter and from its or their own resources.<br>The Fund's shares may be available at brokerage firms that have agreements with the Fund's distributor. Shareholders may be required to pay a commission and/or other form of compensation to the broker.  | **Minimum Investment.** There is no minimum investment amount for the Survivor Fund.<br>**AIP Program.** Because Shares are purchased in the secondary market, the Survivor Fund does not have an automatic investment program (AIP).<br>**Transaction Fees.** When buying shares through a broker or other financial intermediary, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

*Redemption Procedures*

The Target Fund and the Survivor Fund have materially different procedures for redeeming or selling shares.

---

| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Redemption Method**. You may redeem shares of the Target Fund:<br>• Directly from the Target Fund by either mailing a written request to the transfer agent or by calling the Target Fund; or <br>• Through your broker or other financial intermediary.<br>You may redeem all or part of your investment in the Target Fund on any day that the NYSE is open for trading, subject to certain restrictions described below. Redemption requests received by the Target Fund or an authorized agent of the Fund before 4:00 p.m. ET (or before if the NYSE closes before 4:00 p.m. ET) will be effective that day. The price you will receive when you redeem your shares will be the NAV (less any applicable sales charges) next determined after the Target Fund receives your properly completed order to sell. <br>The Target Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. <br>Generally, all redemptions will be for cash. However, if during any 90-day period you redeem shares in an amount greater than the lesser of $250,000 or 1% of the Target Fund's net assets, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. Marketable securities may include illiquid securities. You may experience a delay in converting illiquid securities to cash. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and asked prices are available. They are distributed to the redeeming shareholder based on a weighted-average pro-rata basis of the Target Fund's holdings. If payment is made in securities, the Target Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Target Fund and its remaining shareholders. If you receive securities when redeeming your account, the securities will be subject to market fluctuation and you may incur tax and transaction costs if the securities are sold. Redemptions in-kind may be used regularly and may in stressed market conditions. | **Redemption Method.** Unlike the Target Fund, individual shares of the Survivor Fund are not redeemed at NAV directly with the Fund. Rather, investors (other than Authorized Participants) sell shares of the Survivor Fund only in secondary market transactions on the Exchange. Shares are listed for trading on the Exchange under the symbol [DHLX]. Only Authorized Participants may redeem shares from the Fund directly and those transactions are made at NAV and only in Creation Units.<br>Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions, and other factors may affect the trading prices of shares**.** <br>Shares of the Survivor Fund can be sold throughout the day like shares of other publicly shares. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Survivor Fund** |
| **Transaction Fees.** A broker may charge a transaction fee to redeem shares. The Target Fund may charge $9 for wire redemptions. Any charges for wire redemptions will be deducted from your account by redemption of shares. <br>**Accounts with Low Balances.** Maintaining small accounts is costly for the Target Fund and may have a negative effect on performance. The Target Fund reserves the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below $2,500. In such cases, you are notified and given at least 30 days to purchase additional shares to bring the balance above the minimum before the account is closed. <br>This involuntary redemption constitutes a sale of Target Fund shares. You should consult your tax adviser concerning the tax consequences of involuntary redemptions.  | **Transaction Fees.** When selling shares through a broker or other financial intermediary, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.<br>**Accounts with Low Balances**. The Survivor Fund does not involuntarily sell shares from accounts with low balances. |

---

*Exchanges*

The Target Fund and the Survivor Fund have materially different procedures for exchanging shares.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Survivor Fund** |
| You may exchange any or all of your shares in the Target Fund for the same class of shares in another fund of the Trust or another share class of the Target Fund provided you meet the eligibility and minimum investment requirements of that class. | The Survivor Fund offers only one class of shares, therefore it does not offer exchanges. |

---

------

*Frequent Purchases and Redemptions of Fund Shares*

The Target Fund and the Survivor Fund have materially different procedures relating to frequent purchases and redemptions of Fund shares.

---

| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| The Target Fund does not authorize, and uses reasonable methods to discourage, short-term or excessive trading, often referred to as "market timing." Market timing or excessive trading may result in dilution of the value of fund shares held by long-term shareholders, disrupt portfolio management, and increase fund expenses for all shareholders. The Target Fund will take reasonable steps to discourage excessive short-term trading and the Board has adopted the following policies and procedures with respect to market timing. The Target Fund will monitor selected trades on a daily basis in an effort to detect excessive short-term trading. If the Target Fund has reason to believe that a shareholder has engaged in excessive short-term trading, the Target Fund may ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder's accounts. In addition to rejecting purchase orders in connection with suspected market timing activities, the Target Fund can reject a purchase order for any reason. While the Target Fund cannot assure the prevention of all excessive trading and market timing, by making these judgments the Fund believes it is acting in a manner that is in the best interests of shareholders.<br>In accordance with Rule 22c-2 under the Investment Company Act of 1940, as amended, the Trust has entered into information sharing agreements with certain financial intermediaries. Under these agreements, a financial intermediary is obligated to: (1) adopt and enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Trust; (2) furnish the Trust, upon its request, with information regarding customer trading activities in shares of the Trust; and (3) enforce its market-timing policy with respect to customers identified by the Trust as having engaged in market timing. When information regarding transactions in the Trust's shares is requested by the Trust and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Trust has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Trust, to restrict or prohibit the indirect intermediary from purchasing shares of the Trust on behalf of other persons.<br>The Fund applies these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. The Fund has no arrangements to permit any investor to trade frequently in shares of the Fund, nor will it enter into any such arrangements in the future. | The Survivor Fund imposes no restrictions on the frequency of purchases and redemptions of its shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by fund shareholders. Purchases and redemptions by Authorized Participants, who are the only parties that may purchase or redeem shares directly with the Survivor Fund, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Survivor Fund accommodates frequent purchases and redemptions by Authorized Participants. To minimize these potential consequences of frequent purchases and redemptions, the Survivor Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Survivor Fund in effecting trades. In addition, the Survivor Fund and the Adviser reserve the right to reject any purchase order at any time. |

---

------

**Tax Status, Dividends, and Distributions**

The following table describes differences in the tax status, dividends and distributions of the Target Fund and the Survivor Fund.

---

| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Tax Status:** The Target Fund intends to qualify each year as a regulated investment company under the Code. As a regulated investment company, the Target Fund generally pay no federal income tax on the income and gains distributed to you.<br>**Income and Capital Gain Distributions.** The Target Fund expects to declare and distribute its net investment income, if any, to shareholders annually. Capital gains, if any, may be distributed at least annually. The Target Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Target Fund.<br>**Dividend Reinvestment**. All income and capital gain distributions are automatically reinvested in shares of the Target Fund unless you request cash distributions on your application or through a written request. <br>**Tax on Distributions.** If you are a taxable investor, dividends and capital gain distributions you receive from the Target Fund, whether you reinvest your distributions in additional shares or receive them in cash, are subject to federal income tax, state taxes, and possibly local taxes:<br>**Taxes on Selling and Exchanging Shares.** Selling your shares may result in a realized capital gain or loss, which is subject to federal income tax. For individuals, any long-term capital gains you realize from selling Target Fund shares are taxed at your applicable tax rate for long-term capital gains. Short-term capital gains are taxed at ordinary income tax rates. If you redeem Target Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.<br>**Tax Status for Retirement Plans and Other Tax-Deferred Accounts.** When you invest in the Target Fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes.  | **Tax Status:** Same<br>**Income and Capital Gain Distributions.** Same<br>**Dividend Reinvestment.** Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.<br>**Taxes on Distributions.** Same<br>**Taxes on Exchange-Listed Share Sales.** Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of shares may be limited.<br>**Tax Status for Retirement Plans and Other Tax-Deferred Accounts.** Same. |

---

**FINANCIAL HIGHLIGHTS**

The Survivor Fund is a new fund and has no performance history as of the date of this Combined Prospectus/Information Statement. The Survivor Fund will adopt the financial history, including the financial highlights, of the Class Y shares of the Target Fund. The financial highlights of the Target Fund are included with this Combined Prospectus/Information Statement as Exhibit B.

The financial highlights of the Target Fund are also contained in the Target Fund's Form N-CSR for the fiscal year ended December 31, 2024, which have been audited by Cohen & Company, Ltd., the Target Fund's independent registered public accounting firm. The Target Fund's Annual Report has previously been sent to shareholders, is available on request and without charge by writing to the Target Fund at the Target Fund's transfer agent at P.O. Box 46707, Cincinnati, OH 45246, or by calling toll-free at 1-888-226-5595, and is incorporated by reference into this Combined Prospectus/Information Statement.

------

**INFORMATION RELATING TO THE REORGANIZATION**

**Description of the Reorganization**

The following summary is qualified in its entirety by reference to the Plan of Reorganization found in Exhibit A.

The Plan of Reorganization provides that all of the assets and liabilities of the Target Fund will be transferred to the Survivor Fund in exchange for shares of the Survivor Fund. The Survivor Fund will issue and deliver to the Target Fund the number of Survivor Fund shares having an aggregate NAV equal to the aggregate NAV of the Target Fund's shares outstanding as of the close of trading on the Exchange on the Closing Date of the Reorganization (the "Valuation Time"). Upon receipt by the Target Fund of the shares of the Survivor Fund, the Target Fund will distribute Survivor Fund shares to its shareholders and will be terminated as a series of the Trust. Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders. With the exception of fractional shares, it is anticipated that Target Fund shareholders will receive one Survivor Fund share for each Target Fund share they hold.

The distribution of the Survivor Fund shares to the Target Fund's shareholders will be accomplished by opening new accounts on the books of the Survivor Fund in the names of the Target Fund's shareholders and transferring to those shareholder accounts the shares of the Survivor Fund. Such newly opened accounts on the books of the Survivor Fund will represent the respective pro rata number of shares of the Survivor Fund that the Target Fund is to receive under the terms of the Plan of Reorganization. If you hold your shares of the Target Fund in a brokerage account that does not allow you to hold ETF shares, you will need to contact your financial adviser or other financial intermediary to set up a brokerage account that permits investment in ETF shares. If you hold your shares directly with the Target Fund, you will need to open an account with a broker or other financial intermediary. Otherwise, your shares of the Target Fund will be liquidated. Shares of the Survivor Fund are not issued in fractional shares, so cash will be paid to some shareholders in lieu of fractional shares of the Survivor Fund. See "Terms of the Reorganization" below.

The Target Fund offers three classes of shares, Investor Class, Class I and Class Y. The Survivor Fund offers only one class of shares. As part of the Reorganization, all issued and outstanding Class I and Investor Class shares of the Target Fund will convert to Class Y shares of the Target Fund (the "Share Class Consolidation"). The Share Class Consolidation is intended to move shareholders into a share class that most closely resembles the Survivor Fund's sole share class. The Share Class Consolidation will be effected on the basis of the relative NAVs of the two relevant classes, without the imposition of any sales load, fee or other charges.

Accordingly, as a result of the Reorganization, each Target Fund shareholder will own shares of the Survivor Fund with an aggregate NAV equal to the aggregate NAV of the shares of the Target Fund that the shareholder owned immediately prior to the Reorganization.

No sales charge or fee of any kind will be assessed to the Target Fund shareholders in connection with their receipt of shares of the Survivor Fund in the Reorganization.

**Terms of the Reorganization**

The Plan of Reorganization may be terminated with respect to the Reorganization if, on the Closing Date, any of the required conditions have not been met or if the representations and warranties are not true or, if at any time before the Effective Time (as defined in the Plan of Reorganization), the Board or an authorized officer of the Trust determines the Reorganization is inadvisable. The Plan of Reorganization may be terminated or amended by the mutual consent of the parties.

**Reasons for the Reorganization** 

<u>In approving the Reorganization, the Board considered a number of beneficial and adverse factors including, but not limited to the following:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential redemptions by shareholders that cannot or do not wish to hold shares of an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, shareholders will be invested in a Survivor Fund with an identical investment objective and substantially similar principal investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with the same management fee and equal or lower total operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same portfolio manager that currently manages the Target Fund will manage the Survivor Fund after the Reorganization;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Survivor Fund is expected to achieve certain operating efficiencies as an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in any tax consequence to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Target Fund shareholder will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of the Target Fund must have a brokerage account that is permitted to hold ETF shares in order to receive shares of the Survivor Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A vote of shareholders of the Target Fund is not required under the Trust's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is expected to provide the following benefits to shareholders:

o<u>Potentially lower expense ratio</u>. While both the Target Fund and the Survivor Fund pay a management fee of 0.50% of average daily net assets, and the Survivor Fund will operate at a total expense ratio equal to or lower than the Target Fund.

o<u>Lower cost of operation</u>. The Survivor Fund is expected to cost less to operate relative to the Target Fund because there are expenses that the Target Fund incurs as part of its operations that the Survivor Fund will not incur, including per-account transfer agency fees, shareholder servicing fees, state registration fees and certain custody transaction-related expenses. Any cost savings is reflected in the "Annual Fund Operating Expenses" table on page 7 of the Combined Prospectus/Information Statement.

o<u>Increased transparency</u>. Unlike the Target Fund, the Survivor Fund will be a transparent ETF that operates with full transparency of its portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the NYSE Arca, Inc. (the "Exchange"). This holdings information will be found on the Survivor Fund's website, www.diamond-hill/documents. This transparency will provide shareholders with more current information about the Survivor Fund's portfolio holdings, allowing shareholders to make more informed decisions with respect to their investments.

o<u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund. sells portfolio securities, that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for ETFs, including actively managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an ETF typically are small and shareholders in an ETF are largely only subject to capital gains tax on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

o<u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased and sold throughout the trading day at a quoted bid price and sold at a quoted ask price on the exchange, which gives the shareholder more control over the ability to enter into or exit out of their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

o<u>Potential for expanded distribution</u>. As an ETF, the Survivor Fund may have additional distribution opportunities, such as firms and advisers that utilize ETFs within investment models or client portfolios, which could lead to an increase in the Survivor Fund's assets, potentially resulting in greater economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in the recognition of any taxable gain or loss by the shareholders of the Target Fund on the exchange of Target Fund shares for Survivor Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Target Fund shareholders will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares.

The Board, including all of the Independent Trustees, concluded that, based upon the factors and determinations summarized above, consummation of the Reorganization is in the best interests of the Target Fund and that the interests of the shareholders of the Target Fund will not be diluted as a result of the Reorganization. The determinations were made on the basis of each Trustee's business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have placed different weight on various factors and assigned different degrees of materiality to various conclusions.

**Federal Income Taxes**

The combination of the Target Fund and the Survivor Fund in the Reorganization is intended to qualify for federal income tax purposes as a separate tax-free reorganization under Section 368(a) of the Code. As a non-waivable condition of the closing of the Reorganization, the Trust will receive a legal opinion from Thompson Hine LLP to the effect that the Reorganization will be a tax-free reorganization under Section 368(a) of the Code. Accordingly, neither the Target Fund nor its shareholders will recognize gain or loss as a result of the Reorganization. However, the shareholders of the Target Fund may recognize gain or loss upon the receipt of cash in redemption of fractional shares of the Target Fund prior to the Reorganization, and shareholders whose Target Fund shares are not held through a brokerage account or are held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, may recognize gain or loss if their Target Fund shares are either liquidated and redeemed for cash, or transferred by their financial intermediary to a different investment option. The tax basis of the Survivor Fund shares received in exchange for Target Fund shares in the Reorganization will be the same as the basis of the Target Fund shares exchanged (adjusted for any gain or loss recognized as described above) and the holding period of the Survivor Fund shares received will include the holding period of the Target Fund shares exchanged; provided that, the shares exchanged were held as capital assets at the time of the Reorganization. No tax ruling from the Internal Revenue Service regarding the Reorganization has been requested. Nevertheless, the sale of securities by the Target Fund prior to the Reorganization, whether in the ordinary course of business or in anticipation of the Reorganization, could result in taxable capital gains distribution prior to the Reorganization. Shareholders should consult their tax advisors as to the specific consequences to them of the Reorganization, including the applicability and effect of state, local, foreign, and other taxes.

As of December 31, 2024, the Target Fund had no capital loss carry forwards for federal income tax purposes available to offset future capital gains.

The final amount of unutilized capital loss carryover for the Target Fund is subject to change and will not be determined until the time of the Reorganization. After and as a result of the Reorganization, capital loss carryforwards and the utilization of certain unrealized capital losses may be subject to limitations under applicable tax laws on the rate at which they may be used in the future to offset capital gains of the Survivor Fund. The Board took this factor into account in concluding that the proposed Reorganization would be in the best interests of shareholders.

**Expenses of the Reorganization**

The costs of the Reorganization will be borne by the Adviser whether or not the Reorganization is consummated. The total cost of the Reorganization is expected to be approximately $250,000. The Reorganization will not result in a material change to the Target Fund's investment portfolio, therefore it is not expected that the Target Fund will incur transaction costs as a result of the Reorganization. Notwithstanding the foregoing, changes may be made to the Target Fund's portfolio in advance of the Reorganization and/or the Survivor Fund's portfolio following the Reorganization. Any such changes to the portfolios would be in the normal course of business and not as part of the Reorganization.

**Continuation of Shareholder Accounts and Plans; Share Certificates**

Upon consummation of the Reorganization, the Survivor Fund will establish a position for each Target Fund shareholder on the books of the Survivor Fund containing the appropriate number of shares of the Survivor Fund to be received in the Reorganization. No certificates for shares of the Survivor Fund will be issued in connection with the Reorganization.

**OTHER INFORMATION**

**Capitalization**

Pro forma numbers do not reflect any potential liquidation of shareholders associated with the Reorganization or cash paid in lieu of fractional Surviving Fund shares. The table below reflects each class of the Target Funds that existed prior to the Share Class Consolidation. The following table sets forth, as of July 23, 2025: (a) the unaudited capitalization of the Target Fund; and (b) the unaudited *pro forma* combined capitalization of the Survivor Fund assuming the Reorganization has taken place. The capitalizations

------

are likely to be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. No assurance can be given as to how many shares of the Survivor Fund will be received by Target Fund shareholders at the Closing Date, and the information should not be relied upon to reflect the number of shares of the Survivor Fund that actually will be received by Target Fund shareholders. The Survivor Fund is a shell fund that will commence operations on the Closing Date. Class Y Shares of the Target Fund will be the accounting survivor for financial statement purposes (i.e., its financial statements will be carried forward after the Reorganization).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Target Fund**  | **Target Fund**  | **Target Fund**  | **Survivor Fund** | **Share Adjustment**<sup>(1)</sup> | **Pro Forma - Survivor Fund after Conversion** |
| | **Investor** | **Class I** | **Class Y** | | | |
| **Net Assets** | $116237 | $18561859 | $22965368 | N/A |  | $41643465 |
| **Shares Outstanding** | 8471 | 1355295 | 1674084 | N/A | (2207) | 3035643<sup>(2)</sup> |
| **Net Asset Value Per Share** | $13.72 | $13.70 | $13.72 | N/A |  | $13.72<sup>(3)</sup> |

---

<sup>(1)</sup> The Share Adjustment column reflects an adjustment to the number of shares outstanding attributable to the Survivor Fund's initial NAV.

<sup>(2)</sup> Figure represents the number of shares that would be issued by the Survivor Fund in order to have an initial NAV equal to the Target Fund Class Y NAV on the day of the conversion.

<sup>(3)</sup> It is the intent of the Adviser for the Survivor Fund to have an initial NAV equal to the Target Fund Class Y NAV on the day of the conversion.

**Shareholder Information**

As of June 30, 2025, there were 3,040,604 shares of the Target Fund outstanding. As of the June 30, 2025, no person was known by the Target Fund to own beneficially or of record 5% or more of any class of shares of the Target Fund except as follows:

---

| | | |
|:---|:---|:---|
| **SHAREHOLDER NAME AND ADDRESS** | **Number of Shares** | **% Ownership** |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - INVESTOR** | | |
| CHARLES SCHWAB & CO., INC. SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS OPERATIONS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104 | 7377 | 87.09% |
| DIAMOND HILL CAPITAL MANAGEMENT INC 325 JOHN H MCCONNELL BLVD SUITE 200 COLUMBUS, OH 43215 | 1093 | 12.91% |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - CLASS I** |  |  |
| CHARLES SCHWAB & CO., INC. SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS OPERATIONS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104 | 1347634 | 98.95% |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - CLASS Y** |  |  |
| DIAMOND HILL CAPITAL MANAGEMENT INC 325 JOHN H MCCONNELL BLVD SUITE 200 COLUMBUS, OH 43215 | 1111763 | 66.57% |
| NATIONAL FINANCIAL SERVICES LLC 499 WASHINGTON BLVD JERSEY CITY, NJ 07310 | 260182 | 15.58% |
| VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY WINDSOR, CT 06095 | 145463 | 8.71% |
| VOYA RETIREMENT INSURANCE AND ANNUITY CO ONE ORANGE WAY WINDSOR, CT 06095 | 135659 | 8.12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this Information Statement, the Survivor Fund was not operational and therefore, had no shareholders.

**Shareholder Rights and Obligations**

Both the Target Fund and Survivor Fund are series of the Trust, a business trust organized under the laws of the state of Ohio. Under the Trust's Declaration of Trust, the Trust is authorized to issue an unlimited number of shares of beneficial interest, without par value, from an unlimited number of series of shares. The shares of each series of the Trust have no preference as to conversion, exchange, dividends, retirement or other features, and have no preemptive rights.

------

With respect to each Fund, shares have equal dividend, distribution, liquidation, and voting rights. Fractional shares of the Target Fund have those rights proportionately.

When issued in accordance with the provisions of their respective prospectuses (and, in the case of shares of Survivor Fund, issued in connection with the Reorganization), all shares are fully paid and non-assessable.

**Shareholder Proposals**

Rules promulgated by the SEC require that shareholder proposals may, under certain conditions, be included in the Trust's Proxy Statement and proxy for a particular meeting. Under these rules, proposals submitted for inclusion in the Trust's proxy materials must be received by the Trust within a reasonable time before the solicitation is made. The fact that the Trust receives a shareholder proposal in a timely manner does not ensure its inclusion in its proxy materials, because there are other requirements in the proxy rules relating to such inclusion. You should be aware that annual meetings of shareholders are not required as long as there is no particular requirement under the Company Act that must be met by convening such a shareholder meeting. Any shareholder proposal should be sent to Karen R. Colvin, Secretary, 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215. Shareholder proposals may also be raised from the floor at the meeting without prior notice to the Trust. Because the Trust has never received a shareholder proposal, the Trust has not adopted a written policy regarding consideration of shareholder proposals.

------

**EXHIBIT A—AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION**

**AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION** 

THIS AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (this "Agreement") is made as of this 22nd day of May, 2025, by and among Diamond Hill Funds (the "Trust"), a Ohio business trust, with its principal place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, Ohio 43215, on behalf of its series the Diamond Hill Large Cap Concentrated Fund (the "Target Fund"), and the Trust, on behalf of its series the Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund") and, solely with respect to Article IX, Diamond Hill Capital Management, Inc. (the "Adviser"), with its principal place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, Ohio 43215. Each of the Target Fund and the Survivor Fund are a "Fund", and together, the "Funds".

WHEREAS, it is intended that the transactions contemplated by this Agreement constitute a "reorganization" as defined in Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury regulations thereunder. Such transactions will consist of: (i) the transfer of all of the property and assets of the Target Fund to the Survivor Fund in exchange for (a) shares of beneficial interest, no par value per share, of shares of the Survivor Fund (the "Survivor Fund Shares"), and (b) the assumption by the Survivor Fund of all liabilities of the Target Fund; followed by (ii) the distribution of the Survivor Fund Shares pro rata to the shareholders of the Target Fund in exchange for their shares in the Target Fund (the "Target Fund Shares") in liquidation of the Target Fund as provided herein, all upon the terms and conditions set forth in this Agreement ((i) and (ii) together, the "Reorganization");

WHEREAS, the parties hereby adopt this Agreement as a "plan of reorganization" within the meaning of Treasury regulations Sections 1.368-2(g) and 1.368-3(a). Notwithstanding anything to the contrary contained herein, the obligations, agreements, representations ,and warranties with respect to each Fund shall be the obligations, agreements, representations and warranties of that Fund only, and in no event shall any other series of the Trust or the assets of any other series of the Trust be held liable with respect to the breach or other default by an obligated Fund of its obligations, agreements, representations and warranties as set forth herein;

WHEREAS, the Target Fund and Survivor Fund are separate series of the Trust, which is a business trust and an open-end, registered management investment company within the meaning of the Investment Company Act of 1940, as amended (the "Company Act");

WHEREAS, the Target Fund owns securities and other investments that are assets of the character in which the Survivor Fund is permitted to invest;

WHEREAS, each Fund is authorized to issue its shares of beneficial interest;

WHEREAS, the trustees of the Trust ("Trustees") have determined that the Reorganization, with respect to the Target Fund, is in the best interests of the Target Fund's shareholders and that the interests of the existing shareholders of the Target Fund will not be diluted as a result of the Reorganization; and

WHEREAS, the Trustees have determined that the Reorganization, with respect to the Survivor Fund, is in the best interests of the Survivor Fund and, there being no existing shareholders of the Survivor Fund, that the Reorganization will not result in dilution of the Survivor Fund's shareholders' interests;

NOW, THEREFORE, in consideration of the premises, covenants, and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

------

**ARTICLE I**

**REORGANIZATION** 

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;<u>The Exchange</u>. Subject to the terms and conditions contained herein and on the basis of the representations and warranties contained herein, the Target Fund agrees to sell, assign, convey, transfer, and deliver all of its assets, as set forth in paragraph 1.2, free and clear of all liens and encumbrances, except those liens and encumbrances as to which the Survivor Fund has received notice, to the Survivor Fund. In exchange, the Survivor Fund agrees: (a) to issue and deliver to the Target Fund the number of Survivor Fund Shares having an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund Shares, as determined in the manner set forth in paragraphs 2.1 and 2.2; and (b) to assume the liabilities of the Target Fund, as set forth in paragraph 1.3. Such transactions comprising the Reorganization shall take place on the date of the closing provided for in paragraph 3.1 (the "Closing Date").

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assets to be Acquired</u>. The assets of the Target Fund to be sold, assigned, transferred, delivered to, and acquired by the Survivor Fund shall consist of all assets and property of every kind and nature, including, without limitation, all cash, cash equivalents, securities, goodwill, interests in futures and dividends or interest receivables, receivables for shares sold and other rights that are owned by the Target Fund on the Closing Date, and any prepaid expenses shown as an asset on the books of the Target Fund on the Closing Date (the "Acquired Assets"). For the sake of clarity, the Acquired Assets include, but are not limited to, all rights (including rights to indemnification and contribution) and claims (including, but not limited to, claims for breach of contract, violation of standards of care, and claims in connection with past or present portfolio holdings, whether in the form of class action claims, opt-out, or other direct litigation claims or regulator or government established investor recovery fund claims, and any and all resulting recoveries, free and clear of all liens, encumbrances and claims whatsoever, except those liens and encumbrances as to which the Survivor Fund has received notice) of the Target Fund against any party with whom the Target Fund has contracted for any actions or omissions up to the Closing Date.

The Target Fund will provide the Survivor Fund with its most recent audited financial statements as of the Closing Date, which contain a list of all of the Target Fund's assets as of the date of such statements. The Target Fund hereby represents that, as of the date of the execution of this Agreement, there have been no changes in its financial position as reflected in such financial statements other than those occurring in the ordinary course of business in connection with the purchase and sale of securities and the payment of normal operating expenses and the payment of dividends, capital gains distributions and redemption proceeds to shareholders. The Target Fund reserves the right to sell any of such securities or other investments.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liabilities to be Assumed</u>. The Target Fund will endeavor, consistent with its obligation to continue to pursue its investment objective and employ its investment strategies in accordance with the terms of its Prospectus, in good faith to discharge all of its known liabilities and obligations to the extent practicable prior to the Closing Date. The Survivor Fund shall assume all liabilities of the Target Fund not discharged prior to the Closing Date, whether known or unknown, contingent, accrued, or otherwise (excluding expenses relating to the Reorganization and borne by the Adviser pursuant to Article IX), and investment contracts entered into in accordance with the terms of its Prospectus (the "Assumed Liabilities").

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation and Distribution</u>. On the Closing Date, the Target Fund will distribute, in liquidation, all of the Survivor Fund Shares received by the Target Fund pursuant to paragraph 1.1, pro rata to its shareholders of record, determined as of the close of business on the Closing Date (the "Target Fund Shareholders"). In the Reorganization, each Target Fund Shareholder will receive the number of Survivor Fund Shares that has an aggregate NAV equal to the aggregate NAV of the Target Fund Shares held of record by such Target Fund Shareholder on the Closing Date (following the redemption of fractional shares pursuant to Section 9 of Article V).

Such liquidation and distribution will be accomplished by the transfer of Survivor Fund Shares credited to the account of the Target Fund on the books of the Survivor Fund to open accounts on the share records of the Survivor Fund in the names of the Target Fund Shareholders, representing the respective numbers of Survivor Fund Shares due such shareholders. All issued and outstanding Target Fund Shares will simultaneously be canceled on the books of the Target Fund, and the Target Fund will thereupon proceed to terminate as set forth in paragraph 1.7 below. The Survivor Fund shall not issue certificates representing Survivor Fund Shares in connection with such exchange. Each Target Fund Shareholder shall have the right to receive any unpaid dividends or other distributions that were declared by the Target Fund before the Effective Time (as defined in paragraph 3.1) with respect to Target Fund Shares that are held of record by the Target Fund Shareholder at the Effective Time on the Closing Date.

Section 5. &nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership of Shares</u>. Ownership of Survivor Fund Shares will be shown on the books of the Survivor Fund's transfer agents.

------

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Taxes</u>. Any transfer taxes payable upon the transfer of Survivor Fund Shares in a name other than the registered holder of the Target Fund Shares on the books of the Target Fund as of the Closing Date shall, as a condition of such issuance and transfer, be paid by the person to whom such Survivor Fund Shares are to be transferred.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Target Fund</u>. As soon as practicable on or after the Closing Date, the Target Fund shall make all filings and take all other steps as shall be necessary and proper to terminate and cease operations as a series of the Trust. After the Closing Date, the Target Fund shall not conduct any business except in connection with its dissolution.

**ARTICLE II**

**VALUATION** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Valuation of Assets</u>. The value of the Acquired Assets for purposes of paragraph 1.1 above shall be the value of such Acquired Assets computed as of the close of regular trading on the New York Stock Exchange ("NYSE") on the Closing Date. The NAV per share of each of the Target Fund Shares and Survivor Fund Shares shall be computed by Ultimus Fund Solutions, LLC, the Survivor Fund's sub-accounting agent and sub-administrator (the "Administrator"), in the manner set forth in the Trust's Agreement and Declaration of Trust, By-Laws, the Survivor Fund's then-current Prospectus and Statement of Additional Information, and in the procedures adopted by the Trust's Board of Trustees ("Board").

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Valuation and Calculation of Shares</u>. The NAV per share of Survivor Fund Shares and the NAV per share of Target Fund Shares shall, in each case, be computed as of the close of normal trading on the NYSE on the Closing Date. The number of Survivor Fund Shares to be issued in the Reorganization in exchange for Target Fund Shares shall be determined by the Administrator by dividing the NAV of the Target Fund Shares, as determined in accordance with paragraph 2.1, by the NAV of one Survivor Fund Share, as determined in accordance with Paragraph 2.1 hereof.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Determination of Value</u>. All computations of value with respect to the Target Fund shall be made by the Administrator, in accordance with its regular practice in pricing the shares and assets of the Target Fund.

**ARTICLE III**

**CLOSING AND CLOSING DATE** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Date</u>. Subject to the satisfaction or waiver of the conditions set forth in Articles VI, VII and VIII of this Agreement, the closing of the Reorganization (the "Closing") will be on the Closing Date, which will be on or about September 26, 2025, or such other date as the parties may agree to in writing. The Closing shall be held as of the close of business Eastern Time (the "Effective Time") at the offices of the Administrator, or at such other time and/or place as the parties may agree. For the avoidance of doubt, the Closing may be held in person, by facsimile, email, or such other communication means as the parties may agree. All acts taking place at the Closing shall be deemed to take place simultaneously immediately at the Effective Time, unless otherwise provided.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Custodian's Certificate</u>. The Target Fund shall cause State Street Bank and Trust Company ("Custodian"), to deliver at the Closing a certificate of an authorized officer stating that: (a) the Target Fund's portfolio securities, cash, and any other assets shall have been delivered in proper form to the custodian for the Survivor Fund, immediately prior to the Closing Date; and (b) all necessary Taxes (as defined in paragraph 4.1(j)) in connection with the delivery of the Acquired Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Target Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian no later than five business days preceding the Closing Date and transferred and delivered by the Target Fund as of the Closing Date for the account of the Survivor Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of Suspension in Trading</u>. In the event that on the Closing Date, either: (a) the NYSE Arca (the "Exchange") on which the portfolio securities of the Survivor Fund or the Target Fund are purchased or sold, shall be closed to trading or trading on such exchange shall be restricted; or (b) trading or the reporting of trading on the Exchange shall be disrupted so that accurate appraisal of the NAV of the Survivor Fund or the Target Fund is impracticable as mutually determined by the parties, the Closing Date shall be postponed until the first business day after the day when trading is fully resumed and reporting is restored.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer Agent's Certificate</u>. The Trust, on behalf of the Target Fund, shall cause the Administrator, as its transfer agent as of the Closing Date to deliver at the Closing to the Secretary of the Trust a certificate of an authorized officer stating that its records contain the names and addresses of Target Fund Shareholders, and the number and percentage ownership of outstanding Target Fund Shares owned by each such shareholder immediately prior to the Closing. The Trust, on behalf of the

------

Survivor Fund, shall issue and deliver or cause the Custodian, its transfer agent, to issue and deliver to the Secretary of the Trust a confirmation evidencing the number of Survivor Fund Shares to be credited on the Closing Date and provide evidence satisfactory to the Target Fund that such Survivor Fund Shares have been credited to the Target Fund's account on the books of the Survivor Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, receipts, and other documents, if any, as such other party or its counsel may reasonably request.

**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of the Target Fund.</u> The Trust, on behalf of the Target Fund, represents and warrants to the Trust, on behalf of the Survivor Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund is a separate series of the Trust. The Trust is a business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trust is registered as an open-end management investment company, and its registration with the Securities and Exchange Commission ("SEC") as an investment company under the Company Act, is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The current Prospectus and Statement of Additional Information of the Target Fund conform in all material respects to the applicable requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Company Act, and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund is not currently engaged in, and the execution, delivery, and performance of this Agreement will not result in, the violation of any material provision of the Trust's Agreement and Declaration of Trust or its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Target Fund is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund Shares are the only outstanding equity interests in the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund has no material contracts or other commitments (other than this Agreement and agreements for the purchase and sale of securities or other permitted investments) that if terminated will result in material liability to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in writing to and accepted by the Survivor Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending or to its knowledge, without any special investigation or inquiry, threatened against the Target Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Target Fund to carry out the transactions contemplated by this Agreement. The Target Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects the Target Fund's business or its ability to consummate the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of the Target Fund for the most recently completed fiscal year ended December 31, 2024, are in accordance with generally accepted accounting principles, and such statements (copies of which have been furnished to the Survivor Fund) fairly reflect the financial condition of the Target Fund as of the end of such fiscal year, in all material respects as of that date, and there are no known contingent liabilities of the Target Fund as of that date not disclosed in such statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Since the end of the Target Fund's most recently completed fiscal year, there have been no material adverse changes in the Target Fund's financial condition, assets, liabilities, or business (other than changes occurring in the ordinary course of business), or any incurrence by the Target Fund of material indebtedness, except as otherwise disclosed to and accepted by the Survivor Fund. For the purposes of this subparagraph (i), distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in market value of portfolio securities, or net redemptions shall not constitute a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;All Tax (as defined below) returns and reports (including, but not limited to, information returns) that are required to have been filed by the Target Fund have been duly and timely filed. All such returns and reports were true, correct and complete in all material respects as of the time of their filing. All Taxes due or properly shown to be due on such returns and reports have been paid, or provision has been made and properly accounted therefor. To the knowledge of the Trust, no such return is currently being audited

------

by any federal, state, local or foreign taxing authority. To the knowledge of the Trust, there are no deficiency assessments (or deficiency assessments proposed in writing) with respect to any Taxes of the Target Fund. As used in this Agreement, "Tax" or "Taxes" means all federal, state, local and foreign (whether imposed by a country or political subdivision or authority thereunder) income, gross receipts, excise, sales, use, value added, employment, franchise, profits, property, ad valorem or other taxes, stamp taxes and duties, fees, assessments or charges, whether payable directly or by withholding, together with any interest and any penalties, additions to tax or additional amounts imposed by any taxing authority (foreign or domestic) with respect thereto, and including any obligations to indemnify or otherwise assume or succeed to such a liability of any other person. There are no levies, liens or encumbrances relating to Taxes existing, pending or threatened in writing with respect to the assets of the Target Fund (other than liens for Taxes not yet due and payable). The Target Fund has not changed its annual accounting period within the 60-month period ending on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;All issued and outstanding shares of the Target Fund are, and at the Closing Date will be, validly issued, fully paid and non-assessable by the Target Fund and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. All of the issued and outstanding shares of the Target Fund will, at the time of the Closing Date, be held by the persons and in the amounts set forth in the records of the Target Fund's transfer agent as provided in paragraph 3.4. The Target Fund has no outstanding options, warrants, or other rights to subscribe for or purchase any shares of the Target Fund, and has no outstanding securities convertible into any shares of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;At the Closing Date, the Target Fund will have good and valid title to the Target Fund's Acquired Assets to be transferred to the Survivor Fund pursuant to paragraph 1.2, and full right, power, and authority to sell, assign, transfer, and deliver such Acquired Assets hereunder. Upon delivery and payment for such Acquired Assets, the Survivor Fund will acquire good and valid title, subject to no restrictions on the full transfer of such Acquired Assets, including such restrictions as might arise under the Securities Act, other than as disclosed to and accepted by the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Target Fund. This Agreement constitutes a valid and binding obligation of the Target Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The information to be furnished by the Target Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;From the mailing of the N-14 Registration Statement (as defined in paragraph 5.5) and on the Closing Date, any written information furnished by the Trust with respect to the Target Fund for use in the N-14 Registration Statement, the N-1A Registration Statement (as defined in paragraph 4.3) or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;The Trust has in effect an election to treat the Target Fund as a regulated investment company ("RIC") for federal income tax purposes under Part I of Chapter 1, Subchapter M of the Code. The Target Fund is a fund that is treated as a corporation separate from each other series of the Trust under Section 851(g) of the Code. The Target Fund has no earnings and profits accumulated in any taxable year for which the provisions of Part I of Chapter 1, Subchapter M of the Code (or the corresponding provisions of prior law) did not apply to it. The Target Fund has qualified for treatment as a RIC for each taxable year since its formation (or since it was first treated as a separate corporation under Section 851(g) of the Code) that has ended prior to the Closing Date and, subject to the accuracy of the representations set forth in paragraph 4.2(m), expects to satisfy the requirements of Part I of Chapter 1, Subchapter M of the Code to maintain qualification for such treatment for the taxable year that includes the Closing Date. Subject to the accuracy of the representations set forth in paragraph 4.2(m), the Target Fund does not expect that the consummation of the transactions contemplated by this Agreement will cause it to fail to qualify for treatment as a RIC as of the Closing Date or as of the end of its taxable year that includes the Closing Date. The Target Fund has not at any time since its inception been liable for any income or excise tax pursuant to Sections 852 or 4982 of the Code that has not been timely paid. The Target Fund is in compliance in all material respects with all applicable provisions of the Code and all applicable Treasury regulations pertaining to the reporting of dividends and other distributions on and redemptions of its shares of beneficial interest and to withholding in respect of dividends and other distributions to shareholders and redemption of shares, and is not liable for any material penalties that could be imposed thereunder;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund's investment operations from inception to the date hereof have been in compliance in all material respects with the investment policies and investment restrictions set forth in the Target Fund's Prospectus, except as previously disclosed in writing to the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund Shares to be issued to the Target Fund pursuant to paragraph 1.1 will not be acquired for the purpose of making any distribution thereof other than to the Target Fund Shareholders as provided in paragraph 1.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;No governmental consents, approvals, authorizations, or filings are required under the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Target Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and such consents, approvals, authorizations and filings as may be required subsequent to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;The books and records of the Target Fund, including FASB ASC 740-10-25 (formerly FIN 48) workpapers and supporting statements, made available to the Survivor Fund and/or its counsel, are substantially true and correct and contain no material misstatements or omissions with respect to the operations of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund would not be subject to corporate-level taxation on the sale of any assets currently held by it as a result of the application of Section 337(d) of the Code and the Treasury regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund has not waived or extended any applicable statute of limitations with respect to the assessment or collection of Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund has not received written notification from any taxing authority that asserts a position contrary to any of the representations set forth in paragraphs (j), (p), (t), (u), and (v) of this Section 1 of Article IV.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of the Survivor Fund.</u> The Trust and the Survivor Fund represent and warrant to the Trust and the Target Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund is a separate series of the Trust. The Trust is a Ohio business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trust is registered as an open-end management investment company, and its registration with the SEC as an investment company under the Company Act is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The current Prospectus and Statement of Additional Information of the Survivor Fund conform in all material respects to the applicable requirements of the Securities Act and the Company Act and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make such statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund is not currently engaged in, and the execution, delivery and performance of this Agreement will not result in, a violation of any material provision of the Trust's Agreement and Declaration of Trust, its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Survivor Fund is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise disclosed in writing to and accepted by the Target Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending, or to its knowledge, without any special investigation or inquiry, threatened against the Survivor Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Survivor Fund to carry out the transactions contemplated by this Agreement. The Survivor Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects its business or its ability to consummate the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;There shall be no issued and outstanding shares of the Survivor Fund prior to the Closing Date other than a nominal number of shares ("Initial Shares") issued to an initial capital investor (which shall be the investment adviser of the Survivor Fund or an affiliate thereof), to vote on the investment management agreement and other agreements and plans as may be required by the Company Act and to take whatever action it may be required to take as the Survivor Fund's sole shareholder. The Initial Shares have

------

been or will be redeemed by the Survivor Fund prior to the Closing for the price for which they were issued, and any price paid for the Initial Shares shall at all times have been held by the Survivor Fund in a non-interest bearing account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;All issued and outstanding Survivor Fund Shares to be issued and delivered to the Target Fund pursuant to the terms of this Agreement, will be, at the Closing Date, validly issued, fully paid and non-assessable by the Survivor Fund. The Survivor Fund has no outstanding options, warrants, or other rights to subscribe for or purchase any Survivor Fund Shares, and there are no outstanding securities convertible into any Survivor Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Survivor Fund, and this Agreement constitutes a valid and binding obligation of the Survivor Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The information to be furnished by the Survivor Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;From the mailing of the N-14 Registration Statement and on the Closing Date, any written information furnished by the Trust with respect to the Survivor Fund for use in the N-14 Registration Statement, the N-1A Registration Statement or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund agrees to use all reasonable efforts to obtain the approvals and authorizations required by the Securities Act, the Exchange Act, the Company Act, and any state blue sky or securities laws in order to continue its operations after the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;No governmental consents, approvals, authorizations or filings are required under the Securities Act, the Exchange Act, the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Survivor Fund, or the performance of the Agreement by the Trust, for itself and on behalf of the Survivor Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and except for such consents, approvals, authorizations, and filings as may be required subsequent to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the accuracy of the representations and warranties in paragraph 4.1(p), for the taxable year that includes the Closing Date, the Trust expects that the Survivor Fund will meet the requirements of Chapter 1, Part I of Subchapter M of the Code for qualification as a RIC and will be eligible to, and will, compute its federal income tax under Section 852 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund is, and will be at the time of Closing, a newly created series without assets and liabilities, created for the purpose of acquiring the assets and assuming the liabilities of the Target Fund, and, prior to the Closing, will not carry on any business activities (other than such activities as are customary to the organization of a new series of a registered investment company prior to its commencement of investment operations).

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations of the Trust</u>. The Trust represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trust has filed a post-effective amendment to its registration statement on Form N-1A ("N-1A Registration Statement") for the purpose of registering the Survivor Fund under the Company Act.

**ARTICLE V**

**COVENANTS** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Operation in Ordinary Course</u>. Each of the Survivor Fund and the Target Fund will operate their businesses in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business may include payment of customary dividends and distributions and shareholder redemptions in the case of the Target Fund and redemptions of the Initial Shares in the case of the Survivor Fund.

------

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Information.</u> The Target Fund will assist the Survivor Fund in obtaining such information as the Survivor Fund reasonably requests concerning the beneficial ownership of the Target Fund Shares.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Action.</u> Subject to the provisions of this Agreement, the Survivor Fund and the Target Fund will each take or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including any actions required to be taken after the Closing Date.

Section 4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Statement of Earnings and Profits</u>. As promptly as practicable, but in any case within 60 days after the Closing Date, the Target Fund shall furnish the Survivor Fund, in such form as is reasonably satisfactory to the Survivor Fund, a statement of the earnings and profits of the Target Fund for federal income tax purposes that will be carried over to the Survivor Fund, as well as any capital loss carryovers that will be carried over to the Survivor Fund as a result of Section 381 of the Code, and which will be certified by the Trust's Treasurer.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Preparation of N-14 Registration Statement</u>. The Trust will prepare and file with the SEC a registration statement on Form N-14 (the "N-14 Registration Statement") relating to the transactions contemplated by this Agreement in compliance with the Securities Act, the Exchange Act and the Company Act. The Target Fund will provide the Survivor Fund with the materials and information necessary to prepare the N-14 Registration Statement. Capitalized terms not defined herein have the meaning ascribed to them in the N-14 Registration Statement.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Returns</u>. The Trust covenants that by the time of the Closing, all of the Target Fund's federal and other Tax returns and reports required by law to have been filed on or before the Closing Date (taking extensions into account) shall have been filed and all federal and other Taxes (if any) shown as due on said returns shall have either been paid or, if not yet due, adequate liability reserves shall have been provided for the payment of such Taxes.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Closing Documents</u>. At the Closing, the Trust, on behalf of the Target Fund, will provide the Trust, on behalf of the Survivor Fund, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;A certificate, signed by the President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A copy of any Tax books and records of the Target Fund necessary for purposes of preparing any Tax returns, schedules, forms, statements or related documents (including but not limited to any income, excise or information returns, as well as any transfer statements (as described in Treasury regulation Section 1.6045A-1)) required by law to be filed by the Survivor Fund after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A copy (which may be in electronic form) of the shareholder ledger accounts of the Target Fund, including, without limitation, the name, address and taxpayer identification number of each Target Fund Shareholder of record; the number of shares of beneficial interest held by each Target Fund Shareholder; the dividend reinvestment elections applicable to each Target Fund Shareholder; the backup withholding certifications (e.g., IRS Form W-9) or foreign person certifications (e.g., IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY), notices or records on file with the Target Fund with respect to each Target Fund Shareholder; and such information as the Trust may reasonably request concerning Target Fund Shares or Target Fund Shareholders in connection with the Survivor Fund's cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related Treasury regulations following the Closing for all of the Target Fund Shareholders (the "Target Fund Shareholder Documentation"), certified by the Trust's transfer agent or its President or its Vice President to the best of their knowledge and belief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;All FASB ASC 740-10-25 (formerly, FIN 48) work papers and supporting statements pertaining to the Target Fund.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Treatment</u>. The Survivor Fund and the Target Fund intend that the Reorganization will qualify as a reorganization described in Section 368(a)(1)(F) of the Code. Neither the Survivor Fund nor the Target Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any Tax return) that is inconsistent with such treatment or results in the failure of the Reorganization to qualify as a reorganization described in Section 368(a)(1)(F) of the Code.

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Fractional and Non-Transferable Shares</u>. Prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund shall redeem all fractional shares of the Target Fund outstanding on the records of the Target Fund's transfer agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund shall liquidate and redeem for cash shares not held in a brokerage account or held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, or upon shareholder instructions, transfer such shares to a different investment option.

**ARTICLE VI**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND** 

The obligations of the Target Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Survivor Fund of all the obligations to be performed by the Survivor Fund pursuant to this Agreement on or before the Closing Date, and, in addition, subject to the following conditions:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;The N-1A Registration Statement filed by the Trust with the SEC to register the offer of the sale of the Survivor Fund Shares will be in effect on the Closing Date.

Section 2. &nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date with respect to the Reorganization of the Target Fund, there shall have been no material change in the investment objective, policies and restrictions nor any material change in the investment management fees, other fees payable for services provided to the Survivor Fund, or fee waiver or expense reimbursement undertakings of the Survivor Fund from those fee amounts and undertakings of the Survivor Fund described in the N-14 Registration Statement or N-1A Registration Statement.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;The Board, including a majority of Trustees who are not "interested persons" of the Trust as defined under the Company Act ("Independent Trustees"), has determined that the transactions contemplated by this Agreement are in the best interests of the Survivor Fund and that the interests of the existing shareholders of the Survivor Fund would not be diluted as a result of such transactions.

**ARTICLE VII**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND** 

The obligations of the Survivor Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Target Fund of all the obligations to be performed by the Target Fund pursuant to this Agreement, on or before the Closing Date and, in addition, shall be subject to the following conditions:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund shall have delivered to the Survivor Fund: (a) a certificate, signed by the President or Vice President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund; (b) the Target Fund Shareholder Documentation; (c) all FASB ASC 740-10-25 (formerly, FIN 48) work papers; (d) copies of the Tax books and records of the Target Fund for purposes of preparing any Tax returns required by law to be filed after the Closing Date; and (e) a statement of earnings and profits of the Target Fund, as described in paragraph 5.4.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;The Board, including a majority of the Independent Trustees, has determined that the transactions contemplated by this Agreement are in the best interests of the Target Fund and that the interests of the existing shareholders of the Target Fund would not be diluted as a result of such transactions.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund will, prior to the Closing, consolidate its outstanding share classes into a single class (the "Share Class Consolidation") so that immediately after the Share Class Consolidation each Target Fund shareholder holds shares of that single class with an aggregate value equal to the aggregate value of the shares of the Target Fund held immediately prior to the Share Class Consolidation.

**ARTICLE VIII**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF BOTH FUNDS** 

If any of the conditions set forth below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement. Notwithstanding anything to the contrary in the foregoing, if the conditions stated in paragraph 8.5 below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the transactions contemplated by this Agreement shall not be consummated:

------

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;On the Closing Date, the SEC shall not have issued an unfavorable report under Section 25(b) of the Company Act or instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Agreement under Section 25(c) of the Company Act. Furthermore, no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit or obtain damages or other relief in connection with this Agreement or the transactions contemplated herein.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;All required consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities (including those of the SEC and of state blue sky securities authorities, including any necessary no-action positions and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated herein shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Survivor Fund or the Target Fund, provided that either party hereto may waive any such conditions for itself.

Section 3. &nbsp;&nbsp;&nbsp;&nbsp;Each of the N-1A Registration Statement and the N-14 Registration Statement shall have become effective under the Securities Act and no stop orders suspending the effectiveness thereof shall have been issued. To the best knowledge of the parties to this Agreement, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the Securities Act.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall have received the opinion of Thompson Hine LLP dated as of the Closing Date and addressed to the Trust, in a form satisfactory to it, substantially to the effect that, based upon certain facts, qualifications, certifications, representations, and assumptions, for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and each of the Target Fund and the Survivor Fund will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all the Acquired Assets to the Survivor Fund solely in exchange for the Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund, or upon the distribution of the Survivor Fund Shares to the Target Fund Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1032(a) of the Code, no gain or loss will be recognized by the Survivor Fund upon its receipt of all the Acquired Assets solely in exchange for Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund as part of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 362(b) of the Code, the Survivor Fund's adjusted bases in each of the Acquired Assets will be the same as the adjusted basis of such Acquired Assets to the Target Fund immediately prior to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1223(2) of the Code, the holding period of each of the Acquired Assets in the hands of the Survivor Fund will include the period during which the Acquired Assets were held by the Target Fund (except where the Survivor Fund's investment activities have the effect of reducing or eliminating an Acquired Asset's holding period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the exchange of their Target Fund Shares for Survivor Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization (except with respect to cash received by Target Fund Shareholders in redemption of fractional Target Fund Shares prior to the Reorganization and the liquidation of Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such Target Fund Shareholder immediately prior to the Reorganization (reduced by any amount of adjusted basis allocable to (a) fractional Target Fund Shares for which cash is received or (b) Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1223(1) of the Code, the holding period of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury

------

Regulations thereunder. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Survivor Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Survivor Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the Closing of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything herein to the contrary, neither the Survivor Fund nor the Target Fund may waive the conditions set forth in this paragraph 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;In rendering its opinion, Thompson Hine LLP may rely on customary assumptions and such representations as Thompson Hine LLP may reasonably request of Trust. No opinion with respect to any matter not specifically addressed by the foregoing shall be expressed by Thompson Hine LLP. By way of illustration, and without limitation of the foregoing, Thompson Hine LLP shall express no opinion regarding: (i) whether either the Target Fund or the Survivor Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a)(1) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980, as amended, with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting (including under Section 1256 of the Code); (v) the effect of a Reorganization on any Target Fund Shareholder that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Acquired Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (viii) any tax consequences (to the Survivor Fund, the Target Fund, the Target Fund Shareholders or any other person) related to the Share Class Consolidation; and (ix) any state, local, or foreign tax consequences of the Reorganization.

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Each party shall have performed all of its covenants set forth in Article V, and its representations and warranties set forth in Article IV shall be true and correct in all material respects on and as of the Closing Date as if made on such date, and the President of the Trust shall have executed a certificate to such effect.

**ARTICLE IX**

**EXPENSES** 

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided for herein, the Adviser (or any affiliate thereof) shall bear all expenses of the transactions contemplated by this Agreement (other than expenses, if any, of the shareholders). Such expenses include, without limitation: (a) expenses associated with the preparation and filing of the N-14 Registration Statement, (b) postage, (c) printing, (d) accounting fees, (e) audit and legal fees, including fees of the counsel to the Trust, and counsel to the Independent Trustees of the Trust, (f) solicitation costs of the transactions (if any), (g) service provider conversion fees, and (g) any costs associated with meetings of the Board relating to the transactions contemplated herein.

The Adviser (or any affiliate thereof) shall remain so liable for expenses, regardless of whether the transactions contemplated by this Agreement occur, and this Section 9.1 shall survive the Closing and any termination of this Agreement pursuant to paragraph 10.1. Notwithstanding the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in a failure by either the Target Fund or the Survivor Fund to qualify for treatment as a RIC within the meaning of Section 851 of the Code or would prevent the Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on either the Target Fund or the Survivor Fund or on any of their respective shareholders.

**ARTICLE X**

**TERMINATION** 

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated by resolution of the Board at any time prior to the Closing Date if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any party shall have breached any material provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Circumstances develop that, in the opinion of such Board, make proceeding with the Reorganization inadvisable;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Board determines that the consummation of the transactions contemplated herein is not in the best interest of the Target Fund and/or Survivor Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any governmental body shall have issued an order, decree or ruling having the effect of permanently enjoining, restraining or otherwise prohibiting the consummation of this Agreement.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;In the event of any such termination, there shall be no liability for damages on the part of any party to the other parties.

**ARTICLE XI**

**CONFIDENTIALITY** 

Section 1. &nbsp;&nbsp;&nbsp;&nbsp;Each Fund agrees to treat confidentially and as proprietary information of the other Fund, all records and other information, including any information relating to portfolio holdings, of such other Fund and not to use such records and information for any purpose other than the performance of its duties under this Agreement; provided, however, that after prior notification of and written approval by such other Fund (which approval shall not be withheld if the disclosing Fund would be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities having proper jurisdiction, and which approval shall not be withheld unreasonably in any other circumstance), a Fund may disclose such records and/or information as so approved.

**ARTICLE XII**

**COOPERATION AND EXCHANGE OF INFORMATION** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;The Trust will provide the appropriate representatives with such cooperation, assistance, and information as may reasonably be requested in filing any Tax returns, amended Tax returns, or claims for Tax refunds, determining a liability for Taxes or a right to a refund of Taxes, requesting a closing agreement or similar relief from a taxing authority or participating in or conducting any audit or other proceeding in respect of Taxes, or in determining the financial reporting of any Tax position. Each party or its respective agents will retain for a period of six (6) years following the Closing all returns, schedules, and work papers and all material records or other documents relating to Tax matters and financial reporting of Tax positions of the Target Fund and Survivor Fund for its taxable period first ending after the Closing and for prior taxable periods for which the party is required to retain records as of the Closing, provided that, the Target Fund shall not be required to maintain any such documents that it has delivered to the Survivor Fund.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Any reporting responsibility of the Target Fund is and shall remain the responsibility of the Target Fund, up to and including the date of the Closing, and such later date on which the Target Fund is terminated including, without limitation, responsibility for: (i) preparing and filing any Tax returns relating to Tax periods ending on or prior to the Closing Date (whether due before or after the Closing); and (ii) preparing and filing other documents with the SEC, any state securities commission, and any federal, state, or local tax authorities or any other relevant regulatory authority, except as otherwise is mutually agreed by the parties.

**ARTICLE XIII**

**MISCELLANEOUS** 

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. This Agreement may be amended, modified, or supplemented prior to the Closing Date by the parties in writing; provided, however, that no such amendment may have the effect of changing any provisions to the detriment of such shareholders.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, agree that neither party has made to the other party any representation, warranty, and/or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Survival</u>. The representations and warranties contained in this Agreement or in any document delivered pursuant to or in connection with this Agreement, shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing Date, and the obligations of the Survivor Fund, shall continue in effect beyond the consummation of the transactions contemplated hereunder.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

------

Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflicts of laws provisions thereof.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment</u>. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Except as provided in this paragraph, no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Liability</u>. It is expressly agreed that the obligations of the Survivor Fund hereunder shall not be binding upon any of the Trustees, shareholders, officers ("Officers"), agents, or employees of the Trust personally, but shall bind only the trust property of the Survivor Fund, as provided in the Trust's Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees on behalf of the Survivor Fund and signed by authorized Officers, acting as such. Such authorization by the Trustees and such execution and delivery by the Officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Survivor Fund as provided in the Trust's Agreement and Declaration of Trust.

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Discharge of Liabilities</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, specifically acknowledges and agrees that any liability under this Agreement with respect to the Survivor Fund or Target Fund, respectively, or in connection with the transactions contemplated herein with respect to the Survivor Fund or Target Fund, respectively, shall be discharged only out of the assets of the Survivor Fund or Target Fund, respectively, and that no other series of the Trust shall be liable with respect thereto.

IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

**SIGNATURES ON FOLLOWING PAGE**

------

DIAMOND HILL FUNDS

on behalf of the Target Fund

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Thomas E. Line</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Thomas E. Line</u> 

Title:&nbsp;&nbsp;&nbsp;&nbsp;President

DIAMOND HILL FUNDS

on behalf of the Survivor Fund

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Thomas E. Line</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Thomas E. Line</u> 

Title:&nbsp;&nbsp;&nbsp;&nbsp;President

DIAMOND HILL CAPITAL MANAGEMENT, INC.

solely with respect to Article IX

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/Thomas E. Line</u> 

Name:&nbsp;&nbsp;&nbsp;&nbsp;<u>Thomas E. Line</u> 

Title:&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

------

**EXHIBIT B—FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the Target Fund's financial performance for the periods shown. Certain information reflects financial results for a single Target Fund share. The total returns in the tables reflect the rates an investment in the Target Fund would have earned (or lost), assuming reinvestment of all dividends and distributions. The following information for the has been derived from the Target Fund's financial statements, which have been audited by Cohen & Company, Ltd., the Target Fund's independent registered public accounting firm. It is an integral part of the Target Fund's audited financial statements included in the Target Fund's Form N-CSR. The Annual Report is incorporated by reference into the Statement of Additional Information. This should be read in conjunction with those financial statements.

Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Large Cap Concentrated Fund <sup>(A)</sup> | Net Asset <br>Value <br>Beginning of Period | Net <br>Investment <br>Income<sup>(B)</sup> | Net Realized<br>and <br>Unrealized <br>Gains (Losses) on <br>Investments | Total from <br>Investment <br>Operations | Dividends <br>from Net <br>Investment <br>Income | Distributions <br>from Net <br>Realized <br>Capital Gains | Total <br>Distributions | Net Asset <br>Value End <br>of Period | Total <br>Return |  | Net Assets End of Period <br>(000's) | Ratio of <br>Total <br>Expenses <br>to Average <br>Net Assets |  | Ratio of Net <br>Investment <br>Income <br> to <br>Average <br>Net Assets |  | Portfolio <br>Turnover <br>Rate<sup>(C)</sup> |  |
| **Investor** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | $11.94 | 0.16 | 1.51 | 1.67 | (0.14) | (0.70) | (0.84) | $12.77 | 13.87% |  | $382 | 0.96% |  | 1.19% |  | 40% |  |
| **For the year ended December 31, 2023** | 10.33 | 0.13 | 1.61 | 1.74 | (0.13) |  | (0.13) | 11.94 | 16.84 |  | 295 | 0.97 |  | 1.21 |  | 34 |  |
| **For the year ended December 31, 2022** | 11.90 | 0.10 | (1.64) | (1.54) | (0.03) |  | (0.03) | 10.33 | (12.93) |  | 23 | 0.97 |  | 0.96 |  | 41 |  |
| **For the period ended December 31, 2021** | 10.00 | 0.05 | 2.00 | 2.05 | (0.05) | (0.10) | (0.15) | 11.90 | 20.53 | <sup>(D)</sup> | 33 | 0.96 | <sup>(E)</sup> | 0.56 | <sup>(E)</sup> | 18 | <sup>(D)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | $11.89 | 0.20 | 1.51 | 1.71 | (0.18) | (0.70) | (0.88) | $12.72 | 14.24% |  | $14674 | 0.67% |  | 1.49% |  | 40% |  |
| **For the year ended December 31, 2023** | 10.28 | 0.16 | 1.61 | 1.77 | (0.16) |  | (0.16) | 11.89 | 17.21 |  | 10635 | 0.68 |  | 1.45 |  | 34 |  |
| **For the year ended December 31, 2022** | 11.92 | 0.14 | (1.66) | (1.52) | (0.12) |  | (0.12) | 10.28 | (12.75) |  | 9107 | 0.68 |  | 1.38 |  | 41 |  |
| **For the period ended December 31, 2021** | 10.00 | 0.07 | 2.02 | 2.09 | (0.07) | (0.10) | (0.17) | 11.92 | 20.92 | <sup>(D)</sup> | 2015 | 0.67 | <sup>(E)</sup> | 0.77 | <sup>(E)</sup> | 18 | <sup>(D)</sup> |
| **Class Y** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **For the year ended December 31, 2024** | $11.90 | 0.21 | 1.51 | 1.72 | (0.19) | (0.70) | (0.89) | $12.73 | 14.34% |  | $19164 | 0.55% |  | 1.60% |  | 40% |  |
| **For the year ended December 31, 2023** | 10.29 | 0.17 | 1.61 | 1.78 | (0.17) |  | (0.17) | 11.90 | 17.32 |  | 16706 | 0.56 |  | 1.57 |  | 34 |  |
| **For the year ended December 31, 2022** | 11.92 | 0.14 | (1.64) | (1.50) | (0.13) |  | (0.13) | 10.29 | (12.62) |  | 14017 | 0.56 |  | 1.32 |  | 41 |  |
| **For the period ended December 31, 2021** | 10.00 | 0.09 | 2.01 | 2.10 | (0.08) | (0.10) | (0.18) | 11.92 | 20.98 | <sup>(D)</sup> | 15898 | 0.55 | <sup>(E)</sup> | 1.00 | <sup>(E)</sup> | 18 | <sup>(D)</sup> |

---

<sup>(A)</sup> Inception date of the Fund is February 26, 2021. Fund commenced public offering on May 3, 2021.

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

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

<sup>(D)</sup> Not annualized.

<sup>(E)</sup> Annualized.

------

**STATEMENT OF ADDITIONAL INFORMATION**

**[DATE]**

**DIAMOND HILL LARGE CAP CONCENTRATED FUND**

**AND** 

**DIAMOND HILL LARGE CAP CONCENTRATED ETF**

**each a series of Diamond Hill Funds**

**325 John H. McConnell Blvd., Suite 200**

**Columbus, Ohio 43215**

**1-888-226-5595**

This Statement of Additional Information is not a prospectus but should be read in conjunction with the Combined Prospectus/Information Statement dated [\*] (the "Combined Prospectus/Information Statement") for the Diamond Hill Large Cap Concentrated Fund (the "Target Fund") and Diamond Hill Large Cap Concentrated ETF (the "Survivor Fund"), each a class (herein referred to as "series") of the Diamond Hill Funds (the "Trust"). Copies of the Combined Prospectus/Information Statement may be obtained at no charge by writing to the Funds at P.O. Box 46707, Cincinnati, OH 45246 or by calling 1-888-226-5595. Unless otherwise stated, capitalized terms used in this Statement of Additional Information and not otherwise defined have the same meanings as are given to them in the Combined Prospectus/Information Statement.

This Statement of Additional Information contains information that may be of interest to shareholders of the Target Fund relating to the Reorganization, but that is not included in the Combined Prospectus/Information Statement. As described in the Combined Prospectus/Information Statement, the Reorganization would involve the transfer of substantially all of the assets, and the assumption of the liabilities, of the Target Fund in exchange for shares of the Survivor Fund. The Target Fund would distribute the Survivor Fund shares it receives to its shareholders in complete liquidation of the Target Fund.

The Target Fund will furnish, without charge, a copy of its most recent Annual and Semi-Annual Reports. Requests should be directed to the Target Fund by writing the Target Fund's sub-fund accounting agent at P.O. Box 46707, Cincinnati, OH 45246 or by calling 1-888-226-5595.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION ABOUT THE FUNDS** | 3 |
| **FINANCIAL STATEMENTS** | 4 |
| **SUPPLEMENTAL FINANCIAL INFORMATION**  | 5 |

---

------

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

Further information about the Target Fund, a series of the Trust, is contained in and incorporated by reference to the Target Fund's Statement of Additional Information dated February 28, 2025, as it may be amended and/or supplemented from time to time. Further information about the Survivor Fund, also a series of the Trust, is incorporated by reference to the Survivor Fund's Statement of Additional Information dated [\*], as it may be amended and/or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Prospectus and Statement of Additional Information related to the Target Fund](https://www.sec.gov/ix?doc=/Archives/edgar/data/1032423/000103242325000006/ck0001032423-20241231.htm)</u>, each dated February 28, 2025 (File Nos. 811-08061 and 333-22075, Acc. No. 0001032423-25-000006); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Prospectus and Statement of Additional Information related to the Survivor Fund](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000044/dhf-lccetf485a.htm)</u>, each dated [\*] (File Nos. 811-08061 and 333-22075, Acc. No. 0001032423-25-000044).

------

**FINANCIAL STATEMENTS**

The Adviser's discussion of fund performance, audited financial statements and related report of the independent registered public accounting firm for the Target Fund are contained in the Target Fund's annual shareholder report and financial statements filed on Form N-CSR for the fiscal year ended December 31, 2024 and are incorporated in this Statement of Additional Information by reference. No other parts of the Target Fund's annual shareholder report is incorporated by reference in this Statement of Additional Information. The Survivor Fund has not commenced operations and will not do so until the Closing Date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Annual Report to shareholders](https://www.sec.gov/ix?doc=/Archives/edgar/data/1032423/000139834425003195/fp0091722-37_ncsrixbrl.htm)</u> of the Target for the fiscal year ended December 31, 2024, which has previously been made available to shareholders of the Target Fund (File Nos. 811-08061 and 333-22075, Acc. No. 0001398344-25-003195)

------

**SUPPLEMENTAL FINANCIAL INFORMATION**

A table showing the fees of the Target Fund and the fees and expenses of the Survivor Fund on a pro forma basis after giving effect to the proposed Reorganization, is included in the section entitled "Summary—Fees and Expenses" of the Combined Prospectus/Information Statement.

The Reorganization will not result in a material change to the Target Fund's investment portfolio due to the investment restrictions of the Survivor Fund. As a result, a schedule of investments of the Target Fund modified to show the effects of the change is not required and is not included. Notwithstanding the foregoing, changes may be made to the Target Fund's portfolio in advance of the Reorganization and/or the Survivor Fund's portfolio following the Reorganization. Any such changes to the portfolios would be in the normal course of business and not as a part of the Reorganization.

There are no material differences in the accounting policies of the Target Fund as compared to those of the Survivor Fund.

**DIAMOND HILL FUNDS**

**PART C. OTHER INFORMATION**

**ITEM 15.&nbsp;&nbsp;&nbsp;&nbsp;INDEMNIFICATION**

(a) Article VI of the Registrant's Fourth Amended and Restated Agreement and Declaration of Trust provides for indemnification of officers and Trustees as follows:

SECTION 6.4 INDEMNIFICATION OF TRUSTEES, OFFICERS, ETC. Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the 1940 Act, the Trust shall indemnify each of its past, present and future Trustees and officers (including persons who serve at the Trust's request as directors, officers or trustees of another organization in which the Trust has any interest as a shareholder, creditor or otherwise (hereinafter referred to as a "Covered Person") against all liabilities, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil, criminal, administrative or investigative, and any appeal therefrom, before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while in office or thereafter, by reason of being or having been such a Trustee or officer, director or trustee, and except that no Covered Person shall be indemnified against any liability to the Trust or its Shareholders to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Covered Person's office.

SECTION 6.5 ADVANCES OF EXPENSES. The Trust shall advance attorneys' fees or other expenses incurred by a Covered Person in defending a proceeding to the full extent permitted by the Securities Act of 1933, as amended, the 1940 Act, and Ohio Revised Code Chapter 1707, as amended. In the event any of these laws conflict with Ohio Revised Code Section 1701.13(E), as amended, these laws, and not Ohio Revised Code Section 1701.13(E), shall govern.

SECTION 6.6 INDEMNIFICATION NOT EXCLUSIVE, ETC. The right of indemnification provided by this Article VI shall not be exclusive of or affect any other rights to which any such Covered Person may be entitled. As used in this Article VI, "Covered Person" shall include such person's heirs, executors and administrators. Nothing contained in this article shall affect any rights to indemnification to which personnel of the Trust, other than Trustees and officers, and other persons may be entitled by contract or otherwise under law, nor the power of the Trust to purchase and maintain liability insurance on behalf of any such person.

SECTION 6.7 LIABILITY OF THIRD PERSONS DEALING WITH TRUSTEES.. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any transaction made or to be made by the Trustees or to see to the application of any payments made or property transferred to the Trust or upon its order.

(b) The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its Advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

(c) Pursuant to the Underwriting Agreement ("Agreement"), the Underwriter has agreed to indemnify, defend, and hold the Registrant, its affiliates, and each of their respective trustees, officers, employees, representatives, and any person who controls or previously controlled the Registrant within the meaning of Section 15 of the 1933 Act, (collectively, the "Registrant Indemnitees") free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Registrant Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise arising out of or based upon (i) the Underwriter's breach of any of its obligations, representations, warranties or covenants contained in the Agreement; (ii) the Underwriter's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Registrant (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon and in conformity with information furnished to the Registrant by the Underwriter in writing. In no event shall anything contained in the Agreement be so construed as to protect the Registrant against any liability to the Underwriter to

------

which the Registrant would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under the Agreement or by reason of its reckless disregard of its obligations under the Agreement.

(d) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the provisions of Ohio law and the Agreement and Declaration of the Registrant or the By-Laws of the Registrant, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Trust in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**ITEM 16.**&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBITS**

(1) Articles of Incorporation.

<u>[Copy of Registrant's Fourth Amended and Restated Agreement and Declaration of Trust dated May 22, 2025, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 90, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/dhffourthamendedandrestate.htm)</u><br>

(2) By-Laws.

<u>[Copy of Amended and Restated By-Laws, dated as of November 14, 2018, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 69, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242319000005/diamondhillby-lawsx111418.htm)</u><br>

(3) Voting Trust Agreements. - Not Applicable

(4) Agreement and Plan of Reorganization - is attached as Exhibit A to the Combined Prospectus/Information Statement included in this filing.

(5) Instruments Defining Rights of Security Holders.

None other than in Registrant's Fourth Amended and Restated Agreement and Declaration of Trust and By-Laws.

(6) Investment Advisory Contracts.

(i) <u>[Copy of Registrant's Amended and Restated Investment Management Agreement, dated as of November 17, 2011 with its Adviser, Diamond Hill Capital Management, Inc., which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 36, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312512088255/d298249dex99d.htm)</u>

(ii) <u>[Form of](amendedexainvestmentmanage.htm)[Amendment, dated as of August 21, 2025, to the Registrant's Amended and Restated Investment Management Agreement dated as of November 17, 2011 with Diamond Hill Capital Management, Inc., is hereby filed herewith.](amendedexainvestmentmanage.htm)</u>

(7) Underwriting Contracts.

(i) <u>[Form of Distribution Agreement date](ffinetfda-july 2025.htm)[d](ffinetfda-july 2025.htm)[\[ \], 2025 with Foreside Financial Services, LLC, is hereby filed herewith.](ffinetfda-july 2025.htm)</u>

(8) Bonus or Profit Sharing Contracts.

None.

(9) Custodian Agreements.

(i) <u>[Copy of Registrant's Master Custodian Agreement and Fee Schedule with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 43, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312514072214/d672285dex9928gviii.htm)</u>

------

(ii) <u>[Copy of Amendment, dated February 21, 2023, to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 82, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242323000021/diamondhillfunds-amendment.htm)</u>

(iii) <u>[Form of Amendment, dated \[ \], 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, is hereby filed herewith.](amendmenttomastercustodian.htm)</u>

(10) Rule 12b-1 Plans and Rule 18f-3 Plans.

None

---

| | | |
|:---|:---|:---|
| (11) |  | <u>[Legal Opinion and consent of Thompson Hine LLP dated June 20, 2025, which was filed as an Exhibit to the Registrant's Registration Statement on N-14 as filed with the Securities and Exchange Commission on June 26, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/thopinionn-14consentjune20.htm)</u> |
| (12) | (i) | <u>[Form of Tax Opinion and Consent of Counsel regarding tax matters which was filed as an Exhibit to the Registrant's Registration Statement on N-14 as filed with the Securities and Exchange Commission on June 26, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/formoftaxopinion-2025lcc.htm)</u> |

---

 (ii) Final Opinion to be filed by Post-Effective Amendment pursuant to the undertaking in Item 17(3) below.

(13) Other Material Contracts.

(i) <u>[Copy of Registrant's Amended and Restated Administrative and Transfer Agency Services Agreement dated as of May 31, 2002, as restated and amended November 17, 2011 and May 23, 2013 with Diamond Hill Capital Management, Inc., which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 41, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312513478443/d646446dex99hiii.htm)</u>

(ii) <u>[Copy of Amendment dated February 20, 2014 to the Amended and Restated Administrative, Fund Accounting and Transfer Agency Services Agreement dated as of May 31, 2002, as restated and amended November 17, 2011, and May 23, 2013 with Diamond Hill Capital Management, Inc., which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 43, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312514072214/d672285dex9928hv.htm)</u>

(iii) <u>[Copy of Amended Schedule B, dated as of February 28, 2018, to the Amended and Restated Administrative, Fund Accounting and Transfer Agency Services Agreement, dated as of May 31, 2002, as restated and amended November 17, 2011 and May 23, 2013, and amended February 20, 2014, with Diamond Hill Capital Management, Inc., which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 65, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242318000021/dhf-exhibithxivxschedulebd.htm)</u>

 (iv) <u>[Form of Administrative and Transfer Agency Services Agreement, dated \[ \] with Diamond Hill Capital Management, Inc., is hereby filed herewith.](administrativeservicesagre.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>[Form of ETF Master Services Agreement dated \[ \], 2025, with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, is hereby filed herewith.](ultimusetfmasterservicesag.htm)</u>

(vi) <u>[Copy of Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 43, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312514072214/d672285dex9928hxv.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>[Copy of Third Amendment, dated April 6, 2016, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516626585/d213050dex9928hxiv.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>[Copy of Fourth Amendment, dated July 8, 2016, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516701977/d220582dex99hxvi.htm)</u>

(ix) <u>[Copy of Ninth Amendment, dated February 14, 2019, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 70, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242319000063/hxxixdhf9thamendmentdraftt.htm)</u>

------

(x) <u>[Copy of Fifteenth Amendment, dated August 21, 2024, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 85, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242324000067/dhffifteenthamendmentandjo.htm)</u>

(xi) <u>[Copy of Sixteenth Amendment, dated May 22, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, is hereby filed herewith.](a16thamendmenttoslaafunds4.htm)</u>

(xii) <u>[Form](a17thamendmenttoslaa-etfco.htm) [of Seventeenth Amendment, dated](a17thamendmenttoslaa-etfco.htm) [\[ \]](a17thamendmenttoslaa-etfco.htm) [, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, is hereby filed herewith.](a17thamendmenttoslaa-etfco.htm)</u>

(xiii) <u>[Copy of Fund of Funds Investment Agreement dated January 19, 2022, with State Street Bank Navigator Securities Lending Trust, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 81, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242322000020/mffundoffundsinvestmentagr.htm)</u>

(xiv) <u>[Form of Amended and Restated Fund of Funds Investment Agreement dated \[ \] with State Street Bank Navigator Securities Lending Trust, is hereby filed herewith.](amendedandrestatedfofinves.htm)</u>

 (xv) <u>[Form of Transfer Agency Services Agreement dated \[ \], 2025, with State Street Bank and Trust Company is hereby filed herewith.](statestreettransferagencya.htm)</u>

(14) Other Opinion.

<u>[Consent of Cohen & Company, Ltd. is hereby filed herewith.](cohencon-14consentjuly2025.htm)</u>

(15) Omitted Financial Statements. None

(16) <u>[Powers of Attorney for Trustees](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [which](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [were filed as an Exhibit to the Reg](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [istra](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [nt](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) ['](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [s](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [Registration Statement on Form N-14 as filed with the](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [Securities and Exchang](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [e Commission on June](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [26, 202](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [5](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [, are hereby inco](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm) [rporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000069/dhfcombinedpoas.htm)</u>

(17) Additional Exhibits. None

**ITEM 17. UNDERTAKINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant agrees to file by Post-Effective Amendment the opinion and consent of counsel regarding the tax consequences of the proposed reorganization upon the closing of the reorganization and within a reasonable time after receipt of such opinion.

------

**EXHIBIT INDEX**

**Exhibit Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description**

---

| | | |
|:---|:---|:---|
| 6 | (ii) | <u>[Form of](amendedexainvestmentmanage.htm)[Amendment, dated as of August 21, 2025, to the Registrant's Amended and Restated Investment Management Agreement](amendedexainvestmentmanage.htm)</u> |
| 7 | (i) | <u>[Form of Distribution Agreement date](ffinetfda-july 2025.htm)[d](ffinetfda-july 2025.htm)[\[ \], 2025 with Foreside Financial Services, LLC](ffinetfda-july 2025.htm)</u> |
| 9 | (iii) | <u>[Form of Amendment, dated \[ \], 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014](amendmenttomastercustodian.htm)</u> |
| 13 | (iv) | <u>[Form of Administrative and Transfer Agency Services Agreement, dated \[ \] with Diamond Hill Capital Management, Inc.](administrativeservicesagre.htm)</u> |
| 13 | (v) | <u>[Form of ETF Master Services Agreement dated \[ \], 2025, with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC](ultimusetfmasterservicesag.htm)</u> |
| 13 | (xi) | <u>[Copy of Sixteenth Amendment, dated May 22, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014](a16thamendmenttoslaafunds4.htm)</u> |
| 13 | (xii) | <u>[Form of Seventeenth Amendment, dated \[ \], 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014](a17thamendmenttoslaa-etfco.htm)</u> |
| 13 | (xiv) | <u>[Form of Amended and Restated Fund of Funds Investment Agreement dated \[ \] with State Street Bank Navigator Securities Lending Trust](amendedandrestatedfofinves.htm)</u> |
| 13 | (xv) | <u>[Form of Transfer Agency Services Agreement dated \[ \], 2025, with State Street Bank and Trust Company](statestreettransferagencya.htm)</u> |
| 14 |  | <u>[Consent of Cohen & Company, Ltd.](cohencon-14consentjuly2025.htm)</u> |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act"), as amended, the Registrant has duly caused this registration statement on Form N-14 to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus, and the State of Ohio on July 29, 2025.

---

| | |
|:---|:---|
| DIAMOND HILL FUNDS | DIAMOND HILL FUNDS |
| By: | /s/ Thomas E. Line |
|  | Thomas E. Line |

---

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Thomas E. Line | President | July 29, 2025 |
| Thomas E. Line |  |  |
| /s/ Julie A. Roach | Treasurer | July 29, 2025 |
| Julie A. Roach |  |  |
| Anthony J. Ghoston\* | Trustee | July 29, 2025 |
| Anthony J. Ghoston |  |  |
| Tamara L. Fagely\* | Trustee | July 29, 2025 |
| Tamara L. Fagely |  |  |
| Jody T. Foster\* | Trustee | July 29, 2025 |
| Jody T. Foster |  |  |
| Nancy M. Morris\* | Trustee | July 29, 2025 |
| Nancy M. Morris |  |  |
| John T. Kelly-Jones\* | Trustee | July 29, 2025 |
| John T. Kelly-Jones |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Thomas E. Line |
|  | Thomas E. Line |
|  | Executed by Thomas E. Line |
|  | on behalf of those indicated pursuant to Powers of Attorney |

---

## Exhibit 99.6

**Amended Exhibit A**

**to Amended and Restated Investment Management Agreement**

**between**

**Diamond Hill Funds**

**and**

**Diamond Hill Capital Management, Inc.**

**Originally dated**

**November 17, 2011**

---

| | | |
|:---|:---|:---|
| **Series** | **Fee Effective Date** | **Annual Fee as a percentage of the average daily net assets of the Fund** |
| Long-Short Fund | July 1, 2001 | 0.90% |
| Small Cap Fund | July 1, 2001 | 0.80% |
| Large Cap Fund | January 1, 2016 | 0.50% |
| Small-Mid Cap Fund | November 17, 2005 | 0.75% |
| Select Fund | November 17, 2005 | 0.70% |
| Mid Cap Fund | January 1, 2017 | 0.60% |
| Short Duration Securitized Bond Fund | August 1, 2016 | 0.35% |
| Core Bond Fund | May 26, 2016 | 0.30% |
| International Fund | February 14, 2019 | 0.65% |
| Large Cap Concentrated Fund | February 11, 2021 | 0.50% |
| Core Plus Bond Fund | August 22, 2024 | 0.40% |
| Securitized Total Return Fund | May 22, 2025 | 0.70% |
| Large Cap Concentrated ETF | August 21, 2025 | 0.50% |

---

Previously Amended Exhibit A:&nbsp;&nbsp;&nbsp;&nbsp;November 21, 2013, February 28, 2015, November 19, 2015, January 1, 2016, February 28, 2016, May 26, 2016, August 1, 2016, January 1, 2017, February 28, 2017, August 17, 2017, February 14, 2019, February 11, 2021, August 19, 2021, December 21, 2021, February 28, 2023, August 22, 2024 and May 22, 2025.

The effective date of this Amended Exhibit A is August 21, 2025.

**Diamond Hill Funds&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Capital Management, Inc.**

By: ______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: ________________________________

&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Line&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Line

&nbsp;&nbsp;&nbsp;&nbsp;President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

## Exhibit 99.7

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective this __ day of _________ 2025, and made by Diamond Hill Funds, an Ohio business trust (the "<u>Trust</u>") having its principal place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, OH 43215, and Foreside Financial Services, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at Three Canal Plaza, Suite 100, Portland, ME 04101.

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") with separate and distinct series (each series a "<u>Fund</u>" and collectively the "<u>Funds</u>") registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") under the Securities Act of 1933, as amended (the "<u>1933 Act</u>");

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "<u>Shares</u>") of each Fund that is an exchange-traded fund (each, and "ETF") on a continuous basis and list the Shares on one or more national securities exchanges (together, the "<u>Listing Exchanges</u>");

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), and is a member of the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>");

WHEREAS, the Trust desires to retain the Distributor to: (i) act as the principal underwriter of the ETFs with respect to the creation and redemption of creation units of each ETF <u>("Creation Units"),</u> and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in each ETF's Prospectus; and

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

1.**<u>Appointment</u>**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the ETFs with respect to the creation and redemption of Creation Units of each ETF listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

------

2.**<u>Definitions</u>**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Prospectus</u>" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of each ETF under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Registration Statement</u>" means the registration statement most recently filed from time to time by each ETF with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

3.**<u>Duties of the Distributor</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to serve as the principal underwriter of the ETFs in connection with the review and approval of all purchase and redemption orders of Creation Units of each ETF by authorized participants (each an "<u>AP</u>", and collectively, the "<u>APs</u>") that have executed an Authorized Participant Agreement for the purchase and redemption of Creation Units (each such agreement an "<u>AP Agreement</u>") with the Distributor and Transfer Agent/ Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to accept ETF Securities, Deposit Securities, and related Cash Components through or outside the Clearing Process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each ETF: (i) at the request of the Trust, the Distributor shall enter into AP Agreements between and among APs, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the ETFs, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, meetings of the Board of Trustees of the Trust <u>("Board")</u> in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Distributor shall review and approve, prior to use, all Trust marketing materials ("<u>Marketing Materials</u>") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to be filed with FINRA. The Distributor agrees to furnish to the Trust's investment adviser (the "<u>Investment Adviser</u>") any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall work with the Index Receipt Agent to review and approve orders placed by APs and transmitted to the Index Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;(h) &nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to maintain compliance policies and procedures (a "<u>Compliance Program</u>") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any

------

material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board.

**4.4. &nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of the Trust</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees to create, issue, and redeem Creation Units of each ETF in accordance with the procedures described in each Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in each Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of: (i) each ETF's then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall inform the Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and the Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by or at the direction of the Trust.

------

**5.<u>Fees and Expenses</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Investment Adviser related to its services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor shall pay: (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

&nbsp;&nbsp;&nbsp;&nbsp;(d) &nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6.<u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties, representations, and responsibilities in this Agreement; (iii) any claim that any Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements

------

therein (and in the case of each Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its trustees <u>("Trustees")</u> and officers and its controlling persons are collectively referred to as the "<u>Trust Indemnitees</u>") against any Losses arising out of or based upon: (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that any Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the ETFs (as described in section 4(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reasonable reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case: (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that

------

indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Trust acknowledges and agrees that as part of its duties, Distributor will enter into AP Agreements with certain APs for the purchase and redemption of Creation Units. The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain representations, undertakings and indemnification that are not included in the form-of AP Agreement (each such modified AP Agreement, a "<u>Non-Standard AP Agreement</u>").

To the extent that Distributor is requested or required to make any such representations mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to: (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard AP Agreement.

**7.<u>Representations</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Distributor represents and warrants that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies and procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.All activities by the Distributor and its agents and employees in connection with the services provided in this Agreement shall comply with each Registration Statement and Prospectus, the instructions of the Trust, and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.It will promptly notify the Trust if at any time any of the foregoing representations or warranties ceases to be true, accurate, or complete.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor and the Trust each individually represent that its anti-money laundering program ("<u>AML Program</u>"), at a minimum: (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the APs are not "customers" for the purposes of 31 CFR 1024.220.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all the applicable terms and provisions of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Trust represents and warrants that:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.(i) it is duly organized as an Ohio business trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an open-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) each Registration Statement and each ETF's Prospectus have been prepared, and all Marketing Materials have been prepared by or at the direction of the Trust and have been approved by the Trust and shall be prepared, in all material respects, in conformity with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "<u>Rules and Regulations</u>"); (vi) each Registration Statement and each ETF's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of any Registration Statement, any ETF's Prospectus, nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each ETF's Prospectus in light of the circumstances in which made, not misleading; (viii) except as otherwise noted in each Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant ETF, as determined in the manner described in such ETF's Registration Statement and Prospectus; (ix) each Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated; (x) the ETF Shares, when issued and delivered against payment of consideration will be duly and validly authorized, issued fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (xi) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of ETF shares, except the registration of the ETF Shares under the 1933 Act; (xii) ETF Shares will be listed on Listing Exchanges; (xiii) it will not lend securities pursuant to any securities lending arrangement that would prevent any ETF from

------

settling a Redemption Order when due; (xiv) it will not name any A P as an authorized participant and/or as underwriter in any Prospectus, Marketing Materials or on its or any ETF's website without prior written consent of such AP, unless such naming is required by law, rule or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.it shall file such amendment or amendments to each Registration Statement and each ETF's Prospectus as, in the light of future developments, shall, in the opinion of the Trust's counsel, be necessary in order to have each Registration Statement and each ETF's Prospectus at all times contain all material facts required to be stated therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to each Registration Statement or each ETF's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to any Registration Statement or any ETF's Prospectus as the Trust may deem advisable. The Trust will also promptly notify the Distributor in writing in the event of any stop order suspending the effectiveness of any Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for inclusion in any Registration Statement or any ETF's Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.upon delivery of Deposit or ETF Securities to an AP in connection with a purchase or redemption of Creation Units, the AP will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such ETF and Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

**8.<u>Duration, Termination and Amendment</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually: (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the ETF and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each ETF: (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party, or (ii) by vote of a majority of the outstanding voting securities of the

------

ETF, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9.<u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (i) **To Foreside:** | (ii) If **to the Trust:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreside Financial Services, LLC<br>Attn: Legal Department<br>Three Canal Plaza, Suite 100<br>Portland, ME 04101<br>Telephone: (207) 553-7110<br>Email: legal@foreside.com<br>With a copy to: <br>etp-services@foreside.com | Diamond Hill Funds<br>Attn: Karen Colvin<br>325 John H. Mcconnell Blvd., Suite 200 Columbus, OH 43215<br>Telephone:<br>Email: kcolvin@diamond-hill.com |

---

**10.<u>Choice of Law</u>.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof.

**11.<u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12.<u>Severability</u>.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13.<u>Insurance</u>.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

------

**14.<u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is lawfully in the other party's possession, without an obligation of confidentiality, prior to receipt hereunder; (iii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective directors, Trustees, officers, principals, employees, agents, affiliated persons, or affiliated entities (collectively, <u>"Representatives");</u> or (iv) the information is independently developed by the other party or its Representatives without the use of Confidential Information. The parties understand and agree that all Confidential Information shall be kept confidential by the other and their Representatives both during and after the term of this Agreement. In addition, each party shall be responsible for any breach of this Section by any of its Representatives to the same extent that such party is responsible for its own breach. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. Notwithstanding the preceding sentence, it is understood by both parties that information in an intangible or electronic format containing Confidential Information cannot be removed, erased or otherwise deleted from archival systems (also known as "computer or system back-ups") but that such Confidential Information will continue to be protected under the terms of this Agreement and the other Party shall continue to be bound by the obligations of confidentiality and non-use hereunder both during and after the term of this Agreement. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if: (i) required by law, regulation, court order, inquiry, or legal process or if requested by the SEC or other governmental

------

regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15.<u>Limitation of Liability</u>.** This Agreement is executed by or on behalf of the Trust with respect to each of the ETFs and the obligations hereunder are not binding upon any of the Trustees, officers or shareholders of the Trust individually but are binding only upon the ETF to which such obligations pertain and the assets and property of such ETF. Separate and distinct records are maintained for each ETF and the assets associated with any such ETF are held and accounted for separately from the other assets of the Trust, or any other ETF of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular ETF of the Trust shall be enforceable against the assets of that ETF only, and not against the assets of the Trust generally or any other ETF, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other ETF shall be enforceable against the assets of that ETF. The Trust's Agreement and Declaration of Trust is on file with the Trust.

**16.<u>Use of Names; Publicity</u>.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name "Diamond Hill" in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

The Distributor will not issue any press releases or make any public announcements regarding the existence of this Agreement without the express written consent of the Trust. Neither the Trust nor the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

17.**17. &nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusivity</u>.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**18.<u>Governing Language</u>.** This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

Foreside Financial Services, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Funds

By: _______________________________&nbsp;&nbsp;&nbsp;&nbsp;By: _______________________________

Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;

Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**EXHIBIT A**

Diamond Hill Large Cap Concentrated ETF

## Exhibit 99.9

AMENDMENT TO MASTER CUSTODIAN AGREEMENT

This Amendment (the "Amendment") to the Master Custodian Agreement is made effective as of September __, 2025 by and between each management investment company identified on Appendix A attached hereto (each a "Fund", and collectively, the "Funds") and State Street Bank and Trust Company (the "Custodian" and together with the Funds, the "Parties"). Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Master Custodian Agreement referred to below.

WHEREAS, the Funds and the Custodian entered into a Master Custodian Agreement dated as of March 1, 2014 (as amended, restated, and/or supplemented from time to time, the "Agreement"); and

WHEREAS, the Funds and the Custodian desire to amend the Agreement as set forth herein;

NOW THEREFORE, in consideration of the foregoing and the mutual covenants and agreements hereinafter contained, the Parties hereby agree to amend the Agreement, pursuant to the terms thereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The current Section 15 of the Agreement is hereby renumbered in its entirety as Section 15A and the following language is hereby added to the Agreement in its entirety as Section 15B is inserted in lieu thereof:

**15B.&nbsp;&nbsp;&nbsp;&nbsp;Provision of ETF Services** 

**15B.1**&nbsp;&nbsp;&nbsp;&nbsp;Each series of the Funds (each a Portfolio"") that is identified on <u>Appendix A</u> as an "ETF Client" (each an "ETF Client") is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in the ETF Client's currently effective prospectus and statement of additional information (collectively, the "Prospectus"). Capitalized terms used in this Section 15B without definition shall have the meaning given to them in the Prospectus. For the avoidance of doubt, this Section 15B will only apply with respect to the Portfolios identified on <u>Appendix A</u> hereto as ETF Clients.

**15B.2**&nbsp;&nbsp;&nbsp;&nbsp;**Determination of Fund Deposit, etc**. Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each ETF Client after the end of each trading day on the primary listing exchange set forth in <u>Appendix A</u> hereto (the "Exchange"), in accordance with Board policies and the procedures set forth in the Prospectus: (i) the identity and quantity of the Deposit Securities , (ii) the Cash Component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the ETF Client's

Information Classification: Confidential

------

distributor and other persons as instructed according to Board policies and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "NSCC"), prior to the opening of trading on the Exchange.

**15B.3**&nbsp;&nbsp;&nbsp;&nbsp;**Allocation of Deposit Security Shortfalls.** Each ETF Client acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange-traded funds for which the Custodian serves as custodian, including the ETF Clients (collectively, the "ETF Custody Clients"). In the event that: (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "Common Deposit Security Shortfall"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall.

**15B.4**&nbsp;&nbsp;&nbsp;&nbsp;**Creation and Redemption of Creation Units.** 

15B.4.1 **Creation**. The Custodian shall receive and deposit into each ETF Client's account such payments as are received for ETF Client shares issued or sold in Creation Units. The Custodian will provide timely notification to each ETF Client, the Administrator, and the Transfer Agent of any receipt of such payments by the Custodian. Any Cash Component or cash-in-lieu (less any applicable Transaction Fee) due to the Fund on purchase shall be effected through the DTC system or through wire transfer in the case of purchases effected outside of the DTC system.

15B.4.2 **Redemption**. Upon receipt of instructions from the ETF Client's Transfer Agent, the Custodian shall set aside funds and securities of the ETF Client to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Redemption Securities plus the Balancing Amount for such ETF Client and the Cash Component, if applicable, less any applicable Transaction Fees. The Custodian will transfer the applicable ETF Client securities to or on the order of the Authorized Participant. Any Cash Component or cash-in-lieu (less any applicable Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system.

Information Classification: Confidential

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Except as modified hereby, all other terms and conditions of the Agreement shall remain in full force and effect. In the event of any conflict between the terms of the Agreement prior to this Amendment and this Amendment, the terms of this Amendment shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Amendment may be executed in multiple counterparts, which together shall constitute one instrument.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

Information Classification: Confidential

------

**&nbsp;&nbsp;&nbsp;&nbsp;**IN WITNESS WHEREOF, each of the Parties has caused this Amendment to be executed in its name and behalf by its duly authorized representative as of the date first above written.

STATE STREET BANK AND TRUST COMPANY

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

EACH OF THE FUNDS SET FORTH ON APPENDIX A HERETO

---

| |
|:---|
| By: |
| Name: |
| Title: |

---

------

**APPENDIX A**

**to**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios thereof</u>

---

| | | |
|:---|:---|:---|
| DIAMOND HILL FUNDS | ETF CLIENT | PRIMARY LISTING EXCHANGE FOR EACH ETF CLIENT |
| Diamond Hill Small Cap Fund | No | N/A |
| Diamond Hill Small-Mid Cap Fund | No | N/A |
| Diamond Hill Mid Cap Fund | No | N/A |
| Diamond Hill Large Cap Fund | No | N/A |
| Diamond Hill Large Cap Concentrated ETF | Yes | NYSE Arca, Inc. |
| Diamond Hill Select Fund | No | N/A |
| Diamond Hill Long-Short Fund | No | N/A |
| Diamond Hill International Fund | No | N/A |
| Diamond Hill Short Duration Securitized Bond Fund | No | N/A |
| Diamond Hill Securitized Total Return Fund | No | N/A |
| Diamond Hill Core Bond Fund | No | N/A |
| Diamond Hill Core Plus Bond Fund | No | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.13

**ADMINISTRATIVE SERVICES AGREEMENT**

This Administrative Services Agreement (this "**Agreement**") is entered into as of August [ ], 2025 by and between Diamond Hill Funds ("**Trust**"), an Ohio business trust, and Diamond Hill Capital Management, Inc. ("**DHCM**"), an Ohio corporation. Each of the Trust and DHCM are a "party", and together, the "parties".

**WHEREAS**, the Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("**Company Act**"), and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

**WHEREAS**, the Trust has engaged DHCM to act as investment adviser ("**Adviser**") to each series of the Trust set forth on Schedule A attached hereto, as it may be amended from time to time (each a "**Fund**", and collectively, the "**Funds**");

**WHEREAS**, the Trust wishes to retain DHCM to provide certain fund administration, accounting, and financial reporting services to the Funds; provided, however, that DHCM is authorized at its own expense to contract with other service providers to perform any or all of the services set forth herein; and

**WHEREAS**, DHCM wishes to provide, or arrange for the provision of, such services to the Trust and the Funds under the conditions set forth below;

**NOW, THEREFORE**, in consideration of the mutual promises and covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

1.<u>Appointment</u>. The Trust hereby appoints DHCM, and DHCM accepts the appointment, to provide the fund administration, accounting, and financial reporting services described in this Agreement upon the terms and conditions set forth herein. Any services undertaken by DHCM pursuant to this Agreement, as well as any other activities undertaken by DHCM on behalf of the Trust pursuant hereto, shall at all times be subject to any direction of the Board of Trustees of the Trust ("**Board**").

2.<u>Services</u>. **S**ubject to the direction and control of the Trust, DHCM shall supervise the Trust's business affairs not otherwise supervised by other agents of the Trust. To the extent not otherwise the primary responsibility of, or provided by, other parties under an agreement with the Trust, DHCM shall provide: (i) non-investment related statistical and research data, (ii) internal regulatory compliance services, (iii) executive and administration services (as defined below); (iv) fund administration services as set forth in Schedule B hereto; and (v) fund accounting services as set forth in Schedule C hereto. For purposes of this Agreement, "executive and administration services" include, but are not limited to: (i) the coordination of all third parties furnishing services to the Trust; (ii) review of the books and records of the Trust maintained by such third parties; (iii) the review and submission to the officers of the Trust for their approval, of invoices or other requests for payment of Trust expenses; and (iii) the

------

completion or coordination of such other action with respect to the Trust as may be necessary in the opinion of DHCM to perform its duties hereunder.

3.<u>Compensation</u>. For the performance of DHCM's obligations under this Agreement, each Fund shall pay DHCM a fee as set forth on Schedule A attached hereto, as such schedule may be amended from time to time, on the first business day following the end of each month.

The average value of the daily net assets of each Fund shall be determined pursuant to the applicable provisions of the Trust's Agreement and Declaration of Trust, as amended from time to time (the "**Declaration of Trust**"), or a resolution of the Board, if required. If, pursuant to such provisions, the determination of net asset value ("**NAV**") of a Fund is suspended for any particular business day, then for the purposes of this paragraph, the NAV of a Fund as last determined shall be deemed to be the NAV as of the close of the business day, or as of such other time as the Fund's NAV may lawfully be determined, on that day. If the determination of the NAV of a Fund has been suspended for a period including such month, DHCM's compensation payable at the end of such month shall be computed based on the NAV of that Fund as last determined (whether during or prior to such month).

4.<u>Allocation of Charges and Expenses</u>. DHCM will pay all operating expenses of the Trust not specifically assumed by the Trust, including without limitation: (i) the compensation and expenses of any employees of the Trust and of any other persons rendering any services to the Trust, unless the Trust otherwise agrees to pay; (ii) clerical and shareholder service staff salaries; (iii) office space and other office expenses; (iv) fees and expenses incurred by the Trust in connection with membership in investment company organizations; (v) legal, auditing, accounting, and insurance expenses; (vi) expenses of registering shares under federal and state securities laws, including expenses incurred by a Fund in connection with the organization and initial registration of shares of that Fund; (vii) fees and expenses of any transfer agent and sub-transfer agent(s), distributor, dividend disbursing agent, recordkeeper, shareholder service agent, plan agent, sub-administrator (excluding fees and expenses payable to DHCM under this Agreement), sub-fund accounting agent, pricing services agent, and principal underwriter of the Trust; (viii) expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Funds; (ix) the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to each Fund's current shareholders; (x) the cost of printing or preparing any documents, statements or reports to shareholders unless otherwise noted; (xi) fees and expenses of trustees of the Trust ("**Trustees**") who are not "interested persons" of the Trust, as defined in the Company Act; and (xii) all other operating expenses not specifically assumed by the Trust. In paying expenses that would otherwise be obligations of the Trust, DHCM is expressly acting as an agent on behalf of the Trust. DHCM will provide a detailed report of those expenses to the Trustees on an annual basis and the amount of those expenses will be a direct consideration by the Trustees in determining the fee rate paid to DHCM under this Agreement.

The Trust will pay all fees and expenses of the custodian, brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short),

------

expenses related to conducting shareholders' meetings and proxy solicitations (including the preparation and delivery of the proxy statement and other related materials), and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund or the Trust may be a party and indemnification of the Trustees and officers with respect thereto. The Trust will also pay the fees paid pursuant to its Investment Management Agreement between DHCM and the Trust, as amended from time to time, and all expenses which it is authorized to pay pursuant to Rule 12b-l under the Company Act, if applicable. DHCM may obtain reimbursement from the Funds, at such time or times as DHCM may determine in its sole discretion, for any of the expenses advanced by DHCM, which the Funds or the Trust are obligated to pay, and such reimbursement shall not be considered to be part of DHCM's compensation pursuant to this Agreement.

5.<u>Recordkeeping</u>. DHCM shall create and maintain all necessary records in accordance with all applicable laws, rules, and regulations, including but not limited to records required by Section 3l(a) of the Company Act and the rules thereunder, as the same may be amended from time to time, pertaining to the various functions performed by it and not otherwise created and maintained by another party pursuant to an agreement with the Trust. Where applicable, such records shall be maintained by DHCM for the periods and in the places required by Rule 3la-2 under the Company Act, or DHCM shall ensure such records are maintained on behalf of the Trust pursuant to Rule 31a-3 under the Company Act.

6.<u>Audit and Inspection</u>. DHCM agrees that all records prepared or maintained relating to the services to be performed by DHCM hereunder are the property of the Trust. DHCM shall make available to the Trust during regular business hours all records and other data created and maintained pursuant to the foregoing provisions of this Agreement for reasonable audit and inspection by the Trust or any regulatory agency having authority over the Trust. In addition, DHCM will prompt surrender to the Trust or its designee all such records on, and in accordance with, the Trust's or its designee's request.

7.<u>Representations and Warranties</u>. Each party represents and warrants to the other party, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.For its duties and responsibilities under this Agreement, it is currently and will continue to abide by all applicable federal and state laws, including, without

------

limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized regulatory agencies and organizations; and all other self-regulatory organizations governing the transactions contemplated under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.It has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities contemplated by this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.This Agreement constitutes a valid and legally binding obligation of it, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

8.<u>Standard of Care</u>. DHCM shall use best efforts and exercise reasonable care in the performance of its duties under this Agreement and shall give the Trust the benefit of its best judgment, efforts, and facilities in rendering the services. In providing the services, DHCM shall at all times comply with: (i) all applicable provisions of the Company Act and any rules and regulations adopted thereunder, (ii) the provisions of the Registration Statement of the Trust under the Securities Act of 1933, as amended, and the Company Act, (iii) the provisions of the Declaration of Trust and the By-Laws of the Trust, as each shall be amended from time to time and (iv) any other applicable provisions of state and federal law, rules, and regulations.

9.<u>Indemnification</u>. Subject to and except as otherwise provided in the Securities Act of 1933, as amended, and the Company Act, the Trust shall indemnify DHCM and each DHCM Employee (as defined in Section 10) (collectively, "**Covered Persons**") against all liabilities, including but not limited to, amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by any Covered Person in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any commission, administrative, legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such person may be or may have been threatened, while serving as the administrator for the Trust or as a DHCM Employee providing services to the Truste pursuant to this Agreement, or, thereafter, by reason of being or having been the administrator for the Trust or a DHCM Employee providing services to the Truste pursuant to this Agreement, including but not limited to liabilities arising due to any misrepresentation or misstatement in the Trust's prospectus, other regulatory filings, and amendments thereto, or in other documents originating from the Trust. In no case shall a Covered Person be indemnified against any liability to which such Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties of such Covered Person.

DHCM shall indemnify the Trust and Board against all liabilities, including but not limited to, amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and expenses, including reasonable accountants' and counsel fees, incurred by the Trust arising directly out of: (a) DHCM's failure to exercise the standard of care set forth herein; (b) any violation of applicable law by DHCM or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (c) any material breach by DHCM or its affiliated

------

persons or agents of this Agreement. In no case shall the Trust and/or its Board be indemnified against any liability to which such Trust and/or its Board would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of their duties.

10.<u>Limitations on Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*Limited Liability of DHCM*. DHCM may rely on information reasonably believed by it to be accurate and reliable. Except as may otherwise be required by the Company Act or the rules thereunder, neither DHCM nor its shareholders, officers, directors, employees, agents, control persons, or affiliates of any thereof (collectively, "**DHCM Employees**") shall be subject to any liability for, or any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake of law, any act or omission in connection with or arising out of any services rendered under or payments made pursuant to this Agreement, or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith, or gross negligence on the part of any such persons in the performance of the duties of DHCM under this Agreement or by reason of reckless disregard by any of such persons of the obligations and duties of DHCM under this Agreement. Any person, even though also a DHCM Employee, who may be or become an officer, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with DHCM's duties hereunder), to be rendering such services to or acting solely for the Trust and not as a DHCM Employee, or under the control or direction of DHCM, even though paid by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*<u>Limited Liability of the Trust</u>*. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents, or employees of the Trust personally, but bind only the property of the Trust, as provided in the Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and signed by officers of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the prope1iy of the Trust. A copy of the Declaration of Trust is on file with the Secretary of the State of Ohio.

11.<u>Subcontracting</u>. DHCM may subcontract with, hire, engage, or otherwise outsource to any entity or person with respect to the performance or provision of one or more services, functions, duties, or obligations of DHCM hereunder; provided, however, that DHCM shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that DHCM shall be responsible, to the extent provided in Sections 8, 10 and 11, for all acts of any such subcontractor.

12.<u>Confidentiality</u>. Each party agrees on behalf of itself and its trustees, directors, officers, and employees, a applicable, to use its best efforts to treat confidentially and as proprietary information of the other party, all records and other information of the other party, and not to use such records and information for any purpose other than the performance of its responsibilities

------

and duties hereunder, except: (i) after prior notification to and approval in writing by the disclosing party, which approval shall not be unreasonably withheld and may not be withheld where the receiving party may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, provided that the receiving party will promptly notify the disclosing party of such request if permitted by applicable law, or (iii) when so requested by the disclosing party. Records and other information which: (i) have been or were independently developed or obtained by the receiving party without breach of its confidentiality obligations; (ii) have become known to the public through no wrongful act of the receiving party or any of its employees, agents, or representatives; and (iii) information that was already in the possession of the receiving party prior to receipt thereof from the disclosing party or its agent, shall not be considered confidential or proprietary information under this paragraph.

13.<u>Privacy</u>. DHCM acknowledges that certain information made available to it hereunder may be deemed nonpublic personal information under the Gramm-Leach-Bliley Act, other U.S. or state privacy laws, and the rules and regulations promulgated thereunder (collectively, "**Privacy Laws**"). DHCM agrees: (i) not to disclose or use such information except as required to carry out DHCM's duties under this Agreement or as otherwise permitted by the Privacy Laws in its ordinary course of business, (ii) to establish and maintain physical, electronic, and procedural safeguards reasonably designed to protect the security, confidentiality, and integrity of, and to prevent unauthorized access to or use of such nonpublic personal information, and (iii) to comply with such Privacy Laws.

14.<u>Services for Others</u>. Nothing in this Agreement shall prevent DHCM or any affiliated person of DHCM from providing services for any other person, firm, or corporation, including other investment companies; provided, however, that DHCM expressly represents that it will undertake no activities which, in its judgment, will adversely affect the performance of its obligations to the Trust under this Agreement.

15.<u>Term and Termination</u>. This Agreement shall become effective on the date first above written and, unless terminated earlier pursuant to its terms, shall remain in effect for a period of three years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms, but so long as such continuance is specifically approved at least annually by the vote of a majority of the Trustees who are not "interested persons" of the Trust or DHCM and by a vote of a majority of the Board. This Agreement may be terminated without the payment of any penalty by either party upon sixty (60) days' written notice to the other party. Upon the termination of this Agreement, the Trust shall pay DHCM such compensation as may be payable for the period prior to the effective date of such termination.

16.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*<u>Entire Agreement and Amendment</u>*. This Agreement, and any and all schedules attached hereto, comprise the entire agreement between the parties and supersede all previous oral and written agreements or understandings, and all contemporaneous oral and written negotiations, commitments, understandings, and communications between the parties relating to the subject matter of this Agreement. No

------

party has been induced to enter into this Agreement by, nor is any party relying on, any representation or warranty outside of those expressly set forth in this Agreement. Except as expressly addressed elsewhere, the terms of this Agreement may be amended from time to time only by mutual written agreement of all parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.*<u>Governing Law</u>*. This Agreement shall be governed by, construed under, and enforced in accordance with, the laws of the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.*<u>Assignment and Binding Effect</u>*. This Agreement is not assignable by each party without the prior consent of the other party. This Agreement is binding on and inures to the benefit of the parties' respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.*<u>No Third-Party Beneficiaries</u>*. Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any rights to enforce any provision of this Agreement or any legal or equitable right, remedy, or claim under or with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.*<u>Severability</u>*. If any provision of this Agreement (or any part thereof) shall be deemed illegal or unenforceable by reason of any statute or rule of law, the remaining provisions (or parts thereof) of this Agreement shall not be affected thereby and shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.*<u>Waiver</u>*. The waiver by either party of a breach of any provision or condition of this Agreement shall not operate, or be construed, as a waiver of any other breach or an assent to a failure to comply with any other condition or provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.*<u>Counterparts</u>*. This Agreement may be executed in several counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.*<u>Captions</u>*. The paragraph headings in this Agreement are solely for the convenience of the parties and do not in any way explain, modify, amplify, or effect the provisions of this Agreement.

[The remainder of this page is intentionally left blank.]

------

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written.

DIAMOND HILL FUNDS

By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

DIAMOND HILL CAPITAL MANAGEMENT, INC.

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Title: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Date: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;

------

**Schedule A**

**to Administrative Services Agreement**

**Fund Name and Fee**

---

| | |
|:---|:---|
| <u>Fund</u> | <u>Fee</u> |
| Diamond Hill Large Cap Concentrated ETF | 0.05% |

---

------

**Schedule B**

**to Administrative Services Agreement**

**Fund Administration Services**

1.<u>Regulatory Reporting</u> – Perform the following services related to the financial statements and related regulatory filing obligations for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Prepare, in consultation with Trust counsel, and supervise the filing of annual updates to the Trust's registration statement filed on Form N-1/A or Form N-2 and other filings relating to the registration of shares, and coordinate through a financial printer the filing of such annual updates (as well as supplements to such documents)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Prepare and file with the SEC:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Reports for the Trust on Forms N-CSR, N-PORT, and N-CEN (as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Form N-PX

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Annual Fidelity Bond Filing (Rule 17g-1)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.All required notices pursuant to Rule 24f-2 under the Company Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Prepare such reports, notice filing forms, and other documents (including reports regarding the sale of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to offer its shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, so that the necessary information is made available to, the SEC or any other regulatory authority or applicable securities exchange in connection with any regulatory audit of the Trust or any Fund

2.<u>Shareholder Communications</u> – DHCM shall develop and prepare, with the assistance of the Trust's other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices, and other reports to Trust shareholders.

3.<u>Corporate Governance</u> – DHCM shall provide the following services to the Trust and its Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Provide individuals reasonably acceptable to the Board to serve as officers of the Trust, including, without limitation, individuals to serve as assistant treasurer, secretary, and assistant secretary, who will be responsible for the management of certain of the Trust's affairs as determined and under supervision by the Board; depending on the nature and scope of any such officer appointment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with

------

the requirements of the Company Act and as such bonds and policies are approved by the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In consultation with legal counsel to the Trust, the Adviser, officers of the Trust and other relevant parties, collect, prepare, and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed upon by the Trust and DHCM from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board; and prepare or cause to be prepared minutes of the quarterly meetings of the Board.

4.<u>Other Services</u> – DHCM shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Trust; and shall provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Administer contracts on behalf of the Trust with, among others, the Adviser and the Trust's distributor, custodian, transfer agent, index receipt agent, and fund accountant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Assist the Trust, the Adviser, and the Trust's Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the Company Act and the rules and regulations thereunder or set forth in the Trust's or any Fund's then current prospectus or statement of additional information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Coordinate with each Fund's service providers to facilitate the setup of the Fund on applicable securities exchanges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Arrange for vendors to provide and post each Fund's indicative optimized portfolio value, as applicable, and other information required by exemptive orders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Prepare and maintain the Trust's operating budget to determine proper expense accruals to be charged to each Fund to calculate its daily NAV

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis as mutually agreed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Assist each Fund's independent registered public accounting firm with the preparation and filing of the Fund's tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Research and calculate the qualified dividend rate for income and short-term capital gain distributions and assist in the production of supplemental tax information letters for each Fund, if applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Advise the Trust and the Board on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Monitor each Fund's holdings and operations for post-trade compliance with its prospectus and statement of additional information, SEC statutes, rules, regulations, and policies and at the direction of the Fund's independent public accountants and Trust counsel, monitor Fund holdings for compliance with Internal Revenue Service taxation limitations and restrictions and applicable Federal Accounting Standards Board rules, statements, and interpretations; provide periodic compliance reports to the Adviser and each sub-adviser to the Trust, and assist the Trust, the Adviser, and each sub-adviser to the Trust in

------

preparation of periodic compliance reports to the Trust, as applicable. Because such post-trade compliance testing is performed using fund accounting data and data provided by third-party sources, its accuracy is dependent upon the accuracy of such data, and the Trust agrees and acknowledges that neither DHCM nor any sub-administrator is liable for the accuracy or inaccuracy of such data. The Trust further agrees and acknowledges that the post-trade compliance testing performed by DHCM or any sub-administrator shall not relieve the Trust of its responsibilities with respect to fund portfolio compliance, including on a pre-trade basis, and that DHCM and any sub-administrator shall not be held liable for any act or omission of the Trust with respect to fund portfolio compliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Administer all disbursements for a Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Assist each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, and EDGAR providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Provide the Funds with an end-to-end solution to prepare and transmit annual and semi-annual shareholder reports designed to be compliant with the SEC's tailored shareholder reporting requirements

------

**Schedule C**

**to Administrative Services Agreement**

**Fund Accounting Services**

DHCM shall provide the services listed on this Schedule C to the Trust and each Fund, subject to the terms and conditions of this Agreement, and in each case to the extent such services are relevant to the Fund.

1.<u>Record Maintenance</u> – Prepare and maintain the following books and records of each Fund pursuant to Rule 31a-1 under the Company Act ("**Rule**") upon receipt of information in proper form from each Fund or its authorized agents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Journals containing an itemized daily record in detail of all purchases and sales of securities, all receipts and disbursements of cash, and all other debits and credits, as required by subsection (b)(l) of the Rule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.General and auxiliary ledgers reflecting all asset, liability, reserve, capital, income, and expense accounts, including income accrued and income received, as required by subsection (b)(2)(i) of the Rule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Separate ledger accounts required by subsection (b)(2)(ii) and (iii) of the Rule

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.A monthly trial balance of all ledger accounts (except shareholder accounts) as required by subsection (b)(8) of the Rule

2.<u>Accounting Services</u> – Perform the following accounting services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Calculate the NAV per share of shares offered by each Fund in accordance with the relevant provisions of the applicable Fund's prospectus and applicable regulations under the Company Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Obtain securities pricing information as required or authorized under the terms of the valuation policies and procedures of the Trust or a Fund ("**Valuation Procedures**"), including: (i) pricing information from independent pricing services, with respect to securities for which market quotations are readily available and/or have been subject to override by the Adviser; (ii) if applicable to a particular Fund, fair value pricing information or adjustment factors from independent fair value pricing services or other vendors approved by the Trust (collectively, "**Fair Value Information Vendors**") with respect to securities for which market quotations are not readily available, for which a significant event has occurred following the close of the relevant market but prior to the Fund's pricing time, or which are otherwise required to be made subject to a fair value determination under the Valuation Procedures; and (iii) prices obtained from the Trust or other designee, as approved by the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Coordinate the preparation of reports that are prepared or provided by Fair Value Information Vendors which help the Trust to monitor and evaluate its use of fair value pricing information under its Valuation Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Verify and reconcile with each Fund's custodian cash and all daily trade activity

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Compute, as applicable, each Fund's trailing and annualized returns, net income and capital gains, dividend payables, dividend factors, 7-day yields, 7-day effective yields, 30-day yields, and weighted average portfolio maturity (and other yields or standard or non-standard performance information as mutually agreed)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Accrue income of each Fund based upon income estimates obtained from independent pricing services, or if such income estimates are unavailable, then upon income estimates obtained from the Adviser or its designee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Record investment trades received in proper form from each Fund or its authorized agents on the industry standard T+1 basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Calculate expenses of each Fund according to instructions received from the Trust, and submit changes to accruals and expense items to authorized officers of the Trust for review and approval

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Process share creations and redemptions and reconcile with each Fund's transfer agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.Provide accounting positions to facilitate the generation of portfolio composition files

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k.Maintain create/redeem records to the extent they are not otherwise maintained by other services providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l.Determine the outstanding receivables and payables for all: (i) security trades, (ii) Fund share transactions, and (iii) income and expense accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m.Provide system generated accounting reports in connection with each Fund's regular annual audit and other audits and examinations by regulatory agencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n.Provide such ad hoc periodic reports as the parties shall agree upon

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o.Assist the Trust in identifying instances where market prices are not readily available, or are unreliable, each as set forth within parameters included in the Valuation Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p.Provide information typically supplied in the investment company industry to companies that track or report price, performance, or other information with respect to investment companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q.Provide accounting information to each Fund's independent registered public accounting firm for preparation of each Fund's tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r.Cooperate with, and take reasonable actions in the performance of its duties under this Agreement, so that all necessary information is made available to each Fund's independent public accountants in connection with any audit or the preparation of any report requested by such Fund

3.<u>Financial Statements and Regulatory Filings</u> – Perform the following accounting services related to the financial statements and related regulatory filing obligations for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Provide monthly unaudited financial statements described below, upon request of the Trust. The unaudited financial statements will include the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Unaudited Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Unaudited Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Unaudited Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Unaudited Condensed Financial Information

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Provide accounting information for the following for each Fund (in compliance with Reg. S-X, as applicable):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Federal and state income tax returns and federal excise tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Annual and semi-annual shareholder reports and quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Registration statements on Form N-l/A or Form N-2 and other filings relating to the registration of shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Reports related to DHCM or its designee's monitoring of each Fund's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Annual audit by each Fund's auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.Examinations performed by the SEC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Proxy statements and other shareholder communications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Calculate performance, turnover, and expense ratio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Prepare schedule of capital gains and losses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Provide daily cash report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.Maintain and report security positions and transactions in accounting system

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.Prepare broker commission report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.Monitor expense limitations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Maintain list of failed trades

## Exhibit 99.13

**ETF MASTER SERVICES AGREEMENT**

This ETF Master Services Agreement (this "**Agreement**"), dated August [ ], 2025, is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**"), an Ohio corporation, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Administrator serves as the fund administrator for each series of Diamond Hill Funds (the "**Trust**"), an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and the Administrator desires that Ultimus perform certain services for each series of the Trust listed on Schedule A (as amended from time to time)(individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1. Retention of Ultimus**

The Administrator retains Ultimus to act as the service provider on behalf the Trust and each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;☒&nbsp;&nbsp;&nbsp;&nbsp;Sub-Fund Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;☒&nbsp;&nbsp;&nbsp;&nbsp;Sub-Fund Administration Addendum

**2. Allocation of Charges and Expenses**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.***Ultimus shall furnish at its own expense the executive, supervisory, and clerical personnel necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***The Administrator acknowledges and agrees that, except as provided in Section 2.1, Ultimus shall not be responsible for paying any expenses of the Administrator or any Fund, including, without limitation: organization costs; taxes; expenses for legal and auditing services; the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information, information statements, proxy statements and related materials; all expenses incurred in connection with issuing and redeeming shares; the costs of custodial services; the cost of initial and ongoing registration or qualification of the shares under federal and state securities laws; fees and reimbursable expenses of the trustees ("**Trustees**") on the Trust's board of trustees ("**Board**") who are not affiliated persons of Ultimus; insurance premiums; interest; brokerage costs; litigation and other extraordinary or nonrecurring expenses; and all fees and charges of the Administrator to each Fund.

**3. Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***The Administrator, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under this Agreement in accordance with, and in the manner set forth in, the fee letter attached to each addendum (each a "**Fee Letter**"), which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***If this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation for that part of the month in which this Agreement is in effect shall be prorated in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus' compensation for that part of the month in which the Agreement is in effect shall be equal to a full calendar month's worth of fees as calculated in a manner consistent with the calculation of the fees as set forth in the Fee Letter. The Administrator shall promptly pay Ultimus' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***In the event that the U.S. Securities and Exchange Commission (the "**SEC**"), Financial Industry Regulatory Authority, Inc. ("**FINRA**"), or any other regulator or self-regulatory authority adopts regulations and requirements relating to the payment of fees to service providers or which would result in any material increases in costs to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply with such requirements and provide for additional compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***In the event that any fees are disputed, the Administrator shall, on or before the due date, pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment for such disputed fees shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the Administrator documentation which reasonably supports the disputed charges.

**4. Reimbursement of Expenses**

In addition to paying Ultimus the fees described in each Fee Letter, the Administrator agrees to reimburse Ultimus for its actual reasonable and documented reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***Reasonable travel and lodging expenses incurred by officers and employees of Ultimus in connection with attendance at meetings of the Board or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***All freight and other delivery charges incurred by Ultimus in delivering materials on behalf of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred by Ultimus in communication with each Fund, the Administrator, the custodian to each Fund, counsel for each Fund, counsel for each Fund's independent Trustees, each Fund's independent accountants, dealers or others as required for Ultimus to perform the Services;

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 2 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***The cost of obtaining secondary security market quotes and any securities data, including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.***The cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.***All fees and expenses incurred in connection with any licensing of software, subscriptions to databases, custom programming or systems modifications required to provide any special reports or services requested by each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.***Any expenses Ultimus shall incur at the direction of an officer of each Fund thereunto duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative of each Fund for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.***A reasonable allocation of the costs associated with the preparation of Ultimus' Service Organization Control 1 Reports ("**SOC 1 Reports**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.***Any additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations under this Agreement.

**5. Maintenance of Books and Records; Record Retention**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.***Ultimus shall maintain and keep current the accounts, books, records and other documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.Ownership of Records***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Ultimus agrees that all such books, records, and other data (except computer programs and procedures) developed to perform the Services (collectively, "**Client Records**") shall be the property of the Administrator or each Fund (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Ultimus agrees to provide the Client Records to the Administrator, at the expense of the Administrator, upon reasonable request, and to make such books and records available for inspection by the Administrator, each Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*Ultimus agrees to furnish to the Administrator, at the expense of the Administrator, all Client Records in the electronic or other medium in which such material is then maintained by Ultimus as soon as practicable after any termination of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Administrator, upon the written request of the Administrator, or destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Administrator with copies as soon as reasonably practical after the termination of this Agreement.

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 3 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.***Ultimus agrees to keep confidential all Client Records and to protect all Client Records as Confidential Information (as defined below) pursuant to Section 16 below, except when requested to divulge such information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.***If Ultimus is requested or required to divulge such information by duly constituted authorities or court process, Ultimus shall, unless prohibited by law, promptly notify the Administrator of such request(s) so that the Administrator may seek, at the expense of the Administrator, an appropriate protective order.

**6. Subcontracting**

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7. Effective Date**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.***This Agreement shall become effective as of the date first above written with respect to each Fund in existence on such date (or, if a particular Fund is not in existence on that date, on the date such Fund commences operation) (the "**Agreement Effective Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.***Each Addendum shall become effective as of the date first written in the Addendum with respect to each Fund in existence on such date (or, if a Fund is not in existence on that date, on the date the Fund commences operation).

**8. Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either party as provided under this Section 8, for a period of three (3) years from the date first above written (the "**Initial Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically renew for successive one-year periods (a "**Renewal Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)a material breach of this Agreement by the Non-Terminating Party that has not been cured or remedied within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 4 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the Non-Terminating Party takes a position regarding compliance with Federal Securities Laws that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written notice of such disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)a final and unappealable judicial, regulatory, or administrative ruling or order in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)the authorization or commencement of, or involvement by way of pleading, answer, consent, or acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.Out-of-Scope Termination.* If the Administrator demands services that are beyond the scope of this Agreement and any incorporated Addendum, and the parties cannot agree on appropriate terms relating to such out-of-scope services, Ultimus may terminate this Agreement upon 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.Early Termination.* Any termination by the Administrator other than termination under Section 8.3.A-C is deemed an "**Early Termination**" and is subject to an "**Early Termination Fee**" equal to the pro rated fee amount due to Ultimus through the end of the then-current term as calculated in the Fee Letter, including the repayment of any negotiated discounts provided by Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.Final Payment*.*** Any unpaid compensation, reimbursement of expenses, or Early Termination Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.Transition.* Upon termination of this Agreement, Ultimus will cooperate with any reasonable request of the Administrator to effect a prompt transition to a new service provider selected by the Administrator. Ultimus shall be entitled to collect from the Administrator, in addition to the compensation described in each Fee Letter, (1) the amount of all of Ultimus' cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without limitation, the delivery to the Administrator or its designees of the Administrator's or any Fund's property, records, instruments, and documents, and (2) a reasonable de-conversion fee as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.Liquidation.* Upon termination of this Agreement due to the liquidation of a Fund, Ultimus shall be entitled to collect from the Administrator, in addition to the compensation described in each Fee Letter, the amount of all of Ultimus' cash

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 5 of 16

------

disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without limitation, the delivery to the Administrator or its designees of the Administrator's or any Fund's property, records, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

**9. Additional Funds**

In the event that the Trust establishes one or more series after the Agreement Effective Date, each such series shall become, at the discretion of the Administrator and Ultimus, a Fund under this Agreement and shall be added to Schedule A.

**10. Standard of Care; Limits of Liability; Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising directly out of such party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise directly out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.Limits of Liability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)performing Services or duties pursuant to any oral, written, or electric instruction, notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the Administrator (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the Administrator for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)operating under its own initiative, in good faith and in accordance with the standard of care set forth herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)using valuation information provided by the Administrator's approved third-party pricing service(s) for the purpose of valuing each Fund's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)subject to Section 6 of this Agreement, any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused by events beyond Ultimus' reasonable control, including, without limitation, corrupt, faulty or inaccurate data provided to Ultimus by third-parties; and

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 6 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)any error, action or omission by the Administrator, Fund, or other past or current service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Ultimus may apply to the Administrator at any time for instructions and may, with the prior written consent of the Administrator, consult with counsel for the Administrator and with accountants and other experts with respect to any matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*A copy of the Administrator's organizational documents (the "**Organizational Documents**") is on file with the Secretary of State (or equivalent authority) of the state in which the Administrator is organized, and notice is hereby given that this instrument is executed on behalf of the Administrator and not its officers individually and that the obligations of this instrument are not binding upon any of the officers or shareholders individually but are binding only upon the assets and property of the Administrator), and Ultimus shall look only to the assets of the Administrator) for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*Ultimus shall not be held to have notice of any change of authority of any officer, agent, representative or employee of the Administrator or any of the Administrator's other service providers until receipt of written notice thereof from the Administrator (as applicable). As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.*Each Fund has and retains primary responsibility for oversight of all compliance matters relating to such Fund, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code**"), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002, each as amended, and the policies and limitations of each Fund relating to the portfolio investments as set forth in such Fund's prospectus and statement of additional information. Ultimus' monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.*To the maximum extent permitted by law, the Administrator agrees to limit Ultimus' liability for any Losses (as defined below) suffered by the Administrator or any Fund to an amount that shall not exceed the total compensation received by Ultimus under this Agreement during the most recent rolling 12-month period or the actual time period this Agreement has been in effect if less than 12 months. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the** 

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 7 of 16

------

**possibility thereof. Subject to Section 6 of this Agreement, Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties for use in delivering Ultimus' Services to the Administrator or any Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.Indemnification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees**" and each, an "**Indemnitee**"), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising directly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth herein unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Notwithstanding the foregoing provisions, the Administrator shall indemnify Ultimus for Ultimus' Losses arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*Upon the assertion of a claim for which either party may be required to indemnify the other, the Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*The Indemnifying Party shall have the option to participate with the Indemnitee in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.***The provisions of this Section 10 shall survive termination of this Agreement.

**11. Force Majeure.**

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 8 of 16

------

**12. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It is a corporation, partnership, trust, limited liability company, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*To the extent required by Applicable Law (defined below), it is duly registered with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*For the duties and responsibilities under this Agreement, it is currently and will continue to abide by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*It has duly authorized the execution and delivery of this Agreement and the performance of the transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*Whenever, in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.Representations of the Administrator.*** The Administrator represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It shall cooperate and cause any sub-advisers, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for each Fund to cooperate with Ultimus and to provide it with such information, documents, and advice relating to each Fund as appropriate or requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Administrator, a Fund, or any other service provider to the Administrator or a Fund is/are unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 9 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*The Organizational Documents of the Administrator and each Fund are true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Each of the employees of Ultimus (if any) who serves or has served at any time as an officer of each Fund, including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by each Fund's Directors & Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of each Fund's Organizational Documents regarding indemnification of its officers. The Administrator shall provide Ultimus with proof of current coverage, including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Any officer of the Administrator shall be considered an individual who is authorized to provide Ultimus with instructions and requests on behalf of the Administrator (an "**Authorized Person**") (unless such authority is limited in a writing from the Administrator and received by Ultimus) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons from time to time.

**13. Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry; provided that each Fund's insurance will be comprised of a D&O policy maintained through the investment adviser, along with the requisite fidelity bond. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons therefore.

**14. Information Provided by the Administrator**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Administrator will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*copies of the Organizational Documents and of any amendments thereto, certified by the proper official of the state in which such document has been filed;

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 10 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*a list of all the officers of the Administrator, together with specimen signatures of those officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*each Fund's registration statement and all amendments thereto filed with the SEC pursuant to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*each Fund's notification of registration under the Investment Company Act on Form N-1A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*copies of the current plan of distribution adopted by each Fund under Rule 12b-1 under the Investment Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*copies of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)*copies of the current underwriting agreement for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)*contact information for each Fund's service providers, including, but not limited to, each Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)*a copy of procedures adopted by each Fund in accordance with Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.After the Agreement Effective Date.*** After the Agreement Effective Date, the Administrator will furnish to Ultimus any amendments to the items listed in Section 14.1.

**15. Compliance with Law**

The Administrator, the Trust, and the Funds assume full responsibility for the preparation, contents, and distribution of its prospectus and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over each Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16. Privacy and Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party**"), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to portfolio companies, investments, the Administrator's or any Fund's operations and performance, clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 11 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*any information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*any information not contained in the public filings of the Administrator or any Fund concerning research activities and investments, portfolio composition, portfolio management techniques, plans, customers, clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*any financial information not contained in the public filings of the Administrator or any Fund, including information concerning performance or valuations of portfolio companies, revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Client Records and Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately. Confidential Information shall not include any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All Confidential Information, including Client Records and Customer Information, disclosed to, delivered to, or acquired by the Receiving Party hereunder shall be and remain the sole property of the Disclosing Party. Nothing in this Agreement is intended to grant any rights to the Receiving Party under any patent, trademark, copyright, trade secret or other intellectual property right law or regulation to the Confidential Information of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Administrator or Fund (as applicable). "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.Treatment of Confidential Information***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least the same degree of reasonable care used for its own confidential and

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 12 of 16

------

proprietary information and in any event no less than a reasonable degree of care to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Receiving Party shall be responsible for any breach of this Agreement by any of its employees or agents to the same extent Receiving Party is responsible for its own breach, and Receiving Party agrees to take commercially reasonable measures to restrain its employees and agents from prohibited or unauthorized disclosure or use of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Notwithstanding the foregoing, the Receiving Party may release Confidential Information (1) if approved in writing by the Disclosing Party, or (2) as required by law, as is required to be disclosed to or by any regulatory authority, or under any rule or judicial or administrative proceeding, or otherwise by applicable law; provided that, unless prohibited by law, the Disclosing Party shall provide notice of such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use, and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Money damages would not be a sufficient remedy for any breach of this Section and that the Disclosing Party shall be entitled to seek injunctive or other equitable relief to remedy any such breach or threatened breach by Receiving Party. Such remedy shall not be deemed to be the exclusive remedy for any breach of this Agreement but shall be in addition to all other rights and remedies available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.Severability.*** This provision and the obligations under this Section 16 shall survive termination of this Agreement.

**17. Press Release**

Within the first 60 days following the Agreement Effective Date, the Administrator agrees to review in good faith a press release (in any format or medium) announcing this Agreement; provided that Ultimus must obtain the

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 13 of 16

------

Administrator's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Administrator.

**18. Non-Exclusivity**

The services of Ultimus rendered to the Administrator are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Administrator, or persons who are otherwise affiliated persons of the Administrator to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19. Arbitration**

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**20. Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.If to the Administrator:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Capital Management, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Mutual Fund Administration

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215

Email: <u>mutualfundoperations@diamond-hill.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.If to Ultimus:***

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u> 

**21. General Provisions**

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 14 of 16

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.Amendments.*** The parties may only amend or waive all or part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.Assignments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Except as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*The terms and provisions of this Agreement shall become automatically applicable to any entity that is the successor to the Administrator because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Unless this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may, to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the Administrator at least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

***&nbsp;&nbsp;&nbsp;&nbsp;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of Ohio and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state of Ohio, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 15 of 16

------

not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if this Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 16 of 16

------

The parties duly executed this Agreement as of August 22, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: |  | <br>By: |  |
|  | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 17 of 16

------

Diamond Hill Capital Management, Inc.

ETF Master Services Agreement

August 22, 2025&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; Page 18 of 16

------

**SCHEDULE A**

**to the**

**ETF Master Services Agreement**

**between**

**Diamond Hill Capital Management, Inc.**

**and**

**Ultimus Fund Solutions, LLC**

**dated August 22, 2025**

**<u>Fund Portfolios</u>**

**Diamond Hill Large Cap Concentrated ETF**

------

**<u>Sub-Fund Accounting Addendum</u>**

**for**

**Diamond Hill Capital Management, Inc.**

This Sub-Fund Accounting Addendum, dated August 22, 2025, (this "**Addendum**"), is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**"), for the Funds listed on Schedule A to that certain ETF Master Services Agreement, dated August 22, 2025 ("**ETF Master Services Agreement**"), and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Sub-Fund Accounting Services</u>**

**1. Performance of Daily Accounting Services**

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.***calculate the net asset value ("**NAV**") per share utilizing prices obtained from the sources described in subsection 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.***obtain security prices from independent pricing services, or if such quotes are unavailable and/or have been subject to override by the Trust's investment adviser ("**Adviser**"), then obtain such prices from each Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.***verify and reconcile with each Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.***compute, as applicable, each Fund's trailing and annualized returns, net income and realized capital gains, dividend payables, dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.***accrue income of each Fund based upon income estimates obtained from independent pricing services, or if such income estimates are unavailable, then upon income estimates obtained from the Adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.***record investment trades received in proper form from each Fund or its authorized agents on the industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.***calculate Fund expenses based on instructions from each Fund's administrator or entity approved by the Board and submit to authorized Trust officer for review and approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.***process share creations and redemptions and reconcile with each Fund's transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.***maintain create/redeem records to the extent they are not otherwise maintained by other services providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.***provide accounting positions to facilitate the generation of portfolio composition files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.***determine the outstanding receivables and payables for all: (1) security trades, (2) Fund share transactions and (3) income and expense accounts;

Diamond Hill Capital Management, Inc.

Sub-Fund Accounting Addendum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 1 of 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.***provide system generated accounting reports in connection with each Fund's regular annual audit and other audits and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.***provide such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.***prepare and maintain the following records upon receipt of information in proper form from each Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily expense accruals; (10) daily income accruals; (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.***provide information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.***provide accounting information to each Fund's independent registered public accounting firm for preparation of each Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.***cooperate with, and take reasonable actions in the performance of its duties under this Addendum and the ETF Master Services Agreement, so that all necessary information is made available to each Fund's independent public accountants in connection with any audit or the preparation of any report requested such Fund.

**2. Accounting Services Related to Odd Lot Pricing**

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Addendum, the Administrator informs Ultimus that one or more Fund(s) holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Administrator, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Adviser or any sub-adviser to such Fund as part of any odd lot pricing procedures approved by the Board, and the Administrator hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

**3. Derivatives Risk Management Program Support Services**

Ultimus may, at the election of the Administrator, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

Diamond Hill Capital Management, Inc.

Sub-Fund Accounting Addendum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 2 of 4

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Manage derivatives-specific data, update security master files, and load each Fund's portfolio composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Deliver daily derivatives exposure and value-at-risk ("**VaR**") reports generated by the Confluence software to the Adviser and the Trust's Chief Compliance Officer and make available reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Provide Adviser access to the Confluence software in order that Adviser may calculate derivatives exposure for each Fund it advises and make other derivatives risk management calculations as required by Rule 18f-4 (*e.g.*, daily VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;Provide the Board access to an independent derivatives expert (a "**Derivatives Expert**") capable of supporting the Board's efforts in effecting compliance oversight as required by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Administrator may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Sub-Fund Accounting Addendum.

**4. Special Reports and Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***Ultimus may agree (but shall be under no obligation) to provide additional special reports upon the request of the Administrator, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***Ultimus may agree (but shall be under no obligation) to provide such other similar services with respect to a Fund as may be reasonably requested by the Administrator, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

Diamond Hill Capital Management, Inc.

Sub-Fund Accounting Addendum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 3 of 4

------

The parties duly executed this Addendum as of August 22, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: |  | <br>By: |  |
| Name: | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

Diamond Hill Capital Management, Inc.

Sub-Fund Accounting Addendum&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Page 4 of 4

------

**<u>Sub-Fund Administration Addendum</u>**

**for**

**Diamond Hill Capital Management, Inc.**

This Sub-Fund Administration Addendum (this "**Addendum**"), dated August 22, 2025, is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**") for the Funds listed on Schedule A to that certain ETF Master Services Agreement dated August 22, 2025 ("**ETF Master Services Agreement**"), and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Sub-Fund Administration Services</u>**

**1. Regulatory Reporting**

Ultimus shall provide the Trust with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***prepare, in consultation with Trust counsel, the annual updates (as well as supplements) to the Trust's registration statement filed on Form N-1A pursuant to Section 8 of the Investment Company Act, and coordinate through a financial printer the filing of such annual updates (as well as supplements to such documents) with the Securities and Exchange Commission (the "**SEC**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***prepare and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-PORT, and N-CEN (as applicable), (ii) Form N-PX, (iii) annual Fidelity Bond Filing (Rule 17g-1), and (iv) all required notices pursuant to Rule 24f-2 under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***prepare such reports, notice filing forms and other documents (including reports regarding the sale of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to offer its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, so that the necessary information is made available to, the SEC or any other regulatory authority or applicable securities exchange in connection with any regulatory audit of the Trust or any Fund.

**5. Shareholder Communications**

Ultimus shall develop and prepare, with the assistance of the Administrator and other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to Trust shareholders.

Diamond Hill Capital Management, Inc.

Sub-Fund Administration Addendum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 1 of 5

------

**6. Corporate Governance**

Ultimus shall provide the following services to the Trust and its Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.***provide individuals reasonably acceptable to the Board to serve as officers of the Trust, including, without limitation, individuals to serve as assistant treasurer, secretary, and assistant secretary, who will be responsible for the management of certain of the Trust's affairs as determined and under supervision by the Board; depending on the nature and scope of any such officer appointment, Ultimus may be entitled to an additional fee (as set forth in the Sub-Fund Administration Fee Letter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.***coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the Investment Company Act and as such bonds and policies are approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.***in consultation with legal counsel to the Trust, the investment adviser, officers of the Trust and other relevant parties, collect, prepare and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed upon by the Trust and Ultimus from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board; and prepare or cause to be prepared minutes of the quarterly meetings of the Board. As agreed upon by the Trust and Ultimus from time to time, Ultimus may provide the services described in this paragraph 3.3 in connection with a total of four (4) Board meetings each year (one Board meeting each quarter), with any such work for additional Board meetings being performed at Ultimus' then current hourly rate for such Board meeting and preparatory services.

**7. Other Services**

Ultimus shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Trust; and shall provide the following services if reasonably requested by the Trust and if such services are consistent with Ultimus' obligations under the ETF Master Services Agreement and this Sub-Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.***administer contracts on behalf of the Trust with, among others, the Trust's investment adviser(s), distributor, custodian, transfer agent, index receipt agent, and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.***assist the Trust, the Trust's investment adviser(s) and the Trust's Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the Investment Company Act and the rules and regulations thereunder or set forth in the Trust's or any Fund's then current prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.3.***coordinate with each Fund's service providers to facilitate the setup of the Fund on applicable securities exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.4.***arrange for vendors to provide and post each Fund's indicative optimized portfolio value, as applicable, and other information required by exemptive orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.5.***prepare and maintain the Trust's operating budget to determine proper expense accruals to be charged to each Fund in order to calculate its daily net asset value;

Diamond Hill Capital Management, Inc.

Sub-Fund Administration Addendum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 2 of 5

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.6.***prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis as mutually agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.7.***assist each Fund's independent registered public accounting firm with the preparation and filing of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.8.***research and calculate the qualified dividend rate for income and short-term capital gain distributions and assist in the production of supplemental tax information letters for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.9.***advise the Trust and its Board on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.10.***Monitor each Fund's holdings and operations for **<u>post-trade compliance</u>** with its Prospectus and Statement of Additional Information, SEC statutes, rules, regulations and policies and at the direction of the Fund's independent public accountants and Trust counsel, monitor Fund holdings for compliance with IRS taxation limitations and restrictions and applicable Federal Accounting Standards Board rules, statements and interpretations; provide periodic compliance reports to each investment adviser or sub-adviser to the Trust, and assist the Trust, the Administrator and each investment adviser or sub-adviser to the Trust (collectively referred to as "**Advisers**") in preparation of periodic compliance reports to the Trust, as applicable. Post-trade compliance testing will be performed in accordance with testing policies and procedures, which in Ultimus' sole determination, are reasonably designed to comport with industry standard post-trade compliance testing practices. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor its obligation to perform post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources, including as applicable the Administrator, of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should Ultimus determine it to be necessary, the Administrator shall be required to arrange for Ultimus to have secure look-through access to private fund holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.11.***administer all disbursements for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.12.***upon request, assist each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers and EDGAR providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.13.***provide the Fund(s), with an end-to-end solution to prepare and transmit annual and semi-annual shareholder reports designed to be compliant with the SEC's tailored shareholder reporting requirements (the "**Tailored Shareholder Report Services**"). Funds will be provided tailored shareholder report ("**TSR**") templates to choose from. A Fund may, upon written notification to Ultimus, opt out of the Tailored Shareholder Report Services, in which event, Ultimus will extract from Ultimus' systems the data required to prepare a TSR and deliver that data in an electronic format to the Fund or its designee (the "**Data Extract Only Services**").

Diamond Hill Capital Management, Inc.

Sub-Fund Administration Addendum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 3 of 5

------

For special cases, the parties hereto may amend the procedures or services set forth in the ETF Master Services Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively assume that any special procedure or service which has been approved by the Trust does not conflict with or violate any requirements of its Agreement and Declaration of Trust or then-current prospectuses, or any rule, regulation or requirement of any regulatory body.

**8. Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, as amended, (ii) the drafting of proxy statements and related materials in connection with the Trust's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**9. Tax Matters**

Ultimus does not provide tax advice. Nothing in the ETF Master Services Agreement or this Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**10. Legal Representation**

Notwithstanding any provision of the ETF Master Services Agreement or this Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Trust to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

Diamond Hill Capital Management, Inc.

Sub-Fund Administration Addendum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 4 of 5

------

The parties duly executed this Addendum as of August 22, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: |  | <br>By: |  |
| Name: | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

Diamond Hill Capital Management, Inc.

Sub-Fund Administration Addendum &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 5 of 5

## Exhibit 99.13

SIXTEENTH AMENDMENT TO THE

SECURITIES LENDING AUTHORIZATION AGREEMENT BETWEEN EACH OF DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, DIAMOND HILL SECURITIZED CREDIT FUND,

AND STATE STREET BANK AND TRUST COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;This Sixteenth Amendment (this "Amendment") dated as of May 22, 2025 is between each of Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly, Diamond Hill Securitized Credit Fund (each, a "Fund" and collectively, the "Funds"), and State Street Bank and Trust Company, acting either directly or through any affiliates or subsidiaries (collectively, "State Street").

&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Securities Lending Authorization Agreement dated as of March 1, 2014, as amended to date, between the Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u> thereto, and State Street (the "Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties to the Agreement desire to amend the Agreement as set forth below;

NOW, THEREFORE, for value received, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree to amend the Agreement as follows:

1.<u>Definitions</u>. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement.

2.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. <u>Schedule B</u> (Funds) to the Agreement is hereby amended by deleting it in its entirety and replacing it with the revised <u>Schedule B</u> attached to this Amendment.

3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Each party hereto represents and warrants that (a) it has the legal right, power and authority to execute and deliver this Amendment, to enter into the transactions contemplated hereby, and to perform its obligations hereunder; (b) it has taken all necessary action to authorize such execution, delivery, and performance; and (c) this Amendment constitutes a legal, valid, and binding obligation enforceable against it.

4.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. Except to the extent specifically amended by this Amendment, the provisions of the Agreement shall remain unmodified, and the Agreement is ratified and affirmed as being in full force and effect. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts, together, constitute only one (1) instrument.

5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

Information Classification: Limited Access

Information Classification: Limited Access

------

6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. This Amendment shall be effective as of the date first written above.

IN WITNESS WHEREOF, the parties hereto execute this Sixteenth Amendment as an instrument under seal by their duly authorized officers by affixing their signatures below.

---

| | |
|:---|:---|
| DIAMOND HILL FUNDS, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly<br><u>By: /s/Thomas E. Line</u><br>Name: Thomas E. Line<br>Title: Chief Financial Officer | DIAMOND HILL SECURITIZED CREDIT FUND<br>By: <u>/a/Jo Ann Quinif</u><br>Name: Jo Ann Quinif<br>Title: President<br>STATE STREET BANK AND TRUST COMPANY<br><u>By: /s/David Kim</u><br>Name: David Kim<br>Title: Managing Director |

---

Information Classification: Limited Access

Information Classification: Limited Access

------

**Schedule B**

This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated March 1, 2014 between DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, SEVERALLY AND NOT JOINTLY, DIAMOND HILL SECURITIZED CREDIT FUND (each a "Fund" and collectively, the "Funds"), and STATE STREET BANK AND TRUST COMPANY, acting either directly or through any affiliates or subsidiaries (collectively, "State Street"), as amended.

---

| | | |
|:---|:---|:---|
| <br>**<u>Fund Name</u>** | **<u>Taxpayer <br>Identification Number</u>** | **<u>Tax <br>Year-End</u>** |
| **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** |
| Diamond Hill Small Cap Fund | 31-1744015 | 31-Dec |
| Diamond Hill Small-Mid Cap Fund | 05-0629738 | 31-Dec |
| Diamond Hill Mid Cap Fund | 46-3858300 | 31-Dec |
| Diamond Hill Large Cap Fund | 31-1778061 | 31-Dec |
| Diamond Hill Select Fund | 05-0629736 | 31-Dec |
| Diamond Hill Long-Short Fund | 31-6644613 | 31-Dec |
| Diamond Hill Short Duration Securitized Bond Fund | 81-2797272 | 31-Dec |
| Diamond Hill Core Bond Fund | 81-2797403 | 31-Dec |
| Diamond Hill International Fund | 83-3076566 | 31-Dec |
| Diamond Hill Large Cap Concentrated Fund | 86-1283377 | 31-Dec |
| Diamond Hill Core Plus Bond Fund | 99-3914210 | 31-Dec |
| Diamond Hill Securitized Total Return Fund | 33-4109801 | 31-Dec |
| **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** |
| Diamond Hill Securitized Credit Fund | 99-2838444 | 31-Dec |

---

Information Classification: Limited Access

## Exhibit 99.13

SEVENTEENTH AMENDMENT TO THE

SECURITIES LENDING AUTHORIZATION AGREEMENT BETWEEN EACH OF DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, DIAMOND HILL SECURITIZED CREDIT FUND,

AND STATE STREET BANK AND TRUST COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;This Seventeenth Amendment (this "<u>Amendment</u>") dated as of ______ __, 2025 is between each of Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly, Diamond Hill Securitized Credit Fund (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and State Street Bank and Trust Company, acting either directly or through any affiliates or subsidiaries (collectively, "<u>State Street</u>").

&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Securities Lending Authorization Agreement dated as of March 1, 2014, as amended to date, between the Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u> thereto, and State Street (the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust has notified State Street that Diamond Hill Large Cap Concentrated Fund has converted to an ETF, the Diamond Hill Large Cap Concentrated ETF (the "ETF");

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties to the Agreement desire to amend the Agreement as set forth below to memorialize such conversion;

NOW, THEREFORE, for value received, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree to amend the Agreement as follows:

1.<u>Definitions</u>. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement.

2.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. <u>Schedule B</u> (Funds) to the Agreement is hereby amended by deleting it in its entirety and replacing it with the revised <u>Schedule B</u> attached to this Amendment.

3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties and Acknowledgments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party hereto represents and warrants that (i) it has the legal right, power and authority to execute and deliver this Amendment, to enter into the transactions contemplated hereby, and to perform its obligations hereunder; (ii) it has taken all necessary action to authorize such execution, delivery, and performance; (iii) this Amendment constitutes a legal, valid, and binding obligation enforceable against it; (iv) the execution, delivery, and performance by it of this Amendment will at all times comply with all applicable laws and regulations.

Information Classification: Limited Access

Information Classification: Limited Access

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The ETF represents and warrants that (i) it is a series of Diamond Hill Funds, an Ohio business trust, (ii) the Agreement, as amended hereby, is a legal, valid and binding Agreement enforceable per its terms and (iii) it shall continue to be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement, and shall be deemed to be a "Fund" thereunder for all purposes; and the ETF further makes each representation and warranty made by a Fund in the Agreement.

4.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. Except to the extent specifically amended by this Amendment, the provisions of the Agreement shall remain unmodified, and the Agreement is ratified and affirmed as being in full force and effect. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts, together, constitute only one (1) instrument.

5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. This Amendment shall be effective as of the date first written above.

IN WITNESS WHEREOF, the parties hereto execute this Seventeenth Amendment as an instrument under seal by their duly authorized officers by affixing their signatures below.

---

| | |
|:---|:---|
| DIAMOND HILL FUNDS, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly<br>By: ___________________________<br>Name: <br>Title: | DIAMOND HILL SECURITIZED CREDIT FUND<br>By: ___________________________<br>Name: <br>Title:<br>STATE STREET BANK AND TRUST COMPANY<br>By: ___________________________<br>Name: <br>Title: |

---

Information Classification: Limited Access

Information Classification: Limited Access

------

**Schedule B**

This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated March 1, 2014 between DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, SEVERALLY AND NOT JOINTLY, DIAMOND HILL SECURITIZED CREDIT FUND (each a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and STATE STREET BANK AND TRUST COMPANY, acting either directly or through any affiliates or subsidiaries (collectively, "State Street"), as amended.

---

| | | |
|:---|:---|:---|
| <br>**<u>Fund Name</u>** | **<u>Taxpayer <br>Identification Number</u>** | **<u>Tax <br>Year-End</u>** |
| **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** |
| Diamond Hill Small Cap Fund | 31-1744015 | 31-Dec |
| Diamond Hill Small-Mid Cap Fund | 05-0629738 | 31-Dec |
| Diamond Hill Mid Cap Fund | 46-3858300 | 31-Dec |
| Diamond Hill Large Cap Fund | 31-1778061 | 31-Dec |
| Diamond Hill Select Fund | 05-0629736 | 31-Dec |
| Diamond Hill Long-Short Fund | 31-6644613 | 31-Dec |
| Diamond Hill Short Duration Securitized Bond Fund | 81-2797272 | 31-Dec |
| Diamond Hill Core Bond Fund | 81-2797403 | 31-Dec |
| Diamond Hill International Fund | 83-3076566 | 31-Dec |
| Diamond Hill Large Cap Concentrated ETF | 86-1283377 | 31-Dec |
| Diamond Hill Core Plus Bond Fund | 99-3914210 | 31-Dec |
| Diamond Hill Securitized Total Return Fund | 33-4109801 | 31-Dec |
| **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** |
| Diamond Hill Securitized Credit Fund | 99-2838444 | 31-Dec |

---

Information Classification: Limited Access

## Exhibit 99.13

**STATE STREET MUTUAL FUNDS** 

**AMENDED AND RESTATED** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amended and Restated Fund of Funds Investment Agreement (this "Agreement"), dated as of July __, 2025 (the "Effective Date"), is made by and among the Diamond Hill Securitized Credit Fund ("DHSC") and Diamond Hill Funds, on behalf of each of its series listed on Schedule A, severally and not jointly (each of DHSC and each series of the Diamond Hill Funds, an "Acquiring Fund"), and State Street Navigator Securities Lending Trust (the "State Street Trust"), on behalf of its series State Street Navigator Securities Lending Portfolio I (the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, the Diamond Hill Funds and State Street Navigator Securities Lending Trust entered into a Fund of Funds Investment Agreement dated January 19, 2022.

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Funds may, from time to time, invest in shares of the Acquired Fund in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Terms of Investment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Funds, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Funds and the Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions*. Each Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund in its sole discretion may honor any redemption

Information Classification: General

------

request to execute the Acquiring Fund's transaction partially or wholly in-kind. In the event that the Acquired Fund honors a redemption request partially or wholly in-kind, the Acquired Fund shall distribute a pro-rata portion of each portfolio security, unless the relevant Acquiring Fund and the Acquired Fund jointly agree to a different selection of portfolio securities to distribute in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Scale of investment.* Upon a reasonable request by the Acquired Fund, each Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist each Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The agreements contained in paragraphs 1(a)(ii) and 1(b) apply only with respect to an investment by an Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act. Notwithstanding anything to the contrary in this Agreement, until August 29, 2025, each Acquiring Fund listed on Schedule A on the Effective Date is prohibited from making an initial acquisition of shares of any Acquired Fund in excess of the Section 12(d)(1)(A)(i) limits of the 1940 Act.

**Covenants of the Acquired Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by any Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify an Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by such Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund agrees that any information regarding planned purchases or redemptions of shares of the Acquired Fund provided pursuant to Section 1 will be treated confidentially, used solely for the purposes of this Agreement, and will not be disclosed to any third party without the prior consent of each Acquiring Fund, except for directors/trustees, officers, employees, accountants, legal counsel, investment advisers and other advisers of the Acquired Fund and its affiliates on a need-to-know basis and solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Covenants of the Acquiring Funds.**

Information Classification: General

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if it fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the provisions of this Agreement notwithstanding, each Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. Each Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor any Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Acquiring Fund shall provide the Acquired Fund with information regarding the amount of such Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, to the extent any Acquiring Fund, any investment adviser to any Acquiring Fund or, if applicable, any subadviser to any Acquiring Fund has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, such Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Notices**

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

Information Classification: General

------

---

| | |
|:---|:---|
| If to any Acquiring Fund: | If to the Acquired Fund: |
| Diamond Hill Capital Management, Inc.<br>Attn: Fund Administration<br>325 John H. McConnell Blvd., Suite 200<br>Columbus, OH 43215<br>jroach@diamond-hill.com | State Street Global Advisors<br>One Iron Street<br>Boston, MA 02210<br>Attn: Global Funds Management<br>Email: NewFoFRule@SSGA.com<br>With a copy to:<br>State Street Global Advisors<br>One Iron Street<br>Boston, MA 02210<br>Attn: Legal Department<br>Email: NewFoFRule@SSGA.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing: (i) by either party upon sixty (60) days' notice to the other party; or (ii) in the event of a material breach of this Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non-breaching party. Upon termination of this Agreement, each Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving any Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Fund under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

Information Classification: General

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Funds and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Additional Funds**

In the event that Diamond Hill Capital Management, Inc. ("Diamond Hill") wishes to include one or more series in addition to those set forth on Schedule A (each such series a "New Fund"), Diamond Hill shall so notify the Acquired Fund in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Severability**

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with the laws of the State of organization of such Acquired Fund.

Information Classification: General

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of the Acquired Fund, a copy of the Declaration of Trust of the State Street Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of the Acquired Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Consequential Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between any Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

*[Remainder of page intentionally left blank]*

Information Classification: General

------

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST**

**(on behalf of it series State Street Navigator Securities Lending Portfolio I)**

By:&nbsp;&nbsp;&nbsp;&nbsp; _________________________

Name: _________________________

Title: &nbsp;&nbsp;&nbsp;&nbsp; __________________________

**DIAMOND HILL FUNDS**

By:&nbsp;&nbsp;&nbsp;&nbsp; _________________________

Name: Thomas E. Line

Title: President

**DIAMOND HILL SECURITIZED CREDIT FUND**

By:&nbsp;&nbsp;&nbsp;&nbsp; _________________________

Name: Jo Ann Quinif

Title: President

Information Classification: General

------

**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

Diamond Hill Securitized Credit Fund (added on 7/23/25)

<u>Diamond Hill Funds, its series being:</u>

Diamond Hill Small Cap Fund (added on 1/19/22)

Diamond Hill Small-Mid Cap Fund (added on 1/19/22)

Diamond Hill Mid Cap Fund (added on 1/19/22)

Diamond Hill Large Cap Fund (added on 1/19/22)

Diamond Hill Large Cap Concentrated Fund\* (added on 1/19/22)

Diamond Hill Select Fund (formerly Diamond Hill All Cap Select Fund) (added on 1/19/22)

Diamond Hill Long-Short Fund (added on 1/19/22)

Diamond Hill International Fund (added on 1/19/22)

Diamond Hill Core Bond Fund (added on 1/19/22)

Diamond Hill Short Duration Securitized Bond Fund (added on 1/19/22)

Diamond Hill Core Plus Bond Fund (added on 7/23/25)

Diamond Hill Securitized Total Return Fund (added on 7/23/25)

\*Diamond Hill Large Cap Concentrated Fund ("Mutual Fund") will convert to the Diamond Hill Large Cap Concentrated ETF ("ETF") on 9/26/25. The ETF has the same investment objective and strategy, tax identification and fiscal year-end as the Fund. As a result of the conversion, no additional evaluations or findings were conducted on the ETF by the Acquired Fund.

Information Classification: General

## Exhibit 99.13

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made as of the ____ day of ___________, 202_, by and between STATE STREET BANK AND TRUST COMPANY, Massachusetts trust company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 ("State Street" or the "Transfer Agent"), and the Diamond Hill Funds, an Ohio business trust having its principal office and place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, Ohio 43215 (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust intends to initially offer Shares in one or more series, each as named in the attached <u>Schedule A</u>, which may be amended by the parties from time to time (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 11 of this Agreement, being herein referred to as a "Portfolio," and collectively as the "Portfolios");

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Portfolio will issue and redeem Shares only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and statement of additional information of each Portolio (each a "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, only those entities ("Authorized Participants") that have entered into an Authorized Participant Agreement with the distributor of the Trust, currently Foreside Financial Services, LLC (the "Distributor"), are eligible to place orders for Creation Units with the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC") or its nominee will be the record or registered owner of all outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities; and Transfer Agent is willing to accept such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

1.<u>TERMS OF APPOINTMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Subject to the terms and conditions set forth in this Agreement, the Trust and each Portfolio hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Creation Units and dividend disbursing agent of the Trust and each Portfolio.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by agreement between the Trust and each Portfolio, as applicable, and the Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)establish each Authorized Participant's account in the applicable Portfolio on the Transfer Agent's recordkeeping system and maintain such account for the benefit of such Authorized Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receive and process orders for the purchase of Creation Units from the Distributor or the Trust, and promptly deliver payment and appropriate documentation thereof to the custodian of the applicable Portfolio as identified by the Trust (the "Custodian");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)generate or cause to be generated and transmitted confirmation of receipt of such purchase orders to the Authorized Participants and, if applicable, transmit appropriate trade instruction to the National Securities Clearance Corporation ("NSCC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)receive and process redemption requests and redemption directions from the Distributor or the Trust and deliver the appropriate documentation thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)with respect to items (i) through (iv) above, the Transfer Agent may execute transactions directly with Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any redemption, pay over or cause to be paid over in the appropriate manner such monies, if any, to the redeeming Authorized Participant as instructed by the Distributor or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)prepare and transmit by means of DTC's book-entry system payments for any dividends and distributions declared by the Trust on behalf of the applicable Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)Prepare and transmit to each Portfolio's service providers, including without limitation, their respective investment advisers, administrators, and sub-administrators such reports and information as may be needed related to the issuance of Shares and the Creation Unit purchases and redemptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)record the issuance of Shares of the applicable Portfolio and maintain a record of the total number of Shares of each Portfolio which are issued and outstanding; and provide the Trust on a regular basis with the total number of Shares of each Portfolio which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized

------

Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust and each Portfolio; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no obligations or responsibilities to account for, keep records of, or otherwise related to, the beneficial owners of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)maintain and manage, as agent for the Trust and each Portfolio, such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing of Creation Unit purchases and redemptions and the payment of a Portfolio's dividends and distributions. The Transfer Agent may maintain such accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)process any request from an Authorized Participant to change its account registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)except as otherwise instructed by the Trust, the Transfer Agent shall process all transactions in each Portfolio in accordance with the procedures mutually agreed upon by the Trust and the Transfer Agent with respect to the proper net asset value ("NAV") to be applied to purchase orders received in good order by the Transfer Agent or by the Trust or any other person or firm on behalf of such Portfolio or from an Authorized Participant before cut-offs established by the Trust. The Transfer Agent shall report to the Trust any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Transfer Agent shall perform such other services for the Trust that are mutually agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including the Transfer Agent's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>DTC and NSCC</u>. The Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b) issue instructions to a Portfolio's banks for the settlement of transactions between the Portfolio and DTC or NSCC (acting on behalf of the applicable Authorized Participant).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons*. The Trust and each Portfolio, hereby agrees and acknowledges that the Transfer Agent may rely on the current list of authorized persons, including the Distributor, as provided or agreed to by the Trust and as may be amended from time to time, in receiving instructions to issue or redeem Creation Units. The Trust and each Portfolio, agrees and covenants for itself and each such authorized person that any order or sale of or transaction in Creation Units received by it after the order cut-off time as set forth in the relevant Portfolio's Prospectus or such earlier time as designated by such Portfolio (the "Order Cut-Off Time"), shall be effectuated at the NAV determined on the next business day or as otherwise required pursuant to the applicable Portfolio's then-effective Prospectus, and the Trust or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening*. With respect to the Trust's or any Portfolio's offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction ("Blue Sky") Reporting*. If applicable, the Trust shall be solely responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or hereafter imposed on the Trust, a Portfolio, any Creation Units, any Shares, a beneficial owner thereof, an Authorized Participant or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations imposed on the Trust, a Portfolio, the Creation Units, the Shares,

------

or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8The Transfer Agent shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

2.2.<u>FEES AND EXPENSES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement, the Transfer Agent shall be entitled to receive the fees and expenses set forth in a written fee schedule.

3.<u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u>

The Transfer Agent represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1It is a trust company duly organized and existing under the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), it will remain so registered for the duration of this Agreement, and it will promptly notify the Trust in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3It is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4It is empowered under applicable laws and by its organizational documents to enter into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5All requisite organizational proceedings have been taken to authorize it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6<u>It will promptly inform the Trust if any of the foregoing representations, warranties, or covenants ceases, or is reasonably expected to cease, to be true, accurate, or complete in any material respect.</u>

4.<u>REPRESENTATIONS AND WARRANTIES OF THE TRUST AND</u>

 <u>THE PORTFOLIOS</u>

The Trust represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1The Trust is a business trust duly organized, existing and in good standing under the laws of the state of its formation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2The Trust is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3All requisite proceedings have been taken to authorize the Trust to enter into, perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust and the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4The Trust is registered under the Investment Company Act of 1940, as amended (the "Company Act"), as an open-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5A registration statement under the Securities Act of 1933, as amended (the "Securities Act"), is currently effective and will remain effective, and all appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6Where information provided by the Trust or the Authorized Participants includes information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Transfer Agent may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

5.<u>DATA ACCESS AND PROPRIETARY INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access certain Trust-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary Information be deemed Authorized Participant information or the confidential information of the Trust. The Trust and each Portfolio agree to treat all Proprietary Information

------

as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder or as required by applicable law, rule, or regulation. Without limiting the foregoing, the Trust agrees for itself and its officers and trustees and their agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)use such programs and databases solely on the Trust's, or such agents' computers, or solely from equipment at the location(s) agreed to between the Trust and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions; it is understood that information in an intangible or electronic format containing Proprietary Information cannot be removed, erased or otherwise deleted from archival systems (also known as "computer or system back-ups") but that such Proprietary Information will continue to be protected under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)allow the Trust or such agents to have access only to those authorized transactions agreed upon by the Trust and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent's expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2Proprietary Information shall not include all or any portion of any of the foregoing items that: (1) are or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3If the Trust notifies the Transfer Agent that any of the Data Access Services do not operate in material compliance with the most recently issued user

------

documentation for such services, the Transfer Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4If the transactions available to the Trust include the ability to originate electronic instructions to the Transfer Agent in order to: (i) effect the transfer or movement of cash or Creation Units, or (ii) transmit Authorized Participant information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>STANDARD OF CARE / LIMITATION OF LIABILITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Transfer Agent shall at all times act in good faith in its performance of all services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors are caused by its gross negligence or willful misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2In any event, the Transfer Agent's cumulative liability for the term of the Agreement for all liability or losses, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer Agent under this Agreement during the preceding 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3In no event shall the Transfer Agent be liable for special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

------

1<u>INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents (the "TA Indemnitees"), shall not be responsible for, and the Trust and each Portfolio shall indemnify and hold the TA Indemnitees harmless from and against, any and all losses, damages, costs, charges, reasonable counsel fees (including the defense of any lawsuit in which one of the TA Indemnitees is a named party), payments, expenses and liability (collectively, "Losses") arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Trust's lack of good faith, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors in physical form, or by machine readable input, facsimile, electronic data entry, electronic instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or previous transfer agent; (b) any instructions or requests of the Trust or its officers or the Trust's agents or subcontractors or their officers or employees; (c) any instructions or opinions of legal counsel to the Trust or any Portfolio with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Trust or Portfolio after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the offer or sale of Creation Units in violation of any requirement under federal or state securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all actions relating to the transmission of Trust, Creation Unit or Authorized Participant data through the NSCC clearing systems, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any tax obligations under the tax laws of any country or of any state or political subdivision thereof, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder.

The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents shall be responsible for, and shall indemnify and hold the Trust, each Portfolio, and each of their respective officers, trustees, employees, and agents (the "Trust Indemnitees") harmless from and against, any and all Losses arising out of or attributable to: (i) the bad faith, gross negligence, or willful misconduct of the Transfer Agent or its agents or subcontractors in the performance of their duties; or (ii) the Transfer Agent's breach of any representation, warranty, or covenant hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2At any time the Transfer Agent may apply to any officer of the Trust for instructions, and may consult with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified by the Trust and the applicable Portfolio for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Trust or the applicable Portfolio, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Trust and the Portfolios, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

8.<u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Documents*. The Trust shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A copy of the resolution of the Board of Trustees of the Trust certified by the Trust's Secretary authorizing the appointment of the Transfer Agent and the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A copy of the Declaration of Trust and By-Laws of the Trust and all amendments thereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *&nbsp;&nbsp;&nbsp;&nbsp;Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *&nbsp;&nbsp;&nbsp;&nbsp;Records*. The Transfer Agent shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. In furtherance of the Trust's compliance with the requirements of Section 31 of the Company Act and the rules thereunder, the Transfer Agent agrees that any records relating to the services provided to the Trust and Portfolios hereunder shall be made available upon reasonable request and preserved for the periods prescribed by the applicable rules unless such records are earlier surrendered to the Trust or Portfolios. Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Transfer Agent's personnel as witnesses or deponents, the Trust agrees to pay the Transfer Agent for the Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in such production.

9.<u>CONFIDENTIALITY AND USE OF DATA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information: (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the

------

holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Trust or Portfolio and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary: (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates, and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as: (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators, and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with

------

confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp; The Transfer Agent affirms that it has, and will continue to have throughout the term of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.

10.**EFFECTIVE PERIOD AND TERMINATION**

This Agreement shall remain in full force and effect for an initial term ending ________, 2028 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than one-hundred and twenty (120) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure, or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach; or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust or any Portfolio, the Trust or applicable Portfolio shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust or its Portfolio(s) for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Trust or a Portfolio (or its respective successor), the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Trust or such Portfolio) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's or such Portfolio's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as: (a) the liquidation or dissolution of the Trust or a Portfolio and distribution of the Trust's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Portfolio is no longer viable, (b) a merger of the Trust or a Portfolio into, or the consolidation of the Trust of a Portfolio with, another entity, or (c) the sale by the Trust or a Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust or such Portfolio (or its respective successor) on substantially the same terms as this Agreement.

------

Termination of this Agreement with respect to any one particular Portfolio shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Portfolio.

11.<u>ADDITIONAL PORTFOLIOS</u>

In the event that the Trust establishes one or more series of Shares in addition to the Portfolios listed on the attached <u>Schedule A</u>, with respect to which the Trust desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

12.<u>ASSIGNMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;12.1 &nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder may be delegated or assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 &nbsp;&nbsp;&nbsp;&nbsp;Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust and the Portfolios, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Trust and the Portfolios. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;12.3 &nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent and the Trust. Neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

13.<u>DELEGATION; SUBCONTRACTORS</u>

&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent shall have the right, without the consent or approval of the Trust, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Trust. The Transfer Agent shall be responsible and liable for the services delivered by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required, such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent will provide the Trust with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with

------

the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing in this Section 13 shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

14.<u>MISCELLANEOUS</u>

14.1 *&nbsp;&nbsp;&nbsp;&nbsp; Amendment*. This Agreement may be amended by a written agreement executed by both parties.

14.2 *&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Law to Apply*. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflicts of law rules thereof.

14.3 *&nbsp;&nbsp;&nbsp;&nbsp;Force Majeure*. The Transfer Agent shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, acts of war or terrorism, pandemics, governmental actions or communication disruption. Notwithstanding the foregoing, the Transfer Agent shall promptly inform the Trust upon the occurrence of any force majeure event that does or the Transfer Agent reasonably expects could lead to the Transfer Agent's failure or delay in performance and will use best efforts to resume the performance of its duties as soon as reasonably practicable thereafter.

14.4 *&nbsp;&nbsp;&nbsp;&nbsp;Data Protection*. The Transfer Agent will implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean: (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account; or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

------

14.5 *&nbsp;&nbsp;&nbsp;&nbsp;Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

14.6 *&nbsp;&nbsp;&nbsp;&nbsp;Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

14.7 *&nbsp;&nbsp;&nbsp;&nbsp;Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

14.8 *&nbsp;&nbsp;&nbsp;&nbsp;Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

14.9 *&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

14.10 &nbsp;&nbsp;&nbsp;&nbsp;*Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (*e.g.*, faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

14.11 *&nbsp;&nbsp;&nbsp;&nbsp;Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

14.12 *&nbsp;&nbsp;&nbsp;&nbsp;Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight

------

delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If to the Trust, to:

Diamond Hill Capital Management, Inc.

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215_

Attn: Mutual Fund Administration

Telephone: 614-255-3333

Facsimile: 614-255-3363

&nbsp;&nbsp;&nbsp;&nbsp;14.13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer Agent and the Trust on behalf of each of the Portfolio&nbsp;&nbsp;&nbsp;&nbsp;s, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank]*

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: |  |
|  | <br>Name: |
|  | <br>Title: |

---

---

| | |
|:---|:---|
| DIAMON HILL FUNDS | DIAMON HILL FUNDS |
| By: |  |
|  | <br>Name: |
|  | <br>Title: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>Schedule A</u>

LIST OF PORTFOLIOS

Diamond Hill Large Cap Concentrated ETF

## Exhibit 99.14

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated February 14, 2025 relating to the financial statements and financial highlights of Diamond Hill Large Cap Concentrated Fund, a series of Diamond Hill Funds, which are included in Form N-CSR for the year ended December 31, 2024, and to the references to our firm under the headings "Financial Highlights" and "Exhibit B–Financial Highlights" in the Combined Prospectus/Information Statement.

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 28, 2025

<br>