# EDGAR Filing Document

**Accession Number:** 0001032423
**File Stem:** 0001628280-25-043076
**Filing Date:** 2025-9
**Character Count:** 45756
**Document Hash:** 663ff051f7758754b4ec0ebac653a3b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-043076.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001628280-25-043076

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**EFFECTIVENESS DATE**: 20250929

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08061
- **FILM NUMBER:** 251355957

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288342
- **FILM NUMBER:** 251355956

**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

## 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 |  |

**As filed with the Securities and Exchange Commission on September 29, 2025**

**File Nos. 333-288342**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER*** THE SECURITIES ACT OF 1933

---

| | |
|:---|:---|
| | ⌧ |
| **Pre-Effective Amendment No.** | ◻ |
| **Post-Effective Amendment No. 1** | ⌧ |

---

(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 Offices) (Zip Code)**

**Registrant's Telephone Number, including Area Code: (888) 226-5595**

**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 43215-6101** 

**(614) 469-3200** 

Approximate Date of Proposed Public Offering: It is proposed that this filing will become effective immediately pursuant to paragraph (b) of Rule 485 under the Securities Act of 1933, as amended.

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

**EXPLANATORY NOTE**

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-14 of Diamond Hill Funds is being made for the purpose of filing the final tax opinion as Exhibit 99.12, to Part C of the Registration Statement. Parts A and B of this Registration Statement are incorporated by reference to the definitive combined <u>[Information Statement/Prospectus and Statement of Additional Information filed on EDGAR on](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[Augu](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[st 1, 2025](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[(SEC Accession No. 000](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[1032423](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[-2](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[5](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[-000](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[009](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)[).](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000091/0001032423-25-000091-index.htm)</u>

**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

<u>[Copy of Agreement and Plan of Reorganization date May 22, 2025, which was filed as Exhibit A to the Combined Prospectus/Information Statement in Registrant's Pre-Effective Amendment No. 1, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/dhflccetfn-14july2025a.htm)</u><br>

(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>[Copy of](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[Amend](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[ed](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[Ex](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[hi](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[bit A](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)[, 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., which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendedexainvestmentmanage.htm)</u>

(7) Underwriting Contracts.

(i) <u>[Copy of](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf-ffinetfdaxnonxotx73025.htm)[Registrant](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf-ffinetfdaxnonxotx73025.htm)['s](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf-ffinetfdaxnonxotx73025.htm)[ETF](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf-ffinetfdaxnonxotx73025.htm)[Distribution Agreement dated August 21, 2025 with Foreside Financial Services, LLC, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf-ffinetfdaxnonxotx73025.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>[Copy of Amendment, dated August 22, 2025 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. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/amendtomastercustodianagre.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) <u>[Copy of Tax Opinion and Consent of Thompson Hine LLP dated September 26, 2025, is hereby filed herewith.](taxopinion-diamondhilllarg.htm)</u>

(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>[Copy of Administrative Services Agreement, dated August 21, 2025, with Diamond Hill Capital Management, Inc., which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhlargecapconcentratedetfa.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>[Copy of ETF Master Services Agreement dated August 21, 2025, with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/subetfmasterservicesagreem.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,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [which was filed with Registra](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [nt's Pre-Effective](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [Amendment No. 1,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [dated July 29, 20](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [25,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [is hereby](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [inc](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [orporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm)</u>

(xii) <u>[Copy](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [of Seventeenth Amendment, dated](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [August 21](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014,](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [which was filed as an Exhib](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [it to](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [Registra](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [nt'](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [s Post-Effective Amendment No. 9](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [3, is](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [hereby](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.htm) [incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhf17thamendmenttoslaa-etf.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>[Copy](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[of Amended and Restated Fund of Funds Investment Agreement dated](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[July 23, 2025,](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[with State Street Bank Navigator Securities Lending Trust,](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[which was filed as an Exhibit](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[to Registra](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[nt's Post-E](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[ffective Amendment No.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[93,](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[is hereby](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[incorporated by ref](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[e](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[rence](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)[.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/dhfamendedandrestatedfofin.htm)</u>

(xv) <u>[Copy of Transfer Agency Services Agreement dated August 21, 2025, with State Street Bank and Trust Company, which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 93, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/statestreettransferagencya.htm)</u>

(14) Other Opinion.

<u>[Consent of Cohen & Company, Ltd.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[previously filed](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[as an Exh](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[ibit to the Registrant's P](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[ost](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[-E](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[ffective Amendment No.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[93](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[, is h](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[ereby](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[inc](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[o](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)[rporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000162828025042125/cohenconsentsept2025.htm)</u>

(15) Omitted Financial Statements. None

(16) <u>[Powers of Attorney for Trustees which were filed as an Exhibit to the Registrant's Registration Statement on Form N-14 as filed with the Securities and Exchange Commission on June 26, 2025, are hereby incorporated 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.

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**EXHIBIT INDEX**

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

12 <u>[Copy of Tax Opinion and Consent of Thompson Hine LLP dated September 26, 2025](taxopinion-diamondhilllarg.htm)</u>

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**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act"), as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this post-effective amendment to its registration statement on Form N-14 pursuant to Rule 485(b) under the Securities Act of 1933, as amended, and has duly caused to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus, and the State of Ohio on September 29, 2025.

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| | |
|:---|:---|
| 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 | September 29, 2025 |
| Thomas E. Line |  |  |
| /s/ Julie A. Roach | Treasurer | September 29, 2025 |
| Julie A. Roach |  |  |
| Anthony J. Ghoston\* | Trustee | September 29, 2025 |
| Anthony J. Ghoston |  |  |
| Tamara L. Fagely\* | Trustee | September 29, 2025 |
| Tamara L. Fagely |  |  |
| Jody T. Foster\* | Trustee | September 29, 2025 |
| Jody T. Foster |  |  |
| Nancy M. Morris\* | Trustee | September 29, 2025 |
| Nancy M. Morris |  |  |
| John T. Kelly-Jones\* | Trustee | September 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 99.12

![image_0.jpg](image_0.jpg)

September 26, 2025

Diamond Hill Funds

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215

RE:&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (THE "AGREEMENT"), DATED AS OF MAY 22, 2025, BY AND AMONG DIAMOND HILL FUNDS (THE "TRUST"), 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 THEREOF, DIAMOND HILL CAPITAL MANAGEMENT, INC. (THE "ADVISER")

Ladies and Gentlemen:

You have requested our opinion with respect to certain of the federal income tax consequences of a proposed transaction consisting of: (i) the transfer of all of the assets of the Target Fund (the "Acquired Assets") in exchange solely for voting shares of beneficial interest of the Survivor Fund (the "Survivor Fund Shares") and the assumption by the Survivor Fund of all of the liabilities of the Target Fund (the "Liabilities"); and (ii) the distribution of the Survivor Fund Shares to the shareholders of the Target Fund in exchange for their shares of beneficial interest of the Target Fund ("Target Fund Shares") in complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement. The Agreement and the transactions contemplated thereunder with respect to the Target Fund and the Survivor Fund are hereinafter called the "Reorganization". The Survivor Fund is a newly organized series of the Trust that has not commenced operations and will not do so until the date of the Reorganization. Pursuant to the Agreement and prior to the Effective Time, the Target Fund will (i) convert all issued and outstanding Class I and Investor Class Shares into Class Y Shares (the "Share Class Consolidation"); (ii) redeem any fractional Target Fund Shares at NAV in exchange for a cash payment in lieu thereof; and (ii) liquidate with cash any Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares. Any reference to Target Fund Shares herein is a reference to Target Fund Class Y Shares issued and outstanding after the Share Class Consolidation. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Agreement.

In rendering our opinion, we have reviewed and relied upon: (i) the Agreement; (ii) the Combined Prospectus/Information Statement (Form N-14) filed with the Securities and Exchange Commission in connection with the Reorganization (the "Information Statement"); (iii) certain representations concerning the Reorganization made to us by the Trust, on behalf of

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the Target Fund and the Survivor Fund, in a letter of even date herewith (the "Representation Letter"); (iv) all other documents, financial and other reports which we deemed relevant or appropriate; and (v) the Code,<sup>1</sup> applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "IRS") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Agreement and the representations made in the Representation Letter are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. In rendering our opinion, we have relied on the representations and warranties in the Agreement and the representations in the Representation Letter. To the extent that any of the representations or warranties in the Agreement or any of the representations in the Representation Letter are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the genuineness of all signatures and the correctness of all representations made therein. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. We have further assumed that there are no agreements or understandings contemplated therein other than those contained in such documents.

Based upon the foregoing, it is our opinion for federal income tax purposes that, with respect to the Target Fund and the Survivor Fund, subject to the limitations set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund's acquisition of the Acquired Assets in exchange solely for the Survivor Fund Shares and its assumption of the Liabilities of the Target Fund, followed by the Target Fund's distribution of the Survivor Fund Shares pro rata to the Target Fund shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of the Target Fund, will qualify as 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 in exchange for their Target Fund Shares.

<sup>1</sup> All references to the "Code" are to the Internal Revenue Code of 1986, as amended.

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&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 the receipt of all the Acquired Assets solely in exchange for the 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 basis 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 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 any cash received by Target Fund on or prior to the Reorganization in connection with (i) the redemption of fractional Target Fund Shares, and (ii) 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 (i) fractional Target Fund Shares for which cash is received or (ii) 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).

&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.

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This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. Our opinions represent our best legal judgment as to the matters addressed herein, but are not binding upon the IRS or the courts, and there is no guarantee that the IRS will not assert positions contrary to the ones taken in this opinion. We disclaim any obligation to make any continuing analysis of the facts or relevant law following the date of this opinion letter.

Our opinions are provided solely to you as a legal opinion only, and not as a guaranty or warranty, and are limited to the specific transactions and matters described above. No opinion may be implied or inferred beyond what is expressly stated in this letter. We express no opinion with respect to any matter not specifically addressed by the foregoing opinions. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (1) whether either the Target Fund or the Survivor Fund qualifies or will qualify as a regulated investment company; (2) 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; (3) 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; (4) 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); (5) 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; (6) 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; (7) 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); (8) 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 (9) any state, local, or foreign tax consequences of the Reorganization.

Our opinions are being rendered to the Trust its Board of Trustees and may be relied upon only by the Trust and its Board of Trustees and by the shareholders of the Target Fund, it being understood that we are not thereby establishing any attorney-client relationship with any shareholder of the Target Fund. The Trust, the Target Fund, the Survivor Fund and the shareholders of the Target Fund and the Survivor Fund are free to disclose the tax treatment or tax structure of any of the transactions described herein.

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We hereby consent to the filing of this opinion as an exhibit to the Information Statement and to the use of our name and to any reference to our firm in the Information Statement. In giving such consent, we do not hereby admit that we are within the category of person whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

<u>/s/ Thompson Hine LLP</u>

Thompson Hine LLP

<br>