# EDGAR Filing Document

**Accession Number:** 0001032423
**File Stem:** 0001398344-26-003421
**Filing Date:** 2026-2
**Character Count:** 851148
**Document Hash:** 0f37a8971034d5b237444a8b5f419539
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003421.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001398344-26-003421

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 112

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08061
- **FILM NUMBER:** 26657812

**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 Small Cap Fund (Series ID: S000003154)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000008530 | Diamond Hill Small Cap Fund Investor | DHSCX           |
| C000008532 | Diamond Hill Small Cap Fund Class I  | DHSIX           |
| C000108463 | Diamond Hill Small Cap Fund Class Y  | DHSYX           |

### Diamond Hill Large Cap Fund (Series ID: S000003155)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000008533 | Diamond Hill Large Cap Fund Investor | DHLAX           |
| C000008535 | Diamond Hill Large Cap Fund Class I  | DHLRX           |
| C000108464 | Diamond Hill Large Cap Fund Class Y  | DHLYX           |

### Diamond Hill Long-Short Fund (Series ID: S000003156)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000008536 | Diamond Hill Long-Short Fund Investor | DIAMX           |
| C000008538 | Diamond Hill Long-Short Fund Class I  | DHLSX           |
| C000108465 | Diamond Hill Long-Short Fund Class Y  | DIAYX           |

### Diamond Hill Small-Mid Cap Fund (Series ID: S000012190)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000033256 | Diamond Hill Small-Mid Cap Fund Investor | DHMAX           |
| C000033258 | Diamond Hill Small-Mid Cap Fund Class I  | DHMIX           |
| C000108467 | Diamond Hill Small-Mid Cap Fund Class Y  | DHMYX           |

### Diamond Hill Select Fund (Series ID: S000012191)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000033259 | Diamond Hill Select Fund Investor | DHTAX           |
| C000033261 | Diamond Hill Select Fund Class I  | DHLTX           |
| C000108468 | Diamond Hill Select Fund Class Y  | DHTYX           |

### Diamond Hill Mid Cap Fund (Series ID: S000043502)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000134907 | Diamond Hill Mid Cap Fund Investor | DHPAX           |
| C000134909 | Diamond Hill Mid Cap Fund Class I  | DHPIX           |
| C000134910 | Diamond Hill Mid Cap Fund Class Y  | DHPYX           |

### Diamond Hill Short Duration Securitized Bond Fund (Series ID: S000055043)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000173083 | Diamond Hill Short Duration Securitized Bond Fund Investor | DHEAX           |
| C000173084 | Diamond Hill Short Duration Securitized Bond Fund Class I  | DHEIX           |
| C000173085 | Diamond Hill Short Duration Securitized Bond Fund Class Y  | DHEYX           |

### Diamond Hill Core Bond Fund (Series ID: S000055044)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000173086 | Diamond Hill Core Bond Fund Investor | DHRAX           |
| C000173087 | Diamond Hill Core Bond Fund Class I  | DHRIX           |
| C000173088 | Diamond Hill Core Bond Fund Class Y  | DHRYX           |

### Diamond Hill International Fund (Series ID: S000065011)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000210481 | Diamond Hill International Fund Class Y  | DHIYX           |
| C000210482 | Diamond Hill International Fund Investor | DHIAX           |
| C000210483 | Diamond Hill International Fund Class I  | DHIIX           |

### Diamond Hill Core Plus Bond Fund (Series ID: S000088234)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000254400 | Diamond Hill Core Plus Bond Fund Investor | DHNAX           |
| C000254401 | Diamond Hill Core Plus Bond Fund Class I  | DHNIX           |
| C000254402 | Diamond Hill Core Plus Bond Fund Class Y  | DHNYX           |

### Diamond Hill Securitized Total Return Fund (Series ID: S000093192)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000261342 | Diamond Hill Securitized Total Return Fund Class Y  | DHWYX           |
| C000261343 | Diamond Hill Securitized Total Return Fund Investor | DHWAX           |
| C000261344 | Diamond Hill Securitized Total Return Fund Class I  | DHWIX           |

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

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

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

**Investment Company Act file number: 811-08061**

**Diamond Hill Funds**

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

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

(Address of principal executive offices) (Zip code)

**Thomas E. Line**

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

(Name and address of agent for service)

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

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

**Date of reporting period: <u>December 31, 2025</u>**

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

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

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

(a) ### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small Cap Fund

#### Investor - DHSCX
This annual shareholder report contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $135 | 1.28% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHSCX) returned 11.48% for the year ended December 31, 2025. Over that same period, the Russell 2000 Index returned 12.81%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Small Cap Fund Investor class, the Russell 3000 Index, and the Russell 2000 Index.

---

| |
|:---|
| DH Small Cap Fund - Investor - $22,519 |
| Russell 3000 Index - $38,012 |
| Russell 2000 Index - $25,047 |

---

![Ad2 Performance Graph](fp0096892-6_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 11.48% | 11.73% | 8.46% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2000 Index | 12.81 | 6.09 | 9.62 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $217891721 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $1725585 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-6_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Red Rock Resorts, Inc., Class A | 5.2 |
| Triumph Financial, Inc. | 4.6 |
| Astrana Health, Inc. | 4.0 |
| Ducommun, Inc. | 4.0 |
| Ryman Hospitality Properties, Inc. | 4.0 |
| Bank OZK | 3.9 |
| Mesa Laboratories, Inc. | 3.5 |
| Magnolia Oil & Gas Corp., Class A | 3.4 |
| United States Lime & Minerals, Inc. | 3.2 |
| International General Insurance Holdings Ltd. | 2.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHSCX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small Cap Fund

#### Class I - DHSIX
This annual shareholder report contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $105 | 0.99% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHSIX) returned 11.84% for the year ended December 31, 2025. Over that same period, the Russell 2000 Index returned 12.81%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Small Cap Fund Class I, the Russell 3000 Index, and the Russell 2000 Index.

---

| |
|:---|
| DH Small Cap Fund - Class I - $23,180 |
| Russell 3000 Index - $38,012 |
| Russell 2000 Index - $25,047 |

---

![Ad2 Performance Graph](fp0096892-7_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 11.84% | 12.05% | 8.77% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2000 Index | 12.81 | 6.09 | 9.62 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $217891721 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $1725585 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-7_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Red Rock Resorts, Inc., Class A | 5.2 |
| Triumph Financial, Inc. | 4.6 |
| Astrana Health, Inc. | 4.0 |
| Ducommun, Inc. | 4.0 |
| Ryman Hospitality Properties, Inc. | 4.0 |
| Bank OZK | 3.9 |
| Mesa Laboratories, Inc. | 3.5 |
| Magnolia Oil & Gas Corp., Class A | 3.4 |
| United States Lime & Minerals, Inc. | 3.2 |
| International General Insurance Holdings Ltd. | 2.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHSIX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small Cap Fund

#### Class Y - DHSYX
This annual shareholder report contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $92 | 0.87% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHSYX) returned 11.96% for the year ended December 31, 2025. Over that same period, the Russell 2000 Index returned 12.81%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Small Cap Fund Class Y, the Russell 3000 Index, and the Russell 2000 Index.

---

| |
|:---|
| DH Small Cap Fund - Class Y - $1,172,726 |
| Russell 3000 Index - $1,900,584 |
| Russell 2000 Index - $1,252,340 |

---

![Ad2 Performance Graph](fp0096892-8_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 11.96% | 12.20% | 8.90% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2000 Index | 12.81 | 6.09 | 9.62 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $217891721 |
| Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $1725585 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-8_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Red Rock Resorts, Inc., Class A | 5.2 |
| Triumph Financial, Inc. | 4.6 |
| Astrana Health, Inc. | 4.0 |
| Ducommun, Inc. | 4.0 |
| Ryman Hospitality Properties, Inc. | 4.0 |
| Bank OZK | 3.9 |
| Mesa Laboratories, Inc. | 3.5 |
| Magnolia Oil & Gas Corp., Class A | 3.4 |
| United States Lime & Minerals, Inc. | 3.2 |
| International General Insurance Holdings Ltd. | 2.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHSYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small-Mid Cap Fund

#### Investor - DHMAX
This annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $127 | 1.22% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHMAX) returned 8.33% for the year ended December 31, 2025. Over that same period, the Russell 2500 Index returned 11.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallmidcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Small-Mid Cap Fund Investor class, the Russell 3000 Index, and the Russell 2500 Index.

---

| |
|:---|
| DH Small-Mid Cap Fund - Investor - $20,927 |
| Russell 3000 Index - $38,012 |
| Russell 2500 Index - $26,907 |

---

![Ad2 Performance Graph](fp0096892-15_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 8.33% | 7.89% | 7.66% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2500 Index | 11.91 | 7.26 | 10.40 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $850869263 |
| Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $7000810 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-15_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Huntington Ingalls Industries, Inc. | 4.5 |
| Post Holdings, Inc. | 4.0 |
| Regal Rexnord Corp. | 3.7 |
| CubeSmart | 3.3 |
| Gates Industrial Corp. plc | 3.1 |
| Red Rock Resorts, Inc., Class A | 2.9 |
| Mid-America Apartment Communities, Inc. | 2.8 |
| SS&C Technologies Holdings, Inc. | 2.7 |
| Rocket Companies, Inc., Class A | 2.5 |
| Webster Financial Corp. | 2.4 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHMAX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small-Mid Cap Fund

#### Class I - DHMIX
This annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $97 | 0.93% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHMIX) returned 8.63% for the year ended December 31, 2025. Over that same period, the Russell 2500 Index returned 11.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallmidcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Small-Mid Cap Fund Class I, the Russell 3000 Index, and the Russell 2500 Index.

---

| |
|:---|
| DH Small-Mid Cap Fund - Class I - $21,541 |
| Russell 3000 Index - $38,012 |
| Russell 2500 Index - $26,907 |

---

![Ad2 Performance Graph](fp0096892-16_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 8.63% | 8.20% | 7.98% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2500 Index | 11.91 | 7.26 | 10.40 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $850869263 |
| Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $7000810 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-16_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Huntington Ingalls Industries, Inc. | 4.5 |
| Post Holdings, Inc. | 4.0 |
| Regal Rexnord Corp. | 3.7 |
| CubeSmart | 3.3 |
| Gates Industrial Corp. plc | 3.1 |
| Red Rock Resorts, Inc., Class A | 2.9 |
| Mid-America Apartment Communities, Inc. | 2.8 |
| SS&C Technologies Holdings, Inc. | 2.7 |
| Rocket Companies, Inc., Class A | 2.5 |
| Webster Financial Corp. | 2.4 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHMIX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Small-Mid Cap Fund

#### Class Y - DHMYX
This annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $85 | 0.81% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHMYX) returned 8.76% for the year ended December 31, 2025. Over that same period, the Russell 2500 Index returned 11.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](smallmidcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Small-Mid Cap Fund Class Y, the Russell 3000 Index, and the Russell 2500 Index.

---

| |
|:---|
| DH Small-Mid Cap Fund - Class Y - $1,090,184 |
| Russell 3000 Index - $1,900,584 |
| Russell 2500 Index - $1,345,370 |

---

![Ad2 Performance Graph](fp0096892-17_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 8.76% | 8.32% | 8.11% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 2500 Index | 11.91 | 7.26 | 10.40 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $850869263 |
| Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 44% |
| Total Advisory Fees Paid | $7000810 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-17_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Huntington Ingalls Industries, Inc. | 4.5 |
| Post Holdings, Inc. | 4.0 |
| Regal Rexnord Corp. | 3.7 |
| CubeSmart | 3.3 |
| Gates Industrial Corp. plc | 3.1 |
| Red Rock Resorts, Inc., Class A | 2.9 |
| Mid-America Apartment Communities, Inc. | 2.8 |
| SS&C Technologies Holdings, Inc. | 2.7 |
| Rocket Companies, Inc., Class A | 2.5 |
| Webster Financial Corp. | 2.4 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHMYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Mid Cap Fund

#### Investor - DHPAX
This annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $115 | 1.08% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHPAX) returned 13.10% for the year ended December 31, 2025. Over that same period, the Russell Midcap Index returned 10.60%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](midcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Mid Cap Fund Investor class, the Russell 3000 Index, and the Russell Midcap Index.

---

| |
|:---|
| DH Mid Cap Fund - Investor - $22,059 |
| Russell 3000 Index - $38,012 |
| Russell Midcap Index - $28,420 |

---

![Ad2 Performance Graph](fp0096892-21_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 13.10% | 9.04% | 8.23% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap Index | 10.60 | 8.67 | 11.01 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $76664246 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $636923 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-21_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.9 |
| Post Holdings, Inc. | 3.8 |
| Regal Rexnord Corp. | 3.7 |
| Huntington Ingalls Industries, Inc. | 3.4 |
| Parker-Hannifin Corp. | 2.7 |
| Red Rock Resorts, Inc., Class A | 2.7 |
| SS&C Technologies Holdings, Inc. | 2.6 |
| Rocket Companies, Inc., Class A | 2.5 |
| CubeSmart | 2.4 |
| Humana, Inc. | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHPAX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Mid Cap Fund

#### Class I - DHPIX
This annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $84 | 0.79% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHPIX) returned 13.37% for the year ended December 31, 2025. Over that same period, the Russell Midcap Index returned 10.60%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](midcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Mid Cap Fund Class I, the Russell 3000 Index, and the Russell Midcap Index.

---

| |
|:---|
| DH Mid Cap Fund - Class I - $22,701 |
| Russell 3000 Index - $38,012 |
| Russell Midcap Index - $28,420 |

---

![Ad2 Performance Graph](fp0096892-23_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 13.37% | 9.35% | 8.54% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap Index | 10.60 | 8.67 | 11.01 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $76664246 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $636923 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-23_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.9 |
| Post Holdings, Inc. | 3.8 |
| Regal Rexnord Corp. | 3.7 |
| Huntington Ingalls Industries, Inc. | 3.4 |
| Parker-Hannifin Corp. | 2.7 |
| Red Rock Resorts, Inc., Class A | 2.7 |
| SS&C Technologies Holdings, Inc. | 2.6 |
| Rocket Companies, Inc., Class A | 2.5 |
| CubeSmart | 2.4 |
| Humana, Inc. | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHPIX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Mid Cap Fund

#### Class Y - DHPYX
This annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $72 | 0.67% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHPYX) returned 13.63% for the year ended December 31, 2025. Over that same period, the Russell Midcap Index returned 10.60%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](midcap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Mid Cap Fund Class Y, the Russell 3000 Index, and the Russell Midcap Index.

---

| |
|:---|
| DH Mid Cap Fund - Class Y - $1,149,271 |
| Russell 3000 Index - $1,900,584 |
| Russell Midcap Index - $1,420,994 |

---

![Ad2 Performance Graph](fp0096892-22_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 13.63% | 9.50% | 8.68% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell Midcap Index | 10.60 | 8.67 | 11.01 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $76664246 |
| Number of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 33% |
| Total Advisory Fees Paid | $636923 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-22_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.9 |
| Post Holdings, Inc. | 3.8 |
| Regal Rexnord Corp. | 3.7 |
| Huntington Ingalls Industries, Inc. | 3.4 |
| Parker-Hannifin Corp. | 2.7 |
| Red Rock Resorts, Inc., Class A | 2.7 |
| SS&C Technologies Holdings, Inc. | 2.6 |
| Rocket Companies, Inc., Class A | 2.5 |
| CubeSmart | 2.4 |
| Humana, Inc. | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHPYX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Large Cap Fund

#### Investor - DHLAX
This annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $100 | 0.97% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLAX) returned 5.33% for the year ended December 31, 2025. Over that same period, the Russell 1000 Value Index returned 15.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![Large Cap Bar Chart](largecap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Large Cap Fund Investor class, the Russell 3000 Index, the Russell 1000 Value Index, and the Russell 1000 Index.

---

| |
|:---|
| DH Large Cap Fund - Investor - $25,561 |
| Russell 3000 Index - $38,012 |
| Russell 1000 Value Index - $27,213 |
| Russell 1000 Index - $39,030 |

---

![Ad2 Performance Graph](fp0096892-9_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 5.33% | 7.64% | 9.84% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Value Index | 15.91 | 11.33 | 10.53 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $6285701087 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $39757025 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-9_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.8 |
| Berkshire Hathaway, Inc., Class B | 4.7 |
| Abbott Laboratories | 4.1 |
| Colgate-Palmolive Co. | 3.9 |
| Aon plc, Class A | 3.5 |
| Texas Instruments, Inc. | 3.4 |
| Waste Management, Inc. | 3.4 |
| Capital One Financial Corp. | 3.3 |
| ConocoPhillips | 2.8 |
| Bank of America Corp. | 2.5 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLAX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Large Cap Fund

#### Class I - DHLRX
This annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $70 | 0.68% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLRX) returned 5.65% for the year ended December 31, 2025. Over that same period, the Russell 1000 Value Index returned 15.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![Large Cap Bar Chart](largecap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Large Cap Fund Class I, the Russell 3000 Index, the Russell 1000 Value Index, and the Russell 1000 Index.

---

| |
|:---|
| DH Large Cap Fund - Class I - $26,322 |
| Russell 3000 Index - $38,012 |
| Russell 1000 Value Index - $27,213 |
| Russell 1000 Index - $39,030 |

---

![Ad2 Performance Graph](fp0096892-10_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 5.65% | 7.96% | 10.16% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Value Index | 15.91 | 11.33 | 10.53 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $6285701087 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $39757025 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-10_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.8 |
| Berkshire Hathaway, Inc., Class B | 4.7 |
| Abbott Laboratories | 4.1 |
| Colgate-Palmolive Co. | 3.9 |
| Aon plc, Class A | 3.5 |
| Texas Instruments, Inc. | 3.4 |
| Waste Management, Inc. | 3.4 |
| Capital One Financial Corp. | 3.3 |
| ConocoPhillips | 2.8 |
| Bank of America Corp. | 2.5 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLRX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Large Cap Fund

#### Class Y - DHLYX
This annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $58 | 0.56% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLYX) returned 5.74% for the year ended December 31, 2025. Over that same period, the Russell 1000 Value Index returned 15.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![Large Cap Bar Chart](largecap-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Large Cap Fund Class Y, the Russell 3000 Index, the Russell 1000 Value Index, and the Russell 1000 Index.

---

| |
|:---|
| DH Large Cap Fund - Class Y - $1,330,521 |
| Russell 3000 Index - $1,900,584 |
| Russell 1000 Value Index - $1,360,649 |
| Russell 1000 Index - $1,951,488 |

---

![Ad2 Performance Graph](fp0096892-11_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 5.74% | 8.08% | 10.28% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Value Index | 15.91 | 11.33 | 10.53 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $6285701087 |
| Number of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $39757025 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-11_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 4.8 |
| Berkshire Hathaway, Inc., Class B | 4.7 |
| Abbott Laboratories | 4.1 |
| Colgate-Palmolive Co. | 3.9 |
| Aon plc, Class A | 3.5 |
| Texas Instruments, Inc. | 3.4 |
| Waste Management, Inc. | 3.4 |
| Capital One Financial Corp. | 3.3 |
| ConocoPhillips | 2.8 |
| Bank of America Corp. | 2.5 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Select Fund

#### Investor - DHTAX
This annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $125 | 1.17% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHTAX) returned 13.29% for the year ended December 31, 2025. Over that same period, the Russell 3000 Index returned 17.15%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](select-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Select Fund Investor class and the Russell 3000 Index.

---

| |
|:---|
| DH Select Fund - Investor - $31,291 |
| Russell 3000 Index - $38,012 |

---

![Ad2 Performance Graph](fp0096892-18_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 13.29% | 12.79% | 12.08% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $579147421 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $3985655 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-18_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 7.5 |
| Cimpress plc | 6.1 |
| Capital One Financial Corp. | 6.1 |
| Regal Rexnord Corp. | 5.9 |
| Red Rock Resorts, Inc., Class A | 5.7 |
| Berkshire Hathaway, Inc., Class B | 5.4 |
| Ashland, Inc. | 4.1 |
| Abbott Laboratories | 3.3 |
| Diamondback Energy, Inc. | 3.3 |
| Colgate-Palmolive Co. | 3.3 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHTAX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Select Fund

#### Class I - DHLTX
This annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $94 | 0.88% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLTX) returned 13.58% for the year ended December 31, 2025. Over that same period, the Russell 3000 Index returned 17.15%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](select-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Select Fund Class I and the Russell 3000 Index.

---

| |
|:---|
| DH Select Fund - Class I - $32,217 |
| Russell 3000 Index - $38,012 |

---

![Ad2 Performance Graph](fp0096892-19_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 13.58% | 13.13% | 12.41% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $579147421 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $3985655 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-19_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 7.5 |
| Cimpress plc | 6.1 |
| Capital One Financial Corp. | 6.1 |
| Regal Rexnord Corp. | 5.9 |
| Red Rock Resorts, Inc., Class A | 5.7 |
| Berkshire Hathaway, Inc., Class B | 5.4 |
| Ashland, Inc. | 4.1 |
| Abbott Laboratories | 3.3 |
| Diamondback Energy, Inc. | 3.3 |
| Colgate-Palmolive Co. | 3.3 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLTX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Select Fund

#### Class Y - DHTYX
This annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $81 | 0.76% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHTYX) returned 13.72% for the year ended December 31, 2025. Over that same period, the Russell 3000 Index returned 17.15%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](select-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Select Fund Class Y and the Russell 3000 Index.

---

| |
|:---|
| DH Select Fund - Class Y - $1,629,218 |
| Russell 3000 Index - $1,900,584 |

---

![Ad2 Performance Graph](fp0096892-20_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 13.72% | 13.26% | 12.54% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $579147421 |
| Number of Portfolio Holdings | 30 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $3985655 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-20_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 7.5 |
| Cimpress plc | 6.1 |
| Capital One Financial Corp. | 6.1 |
| Regal Rexnord Corp. | 5.9 |
| Red Rock Resorts, Inc., Class A | 5.7 |
| Berkshire Hathaway, Inc., Class B | 5.4 |
| Ashland, Inc. | 4.1 |
| Abbott Laboratories | 3.3 |
| Diamondback Energy, Inc. | 3.3 |
| Colgate-Palmolive Co. | 3.3 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHTYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Long-Short Fund

#### Investor - DIAMX
This annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $184 | 1.68% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DIAMX) returned 18.76% for the year ended December 31, 2025. Over that same period, the Russell 1000 Index returned 17.37% and the 60%/40% Blended Index returned 12.12%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](longshort-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Long-Short Fund Investor class, the Russell 3000 Index, the Russell 1000 Index, and the Blended Index (60% Russell 1000 Index/40% Bloomberg US T-Bills 1-3 Month Index).

---

| |
|:---|
| DH Long-Short Fund - Investor - $20,959 |
| Russell 3000 Index - $38,012 |
| Russell 1000 Index - $39,030 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $25,459 |

---

![Ad2 Performance Graph](fp0096892-12_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Investor | 18.76% | 9.72% | 7.68% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index | 12.12 | 9.64 | 9.78 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $2344482113 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid | $17879309 |
| Number of Long/(Short) Holdings in Portfolio | 56/(44) |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

**Long Portfolio**

![Af Image](fp0096892-12_ar142.jpg)

**Short Portfolio**

![Af Image](fp0096892-12_ar143.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| **Long:** |  |
| Alphabet, Inc., Class A | 4.5 |
| Microsoft Corp. | 4.2 |
| American International Group, Inc. | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3.9 |
| Meta Platforms, Inc., Class A | 3.9 |
| Citigroup, Inc. | 3.8 |
| Zoetis, Inc. | 2.3 |
| Salesforce, Inc. | 2.2 |
| Builders FirstSource, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |
| **Short:** |  |
| Federal Signal Corp. | -1.2 |
| Bank of Hawaii Corp. | -1.2 |
| Acushnet Holdings Corp. | -1.2 |
| Core & Main, Inc., Class A | -1.2 |
| Williams-Sonoma, Inc. | -1.2 |
| Matson, Inc. | -1.3 |
| eBay, Inc. | -1.3 |
| Garmin Ltd. | -1.3 |
| Medpace Holdings, Inc. | -1.6 |
| International Business Machines Corp. | -2.0 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DIAMX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Long-Short Fund

#### Class I - DHLSX
This annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $152 | 1.39% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLSX) returned 19.10% for the year ended December 31, 2025. Over that same period, the Russell 1000 Index returned 17.37% and the 60%/40% Blended Index returned 12.12%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](longshort-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Long-Short Fund Class I, the Russell 3000 Index, the Russell 1000 Index, and the Blended Index (60% Russell 1000 Index/40% Bloomberg US T-Bills 1-3 Month Index).

---

| |
|:---|
| DH Long-Short Fund - Class I - $21,578 |
| Russell 3000 Index - $38,012 |
| Russell 1000 Index - $39,030 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $25,459 |

---

![Ad2 Performance Graph](fp0096892-13_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class I | 19.10% | 10.04% | 7.99% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index | 12.12 | 9.64 | 9.78 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $2344482113 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid | $17879309 |
| Number of Long/(Short) Holdings in Portfolio | 56/(44) |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

**Long Portfolio**

![Af Image](fp0096892-13_ar142.jpg)

**Short Portfolio**

![Af Image](fp0096892-13_ar143.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| **Long:** |  |
| Alphabet, Inc., Class A | 4.5 |
| Microsoft Corp. | 4.2 |
| American International Group, Inc. | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3.9 |
| Meta Platforms, Inc., Class A | 3.9 |
| Citigroup, Inc. | 3.8 |
| Zoetis, Inc. | 2.3 |
| Salesforce, Inc. | 2.2 |
| Builders FirstSource, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |
| **Short:** |  |
| Federal Signal Corp. | -1.2 |
| Bank of Hawaii Corp. | -1.2 |
| Acushnet Holdings Corp. | -1.2 |
| Core & Main, Inc., Class A | -1.2 |
| Williams-Sonoma, Inc. | -1.2 |
| Matson, Inc. | -1.3 |
| eBay, Inc. | -1.3 |
| Garmin Ltd. | -1.3 |
| Medpace Holdings, Inc. | -1.6 |
| International Business Machines Corp. | -2.0 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLSX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Long-Short Fund

#### Class Y - DIAYX
This annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $139 | 1.27% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DIAYX) returned 19.24% for the year ended December 31, 2025. Over that same period, the Russell 1000 Index returned 17.37% and the 60%/40% Blended Index returned 12.12%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![](longshort-bar.jpg)

**How did the Fund perform over the past 10 years?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Long-Short Fund Class Y, the Russell 3000 Index, the Russell 1000 Index, and the Blended Index (60% Russell 1000 Index/40% Bloomberg US T-Bills 1-3 Month Index).

---

| |
|:---|
| DH Long-Short Fund - Class Y - $1,090,954 |
| Russell 3000 Index - $1,900,584 |
| Russell 1000 Index - $1,951,488 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $1,272,936 |

---

![Ad2 Performance Graph](fp0096892-14_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class Y | 19.24% | 10.17% | 8.11% |
| Russell 3000 Index | 17.15 | 13.15 | 14.29 |
| Russell 1000 Index | 17.37 | 13.59 | 14.59 |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index | 12.12 | 9.64 | 9.78 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $2344482113 |
| Number of Portfolio Holdings | 100 |
| Portfolio Turnover Rate | 67% |
| Total Advisory Fees Paid | $17879309 |
| Number of Long/(Short) Holdings in Portfolio | 56/(44) |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

**Long Portfolio**

![Af Image](fp0096892-14_ar142.jpg)

**Short Portfolio**

![Af Image](fp0096892-14_ar143.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| **Long:** |  |
| Alphabet, Inc., Class A | 4.5 |
| Microsoft Corp. | 4.2 |
| American International Group, Inc. | 3.9 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3.9 |
| Meta Platforms, Inc., Class A | 3.9 |
| Citigroup, Inc. | 3.8 |
| Zoetis, Inc. | 2.3 |
| Salesforce, Inc. | 2.2 |
| Builders FirstSource, Inc. | 2.2 |
| Amazon.com, Inc. | 2.1 |
| **Short:** |  |
| Federal Signal Corp. | -1.2 |
| Bank of Hawaii Corp. | -1.2 |
| Acushnet Holdings Corp. | -1.2 |
| Core & Main, Inc., Class A | -1.2 |
| Williams-Sonoma, Inc. | -1.2 |
| Matson, Inc. | -1.3 |
| eBay, Inc. | -1.3 |
| Garmin Ltd. | -1.3 |
| Medpace Holdings, Inc. | -1.6 |
| International Business Machines Corp. | -2.0 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DIAYX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill International Fund

#### Investor - DHIAX
This annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $131 | 1.15% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHIAX) returned 27.87% for the year ended December 31, 2025. Over that same period, the MSCI ACWI ex USA Index returned 32.39%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![International Bar Chart](international-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill International Fund Investor class and the MSCI ACWI ex USA Index.

---

| |
|:---|
| DH International Fund - Investor - $23,024 |
| MSCI ACWI ex USA Index - $21,467 |

---

![Ad2 Performance Graph](fp0096892-28_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12/30/2016)**  |
| Investor | 27.87% | 8.62% | 9.71% |
| MSCI ACWI ex USA Index | 32.39 | 7.91 | 8.86 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $161279956 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $1035467 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-28_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5.5 |
| Samsung Electronics Co. Ltd. | 4.2 |
| AIB Group plc | 3.6 |
| HDFC Bank Ltd. - ADR | 3.6 |
| Max Co. Ltd. | 3.1 |
| British American Tobacco plc | 3.0 |
| Compagnie Financiere Richemont SA, Class A | 2.8 |
| Krones AG | 2.7 |
| Canadian Natural Resources Ltd. | 2.7 |
| Safran SA | 2.6 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHIAX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill International Fund

#### Class I - DHIIX
This annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $98 | 0.86% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHIIX) returned 28.27% for the year ended December 31, 2025. Over that same period, the MSCI ACWI ex USA Index returned 32.39%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![International Bar Chart](international-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill International Fund Class I and the MSCI ACWI ex USA Index.

---

| |
|:---|
| DH International Fund - Class I - $23,637 |
| MSCI ACWI ex USA Index - $21,467 |

---

![Ad2 Performance Graph](fp0096892-29_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12/30/2016)**  |
| Class I | 28.27% | 8.95% | 10.03% |
| MSCI ACWI ex USA Index | 32.39 | 7.91 | 8.86 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $161279956 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $1035467 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-29_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5.5 |
| Samsung Electronics Co. Ltd. | 4.2 |
| AIB Group plc | 3.6 |
| HDFC Bank Ltd. - ADR | 3.6 |
| Max Co. Ltd. | 3.1 |
| British American Tobacco plc | 3.0 |
| Compagnie Financiere Richemont SA, Class A | 2.8 |
| Krones AG | 2.7 |
| Canadian Natural Resources Ltd. | 2.7 |
| Safran SA | 2.6 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHIIX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill International Fund

#### Class Y - DHIYX
This annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $85 | 0.74% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHIYX) returned 28.44% for the year ended December 31, 2025. Over that same period, the MSCI ACWI ex USA Index returned 32.39%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![International Bar Chart](international-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill International Fund Class Y and the MSCI ACWI ex USA Index.

---

| |
|:---|
| DH International Fund - Class Y - $1,194,255 |
| MSCI ACWI ex USA Index - $1,073,357 |

---

![Ad2 Performance Graph](fp0096892-27_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (12/30/2016)**  |
| Class Y | 28.44% | 9.09% | 10.16% |
| MSCI ACWI ex USA Index | 32.39 | 7.91 | 8.86 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $161279956 |
| Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 51% |
| Total Advisory Fees Paid | $1035467 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-27_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 5.5 |
| Samsung Electronics Co. Ltd. | 4.2 |
| AIB Group plc | 3.6 |
| HDFC Bank Ltd. - ADR | 3.6 |
| Max Co. Ltd. | 3.1 |
| British American Tobacco plc | 3.0 |
| Compagnie Financiere Richemont SA, Class A | 2.8 |
| Krones AG | 2.7 |
| Canadian Natural Resources Ltd. | 2.7 |
| Safran SA | 2.6 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHIYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Short Duration Securitized Bond Fund

#### Investor - DHEAX
This annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $84 | 0.81% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHEAX) returned 6.22% for the year ended December 31, 2025. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 5.35%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.

![](shortduration-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Short Duration Securitized Bond Fund Investor class, the Bloomberg US Aggregate Bond Index, and the Bloomberg 1-3 Year US Government/Credit Index.

---

| |
|:---|
| DH Short Duration Securitized Bond Fund - Investor - $14,431 |
| Bloomberg US Aggregate Bond Index - $11,503 |
| Bloomberg 1-3 Year US Government/Credit Index - $12,087 |

---

![Ad2 Performance Graph](fp0096892-24_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Investor | 6.22% | 4.41% | 3.94% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35 | 1.97 | 2.02 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $4866607054 |
| Number of Portfolio Holdings | 576 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $14665247 |
| Effective Duration | 1.30 |
| Weighted Average Life | 2.09 |
| Option-Adjusted Spread | 276 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-24_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Notes 2.250% 08/15/27 | 1 |
| GSMBS 5.006% 10/25/65 | 0.9 |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | 0.8 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | 0.8 |
| Research-Driven Pagaya Motor Asset Trust 5.415% 06/27/33 | 0.8 |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | 0.8 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.8 |
| GNMA 7.000% 04/20/2065 | 0.7 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | 0.7 |
| FNMA FLTR 12/01/55 | 0.7 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHEAX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Short Duration Securitized Bond Fund

#### Class I - DHEIX
This annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $54 | 0.52% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHEIX) returned 6.60% for the year ended December 31, 2025. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 5.35%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.

![](shortduration-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Short Duration Securitized Bond Fund Class I, the Bloomberg US Aggregate Bond Index, and the Bloomberg 1-3 Year US Government/Credit Index.

---

| |
|:---|
| DH Short Duration Securitized Bond Fund - Class I - $14,844 |
| Bloomberg US Aggregate Bond Index - $11,503 |
| Bloomberg 1-3 Year US Government/Credit Index - $12,087 |

---

![Ad2 Performance Graph](fp0096892-25_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Class I | 6.60% | 4.73% | 4.25% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35 | 1.97 | 2.02 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $4866607054 |
| Number of Portfolio Holdings | 576 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $14665247 |
| Effective Duration | 1.30 |
| Weighted Average Life | 2.09 |
| Option-Adjusted Spread | 276 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-25_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Notes 2.250% 08/15/27 | 1 |
| GSMBS 5.006% 10/25/65 | 0.9 |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | 0.8 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | 0.8 |
| Research-Driven Pagaya Motor Asset Trust 5.415% 06/27/33 | 0.8 |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | 0.8 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.8 |
| GNMA 7.000% 04/20/2065 | 0.7 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | 0.7 |
| FNMA FLTR 12/01/55 | 0.7 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHEIX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Short Duration Securitized Bond Fund

#### Class Y - DHEYX
This annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $41 | 0.40% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHEYX) returned 6.62% for the year ended December 31, 2025. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 5.35%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.

![](shortduration-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Short Duration Securitized Bond Fund Class Y, the Bloomberg US Aggregate Bond Index, and the Bloomberg 1-3 Year US Government/Credit Index.

---

| |
|:---|
| DH Short Duration Securitized Bond Fund - Class Y - $750,282 |
| Bloomberg US Aggregate Bond Index - $575,163 |
| Bloomberg 1-3 Year US Government/Credit Index - $604,351 |

---

![Ad2 Performance Graph](fp0096892-26_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Class Y | 6.62% | 4.85% | 4.37% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |
| Bloomberg 1-3 Year US Government/Credit Index | 5.35 | 1.97 | 2.02 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $4866607054 |
| Number of Portfolio Holdings | 576 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $14665247 |
| Effective Duration | 1.30 |
| Weighted Average Life | 2.09 |
| Option-Adjusted Spread | 276 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-26_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Notes 2.250% 08/15/27 | 1 |
| GSMBS 5.006% 10/25/65 | 0.9 |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | 0.8 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | 0.8 |
| Research-Driven Pagaya Motor Asset Trust 5.415% 06/27/33 | 0.8 |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | 0.8 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.8 |
| GNMA 7.000% 04/20/2065 | 0.7 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | 0.7 |
| FNMA FLTR 12/01/55 | 0.7 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHEYX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Securitized Total Return Fund

#### Investor - DHWAX
This annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of June 30, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the period?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment (not annualized)**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $60<sup>\*</sup> | 1.16% |

---

<sup>\*</sup> The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher.

**How did the Fund perform during the period, and what affected its performance?**

The Fund (Ticker: DHWAX) returned 4.86% for the period ended December 31, 2025. Over that same period, the Bloomberg US Securitized: MBS, ABS and CMBS Index returned 4.10%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS) sector.

![Large Cap Concentrated Bar Chart](securitizedtotalbar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Securitized Total Return Fund Investor class, the Bloomberg US Aggregate Bond Index, and the Bloomberg US Securitized: MBS, ABS and CMBS Index.

---

| |
|:---|
| DH Securitized Total Return Fund - Investor - $10,486 |
| Bloomberg US Aggregate Bond Index - $10,315 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $10,410 |

---

![Ad2 Performance Graph](fp0096892-31_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | |
|:---|:---|
|  | **Since Inception<br> (06/30/2025)**  |
| Investor | 4.86% |
| Bloomberg US Aggregate Bond Index | 3.15 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index | 4.10 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $31232333 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $101814 |
| Effective Duration | 5.38 |
| Weighted Average Life | 5.93 |
| Option-Adjusted Spread | 179 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-31_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| FNMA 3.500% 01/25/49 | 5.5 |
| FNMA 3.000% 04/25/44 | 4.9 |
| FHLMC 2.000% 01/15/45 | 3.9 |
| FNMA 3.000% 09/25/42 | 3.4 |
| GNMA 6.000% 07/16/39 | 3.1 |
| FNMA 2.000% 09/25/42 | 3.1 |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | 2.8 |
| GNMA FRN 12/20/40 | 2.5 |
| FHLMC 2.500% 01/15/43 | 2.3 |
| FHLMC 1.500% 02/25/51 | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHWAX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Securitized Total Return Fund

#### Class I - DHWIX
This annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of June 30, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the period?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment (not annualized)**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $45<sup>\*</sup> | 0.87% |

---

<sup>\*</sup> The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher.

**How did the Fund perform during the period, and what affected its performance?**

The Fund (Ticker: DHWIX) returned 5.03% for the period ended December 31, 2025. Over that same period, the Bloomberg US Securitized: MBS ABS CMBS Index returned 4.10%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS) sector.

![Large Cap Concentrated Bar Chart](securitizedtotalbar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Securitized Total Return Fund Class I, the Bloomberg US Aggregate Bond Index, and the Bloomberg US Securitized: MBS, ABS and CMBS Index.

---

| |
|:---|
| DH Securitized Total Return Fund - Class I - $10,503 |
| Bloomberg US Aggregate Bond Index - $10,315 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $10,410 |

---

![Ad2 Performance Graph](fp0096892-32_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | |
|:---|:---|
|  | **Since Inception<br> (06/30/2025)**  |
| Class I | 5.03% |
| Bloomberg US Aggregate Bond Index | 3.15 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index | 4.10 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $31232333 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $101814 |
| Effective Duration | 5.38 |
| Weighted Average Life | 5.93 |
| Option-Adjusted Spread | 179 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-32_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| FNMA 3.500% 01/25/49 | 5.5 |
| FNMA 3.000% 04/25/44 | 4.9 |
| FHLMC 2.000% 01/15/45 | 3.9 |
| FNMA 3.000% 09/25/42 | 3.4 |
| GNMA 6.000% 07/16/39 | 3.1 |
| FNMA 2.000% 09/25/42 | 3.1 |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | 2.8 |
| GNMA FRN 12/20/40 | 2.5 |
| FHLMC 2.500% 01/15/43 | 2.3 |
| FHLMC 1.500% 02/25/51 | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHWIX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Securitized Total Return Fund

#### Class Y - DHWYX
This annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of June 30, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the period?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment (not annualized)**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $39<sup>\*</sup> | 0.75% |

---

<sup>\*</sup> The period from commencement to the date of this report is less than a full reporting period. Expenses paid for a full reporting period would be higher.

**How did the Fund perform during the period, and what affected its performance?**

The Fund (Ticker: DHWYX) returned 5.08% for the period ended December 31, 2025. Over that same period, the Bloomberg US Securitized: MBS ABS CMBS Index returned 4.10%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS) sector.

![Large Cap Concentrated Bar Chart](securitizedtotalbar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Securitized Total Return Fund Class Y, the Bloomberg US Aggregate Bond Index, and the Bloomberg US Securitized: MBS, ABS and CMBS Index.

---

| |
|:---|
| DH Securitized Total Return Fund - Class Y - $525,418 |
| Bloomberg US Aggregate Bond Index - $515,764 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $520,493 |

---

![Ad2 Performance Graph](fp0096892-30_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | |
|:---|:---|
|  | **Since Inception<br> (06/30/2025)**  |
| Class Y | 5.08% |
| Bloomberg US Aggregate Bond Index | 3.15 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index | 4.10 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $31232333 |
| Number of Portfolio Holdings | 108 |
| Portfolio Turnover Rate | 12% |
| Total Advisory Fees Paid | $101814 |
| Effective Duration | 5.38 |
| Weighted Average Life | 5.93 |
| Option-Adjusted Spread | 179 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-30_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| FNMA 3.500% 01/25/49 | 5.5 |
| FNMA 3.000% 04/25/44 | 4.9 |
| FHLMC 2.000% 01/15/45 | 3.9 |
| FNMA 3.000% 09/25/42 | 3.4 |
| GNMA 6.000% 07/16/39 | 3.1 |
| FNMA 2.000% 09/25/42 | 3.1 |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | 2.8 |
| GNMA FRN 12/20/40 | 2.5 |
| FHLMC 2.500% 01/15/43 | 2.3 |
| FHLMC 1.500% 02/25/51 | 2.2 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHWYX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Core Bond Fund

#### Investor - DHRAX
This annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $79 | 0.76% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHRAX) returned 6.95% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Bond Bar Chart](corebond-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Core Bond Fund Investor class and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Bond Fund - Investor - $12,116 |
| Bloomberg US Aggregate Bond Index - $11,503 |

---

![Ad2 Performance Graph](fp0096892-34_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Investor | 6.95% | 0.35% | 2.04% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $3078755052 |
| Number of Portfolio Holdings | 1110 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $7748724 |
| Effective Duration | 5.58 |
| Weighted Average Life | 7.11 |
| Option-Adjusted Spread | 131 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-34_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Bonds 3.000% 02/15/48 | 3.9 |
| U.S. Treasury Notes 4.000% 02/15/34 | 2.6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 2.3 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 1.5 |
| U.S. Treasury Bonds 2.250% 08/15/46 | 1.3 |
| U.S. Treasury Bonds 1.125% 08/15/40 | 1.2 |
| U.S. Treasury STRIPS 0.625% 02/15/43 | 1.2 |
| U.S. Treasury Bonds 1.375% 11/15/40 | 0.9 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.9 |
| U.S. Treasury STRIPS 0.000% 11/15/38 | 0.9 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHRAX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Core Bond Fund

#### Class I - DHRIX
This annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $49 | 0.47% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHRIX) returned 7.16% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Bond Bar Chart](corebond-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Core Bond Fund Class I and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Bond Fund - Class I - $12,438 |
| Bloomberg US Aggregate Bond Index - $11,503 |

---

![Ad2 Performance Graph](fp0096892-35_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Class I | 7.16% | 0.61% | 2.33% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $3078755052 |
| Number of Portfolio Holdings | 1110 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $7748724 |
| Effective Duration | 5.58 |
| Weighted Average Life | 7.11 |
| Option-Adjusted Spread | 131 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-35_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Bonds 3.000% 02/15/48 | 3.9 |
| U.S. Treasury Notes 4.000% 02/15/34 | 2.6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 2.3 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 1.5 |
| U.S. Treasury Bonds 2.250% 08/15/46 | 1.3 |
| U.S. Treasury Bonds 1.125% 08/15/40 | 1.2 |
| U.S. Treasury STRIPS 0.625% 02/15/43 | 1.2 |
| U.S. Treasury Bonds 1.375% 11/15/40 | 0.9 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.9 |
| U.S. Treasury STRIPS 0.000% 11/15/38 | 0.9 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHRIX-123125

### Annual Shareholder Report

#### December 31, 2025
![](dh-logo.jpg)

### Diamond Hill Core Bond Fund

#### Class Y - DHRYX
This annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $36 | 0.35% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHRYX) returned 7.39% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Bond Bar Chart](corebond-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Core Bond Fund Class Y and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Bond Fund - Class Y - $628,860 |
| Bloomberg US Aggregate Bond Index - $575,163 |

---

![Ad2 Performance Graph](fp0096892-36_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Since Inception<br> (07/05/2016)**  |
| Class Y | 7.39% | 0.74% | 2.45% |
| Bloomberg US Aggregate Bond Index | 7.30 | -0.36 | 1.49 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $3078755052 |
| Number of Portfolio Holdings | 1110 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $7748724 |
| Effective Duration | 5.58 |
| Weighted Average Life | 7.11 |
| Option-Adjusted Spread | 131 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-36_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| U.S. Treasury Bonds 3.000% 02/15/48 | 3.9 |
| U.S. Treasury Notes 4.000% 02/15/34 | 2.6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 2.3 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 1.5 |
| U.S. Treasury Bonds 2.250% 08/15/46 | 1.3 |
| U.S. Treasury Bonds 1.125% 08/15/40 | 1.2 |
| U.S. Treasury STRIPS 0.625% 02/15/43 | 1.2 |
| U.S. Treasury Bonds 1.375% 11/15/40 | 0.9 |
| U.S. Treasury Notes 1.250% 09/30/28 | 0.9 |
| U.S. Treasury STRIPS 0.000% 11/15/38 | 0.9 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHRYX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Core Plus Bond Fund

#### Investor - DHNAX
This annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Investor | $89 | 0.86% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHNAX) returned 7.77% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Plus Bar Chart](coreplus-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Core Plus Bond Fund Investor class and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Plus Bond Fund - Investor - $10,702 |
| Bloomberg US Aggregate Bond Index - $10,521 |

---

![Ad2 Performance Graph](fp0096892-37_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<br> (10/15/2024)**  |
| Investor | 7.77% | 5.76% |
| Bloomberg US Aggregate Bond Index | 7.30 | 4.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $97213012 |
| Number of Portfolio Holdings | 455 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $264330 |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.12 |
| Option-Adjusted Spread | 155 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-37_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of<br>Net Assets** |
| U.S. Treasury Notes 4.000% 02/15/34 | 6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 4.7 |
| U.S. Treasury Bonds 3.000% 02/15/48 | 4.1 |
| GNMA 3.500% 02/20/48 | 1.4 |
| GNMA 5.000% 02/20/51 | 1 |
| GNMA 1.500% 07/20/50 | 0.9 |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | 0.8 |
| GNMA 2.500% 11/20/51 | 0.8 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 0.8 |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | 0.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.21% to 0.22%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHNAX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Core Plus Bond Fund

#### Class I - DHNIX
This annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class I | $59 | 0.57% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHNIX) returned 8.03% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Plus Bar Chart](coreplus-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Core Plus Bond Fund Class I and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Plus Bond Fund - Class I - $10,736 |
| Bloomberg US Aggregate Bond Index - $10,521 |

---

![Ad2 Performance Graph](fp0096892-38_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<br> (10/15/2024)**  |
| Class I | 8.03% | 6.04% |
| Bloomberg US Aggregate Bond Index | 7.30 | 4.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $97213012 |
| Number of Portfolio Holdings | 455 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $264330 |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.12 |
| Option-Adjusted Spread | 155 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-38_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of<br>Net Assets** |
| U.S. Treasury Notes 4.000% 02/15/34 | 6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 4.7 |
| U.S. Treasury Bonds 3.000% 02/15/48 | 4.1 |
| GNMA 3.500% 02/20/48 | 1.4 |
| GNMA 5.000% 02/20/51 | 1 |
| GNMA 1.500% 07/20/50 | 0.9 |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | 0.8 |
| GNMA 2.500% 11/20/51 | 0.8 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 0.8 |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | 0.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

Effective February 28, 2026, the administration fee paid to DHCM will increase from 0.17% to 0.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHNIX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Core Plus Bond Fund

#### Class Y - DHNYX
This annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Class Y | $47 | 0.45% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHNYX) returned 8.25% for the year ended December 31, 2025. Over that same period, the Bloomberg US Aggregate Bond Index returned 7.30%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), corporate credit and Treasury sectors.

![Core Plus Bar Chart](coreplus-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $500,000 Investment in the Diamond Hill Core Plus Bond Fund Class Y and the Bloomberg US Aggregate Bond Index.

---

| |
|:---|
| DH Core Plus Bond Fund - Class Y - $537,924 |
| Bloomberg US Aggregate Bond Index - $526,070 |

---

![Ad2 Performance Graph](fp0096892-39_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<br> (10/15/2024)**  |
| Class Y | 8.25% | 6.22% |
| Bloomberg US Aggregate Bond Index | 7.30 | 4.29 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $97213012 |
| Number of Portfolio Holdings | 455 |
| Portfolio Turnover Rate | 50% |
| Total Advisory Fees Paid | $264330 |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.12 |
| Option-Adjusted Spread | 155 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-39_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of<br>Net Assets** |
| U.S. Treasury Notes 4.000% 02/15/34 | 6 |
| U.S. Treasury Notes 0.625% 08/15/30 | 4.7 |
| U.S. Treasury Bonds 3.000% 02/15/48 | 4.1 |
| GNMA 3.500% 02/20/48 | 1.4 |
| GNMA 5.000% 02/20/51 | 1 |
| GNMA 1.500% 07/20/50 | 0.9 |
| GNMA, Pool #DJ1126 7.000% 04/20/2065 | 0.8 |
| GNMA 2.500% 11/20/51 | 0.8 |
| U.S. Treasury Bonds 1.625% 11/15/50 | 0.8 |
| GNMA, Series 2022-063, Class LM 3.500% 10/20/50 | 0.8 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHNYX-123125

### Annual Shareholder Report

#### December 31, 2025
![Diamond Hill Logo](dh-logo.jpg)

### Diamond Hill Large Cap Concentrated ETF

#### DHLX

#### NYSE Arca, Inc.
This annual shareholder report contains important information about Diamond Hill Large Cap Concentrated ETF (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://diamond-hill.com/documents. You can also request this information by contacting us at 888-226-5595 or info@diamond-hill.com or by contacting your financial advisor.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund's costs for the last year?**

**(Based On a Hypothetical $10,000 Investment)**

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Diamond Hill Large Cap Concentrated ETF | $60 | 0.57% |

---

**How did the Fund perform the last year, and what affected its performance?**

The Fund (Ticker: DHLX) returned 8.97% for the year ended December 31, 2025. Over that same period, the Russell 1000 Value Index returned 15.91%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.

![Large Cap Concentrated Bar Chart](largecapconcentrated-bar.jpg)

**How did the Fund perform since inception?**

Comparison of the change in value of a $10,000 Investment in the Diamond Hill Large Cap Concentrated ETF, the Russell 3000 Index, the Russell 1000 Value Index, and the Russell 1000 Index.

---

| |
|:---|
| DH Large Cap Conc ETF - $15,453 |
| Russell 3000 Index - $18,065 |
| Russell 1000 Value Index - $16,274 |
| Russell 1000 Index - $18,530 |

---

![Ad2 Performance Graph](fp0096892-33_ar141.jpg)

The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future results.**

**Average Annual Total Returns as of December 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **One Year** | **Since Inception<br> (02/26/2021)**  |
| Diamond Hill Large Cap Concentrated ETF | 8.97% | 9.40% |
| Russell 3000 Index | 17.15 | 12.99 |
| Russell 1000 Value Index | 15.91 | 10.60 |
| Russell 1000 Index | 17.37 | 13.61 |

---

**Key Fund Statistics**

---

| | |
|:---|:---|
| Net Assets | $61935737 |
| Number of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid | $194518 |

---

#### DIAMOND HILL FUNDS \| annual shareholder report \| December 31, 2025 \| DIAMOND-HILL.COM
**What Did the Fund Invest In?**

**Sector Allocation (% of Net Assets)**

![Af Image](fp0096892-33_ar142.jpg)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **% of Net Assets** |
| American International Group, Inc. | 8.5 |
| Berkshire Hathaway, Inc., Class B | 6.5 |
| Waste Management, Inc. | 6.2 |
| Texas Instruments, Inc. | 6.1 |
| Colgate-Palmolive Co. | 5.7 |
| Aon plc, Class A | 5.7 |
| Abbott Laboratories | 5.7 |
| Capital One Financial Corp. | 4.9 |
| ConocoPhillips | 4.8 |
| Union Pacific Corp. | 4.7 |

---

**Material Fund Changes**

This is a summary of certain changes to the Fund since December 10, 2025. For more complete information, you may review the Fund's prospectus dated February 28, 2026 at https://www.diamond-hill.com/documents or upon request at 888-226-5595.

On December 10, 2025, Diamond Hill Investment Group, Inc. (Diamond Hill), First Eagle Investment Management, LLC and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-owned subsidiary of First Eagle. Diamond Hill is the parent of Diamond Hill Capital Management, Inc. (DHCM), the investment adviser to the Fund. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

In anticipation of the transaction described above, the Board of Trustees, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of Trustees of Diamond Hill Funds; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board of Trustees will be effective upon the closing of the transaction.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Where Can I Find Additional Information about the Fund?**

Additional information is available on the Fund's website, <u>https://diamond-hill.com/documents</u>, including its:

* prospectus

* financial information

* holdings

* proxy voting information

* updated performance information

Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.

AR-DHLX-123125

(b) Included
 with (a)

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has made minor amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant's Code of Ethics is filed herewith.

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

3(a)(1) The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Ms. Tamara L. Fagely and Ms. Jody T. Foster, who are "independent" for purposes of this Item 3 of Form N-CSR.

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

(a) <u>Audit Fees</u>. Audit fees totaled $211,500 and $184,750 in fiscal 2025 and 2024, respectively. 2025 and 2024 fees include fees associated with the annual audit and filings of the registrant's Form N-1A and Form N-CEN.

(b) <u>Audit-Related Fees</u>. There were no audit-related fees in fiscal 2025 and 2024.

(c) <u>Tax Fees</u>. Fees for tax compliance services totaled $59,250 and $54,000 in fiscal 2025 and 2024, respectively.

(d) <u>All Other Fees</u>. All other fees totaled $2,250 and $0 in fiscal 2025 and 2024, respectively.

(e)(1) <u>Audit Committee Pre-Approval Policies</u>. The Audit Committee's pre-approval policies describe the types of audit, audit-related, tax and other services that may receive the general pre-approval of the Audit Committee. The pre-approval policies provide that annual audit service fees, tax services not specifically granted pre-approval, services exceeding pre-approved cost levels and other services that have not received general pre-approval will be subject to specific pre-approval by the Audit Committee. The pre-approval policies further provide that the Audit Committee may grant general pre-approval to other audit services (statutory audits and services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings), audit-related services (accounting consultations related to accounting, financial reporting or disclosure matters not classified as "audit services," assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities, agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters and assistance with internal control reporting requirements under Form N-CEN and Form N-CSR), tax services that have historically been provided by the auditor that the Audit Committee believes would not impair the independence of the auditor and are consistent with the SEC's rules on auditor independence and permissible non-audit services classified as "all other services" that are routine and recurring services.

(e)(2) All of the services described in paragraphs (b) through (d) of Item 4 were approved by the Audit Committee.

(f) During the audit of the registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employee.

(g) The aggregate non-audit fees for services to the registrant, and services to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $62,500 and $64,500 in 2025 and 2024, respectively.

(h) The registrant's audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable

(j) Not applicable

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

Certain series of the registrant that appear in the shareholder report included in Item 1 listed issuers as defined in Rule 10A-3 under the Securities Exchange Act of 1934, as amended (the "Exchange Act") and have a separately-designated standing audit committee established in accordance with Section 3(a)(58)A of the Exchange Act. All of the Board's independent trustees are members of the audit committee.

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

(a) The Registrant's schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

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

(a) ![](fp0096892-2_i.jpg)

**Annual Financial Statements and Additional Information** 

December 31, 2025

---

| | |
|:---|:---|
| **Small Cap Fund** | **International Fund** |
| **Small-Mid Cap Fund** | **Short Duration Securitized Bond Fund** |
| **Mid Cap Fund** | **Securitized Total Return Fund** |
| **Large Cap Fund** | **Core Bond Fund** |
| **Select Fund** | **Core Plus Bond Fund** |
| **Long-Short Fund** |  |

---

This material must be preceded or accompanied by a current prospectus.

Not FDIC insured \| No bank guarantee \| May lose value

![](fp0096892-2_ia.jpg)

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

---

| | |
|:---|:---|
| Our Shared Investment Principles  | 1 |
| **Financial Statements** |  |
| Schedules of Investments  | 2 |
| Statements of Assets & Liabilities  | 94 |
| Statements of Operations  | 96 |
| Statements of Changes in Net Assets  | 99 |
| Financial Highlights  | 116 |
| Notes to Financial Statements  | 138 |
| Report of Independent Registered Public Accounting Firm  | 154 |
| Additional Information  | 156 |

---

**Cautionary Statement:** At Diamond Hill, we pledge that, "we will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust." Our views and opinions regarding the investment prospects of our portfolio holdings and Funds are "forward looking statements" which may or may not be accurate over the long term. While we believe we have a reasonable basis for our opinions, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.

You can identify forward looking statements by words like "believe," "expect," "anticipate," or similar expressions when discussing prospects for particular portfolio holdings and/or one of the Funds. We cannot assure future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a Prospectus. Carefully consider the Funds' investment objectives, risks, and expenses. This and other important information are contained in the Funds' prospectus and summary prospectus, which are available at diamond-hill.com or by calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured \| No bank guarantee \| May lose value

**Our Shared Investment Principles**

**Our Shared Investment Principles** 

**Active, fundamental approach** 

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

**Ownership** 

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

**Long term** 

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

**Valuation discipline** 

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

**Strategic capacity management** 

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

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 1**<br>

**Diamond Hill Small Cap Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair <br> Value** |
| **Common Stocks — 97.3%** | **Common Stocks — 97.3%** | **Common Stocks — 97.3%** |
| **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** | **Consumer Discretionary — 8.9%** |
| American Eagle Outfitters, Inc. <sup>(a)</sup> | 81284 | $2143459 |
| Century Communities, Inc. | 24743 | 1468497 |
| Green Brick Partners, Inc. <sup>(a)(b)</sup> | 13543 | 848604 |
| Johnson Outdoors, Inc., Class A <sup>(a)</sup> | 35418 | 1503494 |
| Red Rock Resorts, Inc., Class A <sup>(a)</sup> | 183295 | 11355125 |
| Rocky Brands, Inc. <sup>(a)</sup> | 69611 | 2041691 |
|  |  | 19360870 |
| **Consumer Staples — 6.8%** | **Consumer Staples — 6.8%** | **Consumer Staples — 6.8%** |
| Mama's Creations, Inc. <sup>(a)(b)</sup> | 273769 | 3693144 |
| Marzetti Co. (The) | 8708 | 1431769 |
| Oil-Dri Corp. of America <sup>(a)</sup> | 95951 | 4695842 |
| Utz Brands, Inc. <sup>(a)</sup> | 483807 | 5021917 |
|  |  | 14842672 |
| **Energy — 3.8%** | **Energy — 3.8%** | **Energy — 3.8%** |
| Centrus Energy Corp., Class A <sup>(a)(b)</sup> | 3677 | 892629 |
| Magnolia Oil & Gas Corp., Class A <sup>(a)</sup> | 338368 | 7406876 |
|  |  | 8299505 |
| **Financials — 16.6%** | **Financials — 16.6%** | **Financials — 16.6%** |
| Bank OZK | 183034 | 8423225 |
| BOK Financial Corp. <sup>(a)</sup> | 14295 | 1693386 |
| First Western Financial, Inc. <sup>(b)</sup> | 67661 | 1813991 |
| International General Insurance Holdings Ltd. <sup>(a)</sup> | 239868 | 6018288 |
| Live Oak Bancshares, Inc. <sup>(a)</sup> | 170502 | 5856744 |
| MVB Financial Corp. <sup>(a)</sup> | 32940 | 850840 |
| Silvercrest Asset Management Group, Inc., Class A <sup>(a)</sup> | 102997 | 1564524 |
| Triumph Financial, Inc. <sup>(b)</sup> | 159432 | 9985226 |
|  |  | 36206224 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair <br> Value** |
| **Health Care — 11.3%** | **Health Care — 11.3%** | **Health Care — 11.3%** |
| Astrana Health, Inc. <sup>(a)(b)</sup> | 353885 | $8779887 |
| Avanos Medical, Inc. <sup>(a)(b)</sup> | 303328 | 3406373 |
| Mesa Laboratories, Inc. <sup>(a)</sup> | 96642 | 7586397 |
| UFP Technologies, Inc. <sup>(a)(b)</sup> | 21976 | 4879331 |
|  |  | 24651988 |
| **Industrials — 25.9%** | **Industrials — 25.9%** | **Industrials — 25.9%** |
| Allegiant Travel Co. <sup>(a)(b)</sup> | 53496 | 4561604 |
| Allient, Inc. <sup>(a)</sup> | 33803 | 1816911 |
| Asure Software, Inc. <sup>(a)(b)</sup> | 151973 | 1431586 |
| AZZ, Inc. <sup>(a)</sup> | 24891 | 2667817 |
| Cimpress plc <sup>(b)</sup> | 24704 | 1645039 |
| Concrete Pumping Holdings, Inc. <sup>(a)</sup> | 351497 | 2358545 |
| Ducommun, Inc. <sup>(b)</sup> | 92020 | 8753863 |
| Energy Recovery, Inc. <sup>(b)</sup> | 90243 | 1217378 |
| ESAB Corp. | 20486 | 2288696 |
| First Advantage Corp. <sup>(b)</sup> | 173789 | 2525154 |
| Fortune Brands Innovations, Inc. | 39853 | 1993447 |
| FTAI Infrastructure, Inc. <sup>(a)</sup> | 980786 | 4521424 |
| Graham Corp. <sup>(a)(b)</sup> | 90402 | 5806520 |
| Helios Technologies, Inc. | 28211 | 1509006 |
| Hurco Cos., Inc. <sup>(b)</sup> | 57471 | 887927 |
| Miller Industries, Inc. | 32549 | 1216356 |
| Perma-Fix Environmental Services, Inc. <sup>(a)(b)</sup> | 186240 | 2344762 |
| Proficient Auto Logistics, Inc. <sup>(a)(b)</sup> | 513192 | 4947171 |
| Thermon Group Holdings, Inc. <sup>(b)</sup> | 65645 | 2439368 |
| Transcat, Inc. <sup>(a)(b)</sup> | 25406 | 1441282 |
|  |  | 56373856 |
| **Information Technology — 1.8%** | **Information Technology — 1.8%** | **Information Technology — 1.8%** |
| Progress Software Corp. <sup>(b)</sup> | 68357 | 2936617 |
| Rimini Street, Inc. <sup>(a)(b)</sup> | 262468 | 1018376 |
|  |  | 3954993 |

---

**2 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Small Cap Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair <br> Value** |
| **Common Stocks — 97.3% continued** | **Common Stocks — 97.3% continued** | **Common Stocks — 97.3% continued** |
| **Materials — 10.2%** | **Materials — 10.2%** | **Materials — 10.2%** |
| Ashland, Inc. | 35187 | $2064421 |
| Core Molding Technologies, Inc. <sup>(a)(b)</sup> | 86209 | 1728490 |
| Orion SA | 272000 | 1436160 |
| Taseko Mines Ltd. <sup>(a)(b)</sup> | 1061877 | 6010224 |
| Titan America SA <sup>(a)</sup> | 242909 | 4003140 |
| United States Lime & Minerals, Inc. <sup>(a)</sup> | 58494 | 7004072 |
|  |  | 22246507 |
| **Real Estate — 9.9%** | **Real Estate — 9.9%** | **Real Estate — 9.9%** |
| Alexandria Real Estate Equities, Inc. | 21520 | 1053189 |
| Centerspace <sup>(a)</sup> | 38744 | 2585000 |
| CubeSmart | 104804 | 3778184 |
| Curbline Properties Corp. <sup>(a)</sup> | 144760 | 3359880 |
| Ryman Hospitality Properties, Inc. <sup>(a)</sup> | 91621 | 8669179 |
| Strawberry Fields REIT, Inc. | 164993 | 2161408 |
|  |  | 21606840 |
| **Utilities — 2.1%** | **Utilities — 2.1%** | **Utilities — 2.1%** |
| UGI Corp. | 122631 | 4590078 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $155,304,304) | (Cost $155,304,304) | $212133533 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair <br> Value** |
| **Registered Investment Companies — 24.0%** | **Registered Investment Companies — 24.0%** | **Registered Investment Companies — 24.0%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(c)</sup> | 5829927 | $5829927 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 46400436 | 46400436 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $52,230,363) | (Cost $52,230,363) | $52230363 |
| **Total Investment Securities — 121.3%** | **Total Investment Securities — 121.3%** | **Total Investment Securities — 121.3%** |
| (Cost $207,534,667) | (Cost $207,534,667) | $264363896 |
| **Liabilities in Excess of Other Assets — (21.3)%** | **Liabilities in Excess of Other Assets — (21.3)%** | (46472175) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $217891721 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $64,113,949. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SA — Societe Anonyme

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 3**<br>

**Diamond Hill Small-Mid Cap Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
| **Communication Services — 2.4%** | **Communication Services — 2.4%** | **Communication Services — 2.4%** |
| IAC, Inc. <sup>(a)(b)</sup> | 195405 | $7640335 |
| Liberty Media Corp. — Liberty Formula One — Series C <sup>(a)(b)</sup> | 124669 | 12281143 |
|  |  | 19921478 |
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |
| Bath & Body Works, Inc. | 145000 | 2911600 |
| CarMax, Inc. <sup>(b)</sup> | 97699 | 3775089 |
| NVR, Inc. <sup>(b)</sup> | 1125 | 8204366 |
| Red Rock Resorts, Inc., Class A <sup>(a)</sup> | 396789 | 24581078 |
|  |  | 39472133 |
| **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** | **Consumer Staples — 5.8%** |
| General Mills, Inc. | 131107 | 6096475 |
| Marzetti Co. (The) | 52118 | 8569242 |
| Post Holdings, Inc. <sup>(a)(b)</sup> | 346222 | 34293289 |
|  |  | 48959006 |
| **Energy — 2.9%** | **Energy — 2.9%** | **Energy — 2.9%** |
| Civitas Resources, Inc. <sup>(a)</sup> | 407000 | 11025630 |
| Coterra Energy, Inc. | 506658 | 13335239 |
|  |  | 24360869 |
| **Financials — 13.4%** | **Financials — 13.4%** | **Financials — 13.4%** |
| Brown & Brown, Inc. <sup>(a)</sup> | 51521 | 4106224 |
| Equitable Holdings, Inc. | 280251 | 13353960 |
| First Horizon Corp. | 306764 | 7331660 |
| Loews Corp. | 52212 | 5498446 |
| RenaissanceRe Holdings Ltd. <sup>(a)</sup> | 54314 | 15270924 |
| Rocket Cos., Inc., Class A | 1102923 | 21352589 |
| Stifel Financial Corp. | 73609 | 9217319 |
| Synovus Financial Corp. | 155923 | 7803946 |
| Triumph Financial, Inc. <sup>(b)</sup> | 155556 | 9742472 |
| Webster Financial Corp. | 326934 | 20577226 |
|  |  | 114254766 |
| **Health Care — 13.1%** | **Health Care — 13.1%** | **Health Care — 13.1%** |
| Boston Scientific Corp. <sup>(b)</sup> | 45589 | 4346911 |
| Cooper Cos., Inc. (The) <sup>(b)</sup> | 93583 | 7670063 |
| ICON plc <sup>(b)</sup> | 93008 | 16947918 |
| Illumina, Inc. <sup>(a)(b)</sup> | 126607 | 16605774 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Health Care — 13.1% continued** | **Health Care — 13.1% continued** | **Health Care — 13.1% continued** |
| Labcorp Holdings, Inc. | 50548 | $12681482 |
| Perrigo Co. plc <sup>(a)</sup> | 360000 | 5011200 |
| Revvity, Inc. <sup>(a)</sup> | 164558 | 15920986 |
| Solventum Corp. <sup>(b)</sup> | 195582 | 15497918 |
| Teleflex, Inc. <sup>(a)</sup> | 138900 | 16951356 |
|  |  | 111633608 |
| **Industrials — 27.3%** | **Industrials — 27.3%** | **Industrials — 27.3%** |
| Alaska Air Group, Inc. <sup>(a)(b)</sup> | 111110 | 5588833 |
| Booz Allen Hamilton Holding Corp. <sup>(a)</sup> | 77171 | 6510145 |
| Builders FirstSource, Inc. <sup>(b)</sup> | 63593 | 6543084 |
| Energy Recovery, Inc. <sup>(b)</sup> | 431923 | 5826641 |
| ESAB Corp. | 93082 | 10399121 |
| First Advantage Corp. <sup>(b)</sup> | 759606 | 11037075 |
| Fortune Brands Innovations, Inc. | 200165 | 10012253 |
| FTI Consulting, Inc. <sup>(a)(b)</sup> | 87237 | 14902697 |
| Gates Industrial Corp. plc <sup>(b)</sup> | 1231521 | 26440756 |
| Generac Holdings, Inc. <sup>(b)</sup> | 36882 | 5029598 |
| Huntington Ingalls Industries, Inc. | 111738 | 37998742 |
| Regal Rexnord Corp. | 224241 | 31465497 |
| SS&C Technologies Holdings, Inc. | 259279 | 22666170 |
| Toro Co. (The) | 113079 | 8901579 |
| TransUnion <sup>(a)</sup> | 150584 | 12912578 |
| WESCO International, Inc. <sup>(a)</sup> | 64051 | 15669437 |
|  |  | 231904206 |
| **Information Technology — 8.0%** | **Information Technology — 8.0%** | **Information Technology — 8.0%** |
| Ciena Corp. <sup>(b)</sup> | 30309 | 7088366 |
| GoDaddy, Inc., Class A <sup>(b)</sup> | 66832 | 8292515 |
| Progress Software Corp. <sup>(b)</sup> | 258219 | 11093088 |
| Teledyne Technologies, Inc. <sup>(a)(b)</sup> | 21505 | 10983249 |
| VeriSign, Inc. <sup>(a)</sup> | 72307 | 17566986 |
| Wix.com Ltd. <sup>(b)</sup> | 127028 | 13196939 |
|  |  | 68221143 |

---

**4 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Small-Mid Cap Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.9% continued** | **Common Stocks — 97.9% continued** | **Common Stocks — 97.9% continued** |
| **Materials — 5.5%** | **Materials — 5.5%** | **Materials — 5.5%** |
| Ashland, Inc. | 309800 | $18175966 |
| Knife River Corp. <sup>(a)(b)</sup> | 202217 | 14225966 |
| Taseko Mines Ltd. <sup>(a)(b)</sup> | 1670797 | 9456711 |
| Westlake Corp. <sup>(a)</sup> | 71340 | 5274880 |
|  |  | 47133523 |
| **Real Estate — 13.1%** | **Real Estate — 13.1%** | **Real Estate — 13.1%** |
| Alexandria Real Estate Equities, Inc. | 87721 | 4293066 |
| CubeSmart | 768248 | 27695340 |
| Invitation Homes, Inc. | 432633 | 12022871 |
| Mid-America Apartment Communities, Inc. | 171126 | 23771113 |
| Rexford Industrial Realty, Inc. <sup>(a)</sup> | 268740 | 10405613 |
| Ryman Hospitality Properties, Inc. <sup>(a)</sup> | 161421 | 15273655 |
| SBA Communications Corp., Class A | 94763 | 18330007 |
|  |  | 111791665 |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| UGI Corp. <sup>(a)</sup> | 406196 | 15203916 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $627,951,337) | (Cost $627,951,337) | $832856313 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 11.5%** | **Registered Investment Companies — 11.5%** | **Registered Investment Companies — 11.5%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(c)</sup> | 39010519 | $39010519 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 58793142 | 58793142 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $97,803,661) | (Cost $97,803,661) | $97803661 |
| **Total Investment Securities — 109.4%** | **Total Investment Securities — 109.4%** | **Total Investment Securities — 109.4%** |
| (Cost $725,754,998) | (Cost $725,754,998) | $930659974 |
| **Liabilities in Excess of Other Assets — (9.4)%** | **Liabilities in Excess of Other Assets — (9.4)%** | (79790711) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $850869263 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $96,261,981. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

plc — Public Limited Company

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 5**<br>

**Diamond Hill Mid Cap Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 95.6%** | **Common Stocks — 95.6%** | **Common Stocks — 95.6%** |
| **Communication Services — 1.4%** | **Communication Services — 1.4%** | **Communication Services — 1.4%** |
| Liberty Media Corp. - Liberty Formula One — Series C <sup>(a)</sup> | 11131 | $1096515 |
| **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** | **Consumer Discretionary — 4.2%** |
| CarMax, Inc. <sup>(a)</sup> | 8979 | 346948 |
| NVR, Inc. <sup>(a)</sup> | 106 | 773034 |
| Red Rock Resorts, Inc., Class A | 33160 | 2054262 |
|  |  | 3174244 |
| **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** | **Consumer Staples — 6.2%** |
| General Mills, Inc. | 12484 | 580506 |
| Post Holdings, Inc. <sup>(a)</sup> | 29441 | 2916131 |
| Sysco Corp. | 17178 | 1265847 |
|  |  | 4762484 |
| **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
| Coterra Energy, Inc. | 39590 | 1042009 |
| Diamondback Energy, Inc. | 6510 | 978648 |
|  |  | 2020657 |
| **Financials — 14.9%** | **Financials — 14.9%** | **Financials — 14.9%** |
| American International Group, Inc. | 43725 | 3740674 |
| Equitable Holdings, Inc. | 25083 | 1195205 |
| Hartford Insurance Group, Inc. (The) <sup>(b)</sup> | 5035 | 693823 |
| LPL Financial Holdings, Inc. <sup>(b)</sup> | 3039 | 1085440 |
| Rocket Cos., Inc., Class A | 97033 | 1878559 |
| Stifel Financial Corp. | 3463 | 433637 |
| Webster Financial Corp. | 13294 | 836724 |
| Willis Towers Watson plc | 4797 | 1576294 |
|  |  | 11440356 |
| **Health Care — 16.3%** | **Health Care — 16.3%** | **Health Care — 16.3%** |
| Boston Scientific Corp. <sup>(a)</sup> | 13473 | 1284650 |
| Cooper Cos., Inc. (The) <sup>(a)</sup> | 10827 | 887381 |
| Humana, Inc. | 6668 | 1707875 |
| ICON plc <sup>(a)</sup> | 8222 | 1498213 |
| Illumina, Inc. <sup>(a)</sup> | 11066 | 1451416 |
| Labcorp Holdings, Inc. | 4085 | 1024845 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Health Care — 16.3% continued** | **Health Care — 16.3% continued** | **Health Care — 16.3% continued** |
| Revvity, Inc. <sup>(b)</sup> | 14469 | $1399876 |
| Solventum Corp. <sup>(a)</sup> | 11435 | 906109 |
| Teleflex, Inc. | 11040 | 1347322 |
| Zoetis, Inc. | 7839 | 986303 |
|  |  | 12493990 |
| **Industrials — 24.6%** | **Industrials — 24.6%** | **Industrials — 24.6%** |
| Alaska Air Group, Inc. <sup>(a)(b)</sup> | 9800 | 492940 |
| Ferguson Enterprises, Inc. | 5627 | 1252739 |
| Fortune Brands Innovations, Inc. | 15579 | 779262 |
| FTI Consulting, Inc. <sup>(a)</sup> | 6038 | 1031471 |
| Huntington Ingalls Industries, Inc. | 7737 | 2631122 |
| Johnson Controls International plc | 8245 | 987339 |
| L3Harris Technologies, Inc. | 5425 | 1592617 |
| Parker-Hannifin Corp. <sup>(b)</sup> | 2373 | 2085772 |
| Regal Rexnord Corp. | 20138 | 2825764 |
| SS&C Technologies Holdings, Inc. | 23236 | 2031291 |
| Toro Co. (The) | 7656 | 602680 |
| TransUnion | 13143 | 1127012 |
| WESCO International, Inc. | 5679 | 1389311 |
|  |  | 18829320 |
| **Information Technology — 6.7%** | **Information Technology — 6.7%** | **Information Technology — 6.7%** |
| Ciena Corp. <sup>(a)</sup> | 2625 | 613909 |
| GoDaddy, Inc., Class A <sup>(a)</sup> | 6033 | 748575 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 2026 | 1034739 |
| VeriSign, Inc. | 6411 | 1557552 |
| Wix.com Ltd. <sup>(a)</sup> | 11348 | 1178944 |
|  |  | 5133719 |
| **Materials — 6.2%** | **Materials — 6.2%** | **Materials — 6.2%** |
| Ashland, Inc. | 27274 | 1600166 |
| Freeport-McMoRan, Inc. | 29446 | 1495562 |
| Martin Marietta Materials, Inc. | 1921 | 1196130 |
| Westlake Corp. <sup>(b)</sup> | 6423 | 474917 |
|  |  | 4766775 |

---

**6 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 95.6% continued** | **Common Stocks — 95.6% continued** | **Common Stocks — 95.6% continued** |
| **Real Estate — 10.7%** | **Real Estate — 10.7%** | **Real Estate — 10.7%** |
| CubeSmart | 50939 | $1836351 |
| Extra Space Storage, Inc. | 9532 | 1241257 |
| Mid-America Apartment Communities, Inc. | 10818 | 1502728 |
| Ryman Hospitality Properties, Inc. | 12226 | 1156824 |
| SBA Communications Corp., Class A | 8435 | 1631582 |
| Ventas, Inc. | 11013 | 852186 |
|  |  | 8220928 |
| **Utilities — 1.8%** | **Utilities — 1.8%** | **Utilities — 1.8%** |
| UGI Corp. | 35907 | 1343999 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $49,757,742) | (Cost $49,757,742) | $73282987 |
| **Registered Investment Companies — 11.0%** | **Registered Investment Companies — 11.0%** | **Registered Investment Companies — 11.0%** |
| State Street Institutional US Government Money Market Fund - Premier Class, 3.74% <sup>(c)</sup> | 3151882 | 3151882 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 5312253 | 5312253 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $8,464,135) | (Cost $8,464,135) | $8464135 |
| **Total Investment Securities — 106.6%** | **Total Investment Securities — 106.6%** | **Total Investment Securities — 106.6%** |
| (Cost $58,221,877) | (Cost $58,221,877) | $81747122 |
| **Liabilities in Excess of Other Assets — (6.6)%** | **Liabilities in Excess of Other Assets — (6.6)%** | (5082876) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $76664246 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $5,947,579. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

plc — Public Limited Company

See accompanying Notes to Financial Statements.

**Diamond Hill Mid Cap Fund** Schedule of Investments (Continued)

December 31, 2025

**Diamond Hill Large Cap Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.5%** | **Common Stocks — 97.5%** | **Common Stocks — 97.5%** |
| **Communication Services — 2.2%** | **Communication Services — 2.2%** | **Communication Services — 2.2%** |
| Walt Disney Co. (The) | 1240016 | $141076620 |
| **Consumer Discretionary — 6.3%** | **Consumer Discretionary — 6.3%** | **Consumer Discretionary — 6.3%** |
| Amazon.com, Inc. <sup>(a)</sup> | 364439 | 84119810 |
| CarMax, Inc. <sup>(a)</sup> | 1389765 | 53700520 |
| General Motors Co. <sup>(b)</sup> | 935819 | 76100801 |
| NVR, Inc. <sup>(a)(b)</sup> | 11925 | 86966282 |
| Starbucks Corp. <sup>(b)</sup> | 1132447 | 95363362 |
|  |  | 396250775 |
| **Consumer Staples — 8.4%** | **Consumer Staples — 8.4%** | **Consumer Staples — 8.4%** |
| Colgate-Palmolive Co. | 3066760 | 242335375 |
| General Mills, Inc. | 2946449 | 137009879 |
| Sysco Corp. | 2015513 | 148523153 |
|  |  | 527868407 |
| **Energy — 5.7%** | **Energy — 5.7%** | **Energy — 5.7%** |
| ConocoPhillips | 1864628 | 174547827 |
| Diamondback Energy, Inc. | 917682 | 137955135 |
| EQT Corp. | 890821 | 47748006 |
|  |  | 360250968 |
| **Financials — 24.7%** | **Financials — 24.7%** | **Financials — 24.7%** |
| American International Group, Inc. <sup>(b)</sup> | 3496485 | 299124292 |
| Aon plc, Class A | 623893 | 220159362 |
| Bank of America Corp. | 2813382 | 154736010 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 581639 | 292360843 |
| Capital One Financial Corp. | 863873 | 209368260 |
| Equitable Holdings, Inc. | 1593545 | 75932419 |
| KeyCorp <sup>(b)</sup> | 4182963 | 86336356 |
| MetLife, Inc. | 1603744 | 126599551 |
| Visa, Inc., Class A | 241668 | 84755384 |
|  |  | 1549372477 |
| **Health Care — 14.9%** | **Health Care — 14.9%** | **Health Care — 14.9%** |
| Abbott Laboratories <sup>(b)</sup> | 2063571 | 258544811 |
| Cooper Cos., Inc. (The) <sup>(a)</sup> | 1219637 | 99961449 |
| Labcorp Holdings, Inc. | 429174 | 107671173 |
| Medtronic plc | 759463 | 72954016 |
| Pfizer, Inc. | 3707667 | 92320908 |
| Solventum Corp. <sup>(a)</sup> | 485253 | 38451448 |
| Thermo Fisher Scientific, Inc. | 204828 | 118687585 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 7**<br>

**Diamond Hill Large Cap Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.5% continued** | **Common Stocks — 97.5% continued** | **Common Stocks — 97.5% continued** |
| **Health Care — 14.9% continued** | **Health Care — 14.9% continued** | **Health Care — 14.9% continued** |
| Zoetis, Inc. | 1169484 | $147144477 |
|  |  | 935735867 |
| **Industrials — 15.9%** | **Industrials — 15.9%** | **Industrials — 15.9%** |
| Builders FirstSource, Inc. <sup>(a)</sup> | 577494 | 59418358 |
| Deere & Co. | 237242 | 110452758 |
| Dover Corp. | 272578 | 53218129 |
| FedEx Corp. | 293084 | 84660244 |
| Ferguson Enterprises, Inc. <sup>(b)</sup> | 382370 | 85127033 |
| L3Harris Technologies, Inc. | 284128 | 83411457 |
| Regal Rexnord Corp. <sup>(b)</sup> | 637587 | 89466208 |
| SS&C Technologies Holdings, Inc. | 916858 | 80151726 |
| Union Pacific Corp. | 605767 | 140126022 |
| Waste Management, Inc. | 979062 | 215109712 |
|  |  | 1001141647 |
| **Information Technology — 10.1%** | **Information Technology — 10.1%** | **Information Technology — 10.1%** |
| Accenture plc, Class A | 336027 | 90156044 |
| Adobe, Inc. <sup>(a)</sup> | 385129 | 134791299 |
| Salesforce, Inc. <sup>(b)</sup> | 565037 | 149683952 |
| Texas Instruments, Inc. | 1240805 | 215267259 |
| Wix.com Ltd. <sup>(a)(b)</sup> | 452335 | 46993083 |
|  |  | 636891637 |
| **Materials — 5.1%** | **Materials — 5.1%** | **Materials — 5.1%** |
| International Paper Co. <sup>(b)</sup> | 2413793 | 95079306 |
| Martin Marietta Materials, Inc. | 178170 | 110939332 |
| Nucor Corp. | 690512 | 112629412 |
|  |  | 318648050 |
| **Real Estate — 4.2%** | **Real Estate — 4.2%** | **Real Estate — 4.2%** |
| Extra Space Storage, Inc. | 913837 | 118999854 |
| SBA Communications Corp., Class A | 755248 | 146087621 |
|  |  | 265087475 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $5,155,345,181) | (Cost $5,155,345,181) | $6132323923 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 3.1%** | **Registered Investment Companies — 3.1%** | **Registered Investment Companies — 3.1%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(c)</sup> | 138794996 | $138794996 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 54190313 | 54190313 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $192,985,309) | (Cost $192,985,309) | $192985309 |
| **Total Investment Securities — 100.6%** | **Total Investment Securities — 100.6%** | **Total Investment Securities — 100.6%** |
| (Cost $5,348,330,490) | (Cost $5,348,330,490) | $6325309232 |
| **Liabilities in Excess of Other Assets — (0.6)%** | **Liabilities in Excess of Other Assets — (0.6)%** | (39608145) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6285701087 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $89,838,451. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

plc — Public Limited Company

See accompanying Notes to Financial Statements.

**8 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Select Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.0%** | **Common Stocks — 97.0%** | **Common Stocks — 97.0%** |
| **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** | **Consumer Discretionary — 11.7%** |
| CarMax, Inc. <sup>(a)</sup> | 464895 | $17963543 |
| Red Rock Resorts, Inc., Class A <sup>(b)</sup> | 533145 | 33028333 |
| Starbucks Corp. | 202414 | 17045283 |
|  |  | 68037159 |
| **Consumer Staples — 3.3%** | **Consumer Staples — 3.3%** | **Consumer Staples — 3.3%** |
| Colgate-Palmolive Co. | 241094 | 19051248 |
| **Energy — 6.3%** | **Energy — 6.3%** | **Energy — 6.3%** |
| Antero Resources Corp. <sup>(a)</sup> | 496656 | 17114766 |
| Diamondback Energy, Inc. | 127115 | 19109198 |
|  |  | 36223964 |
| **Financials — 24.6%** | **Financials — 24.6%** | **Financials — 24.6%** |
| American International Group, Inc. | 504885 | 43192912 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 62636 | 31483985 |
| Capital One Financial Corp. | 145765 | 35327605 |
| KeyCorp | 773710 | 15969374 |
| Rocket Cos., Inc., Class A | 847662 | 16410736 |
|  |  | 142384612 |
| **Health Care — 7.6%** | **Health Care — 7.6%** | **Health Care — 7.6%** |
| Abbott Laboratories | 153995 | 19294034 |
| Solventum Corp. <sup>(a)</sup> | 112477 | 8912677 |
| Zoetis, Inc. | 124818 | 15704601 |
|  |  | 43911312 |
| **Industrials — 24.3%** | **Industrials — 24.3%** | **Industrials — 24.3%** |
| Builders FirstSource, Inc. <sup>(a)</sup> | 81762 | 8412492 |
| Cimpress plc <sup>(a)(b)</sup> | 532671 | 35470562 |
| Huntington Ingalls Industries, Inc. | 46059 | 15663284 |
| Regal Rexnord Corp. | 242227 | 33989293 |
| SS&C Technologies Holdings, Inc. | 163066 | 14255230 |
| Union Pacific Corp. | 61473 | 14219934 |
| Waste Management, Inc. | 85973 | 18889128 |
|  |  | 140899923 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Information Technology — 10.5%** | **Information Technology — 10.5%** | **Information Technology — 10.5%** |
| Adobe, Inc. <sup>(a)</sup> | 37141 | $12998979 |
| Salesforce, Inc. | 68194 | 18065273 |
| Texas Instruments, Inc. | 108744 | 18865997 |
| Wix.com Ltd. <sup>(a)</sup> | 107496 | 11167759 |
|  |  | 61098008 |
| **Materials — 6.5%** | **Materials — 6.5%** | **Materials — 6.5%** |
| Ashland, Inc. | 407326 | 23897816 |
| International Paper Co. <sup>(b)</sup> | 346711 | 13656946 |
|  |  | 37554762 |
| **Real Estate — 2.2%** | **Real Estate — 2.2%** | **Real Estate — 2.2%** |
| SBA Communications Corp., Class A | 65995 | 12765413 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $465,307,150) | (Cost $465,307,150) | $561926401 |
| **Registered Investment Companies — 5.1%** | **Registered Investment Companies — 5.1%** | **Registered Investment Companies — 5.1%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(c)</sup> | 16375373 | 16375373 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 12970351 | 12970351 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $29,345,725) | (Cost $29,345,725) | $29345724 |
| **Total Investment Securities — 102.1%** | **Total Investment Securities — 102.1%** | **Total Investment Securities — 102.1%** |
| (Cost $494,652,875) | (Cost $494,652,875) | $591272125 |
| **Liabilities in Excess of Other Assets — (2.1)%** | **Liabilities in Excess of Other Assets — (2.1)%** | (12124704) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $579147421 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $32,291,277. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

plc — Public Limited Company

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 9**<br>

**Diamond Hill Long-Short Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 88.2%** | **Common Stocks — 88.2%** | **Common Stocks — 88.2%** |
| **Communication Services — 9.8%** | **Communication Services — 9.8%** | **Communication Services — 9.8%** |
| Alphabet, Inc., Class A | 335357 | $104966741 |
| Meta Platforms, Inc., Class A | 136789 | 90293051 |
| Walt Disney Co. (The) | 304040 | 34590631 |
|  |  | 229850423 |
| **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** | **Consumer Discretionary — 4.6%** |
| Amazon.com, Inc. <sup>(a)</sup> | 213577 | 49297843 |
| Lear Corp. | 167697 | 19218076 |
| TJX Cos., Inc. (The) | 134416 | 20647642 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 32547 | 19691260 |
|  |  | 108854821 |
| **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** | **Consumer Staples — 3.2%** |
| Constellation Brands, Inc., Class A | 230266 | 31767497 |
| Sysco Corp. | 569695 | 41980825 |
|  |  | 73748322 |
| **Energy — 4.5%** | **Energy — 4.5%** | **Energy — 4.5%** |
| Chevron Corp. | 290149 | 44221609 |
| Coterra Energy, Inc. | 848653 | 22336547 |
| Diamondback Energy, Inc. | 265318 | 39885255 |
|  |  | 106443411 |
| **Financials — 19.7%** | **Financials — 19.7%** | **Financials — 19.7%** |
| American International Group, Inc. | 1075744 | 92029899 |
| Aon plc, Class A | 109184 | 38528850 |
| Bank of America Corp. | 546845 | 30076475 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 58824 | 29567884 |
| Capital One Financial Corp. | 179985 | 43621165 |
| Citigroup, Inc. | 756106 | 88230009 |
| Fidelity National Information Services, Inc. | 437370 | 29067610 |
| Hartford Insurance Group, Inc. (The) | 172349 | 23749692 |
| KKR & Co., Inc. | 50688 | 6461706 |
| Morgan Stanley | 100422 | 17827918 |
| Truist Financial Corp. | 765286 | 37659724 |
| Visa, Inc., Class A | 74077 | 25979545 |
|  |  | 462800477 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Health Care — 13.7%** | **Health Care — 13.7%** | **Health Care — 13.7%** |
| Abbott Laboratories | 310437 | $38894652 |
| Becton, Dickinson and Co. | 152941 | 29681260 |
| Cooper Cos., Inc. (The) <sup>(a)</sup> | 462615 | 37915925 |
| HCA Healthcare, Inc. | 46831 | 21863521 |
| Labcorp Holdings, Inc. | 90084 | 22600274 |
| Medtronic plc | 361391 | 34715219 |
| Perrigo Co. plc <sup>(b)</sup> | 1852395 | 25785338 |
| Pfizer, Inc. | 868836 | 21634016 |
| Solventum Corp. <sup>(a)</sup> | 418383 | 33152669 |
| Zoetis, Inc. | 432360 | 54399535 |
|  |  | 320642409 |
| **Industrials — 11.6%** | **Industrials — 11.6%** | **Industrials — 11.6%** |
| Booz Allen Hamilton Holding Corp. | 502605 | 42399758 |
| Builders FirstSource, Inc. <sup>(a)(c)</sup> | 491013 | 50520328 |
| Dover Corp. <sup>(c)</sup> | 175380 | 34241191 |
| ESAB Corp. <sup>(c)</sup> | 177770 | 19860464 |
| Johnson Controls International plc <sup>(b)(c)</sup> | 91070 | 10905633 |
| L3Harris Technologies, Inc. <sup>(c)</sup> | 111010 | 32589206 |
| Parker-Hannifin Corp. <sup>(c)</sup> | 52106 | 45799090 |
| SS&C Technologies Holdings, Inc. | 413390 | 36138554 |
|  |  | 272454224 |
| **Information Technology — 16.7%** | **Information Technology — 16.7%** | **Information Technology — 16.7%** |
| Adobe, Inc. <sup>(a)(c)</sup> | 116250 | 40686338 |
| Ciena Corp. <sup>(a)</sup> | 92893 | 21724886 |
| Microsoft Corp. <sup>(c)</sup> | 204811 | 99050696 |
| Salesforce, Inc. <sup>(c)</sup> | 193220 | 51185910 |
| SentinelOne, Inc., Class A <sup>(a)(c)</sup> | 2385415 | 35781225 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 299019 | 90868884 |
| Texas Instruments, Inc. | 123441 | 21415779 |
| VeriSign, Inc. <sup>(c)</sup> | 121500 | 29518425 |
|  |  | 390232143 |
| **Materials — 2.0%** | **Materials — 2.0%** | **Materials — 2.0%** |
| Ashland, Inc. | 464774 | 27268291 |
| Freeport-McMoRan, Inc. | 396896 | 20158348 |
|  |  | 47426639 |

---

**10 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Long-Short Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 88.2% continued** | **Common Stocks — 88.2% continued** | **Common Stocks — 88.2% continued** |
| **Real Estate — 1.5%** | **Real Estate — 1.5%** | **Real Estate — 1.5%** |
| Extra Space Storage, Inc. | 265324 | $34550491 |
| **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** |
| Dominion Energy, Inc. | 342100 | 20043639 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $1,266,658,231) | (Cost $1,266,658,231) | $2067046999 |
| **Registered Investment Companies — 10.4%** | **Registered Investment Companies — 10.4%** | **Registered Investment Companies — 10.4%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(d)</sup> | 238502877 | 238502877 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(d)(e)</sup> | 5972873 | 5972873 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $244,475,750) | (Cost $244,475,750) | $244475750 |
| **Total Investment Securities — 98.6%** | **Total Investment Securities — 98.6%** | **Total Investment Securities — 98.6%** |
| (Cost $1,511,133,981) | (Cost $1,511,133,981) | 2311522749 |
| **Segregated Cash With Custodian — 31.8%** | **Segregated Cash With Custodian — 31.8%** | 746399745 |
| **Investments Sold Short — (31.2)%** | **Investments Sold Short — (31.2)%** | **Investments Sold Short — (31.2)%** |
| (Proceeds $718,651,232) | (Proceeds $718,651,232) | (732186170) |
| **Other Assets in Excess of Liabilities — 0.8%** | **Other Assets in Excess of Liabilities — 0.8%** | 18745789 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $2344482113 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $5,834,389. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the shares have been pledged as collateral for open short positions.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(e)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

ADR — American Depositary Receipt

plc — Public Limited Company

See accompanying Notes to Financial Statements.

**Diamond Hill Long-Short Fund** Schedule of Investments Sold Short

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 31.2%** | **Common Stocks — 31.2%** | **Common Stocks — 31.2%** |
| **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** | **Consumer Discretionary — 9.0%** |
| Acushnet Holdings Corp. | 357842 | $28562948 |
| Brinker International, Inc. | 120415 | 17281961 |
| Cheesecake Factory, Inc. (The) | 326242 | 16468696 |
| Choice Hotels International, Inc. | 88167 | 8398788 |
| eBay, Inc. | 342298 | 29814156 |
| GameStop Corp., Class A | 415063 | 8334465 |
| Garmin Ltd. | 147037 | 29826455 |
| Royal Caribbean Cruises Ltd. | 71905 | 20055743 |
| Shake Shack, Inc., Class A | 37657 | 3056619 |
| United Parks and Resorts, Inc. | 187715 | 6814055 |
| Williams-Sonoma, Inc. | 160555 | 28673517 |
| YETI Holdings, Inc. | 307275 | 13572337 |
|  |  | 210859740 |
| **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** | **Consumer Staples — 1.2%** |
| Clorox Co. (The) | 38620 | 3894055 |
| Sprouts Farmers Market, Inc. | 183941 | 14654579 |
| WD-40 Co. | 53022 | 10440032 |
|  |  | 28988666 |
| **Financials — 3.3%** | **Financials — 3.3%** | **Financials — 3.3%** |
| Affirm Holdings, Inc., Class A | 312102 | 23229752 |
| Bank of Hawaii Corp. | 403850 | 27611225 |
| Coinbase Global, Inc., Class A | 35260 | 7973696 |
| Commerce Bancshares, Inc. | 105182 | 5505226 |
| First Financial Bankshares, Inc. | 149547 | 4466969 |
| Palomar Holdings, Inc. | 58936 | 7942215 |
|  |  | 76729083 |
| **Health Care — 3.4%** | **Health Care — 3.4%** | **Health Care — 3.4%** |
| Doximity, Inc., Class A | 237935 | 10535762 |
| Medpace Holdings, Inc. | 68425 | 38430901 |
| Penumbra, Inc. | 32445 | 10087475 |
| ResMed, Inc. | 91580 | 22058875 |
|  |  | 81113013 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 11**<br>

**Diamond Hill Long-Short Fund** Schedule of Investments Sold Short

(Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 31.2% continued** | **Common Stocks — 31.2% continued** | **Common Stocks — 31.2% continued** |
| **Industrials — 5.7%** | **Industrials — 5.7%** | **Industrials — 5.7%** |
| Blue Bird Corp. | 423065 | $19884055 |
| Core & Main, Inc., Class A | 551313 | 28651737 |
| Federal Signal Corp. | 250800 | 27234372 |
| Matson, Inc. | 238160 | 29424668 |
| Mueller Industries, Inc. | 140650 | 16146620 |
| Powell Industries, Inc. | 36725 | 11707196 |
|  |  | 133048648 |
| **Information Technology — 6.3%** | **Information Technology — 6.3%** | **Information Technology — 6.3%** |
| Alarm.com Holdings, Inc. | 483704 | 24678578 |
| Asana, Inc., Class A | 372888 | 5112294 |
| Badger Meter, Inc. | 66817 | 11653553 |
| F5, Inc. | 65087 | 16614108 |
| International Business Machines Corp. | 161070 | 47710545 |
| Pure Storage, Inc., Class A | 190865 | 12789864 |
| Samsara, Inc., Class A | 355601 | 12606055 |
| Teradata Corp. | 533985 | 16254503 |
|  |  | 147419500 |
| **Materials — 0.4%** | **Materials — 0.4%** | **Materials — 0.4%** |
| MP Materials Corp. | 179090 | 9047627 |
| **Real Estate — 1.0%** | **Real Estate — 1.0%** | **Real Estate — 1.0%** |
| eXp World Holdings, Inc. | 837691 | 7581104 |
| Host Hotels & Resorts, Inc. | 451610 | 8007045 |
| Vornado Realty Trust | 258190 | 8592563 |
|  |  | 24180712 |
| **Utilities — 0.9%** | **Utilities — 0.9%** | **Utilities — 0.9%** |
| Ormat Technologies, Inc. | 188279 | 20799181 |
| **Total Investments Sold Short — 31.2%** | **Total Investments Sold Short — 31.2%** | **Total Investments Sold Short — 31.2%** |
| (Proceeds $718,651,232) | (Proceeds $718,651,232) | $732186170 |

---

Percentages disclosed are based on total net assets of the Fund as of December 31, 2025.

See accompanying Notes to Financial Statements.

**Diamond Hill International Fund** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.0%** | **Common Stocks — 97.0%** | **Common Stocks — 97.0%** |
| **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** |
| Whitehaven Coal Ltd. | 597760 | $3076486 |
| **Austria — 1.7%** | **Austria — 1.7%** | **Austria — 1.7%** |
| BAWAG Group AG | 18396 | 2769779 |
| **Canada — 8.7%** | **Canada — 8.7%** | **Canada — 8.7%** |
| Agnico Eagle Mines Ltd. | 10219 | 1732935 |
| Canadian Natural Resources Ltd. <sup>(a)</sup> | 127147 | 4306567 |
| Franco-Nevada Corp. | 11932 | 2473297 |
| Imperial Oil Ltd. <sup>(a)</sup> | 40225 | 3475146 |
| North West Co., Inc. (The) <sup>(a)</sup> | 56816 | 2024575 |
|  |  | 14012520 |
| **China — 3.9%** | **China — 3.9%** | **China — 3.9%** |
| Alibaba Group Holding Ltd. | 206900 | 3798873 |
| Tencent Holdings Ltd. | 31800 | 2440438 |
|  |  | 6239311 |
| **Cyprus — 0.6%** | **Cyprus — 0.6%** | **Cyprus — 0.6%** |
| Theon International plc <sup>(a)</sup> | 33206 | 1039713 |
| **France — 4.5%** | **France — 4.5%** | **France — 4.5%** |
| Safran SA | 11920 | 4150569 |
| Veolia Environnement SA | 91438 | 3180763 |
|  |  | 7331332 |
| **Germany — 3.6%** | **Germany — 3.6%** | **Germany — 3.6%** |
| Evotec SE <sup>(b)</sup> | 215817 | 1364785 |
| Krones AG | 28001 | 4434506 |
|  |  | 5799291 |
| **India — 4.2%** | **India — 4.2%** | **India — 4.2%** |
| HDFC Bank Ltd. - ADR | 158056 | 5775366 |
| Hindustan Aeronautics Ltd. | 21059 | 1029686 |
|  |  | 6805052 |
| **Ireland — 4.5%** | **Ireland — 4.5%** | **Ireland — 4.5%** |
| AIB Group plc | 549632 | 5873818 |
| ICON plc <sup>(b)</sup> | 7239 | 1319091 |
|  |  | 7192909 |

---

**12 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill International Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 97.0% continued** | **Common Stocks — 97.0% continued** | **Common Stocks — 97.0% continued** |
| **Japan — 6.9%** | **Japan — 6.9%** | **Japan — 6.9%** |
| Hitachi Ltd. | 106100 | $3327696 |
| Max Co. Ltd. | 111300 | 4924909 |
| Toyo Suisan Kaisha Ltd. | 40900 | 2806002 |
|  |  | 11058607 |
| **Korea (Republic of) — 5.1%** | **Korea (Republic of) — 5.1%** | **Korea (Republic of) — 5.1%** |
| Samsung Electronics Co. Ltd. | 81020 | 6777698 |
| SK hynix, Inc. | 3194 | 1443727 |
|  |  | 8221425 |
| **Mexico — 2.0%** | **Mexico — 2.0%** | **Mexico — 2.0%** |
| Wal-Mart de Mexico SAB de CV | 1023656 | 3183561 |
| **Netherlands — 4.8%** | **Netherlands — 4.8%** | **Netherlands — 4.8%** |
| Allfunds Group plc | 366845 | 3463014 |
| EXOR NV | 48372 | 4107564 |
| Magnum Ice Cream Co. NV (The) <sup>(a)(b)</sup> | 13033 | 208479 |
|  |  | 7779057 |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| Singapore Exchange Ltd. | 171607 | 2258988 |
| **Sweden — 0.7%** | **Sweden — 0.7%** | **Sweden — 0.7%** |
| Spotify Technology SA <sup>(b)</sup> | 2071 | 1202650 |
| **Switzerland — 6.9%** | **Switzerland — 6.9%** | **Switzerland — 6.9%** |
| Compagnie Financiere Richemont SA, Class A | 20900 | 4506652 |
| Novartis AG - ADR <sup>(a)</sup> | 24822 | 3422209 |
| Roche Holdings AG | 7710 | 3183679 |
|  |  | 11112540 |
| **Taiwan Province of China — 5.5%** | **Taiwan Province of China — 5.5%** | **Taiwan Province of China — 5.5%** |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 28960 | 8800654 |
| **United Kingdom — 24.2%** | **United Kingdom — 24.2%** | **United Kingdom — 24.2%** |
| Beazley plc | 166889 | 1866346 |
| British American Tobacco plc | 84579 | 4795080 |
| Bunzl plc | 98439 | 2748947 |
| Compass Group plc | 130363 | 4130766 |
| Glencore plc | 715850 | 3913506 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **United Kingdom — 24.2% continued** | **United Kingdom — 24.2% continued** | **United Kingdom — 24.2% continued** |
| Hikma Pharmaceuticals plc | 51999 | $1084075 |
| Howden Joinery Group plc | 268706 | 3007383 |
| Imperial Brands plc | 76004 | 3191582 |
| Melrose Industries plc | 301165 | 2375391 |
| NatWest Group plc | 330065 | 2895569 |
| Smith & Nephew plc | 86332 | 1435856 |
| Tesco plc | 437176 | 2599942 |
| Unilever plc | 57925 | 3788762 |
| Wise plc, Class A <sup>(b)</sup> | 104083 | 1246980 |
|  |  | 39080185 |
| **United States — 5.9%** | **United States — 5.9%** | **United States — 5.9%** |
| Aurinia Pharmaceuticals, Inc. <sup>(b)</sup> | 92212 | 1470781 |
| CNH Industrial NV | 222906 | 2055193 |
| Ferguson Enterprises, Inc. | 5616 | 1245194 |
| uniQure NV <sup>(a)(b)</sup> | 33333 | 797659 |
| Willis Towers Watson plc | 11878 | 3903111 |
|  |  | 9471938 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $119,777,901) | (Cost $119,777,901) | $156435998 |
| **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** | **Preferred Stocks — 1.0%** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Itausa SA (Cost $1,585,307) | 776362 | 1655332 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 13**<br>

**Diamond Hill International Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 6.6%** | **Registered Investment Companies — 6.6%** | **Registered Investment Companies — 6.6%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(c)</sup> | 1880472 | $1880472 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(c)(d)</sup> | 8674488 | 8674488 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $10,554,960) | (Cost $10,554,960) | $10554960 |
| **Total Investment Securities — 104.6%** | **Total Investment Securities — 104.6%** | **Total Investment Securities — 104.6%** |
| (Cost $131,918,168) | (Cost $131,918,168) | $168646290 |
| **Liabilities in Excess of Other Assets — (4.6)%** | **Liabilities in Excess of Other Assets — (4.6)%** | (7366334) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $161279956 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $8,899,761. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

ADR — American Depositary Receipt

AG — Aktiengesellschaft

NV — Naamloze Vennootschap

plc — Public Limited Company

SA — Societe Anonyme

SAB de CV— Societe Anonima Bursatil de Capital Variable

SE — Societe Europaea

See accompanying Notes to Financial Statements.

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Corporate Credit — 2.5%** | **Corporate Credit — 2.5%** | **Corporate Credit — 2.5%** | **Corporate Credit — 2.5%** | **Corporate Credit — 2.5%** |
| **Banking — 1.0%** | **Banking — 1.0%** | **Banking — 1.0%** | **Banking — 1.0%** | **Banking — 1.0%** |
| American Express Co. <sup>(a)</sup> | 2.550% | 03/04/27 | $500000 | $492760 |
| American Express Co. | 5.043% | 07/26/28 | 500000 | 508440 |
| Citibank NA | 4.876% | 11/19/27 | 1750000 | 1762607 |
| Discover Bank | 3.450% | 07/27/26 | 801000 | 798564 |
| Fifth Third Bancorp <sup>(a)</sup> | 1.707% | 11/01/27 | 1200000 | 1177092 |
| HSBC Holdings plc | 5.597% | 05/17/28 | 4000000 | 4074755 |
| JPMorgan Chase & Co. | 1.470% | 09/22/27 | 3800000 | 3730653 |
| JPMorgan Chase & Co. | 3.625% | 12/01/27 | 14326000 | 14252915 |
| Key Bank NA <sup>(a)</sup> | 5.850% | 11/15/27 | 2000000 | 2060362 |
| Key Bank NA | 4.390% | 12/14/27 | 1600000 | 1607538 |
| Morgan Stanley | 4.133% | 10/18/29 | 7760000 | 7757501 |
| PNC Bank NA | 4.775% | 01/15/27 | 3000000 | 3000792 |
| Royal Bank of Canada | 4.522% | 10/18/28 | 500000 | 504882 |
| Toronto-Dominion Bank (The) <sup>(a)</sup> | 4.861% | 01/31/28 | 2925000 | 2972903 |
| US Bancorp | 6.787% | 10/26/27 | 900000 | 919672 |
| Wells Fargo & Co., Series Q | 3.196% | 06/17/27 | 1500000 | 1493978 |
|  |  |  |  | 47115414 |
| **Communications — 0.1%** | **Communications — 0.1%** | **Communications — 0.1%** | **Communications — 0.1%** | **Communications — 0.1%** |
| American Tower Corp. | 5.200% | 02/15/29 | 4135000 | 4255573 |
| **Consumer Cyclical — 0.4%** | **Consumer Cyclical — 0.4%** | **Consumer Cyclical — 0.4%** | **Consumer Cyclical — 0.4%** | **Consumer Cyclical — 0.4%** |
| Ford Motor Credit Co., LLC | 5.850% | 05/17/27 | 5000000 | 5075958 |
| General Motors Financial Co. | 1.250% | 01/08/26 | 3700000 | 3698184 |
| General Motors Financial Co. | 5.400% | 05/08/27 | 5000000 | 5081881 |
| General Motors Financial Co. | 5.050% | 04/04/28 | 2000000 | 2036864 |
| Hyundai Capital America <sup>(b)</sup> | 5.650% | 06/26/26 | 900000 | 906469 |
| Volkswagen Group America <sup>(a)(b)</sup> | 4.900% | 08/14/26 | 800000 | 803174 |
|  |  |  |  | 17602530 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| NYSEG Storm Funding, LLC, Series 2025-A | 4.713% | 05/01/31 | 11402107 | 11531898 |
| **Energy — 0.0% <sup>(c)</sup>**  | **Energy — 0.0% <sup>(c)</sup>**  | **Energy — 0.0% <sup>(c)</sup>**  | **Energy — 0.0% <sup>(c)</sup>**  | **Energy — 0.0% <sup>(c)</sup>**  |
| Energy Transfer, LP | 6.050% | 12/01/26 | 500000 | 508023 |

---

**14 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Corporate Credit — 2.5% continued** | **Corporate Credit — 2.5% continued** | **Corporate Credit — 2.5% continued** | **Corporate Credit — 2.5% continued** | **Corporate Credit — 2.5% continued** |
| **Energy — 0.0% <sup>(c)</sup>** **continued** | **Energy — 0.0% <sup>(c)</sup>** **continued** | **Energy — 0.0% <sup>(c)</sup>** **continued** | **Energy — 0.0% <sup>(c)</sup>** **continued** | **Energy — 0.0% <sup>(c)</sup>** **continued** |
| Energy Transfer, LP | 5.500% | 06/01/27 | $1000000 | $1016151 |
|  |  |  |  | 1524174 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Jackson National Life Global Funding <sup>(b)</sup> | 5.550% | 07/02/27 | 3150000 | 3214946 |
| Jackson National Life Insurance Co. <sup>(b)</sup> | 8.150% | 03/15/27 | 775000 | 802482 |
| New York Life Global Funding <sup>(b)</sup> | 4.700% | 01/29/29 | 10000000 | 10169959 |
| Pricoa Global Funding <sup>(b)</sup> | 4.400% | 08/27/27 | 1000000 | 1008857 |
| Principal Life Global Funding II <sup>(a)(b)</sup> | 4.600% | 08/19/27 | 500000 | 504655 |
| Protective Life Global Funding <sup>(b)</sup> | 4.161% | 01/15/29 | 4600000 | 4606028 |
| RGA Global Funding <sup>(a)(b)</sup> | 2.000% | 11/30/26 | 800000 | 785707 |
|  |  |  |  | 21092634 |
| **Technology — 0.3%** | **Technology — 0.3%** | **Technology — 0.3%** | **Technology — 0.3%** | **Technology — 0.3%** |
| Broadcom, Inc. <sup>(a)</sup> | 5.050% | 07/12/27 | 4225000 | 4300351 |
| Dell International, LLC / EMC Corp. | 4.900% | 10/01/26 | 3000000 | 3013920 |
| Oracle Corp. <sup>(a)</sup> | 2.300% | 03/25/28 | 7247000 | 6910699 |
|  |  |  |  | 14224970 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A <sup>(b)</sup> | 4.800% | 02/15/29 | 304029 | 305784 |
| American Airlines Pass-Through Trust, Series 2016-2, Class AA | 3.200% | 12/15/29 | 1169000 | 1142932 |
| United Airlines Pass-Through Trust, Series 2020-1, Class A | 5.875% | 04/15/29 | 408070 | 418415 |
|  |  |  |  | 1867131 |
| **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** |
| (Cost $118,479,398) | (Cost $118,479,398) | (Cost $118,479,398) | (Cost $118,479,398) | $119214324 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7%** | **Securitized — 85.7%** | **Securitized — 85.7%** | **Securitized — 85.7%** | **Securitized — 85.7%** |
| **ABS-Other — 3.7%** | **ABS-Other — 3.7%** | **ABS-Other — 3.7%** | **ABS-Other — 3.7%** | **ABS-Other — 3.7%** |
| ACHD Trust, Series 2025-DS1, Class A <sup>(b)</sup> | 5.978% | 01/09/34 | $8500000 | $8500187 |
| ACHD Trust, Series 2025-DS1, Class B <sup>(b)</sup> | 9.380% | 01/09/34 | 1300000 | 1301057 |
| AMDR ABS Trust, Series 2025-1A, Class A <sup>(b)</sup> | 6.378% | 12/19/33 | 6587994 | 6588765 |
| AMDR ABS Trust, Series 2025-1A, Class B <sup>(b)</sup> | 9.691% | 12/19/33 | 7625000 | 7625679 |
| Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B <sup>(b)</sup> | 1.830% | 03/20/41 | 3522591 | 3478360 |
| DailyPay Securitization Trust, Series 2025-1A, Class A <sup>(b)</sup> | 5.630% | 06/25/28 | 20000000 | 20119268 |
| FMC GMSR Issuer Trust, Series 2020-GT1, Class A <sup>(b)(d)</sup> | 4.450% | 01/25/26 | 8850000 | 8802143 |
| FMC GMSR Issuer Trust, Series 2021-GT1, Class A <sup>(b)(d)</sup> | 3.620% | 07/25/26 | 9900000 | 9557508 |
| FMC GMSR Issuer Trust, Series 2021-GT2, Class A <sup>(b)</sup> | 3.850% | 10/25/26 | 14280000 | 13832044 |
| GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A <sup>(b)</sup> | 5.520% | 02/22/55 | 7945363 | 7420301 |
| Greensky Home Improvement, Series 2025-2A, Class E <sup>(b)</sup> | 7.790% | 06/25/60 | 1000000 | 1016570 |
| Helios Issuer, LLC, Series 2022-C, Class C <sup>(b)(e)</sup> | 6.000% | 11/22/49 | 3971614 | 1466331 |
| Loanpal Solar Loan Ltd., Series 2021-1GS, Class A <sup>(b)</sup> | 2.290% | 01/20/48 | 1916537 | 1616529 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 15**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** |
| Loanpal Solar Loan Ltd., Series 2021-2GS, Class A <sup>(b)</sup> | 2.220% | 03/20/48 | $1501959 | $1222213 |
| Mosaic Solar Loans, LLC, Series 2017-2, Class B <sup>(b)</sup> | 4.770% | 06/22/43 | 251329 | 227727 |
| Mosaic Solar Loans, LLC, Series 2020-1A, Class B <sup>(b)</sup> | 3.100% | 04/20/46 | 767063 | 669887 |
| Mosaic Solar Loans, LLC, Series 2023-1A, Class A <sup>(b)</sup> | 5.320% | 06/20/53 | 4422172 | 4221375 |
| Mosaic Solar Loans, LLC, Series 2023-2A, Class C <sup>(b)(e)</sup> | 8.180% | 09/22/53 | 11000000 | 2468749 |
| MVW Own Trust, Series 2021-1W, Class D <sup>(b)</sup> | 3.170% | 01/22/41 | 781583 | 755811 |
| PowerPay Issuance Trust, Series 2024-1A, Class A <sup>(b)</sup> | 6.530% | 02/18/39 | 3187546 | 3288109 |
| PowerPay Issuance Trust, Series 2025-1A, Class A <sup>(b)</sup> | 5.230% | 11/18/41 | 30583335 | 30666772 |
| Redaptive EAAS Issuer, LLC, Series 2025-1, Class A <sup>(b)</sup> | 5.940% | 03/25/42 | 13250000 | 13274950 |
| Renew Financial, LLC, Series 2017-1, Class A <sup>(b)</sup> | 3.670% | 09/20/52 | 750936 | 699243 |
| Renew Financial, LLC, Series 2017-1, Class B <sup>(b)</sup> | 5.750% | 09/20/52 | 30743 | 30629 |
| Stream Innovations Issuer Trust, Series 2024-1A, Class A <sup>(b)</sup> | 6.270% | 07/15/44 | 5425678 | 5639864 |
| US Bank NA, Series 2025-SUP2, Class B1 <sup>(b)</sup> | 4.818% | 09/25/32 | 10473851 | 10454705 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** | **ABS-Other — 3.7% continued** |
| US Bank NA, Series 2025-SUP2, Class D (1\* SOFR30A + 220) <sup>(b)(d)</sup> | 6.074% | 09/25/32 | $4341136 | $4339386 |
| US Bank NA, Series 2025-SUP2, Class R (1\* SOFR30A + 650) <sup>(b)(d)</sup> | 10.374% | 09/25/32 | 10496820 | 10496710 |
|  |  |  |  | 179780872 |
| **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** |
| Farmer Mac Agricultural Real Estate, Series 2025-2, Class A1 <sup>(b)</sup> | 5.290% | 11/25/35 | 24498197 | 24891859 |
| **Agency MBS CMO — 3.1%** | **Agency MBS CMO — 3.1%** | **Agency MBS CMO — 3.1%** | **Agency MBS CMO — 3.1%** | **Agency MBS CMO — 3.1%** |
| FHLMC, Series 2979, Class FP (1\* SOFR + 45) <sup>(d)</sup> | 4.548% | 05/15/35 | 196237 | 195119 |
| FHLMC, Series 3121, Class FM (1\* SOFR + 40) <sup>(d)</sup> | 4.498% | 03/15/36 | 139596 | 138755 |
| FHLMC, Series 5545, Class MV | 5.250% | 04/25/36 | 14444032 | 14705475 |
| FHLMC, Series 4613, Class AF (1\* SOFR + 110) <sup>(d)</sup> | 5.198% | 11/15/37 | 1744741 | 1746811 |
| FHLMC, Series 3925, Class FL (1\* SOFR + 45) <sup>(d)</sup> | 4.548% | 01/15/41 | 8699 | 8693 |
| FHLMC, Series 3895, Class BF (1\* SOFR + 50) <sup>(d)</sup> | 4.598% | 07/15/41 | 122082 | 121302 |
| FHLMC, Series 4314, Class PF (1\* SOFR + 40) <sup>(d)</sup> | 4.498% | 07/15/43 | 38988 | 38856 |
| FHLMC, Series 5171, Class UK | 2.000% | 12/25/51 | 1163171 | 603861 |
| FHLMC, Pool #QH-5181 | 6.000% | 11/01/53 | 8904429 | 9209745 |
| FNMA, Series 2013-97, Class ZB | 3.500% | 09/25/33 | 8692759 | 8557959 |

---

**16 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** |
| FNMA, Series 2006-56, Class DC (1\* SOFR + 65) <sup>(d)</sup> | 4.836% | 07/25/36 | $275247 | $270276 |
| FNMA, Series 2006-108, Class FD (1\* SOFR + 38) <sup>(d)</sup> | 4.369% | 11/25/36 | 129930 | 128796 |
| FNMA, Series 2010-136, Class FA (1\* SOFR + 50) <sup>(d)</sup> | 4.489% | 12/25/40 | 140561 | 139499 |
| FNMA, Series 2011-127, Class ZU | 3.500% | 12/25/41 | 3441209 | 3274533 |
| FNMA, Series 2012-33, Class F (1\* SOFR + 52) <sup>(d)</sup> | 4.509% | 04/25/42 | 73477 | 73038 |
| FNMA, Series 2013-34, Class GP | 3.000% | 05/25/42 | 1582816 | 1524615 |
| FNMA, Series 2023-14, Class G | 6.000% | 06/25/48 | 4090006 | 4169303 |
| FNMA, Series 2017-28, Class LK | 4.000% | 03/25/53 | 417681 | 416904 |
| GNMA, Series 2023-81, Class MV | 5.500% | 05/20/34 | 8250271 | 8397281 |
| GNMA, Series 2023-81, Class QV | 5.500% | 05/20/34 | 5643974 | 5779762 |
| GNMA, Series 2023-133, Class GV | 6.000% | 07/20/34 | 3363452 | 3466844 |
| GNMA, Series 2023-154, Class V | 6.500% | 07/20/34 | 10642344 | 10950993 |
| GNMA, Series 2023-154, Class VA | 6.000% | 08/20/34 | 7679338 | 7844383 |
| GNMA, Series 2023-167, Class VC | 6.500% | 08/20/34 | 7703294 | 7899148 |
| GNMA, Series 2024-20, Class KV | 6.000% | 12/20/34 | 7259658 | 7391424 |
| GNMA, Series 2024-43, Class NV | 6.000% | 01/20/35 | 15532744 | 16009169 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** | **Agency MBS CMO — 3.1% continued** |
| GNMA, Series 2024-42, Class DV | 6.000% | 01/20/35 | $6941170 | $7072326 |
| GNMA, Series 2023-67, Class AC | 6.000% | 05/20/53 | 3527800 | 3652209 |
| GNMA, Series 2023-151, Class BZ | 6.500% | 10/20/53 | 5209478 | 5424476 |
| GNMA, Series 2024-184, Class PA | 6.500% | 09/20/54 | 3874681 | 4017144 |
| GNMA, Series 2024-144, Class DB | 6.500% | 09/20/54 | 5786027 | 5948941 |
| GNMA, Series 2025-004, Class MA | 6.000% | 01/20/62 | 13007253 | 13348940 |
| GNMA, Series 2012-H29, Class SA (1\* TSFR1M + 63) <sup>(d)</sup> | 4.629% | 10/20/62 | 135398 | 135463 |
| GNMA, Series 2012-H23, Class SA (1\* TSFR1M + 64) <sup>(d)</sup> | 4.644% | 10/20/62 | 219006 | 219204 |
| GNMA, Series 2016-H11, Class FD (1\* TSFR12M + 112) <sup>(d)</sup> | 5.075% | 05/20/66 | 21196 | 21338 |
|  |  |  |  | 152902585 |
| **Agency MBS CMO Derivatives — 0.0% <sup>(c)</sup>** | **Agency MBS CMO Derivatives — 0.0% <sup>(c)</sup>** | **Agency MBS CMO Derivatives — 0.0% <sup>(c)</sup>** | **Agency MBS CMO Derivatives — 0.0% <sup>(c)</sup>** | **Agency MBS CMO Derivatives — 0.0% <sup>(c)</sup>** |
| FHLMC, Series 237, Class S14 (IO) (-1\* SOFR + 660) <sup>(d)</sup> | 2.502% | 05/15/36 | 299106 | 34736 |
| FNMA, Series 2012-148, Class IA (IO) | 4.000% | 01/25/28 | 233508 | 2902 |
| FNMA, Series 301, Class (PO) | 0.000% | 04/25/29 | 62571 | 58978 |
| FNMA, Series 2010-44, Class CS (IO) (-1\* SOFR + 655) <sup>(d)</sup> | 2.561% | 05/25/40 | 231151 | 23374 |
| FNMA, Series 2014-45, Class IO (IO) | 4.000% | 08/25/44 | 347434 | 59596 |
|  |  |  |  | 179586 |
| **Agency MBS Passthrough — 7.9%** | **Agency MBS Passthrough — 7.9%** | **Agency MBS Passthrough — 7.9%** | **Agency MBS Passthrough — 7.9%** | **Agency MBS Passthrough — 7.9%** |
| FHLMC, Pool #QH-5484 | 1.500% | 11/01/31 | 19775827 | 18718370 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 17**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** |
| FHLMC, Pool #SC-0118 | 2.500% | 01/01/41 | $1751702 | $1570533 |
| FHLMC, Pool #G6-0257 | 5.500% | 06/01/41 | 265301 | 277463 |
| FHLMC, Pool #84-1354 | 3.480% | 11/01/48 | 3048347 | 3170507 |
| FHLMC, Pool #QG-9457 | 6.500% | 08/01/53 | 8072168 | 8514643 |
| FHLMC, Pool #QI6079 | 6.000% | 05/01/54 | 7533569 | 7771207 |
| FHLMC, Pool #QX8788 | 6.000% | 03/01/55 | 29661589 | 30497267 |
| FNMA, Pool #AL8682 | 2.000% | 07/01/31 | 3957888 | 3800459 |
| FNMA, Pool #CA8542 | 2.500% | 01/01/41 | 1914812 | 1726476 |
| FNMA, Pool #BP6608 | 2.205% | 08/01/50 | 1831726 | 1812304 |
| FNMA, Pool #BM7138 | 1.694% | 10/01/51 | 6230528 | 5937052 |
| FNMA, Pool #FS5590 | 5.500% | 07/01/53 | 19304565 | 19695038 |
| FNMA, Pool #DA1523 | 6.000% | 10/01/53 | 4548774 | 4700410 |
| FNMA, Pool #DC9695 | 6.000% | 01/01/55 | 10140176 | 10411900 |
| FNMA, Pool #FNBM7863 | 5.358% | 10/01/55 | 12077889 | 12186343 |
| FNMA, Pool #BM7901 (1\* SOFR30A + 220) <sup>(d)</sup> | 5.205% | 12/01/55 | 34408907 | 34964253 |
| GNMA, Pool #CM7497C | 5.000% | 08/20/52 | 3809071 | 3784756 |
| GNMA, Pool #MA9367 | 8.000% | 12/20/53 | 2485872 | 2572456 |
| GNMA, Pool #787960 | 7.000% | 11/20/54 | 3215765 | 3259933 |
| GNMA, Pool #787873 | 7.000% | 03/20/55 | 10293153 | 10607366 |
| GNMA, Pool #788003 | 7.000% | 06/20/55 | 17853839 | 18398558 |
| GNMA, Pool #DL7645 | 7.500% | 08/20/55 | 1475592 | 1596002 |
| GNMA, Pool #DL7644 | 7.500% | 09/20/55 | 29604889 | 31936419 |
| GNMA, Pool #G2DM6320 | 7.500% | 11/20/55 | 7097739 | 7648517 |
| GNMA, Pool #CW0334C | 7.000% | 07/20/63 | 1420151 | 1474457 |
| GNMA, Pool #CW0526C | 7.000% | 08/20/63 | 1137586 | 1181088 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** | **Agency MBS Passthrough — 7.9% continued** |
| GNMA, Series 2023-112, Class ET | 7.000% | 08/20/63 | $12432808 | $12913283 |
| GNMA, Pool #DH9776 | 7.000% | 03/20/65 | 36833964 | 38273901 |
| GNMA, Pool #DJ1033 | 7.000% | 04/20/65 | 80227621 | 83363926 |
|  |  |  |  | 382764887 |
| **Auto Loan — 7.6%** | **Auto Loan — 7.6%** | **Auto Loan — 7.6%** | **Auto Loan — 7.6%** | **Auto Loan — 7.6%** |
| ACM Auto Trust, Series 2024-2A, Class A <sup>(b)</sup> | 6.060% | 02/20/29 | 925537 | 926193 |
| ACM Auto Trust, Series 2025-3A, Class A <sup>(b)</sup> | 5.010% | 01/22/30 | 12932368 | 12914238 |
| ACM Auto Trust, Series 2024-1A, Class B <sup>(b)</sup> | 11.400% | 01/21/31 | 1697259 | 1712216 |
| ACM Auto Trust, Series 2024-2A, Class B <sup>(b)</sup> | 9.210% | 08/20/31 | 2900000 | 2937751 |
| ACM Auto Trust, Series 2025-1A, Class B <sup>(b)</sup> | 7.870% | 11/20/31 | 11400000 | 11525340 |
| ACM Auto Trust, Series 2025-2A, Class B <sup>(b)</sup> | 7.250% | 02/20/32 | 2400000 | 2416150 |
| AgoraCapital Auto Securities Trust, Series 2025-1A, Class B <sup>(b)</sup> | 7.270% | 11/25/32 | 5950000 | 6008411 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class G <sup>(b)</sup> | 10.219% | 06/15/33 | 5189509 | 5226761 |
| Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class G <sup>(b)</sup> | 10.783% | 09/15/33 | 5091231 | 5108088 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A <sup>(b)</sup> | 6.460% | 04/17/28 | 2353256 | 2366529 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C <sup>(b)</sup> | 9.840% | 03/15/29 | 5700000 | 5953942 |

---

**18 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B <sup>(b)</sup> | 6.870% | 06/17/30 | $2200000 | $2247637 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1, Class C, Pool #DC9203 <sup>(b)</sup> | 5.420% | 12/15/31 | 6000000 | 6005444 |
| CPS Auto Trust, Series 2024-D, Class A <sup>(b)</sup> | 4.910% | 06/15/28 | 4797651 | 4803060 |
| FinBe USA Trust, Series 2025-1A, Class A <sup>(b)</sup> | 5.700% | 12/15/28 | 9811894 | 9848813 |
| First Help Financial, LLC, Series 2023-1A, Class B <sup>(b)</sup> | 6.770% | 05/15/29 | 5000000 | 5029572 |
| First Help Financial, LLC, Series 2023-1A, Class C <sup>(b)</sup> | 7.880% | 07/15/30 | 12907000 | 12968985 |
| First Help Financial, LLC, Series 2023-2, Class D <sup>(b)</sup> | 9.503% | 10/15/30 | 4500000 | 4619490 |
| First Help Financial, LLC, Series 2024-1A, Class C <sup>(b)</sup> | 7.420% | 05/15/31 | 2500000 | 2504320 |
| Flagship Credit Auto Trust, Series 2023-1, Class C <sup>(b)</sup> | 5.430% | 05/15/29 | 15250000 | 15205610 |
| Flagship Credit Auto Trust, Series 2023-3, Class B <sup>(b)</sup> | 5.640% | 07/16/29 | 4500000 | 4512541 |
| Hertz Vehicle Financing, LLC, Series 2022-5A, Class D <sup>(b)</sup> | 6.780% | 09/25/28 | 10000000 | 9986364 |
| Hertz Vehicle Financing, LLC, Series 2024-1A, Class C <sup>(b)</sup> | 6.700% | 01/25/29 | 9000000 | 9249787 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** |
| Huntington National Bank (The), Series 2025-2, Class B1 <sup>(b)</sup> | 4.835% | 09/20/33 | $28387422 | $28570418 |
| Lendbuzz Securitization Trust, Series 2024-3A, Class A2 <sup>(b)</sup> | 4.970% | 10/15/29 | 12006829 | 12009052 |
| Lendbuzz Securitization Trust, Series 2025-2A, Class A2 <sup>(b)</sup> | 5.180% | 05/15/30 | 3136308 | 3151007 |
| Lendbuzz Securitization Trust, Series 2025-1A, Class A2 <sup>(b)</sup> | 5.100% | 10/15/30 | 16212604 | 16213372 |
| Merchants Fleet Funding, LLC, Series 2023-1A, Class D <sup>(b)</sup> | 8.200% | 05/20/36 | 5700000 | 5775337 |
| Merchants Fleet Funding, LLC, Series 2023-1A, Class E <sup>(b)</sup> | 10.800% | 05/20/36 | 9640000 | 9792149 |
| Merchants Fleet Funding, LLC, Series 2024-1A, Class E <sup>(b)</sup> | 9.350% | 04/02/37 | 3000000 | 3046113 |
| Merchants Fleet Funding, LLC, Series 2025-1A, Class E <sup>(b)</sup> | 8.480% | 01/20/39 | 5400000 | 5413474 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-1A, Class A <sup>(b)</sup> | 7.090% | 06/25/32 | 5823559 | 5853339 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-1A, Class B <sup>(b)</sup> | 7.960% | 06/25/32 | 3889965 | 3910444 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-1A, Class C <sup>(b)</sup> | 10.000% | 06/25/32 | 4862457 | 4865641 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 19**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-3A, Class C <sup>(b)</sup> | 6.460% | 03/25/33 | $5750000 | $5783323 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A <sup>(b)</sup> | 5.415% | 06/27/33 | 38528674 | 38676211 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class B <sup>(b)</sup> | 6.020% | 06/27/33 | 21000000 | 21048936 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C <sup>(b)</sup> | 6.675% | 06/27/33 | 21975000 | 22073081 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-4A, Class E <sup>(b)</sup> | 10.739% | 04/25/34 | 11250000 | 11293846 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D <sup>(b)</sup> | 6.012% | 06/26/34 | 10000000 | 10007298 |
| Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class G <sup>(b)</sup> | 11.049% | 01/16/34 | 2750000 | 2755017 |
| Tricolor Auto Securitization Trust, Series 2024-1A, Class A <sup>(b)(e)(f)</sup> | 6.610% | 10/15/27 | 875485 | 875485 |
| Tricolor Auto Securitization Trust, Series 2024-2A, Class A <sup>(b)(e)(f)</sup> | 6.360% | 12/15/27 | 1080422 | 1076532 |
| Tricolor Auto Securitization Trust, Series 2024-2A, Class B <sup>(b)(e)(f)</sup> | 6.570% | 02/15/28 | 5750000 | 5655700 |
| Tricolor Auto Securitization Trust, Series 2024-2A, Class C <sup>(b)(e)(f)</sup> | 6.930% | 04/17/28 | 2500000 | 1952750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** | **Auto Loan — 7.6% continued** |
| Tricolor Auto Securitization Trust, Series 2024-2A, Class D <sup>(b)(e)(f)</sup> | 7.610% | 08/15/28 | $6000000 | $774000 |
| Tricolor Auto Securitization Trust, Series 2024-3A, Class B <sup>(b)(e)(f)</sup> | 5.360% | 09/15/28 | 2875000 | 1940625 |
| Tricolor Auto Securitization Trust, Series 2024-3A, Class D <sup>(b)(e)(f)</sup> | 6.340% | 04/16/29 | 2930000 | 263700 |
| US Bank NA, Series 2023-1, Class B <sup>(b)</sup> | 6.789% | 08/25/32 | 539430 | 544952 |
|  |  |  |  | 367399044 |
| **CRE/CLO — 4.4%** | **CRE/CLO — 4.4%** | **CRE/CLO — 4.4%** | **CRE/CLO — 4.4%** | **CRE/CLO — 4.4%** |
| A10 Securitization, Series 2025-FL6, Class B (1\* TSFR1M + 239) <sup>(b)(d)</sup> | 6.142% | 05/15/42 | 5063000 | 5075258 |
| A10 Securitization, Series 2025-FL6, Class C (1\* TSFR1M + 279) <sup>(b)(d)</sup> | 6.541% | 05/15/42 | 6750000 | 6782906 |
| A10 Securitization, Series 2025-FL6, Class D (1\* TSFR1M + 339) <sup>(b)(d)</sup> | 7.140% | 05/15/42 | 5719000 | 5733469 |
| A10 Securitization, Series 2025-FL6, Class E (1\* TSFR1M + 404) <sup>(b)(d)</sup> | 7.790% | 05/15/42 | 2125000 | 2130308 |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class C <sup>(b)</sup> | 6.099% | 12/18/37 | 2596715 | 2553840 |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class D (1\* TSFR1M + 271) <sup>(b)(d)</sup> | 6.949% | 12/18/37 | 6000000 | 5891022 |

---

**20 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class E (1\* TSFR1M + 321) <sup>(b)(d)</sup> | 7.449% | 12/18/37 | $2000000 | $1953764 |
| Arbor Realty Collateralized Loan, Series 2021-FL4, Class E (1\* TSFR1M + 351) <sup>(b)(d)</sup> | 7.265% | 11/15/36 | 8000000 | 8000400 |
| Arbor Realty Collateralized Loan, Series 2022-FL1, Class C (1\* SOFR30A + 230) <sup>(b)(d)</sup> | 6.284% | 01/15/37 | 2600000 | 2602990 |
| Arbor Realty Collateralized Loan, Series 2022-FL1, Class D (1\* SOFR30A + 300) <sup>(b)(d)</sup> | 7.032% | 01/15/37 | 8000000 | 8000936 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2021-FL4, Class A (1\* TSFR1M + 146) <sup>(b)(d)</sup> | 5.215% | 11/15/36 | 2844429 | 2844455 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2021-FL4, Class C (1\* TSFR1M + 241) <sup>(b)(d)</sup> | 6.165% | 11/15/36 | 24469000 | 24469930 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2021-FL4, Class D (1\* TSFR1M + 301) <sup>(b)(d)</sup> | 6.765% | 11/15/36 | 26214900 | 26216053 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1\* TSFR1M + 319) <sup>(b)(d)</sup> | 7.147% | 01/18/41 | 6500000 | 6500422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1\* TSFR1M + 369) <sup>(b)(d)</sup> | 7.647% | 01/18/41 | $9500000 | $9500608 |
| Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1\* TSFR1M + 269) <sup>(b)(d)</sup> | 6.427% | 08/20/42 | 5388000 | 5385128 |
| BXMT Ltd., Series 2020-FL2, Class B (1\* TSFR1M + 151) <sup>(b)(d)</sup> | 5.727% | 02/15/38 | 5250000 | 5223787 |
| BXMT Ltd., Series 2020-FL2, Class D (1\* TSFR1M + 206) <sup>(b)(d)</sup> | 6.277% | 02/15/38 | 2920000 | 2874664 |
| BXMT Ltd., Series 2021-FL4, Class D (1\* TSFR1M + 236) <sup>(b)(d)</sup> | 6.327% | 05/15/38 | 9945000 | 9556787 |
| BXMT Ltd., Series 2021-FL4, Class A (1\* TSFR1M + 116) <sup>(b)(d)</sup> | 5.127% | 05/17/38 | 26144227 | 26082841 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class AS (1\* TSFR1M + 319) <sup>(b)(d)</sup> | 6.918% | 09/17/37 | 10000000 | 10003930 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class B (1\* TSFR1M + 374) <sup>(b)(d)</sup> | 7.466% | 09/17/37 | 6000000 | 6002160 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class D (1\* TSFR1M + 573) <sup>(b)(d)</sup> | 9.460% | 09/17/37 | 1250000 | 1254251 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 21**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** | **CRE/CLO — 4.4% continued** |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class B (1\* TSFR1M + 249) <sup>(b)(d)</sup> | 6.225% | 08/18/41 | $4500000 | $4503582 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class C (1\* TSFR1M + 294) <sup>(b)(d)</sup> | 6.674% | 08/18/41 | 8500000 | 8507157 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class D (1\* TSFR1M + 404) <sup>(b)(d)</sup> | 7.772% | 08/18/41 | 7500000 | 7497915 |
| PFP III, Series 2024-11, Class D (1\* TSFR1M + 409) <sup>(b)(d)</sup> | 7.865% | 09/17/39 | 6000000 | 5932752 |
| PFP III, Series 2025-12, Class B (1\* TSFR1M + 204) <sup>(b)(d)</sup> | 5.777% | 12/18/42 | 5000000 | 4990900 |
|  |  |  |  | 216072215 |
| **Credit Cards — 3.5%** | **Credit Cards — 3.5%** | **Credit Cards — 3.5%** | **Credit Cards — 3.5%** | **Credit Cards — 3.5%** |
| Avant Credit Card Master Trust, Series 2024-1A, Class E <sup>(b)</sup> | 13.150% | 04/15/30 | 5000000 | 5187730 |
| Continental Finance Credit Card ABS Master Trust, Series 2025-A, Class D <sup>(b)</sup> | 8.360% | 12/17/35 | 7500000 | 7529521 |
| Continental Finance Credit Card ABS Master Trust, Series 2025-A, Class E <sup>(b)</sup> | 11.440% | 12/17/35 | 7000000 | 7026816 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** |
| Continental Finance Credit Card, LLC, Series 2024-A, Class D <sup>(b)</sup> | 9.420% | 12/15/32 | $6500000 | $6627318 |
| Continental Finance Credit Card, LLC, Series 2024-A, Class E <sup>(b)</sup> | 12.760% | 12/15/32 | 19728000 | 20194672 |
| Genesis Sales Finance Master Trust, Series 2024-B, Class C <sup>(b)</sup> | 6.610% | 12/20/32 | 23333000 | 23661312 |
| Genesis Sales Finance Master Trust, Series 2024-B, Class D <sup>(b)</sup> | 7.040% | 12/20/32 | 5500000 | 5580839 |
| Genesis Sales Finance Master Trust, Series 2024-B, Class E <sup>(b)</sup> | 9.800% | 12/20/32 | 20000000 | 20297326 |
| Genesis Sales Finance Master Trust, Series 2024-B, Class F <sup>(b)</sup> | 13.370% | 12/20/32 | 20167000 | 20453644 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B <sup>(b)</sup> | 7.430% | 07/20/29 | 5250000 | 5293489 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C <sup>(b)</sup> | 10.420% | 07/20/29 | 11000000 | 11093647 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class D <sup>(b)</sup> | 14.130% | 07/20/29 | 16000000 | 16225026 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class C <sup>(b)</sup> | 7.320% | 08/15/29 | 11000000 | 11070728 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class E <sup>(b)</sup> | 13.690% | 08/15/29 | 5000000 | 5055412 |

---

**22 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** | **Credit Cards — 3.5% continued** |
| Mission Lane Credit Card Master Trust, Series 2024-B, Class E <sup>(b)</sup> | 12.190% | 01/15/30 | $5910000 | $5957672 |
|  |  |  |  | 171255152 |
| **Equipment — 1.2%** | **Equipment — 1.2%** | **Equipment — 1.2%** | **Equipment — 1.2%** | **Equipment — 1.2%** |
| CPF IV, LLC, Series 2023-2, Class A <sup>(b)</sup> | 7.480% | 03/15/32 | 2124636 | 2140447 |
| CPF IV, LLC, Series 2023-2, Class C <sup>(b)</sup> | 7.560% | 03/15/32 | 7000000 | 6983542 |
| Crockett Partners Equipment Co., Series 2024-2A, Class B <sup>(b)</sup> | 6.780% | 01/20/31 | 2809256 | 2837375 |
| Crockett Partners Equipment Co., Series 2024-2A, Class C <sup>(b)</sup> | 10.160% | 01/20/31 | 1626411 | 1660073 |
| Dext ABS, Series 2023-2, Class D <sup>(b)</sup> | 8.300% | 05/15/34 | 2120000 | 2247920 |
| NMEF Funding, LLC, Series 2022-B, Class C <sup>(b)</sup> | 8.540% | 06/15/29 | 9500000 | 9690394 |
| NMEF Funding, LLC, Series 2023-A, Class C <sup>(b)</sup> | 8.040% | 06/17/30 | 4500000 | 4687088 |
| NMEF Funding, LLC, Series 2025-B, Class E <sup>(b)</sup> | 7.660% | 01/18/33 | 3500000 | 3563780 |
| Stellar Jay Ireland DAC, Series 2021-1, Class A <sup>(b)</sup> | 3.967% | 10/15/41 | 6113993 | 6025943 |
| Stellar Jay Ireland DAC, Series 2021-1, Class B <sup>(b)</sup> | 5.926% | 10/15/41 | 2563783 | 2543096 |
| VFI ABS, LLC, Series 2025-1A, Class A <sup>(b)</sup> | 4.780% | 06/24/30 | 14023321 | 14087864 |
|  |  |  |  | 56467522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **HECM — 5.7%** | **HECM — 5.7%** | **HECM — 5.7%** | **HECM — 5.7%** | **HECM — 5.7%** |
| Boston Lending Trust, Series 2022-1, Class M2 <sup>(b)</sup> | 2.750% | 02/25/62 | $1112902 | $1043327 |
| Brean Asset Backed Securities Trust, Series 2022-RM4, Class M1 <sup>(b)</sup> | 3.000% | 07/25/62 | 1546695 | 1370442 |
| Brean Asset Backed Securities Trust, Series 2022-RM5, Class A <sup>(b)</sup> | 4.500% | 09/25/62 | 6317287 | 6219011 |
| Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M3 <sup>(b)</sup> | 4.000% | 09/25/63 | 4374588 | 3944924 |
| Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M2 <sup>(b)</sup> | 4.000% | 09/25/63 | 5194824 | 4925345 |
| Brean Asset Backed Securities Trust, Series 2024-RM8, Class M2 <sup>(b)</sup> | 4.500% | 05/25/64 | 1609557 | 1452894 |
| Brean Asset Backed Securities Trust, Series 2024-RM8, Class M1 <sup>(b)</sup> | 4.500% | 05/25/64 | 1609557 | 1501463 |
| Brean Asset Backed Securities Trust, Series 2024-RM8, Class A1 <sup>(b)</sup> | 4.500% | 05/25/64 | 9569091 | 9440735 |
| Brean Asset Backed Securities Trust, Series 2024-RM9, Class A1 <sup>(b)</sup> | 5.000% | 09/25/64 | 8965831 | 8940185 |
| Brean Asset Backed Securities Trust, Series 2025-RM10, Class A1 <sup>(b)</sup> | 5.000% | 01/25/65 | 17133914 | 17062697 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 23**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 <sup>(b)</sup> | 4.500% | 03/25/78 | $2000000 | $1947333 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class M1 <sup>(b)</sup> | 4.500% | 03/25/78 | 4252178 | 3995215 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class A1 <sup>(b)</sup> | 4.500% | 03/25/78 | 6062804 | 6002548 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class M4 <sup>(b)</sup> | 3.000% | 05/25/34 | 15000000 | 14304657 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class M2 <sup>(b)</sup> | 3.000% | 05/25/34 | 4500000 | 4350980 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class M1 <sup>(b)</sup> | 3.000% | 05/25/34 | $7850000 | $7610392 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class A <sup>(b)</sup> | 3.000% | 05/25/34 | 10583748 | 10458439 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class M3 <sup>(b)</sup> | 3.000% | 05/25/34 | 1500000 | 1434915 |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class A <sup>(b)</sup> | 3.000% | 06/25/34 | 16728689 | 16540071 |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class M4 <sup>(b)</sup> | 3.000% | 06/25/34 | 8500000 | 8072458 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class M1 <sup>(b)</sup> | 3.000% | 06/25/34 | $7500000 | $7278656 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M2 <sup>(b)</sup> | 4.000% | 08/25/34 | 5750000 | 5618457 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M4 <sup>(b)</sup> | 4.000% | 08/25/34 | 6000000 | 5720698 |
| Cascade Funding Mortgage Trust, Series 2022-AB2, Class M3 <sup>(b)</sup> | 2.000% | 02/25/52 | 5130438 | 4857594 |
| Finance of America HECM Buyout, Series 2024-HB1, Class M5 <sup>(b)</sup> | 6.000% | 10/01/34 | 8000000 | 7341426 |
| Ocwen Loan Investment Trust, Series 2023-HB1, Class M3 <sup>(b)</sup> | 3.000% | 06/25/36 | 9000000 | 8876230 |
| Ocwen Loan Investment Trust, Series 2024-HB1, Class A <sup>(b)</sup> | 3.000% | 02/25/37 | 3253794 | 3205250 |
| Ocwen Loan Investment Trust, Series 2024-HB1, Class M1 <sup>(b)</sup> | 3.000% | 02/25/37 | 2500000 | 2432259 |
| Ocwen Loan Investment Trust, Series 2024-HB1, Class M4 <sup>(b)</sup> | 3.000% | 02/25/37 | 5700000 | 5336385 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class A <sup>(b)</sup> | 3.000% | 11/25/38 | 12576916 | 12277362 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M2 <sup>(b)</sup> | 3.000% | 11/25/38 | 6750000 | 6279796 |

---

**24 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M4 <sup>(b)</sup> | 3.000% | 11/25/38 | $13200000 | $10934477 |
| Onity Loan Investment Trust, Series 2024-HB2, Class M4 <sup>(b)</sup> | 5.000% | 08/25/37 | 3650000 | 3513671 |
| Onity Loan Investment Trust, Series 2025-HB1, Class A <sup>(b)</sup> | 3.000% | 06/25/38 | 9908755 | 9736664 |
| Onity Loan Investment Trust, Series 2025-HB1, Class M4 <sup>(b)</sup> | 3.000% | 06/25/38 | 2500000 | 2164662 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 <sup>(b)</sup> | 3.690% | 11/25/31 | 3000000 | 2872853 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 <sup>(b)</sup> | 4.704% | 11/25/31 | 6850000 | 6520183 |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class M2 <sup>(b)</sup> | 3.630% | 10/25/50 | 1000000 | 869845 |
| RMF Proprietary Issuance Trust, Series 2021-2, Class A <sup>(b)</sup> | 2.125% | 09/25/61 | 8217590 | 7801854 |
| RMF Proprietary Issuance Trust, Series 2021-2, Class M2 <sup>(b)</sup> | 2.125% | 09/25/61 | 2735588 | 2465881 |
| RMF Proprietary Issuance Trust, Series 2022-1, Class A <sup>(b)</sup> | 3.000% | 01/25/62 | 2720737 | 2606867 |
| RMF Proprietary Issuance Trust, Series 2022-2, Class A <sup>(b)</sup> | 3.750% | 06/25/62 | 7386108 | 7008784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** | **HECM — 5.7% continued** |
| RMF Proprietary Issuance Trust, Series 2022-2, Class M1 <sup>(b)</sup> | 3.750% | 06/25/62 | $3400000 | $3168839 |
| RMF Proprietary Issuance Trust, Series 2022-2, Class M3 <sup>(b)</sup> | 3.750% | 06/25/62 | 2600000 | 2341576 |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M1 <sup>(b)</sup> | 4.000% | 08/25/62 | 5900000 | 5608755 |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M3 <sup>(b)</sup> | 4.000% | 08/25/62 | 5800000 | 5272928 |
| RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 <sup>(b)</sup> | 3.000% | 01/25/62 | 1600000 | 1497657 |
| RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 <sup>(b)</sup> | 3.000% | 01/25/62 | 4000000 | 3672225 |
|  |  |  |  | 277899865 |
| **Hospitality — 1.1%** | **Hospitality — 1.1%** | **Hospitality — 1.1%** | **Hospitality — 1.1%** | **Hospitality — 1.1%** |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1\* TSFR1M + 255) <sup>(b)(d)</sup> | 6.300% | 08/15/42 | $7400000 | $7409381 |
| Extended Stay America Trust, Series 2021-MTL6, Class F <sup>(b)</sup> | 6.350% | 10/15/42 | 8000000 | 8049965 |
| Extended Stay America Trust, Series 2021-MTL6, Class E <sup>(b)</sup> | 7.100% | 10/15/42 | 4000000 | 4024983 |
| Hawaii Hotel Trust, Series 2025-MAUI, Class A (1\* TSFR1M + 139) <sup>(b)(d)</sup> | 5.143% | 03/15/42 | 12667500 | 12679258 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D (1\* TSFR1M + 285) <sup>(b)(d)</sup> | 6.600% | 03/15/42 | 13620000 | 13654030 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 25**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Hospitality — 1.1% continued** | **Hospitality — 1.1% continued** | **Hospitality — 1.1% continued** | **Hospitality — 1.1% continued** | **Hospitality — 1.1% continued** |
| MCR Mortgage Trust, Series 2024-TWA, Class D <sup>(b)</sup> | 7.402% | 06/12/39 | $9000000 | $9109409 |
|  |  |  |  | 54927026 |
| **Industrial — 1.5%** | **Industrial — 1.5%** | **Industrial — 1.5%** | **Industrial — 1.5%** | **Industrial — 1.5%** |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D (1\* TSFR1M + 259) <sup>(b)(d)</sup> | 6.342% | 03/15/30 | 19250000 | 19196138 |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class C (1\* TSFR1M + 219) <sup>(b)(d)</sup> | 5.942% | 03/15/42 | 5750000 | 5737485 |
| BX Trust, Series 2025-VLT7, Class D (1\* TSFR1M + 325) <sup>(b)(d)</sup> | 7.000% | 07/15/27 | 17000000 | 17052923 |
| BX Trust, Series 2025-BCAT, Class D (1\* TSFR1M + 265) <sup>(b)(d)</sup> | 6.400% | 08/15/42 | 5342438 | 5356766 |
| BX Trust, Series VOLT-2025, Class A (1\* SOFR30A + 2) <sup>(b)(d)</sup> | 5.700% | 12/15/44 | 25800000 | 25816048 |
|  |  |  |  | 73159360 |
| **Laboratory — 3.1%** | **Laboratory — 3.1%** | **Laboratory — 3.1%** | **Laboratory — 3.1%** | **Laboratory — 3.1%** |
| BX Commercial Mortgage Trust, Series 2024-BIO2, Class D <sup>(b)</sup> | 7.970% | 08/13/41 | 14750000 | 14360920 |
| Commercial Mortgage Trust, Series 2020-CX, Class B <sup>(b)</sup> | 2.446% | 11/10/46 | 2950000 | 2474738 |
| Life Financial Services Trust, Series 2021-BMR, Class D (1\* TSFR1M + 151) <sup>(b)(d)</sup> | 5.264% | 03/15/38 | 18981900 | 18875419 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Laboratory — 3.1% continued** | **Laboratory — 3.1% continued** | **Laboratory — 3.1% continued** | **Laboratory — 3.1% continued** | **Laboratory — 3.1% continued** |
| Life Financial Services Trust, Series 2021-BMR, Class E (1\* TSFR1M + 186) <sup>(b)(d)</sup> | 5.614% | 03/15/38 | $28910000 | $28711024 |
| Life Financial Services Trust, Series 2021-BMR, Class F (1\* TSFR1M + 246) <sup>(b)(d)</sup> | 6.214% | 03/15/38 | 14195300 | 13832966 |
| Life Financial Services Trust, Series 2021-BMR, Class G (1\* TSFR1M + 306) <sup>(b)(d)</sup> | 6.814% | 03/15/38 | 10990000 | 10675166 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 (1\* TSFR1M + 130) <sup>(b)(d)</sup> | 5.045% | 05/15/39 | 40895000 | 39438893 |
| Life Financial Services Trust, Series 2022-BMR2, Class B (1\* TSFR1M + 179) <sup>(b)(d)</sup> | 5.544% | 05/15/39 | 11000000 | 9940812 |
| Life Financial Services Trust, Series 2022-BMR2, Class C (1\* TSFR1M + 209) <sup>(b)(d)</sup> | 5.843% | 05/15/39 | 11900000 | 10725267 |
|  |  |  |  | 149035205 |
| **Multifamily — 5.1%** | **Multifamily — 5.1%** | **Multifamily — 5.1%** | **Multifamily — 5.1%** | **Multifamily — 5.1%** |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1\* TSFR1M + 309) <sup>(b)(d)</sup> | 6.839% | 08/15/39 | 27149661 | 27217166 |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class B (1\* TSFR1M + 214) <sup>(b)(d)</sup> | 5.891% | 08/15/39 | 5991649 | 6021333 |

---

**26 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** |
| FREMF Mortgage Trust, Series 2018-KF45, Class B (1\* SOFR + 195) <sup>(b)(d)</sup> | 6.266% | 04/25/26 | $1125038 | $1164064 |
| FREMF Mortgage Trust, Series 2019-KF62, Class B (1\* SOFR + 205) <sup>(b)(d)</sup> | 6.366% | 04/25/26 | 3245197 | 3222141 |
| FREMF Mortgage Trust, Series 2018-KF43, Class B (1\* SOFR + 215) <sup>(b)(d)</sup> | 6.466% | 01/25/28 | 2254710 | 2189022 |
| FREMF Mortgage Trust, Series 2018-KF48, Class B (1\* SOFR + 205) <sup>(b)(d)</sup> | 6.366% | 06/25/28 | 4142895 | 3951799 |
| FREMF Mortgage Trust, Series 2018-KF50, Class B (1\* SOFR + 190) <sup>(b)(d)</sup> | 6.216% | 07/25/28 | 2503081 | 2413936 |
| FREMF Mortgage Trust, Series 2019-KF57, Class B (1\* SOFR + 225) <sup>(b)(d)</sup> | 6.566% | 01/25/29 | 2955419 | 2833070 |
| FREMF Mortgage Trust, Series 2019-KF59, Class B (1\* SOFR + 235) <sup>(b)(d)</sup> | 6.666% | 02/25/29 | 2045713 | 1967095 |
| FREMF Mortgage Trust, Series 2019-KF67, Class B (1\* SOFR + 225) <sup>(b)(d)</sup> | 6.566% | 08/25/29 | 2444976 | 2328886 |
| MultiFamily Connecticut Avenue, Series 2020-01, Class CE (1\* SOFR + 750) <sup>(b)(d)</sup> | 11.489% | 03/25/50 | 14063000 | 14550530 |
| MultiFamily Connecticut Avenue, Series 2024-01, Class M7 (1\* SOFR30A + 275) <sup>(b)(d)</sup> | 6.624% | 07/25/54 | 15116632 | 15302598 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** |
| MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1\* SOFR30A + 240) <sup>(b)(d)</sup> | 6.274% | 05/25/55 | $18340545 | $18398393 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1\* SOFR30A + 335) <sup>(b)(d)</sup> | 7.424% | 07/25/41 | 38076208 | 38076303 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class B1 (1\* SOFR30A + 550) <sup>(b)(d)</sup> | 9.374% | 07/25/41 | 16504000 | 16504135 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN8, Class M1 (1\* SOFR30A + 285) <sup>(b)(d)</sup> | 6.724% | 05/25/44 | 6483805 | 6525563 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1\* SOFR30A + 245) <sup>(b)(d)</sup> | 6.324% | 10/25/44 | 5103054 | 5118842 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class B1 (1\* SOFR30A + 600) <sup>(b)(d)</sup> | 9.874% | 10/25/44 | 2375000 | 2454443 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1\* SOFR30A + 205) <sup>(b)(d)</sup> | 5.924% | 02/25/45 | 14607661 | 14471675 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 27**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** | **Multifamily — 5.1% continued** |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-2 (1\* SOFR30A + 285) <sup>(b)(d)</sup> | 6.724% | 02/25/45 | $7250000 | $7178110 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class B1 (1\* SOFR30A + 495) <sup>(b)(d)</sup> | 8.824% | 02/25/45 | 4010000 | 4049921 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN12, Class M1 <sup>(b)</sup> | 5.833% | 11/25/45 | 19967000 | 19968024 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1\* SOFR + 200) <sup>(b)(d)</sup> | 5.874% | 01/25/51 | 2189536 | 2184490 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1\* SOFR + 230) <sup>(b)(d)</sup> | 7.034% | 11/25/51 | 8895150 | 8905244 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class B1 (1\* SOFR + 685) <sup>(b)(d)</sup> | 10.724% | 11/25/51 | 13500000 | 14296142 |
| MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M-1 (1\* SOFR + 425) <sup>(b)(d)</sup> | 8.124% | 05/25/52 | 8444139 | 8637358 |
|  |  |  |  | 249930283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Non-Agency MBS 2.0 — 2.9%** | **Non-Agency MBS 2.0 — 2.9%** | **Non-Agency MBS 2.0 — 2.9%** | **Non-Agency MBS 2.0 — 2.9%** | **Non-Agency MBS 2.0 — 2.9%** |
| Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1\* SOFR + 155) <sup>(d)</sup> | 5.424% | 02/25/50 | $1807063 | $1705850 |
| GS Mortgage-Backed Securities Trust, Series 2025-DSC1, Class A1 <sup>(b)</sup> | 4.974% | 06/25/65 | 20063618 | 20079446 |
| GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1 <sup>(b)</sup> | 5.013% | 07/25/65 | 14113474 | 14127143 |
| GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class A1 <sup>(b)</sup> | 5.148% | 01/25/66 | 14748383 | 14775588 |
| J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1\* SOFR + 130) <sup>(b)(d)</sup> | 5.174% | 03/25/51 | 3524286 | 3517375 |
| J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1\* SOFR + 180) <sup>(b)(d)</sup> | 5.674% | 03/25/51 | 1164102 | 1147228 |
| Redwood Funding Trust, Series 2025-RR1, Class A1 <sup>(b)</sup> | 6.767% | 06/27/28 | 32153703 | 32233284 |
| Redwood Funding Trust, Series 2025-2, Class A <sup>(b)</sup> | 7.112% | 05/27/55 | 2940763 | 2950897 |
| Redwood Funding Trust, Series 2025-3, Class A <sup>(b)</sup> | 6.231% | 12/27/56 | 16790637 | 16848833 |
| Redwood Funding Trust, Series 2025-3, Class B <sup>(b)</sup> | 7.749% | 12/27/56 | 4275000 | 4286957 |

---

**28 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Non-Agency MBS 2.0 — 2.9% continued** | **Non-Agency MBS 2.0 — 2.9% continued** | **Non-Agency MBS 2.0 — 2.9% continued** | **Non-Agency MBS 2.0 — 2.9% continued** | **Non-Agency MBS 2.0 — 2.9% continued** |
| REMIC Funding Trust, Series 2024-2, Class A1 <sup>(b)</sup> | 7.112% | 09/27/28 | $23425968 | $23555560 |
| REMIC Funding Trust, Series 2024-2, Class A2 <sup>(b)</sup> | 8.806% | 09/27/28 | 7466428 | 7510869 |
|  |  |  |  | 142739030 |
| **Non-Performing Loan — 1.2%** | **Non-Performing Loan — 1.2%** | **Non-Performing Loan — 1.2%** | **Non-Performing Loan — 1.2%** | **Non-Performing Loan — 1.2%** |
| Builders Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1-B <sup>(b)</sup> | 8.996% | 11/25/29 | 10000000 | 10012599 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL1, Class A1 <sup>(b)</sup> | 7.118% | 01/25/30 | 22860148 | 22991731 |
| Saluda Grade Alternative Mortgage Trust, Series 2022-NPL1, Class A2 <sup>(b)</sup> | 9.047% | 01/25/30 | 7785000 | 7838864 |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 <sup>(b)</sup> | 7.774% | 05/25/30 | 17665308 | 17808539 |
|  |  |  |  | 58651733 |
| **Non-QM — 2.0%** | **Non-QM — 2.0%** | **Non-QM — 2.0%** | **Non-QM — 2.0%** | **Non-QM — 2.0%** |
| Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A3 <sup>(d)</sup> | 6.409% | 08/25/34 | 3098 | 3049 |
| COLT Funding, LLC, Series 2024-7, Class A1 <sup>(b)</sup> | 5.538% | 12/26/69 | 8087815 | 8149329 |
| COLT Funding, LLC, Series 2025-6, Class A1 <sup>(b)</sup> | 5.529% | 08/25/70 | 28205216 | 28461839 |
| GCAT, Series 2023-NQM4, Class A1 <sup>(b)</sup> | 4.250% | 05/25/67 | 14608956 | 13952055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Non-QM — 2.0% continued** | **Non-QM — 2.0% continued** | **Non-QM — 2.0% continued** | **Non-QM — 2.0% continued** | **Non-QM — 2.0% continued** |
| GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A1 <sup>(b)</sup> | 5.006% | 10/25/65 | $44629754 | $44763211 |
|  |  |  |  | 95329483 |
| **Office — 2.0%** | **Office — 2.0%** | **Office — 2.0%** | **Office — 2.0%** | **Office — 2.0%** |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A <sup>(b)</sup> | 2.627% | 01/15/32 | 6100000 | 5391029 |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D <sup>(b)(e)</sup> | 3.289% | 01/15/32 | 9000000 | 5061580 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class B <sup>(b)</sup> | 2.461% | 04/12/42 | 4800000 | 4422824 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class D <sup>(b)</sup> | 2.461% | 04/12/42 | 3360000 | 2877577 |
| Drop Mortgage Trust, Series 2021-FILE, Class A (1\* TSFR1M + 126) <sup>(b)(d)</sup> | 5.014% | 10/15/43 | 13425000 | 13095450 |
| Drop Mortgage Trust, Series 2021-FILE, Class B (1\* TSFR1M + 181) <sup>(b)(d)</sup> | 5.564% | 10/15/43 | 19400000 | 17953778 |
| JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class A (1\* TSFR1M + 160) <sup>(b)(d)</sup> | 5.350% | 01/15/42 | 8000000 | 7997491 |
| JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class C (1\* TSFR1M + 240) <sup>(b)(d)</sup> | 6.150% | 01/15/42 | 4680000 | 4650940 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 29**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Office — 2.0% continued** | **Office — 2.0% continued** | **Office — 2.0% continued** | **Office — 2.0% continued** | **Office — 2.0% continued** |
| JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class D (1\* TSFR1M + 315) <sup>(b)(d)</sup> | 6.900% | 01/15/42 | $9200000 | $9120906 |
| NYT Mortgage Trust, Series 2019-NYT, Class D (1\* TSFR1M + 230) <sup>(b)(d)</sup> | 6.048% | 12/15/35 | 2000000 | 1900601 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B <sup>(b)</sup> | 6.013% | 09/15/40 | 6500000 | 6518079 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class C <sup>(b)</sup> | 6.692% | 09/15/40 | 12500000 | 12528646 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D <sup>(b)</sup> | 8.623% | 09/15/40 | 4285000 | 4316263 |
|  |  |  |  | 95835164 |
| **Residential Transition Loan — 6.8%** | **Residential Transition Loan — 6.8%** | **Residential Transition Loan — 6.8%** | **Residential Transition Loan — 6.8%** | **Residential Transition Loan — 6.8%** |
| AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 <sup>(b)</sup> | 3.280% | 01/25/26 | 2060547 | 1961552 |
| AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A2 <sup>(b)(e)</sup> | 7.610% | 01/25/26 | 842888 | 32712 |
| Anchor Mortgage Trust, Series 2025-RTL1, Class A1 <sup>(b)</sup> | 5.718% | 05/25/40 | 9400000 | 9449751 |
| Corevest American Finance Ltd., Series 2021-RTL1, Class A2 <sup>(b)</sup> | 5.104% | 03/28/29 | 1013241 | 961084 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** |
| Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 <sup>(b)</sup> | 8.299% | 05/25/40 | $4950000 | $5010142 |
| Fidelis Mortgage Trust, Series 25-RTL1, Class A1 <sup>(b)</sup> | 5.880% | 02/27/40 | 26000000 | 26413832 |
| Fidelis Mortgage Trust, Series 2025-RTL2, Class B <sup>(b)</sup> | 8.400% | 07/25/40 | 4488000 | 4534865 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 <sup>(b)</sup> | 7.120% | 07/25/29 | 36000000 | 36036050 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A-2 <sup>(b)</sup> | 8.570% | 07/25/29 | 5000000 | 5006098 |
| Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A1 <sup>(b)</sup> | 5.989% | 09/25/39 | 24000000 | 24056645 |
| Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A-2 <sup>(b)</sup> | 6.369% | 09/25/39 | 7000000 | 7016245 |
| LHOME Mortgage Trust, Series 2024-RTL1, Class A1 <sup>(b)</sup> | 7.017% | 01/25/29 | 9050000 | 9083690 |
| LHOME Mortgage Trust, Series 2024-RTL1, Class A2 <sup>(b)</sup> | 9.165% | 01/25/29 | 2500000 | 2529892 |
| LHOME Mortgage Trust, Series 2024-RTL1, Class M <sup>(b)</sup> | 11.949% | 01/25/29 | 2250000 | 2277979 |
| LHOME Mortgage Trust, Series 2024-RTL2, Class A1 <sup>(b)</sup> | 7.390% | 03/25/29 | 26500000 | 26678287 |

---

**30 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** |
| LHOME Mortgage Trust, Series 2024-RTL2, Class M <sup>(b)</sup> | 12.404% | 03/25/29 | $1800000 | $1821086 |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 <sup>(b)</sup> | 6.894% | 05/25/29 | 30000000 | 30269547 |
| LHOME Mortgage Trust, Series 2024-RTL3, Class M <sup>(b)</sup> | 10.728% | 05/25/29 | 1750000 | 1768097 |
| LHOME Mortgage Trust, Series 2024-RTL4, Class A2 <sup>(b)</sup> | 6.092% | 07/25/39 | 9500000 | 9555468 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 <sup>(b)</sup> | 5.652% | 01/25/40 | 34000000 | 34219640 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class M2 <sup>(b)</sup> | 8.379% | 01/25/40 | 3750000 | 3847446 |
| New York Mortgage Trust, Series 2024-BPL1, Class A2 <sup>(b)</sup> | 8.617% | 02/25/29 | 2500000 | 2505359 |
| ROC Mortgage Trust, Series 2025-RTL1, Class M2 <sup>(b)</sup> | 8.539% | 02/25/40 | 9800000 | 9776649 |
| ROC Securities Trust, Series 2021-RTL1, Class A2 <sup>(b)</sup> | 3.351% | 08/25/26 | 4639206 | 4629156 |
| ROC Securities Trust, Series 2021-RTL1, Class M <sup>(b)</sup> | 5.682% | 08/25/26 | 6745000 | 6293957 |
| ROC Securities Trust, Series 2025-RTL1, Class A1 <sup>(b)</sup> | 5.625% | 02/25/40 | 25000000 | 25133198 |
| ROC Securities Trust, Series 2025-RTL1, Class M1 <sup>(b)</sup> | 6.990% | 02/25/40 | 7700000 | 7753202 |
| TVC Mortgage Trust, Series 2024-RRTL1, Class A1 <sup>(b)</sup> | 5.545% | 07/25/39 | 16000000 | 16030507 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** | **Residential Transition Loan — 6.8% continued** |
| TVC Mortgage Trust, Series 2024-RRTL1, Class A2 <sup>(b)</sup> | 5.956% | 07/25/39 | $5400000 | $5422409 |
| TVC Mortgage Trust, Series 2024-RRTL1, Class M2 <sup>(b)</sup> | 9.398% | 07/25/39 | 8750000 | 8693691 |
|  |  |  |  | 328768236 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class A (1\* SOFR + 115) <sup>(b)(d)</sup> | 5.115% | 02/15/40 | 2098581 | 2097390 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class B (1\* SOFR + 145) <sup>(b)(d)</sup> | 5.415% | 02/15/40 | 4552000 | 4545693 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class C (1\* SOFR + 180) <sup>(b)(d)</sup> | 5.765% | 02/15/40 | 3040000 | 3042446 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class D (1\* SOFR + 250) <sup>(b)(d)</sup> | 6.465% | 02/15/40 | 2083200 | 2078860 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class E (1\* SOFR + 365) <sup>(b)(d)</sup> | 7.615% | 02/15/40 | 5680000 | 5668466 |
|  |  |  |  | 17432855 |
| **Second Lien — 4.5%** | **Second Lien — 4.5%** | **Second Lien — 4.5%** | **Second Lien — 4.5%** | **Second Lien — 4.5%** |
| Achieve Mortgage, Series 2024-HE2, Class A <sup>(b)</sup> | 5.350% | 10/25/39 | 11225125 | 11272291 |
| Achieve Mortgage, Series 2025-HE1, Class A <sup>(b)</sup> | 5.920% | 03/25/55 | 12263824 | 12428854 |
| HTAP Trust, Series 2024-1, Class A <sup>(b)</sup> | 7.000% | 04/25/37 | 10217372 | 10260898 |
| HTAP Trust, Series 2024-2, Class A <sup>(b)</sup> | 6.500% | 04/25/42 | 40576590 | 40535194 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 31**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** |
| Point Securitization Trust, Series 2023-1, Class A1 <sup>(b)</sup> | 6.500% | 11/25/53 | $5537899 | $5543635 |
| Point Securitization Trust, Series 2024-1, Class A1 <sup>(b)</sup> | 6.500% | 06/25/54 | 6267415 | 6284051 |
| Point Securitization Trust, Series 2025-1, Class A1 <sup>(b)</sup> | 6.250% | 06/25/55 | 5960476 | 5983932 |
| Point Securitization Trust, Series 2025-2, Class A1 <sup>(b)</sup> | 5.750% | 09/25/55 | 14766952 | 14749304 |
| Point Securitization Trust, Series 2025-2, Class B1 <sup>(b)</sup> | 7.000% | 09/25/55 | 4800000 | 4161028 |
| Splitero Trust, Series 2025-1, Class A1 <sup>(b)</sup> | 5.750% | 12/25/55 | 7800000 | 7743805 |
| Unlock HEA Trust, Series 2024-1, Class A <sup>(b)</sup> | 7.000% | 04/25/39 | 10195125 | 10185810 |
| Unlock HEA Trust, Series 2024-2, Class A <sup>(b)</sup> | 6.500% | 10/25/39 | 17883277 | 17905299 |
| Unlock HEA Trust, Series 2025-1, Class A <sup>(b)</sup> | 6.750% | 07/25/41 | 18500490 | 18573412 |
| Unlock HEA Trust, Series 2025-2, Class A <sup>(b)</sup> | 6.000% | 11/25/41 | 3511784 | 3501911 |
| Vista Point Securitization Trust, Series 2024-CES1, Class A1 <sup>(b)</sup> | 6.676% | 05/25/54 | 4214311 | 4265539 |
| Vista Point Securitization Trust, Series 2024-CES2, Class A1 <sup>(b)</sup> | 5.252% | 10/25/54 | 14165676 | 14160636 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** | **Second Lien — 4.5% continued** |
| Vista Point Securitization Trust, Series 2024-CES3, Class A1 <sup>(b)</sup> | 5.679% | 01/25/55 | $9549165 | $9597205 |
| Woodward Capital Management, Series 2023-CES2, Class A1A <sup>(b)</sup> | 6.808% | 09/25/43 | 9454866 | 9536681 |
| Woodward Capital Management, Series 2024-CES3, Class A1A <sup>(b)</sup> | 6.591% | 05/25/44 | 10417325 | 10572051 |
| Woodward Capital Management, Series 2024-CES5, Class A1A <sup>(b)</sup> | 5.846% | 08/25/44 | 3973779 | 4012746 |
|  |  |  |  | 221274282 |
| **Single Family Rental — 2.4%** | **Single Family Rental — 2.4%** | **Single Family Rental — 2.4%** | **Single Family Rental — 2.4%** | **Single Family Rental — 2.4%** |
| Home Partners of America Trust, Series 2019-1, Class A <sup>(b)</sup> | 2.908% | 09/17/39 | 2022386 | 1977063 |
| Home Partners of America Trust, Series 2019-1, Class B <sup>(b)</sup> | 3.157% | 09/17/39 | 2431357 | 2380749 |
| Home Partners of America Trust, Series 2019-2, Class A <sup>(b)</sup> | 2.703% | 10/19/39 | 337485 | 334990 |
| Progress Residential Trust, Series 2024-SFR4, Class E1 <sup>(b)</sup> | 3.400% | 07/09/29 | 12500000 | 11670506 |
| Progress Residential Trust, Series 2024-SFR4, Class D <sup>(b)</sup> | 3.400% | 07/09/29 | 15000000 | 14119298 |
| Progress Residential Trust, Series 2024-SFR5, Class E1 <sup>(b)</sup> | 3.375% | 08/09/29 | 22681000 | 21146780 |
| Progress Residential Trust, Series 2021-SFR5, Class A <sup>(b)</sup> | 1.427% | 07/17/38 | 424377 | 418815 |

---

**32 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Single Family Rental — 2.4% continued** | **Single Family Rental — 2.4% continued** | **Single Family Rental — 2.4% continued** | **Single Family Rental — 2.4% continued** | **Single Family Rental — 2.4% continued** |
| Progress Residential Trust, Series 2021-SFR5, Class E1 <sup>(b)</sup> | 2.209% | 07/17/38 | $5000000 | $4937393 |
| Progress Residential Trust, Series 2021-SFR8, Class E2 <sup>(b)</sup> | 2.532% | 10/17/38 | 11311000 | 11115517 |
| Progress Residential Trust, Series 2024-SFR2, Class E1 <sup>(b)</sup> | 3.400% | 04/17/41 | 2500000 | 2348225 |
| Progress Residential Trust, Series 2024-SFR3, Class D <sup>(b)</sup> | 3.500% | 06/17/41 | 11500000 | 10904482 |
| Progress Residential Trust, Series 2025-SFR1, Class D <sup>(b)</sup> | 3.650% | 02/17/42 | 6500000 | 6116909 |
| Tricon American Homes, Series 2019-SFR1, Class E <sup>(b)</sup> | 3.397% | 03/17/38 | 4000000 | 3980193 |
| Tricon American Homes, Series 2019-SFR1, Class A <sup>(b)</sup> | 3.745% | 03/17/38 | 9227875 | 9190561 |
| Tricon American Homes, Series 2019-SFR1, Class F <sup>(b)</sup> | 3.745% | 03/17/38 | 3000000 | 2988843 |
| Tricon American Homes, Series 2020-SFR1, Class A <sup>(b)</sup> | 1.499% | 07/17/38 | 3566678 | 3512546 |
| Tricon Residential, Series 2025-SFR1, Class C (1\* TSFR1M + 160) <sup>(b)(d)</sup> | 5.351% | 03/17/30 | 5650000 | 5656674 |
| Tricon Residential, Series 2025-SFR1, Class D (1\* TSFR1M + 200) <sup>(b)(d)</sup> | 5.751% | 03/17/30 | 4000000 | 4010018 |
|  |  |  |  | 116809562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Small Business — 2.7%** | **Small Business — 2.7%** | **Small Business — 2.7%** | **Small Business — 2.7%** | **Small Business — 2.7%** |
| CPC Asset Securitization, LLC, Series 2025-1A, Class A <sup>(b)</sup> | 5.780% | 07/15/31 | $15000000 | $15166717 |
| Credibility Asset Securitization, Series 2024-1A, Class A <sup>(b)</sup> | 6.440% | 11/15/29 | 9000000 | 9114131 |
| Credibility Asset Securitization, Series 2024-1A, Class D <sup>(b)</sup> | 12.450% | 11/15/29 | 4000000 | 4054245 |
| FORA Financial Asset Securitization, Series 2024-1A, Class D <sup>(b)</sup> | 12.010% | 08/15/29 | 4000000 | 4029230 |
| FORA Financial Asset Securitization, Series 2024-1A, Class E <sup>(b)</sup> | 15.510% | 08/15/29 | 8947000 | 8989799 |
| Kapitus Asset Securitization, LLC, Series 2024-1A, Class A <sup>(b)</sup> | 5.490% | 09/10/31 | 10000000 | 10052461 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class A <sup>(b)</sup> | 5.490% | 09/10/31 | 11000000 | 11057707 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class B <sup>(b)</sup> | 5.690% | 09/10/31 | 4800000 | 4801640 |
| Kapitus Asset Securitization, LLC, Series 2024-4, Class C <sup>(b)</sup> | 7.150% | 09/10/31 | 2000000 | 1997402 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class C <sup>(b)</sup> | 7.150% | 09/10/31 | 2250000 | 2247077 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class D <sup>(b)</sup> | 9.900% | 09/10/31 | 6220000 | 6206530 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 33**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Small Business — 2.7% continued** | **Small Business — 2.7% continued** | **Small Business — 2.7% continued** | **Small Business — 2.7% continued** | **Small Business — 2.7% continued** |
| Mulligan Asset Securitization Loans, Series 2024-1, Class C NEW <sup>(b)</sup> | 12.057% | 10/15/31 | $3440000 | $3501877 |
| Newtek Alternative Loan Program, Series 2024-1, Class A <sup>(b)</sup> | 6.490% | 12/27/49 | 12575273 | 12779340 |
| Newtek Alternative Loan Program, Series 2024-1, Class B <sup>(b)</sup> | 7.710% | 12/27/49 | 3772582 | 3824919 |
| Newtek Small Business Loan Trust, Series 2022-1, Class B (1\* SOFR + 375) <sup>(b)(d)</sup> | 7.276% | 10/25/49 | 1291323 | 1280902 |
| Newtek Small Business Loan Trust, Series 2023-1, Class B (1\* Prime + 75) <sup>(b)(d)</sup> | 7.776% | 07/25/50 | 3839448 | 3824550 |
| OnDeck Asset Securitization Trust, Series 2024-1A, Class B <sup>(b)</sup> | 7.150% | 06/17/31 | 6350000 | 6443068 |
| OnDeck Asset Securitization Trust, Series 2024-2A, Class B <sup>(b)</sup> | 5.420% | 10/17/31 | 11500000 | 11529868 |
| OnDeck Asset Securitization Trust, Series 2024-2A, Class C <sup>(b)</sup> | 7.030% | 10/17/31 | 2350000 | 2377249 |
| RFS Asset Securitization II, LLC, Series 2024-1, Class D <sup>(b)</sup> | 12.324% | 07/15/31 | 3250000 | 3301779 |
| RFS Asset Securitization II, LLC, Series 2024-1, Class E <sup>(b)</sup> | 14.782% | 07/15/31 | 5565000 | 5618060 |
|  |  |  |  | 132198551 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Student Loan — 0.2%** | **Student Loan — 0.2%** | **Student Loan — 0.2%** | **Student Loan — 0.2%** | **Student Loan — 0.2%** |
| Ascent Career Funding Trust, Series 2024-1A, Class A <sup>(b)</sup> | 6.770% | 10/25/32 | $2388796 | $2405019 |
| Ascent Career Funding Trust, Series 2024-1A, Class B <sup>(b)</sup> | 9.730% | 10/25/32 | 2700000 | 2772472 |
| College Ave Student Loans, Series 2018-A, Class B <sup>(b)</sup> | 4.750% | 12/26/47 | 478133 | 474637 |
| College Ave Student Loans, Series 2018-A, Class C <sup>(b)</sup> | 5.500% | 12/26/47 | 245796 | 244946 |
| College Ave Student Loans, Series 2019-A, Class C <sup>(b)</sup> | 4.460% | 12/28/48 | 1612210 | 1584804 |
| College Ave Student Loans, Series 2021-A, Class B <sup>(b)</sup> | 2.320% | 07/25/51 | 1042136 | 971816 |
| College Ave Student Loans, Series 2021-A, Class D <sup>(b)</sup> | 4.120% | 07/25/51 | 534290 | 510804 |
| CommonBond Student Loan Trust, Series 2017-BGS, Class C <sup>(b)</sup> | 4.440% | 09/25/42 | 227751 | 195137 |
| Laurel Road Prime Student Loan, Series 2019-A, Class BFX <sup>(b)</sup> | 3.000% | 10/25/48 | 2018291 | 1996735 |
| Prodigy Finance, Series 2021-1A, Class A (1\* TSFR1M + 136) <sup>(b)(d)</sup> | 5.319% | 07/25/51 | 342200 | 341350 |
|  |  |  |  | 11497720 |
| **Unsecured Consumer — 12.2%** | **Unsecured Consumer — 12.2%** | **Unsecured Consumer — 12.2%** | **Unsecured Consumer — 12.2%** | **Unsecured Consumer — 12.2%** |
| ACHV ABS Trust, Series 2023-3PL, Class D <sup>(b)</sup> | 8.360% | 08/19/30 | 1139211 | 1148880 |
| ACHV ABS Trust, Series 2023-4CP, Class E <sup>(b)</sup> | 10.500% | 11/25/30 | 2165298 | 2186192 |
| ACHV ABS Trust, Series 2024-1PL, Class D <sup>(b)</sup> | 7.290% | 04/25/31 | 13371772 | 13574500 |

---

**34 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| ACHV ABS Trust, Series 2024-3AL, Class D <sup>(b)</sup> | 6.750% | 12/26/31 | $4080265 | $4135642 |
| ACHV ABS Trust, Series 2024-3AL, Class E <sup>(b)</sup> | 7.000% | 12/26/31 | 6737846 | 6726471 |
| Affirm, Inc., Series 2022-Z1, Class B <sup>(b)</sup> | 6.490% | 06/15/27 | 388763 | 389522 |
| Affirm, Inc., Series 2025-X1, Class D <sup>(b)</sup> | 6.110% | 04/15/30 | 10000000 | 10089103 |
| AMCR ABS Trust, Series 2023-1, Class B <sup>(b)</sup> | 8.700% | 01/21/31 | 3902449 | 3921438 |
| AMCR ABS Trust, Series 2024-A, Class A <sup>(b)</sup> | 6.260% | 08/18/31 | 3870223 | 3876338 |
| AMCR ABS Trust, Series 2024-A, Class B <sup>(b)</sup> | 6.970% | 08/18/31 | 5000000 | 5058531 |
| AMCR ABS Trust, Series 2024-A, Class C <sup>(b)</sup> | 11.250% | 08/18/31 | 6000000 | 6399785 |
| Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C <sup>(b)</sup> | 8.150% | 12/17/36 | 3500000 | 3641629 |
| Cherry Securitization Trust, Series 2024-1A, Class A <sup>(b)</sup> | 5.700% | 04/15/32 | 13350000 | 13457038 |
| Cherry Securitization Trust, Series 2024-1A, Class C <sup>(b)</sup> | 9.310% | 04/15/32 | 2750000 | 2811046 |
| Cherry Securitization Trust, Series 2024-1A, Class D <sup>(b)</sup> | 12.280% | 04/15/32 | 11390000 | 11623661 |
| Cherry Securitization Trust, Series 2025-1A, Class A <sup>(b)</sup> | 6.130% | 11/15/32 | 18200000 | 18477201 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Cherry Securitization Trust, Series 2025-1A, Class D <sup>(b)</sup> | 12.690% | 11/15/32 | $14000000 | $14421912 |
| Freedom Financial Trust, Series 2022-3FP, Class D <sup>(b)</sup> | 7.360% | 08/20/29 | 2915988 | 2929520 |
| Freedom Financial Trust, Series 2022-4FP, Class D <sup>(b)</sup> | 7.400% | 12/18/29 | 5198801 | 5223275 |
| LendingPoint Asset Securitization, Series 2022-C, Class C <sup>(b)</sup> | 8.680% | 02/15/30 | 2842155 | 2835546 |
| LendingPoint Asset Securitization, Series 2022-C, Class D <sup>(b)</sup> | 10.730% | 02/15/30 | 4920000 | 863075 |
| Lendmark Funding Trust, Series 2020-2, Class B <sup>(b)</sup> | 3.540% | 04/21/31 | 2000000 | 1965187 |
| Lendmark Funding Trust, Series 2020-2A, Class C <sup>(b)</sup> | 4.690% | 04/21/31 | 1000000 | 987867 |
| Lendmark Funding Trust, Series 2025-2A, Class D <sup>(b)</sup> | 5.980% | 10/20/34 | 10400000 | 10480291 |
| Mariner Finance Issuance Trust, Series 2021-AA, Class D <sup>(b)</sup> | 4.340% | 03/20/36 | 1850000 | 1800028 |
| Mariner Finance Issuance Trust, Series 2024-AA, Class B <sup>(b)</sup> | 5.680% | 09/22/36 | 4000000 | 4074725 |
| Mariner Finance Issuance Trust, Series 2024-AA, Class C <sup>(b)</sup> | 6.000% | 09/22/36 | 3000000 | 3064113 |
| Oportun Funding, LLC, Series 2024-3, Class D <sup>(b)</sup> | 9.600% | 08/15/29 | 8300000 | 8394715 |
| Oportun Funding, LLC, Series 2024-1A, Class D <sup>(b)</sup> | 12.072% | 04/08/31 | 11945432 | 12229464 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 35**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Oportun Funding, LLC, Series 2021-B, Class A <sup>(b)</sup> | 1.470% | 05/08/31 | $1154366 | $1132997 |
| Oportun Funding, LLC, Series 2021-B, Class D <sup>(b)</sup> | 5.410% | 05/08/31 | 2319333 | 2303882 |
| Oportun Funding, LLC, Series 2021-C, Class A <sup>(b)</sup> | 2.180% | 10/08/31 | 5954564 | 5856204 |
| Oportun Funding, LLC, Series 2021-C, Class B <sup>(b)</sup> | 2.670% | 10/08/31 | 4423390 | 4356302 |
| Oportun Funding, LLC, Series 2021-C, Class C <sup>(b)</sup> | 3.610% | 10/08/31 | 2892217 | 2859564 |
| Oportun Funding, LLC, Series 2021-C, Class D <sup>(b)</sup> | 5.570% | 10/08/31 | 2135136 | 2114802 |
| Oportun Funding, LLC, Series 2024-2, Class D <sup>(b)</sup> | 10.470% | 02/09/32 | 8000000 | 8220609 |
| Oportun Funding, LLC, Series 2025-1, Class B <sup>(b)</sup> | 5.240% | 08/16/32 | 3122000 | 3133328 |
| Oportun Funding, LLC, Series 2025-1, Class D <sup>(b)</sup> | 8.270% | 08/16/32 | 4500000 | 4514107 |
| Oportun Funding, LLC, Series 2025-D, Class C <sup>(b)</sup> | 5.800% | 02/08/33 | 2425000 | 2432650 |
| Oportun Funding, LLC, Series 2025-D, Class D <sup>(b)</sup> | 6.970% | 02/08/33 | 25225000 | 25158320 |
| Oportun Funding, LLC, Series 2025-A, Class D <sup>(b)</sup> | 7.250% | 02/08/33 | 6500000 | 6486264 |
| Oportun Funding, LLC, Series 2025-A, Class E <sup>(b)</sup> | 10.000% | 02/08/33 | 8500000 | 8494300 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Oportun Funding, LLC, Series 2025-D, Class E <sup>(b)</sup> | 10.820% | 02/08/33 | $13000000 | $12956433 |
| Oportun Funding, LLC, Series 2025-B, Class E <sup>(b)</sup> | 9.400% | 05/09/33 | 7250000 | 7307137 |
| Oportun Funding, LLC, Series 2025-C, Class D <sup>(b)</sup> | 5.910% | 07/08/33 | $13900000 | $13747777 |
| Pagaya AI Debt Selection Trust, Series 2024-1, Class A <sup>(b)</sup> | 6.660% | 07/15/31 | 644962 | 646616 |
| Pagaya AI Debt Selection Trust, Series 2024-1, Class C <sup>(b)</sup> | 8.344% | 07/15/31 | 3074728 | 3088348 |
| Pagaya AI Debt Selection Trust, Series 2024-2, Class A <sup>(b)</sup> | 6.319% | 08/15/31 | 1347746 | 1352494 |
| Pagaya AI Debt Selection Trust, Series 2024-2, Class B <sup>(b)</sup> | 6.611% | 08/15/31 | 5035898 | 5055662 |
| Pagaya AI Debt Selection Trust, Series 2024-2, Class C <sup>(b)</sup> | 7.573% | 08/15/31 | 6444214 | 6476945 |
| Pagaya AI Debt Selection Trust, Series 2024-3, Class C <sup>(b)</sup> | 7.297% | 10/15/31 | 3661619 | 3679118 |
| Pagaya AI Debt Selection Trust, Series 2025-R1, Class E <sup>(b)</sup> | 12.105% | 06/15/32 | 755968 | 765034 |
| Pagaya AI Debt Selection Trust, Series 2025-1, Class D <sup>(b)</sup> | 6.282% | 07/15/32 | 10820189 | 10868383 |
| Pagaya AI Debt Selection Trust, Series 2024-11, Class D <sup>(b)</sup> | 6.307% | 07/15/32 | 11740321 | 11834670 |
| Pagaya AI Debt Selection Trust, Series 2025-3, Class E <sup>(b)</sup> | 12.626% | 12/15/32 | 7498485 | 7700728 |

---

**36 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Pagaya AI Debt Selection Trust, Series 2025-4, Class C <sup>(b)</sup> | 6.146% | 01/17/33 | $12999538 | $13180590 |
| Pagaya AI Debt Selection Trust, Series 2025-4, Class D <sup>(b)</sup> | 6.572% | 01/17/33 | 6899755 | 6971232 |
| Pagaya AI Debt Selection Trust, Series 2025-5, Class B <sup>(b)</sup> | 5.440% | 03/15/33 | 24499053 | 24603517 |
| Pagaya AI Debt Selection Trust, Series 2025-6, Class B <sup>(b)</sup> | 4.883% | 04/15/33 | 16275000 | 16223854 |
| Pagaya AI Debt Selection Trust, Series 2025-7, Class B <sup>(b)</sup> | 5.064% | 05/15/33 | 15700000 | 15701327 |
| Pagaya AI Debt Selection Trust, Series 2025-8, Class B <sup>(b)</sup> | 5.409% | 07/15/33 | 24300000 | 24335213 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class A <sup>(b)</sup> | 5.715% | 01/20/34 | $14400000 | $14513188 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class E <sup>(b)</sup> | 11.276% | 01/20/34 | 2650000 | 2721696 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class F <sup>(b)</sup> | 12.000% | 01/20/34 | 2600000 | 2479833 |
| Pagaya Point of Sale Holdings Grantor Trust, Series 2025-2, Class C <sup>(b)</sup> | 5.506% | 07/20/33 | 4375000 | 4385188 |
| Prosper Marketplace Issuance Trust, Series 2023-1, Class D <sup>(b)</sup> | 11.240% | 07/16/29 | 1900000 | 1942665 |
| Purchasing Power Funding, Series 2024-A, Class C <sup>(b)</sup> | 6.800% | 08/15/28 | 8820000 | 8861603 |
| Purchasing Power Funding, Series 2024-A, Class E <sup>(b)</sup> | 10.180% | 08/15/28 | 2200000 | 2205679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Reach Financial, LLC, Series 2024-1A, Class B <sup>(b)</sup> | 6.290% | 02/18/31 | $3150071 | $3171954 |
| Reach Financial, LLC, Series 2024-1A, Class C <sup>(b)</sup> | 6.900% | 02/18/31 | 3450000 | 3545612 |
| Reach Financial, LLC, Series 2023-1A, Class C <sup>(b)</sup> | 8.450% | 02/18/31 | 13378979 | 13528171 |
| Reach Financial, LLC, Series 2024-2A, Class C <sup>(b)</sup> | 6.130% | 07/15/31 | 3000000 | 3074031 |
| Reach Financial, LLC, Series 2025-1A, Class B <sup>(b)</sup> | 5.340% | 08/16/32 | 5700000 | 5784022 |
| Reach Financial, LLC, Series 2025-1A, Class C <sup>(b)</sup> | 5.990% | 08/16/32 | 2500000 | 2544737 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT <sup>(b)</sup> | 6.110% | 06/15/32 | 13601269 | 13768836 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class A <sup>(b)</sup> | 4.794% | 09/15/32 | 8925610 | 8948279 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B <sup>(b)</sup> | 5.254% | 09/15/32 | 9250000 | 9287178 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C <sup>(b)</sup> | 5.923% | 09/15/32 | 19300000 | 19312887 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST7, Class B <sup>(b)</sup> | 4.979% | 11/15/32 | $11856000 | $11871816 |
| Upgrade Receivables Trust, Series 2024-1A, Class C <sup>(b)</sup> | 6.470% | 01/15/31 | 8875000 | 8945081 |
| Upstart Pass-Through Trust, Series 2022-ST3, Class A <sup>(b)</sup> | 4.300% | 05/20/30 | 2871961 | 2865578 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 37**<br>

**Diamond Hill Short Duration Securitized Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** | **Securitized — 85.7% continued** |
| **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** | **Unsecured Consumer — 12.2% continued** |
| Upstart Securitization Trust, Series 2025-3, Class C <sup>(b)</sup> | 5.430% | 09/20/35 | $10300000 | $10234725 |
| Upstart Structured Pass-Through Trust, Series 2022-2A, Class A <sup>(b)</sup> | 4.250% | 06/17/30 | 541776 | 540432 |
|  |  |  |  | 594878293 |
| **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** |
| (Cost $4,139,020,830) | (Cost $4,139,020,830) | (Cost $4,139,020,830) | (Cost $4,139,020,830) | $4172080370 |
| **Treasury — 4.6%** | **Treasury — 4.6%** | **Treasury — 4.6%** | **Treasury — 4.6%** | **Treasury — 4.6%** |
| U.S. Treasury Notes <sup>(a)</sup> | 1.625% | 02/15/26 | $20000000 | $19950078 |
| U.S. Treasury STRIPS | 0.125% | 04/15/26 | 12413800 | 12305702 |
| U.S. Treasury Notes | 3.625% | 05/15/26 | 15000000 | 15004065 |
| U.S. Treasury Notes | 3.750% | 08/31/26 | 25000000 | 25026905 |
| U.S. Treasury Notes | 4.375% | 12/15/26 | 15000000 | 15117663 |
| U.S. Treasury Notes | 2.250% | 02/15/27 | 10000000 | 9861719 |
| U.S. Treasury Notes <sup>(a)</sup> | 4.500% | 05/15/27 | 20000000 | 20265625 |
| U.S. Treasury Notes <sup>(a)</sup> | 2.250% | 08/15/27 | 50000000 | 49027344 |
| U.S. Treasury Notes | 3.875% | 10/15/27 | 20000000 | 20133594 |
| U.S. Treasury Notes | 1.250% | 09/30/28 | 40000000 | 37626562 |
| **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** |
| (Cost $223,321,177) | (Cost $223,321,177) | (Cost $223,321,177) | (Cost $223,321,177) | $224319257 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 7.9%** | **Registered Investment Companies — 7.9%** | **Registered Investment Companies — 7.9%** |
| State Street Institutional US Government Money Market Fund - Premier Class, 3.74% <sup>(g)</sup> | 357672391 | $357672391 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 7.9% continued** | **Registered Investment Companies — 7.9% continued** | **Registered Investment Companies — 7.9% continued** |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(g)(h)</sup> | 28290868 | $28290868 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $385,963,259) | (Cost $385,963,259) | $385963259 |
| **Total Investment Securities — 100.7%** | **Total Investment Securities — 100.7%** | **Total Investment Securities — 100.7%** |
| (Cost $4,866,784,664) | (Cost $4,866,784,664) | $4901577210 |
| **Liabilities in Excess of Other Assets — (0.7)%**  | **Liabilities in Excess of Other Assets — (0.7)%**  | (34970156) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4866607054 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $64,792,941. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of December 31, 2025 was $3,657,632,474, representing 75.2% of net assets. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Percentage rounds to less than 0.1%. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. The rate shown is the effective interest rate as of December 31, 2025. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. 

<sup>(e)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of December 31, 2025 was $21,568,164 representing 0.4% of net assets. 

<sup>(f)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security - security in default.

<sup>(g)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

IO — Interest Only

NA — National Association

plc — Public Limited Company

PO — Principal Only

Prime — Short—term interest rate in the banking system of the U.S.

SOFR — Secured Overnight Financing Rate

TSFR — CME Term SOFR

See accompanying Notes to Financial Statements.

**38 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Total Return Fund** Schedule of Investments

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 96.6%** | **Securitized — 96.6%** | **Securitized — 96.6%** | **Securitized — 96.6%** | **Securitized — 96.6%** |
| **ABS-Other — 2.8%** | **ABS-Other — 2.8%** | **ABS-Other — 2.8%** | **ABS-Other — 2.8%** | **ABS-Other — 2.8%** |
| ACHD Trust, Series 2025-DS1, Class A <sup>(a)</sup> | 5.978% | 01/09/34 | $100000 | $100002 |
| AMDR ABS Trust, Series 2025-1A, Class A <sup>(a)</sup> | 6.378% | 12/19/33 | 87258 | 87268 |
| Redaptive EAAS Issuer, LLC, Series 2025-1, Class A <sup>(a)</sup> | 5.940% | 03/25/42 | 100000 | 100188 |
| Service Experts Issuer, Series 2025-1A, Class B <sup>(a)</sup> | 7.620% | 01/20/37 | 350000 | 350920 |
| US Bank NA, Series 2025-SUP2, Class E (1\* SOFR30A + 370) <sup>(a)(b)</sup> | 7.574% | 09/25/32 | 229690 | 229285 |
|  |  |  |  | 867663 |
| **Agency MBS CMO — 51.6%** | **Agency MBS CMO — 51.6%** | **Agency MBS CMO — 51.6%** | **Agency MBS CMO — 51.6%** | **Agency MBS CMO — 51.6%** |
| FHLMC, Series 4434, Class HZ | 3.000% | 06/15/37 | 621178 | 520092 |
| FHLMC, Series 4045, Class PE | 3.500% | 05/15/42 | 360000 | 327867 |
| FHLMC, Series 4161, Class LM | 2.500% | 08/15/42 | 81042 | 69453 |
| FHLMC, Series 4158, Class CA | 1.500% | 12/15/42 | 162311 | 142502 |
| FHLMC, Series 4152, Class GW | 2.500% | 01/15/43 | 877077 | 714276 |
| FHLMC, Series 4210, Class Z | 3.000% | 05/15/43 | 154927 | 130713 |
| FHLMC, Series 4425, Class TA | 2.000% | 01/15/45 | 1391327 | 1208767 |
| FHLMC, Series 5151, Class WN | 2.000% | 10/25/50 | 368340 | 215670 |
| FHLMC, Series 5071, Class ZT | 1.500% | 02/25/51 | 1618584 | 688446 |
| FHLMC, Series 5131, Class JL | 1.000% | 08/25/51 | 602618 | 460699 |
| FNMA, Series 2020-44, Class EG | 2.000% | 09/25/42 | 1101702 | 956416 |
| FNMA, Series 2012-103, Class ZP | 3.000% | 09/25/42 | 1343167 | 1053149 |
| FNMA, Series 2012-152, Class TC | 2.500% | 01/25/43 | 240000 | 189490 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** |
| FNMA, Series 2017-87, Class EA | 3.000% | 04/25/44 | $1672260 | $1542863 |
| FNMA, Series 2016-61, Class ML | 3.000% | 09/25/46 | 400000 | 340783 |
| FNMA, Series 2017-48, Class LH | 2.500% | 05/25/47 | 285874 | 254217 |
| FNMA, Series 2018-28, Class CA | 3.000% | 05/25/48 | 177927 | 159687 |
| FNMA, Series 2018-95, Class B | 3.500% | 01/25/49 | 1864028 | 1704507 |
| FNMA, Series 2020-92, Class NB | 1.000% | 05/25/50 | 369638 | 282844 |
| FNMA, Series 2021-6, Class KU | 1.500% | 02/25/51 | 174576 | 100530 |
| FNMA, Series 2022-10, Class CK | 2.250% | 02/25/52 | 119120 | 71192 |
| FNMA, Series 2019-22, Class BA | 3.500% | 12/25/58 | 509475 | 484413 |
| GNMA, Series 2009-54, Class Z | 6.000% | 07/16/39 | 934937 | 983130 |
| GNMA, Series 2012-97, Class CB | 2.500% | 08/16/42 | 723383 | 609495 |
| GNMA, Series 2012-143, Class QD | 1.500% | 10/20/42 | 202913 | 180717 |
| GNMA, Series 2012-129, Class PE | 2.000% | 11/16/42 | 250000 | 202191 |
| GNMA, Series 2016-19, Class AC | 3.000% | 02/20/46 | 195000 | 164799 |
| GNMA, Series 2020-123, Class EA | 1.000% | 08/20/50 | 455331 | 255650 |
| GNMA, Series 2021-24, Class QD | 1.250% | 08/20/50 | 368807 | 290858 |
| GNMA, Series 2020-123, Class PB | 2.250% | 08/20/50 | 493950 | 408753 |
| GNMA, Series 2020-134, Class XL | 1.000% | 09/20/50 | 199999 | 94517 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 39**<br>

**Diamond Hill Securitized Total Return Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** |
| **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** | **Agency MBS CMO — 51.6% continued** |
| GNMA, Series 2020-138, Class NU | 1.500% | 09/20/50 | $172858 | $96809 |
| GNMA, Series 2020-183, Class AY | 2.000% | 11/20/50 | 763442 | 624396 |
| GNMA, Series 2021-87, Class DB | 2.000% | 05/20/51 | 683133 | 595033 |
|  |  |  |  | 16124924 |
| **Agency MBS CMO Derivatives — 4.2%** | **Agency MBS CMO Derivatives — 4.2%** | **Agency MBS CMO Derivatives — 4.2%** | **Agency MBS CMO Derivatives — 4.2%** | **Agency MBS CMO Derivatives — 4.2%** |
| FHLMC, Series 3616, Class S (IO) (-1\* SOFR30A + 641) <sup>(b)</sup> | 2.202% | 12/15/39 | 686287 | 62841 |
| FHLMC, Series 5092, Class KS (IO) (-1\* SOFR30A + 330) <sup>(b)</sup> | 0.000% | 03/25/51 | 640881 | 235744 |
| FNMA, Series 2012-128, Class SH (IO) (-1\* SOFR + 400) <sup>(b)</sup> | 0.000% | 11/25/42 | 146435 | 103034 |
| FNMA, Series 2012-133, Class WS (IO) (-.83\* SOFR30A + 391) <sup>(b)</sup> | 0.189% | 12/25/42 | 134430 | 80520 |
| GNMA, Series 2004-106, Class SJ (IO) (-5\* TSFR1M + 39) <sup>(b)</sup> | 8.256% | 12/16/34 | 51748 | 52585 |
| GNMA, Series 2011-7, Class LS (IO) | 2.183% | 12/20/40 | 916703 | 789529 |
|  |  |  |  | 1324253 |
| **Agency MBS Passthrough — 3.4%** | **Agency MBS Passthrough — 3.4%** | **Agency MBS Passthrough — 3.4%** | **Agency MBS Passthrough — 3.4%** | **Agency MBS Passthrough — 3.4%** |
| FHLMC, Pool #SD2217 | 6.000% | 01/01/53 | 381789 | 392055 |
| GNMA, Series 2020-16, Class MD | 2.750% | 02/20/50 | 620833 | 519051 |
| GNMA, Pool #MA9367 | 8.000% | 12/20/53 | 157390 | 162872 |
|  |  |  |  | 1073978 |
| **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** | **Auto Loan — 3.3%** |
| ACM Auto Trust, Series 2025-3A, Class B <sup>(a)</sup> | 6.080% | 07/20/32 | 150000 | 149404 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Auto Loan — 3.3% continued** | **Auto Loan — 3.3% continued** | **Auto Loan — 3.3% continued** | **Auto Loan — 3.3% continued** | **Auto Loan — 3.3% continued** |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D <sup>(a)</sup> | 5.820% | 01/15/32 | $175000 | $174680 |
| First Help Financial, LLC, Series 23-1A, Class A2 <sup>(a)</sup> | 6.570% | 06/15/28 | 73437 | 73784 |
| First Help Financial, LLC, Series 23-1A, Class B <sup>(a)</sup> | 6.770% | 05/15/29 | 125000 | 125739 |
| Huntington National Bank (The), Series 2025-2, Class B1 <sup>(a)</sup> | 4.835% | 09/20/33 | 88297 | 88866 |
| Merchants Fleet Funding, LLC, Series 2025-1A, Class D <sup>(a)</sup> | 5.760% | 01/20/39 | 100000 | 100298 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D <sup>(a)</sup> | 6.012% | 06/26/34 | 100000 | 100073 |
| Western Funding Auto Loan Trust, Series 2025-1, Class D <sup>(a)</sup> | 5.790% | 01/15/36 | 200000 | 203025 |
|  |  |  |  | 1015869 |
| **CRE/CLO — 1.5%** | **CRE/CLO — 1.5%** | **CRE/CLO — 1.5%** | **CRE/CLO — 1.5%** | **CRE/CLO — 1.5%** |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class C <sup>(a)</sup> | 6.099% | 12/18/37 | 86557 | 85128 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1\* TSFR1M + 369) <sup>(a)(b)</sup> | 7.647% | 01/18/41 | 270000 | 270017 |
| Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1\* TSFR1M + 269) <sup>(a)(b)</sup> | 6.427% | 08/20/42 | 100000 | 99947 |
|  |  |  |  | 455092 |

---

**40 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Total Return Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** |
| **Equipment — 0.8%** | **Equipment — 0.8%** | **Equipment — 0.8%** | **Equipment — 0.8%** | **Equipment — 0.8%** |
| MMP Capital, LLC, Series 2025-A, Class A <sup>(a)</sup> | 5.360% | 12/15/31 | $99046 | $99922 |
| NMEF Funding, LLC, Series 2022-B, Class C <sup>(a)</sup> | 8.540% | 06/15/29 | 150000 | 153006 |
|  |  |  |  | 252928 |
| **HECM — 7.2%** | **HECM — 7.2%** | **HECM — 7.2%** | **HECM — 7.2%** | **HECM — 7.2%** |
| Brean Asset Backed Securities Trust, Series 2025-RM12, Class A2 <sup>(a)</sup> | 4.500% | 07/25/65 | 250543 | 239151 |
| Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 <sup>(a)</sup> | 4.500% | 07/25/65 | 127282 | 103825 |
| Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 <sup>(a)</sup> | 4.250% | 10/25/65 | 100733 | 80959 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 <sup>(a)</sup> | 3.000% | 11/25/38 | 200000 | 182835 |
| Onity Loan Investment Trust, Series 2025-HB1, Class A <sup>(a)</sup> | 3.000% | 06/25/38 | 153228 | 150567 |
| Onity Loan Investment Trust, Series 2025-HB1, Class M4 <sup>(a)</sup> | 3.000% | 06/25/38 | 500000 | 432932 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 <sup>(a)</sup> | 4.704% | 11/25/31 | 920000 | 875703 |
| RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 <sup>(a)</sup> | 3.000% | 01/25/62 | 200000 | 187207 |
|  |  |  |  | 2253179 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1\* TSFR1M + 255) <sup>(a)(b)</sup> | 6.300% | 08/15/42 | $100000 | $100127 |
| **Industrial — 1.3%** | **Industrial — 1.3%** | **Industrial — 1.3%** | **Industrial — 1.3%** | **Industrial — 1.3%** |
| BX Trust, Series 2025-VLT7, Class D (1\* TSFR1M + 325) <sup>(a)(b)</sup> | 7.000% | 07/15/27 | 100000 | 100311 |
| BX Trust, Series 2025-BCAT, Class D (1\* TSFR1M + 265) <sup>(a)(b)</sup> | 6.400% | 08/15/42 | 95828 | 96086 |
| BX Trust, Series VOLT-2025, Class A (1\* SOFR30A + 2) <sup>(a)(b)</sup> | 5.700% | 12/15/44 | 200000 | 200124 |
|  |  |  |  | 396521 |
| **Laboratory — 2.6%** | **Laboratory — 2.6%** | **Laboratory — 2.6%** | **Laboratory — 2.6%** | **Laboratory — 2.6%** |
| Commercial Mortgage Trust, Series 2020-CX, Class B <sup>(a)</sup> | 2.446% | 11/10/46 | 200000 | 167779 |
| Life Financial Services Trust, Series 2021-BMR, Class D (1\* TSFR1M + 151) <sup>(a)(b)</sup> | 5.264% | 03/15/38 | 143500 | 142695 |
| Life Financial Services Trust, Series 2021-BMR, Class F (1\* TSFR1M + 246) <sup>(a)(b)</sup> | 6.214% | 03/15/38 | 94500 | 92088 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 (1\* TSFR1M + 130) <sup>(a)(b)</sup> | 5.045% | 05/15/39 | 250000 | 241099 |
| Life Financial Services Trust, Series 2022-BMR2, Class C (1\* TSFR1M + 209) <sup>(a)(b)</sup> | 5.843% | 05/15/39 | 195000 | 175750 |
|  |  |  |  | 819411 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 41**<br>

**Diamond Hill Securitized Total Return Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** |
| **Multifamily — 2.7%** | **Multifamily — 2.7%** | **Multifamily — 2.7%** | **Multifamily — 2.7%** | **Multifamily — 2.7%** |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1\* TSFR1M + 309) <sup>(a)(b)</sup> | 6.839% | 08/15/39 | $187239 | $187705 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1\* SOFR30A + 335) <sup>(a)</sup> | 7.424% | 07/25/41 | 243745 | 243746 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1\* SOFR30A + 205) <sup>(a)(b)</sup> | 5.924% | 02/25/45 | 221838 | 219773 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1\* SOFR + 230) <sup>(a)(b)</sup> | 7.034% | 11/25/51 | 176807 | 177007 |
|  |  |  |  | 828231 |
| **Non-Agency MBS 2.0 — 0.9%** | **Non-Agency MBS 2.0 — 0.9%** | **Non-Agency MBS 2.0 — 0.9%** | **Non-Agency MBS 2.0 — 0.9%** | **Non-Agency MBS 2.0 — 0.9%** |
| JP Morgan Mortgage Trust, Series 2018-3, Class B5 <sup>(a)</sup> | 3.698% | 09/25/48 | 198720 | 137613 |
| Redwood Funding Trust, Series 2025-3, Class B <sup>(a)</sup> | 7.749% | 12/27/56 | 150000 | 150420 |
|  |  |  |  | 288033 |
| **Office — 2.6%** | **Office — 2.6%** | **Office — 2.6%** | **Office — 2.6%** | **Office — 2.6%** |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D <sup>(a)(c)</sup> | 3.289% | 01/15/32 | 125000 | 70300 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class B (1\* TSFR1M + 169) <sup>(a)(b)</sup> | 5.442% | 02/15/42 | 290000 | 289459 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Office — 2.6% continued** | **Office — 2.6% continued** | **Office — 2.6% continued** | **Office — 2.6% continued** | **Office — 2.6% continued** |
| NYT Mortgage Trust, Series 2019-NYT, Class C (1\* TSFR1M + 200) <sup>(a)(b)</sup> | 5.748% | 12/15/35 | $200000 | $192060 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D <sup>(a)</sup> | 8.623% | 09/15/40 | 250000 | 251824 |
|  |  |  |  | 803643 |
| **Residential Transition Loan — 1.8%** | **Residential Transition Loan — 1.8%** | **Residential Transition Loan — 1.8%** | **Residential Transition Loan — 1.8%** | **Residential Transition Loan — 1.8%** |
| Fidelis Mortgage Trust, Series 2025-RTL2, Class A2 <sup>(a)</sup> | 6.060% | 07/25/40 | 350000 | 352683 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A2 <sup>(a)</sup> | 5.952% | 01/25/40 | 200000 | 201754 |
|  |  |  |  | 554437 |
| **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** | **Retail — 1.3%** |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class C (1\* SOFR + 180) <sup>(a)(b)</sup> | 5.765% | 02/15/40 | 200000 | 200161 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class D (1\* SOFR + 250) <sup>(a)(b)</sup> | 6.465% | 02/15/40 | 200000 | 199583 |
|  |  |  |  | 399744 |
| **Second Lien — 2.0%** | **Second Lien — 2.0%** | **Second Lien — 2.0%** | **Second Lien — 2.0%** | **Second Lien — 2.0%** |
| Point Securitization Trust, Series 2023-1, Class A1 <sup>(a)</sup> | 6.500% | 11/25/53 | 268700 | 268978 |
| Point Securitization Trust, Series 2024-1, Class A1 <sup>(a)</sup> | 6.500% | 06/25/54 | 289265 | 290033 |
| Unlock HEA Trust, Series 2025-2, Class C <sup>(a)</sup> | 6.000% | 11/25/41 | 100000 | 77518 |
|  |  |  |  | 636529 |

---

**42 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Securitized Total Return Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair<br> Value** |
| **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** | **Securitized — 96.6% continued** |
| **Small Business — 1.0%** | **Small Business — 1.0%** | **Small Business — 1.0%** | **Small Business — 1.0%** | **Small Business — 1.0%** |
| CPC Asset Securitization, LLC, Series 2025-1A, Class A <sup>(a)</sup> | 5.780% | 07/15/31 | $150000 | $151667 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class C <sup>(a)</sup> | 7.150% | 09/10/31 | 150000 | 149805 |
|  |  |  |  | 301472 |
| **Unsecured Consumer — 5.3%** | **Unsecured Consumer — 5.3%** | **Unsecured Consumer — 5.3%** | **Unsecured Consumer — 5.3%** | **Unsecured Consumer — 5.3%** |
| ACHV ABS Trust, Series 2024-1PL, Class D <sup>(a)</sup> | 7.290% | 04/25/31 | 79254 | 80456 |
| Cherry Securitization Trust, Series 2025-1A, Class A <sup>(a)</sup> | 6.130% | 11/15/32 | 300000 | 304569 |
| Lendmark Funding Trust, Series 2025-2A, Class D <sup>(a)</sup> | 5.980% | 10/20/34 | 220000 | 221698 |
| Oportun Funding, LLC, Series 2025-D, Class D <sup>(a)</sup> | 6.970% | 02/08/33 | 150000 | 149604 |
| Oportun Funding, LLC, Series 2025-C, Class D <sup>(a)</sup> | 5.910% | 07/08/33 | 100000 | 98905 |
| Pagaya AI Debt Selection Trust, Series 2025-5, Class B <sup>(a)</sup> | 5.440% | 03/15/33 | 149994 | 150634 |
| Pagaya AI Debt Selection Trust, Series 2025-8, Class B <sup>(a)</sup> | 5.409% | 07/15/33 | 100000 | 100145 |
| RCKT Trust, Series 2025-1A, Class D <sup>(a)</sup> | 5.420% | 07/25/34 | 150000 | 150721 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B <sup>(a)</sup> | 5.254% | 09/15/32 | 150000 | 150603 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C <sup>(a)</sup> | 5.923% | 09/15/32 | 250000 | 250167 |
|  |  |  |  | 1657502 |
| **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** |
| (Cost $29,629,288) | (Cost $29,629,288) | (Cost $29,629,288) | (Cost $29,629,288) | $30153536 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 3.2%** | **Registered Investment Companies — 3.2%** | **Registered Investment Companies — 3.2%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(d)</sup> (Cost $1,009,441) | 1009441 | $1009441 |
| **Total Investment Securities — 99.8%** | **Total Investment Securities — 99.8%** | **Total Investment Securities — 99.8%** |
| (Cost $30,638,729) | (Cost $30,638,729) | $31162977 |
| **Other Assets in Excess of Liabilities — 0.2%** | **Other Assets in Excess of Liabilities — 0.2%** | 69356 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $31232333 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of 12/31/2025 was $11,630,381, representing 37.2% of net assets. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. The rate shown is the effective interest rate as of December 31, 2025. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of December 31, 2025 was $70,300, representing 0.2% of net assets. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

IO — Interest Only

NA — National Association

SOFR — Secured Overnight Financing Rate

TSFR — CME Term SOFR

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 43**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0%** | **Corporate Credit — 15.0%** | **Corporate Credit — 15.0%** | **Corporate Credit — 15.0%** | **Corporate Credit — 15.0%** |
| **Banking — 5.1%** | **Banking — 5.1%** | **Banking — 5.1%** | **Banking — 5.1%** | **Banking — 5.1%** |
| American Express Co. | 5.282% | 07/27/29 | $400000 | $411974 |
| American Express Co. | 5.532% | 04/25/30 | 325000 | 339040 |
| American Express Co. <sup>(a)</sup> | 5.085% | 01/30/31 | 925000 | 953447 |
| American Express Co. <sup>(b)</sup> | 5.284% | 07/26/35 | 825000 | 850144 |
| Bank of America Corp. | 3.194% | 07/23/30 | 3250000 | 3139105 |
| Bank of America Corp. (1\* TSFR3M + 145) <sup>(a)</sup> | 2.884% | 10/22/30 | 2300000 | 2188682 |
| Bank of America Corp. (1\* SOFR + 215) <sup>(a)</sup> | 2.592% | 04/29/31 | 450000 | 419301 |
| Bank of America Corp., Class B (1\* SOFR + 153) <sup>(a)</sup> | 1.898% | 07/23/31 | 3000000 | 2694748 |
| Bank of America Corp. <sup>(b)</sup> | 2.687% | 04/22/32 | 7125000 | 6538286 |
| Bank of America Corp. | 4.571% | 04/27/33 | 1700000 | 1695835 |
| Bank of America Corp. | 5.468% | 01/23/35 | 250000 | 260430 |
| Bank of Montreal France | 0.949% | 01/22/27 | 630000 | 628776 |
| Bank of New York Mellon Corp. (The), Series J | 6.317% | 10/25/29 | 2150000 | 2282695 |
| Bank of New York Mellon Corp. (The) (1\* SOFR + 207) <sup>(a)</sup> | 5.834% | 10/25/33 | 500000 | 539120 |
| Bank of New York Mellon Corp. (The), Series J <sup>(b)</sup> | 5.316% | 06/06/36 | 1700000 | 1761184 |
| Capital One Financial Corp. <sup>(b)</sup> | 4.493% | 09/11/31 | 3400000 | 3395013 |
| Capital One Financial Corp. | 6.377% | 06/08/34 | 500000 | 540465 |
| Capital One Financial Corp. | 5.197% | 09/11/36 | 890000 | 885511 |
| Citibank NA | 5.570% | 04/30/34 | 1750000 | 1850987 |
| Citigroup, Inc. | 5.174% | 02/13/30 | 500000 | 513076 |
| Citigroup, Inc. (1\* SOFR + 142) <sup>(a)</sup> | 2.976% | 11/05/30 | 3380000 | 3219034 |
| Citigroup, Inc. | 2.666% | 01/29/31 | 4537000 | 4246821 |
| Citigroup, Inc. (1\* SOFR + 211) <sup>(a)</sup> | 2.572% | 06/03/31 | 4175000 | 3868271 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** |
| Citigroup, Inc. | 2.561% | 05/01/32 | $1550000 | $1406667 |
| Citigroup, Inc. | 3.057% | 01/25/33 | 2250000 | 2061145 |
| Citizens Bank NA | 4.575% | 08/09/28 | 1350000 | 1360075 |
| Comerica, Inc. | 5.982% | 01/30/30 | 2850000 | 2973170 |
| Discover Bank | 3.450% | 07/27/26 | 1500000 | 1495439 |
| Fifth Third Bancorp <sup>(b)</sup> | 1.707% | 11/01/27 | 450000 | 441409 |
| Fifth Third Bancorp | 6.361% | 10/27/28 | 500000 | 520166 |
| Fifth Third Bancorp (1\* SOFR + 234) <sup>(a)</sup> | 6.339% | 07/27/29 | 750000 | 789841 |
| First Horizon Bank <sup>(b)</sup> | 5.750% | 05/01/30 | 250000 | 258270 |
| Goldman Sachs Group, Inc. (The) | 1.948% | 10/21/27 | 1000000 | 983088 |
| Goldman Sachs Group, Inc. (The) | 2.600% | 02/07/30 | 500000 | 469835 |
| Goldman Sachs Group, Inc. (The) | 5.207% | 01/28/31 | 1800000 | 1858763 |
| Goldman Sachs Group, Inc. (The) | 1.992% | 01/27/32 | 4550000 | 4042085 |
| Goldman Sachs Group, Inc. (The) (1\* SOFR + 128) <sup>(a)</sup> | 2.615% | 04/22/32 | 9175000 | 8365884 |
| HSBC Holdings plc | 5.597% | 05/17/28 | 3100000 | 3157935 |
| HSBC Holdings plc | 4.619% | 11/06/31 | 1000000 | 1003084 |
| HSBC Holdings plc | 5.450% | 03/03/36 | 1000000 | 1031703 |
| Huntington Bancshares, Inc. | 6.208% | 08/21/29 | 750000 | 786603 |
| Huntington Bancshares, Inc. <sup>(b)</sup> | 5.023% | 05/17/33 | 400000 | 404676 |
| JPMorgan Chase & Co. (1\* SOFR + 89) <sup>(a)</sup> | 1.578% | 04/22/27 | 400000 | 397000 |
| JPMorgan Chase & Co. | 1.470% | 09/22/27 | 1350000 | 1325364 |
| JPMorgan Chase & Co. | 5.040% | 01/23/28 | 1000000 | 1010349 |
| JPMorgan Chase & Co. (1\* TSFR3M + 121) <sup>(a)</sup> | 3.509% | 01/23/29 | 3110000 | 3080488 |
| JPMorgan Chase & Co. (1\* SOFR + 115) <sup>(a)</sup> | 2.069% | 06/01/29 | 1250000 | 1193632 |
| JPMorgan Chase & Co. | 3.702% | 05/06/30 | 1500000 | 1477416 |

---

**44 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** |
| JPMorgan Chase & Co. (1\* SOFR + 151) <sup>(a)</sup> | 2.739% | 10/15/30 | $1850000 | $1754995 |
| JPMorgan Chase & Co. <sup>(b)</sup> | 4.603% | 10/22/30 | 1900000 | 1926677 |
| JPMorgan Chase & Co. | 2.545% | 11/08/32 | 475000 | 428639 |
| JPMorgan Chase & Co. | 2.963% | 01/25/33 | 8275000 | 7593804 |
| JPMorgan Chase & Co. | 5.294% | 07/22/35 | 950000 | 980098 |
| KeyBank NA <sup>(b)</sup> | 5.000% | 01/26/33 | 5900000 | 5959097 |
| KeyCorp | 4.789% | 06/01/33 | 300000 | 299843 |
| Morgan Stanley, Series I | 5.230% | 01/15/31 | 875000 | 902551 |
| Morgan Stanley, Series GMTN (1\* SOFR + 114) <sup>(a)</sup> | 2.699% | 01/22/31 | 9900000 | 9286166 |
| Morgan Stanley (SOFR + 312) <sup>(a)</sup> | 3.622% | 04/01/31 | 2500000 | 2429061 |
| Morgan Stanley (1\* SOFR + 103) <sup>(a)</sup> | 1.794% | 02/13/32 | 3750000 | 3293440 |
| Morgan Stanley | 1.928% | 04/28/32 | 750000 | 658018 |
| Morgan Stanley | 2.239% | 07/21/32 | 1000000 | 888588 |
| Morgan Stanley Private Bank | 4.466% | 07/06/28 | 2000000 | 2013473 |
| PNC Bank NA | 2.700% | 10/22/29 | 250000 | 236070 |
| PNC Financial Services Group, Inc. (The) | 2.600% | 07/23/26 | 250000 | 248248 |
| PNC Financial Services Group, Inc. (The) <sup>(b)</sup> | 5.300% | 01/21/28 | 1000000 | 1012927 |
| PNC Financial Services Group, Inc. (The) <sup>(b)</sup> | 5.582% | 06/12/29 | 500000 | 518560 |
| PNC Financial Services Group, Inc. (The) | 6.037% | 10/28/33 | 850000 | 918070 |
| PNC Financial Services Group, Inc. (The) | 5.939% | 08/18/34 | 1000000 | 1073581 |
| Royal Bank of Canada | 4.522% | 10/18/28 | 900000 | 908788 |
| Royal Bank of Canada | 4.650% | 10/18/30 | 3150000 | 3193916 |
| State Street Corp. | 5.272% | 08/03/26 | 700000 | 704450 |
| State Street Corp. | 2.623% | 02/07/33 | 258000 | 233136 |
| State Street Corp. <sup>(b)</sup> | 4.164% | 08/04/33 | 300000 | 294224 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** | **Banking — 5.1% continued** |
| Toronto-Dominion Bank (The) | 1.200% | 06/03/26 | $1050000 | $1037947 |
| Toronto-Dominion Bank (The) | 5.156% | 01/10/28 | 500000 | 511319 |
| Toronto-Dominion Bank (The), Series C <sup>(b)</sup> | 5.523% | 07/17/28 | 500000 | 518029 |
| Toronto-Dominion Bank (The) <sup>(b)</sup> | 4.994% | 04/05/29 | 1000000 | 1025165 |
| Toronto-Dominion Bank (The) | 3.200% | 03/10/32 | 236000 | 219954 |
| Truist Financial Corp. <sup>(b)</sup> | 6.047% | 06/08/27 | 500000 | 504023 |
| Truist Financial Corp. <sup>(b)</sup> | 4.873% | 01/26/29 | 500000 | 507956 |
| Truist Financial Corp. | 1.887% | 06/07/29 | 1000000 | 950049 |
| Truist Financial Corp. | 7.161% | 10/30/29 | 500000 | 539388 |
| Truist Financial Corp., Series I <sup>(b)</sup> | 5.071% | 05/20/31 | 450000 | 462289 |
| Truist Financial Corp. | 5.711% | 01/24/35 | 500000 | 525960 |
| US Bancorp <sup>(b)</sup> | 2.215% | 01/27/28 | 800000 | 785718 |
| US Bancorp | 4.548% | 07/22/28 | 300000 | 302486 |
| US Bancorp, Series CC <sup>(b)</sup> | 5.083% | 05/15/31 | 875000 | 901944 |
| US Bancorp | 2.677% | 01/27/33 | 2750000 | 2479962 |
| US Bancorp <sup>(b)</sup> | 4.839% | 02/01/34 | 1000000 | 1007347 |
| Wells Fargo & Co. (1\* SOFR + 210) <sup>(a)</sup> | 2.393% | 06/02/28 | 650000 | 635111 |
| Wells Fargo & Co., Series W (1\* SOFR + 174) <sup>(a)</sup> | 5.574% | 07/25/29 | 900000 | 932289 |
| Wells Fargo & Co. | 2.879% | 10/30/30 | 4000000 | 3805172 |
| Wells Fargo & Co., Series W <sup>(a)</sup> | 5.244% | 01/24/31 | 875000 | 906080 |
| Wells Fargo & Co. | 2.572% | 02/11/31 | 1050000 | 980684 |
| Wells Fargo & Co. | 3.350% | 03/02/33 | 2700000 | 2520009 |
| Wells Fargo & Co. | 5.499% | 01/23/35 | 1000000 | 1043370 |
|  |  |  |  | 155974703 |
| **Basic Industry — 0.0% <sup>(c)</sup>** | **Basic Industry — 0.0% <sup>(c)</sup>** | **Basic Industry — 0.0% <sup>(c)</sup>** | **Basic Industry — 0.0% <sup>(c)</sup>** | **Basic Industry — 0.0% <sup>(c)</sup>** |
| Nucor Corp. <sup>(b)</sup> | 3.125% | 04/01/32 | 250000 | 232379 |
| PPG Industries, Inc. <sup>(b)</sup> | 2.550% | 06/15/30 | 300000 | 279217 |
|  |  |  |  | 511596 |
| **Brokerage Asset Managers Exchanges — 0.1%** | **Brokerage Asset Managers Exchanges — 0.1%** | **Brokerage Asset Managers Exchanges — 0.1%** | **Brokerage Asset Managers Exchanges — 0.1%** | **Brokerage Asset Managers Exchanges — 0.1%** |
| BlackRock Funding, Inc. | 5.000% | 03/14/34 | 500000 | 515961 |
| BlackRock, Inc. | 2.100% | 02/25/32 | 1625000 | 1434463 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 45**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Brokerage Asset Managers Exchanges — 0.1% continued** | **Brokerage Asset Managers Exchanges — 0.1% continued** | **Brokerage Asset Managers Exchanges — 0.1% continued** | **Brokerage Asset Managers Exchanges — 0.1% continued** | **Brokerage Asset Managers Exchanges — 0.1% continued** |
| Blackstone Reg Finance Co., LLC <sup>(b)</sup> | 4.300% | 11/03/30 | $1635000 | $1634077 |
| Intercontinental Exchange, Inc. | 5.250% | 06/15/31 | 400000 | 420500 |
| Intercontinental Exchange, Inc. <sup>(b)</sup> | 4.950% | 06/15/52 | 875000 | 804352 |
|  |  |  |  | 4809353 |
| **Capital Goods — 0.5%** | **Capital Goods — 0.5%** | **Capital Goods — 0.5%** | **Capital Goods — 0.5%** | **Capital Goods — 0.5%** |
| Carrier Global Corp., Class B <sup>(b)</sup> | 2.722% | 02/15/30 | 250000 | 235366 |
| Caterpillar, Inc. | 5.200% | 05/15/35 | 1650000 | 1710252 |
| Deere & Co. | 3.100% | 04/15/30 | 1725000 | 1661901 |
| John Deere Capital Corp. <sup>(b)</sup> | 4.400% | 09/08/31 | 900000 | 908850 |
| John Deere Capital Corp. | 5.100% | 04/11/34 | 750000 | 775538 |
| Johnson Controls International plc | 5.500% | 04/19/29 | 450000 | 467992 |
| Johnson Controls International plc | 2.000% | 09/16/31 | 500000 | 440264 |
| L3Harris Technologies, Inc. <sup>(b)</sup> | 4.400% | 06/15/28 | 1710000 | 1723126 |
| Northrop Grumman Corp. | 4.900% | 06/01/34 | 900000 | 912539 |
| RTX Corp. | 6.100% | 03/15/34 | 2675000 | 2926703 |
| Waste Connections, Inc. | 3.200% | 06/01/32 | 1800000 | 1675161 |
| Waste Management, Inc. | 3.875% | 01/15/29 | 1375000 | 1372989 |
|  |  |  |  | 14810681 |
| **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** |
| American Tower Corp. | 3.125% | 01/15/27 | 300000 | 297150 |
| American Tower Corp. | 5.800% | 11/15/28 | 250000 | 260982 |
| American Tower Corp. | 5.200% | 02/15/29 | 2175000 | 2238421 |
| American Tower Corp. | 2.100% | 06/15/30 | 200000 | 181508 |
| AT&T, Inc. | 2.300% | 06/01/27 | 650000 | 635143 |
| AT&T, Inc. | 2.550% | 12/01/33 | 114000 | 97296 |
| AT&T, Inc. | 4.500% | 05/15/35 | 700000 | 672403 |
| AT&T, Inc., Class B | 3.500% | 06/01/41 | 400000 | 314638 |
| British Telecommunications plc <sup>(d)</sup> | 3.250% | 11/08/29 | 275000 | 264232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Communications — 0.6% continued** | **Communications — 0.6% continued** | **Communications — 0.6% continued** | **Communications — 0.6% continued** | **Communications — 0.6% continued** |
| Comcast Corp. | 1.950% | 01/15/31 | $2250000 | $2005607 |
| Comcast Corp. | 3.969% | 11/01/47 | 144000 | 107854 |
| Comcast Corp. | 5.350% | 05/15/53 | 925000 | 830896 |
| Deutsche Telekom International Finance BV <sup>(d)</sup> | 4.750% | 06/21/38 | 100000 | 96465 |
| T-Mobile USA, Inc. | 5.050% | 07/15/33 | 4975000 | 5076746 |
| Verizon Communications, Inc. <sup>(b)</sup> | 1.750% | 01/20/31 | 700000 | 616165 |
| Verizon Communications, Inc. | 2.550% | 03/21/31 | 1400000 | 1278471 |
| Verizon Communications, Inc. | 2.355% | 03/15/32 | 1237000 | 1090106 |
| Verizon Wireless | 5.000% | 01/15/36 | 1785000 | 1769847 |
|  |  |  |  | 17833930 |
| **Consumer Cyclical — 1.4%** | **Consumer Cyclical — 1.4%** | **Consumer Cyclical — 1.4%** | **Consumer Cyclical — 1.4%** | **Consumer Cyclical — 1.4%** |
| American Honda Finance | 4.250% | 09/01/28 | 1720000 | 1730418 |
| American Honda Finance <sup>(b)</sup> | 4.900% | 01/10/34 | 400000 | 401846 |
| CVS Health Corp. | 3.750% | 04/01/30 | 500000 | 488229 |
| CVS Health Corp. | 5.050% | 03/25/48 | 2550000 | 2247952 |
| CVS Health Corp. <sup>(b)</sup> | 5.875% | 06/01/53 | 450000 | 436948 |
| Dollar Tree, Inc. <sup>(b)</sup> | 4.200% | 05/15/28 | 4100000 | 4102455 |
| Expedia, Inc. <sup>(b)</sup> | 3.800% | 02/15/28 | 1250000 | 1243096 |
| Ford Motor Co., Class B | 3.250% | 02/12/32 | 1000000 | 881168 |
| Ford Motor Credit Co., LLC | 6.800% | 05/12/28 | 2000000 | 2086951 |
| General Motors Co. | 5.625% | 04/15/30 | 4500000 | 4688658 |
| General Motors Financial Co., Inc., Class B <sup>(b)</sup> | 1.500% | 06/10/26 | 700000 | 692082 |
| General Motors Financial Co., Inc. | 5.750% | 02/08/31 | 500000 | 525903 |
| General Motors Financial Co., Inc. | 5.450% | 09/06/34 | 1700000 | 1724464 |
| Home Depot, Inc. (The) <sup>(b)</sup> | 4.950% | 06/25/34 | 750000 | 767087 |
| Home Depot, Inc. (The) | 4.200% | 04/01/43 | 1100000 | 953860 |
| Hyundai Capital America <sup>(d)</sup> | 5.250% | 01/08/27 | 400000 | 404555 |
| Hyundai Capital America <sup>(d)</sup> | 5.350% | 03/19/29 | 3110000 | 3199488 |

---

**46 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Consumer Cyclical — 1.4% continued** | **Consumer Cyclical — 1.4% continued** | **Consumer Cyclical — 1.4% continued** | **Consumer Cyclical — 1.4% continued** | **Consumer Cyclical — 1.4% continued** |
| Hyundai Capital America, Series A <sup>(d)</sup> | 5.300% | 01/08/30 | $875000 | $901627 |
| Hyundai Capital America <sup>(d)</sup> | 5.400% | 06/24/31 | 850000 | 879591 |
| Hyundai Capital America, Series A <sup>(d)</sup> | 4.750% | 09/26/31 | 400000 | 401457 |
| Lowe's Cos., Inc. | 2.625% | 04/01/31 | 950000 | 871557 |
| Lowe's Cos., Inc. <sup>(b)</sup> | 2.800% | 09/15/41 | 3025000 | 2174490 |
| Mercedes-Benz Financing NA <sup>(d)</sup> | 4.750% | 03/31/28 | 500000 | 507948 |
| Mercedes-Benz Financing NA <sup>(b)(d)</sup> | 5.000% | 01/11/34 | 2000000 | 2020841 |
| Target Corp. <sup>(b)</sup> | 5.000% | 04/15/35 | 3340000 | 3383833 |
| Toyota Motor Credit Corp. | 4.550% | 05/17/30 | 1450000 | 1474728 |
| Toyota Motor Credit Corp. | 5.550% | 11/20/30 | 800000 | 847336 |
| Toyota Motor Credit Corp. | 4.650% | 09/03/32 | 440000 | 444096 |
| Volkswagen Group America <sup>(d)</sup> | 5.650% | 09/12/28 | 2400000 | 2474332 |
| Walmart, Inc. <sup>(b)</sup> | 4.500% | 04/15/53 | 450000 | 397952 |
|  |  |  |  | 43354948 |
| **Consumer Non-Cyclical — 1.2%** | **Consumer Non-Cyclical — 1.2%** | **Consumer Non-Cyclical — 1.2%** | **Consumer Non-Cyclical — 1.2%** | **Consumer Non-Cyclical — 1.2%** |
| Abbott Laboratories | 4.750% | 11/30/36 | 100000 | 100614 |
| AbbVie, Inc. | 3.200% | 11/21/29 | 3900000 | 3782126 |
| AbbVie, Inc. | 4.550% | 03/15/35 | 100000 | 98448 |
| AbbVie, Inc. | 4.500% | 05/14/35 | 800000 | 785111 |
| Amgen, Inc. <sup>(b)</sup> | 4.200% | 03/01/33 | 400000 | 390977 |
| Amgen, Inc. | 5.250% | 03/02/33 | 3750000 | 3881855 |
| Amgen, Inc. | 5.600% | 03/02/43 | 425000 | 427360 |
| Anheuser-Busch InBev SA/NV | 4.700% | 02/01/36 | 2625000 | 2598343 |
| Baxter International, Inc. | 1.915% | 02/01/27 | 131000 | 127830 |
| Bristol-Myers Squibb Co. | 2.950% | 03/15/32 | 2300000 | 2130364 |
| Constellation Brands, Inc. <sup>(b)</sup> | 2.250% | 08/01/31 | 2195000 | 1947650 |
| HCA, Inc. | 3.375% | 03/15/29 | 1900000 | 1851036 |
| HCA, Inc. | 4.125% | 06/15/29 | 650000 | 647796 |
| HCA, Inc. <sup>(b)</sup> | 4.300% | 11/15/30 | 1140000 | 1135691 |
| Keurig Dr. Pepper, Inc. | 5.100% | 03/15/27 | 800000 | 808863 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Consumer Non-Cyclical — 1.2% continued** | **Consumer Non-Cyclical — 1.2% continued** | **Consumer Non-Cyclical — 1.2% continued** | **Consumer Non-Cyclical — 1.2% continued** | **Consumer Non-Cyclical — 1.2% continued** |
| Kroger Co. (The) <sup>(b)</sup> | 3.500% | 02/01/26 | $1250000 | $1249137 |
| Kroger Co. (The) | 2.650% | 10/15/26 | 100000 | 98988 |
| Kroger Co. (The) | 1.700% | 01/15/31 | 1552000 | 1367466 |
| Laboratory Corp. of American Holdings | 1.550% | 06/01/26 | 375000 | 371129 |
| Mondelez International, Inc. <sup>(d)</sup> | 1.250% | 09/24/26 | 1600000 | 1568810 |
| Pfizer, Inc. | 7.200% | 03/15/39 | 1100000 | 1311330 |
| Pfizer, Inc. | 5.340% | 05/19/63 | 1800000 | 1670042 |
| Phillip Morris International, Inc. | 5.500% | 09/07/30 | 1500000 | 1577219 |
| Phillip Morris International, Inc. | 5.375% | 02/15/33 | 2550000 | 2666504 |
| Roche Holdings, Inc. <sup>(d)</sup> | 2.076% | 12/13/31 | 2300000 | 2034595 |
| Roche Holdings, Inc. <sup>(d)</sup> | 5.593% | 11/13/33 | 2331000 | 2492093 |
|  |  |  |  | 37121377 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| CMS Energy Corp. | 2.950% | 02/15/27 | 100000 | 98651 |
| Commonwealth Edison Co. | 5.300% | 06/01/34 | 900000 | 937373 |
| Dominion Energy South Carolina, Inc. <sup>(b)</sup> | 6.250% | 10/15/53 | 450000 | 484099 |
| Dominion Energy, Inc. | 1.450% | 04/15/26 | 750000 | 744413 |
| DTE Electric Co. | 5.200% | 04/01/33 | 450000 | 467635 |
| DTE Energy Co., Series E | 2.850% | 10/01/26 | 100000 | 99132 |
| DTE Energy Co., Series H | 2.950% | 03/01/30 | 125000 | 118383 |
| Duke Energy Carolinas SC Storm Funding, LLC | 4.898% | 03/01/44 | 4170000 | 4162005 |
| Duke Energy Corp. <sup>(b)</sup> | 4.300% | 03/15/28 | 825000 | 829443 |
| Duke Energy Corp. <sup>(b)</sup> | 4.950% | 09/15/35 | 880000 | 872617 |
| Duke Energy Florida, LLC | 6.200% | 11/15/53 | 1000000 | 1069886 |
| Duke Energy Indiana, LLC | 2.750% | 04/01/50 | 370000 | 231125 |
| Duke Energy Ohio, Inc. | 5.250% | 04/01/33 | 250000 | 258971 |
| Duke Energy Progress, Inc. | 2.000% | 08/15/31 | 600000 | 532496 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 47**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** |
| Florida Power & Light Co. | 5.100% | 04/01/33 | $500000 | $517822 |
| Idaho Power Co. | 5.500% | 03/15/53 | 900000 | 875167 |
| Idaho Power Co. <sup>(b)</sup> | 5.800% | 04/01/54 | 1850000 | 1877198 |
| MidAmerican Energy Co. | 3.650% | 04/15/29 | 350000 | 345848 |
| Nevada Power Co., Series 2023A | 6.000% | 03/15/54 | 450000 | 461064 |
| NextEra Energy Capital Holdings, Inc. <sup>(b)</sup> | 4.625% | 07/15/27 | 1535000 | 1551462 |
| NextEra Energy Capital Holdings, Inc. <sup>(b)</sup> | 5.250% | 03/15/34 | 500000 | 512793 |
| Northern States Power Co. | 2.250% | 04/01/31 | 500000 | 453883 |
| Northern States Power Co. | 5.100% | 05/15/53 | 900000 | 834252 |
| NYSEG Storm Funding, LLC, Series 2025-A | 4.713% | 05/01/31 | 6698738 | 6774990 |
| Oncor Electric Delivery Co., LLC <sup>(b)</sup> | 7.000% | 05/01/32 | 2750000 | 3104214 |
| Oncor Electric Delivery Co., LLC | 3.750% | 04/01/45 | 490000 | 383804 |
| Oncor Electric Delivery Co., LLC <sup>(b)</sup> | 4.950% | 09/15/52 | 500000 | 445294 |
| PacifiCorp | 5.500% | 05/15/54 | 450000 | 402149 |
| PECO Energy Co. | 3.000% | 09/15/49 | 200000 | 131256 |
| PPL Electric Utilities Corp. | 5.000% | 05/15/33 | 900000 | 921374 |
| PPL Electric Utilities Corp. | 3.000% | 10/01/49 | 160000 | 106285 |
| Progress Energy, Inc. | 7.750% | 03/01/31 | 1000000 | 1144696 |
| Public Service Co. of Colorado | 4.500% | 06/01/52 | 400000 | 333218 |
| Public Service Electric & Gas Co. | 2.250% | 09/15/26 | 100000 | 98893 |
| Public Service Electric & Gas Co. <sup>(b)</sup> | 4.900% | 08/15/35 | 2460000 | 2477346 |
| Southwestern Electric Power Co. | 2.750% | 10/01/26 | 100000 | 99086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** | **Electric — 1.4% continued** |
| Swepco Storm Recovery Funding, LLC, Series 2024-A | 4.880% | 09/01/39 | $8078451 | $8154078 |
| Wisconsin Power & Light Co. <sup>(b)</sup> | 1.950% | 09/16/31 | 800000 | 700912 |
|  |  |  |  | 43613313 |
| **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** | **Energy — 0.8%** |
| BP Capital Markets America, Inc. <sup>(b)</sup> | 4.812% | 02/13/33 | 800000 | 810181 |
| BP Capital Markets America, Inc. | 4.893% | 09/11/33 | 500000 | 508658 |
| BP Capital Markets America, Inc. | 4.989% | 04/10/34 | 500000 | 509878 |
| ConocoPhillips Co. <sup>(b)</sup> | 5.550% | 03/15/54 | 450000 | 432971 |
| Coterra Energy, Inc. <sup>(b)</sup> | 3.900% | 05/15/27 | 100000 | 99622 |
| Diamondback Energy, Inc. | 3.250% | 12/01/26 | 200000 | 198552 |
| Diamondback Energy, Inc. | 6.250% | 03/15/53 | 500000 | 504775 |
| Energy Transfer, LP <sup>(d)</sup> | 5.625% | 05/01/27 | 500000 | 499952 |
| Energy Transfer, LP | 5.550% | 05/15/34 | 500000 | 513828 |
| Energy Transfer, LP | 5.600% | 09/01/34 | 3000000 | 3087347 |
| Helmerich & Payne, Inc. <sup>(b)</sup> | 2.900% | 09/29/31 | 1650000 | 1472517 |
| HF Sinclair Corp. | 5.750% | 01/15/31 | 3700000 | 3823485 |
| MPLX, LP | 5.000% | 03/01/33 | 3400000 | 3415977 |
| Occidental Petroleum Corp. | 3.000% | 02/15/27 | 1475000 | 1457847 |
| Phillips 66 Co. | 3.550% | 10/01/26 | 100000 | 99727 |
| Phillips 66 Co. <sup>(b)</sup> | 5.300% | 06/30/33 | 875000 | 902354 |
| Phillips 66 Co. <sup>(b)</sup> | 4.950% | 03/15/35 | 1300000 | 1291843 |
| Shell Finance US, Inc. | 2.375% | 11/07/29 | 645000 | 608348 |
| Shell Finance US, Inc. <sup>(b)</sup> | 4.750% | 01/06/36 | 4160000 | 4153848 |
| Shell Finance US, Inc. <sup>(d)</sup> | 6.375% | 12/15/38 | 73000 | 81313 |
| Valero Energy Corp. | 5.150% | 02/15/30 | 400000 | 411652 |
|  |  |  |  | 24884675 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| Anthem, Inc. <sup>(b)</sup> | 4.600% | 09/15/32 | 2565000 | 2563679 |

---

**48 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** |
| Berkshire Hathaway Financial Corp. | 3.850% | 03/15/52 | $900000 | $692553 |
| Equitable Financial Life Global Funding <sup>(d)</sup> | 1.800% | 03/08/28 | 1434000 | 1365087 |
| Equitable Financial Life Global Funding <sup>(b)(d)</sup> | 5.000% | 03/27/30 | 825000 | 843389 |
| Jackson National Life Global Funding <sup>(b)(d)</sup> | 5.500% | 01/09/26 | 800000 | 800216 |
| Jackson National Life Global Funding <sup>(d)</sup> | 5.550% | 07/02/27 | 2200000 | 2245359 |
| Jackson National Life Global Funding <sup>(d)</sup> | 4.550% | 09/09/30 | 860000 | 856666 |
| Lincoln Financial Global Funding <sup>(d)</sup> | 4.625% | 08/18/30 | 850000 | 855063 |
| Lincoln National Corp. <sup>(b)</sup> | 3.625% | 12/12/26 | 100000 | 99642 |
| MassMutual Global Funding <sup>(b)(d)</sup> | 1.200% | 07/16/26 | 400000 | 394170 |
| MassMutual Global Funding <sup>(b)(d)</sup> | 5.150% | 05/30/29 | 4350000 | 4478125 |
| MassMutual Global Funding <sup>(d)</sup> | 4.350% | 09/17/31 | 2300000 | 2278295 |
| MassMutual Global Funding <sup>(b)(d)</sup> | 5.050% | 08/26/35 | 500000 | 502746 |
| Met Life Global Funding I <sup>(d)</sup> | 5.400% | 09/12/28 | 1850000 | 1915701 |
| Met Life Global Funding I <sup>(d)</sup> | 4.300% | 08/25/29 | 1000000 | 1003905 |
| Met Life Global Funding I <sup>(d)</sup> | 1.550% | 01/07/31 | 1950000 | 1709014 |
| Met Life Global Funding I <sup>(d)</sup> | 5.150% | 03/28/33 | 500000 | 514473 |
| Met Life Global Funding I <sup>(d)</sup> | 5.050% | 01/08/34 | 850000 | 867017 |
| New York Life Global Funding <sup>(d)</sup> | 1.150% | 06/09/26 | 50000 | 49412 |
| New York Life Global Funding <sup>(d)</sup> | 4.900% | 06/13/28 | 1000000 | 1022369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** |
| New York Life Global Funding <sup>(d)</sup> | 4.700% | 01/29/29 | $1000000 | $1016996 |
| New York Life Global Funding <sup>(b)(d)</sup> | 1.200% | 08/07/30 | 2000000 | 1747883 |
| New York Life Global Funding <sup>(d)</sup> | 5.000% | 01/09/34 | 1000000 | 1016121 |
| Northwestern Mutual Global Funding <sup>(d)</sup> | 5.070% | 03/25/27 | 3000000 | 3042454 |
| Northwestern Mutual Global Funding <sup>(b)(d)</sup> | 4.350% | 09/15/27 | 400000 | 403022 |
| Northwestern Mutual Global Funding <sup>(b)(d)</sup> | 5.160% | 05/28/31 | 3245000 | 3368564 |
| Pacific Life Global Fund II <sup>(b)(d)</sup> | 1.450% | 01/20/28 | 790000 | 751189 |
| Pacific Life Global Fund II <sup>(b)(d)</sup> | 4.850% | 02/10/30 | 5217000 | 5332055 |
| Pricoa Global Funding I <sup>(d)</sup> | 5.550% | 08/28/26 | 700000 | 706448 |
| Pricoa Global Funding I <sup>(b)(d)</sup> | 5.100% | 05/30/28 | 500000 | 512423 |
| Pricoa Global Funding I <sup>(d)</sup> | 4.350% | 11/25/30 | 1845000 | 1849648 |
| Pricoa Global Funding I <sup>(d)</sup> | 4.650% | 08/27/31 | 500000 | 506201 |
| Pricoa Global Funding I <sup>(d)</sup> | 4.750% | 08/26/32 | 1700000 | 1711516 |
| Pricoa Global Funding I <sup>(b)(d)</sup> | 5.350% | 05/28/35 | 1350000 | 1391956 |
| Principal Life Global Funding II <sup>(d)</sup> | 0.875% | 01/12/26 | 500000 | 499537 |
| Principal Life Global Funding II <sup>(b)(d)</sup> | 5.000% | 01/16/27 | 500000 | 504733 |
| Principal Life Global Funding II <sup>(d)</sup> | 4.600% | 08/19/27 | 300000 | 302793 |
| Principal Life Global Funding II <sup>(d)</sup> | 4.250% | 08/18/28 | 925000 | 928261 |
| Progressive Corp. | 3.200% | 03/26/30 | 240000 | 232140 |
| Protective Life Global Funding <sup>(d)</sup> | 5.209% | 04/14/26 | 1000000 | 1003109 |
| Protective Life Global Funding <sup>(d)</sup> | 1.618% | 04/15/26 | 800000 | 794532 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 49**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** | **Insurance — 2.0% continued** |
| Protective Life Global Funding <sup>(d)</sup> | 4.992% | 01/12/27 | $500000 | $504891 |
| Protective Life Global Funding <sup>(d)</sup> | 1.900% | 07/06/28 | 650000 | 616451 |
| Protective Life Global Funding <sup>(d)</sup> | 5.467% | 12/08/28 | 500000 | 518041 |
| Protective Life Global Funding <sup>(d)</sup> | 1.737% | 09/21/30 | 1500000 | 1325536 |
| Protective Life Global Funding <sup>(d)</sup> | 5.432% | 01/14/32 | 4490000 | 4670588 |
| RGA Global Funding <sup>(b)(d)</sup> | 2.000% | 11/30/26 | 660000 | 648208 |
| UnitedHealth Group, Inc. | 4.200% | 05/15/32 | 1150000 | 1135367 |
| UnitedHealth Group, Inc. | 4.250% | 06/15/48 | 500000 | 409160 |
| UnitedHealth Group, Inc. | 5.200% | 04/15/63 | 500000 | 447750 |
|  |  |  |  | 62954454 |
| **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** |
| Atmos Energy Corp. | 2.625% | 09/15/29 | 310000 | 294615 |
| Atmos Energy Corp. | 5.900% | 11/15/33 | 850000 | 918847 |
| Atmos Energy Corp. | 4.125% | 03/15/49 | 885000 | 706936 |
|  |  |  |  | 1920398 |
| **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** |
| American Water Capital Corp. | 2.800% | 05/01/30 | 300000 | 284379 |
| American Water Capital Corp. | 2.300% | 06/01/31 | 825000 | 745132 |
| American Water Capital Corp. | 5.150% | 03/01/34 | 2000000 | 2059209 |
| American Water Capital Corp. | 5.700% | 09/01/55 | 450000 | 450588 |
|  |  |  |  | 3539308 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| Alexandria Real Estate Equities, Inc. | 3.950% | 01/15/28 | 100000 | 99563 |
| American Homes 4 Rent <sup>(b)</sup> | 4.250% | 02/15/28 | 100000 | 100199 |
| Boston Properties, LP | 2.750% | 10/01/26 | 50000 | 49478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **REITS — 0.4% continued** | **REITS — 0.4% continued** | **REITS — 0.4% continued** | **REITS — 0.4% continued** | **REITS — 0.4% continued** |
| CubeSmart, LP | 2.250% | 12/15/28 | $4200000 | $3984708 |
| ERP Operating, LP | 2.850% | 11/01/26 | 100000 | 99163 |
| ERP Operating, LP <sup>(b)</sup> | 2.500% | 02/15/30 | 1850000 | 1735456 |
| Extra Space Storage, LP | 5.700% | 04/01/28 | 100000 | 103316 |
| Extra Space Storage, LP | 2.200% | 10/15/30 | 1399000 | 1265685 |
| Extra Space Storage, LP <sup>(b)</sup> | 5.350% | 01/15/35 | 400000 | 408948 |
| Public Storage <sup>(b)</sup> | 1.850% | 05/01/28 | 800000 | 763254 |
| Realty Income Corp. | 0.750% | 03/15/26 | 1375000 | 1365686 |
| Realty Income Corp. | 4.450% | 09/15/26 | 413000 | 413420 |
| Realty Income Corp. | 3.000% | 01/15/27 | 100000 | 99112 |
| Realty Income Corp. | 2.100% | 03/15/28 | 250000 | 240033 |
| Realty Income Corp. | 2.200% | 06/15/28 | 151000 | 144828 |
| Realty Income Corp. | 4.000% | 07/15/29 | 60000 | 59708 |
| Realty Income Corp. | 3.200% | 02/15/31 | 250000 | 236901 |
| Realty Income Corp. <sup>(b)</sup> | 5.125% | 02/15/34 | 1000000 | 1024492 |
|  |  |  |  | 12193950 |
| **Technology — 0.8%** | **Technology — 0.8%** | **Technology — 0.8%** | **Technology — 0.8%** | **Technology — 0.8%** |
| Alphabet, Inc. | 5.300% | 05/15/65 | 430000 | 404408 |
| Alphabet, Inc. | 5.700% | 11/15/75 | 1725000 | 1697832 |
| Broadcom, Inc. <sup>(d)</sup> | 4.150% | 04/15/32 | 3900000 | 3813591 |
| Broadcom, Inc. | 4.800% | 02/15/36 | 1705000 | 1682403 |
| Dell International, LLC / EMC Corp. | 4.900% | 10/01/26 | 1488000 | 1494904 |
| Dell International, LLC / EMC Corp. <sup>(b)</sup> | 5.000% | 04/01/30 | 425000 | 435531 |
| Fidelity National Information Services, Inc. <sup>(b)</sup> | 1.650% | 03/01/28 | 300000 | 284778 |
| Foundry JV Holdco, LLC <sup>(d)</sup> | 6.150% | 01/25/32 | 500000 | 529844 |
| Mastercard, Inc. <sup>(b)</sup> | 2.000% | 11/18/31 | 2300000 | 2049346 |
| Mastercard, Inc. | 4.875% | 05/09/34 | 750000 | 768729 |
| Oracle Corp. | 2.300% | 03/25/28 | 3850000 | 3671339 |
| Oracle Corp. | 2.875% | 03/25/31 | 500000 | 449296 |

---

**50 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** | **Corporate Credit — 15.0% continued** |
| **Technology — 0.8% continued** | **Technology — 0.8% continued** | **Technology — 0.8% continued** | **Technology — 0.8% continued** | **Technology — 0.8% continued** |
| Oracle Corp. | 3.600% | 04/01/40 | $7275000 | $5395415 |
| Xilinx, Inc. | 2.375% | 06/01/30 | 2125000 | 1974886 |
|  |  |  |  | 24652302 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A <sup>(d)</sup> | 4.800% | 02/15/29 | 91209 | 91735 |
| American Airlines Pass-Through Trust, Series 2016-2, Class AA | 3.200% | 12/15/29 | 263025 | 257160 |
| Burlington North Santa Fe, LLC | 5.050% | 03/01/41 | 500000 | 490312 |
| Burlington North Santa Fe, LLC | 2.875% | 06/15/52 | 1523000 | 956013 |
| CSX Corp. | 4.250% | 11/01/66 | 100000 | 75695 |
| FedEx Corp. | 2.400% | 05/15/31 | 500000 | 453649 |
| FedEx Corp., Series 2020-1, Class AA, CV | 1.875% | 08/20/35 | 2744458 | 2394499 |
| Kirby Corp. | 4.200% | 03/01/28 | 600000 | 599422 |
| Norfolk Southern Corp. | 3.000% | 03/15/32 | 600000 | 552968 |
| Norfolk Southern Corp. | 5.950% | 03/15/64 | 500000 | 511585 |
| Penske Trust Leasing Co. / PTL Finance Corp. <sup>(d)</sup> | 5.350% | 03/30/29 | 1350000 | 1389170 |
| Ryder System, Inc. | 2.850% | 03/01/27 | 500000 | 493501 |
| Ryder System, Inc. | 5.300% | 03/15/27 | 1000000 | 1014307 |
| Ryder System, Inc. | 5.500% | 06/01/29 | 500000 | 520417 |
| Southwest Airlines Co. | 5.125% | 06/15/27 | 1000000 | 1012594 |
| Southwest Airlines Co. <sup>(b)</sup> | 2.625% | 02/10/30 | 1300000 | 1207630 |
| United Airlines Pass-Through Trust, Series 2020-1B, Class B | 4.875% | 07/15/27 | 114563 | 114564 |
| United Airlines Pass-Through Trust, Series 2020-1, Class A | 5.875% | 04/15/29 | 102018 | 104604 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Transportation — 0.5% continued** | **Transportation — 0.5% continued** | **Transportation — 0.5% continued** | **Transportation — 0.5% continued** | **Transportation — 0.5% continued** |
| United Airlines Pass-Through Trust | 5.450% | 02/15/37 | $868969 | $893349 |
| United Parcel Service, Inc. <sup>(b)</sup> | 5.250% | 05/14/35 | 1300000 | 1347295 |
|  |  |  |  | 14480469 |
| **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** |
| (Cost $456,303,843) | (Cost $456,303,843) | (Cost $456,303,843) | (Cost $456,303,843) | $462655457 |
| **Government Related — 0.0% <sup>(c)</sup>** | **Government Related — 0.0% <sup>(c)</sup>** | **Government Related — 0.0% <sup>(c)</sup>** | **Government Related — 0.0% <sup>(c)</sup>** | **Government Related — 0.0% <sup>(c)</sup>** |
| **Government Owned, No Guarantee — 0.0% <sup>(c)</sup>** | **Government Owned, No Guarantee — 0.0% <sup>(c)</sup>** | **Government Owned, No Guarantee — 0.0% <sup>(c)</sup>** | **Government Owned, No Guarantee — 0.0% <sup>(c)</sup>** | **Government Owned, No Guarantee — 0.0% <sup>(c)</sup>** |
| Tennessee Valley Authority | 4.250% | 09/15/52 | 500000 | 425016 |
| Tennessee Valley Authority | 4.625% | 09/15/60 | 525000 | 466902 |
| **Total Government Related** | **Total Government Related** | **Total Government Related** | **Total Government Related** | **Total Government Related** |
| (Cost $1,239,532) | (Cost $1,239,532) | (Cost $1,239,532) | (Cost $1,239,532) | $891918 |
| **Securitized — 61.1%** | **Securitized — 61.1%** | **Securitized — 61.1%** | **Securitized — 61.1%** | **Securitized — 61.1%** |
| **ABS-Other — 2.4%** | **ABS-Other — 2.4%** | **ABS-Other — 2.4%** | **ABS-Other — 2.4%** | **ABS-Other — 2.4%** |
| ACHD Trust, Series 2025-DS1, Class A <sup>(d)</sup> | 5.978% | 01/09/34 | 3075000 | 3075068 |
| AMDR ABS Trust, Series 2025-1A, Class A <sup>(d)</sup> | 6.378% | 12/19/33 | 3272183 | 3272565 |
| Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B <sup>(d)</sup> | 1.830% | 03/20/41 | 981770 | 969443 |
| FMC GMSR Issuer Trust, Series 2020-GT1, Class A <sup>(a)(d)</sup> | 4.450% | 01/25/26 | 2000000 | 1989185 |
| FMC GMSR Issuer Trust, Series 2021-GT1, Class A <sup>(a)(d)</sup> | 3.620% | 07/25/26 | 3300000 | 3185836 |
| FMC GMSR Issuer Trust, Series 2021-GT2, Class A <sup>(d)</sup> | 3.850% | 10/25/26 | 3900000 | 3777659 |
| GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A <sup>(d)</sup> | 5.520% | 02/22/55 | 3575414 | 3339136 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 51**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** |
| GoodLeap Sustainable Home Improvement Loan Trust, Series 2024-1, Class A <sup>(d)</sup> | 6.250% | 06/20/57 | $2170507 | $2112139 |
| Helios Issuer, LLC, Series 2019-AA, Class A <sup>(d)</sup> | 3.750% | 06/20/46 | 6795803 | 6349596 |
| Helios Issuer, LLC, Series 2022-C, Class C <sup>(d)(e)</sup> | 6.000% | 11/22/49 | 2559580 | 945004 |
| Hero Funding Trust, Series 2016-2A, Class A <sup>(d)</sup> | 3.750% | 09/20/41 | 54412 | 52271 |
| Hero Funding Trust, Series 2016-3A, Class A1 <sup>(d)</sup> | 3.080% | 09/20/42 | 849304 | 796116 |
| Hero Funding Trust, Series 2016-4A, Class A1 <sup>(d)</sup> | 3.570% | 09/20/47 | 80652 | 76282 |
| Hero Funding Trust, Series 2017-3A, Class A1 <sup>(d)</sup> | 3.190% | 09/20/48 | 73685 | 67567 |
| Hero Funding Trust, Series 2017-3A, Class A2 <sup>(d)</sup> | 3.950% | 09/20/48 | 269577 | 253145 |
| Hero Funding Trust, Series 2018-1A, Class A2 <sup>(d)</sup> | 4.670% | 09/20/48 | 28777 | 27968 |
| Loanpal Solar Loan Ltd., Series 2020-3GS, Class B <sup>(d)</sup> | 3.450% | 12/20/47 | 1774948 | 1248581 |
| Loanpal Solar Loan Ltd., Series 2021-1GS, Class A <sup>(d)</sup> | 2.290% | 01/20/48 | 378264 | 319052 |
| Loanpal Solar Loan Ltd., Series 2021-1GS, Class B <sup>(d)</sup> | 2.840% | 01/20/48 | 608637 | 422646 |
| Loanpal Solar Loan Ltd., Series 2021-2GS, Class A <sup>(d)</sup> | 2.220% | 03/20/48 | 2135670 | 1737893 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** |
| Luminace ABS-2022 Issuer, LLC, Series 2024-1, Class B <sup>(d)</sup> | 6.960% | 10/30/31 | $3920261 | $3794345 |
| Mill City Solar Loan Ltd., Series 2019-2GS, Class A <sup>(d)</sup> | 3.690% | 07/20/43 | 91223 | 83147 |
| Mosaic Solar Loans, LLC, Series 2018-1, Class A <sup>(d)</sup> | 4.010% | 06/22/43 | 44412 | 41880 |
| Mosaic Solar Loans, LLC, Series 2017-2, Class B <sup>(d)</sup> | 4.770% | 06/22/43 | 25133 | 22773 |
| Mosaic Solar Loans, LLC, Series 2025-1, Class A <sup>(d)</sup> | 6.120% | 08/22/50 | 2101143 | 2105033 |
| Mosaic Solar Loans, LLC, Series 2023-1A, Class A <sup>(d)</sup> | 5.320% | 06/20/53 | 2800709 | 2673538 |
| Mosaic Solar Loans, LLC, Series 2023-1A, Class B <sup>(d)</sup> | 6.920% | 06/20/53 | 2063680 | 1614188 |
| Mosaic Solar Loans, LLC, Series 2023-2A, Class C <sup>(d)(e)</sup> | 8.180% | 09/22/53 | 4500000 | 1009943 |
| Mosaic Solar Loans, LLC, Series 2023-3A, Class A <sup>(d)</sup> | 5.910% | 11/20/53 | 2485238 | 2446190 |
| PowerPay Issuance Trust, Series 2024-1A, Class A <sup>(d)</sup> | 6.530% | 02/18/39 | 2028439 | 2092433 |
| PowerPay Issuance Trust, Series 2025-1A, Class A <sup>(d)</sup> | 5.230% | 11/18/41 | 7892474 | 7914006 |
| Redaptive EAAS Issuer, LLC, Series 2025-1, Class A <sup>(d)</sup> | 5.940% | 03/25/42 | 4350000 | 4358191 |
| Renew Financial, LLC, Series 2017-1, Class A <sup>(d)</sup> | 3.670% | 09/20/52 | 211174 | 196638 |

---

**52 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** | **ABS-Other — 2.4% continued** |
| Renew Financial, LLC, Series 2017-1, Class B <sup>(d)</sup> | 5.750% | 09/20/52 | $2236 | $2228 |
| Renew Financial, LLC, Series 2017-2, Class A <sup>(d)</sup> | 3.220% | 09/22/53 | 23407 | 21386 |
| Sunnova Hestia I Issuer, LLC, Series 2023-GRIDI, Class A-1 <sup>(d)</sup> | 5.750% | 12/20/50 | 2215253 | 2216017 |
| Sunnova Solar Issuer, LLC, Series 2020-2A, Class A <sup>(d)</sup> | 2.730% | 11/01/55 | 3499726 | 3010470 |
| US Bank NA, Series 2025-SUP2, Class B1 <sup>(d)</sup> | 4.818% | 09/25/32 | 3491284 | 3484902 |
| US Bank NA, Series 2025-SUP2, Class D (1\* SOFR30A + 220) <sup>(a)(d)</sup> | 6.074% | 09/25/32 | 2480649 | 2479649 |
|  |  |  |  | 73584109 |
| **Agency CMBS — 3.2%** | **Agency CMBS — 3.2%** | **Agency CMBS — 3.2%** | **Agency CMBS — 3.2%** | **Agency CMBS — 3.2%** |
| FARM Mortgage Trust, Series 2021-1, Class A <sup>(d)</sup> | 2.180% | 01/25/51 | 20737959 | 16839803 |
| Farmer Mac Agricultural Real Estate, Series 2022-1, Class A <sup>(d)</sup> | 2.540% | 07/25/51 | 17595348 | 14385358 |
| Farmer Mac Agricultural Real Estate, Series 2023-1, Class A <sup>(d)</sup> | 2.631% | 01/25/52 | 9133799 | 7611514 |
| Farmer Mac Agricultural Real Estate, Series 2025-2, Class A <sup>(d)</sup> | 5.290% | 09/25/54 | 10113904 | 10087587 |
| Farmer Mac Agricultural Real Estate, Series 2025-1, Class A <sup>(d)</sup> | 5.220% | 08/01/55 | 6269710 | 6143306 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency CMBS — 3.2% continued** | **Agency CMBS — 3.2% continued** | **Agency CMBS — 3.2% continued** | **Agency CMBS — 3.2% continued** | **Agency CMBS — 3.2% continued** |
| FNMA, Pool #AN3598 | 2.550% | 12/01/28 | $243896 | $235003 |
| FNMA, Pool #BL4548 | 2.430% | 10/01/29 | 173885 | 165120 |
| FNMA, Pool #BL9861 | 1.640% | 12/01/30 | 2085000 | 1847144 |
| FNMA, Pool #BS0602 | 1.590% | 01/01/31 | 12186000 | 10800248 |
| FNMA, Pool #BS0038 | 1.650% | 01/01/31 | 1967596 | 1735163 |
| FNMA, Pool #BZ0414 | 5.040% | 01/01/31 | 2094944 | 2161508 |
| FNMA, Pool #BZ0326 | 5.090% | 01/01/31 | 2834266 | 2929302 |
| FNMA, Pool #BS0915 | 1.620% | 03/01/31 | 3200000 | 2789102 |
| FNMA, Pool #AN6149 | 3.140% | 07/01/32 | 750000 | 702546 |
| FNMA, Pool #BS7220 | 5.230% | 11/01/32 | 3187000 | 3328976 |
| FNMA, Pool #AN7612 | 3.280% | 12/01/32 | 238431 | 224689 |
| FNMA, Pool #FN0035 | 3.290% | 12/01/32 | 5455973 | 5129438 |
| FNMA, Pool #BZ7349 | 5.230% | 12/01/32 | 1000000 | 1043873 |
| FNMA, Pool #BS3369 | 2.310% | 10/01/41 | 7768000 | 5531472 |
| FNMA, Pool #BS3542 | 2.415% | 10/01/41 | 2850000 | 2022527 |
| FNMA, Pool #AM5015 | 4.940% | 12/01/43 | 687783 | 694060 |
| FRESB Multifamily Mortgage Pass-Through Trust, Series 2018-SB57, Class A-10F | 3.710% | 07/25/28 | 2082652 | 2063220 |
|  |  |  |  | 98470959 |
| **Agency MBS CMO — 21.5%** | **Agency MBS CMO — 21.5%** | **Agency MBS CMO — 21.5%** | **Agency MBS CMO — 21.5%** | **Agency MBS CMO — 21.5%** |
| FHLMC, Series 306, Class F3, Pool #S2-0432 (1\* SOFR + 30) <sup>(a)</sup> | 4.398% | 05/15/28 | 9854 | 9845 |
| FHLMC, Series 2646, Class ZH | 5.000% | 07/15/33 | 153014 | 154167 |
| FHLMC, Series 4265, Class FD (1\* SOFR + 40) <sup>(a)</sup> | 4.498% | 01/15/35 | 144806 | 143744 |
| FHLMC, Series 5519, Class GV | 5.750% | 12/25/35 | 11882435 | 12294154 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 53**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FHLMC, Series 5583, Class NV | 5.500% | 08/25/36 | $12013276 | $12413645 |
| FHLMC, Series 4613, Class AF (1\* SOFR + 110) <sup>(a)</sup> | 5.198% | 11/15/37 | 216217 | 216474 |
| FHLMC, Series 3605, Class PB | 4.500% | 11/15/39 | 41084 | 41418 |
| FHLMC, Series 3740, Class FC (1\* SOFR + 50) <sup>(a)</sup> | 4.598% | 10/15/40 | 51259 | 50832 |
| FHLMC, Series 3759, Class ME | 4.000% | 11/15/40 | 513073 | 492011 |
| FHLMC, Series 5115, Class AZ | 2.000% | 06/25/41 | 11397651 | 7884652 |
| FHLMC, Series 3895, Class BF (1\* SOFR + 50) <sup>(a)</sup> | 4.598% | 07/15/41 | 42884 | 42610 |
| FHLMC, Series 3923, Class CZ | 5.000% | 09/15/41 | 346701 | 351990 |
| FHLMC, Series 5228, Class JL | 2.500% | 10/25/41 | 10614560 | 9010622 |
| FHLMC, Series 3959, Class PZ | 4.500% | 11/15/41 | 3745882 | 3727590 |
| FHLMC, Series 4136, Class LZ | 3.000% | 06/15/42 | 3992742 | 3688334 |
| FHLMC, Series 4074, Class JY | 2.500% | 07/15/42 | 699000 | 635172 |
| FHLMC, Series 4122, Class AB | 1.500% | 10/15/42 | 7214107 | 6563300 |
| FHLMC, Series 4180, Class BU | 2.500% | 10/15/42 | 2448026 | 2155925 |
| FHLMC, Series 4116, Class YC | 2.500% | 10/15/42 | 1412000 | 1090952 |
| FHLMC, Series 4120, Class ZA | 3.000% | 10/15/42 | 6303376 | 5833465 |
| FHLMC, Series 5149, Class CA | 2.000% | 01/15/43 | 1049335 | 754918 |
| FHLMC, Series 4153, Class YZ | 3.000% | 01/15/43 | 4315698 | 3902717 |
| FHLMC, Series 4165, Class ZT | 3.000% | 02/15/43 | 17477221 | 14868928 |
| FHLMC, Series 4180, Class ZB | 3.000% | 03/15/43 | 184063 | 149992 |
| FHLMC, Series 4183, Class NQ | 3.000% | 03/15/43 | 2920000 | 2707953 |
| FHLMC, Series 4210, Class Z | 3.000% | 05/15/43 | 1660816 | 1401248 |
| FHLMC, Series 4204, Class QZ | 3.000% | 05/15/43 | 727022 | 541134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FHLMC, Series 4312, Class ZB | 3.500% | 08/15/43 | $9973938 | $9237817 |
| FHLMC, Series 4447, Class YZ | 4.000% | 08/15/43 | 858159 | 831977 |
| FHLMC, Series 4333, Class GL | 3.500% | 04/15/44 | 250000 | 226650 |
| FHLMC, Series 4408, Class BC | 3.000% | 11/15/44 | 1020410 | 878373 |
| FHLMC, Series 4448, Class GZ | 2.500% | 03/15/45 | 2946839 | 2423358 |
| FHLMC, Series 4473, Class Z | 3.000% | 05/15/45 | 439406 | 366619 |
| FHLMC, Series 4531, Class PZ | 3.500% | 11/15/45 | 1190177 | 1110814 |
| FHLMC, Series 4620, Class DZ | 2.500% | 10/15/46 | 7001805 | 5864835 |
| FHLMC, Series 4623, Class BZ | 3.500% | 10/15/46 | 3210628 | 3011779 |
| FHLMC, Series 4738, Class TW | 3.000% | 11/15/46 | 1476000 | 1382088 |
| FHLMC, Series 4710, Class GZ | 3.000% | 01/15/47 | 4749412 | 4045279 |
| FHLMC, Series 5099, Class CM | 2.000% | 07/25/47 | 3750000 | 2559451 |
| FHLMC, Series 4738, Class LZ | 3.000% | 12/15/47 | 3684965 | 3215374 |
| FHLMC, Series 4736, Class CL | 3.000% | 12/15/47 | 441240 | 388017 |
| FHLMC, Series 4753, Class EZ | 3.500% | 12/15/47 | 1579965 | 1453239 |
| FHLMC, Series 4745, Class EZ | 3.000% | 01/15/48 | 8678113 | 7660207 |
| FHLMC, Series 4745, Class CZ | 3.500% | 01/15/48 | 1322590 | 1228946 |
| FHLMC, Series 4768, Class ZH | 3.000% | 03/15/48 | 1245236 | 1103270 |
| FHLMC, Series 4776, Class CZ | 4.000% | 04/15/48 | 8869219 | 8433005 |
| FHLMC, Series 5510, Class HB | 1.500% | 07/25/48 | 6749677 | 4283128 |
| FHLMC, Series 5526, Class DB | 1.500% | 07/25/48 | 3595220 | 2266498 |
| FHLMC, Series 4941, Class NW | 2.500% | 05/25/49 | 758520 | 476084 |
| FHLMC, Series 4892, Class PZ | 3.000% | 07/15/49 | 1461637 | 972612 |
| FHLMC, Series 4908, Class AB | 3.000% | 07/25/49 | 6540338 | 5843119 |
| FHLMC, Series 366, Class 200 | 2.000% | 08/15/49 | 2418301 | 2091982 |
| FHLMC, Series 4911, Class JM | 3.500% | 09/25/49 | 1000000 | 776444 |
| FHLMC, Series 4929, Class HP | 3.000% | 11/25/49 | 6293777 | 5401506 |

---

**54 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FHLMC, Series 5159, Class WZ, Pool #5159 | 2.000% | 01/25/50 | $697744 | $414492 |
| FHLMC, Series 5037, Class PA | 1.000% | 03/25/50 | 4349213 | 3367838 |
| FHLMC, Series 5103, Class LH | 1.500% | 03/25/50 | 1874468 | 1555470 |
| FHLMC, Series 5057, Class DN | 2.000% | 03/25/50 | 809119 | 660602 |
| FHLMC, Series 4968, Class NP | 6.500% | 04/25/50 | 1296513 | 1376604 |
| FHLMC, Series 5129, Class DM | 1.000% | 08/25/50 | 1184058 | 902473 |
| FHLMC, Series 5017, Class CB | 1.500% | 09/25/50 | 1069981 | 818586 |
| FHLMC, Series 5011, Class DB | 2.000% | 09/25/50 | 262000 | 142490 |
| FHLMC, Series 5038, Class PJ | 0.750% | 10/25/50 | 5073714 | 3712436 |
| FHLMC, Series 5038, Class QP | 0.750% | 10/25/50 | 8071029 | 5884913 |
| FHLMC, Series 5019, Class PL | 1.000% | 10/25/50 | 2026208 | 1559816 |
| FHLMC, Series 5028, Class PW | 1.500% | 10/25/50 | 684000 | 408911 |
| FHLMC, Series 5039, Class JL | 1.250% | 11/25/50 | 1220468 | 940666 |
| FHLMC, Series 5223, Class MZ | 4.500% | 12/25/50 | 3788221 | 3340859 |
| FHLMC, Series 5072, Class ME | 1.000% | 01/25/51 | 749574 | 583103 |
| FHLMC, Series 5085, Class TY | 1.000% | 01/25/51 | 1263612 | 738967 |
| FHLMC, Series 5072, Class DG | 1.000% | 02/25/51 | 670447 | 533021 |
| FHLMC, Series 5146, Class ZW | 2.000% | 07/25/51 | 1716375 | 850677 |
| FHLMC, Series 5202, Class DZ | 3.000% | 07/25/51 | 2794677 | 1659887 |
| FHLMC, Series 5155, Class MG | 1.500% | 10/25/51 | 857815 | 724406 |
| FHLMC, Series 5159, Class PL | 1.250% | 11/25/51 | 1228868 | 1026465 |
| FHLMC, Series 5173, Class BZ | 2.500% | 12/25/51 | 1107358 | 653381 |
| FHLMC, Series 4377, Class KZ | 3.500% | 02/15/52 | 926462 | 836732 |
| FHLMC, Series 5210, Class BZ | 3.000% | 02/25/52 | 9132371 | 6286741 |
| FHLMC, Series 5189, Class ZP | 3.000% | 02/25/52 | 1077287 | 878784 |
| FHLMC, Series 5232, Class HL | 4.000% | 06/25/52 | 4120792 | 3586106 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FHLMC, Series 5249, Class PL | 4.000% | 08/25/52 | $2904186 | $2558722 |
| FHLMC, Series 4395, Class JZ | 3.000% | 12/15/52 | 3340854 | 2807373 |
| FHLMC, Series 5297, Class DB | 5.000% | 03/25/53 | 1239531 | 1153443 |
| FHLMC, Series 5318, Class AZ | 5.500% | 06/25/53 | 5221859 | 5152526 |
| FHLMC, Series 5332, Class CZ | 6.000% | 08/25/53 | 4561665 | 4672946 |
| FNMA, Series 2010-155, Class JH | 4.000% | 12/25/28 | 71578 | 71426 |
| FNMA, Series 2013-35, Class YT | 6.500% | 09/25/32 | 76675 | 79232 |
| FNMA, Series 2002-86, Class PG | 6.000% | 12/25/32 | 28567 | 29651 |
| FNMA, Series 2004-56, Class Z | 7.500% | 03/25/34 | 56607 | 60886 |
| FNMA, Series 2004-17, Class BA | 6.000% | 04/25/34 | 429015 | 442777 |
| FNMA, Series 2005-3, Class CG | 5.500% | 02/25/35 | 105195 | 109159 |
| FNMA, Series 2005-62, Class ZL | 5.500% | 07/25/35 | 165224 | 170926 |
| FNMA, Series 2006-56, Class DC (1\* SOFR + 65) <sup>(a)</sup> | 4.836% | 07/25/36 | 211728 | 207905 |
| FNMA, Series 2006-71, Class ZH | 6.000% | 07/25/36 | 159442 | 167988 |
| FNMA, Series 2009-19, Class TD | 5.000% | 08/25/36 | 48585 | 49526 |
| FNMA, Series 2007-95, Class A3 (1\* SOFR + 25) <sup>(a)</sup> | 5.964% | 08/27/36 | 1600000 | 1543634 |
| FNMA, Series 2006-108, Class FD (1\* SOFR + 38) <sup>(a)</sup> | 4.369% | 11/25/36 | 59493 | 58974 |
| FNMA, Series 2007-39, Class NB | 4.250% | 05/25/37 | 63664 | 63047 |
| FNMA, Series 2009-103, Class MB <sup>(a)</sup> | 6.554% | 12/25/39 | 83056 | 83737 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 55**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FNMA, Series 2010-118, Class DZ | 4.750% | 10/25/40 | $1546643 | $1527538 |
| FNMA, Series 2011-14, Class PB | 5.000% | 03/25/41 | 334521 | 344791 |
| FNMA, Series 2011-57, Class PD | 4.000% | 07/25/41 | 321407 | 313321 |
| FNMA, Series 2011-62, Class UA | 4.500% | 07/25/41 | 588930 | 578924 |
| FNMA, Series 2012-40, Class GY | 4.000% | 04/25/42 | 755987 | 734465 |
| FNMA, Series 2013-34, Class GP | 3.000% | 05/25/42 | 215839 | 207902 |
| FNMA, Series 2012-56, Class WC | 3.500% | 05/25/42 | 1251000 | 1139898 |
| FNMA, Series 2012-52, Class PQ | 3.500% | 05/25/42 | 683221 | 614899 |
| FNMA, Series 2012-79, Class QB | 2.000% | 07/25/42 | 73323 | 64173 |
| FNMA, Series 2003-W2, Class 1-1A | 6.500% | 07/25/42 | 423938 | 444623 |
| FNMA, Series 2012-92, Class Z | 3.500% | 08/25/42 | 5111954 | 4701266 |
| FNMA, Series 2012-99, Class UY | 2.500% | 09/25/42 | 479000 | 391084 |
| FNMA, Series 2012-99, Class BY | 2.500% | 09/25/42 | 2712354 | 2344854 |
| FNMA, Series 2012-124, Class JA | 1.500% | 11/25/42 | 2456733 | 2250017 |
| FNMA, Series 2013-35, Class CV | 3.000% | 02/25/43 | 370000 | 359619 |
| FNMA, Series 2013-13, Class WH | 3.500% | 03/25/43 | 1087000 | 905130 |
| FNMA, Series 2013-31, Class NT | 3.000% | 04/25/43 | 25198 | 24195 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FNMA, Series 2013-43, Class XL | 2.500% | 05/25/43 | $5000000 | $4490878 |
| FNMA, Series 2003-W10, Class 3A-5 | 4.299% | 06/25/43 | 2177337 | 2187936 |
| FNMA, Series 2013-84, Class B | 4.000% | 08/25/43 | 1500000 | 1351497 |
| FNMA, Series 2013-104, Class CY | 5.000% | 10/25/43 | 300000 | 307348 |
| FNMA, Series 2013-115, Class PB | 4.500% | 11/25/43 | 300000 | 278996 |
| FNMA, Series 2015-11, Class MZ | 4.000% | 12/25/43 | 5394463 | 5217974 |
| FNMA, Series 2014-2, Class PB | 4.000% | 02/25/44 | 434741 | 420553 |
| FNMA, Series 2015-24, Class ZA | 3.000% | 04/25/45 | 2012181 | 1807372 |
| FNMA, Series 2017-16, Class UW | 3.000% | 07/25/45 | 2044494 | 1869274 |
| FNMA, Series 2016-68, Class AL | 3.000% | 10/25/46 | 876551 | 800763 |
| FNMA, Series 2016-80, Class CZ | 3.000% | 11/25/46 | 664620 | 444291 |
| FNMA, Series 2017-34, Class KB | 3.000% | 05/25/47 | 6378134 | 5695470 |
| FNMA, Series 2017-77, Class HZ | 3.500% | 10/25/47 | 3506388 | 3221240 |
| FNMA, Series 2018-08, Class DZ | 3.500% | 02/25/48 | 495420 | 454487 |
| FNMA, Series 2022-4, Class QM | 2.000% | 03/25/48 | 1602020 | 1097619 |
| FNMA, Series 2018-31, Class KB | 3.500% | 05/25/48 | 163434 | 144963 |
| FNMA, Series 2018-31, Class KQ | 3.500% | 05/25/48 | 600000 | 548394 |
| FNMA, Series 2018-37, Class CL | 4.000% | 06/25/48 | 622735 | 508292 |

---

**56 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FNMA, Series 2018-69, Class PZ | 3.500% | 09/25/48 | $1575044 | $1430876 |
| FNMA, Series 2018-71, Class PZ | 4.000% | 09/25/48 | 15746430 | 14993144 |
| FNMA, Series 2018-66, Class PZ | 4.000% | 09/25/48 | 642451 | 517850 |
| FNMA, Series 2018-77, Class BY | 3.000% | 10/25/48 | 2219225 | 1990124 |
| FNMA, Series 2021-13, Class AG | 1.250% | 01/25/49 | 4178398 | 3558320 |
| FNMA, Series 2019-01, Class MH | 3.000% | 02/25/49 | 141624 | 128323 |
| FNMA, Series 2019-8, Class ZD | 3.500% | 03/25/49 | 583594 | 534346 |
| FNMA, Series 2019-038, Class MT | 3.000% | 07/25/49 | 695872 | 628665 |
| FNMA, Series 2019-40, Class PL | 4.000% | 07/25/49 | 318000 | 252548 |
| FNMA, Series 2019-42, Class DZ | 2.750% | 08/25/49 | 1806573 | 1255590 |
| FNMA, Series 2019-60, Class DZ | 2.500% | 10/25/49 | 1734690 | 1020749 |
| FNMA, Series 2019-60, Class WZ | 2.750% | 10/25/49 | 621827 | 409007 |
| FNMA, Series 2020-22, Class CA | 3.000% | 10/25/49 | 1246182 | 1140904 |
| FNMA, Series 2019-83, Class EB | 2.000% | 01/25/50 | 171000 | 93046 |
| FNMA, Series 2020-15, Class KY | 3.000% | 03/25/50 | 2077414 | 1473810 |
| FNMA, Series 2020-22, Class AY | 2.000% | 04/25/50 | 1254000 | 739884 |
| FNMA, Series 2020-42, Class BY | 2.000% | 06/25/50 | 935000 | 580622 |
| FNMA, Series 2020-50, Class A | 2.000% | 07/25/50 | 6199680 | 5215071 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| FNMA, Series 2020-55, Class EY | 2.000% | 08/25/50 | $2300000 | $1651925 |
| FNMA, Series 2020-81, Class MA | 1.000% | 10/25/50 | 3413041 | 2685346 |
| FNMA, Series 2020-95, Class KY | 1.500% | 01/25/51 | 2060000 | 1215400 |
| FNMA, Series 2021-34, Class KC | 1.000% | 03/25/51 | 394110 | 209579 |
| FNMA, Series 2021-15, Class HD | 1.000% | 04/25/51 | 787741 | 589133 |
| FNMA, Series 2021-25, Class JB | 1.000% | 05/25/51 | 1326154 | 1023718 |
| FNMA, Series 2021-43, Class CJ | 1.000% | 07/25/51 | 2898859 | 2168107 |
| FNMA, Series 2021-43, Class ME | 1.500% | 07/25/51 | 2270577 | 1801529 |
| FNMA, Series 2021-66, Class NP | 1.000% | 10/25/51 | 3313889 | 2469579 |
| FNMA, Series 2021-79, Class EL | 1.500% | 11/25/51 | 6270200 | 5219398 |
| FNMA, Series 2021-73, Class ZD | 2.000% | 11/25/51 | 1502869 | 701329 |
| FNMA, Series 2022-1, Class GE | 1.500% | 02/25/52 | 3218208 | 2804663 |
| FNMA, Series 2022-49, Class GZ | 4.000% | 08/25/52 | 5226584 | 4614616 |
| FNMA, Series 2023-21, Class MY | 5.000% | 04/25/53 | 2047000 | 1931495 |
| FNMA, Series 2023-56, Class BZ | 6.500% | 11/25/53 | 7088273 | 7546150 |
| FNMA, Series 2023-67, Class LA | 6.000% | 01/25/54 | 8560967 | 8806783 |
| FNMA, Series 2020-61, Class DB | 1.250% | 09/25/60 | 4341756 | 3241075 |
| GNMA, Series 2015-161, Class AV | 3.000% | 01/20/29 | 168080 | 165817 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 57**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2018-091, Class VL | 3.500% | 10/20/29 | $788230 | $771200 |
| GNMA, Series 2024-127, Class VC | 5.500% | 11/20/33 | 2133503 | 2178315 |
| GNMA, Series 2023-004, Class BV | 5.500% | 12/20/33 | 978388 | 1003640 |
| GNMA, Series 2023-115, Class VL | 6.000% | 06/20/34 | 3159882 | 3274222 |
| GNMA, Series 2004-49, Class MZ | 6.000% | 06/20/34 | 604423 | 607356 |
| GNMA, Series 2023-167, Class CV | 6.500% | 08/20/34 | 6763692 | 7031048 |
| GNMA, Series 2023-167, Class VC | 6.500% | 08/20/34 | 8559216 | 8776831 |
| GNMA, Series 2005-13, Class BG | 5.000% | 02/20/35 | 136232 | 137246 |
| GNMA, Series 2024-127, Class VQ | 5.000% | 08/20/35 | 5893594 | 5961299 |
| GNMA, Series 2015-123, Class VB | 3.500% | 09/20/35 | 94718 | 94443 |
| GNMA, Series 2006-17, Class JN | 6.000% | 04/20/36 | 84327 | 85100 |
| GNMA, Series 2009-2, Class PA | 5.000% | 12/20/38 | 24818 | 24828 |
| GNMA, Series 2014-79, Class HU | 3.000% | 02/16/40 | 458502 | 374922 |
| GNMA, Series 2018-124, Class Z | 4.000% | 03/20/41 | 4117843 | 3869270 |
| GNMA, Series 2011-34, Class MB | 4.000% | 03/20/41 | 1770005 | 1711177 |
| GNMA, Series 2012-34, Class LC | 3.000% | 03/20/42 | 1415051 | 1160933 |
| GNMA, Series 2012-74, Class LY | 2.500% | 06/20/42 | 935000 | 724769 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2012-134, Class KM | 2.000% | 09/20/42 | $342000 | $254120 |
| GNMA, Series 2012-113, Class NZ | 4.500% | 09/20/42 | 330016 | 307347 |
| GNMA, Series 2013-186, Class PY | 2.000% | 11/20/42 | 4500000 | 3987753 |
| GNMA, Series 2012-145, Class PY | 2.000% | 12/20/42 | 1900000 | 1596076 |
| GNMA, Series 2013-6, Class PE | 2.000% | 01/20/43 | 169000 | 134780 |
| GNMA, Series 2013-5, Class GY | 3.000% | 01/20/43 | 809000 | 665670 |
| GNMA, Series 2013-149, Class LZ | 2.500% | 10/20/43 | 3002159 | 2597508 |
| GNMA, Series 2014-58, Class PE | 4.000% | 04/20/44 | 10388000 | 9999880 |
| GNMA, Series 2015-179, Class ZB | 2.500% | 02/20/45 | 63280 | 46791 |
| GNMA, Series 2015-76, Class MZ | 3.000% | 05/20/45 | 2738545 | 2471874 |
| GNMA, Series 2016-37, Class YA | 3.000% | 12/20/45 | 1052771 | 924698 |
| GNMA, Series 2016-38, Class ZP | 3.500% | 03/20/46 | 84360 | 62154 |
| GNMA, Series 2016-74, Class PL | 3.000% | 05/20/46 | 1042942 | 950218 |
| GNMA, Series 2016-77, Class GY | 3.000% | 06/20/46 | 1110000 | 1013715 |
| GNMA, Series 2016-118, Class LB | 3.000% | 09/20/46 | 500000 | 441675 |
| GNMA, Series 2016-116, Class AB | 3.000% | 09/20/46 | 1398604 | 1207547 |
| GNMA, Series 2016-120, Class YZ | 3.000% | 09/20/46 | 500000 | 434092 |
| GNMA, Series 2017-080, Class BZ | 3.500% | 05/20/47 | 472441 | 358161 |

---

**58 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2017-120, Class JZ | 4.000% | 08/20/47 | $731062 | $619165 |
| GNMA, Series 2019-092, Class DB | 2.250% | 01/20/48 | 1359028 | 1196705 |
| GNMA, Series 2018-006, Class JY | 2.750% | 01/20/48 | 362000 | 319313 |
| GNMA, Series 2018-14, Class MZ | 3.000% | 01/20/48 | 437356 | 285214 |
| GNMA, Series 2018-024, Class DL | 3.500% | 02/20/48 | 1570935 | 1444089 |
| GNMA, Series 2018-46, Class CZ | 3.200% | 03/20/48 | 12407810 | 11008853 |
| GNMA, Series 2018-097, Class GY | 4.000% | 07/20/48 | 1162000 | 1126560 |
| GNMA, Series 2018-105, Class ZK | 4.000% | 08/20/48 | 536094 | 475492 |
| GNMA, Series 2018-120, Class PY | 3.500% | 09/20/48 | 480207 | 433380 |
| GNMA, Series 2018-154, Class ZU | 4.000% | 11/20/48 | 571904 | 478305 |
| GNMA, Series 2018-166, Class Z | 4.000% | 12/20/48 | 547067 | 452941 |
| GNMA, Series 2019-031, Class AZ | 5.000% | 03/20/49 | 153597 | 153114 |
| GNMA, Series 2019-042, Class AB | 3.250% | 04/20/49 | 5907362 | 5318692 |
| GNMA, Series 2019-052, Class HL | 4.000% | 04/20/49 | 490565 | 435617 |
| GNMA, Series 2019-085, Class MC | 2.500% | 06/20/49 | 693841 | 626731 |
| GNMA, Series 2019-99, Class EW | 3.000% | 08/20/49 | 540446 | 427967 |
| GNMA, Series 2019-99, Class GP | 3.500% | 08/20/49 | 517000 | 401630 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2021-66, Class YM | 3.500% | 09/20/49 | $1574554 | $1395622 |
| GNMA, Series 2019-152, Class LC | 3.500% | 10/20/49 | 2728826 | 2547901 |
| GNMA, Series 2020-015, Class EH | 2.500% | 02/20/50 | 1489363 | 1259768 |
| GNMA, Series 2020-93, Class CP | 2.900% | 04/20/50 | 2514944 | 2165081 |
| GNMA, Series 2020-093, Class AZ | 3.000% | 04/20/50 | 916200 | 654957 |
| GNMA, Series 2020-84, Class LB | 1.250% | 06/20/50 | 4298968 | 3395699 |
| GNMA, Series 2021-58, Class NA | 1.000% | 07/20/50 | 457375 | 355237 |
| GNMA, Series 2020-097, Class ML | 2.500% | 07/20/50 | 1975000 | 1235941 |
| GNMA, Series 2020-133, Class ZM | 1.000% | 09/20/50 | 506863 | 181783 |
| GNMA, Series 2020-160, Class QD | 1.000% | 10/20/50 | 163028 | 81095 |
| GNMA, Series 2020-165, Class BP | 1.000% | 11/20/50 | 411440 | 349679 |
| GNMA, Series 2020-183, Class AE | 1.250% | 12/20/50 | 598103 | 315761 |
| GNMA, Series 2021-089, Class JY | 1.250% | 03/20/51 | 1524647 | 892983 |
| GNMA, Series 2021-86, Class MB | 1.000% | 05/20/51 | 689857 | 535242 |
| GNMA, Series 2021-081, Class KE | 1.500% | 05/20/51 | 4136176 | 2363224 |
| GNMA, Series 2021-097, Class PA | 1.000% | 06/20/51 | 1911563 | 1483934 |
| GNMA, Series 2021-096, Class JK | 1.500% | 06/20/51 | 2529677 | 1585905 |
| GNMA, Series 2021-121, Class JW | 1.500% | 07/20/51 | 1708699 | 966686 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 59**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2021-149, Class ZB | 3.000% | 08/20/51 | $324072 | $189170 |
| GNMA, Series 2021-158, Class KQ | 1.500% | 09/20/51 | 2241331 | 1375639 |
| GNMA, Series 2022-69, Class BY | 2.000% | 10/20/51 | 1000000 | 787076 |
| GNMA, Series 2022-206, Class GZ | 4.500% | 10/20/51 | 1199195 | 1068130 |
| GNMA, Series 2021-205, Class ZL | 1.500% | 11/20/51 | 4765382 | 2165518 |
| GNMA, Series 2021-196, Class YZ | 1.500% | 11/20/51 | 1144006 | 531323 |
| GNMA, Series 2021-216, Class QM | 1.500% | 12/20/51 | 1172581 | 667633 |
| GNMA, Series 2021-216, Class Z | 1.500% | 12/20/51 | 6010138 | 3462825 |
| GNMA, Series 2022-10, Class QJ | 1.750% | 01/20/52 | 1292813 | 762958 |
| GNMA, Series 2022-160, Class GZ | 1.750% | 01/20/52 | 14982385 | 9058167 |
| GNMA, Series 2023-152, Class JL | 6.000% | 01/20/52 | 2362155 | 2460116 |
| GNMA, Series 2022-84, Class AL | 3.500% | 05/20/52 | 2812353 | 2458654 |
| GNMA, Series 2022-101, Class PL | 4.500% | 06/20/52 | 9199000 | 8580960 |
| GNMA, Series 2022-205, Class CH | 5.000% | 06/20/52 | 3242719 | 3225291 |
| GNMA, Series 2022-129, Class PL | 4.000% | 07/20/52 | 3595000 | 3083718 |
| GNMA, Series 2022-125, Class JW | 5.000% | 07/20/52 | 2000000 | 1880499 |
| GNMA, Series 2022-136, Class PB | 4.000% | 08/20/52 | 1585000 | 1345842 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2022-160, Class QL | 4.500% | 09/20/52 | $5500000 | $5209798 |
| GNMA, Series 2022-172, Class MZ | 5.500% | 10/20/52 | 2217638 | 2233483 |
| GNMA, Series 2022-190, Class DZ | 5.750% | 11/20/52 | 2333324 | 2378607 |
| GNMA, Series 2022-197, Class JB | 6.000% | 11/20/52 | 1500715 | 1551346 |
| GNMA, Series 2022-205, Class CE | 5.000% | 12/20/52 | 2180598 | 2100733 |
| GNMA, Series 2022-209, Class JW | 5.500% | 12/20/52 | 2038000 | 2082955 |
| GNMA, Series 2023-13, Class JB | 5.250% | 01/20/53 | 505050 | 455147 |
| GNMA, Series 2023-058, Class PZ | 5.500% | 01/20/53 | 6632933 | 6610099 |
| GNMA, Series 2023-004, Class PB | 5.500% | 01/20/53 | 3932000 | 3845167 |
| GNMA, Series 2023-4, Class BZ | 5.500% | 01/20/53 | 1789142 | 1686435 |
| GNMA, Series 2023-070, Class BZ | 6.000% | 01/20/53 | 5290683 | 5494464 |
| GNMA, Series 2023-35, Class DB | 4.500% | 02/20/53 | 1233954 | 1160362 |
| GNMA, Series 2023-018, Class ZA | 5.000% | 02/20/53 | 1887389 | 1755855 |
| GNMA, Series 2023-45, Class HZ | 5.000% | 03/20/53 | 3441800 | 3200724 |
| GNMA, Series 2023-45, Class EZ | 6.000% | 03/20/53 | 2141202 | 2246686 |
| GNMA, Series 2023-065, Class LZ | 5.500% | 05/20/53 | 1349892 | 1302265 |
| GNMA, Series 2023-066, Class ZE | 6.500% | 05/20/53 | 3320996 | 3521197 |
| GNMA, Series 2023-082, Class GZ | 6.000% | 06/20/53 | 2728231 | 2794307 |

---

**60 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2023-081, Class KB | 6.500% | 06/20/53 | $2641260 | $2783108 |
| GNMA, Series 2023-096, Class CB | 6.500% | 07/20/53 | 1837597 | 1946658 |
| GNMA, Series 2023-117, Class LZ | 6.000% | 08/20/53 | 7846742 | 8200614 |
| GNMA, Series 2023-128, Class LZ | 6.000% | 08/20/53 | 7288051 | 7580949 |
| GNMA, Series 2023-113, Class QC | 6.000% | 08/20/53 | 6188700 | 6488135 |
| GNMA, Series 2023-152, Class MY | 6.000% | 10/20/53 | 1592333 | 1662654 |
| GNMA, Series 2023-152, Class GX | 6.000% | 10/20/53 | 6587217 | 6885451 |
| GNMA, Series 2023-148, Class CB | 6.500% | 10/20/53 | 4188291 | 4407420 |
| GNMA, Series 2023-167, Class CZ | 6.500% | 11/20/53 | 9012518 | 9707975 |
| GNMA, Series 2023-171, Class BZ | 6.500% | 11/20/53 | 3814269 | 4008866 |
| GNMA, Series 2023-169, Class MB | 6.500% | 11/20/53 | 1985821 | 2083622 |
| GNMA, Series 2023-165, Class AZ | 7.000% | 11/20/53 | 5591741 | 6180784 |
| GNMA, Series 2024-23, Class AZ | 6.500% | 02/20/54 | 8884556 | 9345493 |
| GNMA, Series 2024-28, Class GM | 6.500% | 02/20/54 | 4597202 | 4824802 |
| GNMA, Series 2025-168, Class CZ | 5.500% | 09/20/55 | 4923705 | 4891004 |
| GNMA, Series 2017-H18, Class EB <sup>(a)</sup> | 4.993% | 06/20/63 | 15306 | 15319 |
| GNMA, Series 2023-152, Class TW | 6.500% | 10/20/63 | 10605596 | 11195618 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** | **Agency MBS CMO — 21.5% continued** |
| GNMA, Series 2014-H14, Class FA (1\* TSFR1M + 61) <sup>(a)</sup> | 4.720% | 07/20/64 | $79822 | $79838 |
| GNMA, Series 2016-H11, Class FD (1\* TSFR12M + 112) <sup>(a)</sup> | 5.075% | 05/20/66 | 62316 | 62733 |
| GNMA, Series 2017-H16, Class DB <sup>(a)</sup> | 4.503% | 08/20/67 | 13673 | 13602 |
|  |  |  |  | 661499852 |
| **Agency MBS CMO Derivatives — 0.5%** | **Agency MBS CMO Derivatives — 0.5%** | **Agency MBS CMO Derivatives — 0.5%** | **Agency MBS CMO Derivatives — 0.5%** | **Agency MBS CMO Derivatives — 0.5%** |
| FHLMC, Series 3919, Class QS (IO) (-1\* SOFR + 670) <sup>(a)</sup> | 2.602% | 08/15/30 | 439267 | 16089 |
| FHLMC, Series 226, Class (PO), Pool #S0-3651 | 0.000% | 02/01/34 | 63586 | 54946 |
| FHLMC, Series 3102, Class TA (IO) (-7.5\* SOFR30A + 64) | 7.500% | 01/15/36 | 144062 | 143814 |
| FHLMC, Series 3607, Class AO (PO) | 0.000% | 04/15/36 | 44638 | 38597 |
| FHLMC, Series 237, Class S14 (IO) (-1\* SOFR + 660) <sup>(a)</sup> | 2.502% | 05/15/36 | 185446 | 21536 |
| FHLMC, Series 3199, Class OC (PO) | 0.000% | 08/15/36 | 57109 | 49019 |
| FHLMC, Series 3607, Class OP (PO) | 0.000% | 07/15/37 | 172527 | 148421 |
| FHLMC, Series 3852, Class NT (IO) (-1\* SOFR30A + 611) <sup>(a)</sup> | 1.902% | 05/15/41 | 1419579 | 1227044 |
| FHLMC, Series 4422, Class DO (PO) | 0.000% | 10/15/41 | 619094 | 488240 |
| FHLMC, Series 4074, Class SJ (IO) (-1\* SOFR + 662) <sup>(a)</sup> | 2.522% | 07/15/42 | 538120 | 66494 |
| FHLMC, Class (PO), Pool #S0-6050 | 0.000% | 08/15/42 | 110538 | 86164 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 61**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** |
| FHLMC, Class (PO), Pool #S0-6829 | 0.000% | 09/15/43 | $203705 | $158468 |
| FHLMC, Series 322, Class (PO), Pool #S0-7033 (-1.6\* SOFR30A + 955) <sup>(a)</sup> | 2.883% | 12/15/43 | 1035424 | 952258 |
| FNMA, Series 2012-148, Class IA (IO) | 4.000% | 01/25/28 | 20999 | 261 |
| FNMA, Series 2004-91, Class SP (IO) (-2.4\* SOFR + 1680) <sup>(a)</sup> | 7.227% | 10/25/31 | 78860 | 84749 |
| FNMA, Series 2004-61, Class GO (PO) | 0.000% | 11/25/32 | 164845 | 150592 |
| FNMA, Series 2013-89, Class DI (IO) | 4.000% | 08/25/33 | 592185 | 38882 |
| FNMA, Series 2015-82, Class AI (IO) | 3.500% | 06/25/34 | 242671 | 10058 |
| FNMA, Series 2016-28, Class DI (IO) | 3.500% | 03/25/35 | 256760 | 11690 |
| FNMA, Series 384, Class 11 (IO) | 5.000% | 03/25/35 | 288652 | 37077 |
| FNMA, Series 2005-52, Class JH (IO) (-1\* SOFR + 660) <sup>(a)</sup> | 2.611% | 05/25/35 | 144319 | 6885 |
| FNMA, Class (IO) <sup>(a)</sup> | 5.000% | 06/25/35 | 354519 | 46700 |
| FNMA, Series 2016-24, Class KI (IO) | 3.500% | 07/25/35 | 191146 | 11706 |
| FNMA, Class (IO) | 5.000% | 02/25/36 | 245203 | 29394 |
| FNMA, Series 2006-96, Class MO (PO) | 0.000% | 10/25/36 | 10074 | 9203 |
| FNMA, Series 398, Class C5 (IO) | 5.000% | 05/25/39 | 426077 | 73193 |
| FNMA, Series 2010-44, Class CS (IO) (-1\* SOFR + 655) <sup>(a)</sup> | 2.561% | 05/25/40 | 33022 | 3339 |
| FNMA, Series 409, Class C1 (IO) | 4.000% | 04/01/42 | 667759 | 118387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** |
| FNMA, Series 2012-99, Class QS (IO) (-1\* SOFR + 660) <sup>(a)</sup> | 2.414% | 09/25/42 | $1256976 | $184704 |
| FNMA, Series 2012-128, Class WS (IO) (-1\* SOFR + 400) <sup>(a)</sup> | 0.000% | 11/25/42 | 1065507 | 722512 |
| FNMA, Series 2012-128, Class SH (IO) (-1\* SOFR + 400) <sup>(a)</sup> | 0.000% | 11/25/42 | 4502962 | 3168347 |
| FNMA, Series 2016-32, Class GO (PO) | 0.000% | 01/25/43 | 11453 | 5113 |
| FNMA, Series 2016-30, Class IN (IO) | 3.500% | 02/25/43 | 360314 | 8823 |
| FNMA, Series 2019-31, Class CI (IO) | 4.000% | 02/25/47 | 408338 | 18891 |
| GNMA, Series 2011-139, Class LS (IO) (-1\* TSFR1M + 511) <sup>(a)</sup> | 0.902% | 03/16/38 | 1704118 | 84191 |
| GNMA, Series 2013-147, Class SD (IO) (-1\* TSFR1M + 676) <sup>(a)</sup> | 2.802% | 12/20/39 | 954940 | 119677 |
| GNMA, Series 2011-21, Class SA (IO) (-1\* TSFR1M + 611) <sup>(a)</sup> | 2.151% | 02/16/41 | 1100590 | 108124 |
| GNMA, Series 2013-113, Class QS (IO) (-1\* TSFR1M + 631) <sup>(a)</sup> | 2.352% | 02/20/42 | 171971 | 13654 |
| GNMA, Series 2013-82, Class NS (IO) (-1\* TSFR1M + 411) <sup>(a)</sup> | 0.152% | 05/20/43 | 1294967 | 704065 |
| GNMA, Series 2017-004, Class WI (IO) | 4.000% | 02/20/44 | 377277 | 16639 |
| GNMA, Series 2016-32, Class MS (IO) (-1\* TSFR1M + 616) <sup>(a)</sup> | 2.202% | 03/20/46 | 1296349 | 148460 |

---

**62 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** | **Agency MBS CMO Derivatives — 0.5% continued** |
| GNMA, Series 2019-098, Class BI (IO) | 3.000% | 06/20/49 | $847484 | $205273 |
| GNMA, Series 2022-200, Class SC (IO) (-3.67\* SOFR30A + 23) <sup>(a)</sup> | 8.185% | 11/20/52 | 4232007 | 4655954 |
|  |  |  |  | 14247633 |
| **Agency MBS Passthrough — 8.0%** | **Agency MBS Passthrough — 8.0%** | **Agency MBS Passthrough — 8.0%** | **Agency MBS Passthrough — 8.0%** | **Agency MBS Passthrough — 8.0%** |
| FHLMC, Pool #G6-1909 | 4.500% | 12/01/37 | 202793 | 203488 |
| FHLMC, Pool #G0-6085 | 6.500% | 09/01/38 | 27797 | 29392 |
| FHLMC, Pool #RB-5090 | 2.000% | 12/01/40 | 13326051 | 11659207 |
| FHLMC, Pool #2B-7995 | 2.523% | 10/01/50 | 3472094 | 3272723 |
| FHLMC, Pool #RE-6080 | 1.500% | 11/01/50 | 4288507 | 3223723 |
| FHLMC, Pool #RE-0015 | 3.000% | 11/01/50 | 5087495 | 4554541 |
| FHLMC, Pool #RE-6085 | 1.500% | 02/01/51 | 751306 | 564762 |
| FHLMC, Pool #RE-6093 | 1.500% | 04/01/51 | 1162527 | 873883 |
| FHLMC, Series 4839, Class AL | 4.000% | 04/15/51 | 2326401 | 2000100 |
| FHLMC, Pool #8C-0205 | 1.854% | 02/01/52 | 3212054 | 3036764 |
| FHLMC, Pool #SD3000 | 5.500% | 06/01/53 | 7642551 | 7793282 |
| FHLMC, Pool #SD3394 | 5.500% | 07/01/53 | 6692790 | 6822791 |
| FHLMC, Pool #QH-7551 | 6.000% | 12/01/53 | 4685320 | 4844002 |
| FNMA, Pool #252409 | 6.500% | 03/01/29 | 19164 | 19501 |
| FNMA, Pool #AS7287 | 3.500% | 06/01/31 | 146684 | 145477 |
| FNMA, Pool #AL3200 | 3.500% | 02/01/33 | 146561 | 142904 |
| FNMA, Pool #AT7120 | 3.500% | 06/01/33 | 224472 | 220315 |
| FNMA, Pool #AL5166 | 3.000% | 11/01/33 | 1021712 | 983212 |
| FNMA, Pool #AL6685 | 4.000% | 01/01/35 | 419739 | 414865 |
| FNMA, Pool #MA2198 | 3.500% | 03/01/35 | 166112 | 162083 |
| FNMA, Pool #MA3050 | 4.500% | 06/01/37 | 242424 | 242595 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** |
| FNMA, Pool #BM7598 | 3.000% | 02/01/43 | $5043316 | $4651106 |
| FNMA, Pool #AS4073 | 4.000% | 12/01/44 | 132938 | 128778 |
| FNMA, Pool #AS5236 | 4.000% | 05/01/45 | 866626 | 833992 |
| FNMA, Pool #MA2778 | 3.500% | 10/01/46 | 74351 | 69420 |
| FNMA, Series 2017-10, Class LZ | 3.000% | 03/25/47 | 4135431 | 3653688 |
| FNMA, Pool #BM6504 | 3.500% | 01/01/48 | 8642839 | 8123066 |
| FNMA, Pool #BM6530 | 3.000% | 10/01/48 | 254735 | 232182 |
| FNMA, Pool #BM6732 | 4.000% | 11/01/48 | 12739534 | 12400614 |
| FNMA, Pool #CA6940 | 2.247% | 09/01/50 | 2211334 | 2078806 |
| FNMA, Pool #BP7449 | 2.041% | 10/01/50 | 727731 | 715255 |
| FNMA, Pool #BM6452 | 2.114% | 10/01/50 | 2629384 | 2453361 |
| FNMA, Pool #BQ5239 | 2.222% | 10/01/50 | 1392250 | 1373679 |
| FNMA, Pool #MA4199 | 1.500% | 11/01/50 | 725542 | 545402 |
| FNMA, Pool #CA8249 | 1.500% | 12/01/50 | 7788264 | 6034756 |
| FNMA, Pool #BK8466 | 2.241% | 12/01/50 | 1009753 | 943285 |
| FNMA, Pool #CA9112 | 1.500% | 02/01/51 | 14710461 | 11058161 |
| FNMA, Pool #MA4294 | 1.500% | 03/01/51 | 2692256 | 2023824 |
| FNMA, Pool #BR9977 | 1.782% | 06/01/51 | 2296197 | 2100160 |
| FNMA, Pool #DA1521 | 6.000% | 10/01/53 | 7093370 | 7333597 |
| FNMA, Pool #FS9979 | 6.000% | 09/01/54 | 21758788 | 22536842 |
| FNMA, Pool #DC6991 | 5.000% | 12/01/54 | 29525846 | 29531960 |
| FNMA, Pool #DC6393 | 6.000% | 04/01/55 | 12819186 | 13288109 |
| GNMA, Pool #MA5738M | 4.000% | 02/20/34 | 109697 | 109970 |
| GNMA, Pool #MA7385M | 2.000% | 06/20/36 | 1248012 | 1108956 |
| GNMA, Pool #784279 | 5.500% | 11/15/38 | 190612 | 196146 |
| GNMA, Pool #711522X | 4.500% | 07/15/40 | 187015 | 189981 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 63**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** | **Agency MBS Passthrough — 8.0% continued** |
| GNMA, Pool #784991 | 3.000% | 04/20/46 | $3152789 | $2821016 |
| GNMA, Pool #78541 | 4.500% | 06/15/46 | 73177 | 73428 |
| GNMA, Pool #784792 | 4.500% | 08/20/49 | 356515 | 337343 |
| GNMA, Pool #MA7248 | 3.000% | 03/20/51 | 997107 | 879113 |
| GNMA, Pool #CI6717 | 3.000% | 10/20/51 | 1757377 | 1579809 |
| GNMA, Pool #MA7929M | 3.500% | 03/20/52 | 5881887 | 5268570 |
| GNMA, Pool #787258 | 3.500% | 08/20/52 | 8703576 | 7817162 |
| GNMA, Pool #CM7497C | 5.000% | 08/20/52 | 4289359 | 4261978 |
| GNMA, Pool #CX4361C | 8.000% | 11/20/53 | 333125 | 351594 |
| GNMA, Pool #MA9367 | 8.000% | 12/20/53 | 3053286 | 3159635 |
| GNMA, Pool #MA9428M | 8.000% | 01/20/54 | 1118884 | 1158380 |
| GNMA, Pool #CR2128 | 3.000% | 04/20/55 | 802193 | 713141 |
| GNMA, Pool #CN5057 | 4.500% | 07/20/62 | 1697803 | 1641840 |
| GNMA, Pool #CN5236C | 4.000% | 08/20/62 | 3713799 | 3518904 |
| GNMA, Pool #CN5237 | 4.500% | 08/20/62 | 1436296 | 1388949 |
| GNMA, Pool #CP5023C | 6.000% | 08/20/62 | 1541273 | 1566538 |
| GNMA, Pool #CQ3549 | 3.000% | 10/20/62 | 219519 | 195135 |
| GNMA, Pool #CS5780 | 3.000% | 02/20/63 | 323603 | 287659 |
| GNMA, Pool #DJ1126 | 7.000% | 04/20/65 | 22671542 | 23557833 |
|  |  |  |  | 245502733 |
| **ARM — 0.0% <sup>(c)</sup>** | **ARM — 0.0% <sup>(c)</sup>** | **ARM — 0.0% <sup>(c)</sup>** | **ARM — 0.0% <sup>(c)</sup>** | **ARM — 0.0% <sup>(c)</sup>** |
| Structured Asset Securities Corp., Series 2003-37A, Class 2-A <sup>(a)</sup> | 5.502% | 12/25/33 | 3553 | 3492 |
| **Auto Loan — 2.7%** | **Auto Loan — 2.7%** | **Auto Loan — 2.7%** | **Auto Loan — 2.7%** | **Auto Loan — 2.7%** |
| ACM Auto Trust, Series 2024-2A, Class A <sup>(d)</sup> | 6.060% | 02/20/29 | 155771 | 155881 |
| ACM Auto Trust, Series 2025-3A, Class A <sup>(d)</sup> | 5.010% | 01/22/30 | 3489424 | 3484532 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** |
| ACM Auto Trust, Series 2024-1A, Class B <sup>(d)</sup> | 11.400% | 01/21/31 | $887934 | $895759 |
| ACM Auto Trust, Series 2024-2A, Class B <sup>(d)</sup> | 9.210% | 08/20/31 | 600000 | 607810 |
| ACM Auto Trust, Series 2025-1A, Class B <sup>(d)</sup> | 7.870% | 11/20/31 | 3000000 | 3032984 |
| ACM Auto Trust, Series 2025-2A, Class B <sup>(d)</sup> | 7.250% | 02/20/32 | 1200000 | 1208075 |
| ACM Auto Trust, Series 2025-3A, Class B <sup>(d)</sup> | 6.080% | 07/20/32 | 2600000 | 2589670 |
| AgoraCapital Auto Securities Trust, Series 2025-1A, Class A <sup>(d)</sup> | 6.400% | 11/25/32 | 3978563 | 3990862 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C <sup>(d)</sup> | 9.840% | 03/15/29 | 2700000 | 2820288 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B <sup>(d)</sup> | 6.870% | 06/17/30 | 2000000 | 2043307 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class B <sup>(d)</sup> | 5.110% | 11/15/31 | 5640000 | 5638016 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D <sup>(d)</sup> | 5.820% | 01/15/32 | 2975000 | 2969556 |
| Exeter Automobile Receivables Trust, Series 2021-2, Class D | 1.400% | 04/15/27 | 1981279 | 1971205 |
| FinBe USA Trust, Series 2025-1A, Class B <sup>(d)</sup> | 6.600% | 12/16/30 | 3400000 | 3341981 |
| First Help Financial, LLC, Series 2023-1A, Class B <sup>(d)</sup> | 6.770% | 05/15/29 | 3250000 | 3269222 |

---

**64 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** | **Auto Loan — 2.7% continued** |
| First Help Financial, LLC, Series 2023-2, Class D <sup>(d)</sup> | 9.503% | 10/15/30 | $1750000 | $1796468 |
| Flagship Credit Auto Trust, Series 2023-1, Class C <sup>(d)</sup> | 5.430% | 05/15/29 | 4625000 | 4611538 |
| Huntington National Bank (The), Series 2025-2, Class B1 <sup>(d)</sup> | 4.835% | 09/20/33 | 5121215 | 5154228 |
| Lendbuzz Securitization Trust, Series 2023-1A, Class A2 <sup>(d)</sup> | 6.920% | 08/15/28 | 2467429 | 2492596 |
| Merchants Fleet Funding, LLC, Series 2023-1A, Class D <sup>(d)</sup> | 8.200% | 05/20/36 | 4000000 | 4052868 |
| Merchants Fleet Funding, LLC, Series 2025-1A, Class D <sup>(d)</sup> | 5.760% | 01/20/39 | 5775000 | 5792234 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-1A, Class B <sup>(d)</sup> | 7.960% | 06/25/32 | 5348702 | 5376861 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C <sup>(d)</sup> | 6.675% | 06/27/33 | 9800000 | 9843740 |
| Tricolor Auto Securitization Trust, Series 2024-1A, Class B <sup>(d)(e)(f)</sup> | 6.530% | 12/15/27 | 4000000 | 3970000 |
| Tricolor Auto Securitization Trust, Series 2024-3A, Class B <sup>(d)(e)(f)</sup> | 5.360% | 09/15/28 | 1625000 | 1096875 |
| Tricolor Auto Securitization Trust, Series 2024-3A, Class C <sup>(d)(e)(f)</sup> | 5.730% | 12/15/28 | 1920000 | 172800 |
| US Bank NA, Series 2023-1, Class B <sup>(d)</sup> | 6.789% | 08/25/32 | 258926 | 261577 |
|  |  |  |  | 82640933 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **CRE/CLO — 0.9%** | **CRE/CLO — 0.9%** | **CRE/CLO — 0.9%** | **CRE/CLO — 0.9%** | **CRE/CLO — 0.9%** |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class C <sup>(d)</sup> | 6.099% | 12/18/37 | $1601307 | $1574868 |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class D (1\* TSFR1M + 271) <sup>(a)(d)</sup> | 6.949% | 12/18/37 | 1000000 | 981837 |
| Acre Commercial Mortgage Trust, Series 2021-FL4, Class E (1\* TSFR1M + 321) <sup>(a)(d)</sup> | 7.449% | 12/18/37 | 675000 | 659395 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1\* TSFR1M + 319) <sup>(a)(d)</sup> | 7.147% | 01/18/41 | 2500000 | 2500162 |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1\* TSFR1M + 369) <sup>(a)(d)</sup> | 7.647% | 01/18/41 | 4000000 | 4000256 |
| Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1\* TSFR1M + 269) <sup>(a)(d)</sup> | 6.427% | 08/20/42 | 2400000 | 2398721 |
| AREIT CRE Trust, Series 2022-CRE7, Class C (1\* SOFR + 384) <sup>(a)(d)</sup> | 7.588% | 06/17/39 | 900000 | 900491 |
| BXMT Ltd., Series 2020-FL2, Class B (1\* TSFR1M + 151) <sup>(a)(d)</sup> | 5.727% | 02/15/38 | 2240000 | 2228816 |
| BXMT Ltd., Series 2020-FL2, Class D (1\* TSFR1M + 206) <sup>(a)(d)</sup> | 6.277% | 02/15/38 | 1500000 | 1476711 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 65**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **CRE/CLO — 0.9% continued** | **CRE/CLO — 0.9% continued** | **CRE/CLO — 0.9% continued** | **CRE/CLO — 0.9% continued** | **CRE/CLO — 0.9% continued** |
| BXMT Ltd., Series 2021-FL4, Class C (1\* TSFR1M + 186) <sup>(a)(d)</sup> | 5.827% | 05/15/38 | $1600000 | $1552856 |
| BXMT Ltd., Series 2021-FL4, Class D (1\* TSFR1M + 236) <sup>(a)(d)</sup> | 6.327% | 05/15/38 | 2250000 | 2162169 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class B (1\* TSFR1M + 374) <sup>(a)(d)</sup> | 7.466% | 09/17/37 | 3000000 | 3001080 |
| MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class D (1\* TSFR1M + 573) <sup>(a)(d)</sup> | 9.460% | 09/17/37 | 750000 | 752551 |
| PFP III, Series 2024-11, Class D (1\* TSFR1M + 409) <sup>(a)(d)</sup> | 7.865% | 09/17/39 | 2500000 | 2471980 |
|  |  |  |  | 26661893 |
| **Credit Cards — 0.4%** | **Credit Cards — 0.4%** | **Credit Cards — 0.4%** | **Credit Cards — 0.4%** | **Credit Cards — 0.4%** |
| Genesis Sales Finance Master Trust, Series 2024-B, Class D <sup>(d)</sup> | 7.040% | 12/20/32 | 5000000 | 5073490 |
| Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B <sup>(d)</sup> | 7.430% | 07/20/29 | 5000000 | 5041418 |
| Mission Lane Credit Card Master Trust, Series 2024-A, Class C <sup>(d)</sup> | 7.320% | 08/15/29 | 3000000 | 3019289 |
|  |  |  |  | 13134197 |
| **Equipment — 0.7%** | **Equipment — 0.7%** | **Equipment — 0.7%** | **Equipment — 0.7%** | **Equipment — 0.7%** |
| Blue Bridge Funding, Inc., Series 2023-1, Class A <sup>(d)</sup> | 7.370% | 11/15/30 | 476327 | 480339 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Equipment — 0.7% continued** | **Equipment — 0.7% continued** | **Equipment — 0.7% continued** | **Equipment — 0.7% continued** | **Equipment — 0.7% continued** |
| CLI Funding VI, LLC, Series 2020-1, Class B <sup>(d)</sup> | 3.620% | 09/18/45 | $305476 | $292709 |
| CPF IV, LLC, Series 2023-2, Class A <sup>(d)</sup> | 7.480% | 03/15/32 | 607039 | 611556 |
| CPF IV, LLC, Series 2023-2, Class C <sup>(d)</sup> | 7.560% | 03/15/32 | 2000000 | 1995298 |
| Dext ABS, Series 2023-2, Class D <sup>(d)</sup> | 8.300% | 05/15/34 | 1500000 | 1590510 |
| MMP Capital, LLC, Series 2025-A, Class A <sup>(d)</sup> | 5.360% | 12/15/31 | 7269995 | 7334288 |
| NMEF Funding, LLC, Series 2022-B, Class C <sup>(d)</sup> | 8.540% | 06/15/29 | 4500000 | 4590187 |
| NMEF Funding, LLC, Series 2023-A, Class C <sup>(d)</sup> | 8.040% | 06/17/30 | 3500000 | 3645513 |
| Stellar Jay Ireland DAC, Series 2021-1, Class B <sup>(d)</sup> | 5.926% | 10/15/41 | 326597 | 323961 |
|  |  |  |  | 20864361 |
| **HECM — 4.2%** | **HECM — 4.2%** | **HECM — 4.2%** | **HECM — 4.2%** | **HECM — 4.2%** |
| Boston Lending Trust, Series 2022-1, Class M2 <sup>(d)</sup> | 2.750% | 02/25/62 | 556451 | 521664 |
| Brean Asset Backed Securities Trust, Series 2022-RM4, Class M1 <sup>(d)</sup> | 3.000% | 07/25/62 | 1109365 | 982948 |
| Brean Asset Backed Securities Trust, Series 2022-RM5, Class A <sup>(d)</sup> | 4.500% | 09/25/62 | 4356750 | 4288973 |
| Brean Asset Backed Securities Trust, Series 2022-RM5, Class M2 <sup>(d)</sup> | 4.500% | 09/25/62 | 3004143 | 2720044 |

---

**66 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** |
| Brean Asset Backed Securities Trust, Series 2022-RM5, Class M1 <sup>(d)</sup> | 4.500% | 09/25/62 | $2657511 | $2493429 |
| Brean Asset Backed Securities Trust, Series 2023-RM6, Class M2 <sup>(d)</sup> | 5.250% | 01/25/63 | 3135671 | 3007029 |
| Brean Asset Backed Securities Trust, Series 2023-RM6, Class M1 <sup>(d)</sup> | 5.250% | 01/25/63 | 3135671 | 3067848 |
| Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M3 <sup>(d)</sup> | 4.000% | 09/25/63 | 3116894 | 2810758 |
| Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M1 <sup>(d)</sup> | 4.000% | 09/25/63 | 3280941 | 3212956 |
| Brean Asset Backed Securities Trust, Series 2024-RM9, Class A1 <sup>(d)</sup> | 5.000% | 09/25/64 | 2988610 | 2980062 |
| Brean Asset Backed Securities Trust, Series 2025-RM10, Class A2 <sup>(d)</sup> | 5.000% | 01/25/65 | 6800000 | 6667074 |
| Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 <sup>(d)</sup> | 4.500% | 07/25/65 | 2341990 | 1910384 |
| Brean Asset Backed Securities Trust, Series 2025-RM12, Class A2 <sup>(d)</sup> | 4.500% | 07/25/65 | 6689498 | 6385327 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** |
| Brean Asset Backed Securities Trust, Series 2025-RM13, Class M2 <sup>(d)</sup> | 4.250% | 10/25/65 | $2216132 | $1865452 |
| Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 <sup>(d)</sup> | 4.250% | 10/25/65 | 1032516 | 829827 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class M1 <sup>(d)</sup> | 4.500% | 03/25/78 | 3286073 | 3087492 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class A1 <sup>(d)</sup> | 4.500% | 03/25/78 | 7578505 | 7503185 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 <sup>(d)</sup> | 4.500% | 03/25/78 | 6039000 | 5879972 |
| Cascade Funding Mortgage Trust, Series 2024-HB13, Class M3 <sup>(d)</sup> | 3.000% | 05/25/34 | 2000000 | 1913220 |
| Cascade Funding Mortgage Trust, Series 2024-2, Class M3 <sup>(d)</sup> | 3.000% | 06/25/34 | 4000000 | 3837250 |
| Cascade Funding Mortgage Trust, Series 2024-2, Class M2 <sup>(d)</sup> | 3.000% | 06/25/34 | 3750000 | 3621319 |
| Cascade Funding Mortgage Trust, Series 2024-HB15, Class M3 <sup>(d)</sup> | 4.000% | 08/25/34 | 5500000 | 5307718 |
| Ocwen Loan Investment Trust, Series 2023-HB1, Class M2 <sup>(d)</sup> | 3.000% | 06/25/36 | 3000000 | 2967378 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 67**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** |
| Ocwen Loan Investment Trust, Series 2023-HB1, Class M3 <sup>(d)</sup> | 3.000% | 06/25/36 | $4000000 | $3944991 |
| Ocwen Loan Investment Trust, Series 2024-HB1, Class M2 <sup>(d)</sup> | 3.000% | 02/25/37 | 1500000 | 1457507 |
| Ocwen Loan Investment Trust, Series 2024-HB1, Class M3 <sup>(d)</sup> | 3.000% | 02/25/37 | 3500000 | 3378516 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M2 <sup>(d)</sup> | 3.000% | 11/25/38 | 3475000 | 3232932 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 <sup>(d)</sup> | 3.000% | 11/25/38 | 9050000 | 8273285 |
| Onity Loan Investment Trust, Series 2024-HB2, Class M3 <sup>(d)</sup> | 5.000% | 08/25/37 | 2500000 | 2450734 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 <sup>(d)</sup> | 3.690% | 11/25/31 | 1550000 | 1484307 |
| RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 <sup>(d)</sup> | 4.704% | 11/25/31 | 5000000 | 4759258 |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class AI <sup>(a)(d)</sup> | 1.719% | 10/25/50 | 1600167 | 1508501 |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class AB <sup>(d)</sup> | 1.744% | 10/25/50 | 2911509 | 2726814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** | **HECM — 4.2% continued** |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class M1 <sup>(d)</sup> | 2.619% | 10/25/50 | $1500000 | $1294236 |
| RMF Proprietary Issuance Trust, Series 2021-2, Class A <sup>(d)</sup> | 2.125% | 09/25/61 | 3979384 | 3778063 |
| RMF Proprietary Issuance Trust, Series 2022-1, Class A <sup>(d)</sup> | 3.000% | 01/25/62 | 2807110 | 2689625 |
| RMF Proprietary Issuance Trust, Series 2022-2, Class M3 <sup>(d)</sup> | 3.750% | 06/25/62 | 1100000 | 990667 |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M1 <sup>(d)</sup> | 4.000% | 08/25/62 | 5000000 | 4753182 |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M3 <sup>(d)</sup> | 4.000% | 08/25/62 | 2500000 | 2272814 |
| RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 <sup>(d)</sup> | 3.000% | 01/25/62 | 1400000 | 1310450 |
| RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 <sup>(d)</sup> | 3.000% | 01/25/62 | 1000000 | $918056 |
|  |  |  |  | 129085247 |
| **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** | **Hospitality — 0.3%** |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1\* TSFR1M + 255) <sup>(a)(d)</sup> | 6.300% | 08/15/42 | 3500000 | 3504437 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D (1\* TSFR1M + 285) <sup>(a)(d)</sup> | 6.600% | 03/15/42 | 3150000 | 3157870 |
| MCR Mortgage Trust, Series 2024-TWA, Class D <sup>(d)</sup> | 7.402% | 06/12/39 | 3500000 | 3542548 |
|  |  |  |  | 10204855 |

---

**68 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Industrial — 0.8%** | **Industrial — 0.8%** | **Industrial — 0.8%** | **Industrial — 0.8%** | **Industrial — 0.8%** |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D (1\* TSFR1M + 259) <sup>(a)(d)</sup> | 6.342% | 03/15/30 | $5750000 | $5733911 |
| BX Trust, Series 2025-VLT7, Class D (1\* TSFR1M + 325) <sup>(a)(d)</sup> | 7.000% | 07/15/27 | 6000000 | 6018679 |
| BX Trust, Series 2025-BCAT, Class D (1\* TSFR1M + 265) <sup>(a)(d)</sup> | 6.400% | 08/15/42 | 3449825 | 3459078 |
| BX Trust, Series VOLT-2025, Class A (1\* SOFR30A + 2) <sup>(a)(d)</sup> | 5.700% | 12/15/44 | 8300000 | 8305163 |
|  |  |  |  | 23516831 |
| **Laboratory — 1.8%** | **Laboratory — 1.8%** | **Laboratory — 1.8%** | **Laboratory — 1.8%** | **Laboratory — 1.8%** |
| BX Commercial Mortgage Trust, Series 2024-BIO2, Class D <sup>(d)</sup> | 7.970% | 08/13/41 | 4400000 | 4283935 |
| Commercial Mortgage Trust, Series 2020-CX, Class A <sup>(d)</sup> | 2.173% | 11/10/46 | 12175000 | 10469510 |
| Commercial Mortgage Trust, Series 2020-CX, Class B <sup>(d)</sup> | 2.446% | 11/10/46 | 7959000 | 6676758 |
| Life Financial Services Trust, Series 2021-BMR, Class D (1\* TSFR1M + 151) <sup>(a)(d)</sup> | 5.264% | 03/15/38 | 7000000 | 6960733 |
| Life Financial Services Trust, Series 2021-BMR, Class E (1\* TSFR1M + 186) <sup>(a)(d)</sup> | 5.614% | 03/15/38 | 5614700 | 5576056 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Laboratory — 1.8% continued** | **Laboratory — 1.8% continued** | **Laboratory — 1.8% continued** | **Laboratory — 1.8% continued** | **Laboratory — 1.8% continued** |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 (1\* TSFR1M + 130) <sup>(a)(d)</sup> | 5.045% | 05/15/39 | $10250000 | $9885039 |
| Life Financial Services Trust, Series 2022-BMR2, Class B (1\* TSFR1M + 179) <sup>(a)(d)</sup> | 5.544% | 05/15/39 | $3000000 | $2711131 |
| Life Financial Services Trust, Series 2022-BMR2, Class C (1\* TSFR1M + 209) <sup>(a)(d)</sup> | 5.843% | 05/15/39 | 2000000 | 1802566 |
| VLS Commercial Mortgage Trust, Series 2020-LAB, Class A <sup>(d)</sup> | 2.130% | 10/10/42 | 9060000 | 7775711 |
|  |  |  |  | 56141439 |
| **Multifamily — 1.4%** | **Multifamily — 1.4%** | **Multifamily — 1.4%** | **Multifamily — 1.4%** | **Multifamily — 1.4%** |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1\* TSFR1M + 309) <sup>(a)(d)</sup> | 6.839% | 08/15/39 | 7770420 | 7789741 |
| FREMF Mortgage Trust, Series 2018-KF43, Class B (1\* SOFR + 215) <sup>(a)(d)</sup> | 6.466% | 01/25/28 | 236208 | 229326 |
| FREMF Mortgage Trust, Series 2018-KF46, Class B (1\* SOFR30A + 206) <sup>(a)(d)</sup> | 6.266% | 03/25/28 | 133089 | 128807 |
| FREMF Mortgage Trust, Series 2018-KF48, Class B (1\* SOFR + 205) <sup>(a)(d)</sup> | 6.366% | 06/25/28 | 1438424 | 1372075 |
| FREMF Mortgage Trust, Series 2018-KF50, Class B (1\* SOFR + 190) <sup>(a)(d)</sup> | 6.216% | 07/25/28 | 338254 | 326208 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 69**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** |
| FREMF Mortgage Trust, Series 2019-KF57, Class B (1\* SOFR + 225) <sup>(a)(d)</sup> | 6.566% | 01/25/29 | $1054297 | $1010651 |
| FREMF Mortgage Trust, Series 2019-KF67, Class B (1\* SOFR + 225) <sup>(a)(d)</sup> | 6.566% | 08/25/29 | 171741 | 163587 |
| MultiFamily Connecticut Avenue, Series 2024-01, Class M7 (1\* SOFR30A + 275) <sup>(a)(d)</sup> | 6.624% | 07/25/54 | 5795514 | 5866811 |
| MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1\* SOFR30A + 240) <sup>(a)(d)</sup> | 6.274% | 05/25/55 | 4597630 | 4612131 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1\* SOFR30A + 245) <sup>(a)(d)</sup> | 6.324% | 10/25/44 | 3195997 | 3205885 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1\* SOFR30A + 205) <sup>(a)(d)</sup> | 5.924% | 02/25/45 | $3961400 | $3924522 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-2 (1\* SOFR30A + 285) <sup>(a)(d)</sup> | 6.724% | 02/25/45 | 1550000 | 1534630 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN12, Class M1 <sup>(d)</sup> | 5.833% | 11/25/45 | 4992000 | 4992256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** | **Multifamily — 1.4% continued** |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1\* SOFR + 200) <sup>(a)(d)</sup> | 5.874% | 01/25/51 | $513212 | $512029 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1\* SOFR + 230) <sup>(a)(d)</sup> | 7.034% | 11/25/51 | 3147161 | 3150733 |
| MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M-1 (1\* SOFR + 425) <sup>(a)(d)</sup> | 8.124% | 05/25/52 | 2748147 | 2811030 |
|  |  |  |  | 41630422 |
| **Non-Agency MBS 2.0 — 0.5%** | **Non-Agency MBS 2.0 — 0.5%** | **Non-Agency MBS 2.0 — 0.5%** | **Non-Agency MBS 2.0 — 0.5%** | **Non-Agency MBS 2.0 — 0.5%** |
| Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1\* SOFR + 155) <sup>(a)</sup> | 5.424% | 02/25/50 | 554166 | 523127 |
| J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1\* SOFR + 130) <sup>(a)(d)</sup> | 5.174% | 03/25/51 | 514119 | 513111 |
| J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1\* SOFR + 180) <sup>(a)(d)</sup> | 5.674% | 03/25/51 | 1422791 | 1402168 |
| Redwood Funding Trust, Series 2025-RR1, Class A1 <sup>(d)</sup> | 6.767% | 06/27/28 | 5674183 | 5688227 |
| Redwood Funding Trust, Series 2025-2, Class A <sup>(d)</sup> | 7.112% | 05/27/55 | 1619551 | 1625132 |

---

**70 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Non-Agency MBS 2.0 — 0.5% continued** | **Non-Agency MBS 2.0 — 0.5% continued** | **Non-Agency MBS 2.0 — 0.5% continued** | **Non-Agency MBS 2.0 — 0.5% continued** | **Non-Agency MBS 2.0 — 0.5% continued** |
| REMIC Funding Trust, Series 2024-2, Class A1 <sup>(d)</sup> | 7.112% | 09/27/28 | $4937855 | $4965172 |
| REMIC Funding Trust, Series 2024-2, Class A2 <sup>(d)</sup> | 8.806% | 09/27/28 | 1955586 | 1967226 |
|  |  |  |  | 16684163 |
| **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 <sup>(d)</sup> | 7.774% | 05/25/30 | 4554956 | 4591888 |
| **Office — 1.1%** | **Office — 1.1%** | **Office — 1.1%** | **Office — 1.1%** | **Office — 1.1%** |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A <sup>(d)</sup> | 2.627% | 01/15/32 | 2350000 | 2076872 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class B <sup>(d)</sup> | 2.461% | 04/12/42 | 3000000 | 2764265 |
| Drop Mortgage Trust, Series 2021-FILE, Class A (1\* TSFR1M + 126) <sup>(a)(d)</sup> | 5.014% | 10/15/43 | 3500000 | 3414084 |
| Drop Mortgage Trust, Series 2021-FILE, Class B (1\* TSFR1M + 181) <sup>(a)(d)</sup> | 5.564% | 10/15/43 | 10300000 | 9532161 |
| NYC Commercial Mortgage Trust, Series 2025-3BP, Class B (1\* TSFR1M + 169) <sup>(a)(d)</sup> | 5.442% | 02/15/42 | 3000000 | 2994401 |
| NYT Mortgage Trust, Series 2019-NYT, Class C (1\* TSFR1M + 200) <sup>(a)(d)</sup> | 5.748% | 12/15/35 | 2700000 | 2592812 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Office — 1.1% continued** | **Office — 1.1% continued** | **Office — 1.1% continued** | **Office — 1.1% continued** | **Office — 1.1% continued** |
| NYT Mortgage Trust, Series 2019-NYT, Class D (1\* TSFR1M + 230) <sup>(a)(d)</sup> | 6.048% | 12/15/35 | $2500000 | $2375752 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D <sup>(d)</sup> | 8.623% | 09/15/40 | 4250000 | 4281008 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B <sup>(d)</sup> | 6.013% | 09/15/40 | 5000000 | 5013907 |
|  |  |  |  | 35045262 |
| **Residential Transition Loan — 2.0%** | **Residential Transition Loan — 2.0%** | **Residential Transition Loan — 2.0%** | **Residential Transition Loan — 2.0%** | **Residential Transition Loan — 2.0%** |
| AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 <sup>(d)</sup> | 3.280% | 01/25/26 | 353707 | 336714 |
| AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A2 <sup>(d)(e)</sup> | 7.610% | 01/25/26 | 44363 | 1722 |
| Corevest American Finance Ltd., Series 2021-RTL1, Class A2 <sup>(d)</sup> | 5.104% | 03/28/29 | 135099 | 128145 |
| Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 <sup>(d)</sup> | 8.299% | 05/25/40 | 3400000 | 3441309 |
| Fidelis Mortgage Trust, Series 25-RTL1, Class A-2 <sup>(d)</sup> | 6.220% | 02/27/40 | 2200000 | 2236134 |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A-2 <sup>(d)</sup> | 8.570% | 07/25/29 | 2300000 | 2302805 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 71**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Residential Transition Loan — 2.0% continued** | **Residential Transition Loan — 2.0% continued** | **Residential Transition Loan — 2.0% continued** | **Residential Transition Loan — 2.0% continued** | **Residential Transition Loan — 2.0% continued** |
| Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A-2 <sup>(d)</sup> | 6.369% | 09/25/39 | $4000000 | $4009283 |
| LHOME Mortgage Trust, Series 2024-RTL1, Class A2 <sup>(d)</sup> | 9.165% | 01/25/29 | 2500000 | 2529892 |
| LHOME Mortgage Trust, Series 2024-RTL1, Class M <sup>(d)</sup> | 11.949% | 01/25/29 | 2000000 | 2024870 |
| LHOME Mortgage Trust, Series 2024-RTL2, Class A2 <sup>(d)</sup> | 9.537% | 03/25/29 | 1500000 | 1513810 |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 <sup>(d)</sup> | 8.373% | 05/25/29 | 4000000 | 4043240 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A1 <sup>(d)</sup> | 5.652% | 01/25/40 | 8000000 | 8051680 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A2 <sup>(d)</sup> | 5.952% | 01/25/40 | 8950000 | 9028509 |
| New York Mortgage Trust, Series 2024-BPL1, Class A1 <sup>(d)</sup> | 7.154% | 02/25/29 | 5750000 | 5766814 |
| New York Mortgage Trust, Series 2024-BPL1, Class A2 <sup>(d)</sup> | 8.617% | 02/25/29 | 2500000 | 2505359 |
| ROC Mortgage Trust, Series 2025-RTL1, Class A2 <sup>(d)</sup> | 6.114% | 02/25/40 | 8000000 | 8088078 |
| ROC Securities Trust, Series 2021-RTL1, Class A2 <sup>(d)</sup> | 3.351% | 08/25/26 | 2055344 | 2050892 |
| TVC Mortgage Trust, Series 2024-RRTL1, Class A2 <sup>(d)</sup> | 5.956% | 07/25/39 | 2000000 | 2008300 |
|  |  |  |  | 60067556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class B (1\* SOFR + 145) <sup>(a)(d)</sup> | 5.415% | 02/15/40 | $2123200 | $2120258 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class C (1\* SOFR + 180) <sup>(a)(d)</sup> | 5.765% | 02/15/40 | 580000 | 580467 |
| Wells Fargo Mortgage Trust, Series 2021-SAVE, Class D (1\* SOFR + 250) <sup>(a)(d)</sup> | 6.465% | 02/15/40 | 2324000 | 2319158 |
|  |  |  |  | 5019883 |
| **Second Lien — 1.8%** | **Second Lien — 1.8%** | **Second Lien — 1.8%** | **Second Lien — 1.8%** | **Second Lien — 1.8%** |
| Achieve Mortgage, Series 2024-HE2, Class A <sup>(d)</sup> | 5.350% | 10/25/39 | $2993367 | $3005944 |
| Achieve Mortgage, Series 2025-HE1, Class A <sup>(d)</sup> | 5.920% | 03/25/55 | 4651795 | 4714393 |
| HTAP Trust, Series 2024-1, Class A <sup>(d)</sup> | 7.000% | 04/25/37 | 5898211 | 5923337 |
| HTAP Trust, Series 2024-1, Class B <sup>(d)</sup> | 7.500% | 04/25/37 | 2630000 | 2597451 |
| HTAP Trust, Series 2024-2, Class A <sup>(d)</sup> | 6.500% | 04/25/42 | 9977850 | 9967671 |
| Point Securitization Trust, Series 2024-1, Class A1 <sup>(d)</sup> | 6.500% | 06/25/54 | 4242558 | 4253819 |
| Point Securitization Trust, Series 2025-1, Class A1 <sup>(d)</sup> | 6.250% | 06/25/55 | 2743711 | 2754509 |
| Point Securitization Trust, Series 2025-2, Class A1 <sup>(d)</sup> | 5.750% | 09/25/55 | 3639249 | 3634899 |
| Splitero Trust, Series 2025-1, Class A1 <sup>(d)</sup> | 5.750% | 12/25/55 | 3125000 | 3102486 |

---

**72 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Second Lien — 1.8% continued** | **Second Lien — 1.8% continued** | **Second Lien — 1.8% continued** | **Second Lien — 1.8% continued** | **Second Lien — 1.8% continued** |
| Unlock HEA Trust, Series 2024-1, Class A <sup>(d)</sup> | 7.000% | 04/25/39 | $8156100 | $8148648 |
| Unlock HEA Trust, Series 2024-2, Class A <sup>(d)</sup> | 6.500% | 10/25/39 | 4359583 | 4364951 |
| Unlock HEA Trust, Series 2025-2, Class A <sup>(d)</sup> | 6.000% | 11/25/41 | 1731161 | 1726294 |
|  |  |  |  | 54194402 |
| **Single Family Rental — 0.8%** | **Single Family Rental — 0.8%** | **Single Family Rental — 0.8%** | **Single Family Rental — 0.8%** | **Single Family Rental — 0.8%** |
| Home Partners of America Trust, Series 2019-1, Class B <sup>(d)</sup> | 3.157% | 09/17/39 | 457309 | 447790 |
| Home Partners of America Trust, Series 2019-2, Class B <sup>(d)</sup> | 2.922% | 10/19/39 | 4579254 | 4472823 |
| Progress Residential Trust, Series 2021-SFR3, Class E2 <sup>(d)</sup> | 2.688% | 05/17/26 | 2292061 | 2271959 |
| Progress Residential Trust, Series 2024-SFR5, Class E1 <sup>(d)</sup> | 3.375% | 08/09/29 | 3000000 | 2797070 |
| Progress Residential Trust, Series 2021-SFR5, Class E1 <sup>(d)</sup> | 2.209% | 07/17/38 | 2500000 | 2468697 |
| Progress Residential Trust, Series 2021-SFR5, Class E2 <sup>(d)</sup> | 2.359% | 07/17/38 | 3600000 | 3551901 |
| Progress Residential Trust, Series 2024-SFR2, Class E1 <sup>(d)</sup> | 3.400% | 04/17/41 | 2000000 | 1878580 |
| Progress Residential Trust, Series 2025-SFR1, Class D <sup>(d)</sup> | 3.650% | 02/17/42 | 4500000 | 4234783 |
| Tricon American Homes, Series 2020-SFR1, Class A <sup>(d)</sup> | 1.499% | 07/17/38 | 1268152 | 1248905 |
|  |  |  |  | 23372508 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Small Business — 0.7%** | **Small Business — 0.7%** | **Small Business — 0.7%** | **Small Business — 0.7%** | **Small Business — 0.7%** |
| Credibility Asset Securitization, Series 2024-1A, Class A <sup>(d)</sup> | 6.440% | 11/15/29 | $4000000 | $4050725 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class A <sup>(d)</sup> | 5.490% | 09/10/31 | 4700000 | 4724657 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class C <sup>(d)</sup> | 7.150% | 09/10/31 | 5100000 | 5093374 |
| Kapitus Asset Securitization, LLC, Series 2024-4, Class C <sup>(d)</sup> | 7.150% | 09/10/31 | 350000 | 349545 |
| Newtek Alternative Loan Program, Series 2024-1, Class B <sup>(d)</sup> | 7.710% | 12/27/49 | 2515055 | 2549946 |
| Newtek Small Business Loan Trust, Series 2022-1, Class B (1\* SOFR + 375) <sup>(a)(d)</sup> | 7.276% | 10/25/49 | 645661 | 640451 |
| Newtek Small Business Loan Trust, Series 2023-1, Class B (1\* Prime + 75) <sup>(a)(d)</sup> | 7.776% | 07/25/50 | 1848623 | 1841450 |
| OnDeck Asset Securitization Trust, Series 2024-2A, Class B <sup>(d)</sup> | 5.420% | 10/17/31 | 1300000 | 1303376 |
| RFS Asset Securitization II, LLC, Series 2024-1, Class C <sup>(d)</sup> | 8.349% | 07/15/31 | 2000000 | 2036706 |
|  |  |  |  | 22590230 |
| **Student Loan — 0.4%** | **Student Loan — 0.4%** | **Student Loan — 0.4%** | **Student Loan — 0.4%** | **Student Loan — 0.4%** |
| Ascent Career Funding Trust, Series 2024-1A, Class A <sup>(d)</sup> | 6.770% | 10/25/32 | 1672158 | 1683513 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 73**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** |
| Ascent Career Funding Trust, Series 2024-1A, Class B <sup>(d)</sup> | 9.730% | 10/25/32 | $2000000 | $2053683 |
| Bayview Opportunity Master Fund, Series 2025-EDU1, Class D (1\* SOFR30A + 225) <sup>(a)(d)</sup> | 6.124% | 07/27/48 | 3890015 | 3890000 |
| College Ave Student Loans, Series 2018-A, Class B <sup>(d)</sup> | 4.750% | 12/26/47 | 35231 | 34973 |
| College Ave Student Loans, Series 2018-A, Class C <sup>(d)</sup> | 5.500% | 12/26/47 | 27311 | 27216 |
| College Ave Student Loans, Series 2019-A, Class C <sup>(d)</sup> | 4.460% | 12/28/48 | 100763 | 99050 |
| College Ave Student Loans, Series 2019-A, Class A1 (1\* SOFR + 140) <sup>(a)(d)</sup> | 5.247% | 12/28/48 | 58532 | 58713 |
| College Ave Student Loans, Series 2021-A, Class B <sup>(d)</sup> | 2.320% | 07/25/51 | 281377 | 262390 |
| College Ave Student Loans, Series 2021-A, Class D <sup>(d)</sup> | 4.120% | 07/25/51 | 213716 | 204322 |
| Prodigy Finance, Series 2021-1A, Class A (1\* TSFR1M + 136) <sup>(a)(d)</sup> | 5.319% | 07/25/51 | 126614 | 126299 |
| SMB Private Education Loan Trust, Series 2018-C, Class B <sup>(d)</sup> | 4.000% | 11/17/42 | 200000 | 196763 |
| Social Professional Loan Program, Series 2020-A, Class BFX <sup>(d)</sup> | 3.120% | 05/15/46 | 425000 | 381688 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** | **Student Loan — 0.4% continued** |
| Social Professional Loan Program, Series 2018-D, Class BFX <sup>(d)</sup> | 4.140% | 02/25/48 | $500000 | $485529 |
| Social Professional Loan Program, Series 2019-B, Class BFX <sup>(d)</sup> | 3.730% | 08/17/48 | 750000 | 708473 |
| Social Professional Loan Program, Series 2019-C, Class BFX <sup>(d)</sup> | 3.050% | 11/16/48 | 1669000 | 1516102 |
|  |  |  |  | 11728714 |
| **Unsecured Consumer — 4.8%** | **Unsecured Consumer — 4.8%** | **Unsecured Consumer — 4.8%** | **Unsecured Consumer — 4.8%** | **Unsecured Consumer — 4.8%** |
| ACHV ABS Trust, Series 2023-3PL, Class D <sup>(d)</sup> | 8.360% | 08/19/30 | 1790189 | 1805383 |
| ACHV ABS Trust, Series 2024-3AL, Class D <sup>(d)</sup> | 6.750% | 12/26/31 | 2659459 | 2695552 |
| Affirm, Inc., Series 2022-Z1, Class B <sup>(d)</sup> | 6.490% | 06/15/27 | 233258 | 233713 |
| Affirm, Inc., Series 2025-X1, Class D <sup>(d)</sup> | 6.110% | 04/15/30 | 5750000 | 5801234 |
| AMCR ABS Trust, Series 2023-1, Class B <sup>(d)</sup> | 8.700% | 01/21/31 | 839101 | 843184 |
| AMCR ABS Trust, Series 2024-A, Class A <sup>(d)</sup> | 6.260% | 08/18/31 | 161934 | 162190 |
| Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C <sup>(d)</sup> | 8.150% | 12/17/36 | 1000000 | 1040465 |
| Cherry Securitization Trust, Series 2024-1A, Class A <sup>(d)</sup> | 5.700% | 04/15/32 | 2750000 | 2772049 |
| Cherry Securitization Trust, Series 2025-1A, Class A <sup>(d)</sup> | 6.130% | 11/15/32 | 12400000 | 12588862 |

---

**74 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** |
| Freedom Financial Trust, Series 2022-3FP, Class D <sup>(d)</sup> | 7.360% | 08/20/29 | $1231319 | $1237033 |
| Lendmark Funding Trust, Series 2020-2, Class B <sup>(d)</sup> | 3.540% | 04/21/31 | 1195000 | 1174199 |
| Lendmark Funding Trust, Series 2020-2A, Class C <sup>(d)</sup> | 4.690% | 04/21/31 | 550000 | 543327 |
| Lendmark Funding Trust, Series 2021-1A, Class C <sup>(d)</sup> | 3.410% | 11/20/31 | 750000 | 719337 |
| Lendmark Funding Trust, Series 2025-2A, Class D <sup>(d)</sup> | 5.980% | 10/20/34 | 7800000 | 7860218 |
| Mariner Finance Issuance Trust, Series 2021-AA, Class D <sup>(d)</sup> | 4.340% | 03/20/36 | 1000000 | 972988 |
| Mariner Finance Issuance Trust, Series 2024-AA, Class D <sup>(d)</sup> | 6.770% | 09/22/36 | 3250000 | 3329327 |
| Oportun Funding, LLC, Series 2024-3, Class C <sup>(d)</sup> | 6.250% | 08/15/29 | 1725000 | 1733594 |
| Oportun Funding, LLC, Series 2021-B, Class A <sup>(d)</sup> | 1.470% | 05/08/31 | 634116 | 622378 |
| Oportun Funding, LLC, Series 2021-B, Class C <sup>(d)</sup> | 3.650% | 05/08/31 | 1444528 | 1431425 |
| Oportun Funding, LLC, Series 2021-C, Class A <sup>(d)</sup> | 2.180% | 10/08/31 | 768989 | 756287 |
| Oportun Funding, LLC, Series 2021-C, Class B <sup>(d)</sup> | 2.670% | 10/08/31 | 1275978 | 1256626 |
| Oportun Funding, LLC, Series 2025-D, Class C <sup>(d)</sup> | 5.800% | 02/08/33 | 6000000 | 6018928 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** |
| Oportun Funding, LLC, Series 2025-A, Class C <sup>(d)</sup> | 5.890% | 02/08/33 | $3840000 | $3833510 |
| Oportun Funding, LLC, Series 2025-D, Class D <sup>(d)</sup> | 6.970% | 02/08/33 | 10000000 | 9973566 |
| Oportun Funding, LLC, Series 2025-C, Class D <sup>(d)</sup> | 5.910% | 07/08/33 | 3300000 | 3263861 |
| Pagaya AI Debt Selection Trust, Series 2024-1, Class A <sup>(d)</sup> | 6.660% | 07/15/31 | 385052 | 386040 |
| Pagaya AI Debt Selection Trust, Series 2024-2, Class C <sup>(d)</sup> | 7.573% | 08/15/31 | 1719603 | 1728338 |
| Pagaya AI Debt Selection Trust, Series 2025-1, Class D <sup>(d)</sup> | 6.282% | 07/15/32 | 4309736 | 4328932 |
| Pagaya AI Debt Selection Trust, Series 2025-5, Class B <sup>(d)</sup> | 5.440% | 03/15/33 | 7774700 | 7807851 |
| Pagaya AI Debt Selection Trust, Series 2025-7, Class B <sup>(d)</sup> | 5.064% | 05/15/33 | 8000000 | 8000676 |
| Pagaya AI Debt Selection Trust, Series 2025-8, Class B <sup>(d)</sup> | 5.409% | 07/15/33 | 3800000 | 3805507 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class A <sup>(d)</sup> | 5.715% | 01/20/34 | 5500000 | 5543232 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class D <sup>(d)</sup> | 6.739% | 01/20/34 | 2500000 | 2522581 |
| RCKT Trust, Series 2025-1A, Class C <sup>(d)</sup> | 5.160% | 07/25/34 | 4050000 | 4068344 |
| RCKT Trust, Series 2025-1A, Class D <sup>(d)</sup> | 5.420% | 07/25/34 | 1850000 | 1858892 |
| Reach Financial, LLC, Series 2024-1A, Class B <sup>(d)</sup> | 6.290% | 02/18/31 | 2700061 | 2718818 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 75**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** | **Securitized — 61.1% continued** |
| **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** | **Unsecured Consumer — 4.8% continued** |
| Reach Financial, LLC, Series 2024-1A, Class C <sup>(d)</sup> | 6.900% | 02/18/31 | $1150000 | $1181871 |
| Reach Financial, LLC, Series 2025-1A, Class B <sup>(d)</sup> | 5.340% | 08/16/32 | 4500000 | 4566333 |
| Reach Financial, LLC, Series 2025-1A, Class C <sup>(d)</sup> | 5.990% | 08/16/32 | 1800000 | 1832210 |
| Regional Management Issuance Trust, Series 2021-2, Class C <sup>(d)</sup> | 3.230% | 08/15/33 | 650000 | 614108 |
| Republic Finance Issuance Trust, Series 2024-A, Class C <sup>(d)</sup> | 8.350% | 08/20/32 | 1750000 | 1801795 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT <sup>(d)</sup> | 6.110% | 06/15/32 | 6800634 | 6884418 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B <sup>(d)</sup> | 5.254% | 09/15/32 | 5500000 | 5522106 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C <sup>(d)</sup> | 5.923% | 09/15/32 | 10450000 | 10456977 |
| Upstart Structured Pass-Through Trust, Series 2022-2A, Class A <sup>(d)</sup> | 4.250% | 06/17/30 | 155761 | 155374 |
|  |  |  |  | 148453639 |
| **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** |
| (Cost $1,875,614,118) | (Cost $1,875,614,118) | (Cost $1,875,614,118) | (Cost $1,875,614,118) | $1878937201 |
| **Treasury — 21.4%** | **Treasury — 21.4%** | **Treasury — 21.4%** | **Treasury — 21.4%** | **Treasury — 21.4%** |
| U.S. Treasury Notes <sup>(b)</sup> | 1.625% | 02/15/26 | $5000000 | $4987520 |
| U.S. Treasury STRIPS | 0.125% | 04/15/26 | 6207400 | 6153346 |
| U.S. Treasury Notes | 2.250% | 08/15/27 | 2000000 | 1961094 |
| U.S. Treasury Notes | 0.500% | 10/31/27 | 11000000 | 10422930 |
| U.S. Treasury Notes | 1.250% | 09/30/28 | 30000000 | 28219922 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Treasury — 21.4% continued** | **Treasury — 21.4% continued** | **Treasury — 21.4% continued** | **Treasury — 21.4% continued** | **Treasury — 21.4% continued** |
| U.S. Treasury Notes <sup>(b)</sup> | 3.875% | 11/30/29 | $17600000 | $17747125 |
| U.S. Treasury Notes | 0.625% | 08/15/30 | 81000000 | 70482656 |
| U.S. Treasury STRIPS | 0.000% | 11/15/31 | 5000000 | 3966470 |
| U.S. Treasury STRIPS | 0.000% | 02/15/33 | 2000000 | 1494794 |
| U.S. Treasury STRIPS | 0.000% | 05/15/33 | 2100000 | 1551621 |
| U.S. Treasury STRIPS | 0.000% | 08/15/33 | 7000000 | 5107426 |
| U.S. Treasury Notes <sup>(b)</sup> | 4.000% | 02/15/34 | 80000000 | 79750000 |
| U.S. Treasury STRIPS | 0.000% | 08/15/34 | 12000000 | 8328126 |
| U.S. Treasury STRIPS | 0.000% | 11/15/34 | 10000000 | 6855302 |
| U.S. Treasury STRIPS | 0.000% | 05/15/35 | 10000000 | 6682121 |
| U.S. Treasury STRIPS | 0.000% | 02/15/36 | 15000000 | 9652431 |
| U.S. Treasury STRIPS | 0.000% | 02/15/37 | 20000000 | 12177676 |
| U.S. Treasury STRIPS | 0.000% | 02/15/38 | 40000000 | 23045882 |
| U.S. Treasury STRIPS | 0.000% | 11/15/38 | 50000000 | 27569883 |
| U.S. Treasury Bonds | 1.125% | 08/15/40 | 60000000 | 37682813 |
| U.S. Treasury Bonds | 1.375% | 11/15/40 | 45000000 | 29207813 |
| U.S. Treasury STRIPS | 0.000% | 08/15/41 | 15000000 | 7005615 |
| U.S. Treasury STRIPS | 0.625% | 02/15/43 | 48147400 | 35815069 |
| U.S. Treasury STRIPS | 0.000% | 08/15/43 | 15000000 | 6207245 |
| U.S. Treasury Bonds | 2.250% | 08/15/46 | $60000000 | $39485156 |
| U.S. Treasury Bonds | 3.000% | 02/15/48 | 160000000 | 119062499 |
| U.S. Treasury Bonds | 1.250% | 05/15/50 | 20000000 | 9573438 |
| U.S. Treasury Bonds | 1.625% | 11/15/50 | 90000000 | 47250000 |
| **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** |
| (Cost $677,533,609) | (Cost $677,533,609) | (Cost $677,533,609) | (Cost $677,533,609) | $657445973 |

---

**76 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 3.9%** | **Registered Investment Companies — 3.9%** | **Registered Investment Companies — 3.9%** |
| State Street Institutional US Government Money Market Fund - Premier Class, 3.74% <sup>(g)</sup> | 77059833 | $77059833 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(g)(h)</sup> | 43924185 | 43924185 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $120,984,018) | (Cost $120,984,018) | $120984018 |
| **Total Investment Securities — 101.4%** | **Total Investment Securities — 101.4%** | **Total Investment Securities — 101.4%** |
| (Cost $3,131,675,120) | (Cost $3,131,675,120) | $3120914567 |
| **Liabilities in Excess of Other Assets — (1.4)%**  | **Liabilities in Excess of Other Assets — (1.4)%**  | (42159515) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3078755052 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. The rate shown is the effective interest rate as of December 31, 2025. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $112,286,799. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage rounds to less than 0.1%. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of December 31, 2025 was $992,811,570, representing 32.2% of net assets. 

<sup>(e)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illiquid security as determined under procedures approved by the Board of Trustees. The total value of these securities as of December 31, 2025 was $7,196,344 representing 0.2% of net assets. 

<sup>(f)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security - security in default.

<sup>(g)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(h)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

BV — Besloten Vennootschap

CV — Convertible Security

IO — Interest Only

NA — National Association

NV — Naamloze Vennootschap

plc — Public Limited Company

PO — Principal Only

Prime — Short-term interest rate in the banking system of the U.S.

REIT — Real Estate Investment Trust

SA — Societe Anonyme

SOFR — Secured Overnight Financing Rate

TSFR — CME Term SOFR

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 77**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 19.9%** | **Corporate Credit — 19.9%** | **Corporate Credit — 19.9%** | **Corporate Credit — 19.9%** | **Corporate Credit — 19.9%** |
| **Banking — 4.4%** | **Banking — 4.4%** | **Banking — 4.4%** | **Banking — 4.4%** | **Banking — 4.4%** |
| American Express Co. <sup>(a)(b)</sup> | 5.085% | 01/30/31 | $25000 | $25769 |
| Bank of America Corp. | 3.194% | 07/23/30 | 250000 | 241470 |
| Bank of America Corp. <sup>(a)</sup> | 2.687% | 04/22/32 | 150000 | 137648 |
| Bank of America Corp., Series N | 2.972% | 02/04/33 | 80000 | 73160 |
| Bank of New York Mellon Corp. (The) | 5.225% | 11/20/35 | 50000 | 51781 |
| Bank of New York Mellon Corp. (The), Series J <sup>(a)</sup> | 5.316% | 06/06/36 | 75000 | 77699 |
| Bank OZK (TSFR3M + 209) | 2.750% | 10/01/31 | 100000 | 94000 |
| Capital One Financial Corp. <sup>(a)</sup> | 4.493% | 09/11/31 | 150000 | 149780 |
| Capital One Financial Corp. | 5.197% | 09/11/36 | 40000 | 39798 |
| Citigroup, Inc. | 1.462% | 06/09/27 | 100000 | 98853 |
| Citigroup, Inc. | 2.666% | 01/29/31 | 250000 | 234010 |
| Citigroup, Inc. | 2.561% | 05/01/32 | 50000 | 45376 |
| Citigroup, Inc. | 3.057% | 01/25/33 | 125000 | 114508 |
| Goldman Sachs Group, Inc. (The) <sup>(a)</sup> | 4.692% | 10/23/30 | 200000 | 202729 |
| Goldman Sachs Group, Inc. (The) | 1.992% | 01/27/32 | 40000 | 35535 |
| Goldman Sachs Group, Inc. (The) | 4.939% | 10/21/36 | 300000 | 297816 |
| Huntington Bancshares <sup>(a)</sup> | 5.272% | 01/15/31 | 50000 | 51448 |
| JPMorgan Chase & Co. (1\* TSFR3M + 121) <sup>(b)</sup> | 3.509% | 01/23/29 | 80000 | 79241 |
| JPMorgan Chase & Co. <sup>(a)</sup> | 4.603% | 10/22/30 | 250000 | 253510 |
| JPMorgan Chase & Co. | 1.953% | 02/04/32 | 500000 | 445849 |
| KeyCorp <sup>(a)</sup> | 4.789% | 06/01/33 | 100000 | 99948 |
| Morgan Stanley | 4.654% | 10/18/30 | 200000 | 202420 |
| Morgan Stanley, Series GMTN (1\* SOFR + 114) <sup>(b)</sup> | 2.699% | 01/22/31 | 375000 | 351749 |
| PNC Financial Services Group, Inc. (The) | 6.037% | 10/28/33 | 75000 | 81006 |
| Royal Bank of Canada | 4.522% | 10/18/28 | 50000 | 50488 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Banking — 4.4% continued** | **Banking — 4.4% continued** | **Banking — 4.4% continued** | **Banking — 4.4% continued** | **Banking — 4.4% continued** |
| State Street Corp. | 4.330% | 10/22/27 | $100000 | $101012 |
| Toronto-Dominion Bank (The) | 4.861% | 01/31/28 | 75000 | 76228 |
| Truist Financial Corp., Series I <sup>(a)</sup> | 5.071% | 05/20/31 | 50000 | 51365 |
| US Bancorp | 2.677% | 01/27/33 | 175000 | 157816 |
| Wells Fargo & Co. <sup>(a)</sup> | 2.572% | 02/11/31 | 100000 | 93398 |
| Wells Fargo & Co. <sup>(a)</sup> | 5.211% | 12/03/35 | 100000 | 102153 |
| Western Alliance Bank | 6.537% | 11/15/35 | 100000 | 100219 |
| Western Alliance Bancorp <sup>(a)</sup> | 3.000% | 06/15/31 | 50000 | 48060 |
|  |  |  |  | 4265842 |
| **Basic Industry — 0.2%** | **Basic Industry — 0.2%** | **Basic Industry — 0.2%** | **Basic Industry — 0.2%** | **Basic Industry — 0.2%** |
| Celanese US Holdings, LLC <sup>(a)</sup> | 6.750% | 04/15/33 | 30000 | 29843 |
| CVR Partners, LP <sup>(c)</sup> | 6.125% | 06/15/28 | 75000 | 75204 |
| FMC Corp. <sup>(a)</sup> | 6.375% | 05/18/53 | 25000 | 18585 |
| FMC Corp. | 8.450% | 11/01/55 | 25000 | 19788 |
| Huntsman International, LLC | 5.700% | 10/15/34 | 35000 | 31751 |
| Magnera Corp. <sup>(a)(c)</sup> | 4.750% | 11/15/29 | 50000 | 46229 |
|  |  |  |  | 221400 |
| **Brokerage Asset Managers Exchanges — 0.3%** | **Brokerage Asset Managers Exchanges — 0.3%** | **Brokerage Asset Managers Exchanges — 0.3%** | **Brokerage Asset Managers Exchanges — 0.3%** | **Brokerage Asset Managers Exchanges — 0.3%** |
| Blackstone Reg Finance Co., LLC <sup>(a)</sup> | 4.300% | 11/03/30 | 50000 | 49972 |
| Osaic Holdings, Inc. <sup>(c)</sup> | 6.750% | 08/01/32 | 75000 | 78346 |
| Osaic Holdings, Inc. <sup>(c)</sup> | 8.000% | 08/01/32 | 75000 | 77977 |
| StoneX Escrow Issuer, LLC <sup>(c)</sup> | 6.875% | 07/15/32 | 100000 | 103723 |
|  |  |  |  | 310018 |
| **Capital Goods — 0.7%** | **Capital Goods — 0.7%** | **Capital Goods — 0.7%** | **Capital Goods — 0.7%** | **Capital Goods — 0.7%** |
| Bluelinx Holdings, Inc. <sup>(c)</sup> | 6.000% | 11/15/29 | 50000 | 48993 |
| Caterpillar, Inc. | 5.200% | 05/15/35 | 50000 | 51826 |
| John Deere Capital Corp. | 4.400% | 09/08/31 | 100000 | 100983 |
| Johnson Controls International plc | 4.900% | 12/01/32 | 50000 | 50834 |
| L3 Harris Technologies, Inc. | 1.800% | 01/15/31 | 70000 | 61779 |
| Republic Services, Inc. <sup>(a)</sup> | 2.375% | 03/15/33 | 65000 | 56756 |

---

**78 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** |
| **Capital Goods — 0.7% continued** | **Capital Goods — 0.7% continued** | **Capital Goods — 0.7% continued** | **Capital Goods — 0.7% continued** | **Capital Goods — 0.7% continued** |
| RTX Corp. | 2.375% | 03/15/32 | $100000 | $89104 |
| Textron Financial Corp. (1\* TSFR3M + 200) <sup>(b)(c)</sup> | 5.848% | 02/15/42 | 125000 | 112646 |
| Waste Management, Inc. | 4.950% | 03/15/35 | 50000 | 50782 |
|  |  |  |  | 623703 |
| **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** | **Communications — 0.6%** |
| AT&T, Inc. | 2.550% | 12/01/33 | 75000 | 64010 |
| Comcast Corp. | 1.950% | 01/15/31 | 25000 | 22285 |
| Deluxe Corp. <sup>(c)</sup> | 8.125% | 09/15/29 | 75000 | 79011 |
| Snap, Inc. <sup>(c)</sup> | 6.875% | 03/01/33 | 75000 | 77718 |
| Telus Corp. | 7.000% | 10/15/55 | 100000 | 104098 |
| T-Mobile USA, Inc. <sup>(a)</sup> | 5.050% | 07/15/33 | 100000 | 102045 |
| Verizon Wireless | 5.000% | 01/15/36 | 75000 | 74363 |
|  |  |  |  | 523530 |
| **Consumer Cyclical — 3.1%** | **Consumer Cyclical — 3.1%** | **Consumer Cyclical — 3.1%** | **Consumer Cyclical — 3.1%** | **Consumer Cyclical — 3.1%** |
| Advance Auto Parts, Inc. <sup>(c)</sup> | 7.375% | 08/01/33 | 75000 | 75298 |
| American Honda Finance | 4.450% | 10/22/27 | 100000 | 100857 |
| American Honda Finance | 4.250% | 09/01/28 | 20000 | 20121 |
| ANGI Group, LLC <sup>(c)</sup> | 3.875% | 08/15/28 | 75000 | 69274 |
| Aptiv plc / Aptiv Global Financing DAC | 6.875% | 12/15/54 | 200000 | 208601 |
| Bath & Body Works, Inc. | 6.875% | 11/01/35 | 70000 | 70817 |
| Champions Financing, Inc. <sup>(a)(c)</sup> | 8.750% | 02/15/29 | 75000 | 73767 |
| CVS Health Corp. | 3.750% | 04/01/30 | 100000 | 97646 |
| Dollar Tree, Inc. | 4.200% | 05/15/28 | 100000 | 100060 |
| Dream Finders Home, Inc. <sup>(c)</sup> | 6.875% | 09/15/30 | 125000 | 125705 |
| EZCorp, Inc. <sup>(c)</sup> | 7.375% | 04/01/32 | 100000 | 106096 |
| Ford Motor Co., Class B | 3.250% | 02/12/32 | 85000 | 74899 |
| Garrett Motion Holdings, Inc. <sup>(c)</sup> | 7.750% | 05/31/32 | 70000 | 74401 |
| General Motors Co. | 5.625% | 04/15/30 | 175000 | 182337 |
| General Motors Financial Co., Inc. | 5.900% | 01/07/35 | 50000 | 52055 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Consumer Cyclical — 3.1% continued** | **Consumer Cyclical — 3.1% continued** | **Consumer Cyclical — 3.1% continued** | **Consumer Cyclical — 3.1% continued** | **Consumer Cyclical — 3.1% continued** |
| Great Canadian Gaming Co. <sup>(c)</sup> | 8.750% | 11/15/29 | $100000 | $101015 |
| Hyundai Capital America <sup>(c)</sup> | 5.400% | 06/24/31 | 100000 | 103481 |
| Hyundai Capital America, Series A <sup>(c)</sup> | 4.750% | 09/26/31 | 75000 | 75273 |
| K Hovnanian Enterprises, Inc. <sup>(c)</sup> | 8.000% | 04/01/31 | 100000 | 102057 |
| K Hovnanian Enterprises, Inc. <sup>(c)</sup> | 8.375% | 10/01/33 | 100000 | 101629 |
| Kingpin Intermediate Holdings, LLC <sup>(a)(c)</sup> | 7.250% | 10/15/32 | 75000 | 70901 |
| Lowe's Cos., Inc. <sup>(a)</sup> | 2.800% | 09/15/41 | 125000 | 89855 |
| Millrose Properties, Inc. <sup>(c)</sup> | 6.375% | 08/01/30 | 100000 | 102322 |
| Mohegan Tribal Gaming Authority / MS Digital <sup>(c)</sup> | 8.250% | 04/15/30 | 60000 | 62544 |
| Mohegan Tribal Gaming Authority / MS Digital <sup>(c)</sup> | 11.875% | 04/15/31 | 40000 | 42268 |
| New Flyer Holdings, Inc. <sup>(c)</sup> | 9.250% | 07/01/30 | 100000 | 107482 |
| Target Corp. <sup>(a)</sup> | 5.000% | 04/15/35 | 50000 | 50656 |
| Toyota Motor Credit Corp. | 4.650% | 09/03/32 | 20000 | 20186 |
| Toyota Motor Credit Corp., Series B | 5.350% | 01/09/35 | 50000 | 52396 |
| Under Armour, Inc. <sup>(c)</sup> | 7.250% | 07/15/30 | 150000 | 150146 |
| VF Corp. | 6.450% | 11/01/37 | 100000 | 95253 |
| Victoria's Secret & Co. <sup>(c)</sup> | 4.625% | 07/15/29 | 50000 | 48475 |
| Victra Holdings, LLC <sup>(c)</sup> | 8.750% | 09/15/29 | 100000 | 105501 |
| Wayfair, Inc. <sup>(c)</sup> | 6.750% | 11/15/32 | 125000 | 128510 |
|  |  |  |  | 3041884 |
| **Consumer Non-Cyclical — 1.6%** | **Consumer Non-Cyclical — 1.6%** | **Consumer Non-Cyclical — 1.6%** | **Consumer Non-Cyclical — 1.6%** | **Consumer Non-Cyclical — 1.6%** |
| AbbVie, Inc. | 4.950% | 03/15/31 | 100000 | 103399 |
| AMN Healthcare, Inc. <sup>(a)(c)</sup> | 6.500% | 01/15/31 | 100000 | 100019 |
| Champ Acquisition Corp. <sup>(c)</sup> | 8.375% | 12/01/31 | 70000 | 75607 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 79**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** |
| **Consumer Non-Cyclical — 1.6% continued** | **Consumer Non-Cyclical — 1.6% continued** | **Consumer Non-Cyclical — 1.6% continued** | **Consumer Non-Cyclical — 1.6% continued** | **Consumer Non-Cyclical — 1.6% continued** |
| Emergent BioSolutions, Inc. <sup>(a)(c)</sup> | 3.875% | 08/15/28 | $50000 | $44826 |
| Genmab A/S <sup>(c)</sup> | 7.250% | 12/15/33 | 200000 | 210082 |
| Global Medical Response, Inc. <sup>(c)</sup> | 7.375% | 10/01/32 | 100000 | 103937 |
| HCA, Inc. | 4.300% | 11/15/30 | 50000 | 49811 |
| Kroger Co. (The) <sup>(a)</sup> | 1.700% | 01/15/31 | 50000 | 44055 |
| Land O Lakes Capital Trust I <sup>(c)</sup> | 7.450% | 03/15/28 | 50000 | 51000 |
| National Mentor Holdings, Inc. <sup>(c)</sup> | 10.500% | 12/15/30 | 100000 | 100530 |
| Pfizer, Inc. | 7.200% | 03/15/39 | 50000 | 59606 |
| Phillip Morris International, Inc. <sup>(a)</sup> | 5.375% | 02/15/33 | 125000 | 130711 |
| Turning Point Brands, Inc. <sup>(c)</sup> | 7.625% | 03/15/32 | 100000 | 106431 |
| U.S. Acute Care Solutions, LLC <sup>(c)</sup> | 9.750% | 05/15/29 | 150000 | 151112 |
| Viking Baked Goods Acquisition Corp. <sup>(c)</sup> | 8.625% | 11/01/31 | 110000 | 110353 |
| Whirlpool Corp. | 6.500% | 06/15/33 | 100000 | 96971 |
|  |  |  |  | 1538450 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| Algonquin Power & Utilities Corp., Series 2022-B | 4.750% | 01/18/82 | 120000 | 118340 |
| Alpha Generation, LLC <sup>(c)</sup> | 6.250% | 01/15/34 | 100000 | 100898 |
| Dominion Energy South Carolina, Inc., Series A <sup>(a)</sup> | 5.300% | 01/15/35 | 50000 | 51688 |
| Duke Energy Carolinas SC Storm Funding, LLC | 4.898% | 03/01/44 | 130000 | 129751 |
| Duke Energy Carolinas, LLC | 5.250% | 03/15/35 | 100000 | 103343 |
| Duke Energy Corp. <sup>(a)</sup> | 4.950% | 09/15/35 | 30000 | 29748 |
| Florida Power & Light Co. | 3.800% | 12/15/42 | 50000 | 41061 |
| NextEra Energy Operating Partners, LP <sup>(a)(c)</sup> | 7.250% | 01/15/29 | 75000 | 76846 |
| NYSEG Storm Funding, LLC, Series 2025-A | 4.713% | 05/01/31 | 122165 | 123556 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Electric — 1.5% continued** | **Electric — 1.5% continued** | **Electric — 1.5% continued** | **Electric — 1.5% continued** | **Electric — 1.5% continued** |
| Public Service Electric & Gas Co. <sup>(a)</sup> | 4.900% | 08/15/35 | $90000 | $90635 |
| Swepco Storm Recovery Funding, LLC, Series 2024-A | 4.880% | 09/01/39 | 319077 | 322064 |
| Threelands Ltd. SARL <sup>(c)</sup> | 7.450% | 10/20/35 | 200000 | 201011 |
| Transalta Corp. | 6.500% | 03/15/40 | 100000 | 100298 |
|  |  |  |  | 1489239 |
| **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** | **Energy — 1.9%** |
| Altagas Ltd. <sup>(c)</sup> | 7.200% | 10/15/54 | 100000 | 103674 |
| BP Capital Markets America, Inc. | 4.812% | 02/13/33 | 50000 | 50636 |
| CHC Group, LLC <sup>(c)</sup> | 11.750% | 09/01/30 | 150000 | 140994 |
| Civitas Resources, Inc. <sup>(a)(c)</sup> | 9.625% | 06/15/33 | 50000 | 53981 |
| DBR Land Holdings, LLC <sup>(c)</sup> | 6.250% | 12/01/30 | 100000 | 102288 |
| Energy Transfer, LP | 5.600% | 09/01/34 | 150000 | 154367 |
| Excelerate Energy, LP <sup>(c)</sup> | 8.000% | 05/15/30 | 150000 | 158511 |
| Global Partners, LP / GLP Finance Corp. <sup>(c)</sup> | 7.125% | 07/01/33 | 100000 | 101824 |
| Helmerich & Payne, Inc. | 4.650% | 12/01/27 | 50000 | 50387 |
| HF Sinclair Corp. | 5.750% | 01/15/31 | 100000 | 103337 |
| Hilcorp Energy I, LP / Hilcorp Finance Co. <sup>(c)</sup> | 7.250% | 02/15/35 | 50000 | 47519 |
| MPLX, LP | 5.500% | 06/01/34 | 42000 | 42848 |
| Phillips 66 Co. | 4.950% | 03/15/35 | 50000 | 49686 |
| SESI, LLC <sup>(c)</sup> | 7.875% | 09/30/30 | 125000 | 123055 |
| Shell Finance US, Inc. <sup>(a)</sup> | 4.750% | 01/06/36 | 125000 | 124815 |
| Sunoco, LP <sup>(c)</sup> | 5.875% | 03/15/34 | 150000 | 149987 |
| TransCanada Pipelines Ltd. | 7.000% | 06/01/65 | 75000 | 77309 |
| Transmontaigne Partners, LLC <sup>(c)</sup> | 8.500% | 06/15/30 | 75000 | 75719 |
| Valero Energy Corp. <sup>(a)</sup> | 5.150% | 02/15/30 | 25000 | 25728 |
| Weatherford International Ltd. <sup>(c)</sup> | 6.750% | 10/15/33 | 100000 | 102411 |
|  |  |  |  | 1839076 |

---

**80 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Finance Companies — 0.8%** | **Finance Companies — 0.8%** | **Finance Companies — 0.8%** | **Finance Companies — 0.8%** | **Finance Companies — 0.8%** |
| Atlanticus Holdings Corp. <sup>(c)</sup> | 9.750% | 09/01/30 | $100000 | $100125 |
| Bread Financial Holdings, Inc. <sup>(c)</sup> | 6.750% | 05/15/31 | 50000 | 51766 |
| Bread Financial Holdings, Inc. <sup>(c)</sup> | 8.375% | 06/15/35 | 50000 | 51692 |
| Freedom Mortgage Holdings, LLC <sup>(c)</sup> | 7.875% | 04/01/33 | 100000 | 103556 |
| LFS Topco, LLC <sup>(a)(c)</sup> | 8.750% | 07/15/30 | 100000 | 100646 |
| PennyMac Financial Services, Inc. <sup>(c)</sup> | 6.750% | 02/15/34 | 100000 | 103373 |
| Prospect Capital Corp. | 3.364% | 11/15/26 | 75000 | 73527 |
| Provident Funding Associates, LP / PFG Finance Corp. <sup>(c)</sup> | 9.750% | 09/15/29 | 70000 | 73831 |
| Stonebriar ABF, LLC <sup>(c)</sup> | 8.125% | 12/15/30 | 75000 | 77190 |
| TrueNoord Capital DAC <sup>(c)</sup> | 8.750% | 03/01/30 | 75000 | 79218 |
|  |  |  |  | 814924 |
| **Financial-Other — 0.5%** | **Financial-Other — 0.5%** | **Financial-Other — 0.5%** | **Financial-Other — 0.5%** | **Financial-Other — 0.5%** |
| Cipher Compue, LLC <sup>(c)</sup> | 7.125% | 11/15/30 | 75000 | 76386 |
| Icahn Enterprises, LP <sup>(c)</sup> | 10.000% | 11/15/29 | 100000 | 99929 |
| Ion Platform Finance US, Inc. <sup>(c)</sup> | 7.875% | 09/30/32 | 200000 | 189771 |
| PPH Escrow Issuer, LLC <sup>(c)</sup> | 9.875% | 11/01/29 | 100000 | 103778 |
|  |  |  |  | 469864 |
| **Industrials-Other — 0.1%** | **Industrials-Other — 0.1%** | **Industrials-Other — 0.1%** | **Industrials-Other — 0.1%** | **Industrials-Other — 0.1%** |
| Brundage-Bone Concrete Pumping Holdings, Inc. <sup>(c)</sup> | 7.500% | 02/01/32 | 100000 | 102052 |
| **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** | **Insurance — 2.3%** |
| Anthem, Inc. <sup>(a)</sup> | 4.600% | 09/15/32 | 90000 | 89954 |
| APH Somerset Investment II, LLC <sup>(c)</sup> | 7.875% | 11/01/29 | 100000 | 100998 |
| Asurion, LLC <sup>(c)</sup> | 8.000% | 12/31/32 | 150000 | 155642 |
| Equitable Financial Life Global Funding <sup>(c)</sup> | 1.800% | 03/08/28 | 25000 | 23799 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Insurance — 2.3% continued** | **Insurance — 2.3% continued** | **Insurance — 2.3% continued** | **Insurance — 2.3% continued** | **Insurance — 2.3% continued** |
| Equitable Financial Life Global Funding <sup>(c)</sup> | 5.000% | 03/27/30 | $25000 | $25557 |
| Jackson National Life Global Funding <sup>(c)</sup> | 4.900% | 01/13/27 | 150000 | 151208 |
| Jackson National Life Global Funding <sup>(c)</sup> | 4.550% | 09/09/30 | 20000 | 19922 |
| Lincoln Financial Global Funding <sup>(c)</sup> | 4.625% | 08/18/30 | 40000 | 40238 |
| MassMutual Global Funding <sup>(c)</sup> | 5.150% | 05/30/29 | 200000 | 205891 |
| Met Life Global Funding I <sup>(c)</sup> | 5.050% | 01/08/34 | 150000 | 153003 |
| Molina Healthcare, Inc. <sup>(c)</sup> | 6.500% | 02/15/31 | 100000 | 102703 |
| Nassau Cos. of NY <sup>(c)</sup> | 7.875% | 07/15/30 | 125000 | 119313 |
| New York Life Global Funding <sup>(c)</sup> | 4.600% | 12/05/29 | 100000 | 101570 |
| Northwestern Mutual Global Funding, Series 2025-1 <sup>(c)</sup> | 4.960% | 01/13/30 | 100000 | 102530 |
| Northwestern Mutual Global Funding <sup>(c)</sup> | 5.160% | 05/28/31 | 50000 | 51904 |
| Pacific Life Global Fund II <sup>(c)</sup> | 1.450% | 01/20/28 | 100000 | 95087 |
| Pricoa Global Funding I <sup>(a)(c)</sup> | 5.350% | 05/28/35 | 150000 | 154662 |
| Principal Life Global Funding II, Series 50 <sup>(c)</sup> | 4.800% | 01/09/28 | 100000 | 101331 |
| Protective Life Global Funding <sup>(c)</sup> | 4.772% | 12/09/29 | 150000 | 152523 |
| Protective Life Global Funding <sup>(c)</sup> | 5.432% | 01/14/32 | 150000 | 156033 |
| UnitedHealth Group, Inc. | 5.000% | 04/15/34 | 100000 | 101614 |
|  |  |  |  | 2205482 |
| **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** | **Natural Gas — 0.1%** |
| Sempra Energy | 6.400% | 10/01/54 | 100000 | 101713 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 81**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** | **Corporate Credit — 19.9% continued** |
| **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** | **Other Utility — 0.1%** |
| American Water Capital Corp. | 2.800% | 05/01/30 | $100000 | $94793 |
| **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** |
| CubeSmart, LP | 2.250% | 12/15/28 | 70000 | 66412 |
| Extra Space Storage, LP | 5.700% | 04/01/28 | 50000 | 51658 |
|  |  |  |  | 118070 |
| **Technology — 1.0%** | **Technology — 1.0%** | **Technology — 1.0%** | **Technology — 1.0%** | **Technology — 1.0%** |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 4.319% | 03/24/28 | 50000 | 50528 |
| Alphabet, Inc. | 5.300% | 05/15/65 | 10000 | 9405 |
| Alphabet, Inc. | 5.700% | 11/15/75 | 50000 | 49213 |
| APLD ComputeCo, LLC <sup>(c)</sup> | 9.250% | 12/15/30 | 100000 | 98090 |
| Broadcom, Inc. <sup>(c)</sup> | 4.150% | 04/15/32 | 100000 | 97784 |
| Broadcom, Inc. | 4.800% | 02/15/36 | 55000 | 54271 |
| Capstone Borrower, Inc. <sup>(c)</sup> | 8.000% | 06/15/30 | 75000 | 77248 |
| Cloud Software Group, Inc. <sup>(c)</sup> | 6.625% | 08/15/33 | 75000 | 74329 |
| Crane Co. | 4.200% | 03/15/48 | 75000 | 48168 |
| Dell International, LLC / EMC Corp. | 6.020% | 06/15/26 | 10000 | 10044 |
| Oracle Corp. | 2.300% | 03/25/28 | 100000 | 95359 |
| Oracle Corp. | 3.600% | 04/01/40 | 260000 | 192826 |
| Shift4 Payments, LLC <sup>(c)</sup> | 6.750% | 08/15/32 | 100000 | 103249 |
|  |  |  |  | 960514 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| Beacon Mobility Finance Corp. <sup>(c)</sup> | 7.250% | 08/01/30 | 175000 | 183028 |
| Latam Airlines Group SA <sup>(c)</sup> | 7.625% | 01/07/31 | 150000 | 157490 |
| Norfolk Southern Corp. <sup>(a)</sup> | 5.100% | 05/01/35 | 75000 | 76603 |
| Ryder System, Inc. | 4.900% | 12/01/29 | 50000 | 51037 |
| United Parcel Service, Inc. <sup>(a)</sup> | 5.250% | 05/14/35 | 25000 | 25910 |
| Vistajet Malta / VM Holdings <sup>(c)</sup> | 9.500% | 06/01/28 | 70000 | 72400 |
|  |  |  |  | 566468 |
| **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** | **Total Corporate Credit** |
| (Cost $18,939,825) | (Cost $18,939,825) | (Cost $18,939,825) | (Cost $18,939,825) | $19287022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6%** | **Securitized — 59.6%** | **Securitized — 59.6%** | **Securitized — 59.6%** | **Securitized — 59.6%** |
| **ABS-Other — 3.9%** | **ABS-Other — 3.9%** | **ABS-Other — 3.9%** | **ABS-Other — 3.9%** | **ABS-Other — 3.9%** |
| ACHD Trust, Series 2025-DS1, Class A <sup>(c)</sup> | 5.978% | 01/09/34 | $100000 | $100002 |
| AMDR ABS Trust, Series 2025-1A, Class A <sup>(c)</sup> | 6.378% | 12/19/33 | 87258 | 87268 |
| GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A <sup>(c)</sup> | 5.520% | 02/22/55 | 79454 | 74203 |
| GoodLeap Sustainable Home Improvement Loan Trust, Series 2024-1, Class A <sup>(c)</sup> | 6.250% | 06/20/57 | 173641 | 168971 |
| Helios Issuer, LLC, Series 2019-AA, Class A <sup>(c)</sup> | 3.750% | 06/20/46 | 288161 | 269241 |
| Helios Issuer, LLC, Series 2020-4, Class A <sup>(c)</sup> | 2.980% | 06/20/47 | 302306 | 268183 |
| Hero Funding Trust, Series 2016-3A, Class A1 <sup>(c)</sup> | 3.080% | 09/20/42 | 138689 | 130004 |
| Hero Funding Trust, Series 2017-3A, Class A2 <sup>(c)</sup> | 3.950% | 09/20/48 | 17972 | 16876 |
| Loanpal Solar Loan Ltd., Series 2020-2GF, Class B <sup>(c)</sup> | 3.860% | 07/20/47 | 268691 | 195798 |
| Loanpal Solar Loan Ltd., Series 2020-3GS, Class B <sup>(c)</sup> | 3.450% | 12/20/47 | 273069 | 192089 |
| Luminace ABS-2022 Issuer, LLC, Series 2024-1, Class B <sup>(c)</sup> | 6.960% | 10/30/31 | 118080 | 114288 |
| Mosaic Solar Loans, LLC, Series 2017-2, Class B <sup>(c)</sup> | 4.770% | 06/22/43 | 125664 | 113864 |

---

**82 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **ABS-Other — 3.9% continued** | **ABS-Other — 3.9% continued** | **ABS-Other — 3.9% continued** | **ABS-Other — 3.9% continued** | **ABS-Other — 3.9% continued** |
| Mosaic Solar Loans, LLC, Series 2022-2A, Class A <sup>(c)</sup> | 4.380% | 01/21/53 | $338752 | $314939 |
| Mosaic Solar Loans, LLC, Series 2023-1A, Class A <sup>(c)</sup> | 5.320% | 06/20/53 | 147406 | 140713 |
| Mosaic Solar Loans, LLC, Series 2023-3A, Class A <sup>(c)</sup> | 5.910% | 11/20/53 | 190474 | 187482 |
| PowerPay Issuance Trust, Series 2025-1A, Class A <sup>(c)</sup> | 5.230% | 11/18/41 | 216562 | 217153 |
| Renew Financial, LLC, Series 2017-2, Class A <sup>(c)</sup> | 3.220% | 09/22/53 | 257940 | 235672 |
| Service Experts Issuer, Series 2025-1A, Class B <sup>(c)</sup> | 7.620% | 01/20/37 | 400000 | 401051 |
| US Bank NA, Series 2025-SUP2, Class D (1\* SOFR30A + 220) <sup>(b)(c)</sup> | 6.074% | 09/25/32 | 229690 | 229597 |
| US Bank NA, Series 2025-SUP2, Class E (1\* SOFR30A + 370) <sup>(b)(c)</sup> | 7.574% | 09/25/32 | 321566 | 321000 |
|  |  |  |  | 3778394 |
| **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** | **Agency CMBS — 0.5%** |
| Farmer Mac Agricultural Real Estate, Series 2022-1, Class A <sup>(c)</sup> | 2.540% | 07/25/51 | 209468 | 171254 |
| Farmer Mac Agricultural Real Estate, Series 2025-1, Class A <sup>(c)</sup> | 5.220% | 08/01/55 | 289371 | 283537 |
|  |  |  |  | 454791 |
| **Agency MBS CMO — 27.3%** | **Agency MBS CMO — 27.3%** | **Agency MBS CMO — 27.3%** | **Agency MBS CMO — 27.3%** | **Agency MBS CMO — 27.3%** |
| FHLMC, Series 4109, Class HC | 2.500% | 09/15/32 | 196825 | 188283 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** |
| FHLMC, Series 4613, Class AF (1\* SOFR + 110) <sup>(b)</sup> | 5.198% | 11/15/37 | $172974 | $173179 |
| FHLMC, Series 3652, Class AP | 4.500% | 03/15/40 | 87829 | 88810 |
| FHLMC, Series 3746, Class KZ | 3.500% | 07/15/40 | 127428 | 119052 |
| FHLMC, Series 5228, Class JL | 2.500% | 10/25/41 | 500000 | 424446 |
| FHLMC, Series 4143, Class AV | 2.000% | 12/15/42 | 371445 | 302390 |
| FHLMC, Series 4141, Class PL | 2.500% | 12/15/42 | 110000 | 79394 |
| FHLMC, Series 4210, Class Z | 3.000% | 05/15/43 | 256811 | 216674 |
| FHLMC, Series 4274, Class EM | 4.000% | 11/15/43 | 400000 | 372101 |
| FHLMC, Series 4487, Class TL | 3.000% | 05/15/45 | 559000 | 514737 |
| FHLMC, Series 4710, Class JE | 2.750% | 06/15/47 | 189227 | 170907 |
| FHLMC, Series 4736, Class CL | 3.000% | 12/15/47 | 322000 | 283160 |
| FHLMC, Series 5227, Class BA | 3.500% | 08/25/48 | 145581 | 139781 |
| FHLMC, Series 5147, Class PA | 1.000% | 10/25/48 | 578067 | 458941 |
| FHLMC, Series 4988, Class AK | 1.000% | 07/25/50 | 469770 | 370771 |
| FHLMC, Series 5129, Class GU | 1.000% | 08/25/50 | 595284 | 454836 |
| FHLMC, Series 5013, Class ME, Pool #5013 | 1.000% | 09/25/50 | 263929 | 205643 |
| FHLMC, Series 5013, Class MC, Pool #5013 | 1.500% | 09/25/50 | 188519 | 152337 |
| FHLMC, Series 5038, Class PJ | 0.750% | 10/25/50 | 487857 | 356965 |
| FHLMC, Series 5038, Class QP | 0.750% | 10/25/50 | 322841 | 235397 |
| FHLMC, Series 5035, Class ZA | 2.000% | 11/25/50 | 880098 | 494694 |
| FHLMC, Series 5050, Class UJ | 1.500% | 12/25/50 | 211624 | 118152 |
| FHLMC, Series 5169, Class YA | 2.000% | 09/25/51 | 274989 | 164670 |
| FHLMC, Series 5150, Class KD | 1.000% | 10/25/51 | 609094 | 492248 |
| FHLMC, Series 5156, Class GD | 2.000% | 10/25/51 | 454048 | 290429 |
| FHLMC, Series 5201, Class PY | 2.500% | 03/25/52 | 252513 | 193698 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 83**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** |
| FNMA, Series 2018-16, Class HW | 3.000% | 06/25/38 | $728000 | $651384 |
| FNMA, Series 2010-126, Class JU | 2.125% | 11/25/40 | 105543 | 100202 |
| FNMA, Series 2013-56, Class GZ | 4.500% | 08/25/41 | 527416 | 495219 |
| FNMA, Series 2012-42, Class PY | 3.500% | 11/25/41 | 100000 | 86953 |
| FNMA, Series 2011-116, Class ZA | 3.500% | 11/25/41 | 337602 | 324026 |
| FNMA, Series 2012-56, Class WC | 3.500% | 05/25/42 | 102000 | 92941 |
| FNMA, Series 2012-152, Class TA | 2.500% | 09/25/42 | 341835 | 315810 |
| FNMA, Series 2012-110, Class CA | 3.000% | 10/25/42 | 337423 | 312901 |
| FNMA, Series 2013-9, Class KD | 2.500% | 12/25/42 | 305000 | 232996 |
| FNMA, Series 2013-13, Class YC | 2.500% | 01/25/43 | 130027 | 118551 |
| FNMA, Series 2013-4, Class PL | 2.000% | 02/25/43 | 367000 | 278467 |
| FNMA, Series 4292, Class PB | 3.500% | 01/15/44 | 420000 | 380586 |
| FNMA, Series 2024-20, Class ZQ | 4.000% | 10/25/45 | 427528 | 380731 |
| FNMA, Series 2016-31, Class TM | 3.000% | 12/25/45 | 330000 | 301315 |
| FNMA, Series 2021-65, Class JA | 2.000% | 01/25/46 | 475593 | 432586 |
| FNMA, Series 4767, Class VX | 4.000% | 08/14/47 | 300798 | 283663 |
| FNMA, Series 2019-37, Class CA | 3.000% | 10/25/47 | 124345 | 120045 |
| FNMA, Series 2018-55, Class GA | 3.375% | 08/25/48 | 385293 | 372359 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** |
| FNMA, Series 2009-50, Class HZ | 5.540% | 02/25/49 | $724207 | $738016 |
| FNMA, Series 2019-69, Class JB | 3.000% | 12/25/49 | 520330 | 404010 |
| FNMA, Series 2020-92, Class NB | 1.000% | 05/25/50 | 646866 | 494977 |
| FNMA, Series 2020-47, Class GZ | 2.000% | 07/25/50 | 669705 | 405572 |
| FNMA, Series 2021-6, Class KU | 1.500% | 02/25/51 | 243399 | 140161 |
| FNMA, Series 2021-78, Class PA | 2.500% | 11/25/51 | 270098 | 240276 |
| GNMA, Series 2016-118, Class GZ | 3.000% | 02/16/40 | 283808 | 215018 |
| GNMA, Series 2023-81, Class AL | 4.500% | 08/20/40 | 575000 | 558015 |
| GNMA, Series 2012-74, Class LY | 2.500% | 06/20/42 | 260000 | 201540 |
| GNMA, Series 2013-4, Class ML | 2.500% | 10/16/42 | 366000 | 289269 |
| GNMA, Series 2019-151, Class GC | 1.750% | 12/20/42 | 135534 | 120955 |
| GNMA, Series 2013-165, Class LB | 4.000% | 03/20/43 | 235000 | 207363 |
| GNMA, Series 2014-118, Class ZD | 2.500% | 08/16/44 | 796294 | 713716 |
| GNMA, Series 2014-140, Class BW | 3.500% | 09/20/44 | 191124 | 182896 |
| GNMA, Series 2019-136, Class P | 1.500% | 10/20/45 | 309805 | 258728 |
| GNMA, Series 2017-179, Class NZ | 2.500% | 12/20/47 | 462117 | 316506 |
| GNMA, Series 2018-27, Class KY | 3.500% | 02/20/48 | 1608166 | 1337966 |
| GNMA, Series 2018-079, Class LM | 3.250% | 06/20/48 | 335000 | 305485 |

---

**84 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** | **Agency MBS CMO — 27.3% continued** |
| GNMA, Series 2018-120, Class LH | 3.500% | 09/20/48 | $593318 | $461860 |
| GNMA, Series 2019-012, Class PY | 3.500% | 02/20/49 | 582463 | 530707 |
| GNMA, Series 2022-45, Class B | 2.500% | 05/20/50 | 184145 | 164345 |
| GNMA, Series 2020-95, Class EA | 1.500% | 07/20/50 | 1079404 | 861890 |
| GNMA, Series 2020-123, Class LA | 1.000% | 08/20/50 | 294598 | 145123 |
| GNMA, Series 2022-063, Class LM | 3.500% | 10/20/50 | 900000 | 764735 |
| GNMA, Series 2020-183, Class EB | 1.150% | 12/20/50 | 292527 | 129122 |
| GNMA, Series 2021-29, Class AG | 5.000% | 02/20/51 | 947122 | 945482 |
| GNMA, Series 2021-91, Class MF | 1.000% | 05/20/51 | 208254 | 161583 |
| GNMA, Series 2021-223, Class P | 2.000% | 06/20/51 | 212565 | 186853 |
| GNMA, Series 2021-116, Class CV | 1.500% | 07/20/51 | 1015212 | 596496 |
| GNMA, Series 2021-136, Class TC | 1.500% | 08/20/51 | 513432 | 332759 |
| GNMA, Series 2021-136, Class TU | 1.500% | 08/20/51 | 324994 | 163876 |
| GNMA, Series 2022-64, Class MA | 2.500% | 11/20/51 | 844890 | 791245 |
| GNMA, Series 2023-13, Class HL | 5.000% | 01/20/53 | 244634 | 236606 |
| GNMA, Series 2025-71, Class NL | 5.000% | 04/20/55 | 620005 | 574607 |
|  |  |  |  | 26520188 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Agency MBS CMO Derivatives — 1.0%** | **Agency MBS CMO Derivatives — 1.0%** | **Agency MBS CMO Derivatives — 1.0%** | **Agency MBS CMO Derivatives — 1.0%** | **Agency MBS CMO Derivatives — 1.0%** |
| FNMA, Series 2009-78, Class OS (IO) (-1\* SOFR30A + 685) <sup>(b)</sup> | 2.751% | 10/25/39 | $1462543 | $148440 |
| FNMA, Series 2013-105, Class KO (PO) | 0.000% | 10/25/43 | 410721 | 363905 |
| GNMA, Series 2022-31, Class MS (IO) (-2.5\* SOFR30A + 900) <sup>(b)</sup> | 0.000% | 02/20/52 | 648436 | 500142 |
|  |  |  |  | 1012487 |
| **Agency MBS Passthrough — 1.9%** | **Agency MBS Passthrough — 1.9%** | **Agency MBS Passthrough — 1.9%** | **Agency MBS Passthrough — 1.9%** | **Agency MBS Passthrough — 1.9%** |
| FNMA, Pool #MA0633 | 5.000% | 01/01/41 | 223402 | 226706 |
| FNMA, Pool #BM6504 | 3.500% | 01/01/48 | 705538 | 663107 |
| GNMA, Pool #MA9367 | 8.000% | 12/20/53 | 183116 | 189494 |
| GNMA, Pool #DJ1126 | 7.000% | 04/20/65 | 781777 | 812339 |
|  |  |  |  | 1891646 |
| **Auto Loan — 2.8%** | **Auto Loan — 2.8%** | **Auto Loan — 2.8%** | **Auto Loan — 2.8%** | **Auto Loan — 2.8%** |
| ACM Auto Trust, Series 2025-1A, Class B <sup>(c)</sup> | 7.870% | 11/20/31 | 200000 | 202199 |
| ACM Auto Trust, Series 2025-2A, Class B <sup>(c)</sup> | 7.250% | 02/20/32 | 100000 | 100673 |
| ACM Auto Trust, Series 2025-3A, Class B <sup>(c)</sup> | 6.080% | 07/20/32 | 250000 | 249007 |
| AgoraCapital Auto Securities Trust, Series 2025-1A, Class B <sup>(c)</sup> | 7.270% | 11/25/32 | 150000 | 151473 |
| Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class D <sup>(c)</sup> | 5.820% | 01/15/32 | 175000 | 174680 |
| FinBe USA Trust, Series 2025-1A, Class B <sup>(c)</sup> | 6.600% | 12/16/30 | 50000 | 49147 |
| First Help Financial, LLC, Series 23-1A, Class B <sup>(c)</sup> | 6.770% | 05/15/29 | 225000 | 226331 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 85**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Auto Loan — 2.8% continued** | **Auto Loan — 2.8% continued** | **Auto Loan — 2.8% continued** | **Auto Loan — 2.8% continued** | **Auto Loan — 2.8% continued** |
| Flagship Credit Auto Trust, Series 2023-1, Class C <sup>(c)</sup> | 5.430% | 05/15/29 | $150000 | $149563 |
| Huntington National Bank (The), Series 2025-2, Class B1 <sup>(c)</sup> | 4.835% | 09/20/33 | 176594 | 177732 |
| Lendbuzz Securitization Trust, Series 2023-2A, Class A2 <sup>(c)</sup> | 7.090% | 10/16/28 | 200493 | 203122 |
| Lendbuzz Securitization Trust, Series 2025-2A, Class A2 <sup>(c)</sup> | 5.180% | 05/15/30 | 392038 | 393876 |
| Merchants Fleet Funding, LLC, Series 2025-1A, Class D <sup>(c)</sup> | 5.760% | 01/20/39 | 175000 | 175522 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2024-3A, Class C <sup>(c)</sup> | 6.460% | 03/25/33 | 125000 | 125724 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C <sup>(c)</sup> | 6.675% | 06/27/33 | 100000 | 100446 |
| Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D <sup>(c)</sup> | 6.012% | 06/26/34 | 225000 | 225164 |
|  |  |  |  | 2704659 |
| **CRE/CLO — 1.0%** | **CRE/CLO — 1.0%** | **CRE/CLO — 1.0%** | **CRE/CLO — 1.0%** | **CRE/CLO — 1.0%** |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1\* TSFR1M + 319) <sup>(b)(c)</sup> | 7.147% | 01/18/41 | 100000 | 100006 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **CRE/CLO — 1.0% continued** | **CRE/CLO — 1.0% continued** | **CRE/CLO — 1.0% continued** | **CRE/CLO — 1.0% continued** | **CRE/CLO — 1.0% continued** |
| Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1\* TSFR1M + 369) <sup>(b)(c)</sup> | 7.647% | 01/18/41 | $100000 | $100006 |
| Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1\* TSFR1M + 269) <sup>(b)(c)</sup> | 6.427% | 08/20/42 | 100000 | 99947 |
| BXMT Ltd., Series 2020-FL2, Class AS (1\* TSFR1M + 151) <sup>(b)(c)</sup> | 5.477% | 02/15/38 | 200000 | 199308 |
| BXMT Ltd., Series 2020-FL2, Class D (1\* TSFR1M + 206) <sup>(b)(c)</sup> | 6.277% | 02/15/38 | 100000 | 98447 |
| BXMT Ltd., Series 2021-FL4, Class D (1\* TSFR1M + 236) <sup>(b)(c)</sup> | 6.327% | 05/15/38 | 100000 | 96096 |
| BXMT Ltd., Series 2021-FL4, Class A (1\* TSFR1M + 116) <sup>(b)(c)</sup> | 5.127% | 05/17/38 | 239077 | 238515 |
|  |  |  |  | 932325 |
| **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** | **Credit Cards — 0.2%** |
| Genesis Sales Finance Master Trust, Series 2024-B, Class D <sup>(c)</sup> | 7.040% | 12/20/32 | 150000 | 152205 |
| **Equipment — 0.2%** | **Equipment — 0.2%** | **Equipment — 0.2%** | **Equipment — 0.2%** | **Equipment — 0.2%** |
| NMEF Funding, LLC, Series 2022-B, Class C <sup>(c)</sup> | 8.540% | 06/15/29 | 220000 | 224409 |
| **HECM — 3.7%** | **HECM — 3.7%** | **HECM — 3.7%** | **HECM — 3.7%** | **HECM — 3.7%** |
| Brean Asset Backed Securities Trust, Series 2025-RM10, Class A2 <sup>(c)</sup> | 5.000% | 01/25/65 | 100000 | 98045 |

---

**86 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** |
| Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 <sup>(c)</sup> | 4.500% | 07/25/65 | $127282 | $103825 |
| Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 <sup>(c)</sup> | 4.250% | 10/25/65 | 201467 | 161917 |
| Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 <sup>(c)</sup> | 4.500% | 03/25/78 | 180000 | 175260 |
| Cascade Funding Mortgage Trust, Series 2023-HB12, Class M1 <sup>(c)</sup> | 4.250% | 04/25/33 | 250000 | 248052 |
| Cascade Funding Mortgage Trust, Series 2022-AB2, Class M3 <sup>(c)</sup> | 2.000% | 02/25/52 | 270023 | 255663 |
| Finance of America HECM Buyout, Series 2024-HB1, Class M2 <sup>(c)</sup> | 6.000% | 10/01/34 | 250000 | 250016 |
| Ocwen Loan Investment Trust, Series 2023-HB1, Class M1 <sup>(c)</sup> | 3.000% | 06/25/36 | 250000 | 247795 |
| Ocwen Loan Investment Trust, Series 2023-HB1, Class M2 <sup>(c)</sup> | 3.000% | 06/25/36 | 300000 | 296738 |
| Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 <sup>(c)</sup> | 3.000% | 11/25/38 | 275000 | 251398 |
| RMF Buyout Issuance Trust, Series 2020-HB1, Class AB <sup>(c)</sup> | 1.744% | 10/25/50 | 194101 | 181788 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** | **HECM — 3.7% continued** |
| RMF Proprietary Issuance Trust, Series 2021-2, Class A <sup>(c)</sup> | 2.125% | 09/25/61 | $388233 | $368592 |
| RMF Proprietary Issuance Trust, Series 2022-2, Class A <sup>(c)</sup> | 3.750% | 06/25/62 | 461632 | 438049 |
| RMF Proprietary Issuance Trust, Series 2022-3, Class M3 <sup>(c)</sup> | 4.000% | 08/25/62 | 150000 | 136369 |
| RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 <sup>(c)</sup> | 3.000% | 01/25/62 | 400000 | 374414 |
|  |  |  |  | 3587921 |
| **Hospitality — 0.2%** | **Hospitality — 0.2%** | **Hospitality — 0.2%** | **Hospitality — 0.2%** | **Hospitality — 0.2%** |
| BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1\* TSFR1M + 255) <sup>(b)(c)</sup> | 6.300% | 08/15/42 | 100000 | 100127 |
| INTOWN Mortgage Trust, Series 2025-STAY, Class D (1\* TSFR1M + 285) <sup>(b)(c)</sup> | 6.600% | 03/15/42 | 100000 | 100250 |
|  |  |  |  | 200377 |
| **Industrial — 0.7%** | **Industrial — 0.7%** | **Industrial — 0.7%** | **Industrial — 0.7%** | **Industrial — 0.7%** |
| BX Commercial Mortgage Trust, Series 2025-VLT6, Class D (1\* TSFR1M + 259) <sup>(b)(c)</sup> | 6.342% | 03/15/30 | 175000 | 174510 |
| BX Trust, Series 2025-VLT7, Class D (1\* TSFR1M + 325) <sup>(b)(c)</sup> | 7.000% | 07/15/27 | 150000 | 150467 |
| BX Trust, Series 2025-BCAT, Class D (1\* TSFR1M + 265) <sup>(b)(c)</sup> | 6.400% | 08/15/42 | 95828 | 96085 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 87**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Industrial — 0.7% continued** | **Industrial — 0.7% continued** | **Industrial — 0.7% continued** | **Industrial — 0.7% continued** | **Industrial — 0.7% continued** |
| BX Trust, Series VOLT-2025, Class A (1\* SOFR30A + 2) <sup>(b)(c)</sup> | 5.700% | 12/15/44 | $300000 | $300187 |
|  |  |  |  | 721249 |
| **Laboratory — 2.4%** | **Laboratory — 2.4%** | **Laboratory — 2.4%** | **Laboratory — 2.4%** | **Laboratory — 2.4%** |
| BX Commercial Mortgage Trust, Series 2024-BIO2, Class D <sup>(c)</sup> | 7.970% | 08/13/41 | 100000 | 97362 |
| Commercial Mortgage Trust, Series 2020-CX, Class B <sup>(c)</sup> | 2.446% | 11/10/46 | 550000 | 461392 |
| Life Financial Services Trust, Series 2021-BMR, Class D (1\* TSFR1M + 151) <sup>(b)(c)</sup> | 5.264% | 03/15/38 | 245000 | 243626 |
| Life Financial Services Trust, Series 2021-BMR, Class E (1\* TSFR1M + 186) <sup>(b)(c)</sup> | 5.614% | 03/15/38 | 350000 | 347591 |
| Life Financial Services Trust, Series 2021-BMR, Class F (1\* TSFR1M + 246) <sup>(b)(c)</sup> | 6.214% | 03/15/38 | 192500 | 187586 |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 (1\* TSFR1M + 130) <sup>(b)(c)</sup> | 5.045% | 05/15/39 | 250000 | 241098 |
| Life Financial Services Trust, Series 2022-BMR2, Class B (1\* TSFR1M + 179) <sup>(b)(c)</sup> | 5.544% | 05/15/39 | 250000 | 225928 |
| Life Financial Services Trust, Series 2022-BMR2, Class C (1\* TSFR1M + 209) <sup>(b)(c)</sup> | 5.843% | 05/15/39 | 250000 | 225321 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Laboratory — 2.4% continued** | **Laboratory — 2.4% continued** | **Laboratory — 2.4% continued** | **Laboratory — 2.4% continued** | **Laboratory — 2.4% continued** |
| VLS Commercial Mortgage Trust, Series 2020-LAB, Class A <sup>(c)</sup> | 2.130% | 10/10/42 | $300000 | $257474 |
|  |  |  |  | 2287378 |
| **Multifamily — 1.0%** | **Multifamily — 1.0%** | **Multifamily — 1.0%** | **Multifamily — 1.0%** | **Multifamily — 1.0%** |
| BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1\* TSFR1M + 309) <sup>(b)(c)</sup> | 6.839% | 08/15/39 | 280859 | 281557 |
| MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1\* SOFR30A + 240) <sup>(b)(c)</sup> | 6.274% | 05/25/55 | 199897 | 200527 |
| MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1\* SOFR30A + 245) <sup>(b)(c)</sup> | 6.324% | 10/25/44 | 191664 | 192257 |
| MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1\* SOFR30A + 205) <sup>(b)(c)</sup> | 5.924% | 02/25/45 | 247587 | 245283 |
| MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1\* SOFR + 200) <sup>(b)(c)</sup> | 5.874% | 01/25/51 | 9187 | 9166 |
|  |  |  |  | 928790 |
| **Non-Agency MBS 2.0 — 0.6%** | **Non-Agency MBS 2.0 — 0.6%** | **Non-Agency MBS 2.0 — 0.6%** | **Non-Agency MBS 2.0 — 0.6%** | **Non-Agency MBS 2.0 — 0.6%** |
| JP Morgan Mortgage Trust, Series 2018-3, Class B5 <sup>(c)</sup> | 3.698% | 09/25/48 | 397440 | 275227 |
| Redwood Funding Trust, Series 2025-2, Class A <sup>(c)</sup> | 7.112% | 05/27/55 | 85240 | 85533 |

---

**88 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Non-Agency MBS 2.0 — 0.6% continued** | **Non-Agency MBS 2.0 — 0.6% continued** | **Non-Agency MBS 2.0 — 0.6% continued** | **Non-Agency MBS 2.0 — 0.6% continued** | **Non-Agency MBS 2.0 — 0.6% continued** |
| Redwood Funding Trust, Series 2025-3, Class B <sup>(c)</sup> | 7.749% | 12/27/56 | $275000 | $275769 |
|  |  |  |  | 636529 |
| **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** | **Non-Performing Loan — 0.1%** |
| Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 <sup>(c)</sup> | 7.774% | 05/25/30 | 118825 | 119788 |
| **Non-QM — 0.7%** | **Non-QM — 0.7%** | **Non-QM — 0.7%** | **Non-QM — 0.7%** | **Non-QM — 0.7%** |
| Angel Oak Mortgage Trust, Series 2025-5, Class A1 <sup>(c)</sup> | 5.573% | 04/25/70 | 519048 | 523764 |
| COLT Funding, LLC, Series 2024-7, Class A1 <sup>(c)</sup> | 5.538% | 12/26/69 | 207380 | 208957 |
|  |  |  |  | 732721 |
| **Office — 1.2%** | **Office — 1.2%** | **Office — 1.2%** | **Office — 1.2%** | **Office — 1.2%** |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A <sup>(c)</sup> | 2.627% | 01/15/32 | 100000 | 88378 |
| Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D <sup>(c)(d)</sup> | 3.289% | 01/15/32 | 100000 | 56240 |
| COLEM Mortgage Trust, Series 2022-HLNE, Class B <sup>(c)</sup> | 2.461% | 04/12/42 | 100000 | 92142 |
| Drop Mortgage Trust, Series 2021-FILE, Class A (1\* TSFR1M + 126) <sup>(c)</sup> | 5.014% | 10/15/43 | 450000 | 438954 |
| NYT Mortgage Trust, Series 2019-NYT, Class C (1\* TSFR1M + 200) <sup>(b)(c)</sup> | 5.748% | 12/15/35 | 100000 | 96030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Office — 1.2% continued** | **Office — 1.2% continued** | **Office — 1.2% continued** | **Office — 1.2% continued** | **Office — 1.2% continued** |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B <sup>(c)</sup> | 6.013% | 09/15/40 | $200000 | $200556 |
| Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D <sup>(c)</sup> | 8.623% | 09/15/40 | 200000 | 201459 |
|  |  |  |  | 1173759 |
| **Residential Transition Loan — 1.3%** | **Residential Transition Loan — 1.3%** | **Residential Transition Loan — 1.3%** | **Residential Transition Loan — 1.3%** | **Residential Transition Loan — 1.3%** |
| Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 <sup>(c)</sup> | 8.299% | 05/25/40 | 125000 | 126519 |
| Fidelis Mortgage Trust, Series 25-RTL1, Class A-2 <sup>(c)</sup> | 6.220% | 02/27/40 | 100000 | 101642 |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 <sup>(c)</sup> | 6.894% | 05/25/29 | 500000 | 504492 |
| LHOME Mortgage Trust, Series 2025-RTL1, Class A2 <sup>(c)</sup> | 5.952% | 01/25/40 | 100000 | 100877 |
| LHOME Mortgage Trust, Series 2025-RTL2, Class A1 <sup>(c)</sup> | 5.612% | 04/25/40 | 300000 | 302215 |
| ROC Mortgage Trust, Series 2025-RTL1, Class A2 <sup>(c)</sup> | 6.114% | 02/25/40 | 100000 | 101101 |
|  |  |  |  | 1236846 |
| **Second Lien — 1.9%** | **Second Lien — 1.9%** | **Second Lien — 1.9%** | **Second Lien — 1.9%** | **Second Lien — 1.9%** |
| Achieve Mortgage, Series 2025-HE1, Class A <sup>(c)</sup> | 5.920% | 03/25/55 | 84578 | 85716 |
| HTAP Trust, Series 2024-1, Class A <sup>(c)</sup> | 7.000% | 04/25/37 | 185770 | 186562 |
| HTAP Trust, Series 2024-2, Class A <sup>(c)</sup> | 6.500% | 04/25/42 | 177384 | 177203 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 89**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Second Lien — 1.9% continued** | **Second Lien — 1.9% continued** | **Second Lien — 1.9% continued** | **Second Lien — 1.9% continued** | **Second Lien — 1.9% continued** |
| Point Securitization Trust, Series 2025-1, Class A1 <sup>(c)</sup> | 6.250% | 06/25/55 | $94611 | $94983 |
| Point Securitization Trust, Series 2025-2, Class A1 <sup>(c)</sup> | 5.750% | 09/25/55 | 249948 | 249650 |
| Splitero Trust, Series 25-1, Class A1 <sup>(c)</sup> | 5.750% | 12/25/55 | 250000 | 248199 |
| Unlock HEA Trust, Series 2025-1, Class A <sup>(c)</sup> | 6.750% | 07/25/41 | 97371 | 97755 |
| Unlock HEA Trust, Series 2025-2, Class C <sup>(c)</sup> | 6.000% | 11/25/41 | 150000 | 116277 |
| Unlock HEA Trust, Series 2025-2, Class A <sup>(c)</sup> | 6.000% | 11/25/41 | 98923 | 98645 |
| Vista Point Securitization Trust, Series 2024-CES3, Class A1 <sup>(c)</sup> | 5.679% | 01/25/55 | 80245 | 80649 |
| Vista Point Securitization Trust, Series 2024-CES3, Class A2 <sup>(c)</sup> | 5.995% | 01/25/55 | 400000 | 404162 |
|  |  |  |  | 1839801 |
| **Single Family Rental — 1.3%** | **Single Family Rental — 1.3%** | **Single Family Rental — 1.3%** | **Single Family Rental — 1.3%** | **Single Family Rental — 1.3%** |
| Home Partners of America Trust, Series 2021-3, Class A <sup>(c)</sup> | 2.200% | 01/17/41 | 161571 | 152212 |
| Progress Residential Trust, Series 2021-SFR3, Class E1 <sup>(c)</sup> | 2.538% | 05/17/26 | 375000 | 372466 |
| Progress Residential Trust, Series 2021-SFR3, Class E2 <sup>(c)</sup> | 2.688% | 05/17/26 | 230000 | 227983 |
| Progress Residential Trust, Series 2021-SFR5, Class E1 <sup>(c)</sup> | 2.209% | 07/17/38 | 335000 | 330805 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Single Family Rental — 1.3% continued** | **Single Family Rental — 1.3% continued** | **Single Family Rental — 1.3% continued** | **Single Family Rental — 1.3% continued** | **Single Family Rental — 1.3% continued** |
| Progress Residential Trust, Series 2021-SFR5, Class E2 <sup>(c)</sup> | 2.359% | 07/17/38 | $230000 | $226927 |
|  |  |  |  | 1310393 |
| **Small Business — 0.6%** | **Small Business — 0.6%** | **Small Business — 0.6%** | **Small Business — 0.6%** | **Small Business — 0.6%** |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class A <sup>(c)</sup> | 5.490% | 09/10/31 | 150000 | 150787 |
| Kapitus Asset Securitization, LLC, Series 2024-4R, Class C <sup>(c)</sup> | 7.150% | 09/10/31 | 200000 | 199740 |
| Kapitus Asset Securitization, LLC, Series 2025-1A, Class C <sup>(c)</sup> | 7.400% | 04/10/32 | 225000 | 225268 |
|  |  |  |  | 575795 |
| **Student Loan — 0.8%** | **Student Loan — 0.8%** | **Student Loan — 0.8%** | **Student Loan — 0.8%** | **Student Loan — 0.8%** |
| Bayview Opportunity Master Fund, Series 2025-EDU1, Class D (1\* SOFR30A + 225) <sup>(b)(c)</sup> | 6.124% | 07/27/48 | 231549 | 231548 |
| College Ave Student Loans, Series 2018-A, Class B <sup>(c)</sup> | 4.750% | 12/26/47 | 138407 | 137395 |
| Social Professional Loan Program, Series 2019-B, Class BFX <sup>(c)</sup> | 3.730% | 08/17/48 | 400000 | 377852 |
|  |  |  |  | 746795 |
| **Unsecured Consumer — 4.3%** | **Unsecured Consumer — 4.3%** | **Unsecured Consumer — 4.3%** | **Unsecured Consumer — 4.3%** | **Unsecured Consumer — 4.3%** |
| ACHV ABS Trust, Series 2024-1PL, Class D <sup>(c)</sup> | 7.290% | 04/25/31 | 142658 | 144820 |
| ACHV ABS Trust, Series 2024-3AL, Class D <sup>(c)</sup> | 6.750% | 12/26/31 | 72862 | 73851 |
| Affirm, Inc., Series 2025-X1, Class D <sup>(c)</sup> | 6.110% | 04/15/30 | 250000 | 252228 |

---

**90 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** | **Securitized — 59.6% continued** |
| **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** |
| AMCR ABS Trust, Series 2023-1, Class B <sup>(c)</sup> | 8.700% | 01/21/31 | $26222 | $26350 |
| AMCR ABS Trust, Series 2024-A, Class A <sup>(c)</sup> | 6.260% | 08/18/31 | 32387 | 32438 |
| Cherry Securitization Trust, Series 2025-1A, Class A <sup>(c)</sup> | 6.130% | 11/15/32 | 200000 | 203046 |
| Oportun Funding, LLC, Series 2024-3, Class C <sup>(c)</sup> | 6.250% | 08/15/29 | 125000 | 125623 |
| Oportun Funding, LLC, Series 2021-C, Class C <sup>(c)</sup> | 3.610% | 10/08/31 | 51039 | 50463 |
| Oportun Funding, LLC, Series 2025-A, Class C <sup>(c)</sup> | 5.890% | 02/08/33 | 140000 | 139763 |
| Oportun Funding, LLC, Series 2025-D, Class D <sup>(c)</sup> | 6.970% | 02/08/33 | 350000 | 349075 |
| Oportun Funding, LLC, Series 2025-C, Class D <sup>(c)</sup> | 5.910% | 07/08/33 | 200000 | 197810 |
| Pagaya AI Debt Selection Trust, Series 2024-1, Class C <sup>(c)</sup> | 8.344% | 07/15/31 | 51645 | 51874 |
| Pagaya AI Debt Selection Trust, Series 2025-1, Class D <sup>(c)</sup> | 6.282% | 07/15/32 | 91697 | 92105 |
| Pagaya AI Debt Selection Trust, Series 2024-11, Class D <sup>(c)</sup> | 6.307% | 07/15/32 | 94224 | 94981 |
| Pagaya AI Debt Selection Trust, Series 2025-6, Class B <sup>(c)</sup> | 4.883% | 04/15/33 | 350000 | 348900 |
| Pagaya AI Debt Selection Trust, Series 2025-8, Class B <sup>(c)</sup> | 5.409% | 07/15/33 | 100000 | 100145 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** | **Unsecured Consumer — 4.3% continued** |
| Pagaya Point of Sale Holdings, Series 2025-1, Class A <sup>(c)</sup> | 5.715% | 01/20/34 | $100000 | $100786 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class D <sup>(c)</sup> | 6.739% | 01/20/34 | 150000 | 151355 |
| Pagaya Point of Sale Holdings, Series 2025-1, Class E <sup>(c)</sup> | 11.276% | 01/20/34 | 100000 | 102706 |
| Pagaya Point of Sale Holdings Grantor Trust, Series 2025-2, Class F <sup>(c)</sup> | 12.000% | 07/20/33 | 300000 | 280671 |
| Reach Financial, LLC, Series 2025-1A, Class B <sup>(c)</sup> | 5.340% | 08/16/32 | 200000 | 202948 |
| Reach Financial, LLC, Series 2025-1A, Class C <sup>(c)</sup> | 5.990% | 08/16/32 | 100000 | 101789 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT <sup>(c)</sup> | 6.110% | 06/15/32 | 151125 | 152987 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B <sup>(c)</sup> | 5.254% | 09/15/32 | 200000 | 200804 |
| Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C <sup>(c)</sup> | 5.923% | 09/15/32 | 300000 | 300200 |
| Upgrade Receivables Trust, Series 2024-1A, Class C <sup>(c)</sup> | 6.470% | 01/15/31 | 100000 | 100790 |
| Upstart Securitization Trust, Series 2025-3, Class C <sup>(c)</sup> | 5.430% | 09/20/35 | 225000 | 223574 |
|  |  |  |  | 4202082 |
| **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** | **Total Securitized** |
| (Cost $56,660,936) | (Cost $56,660,936) | (Cost $56,660,936) | (Cost $56,660,936) | $57971328 |
| **Treasury — 19.7%** | **Treasury — 19.7%** | **Treasury — 19.7%** | **Treasury — 19.7%** | **Treasury — 19.7%** |
| U.S. Treasury Notes | 3.875% | 11/30/29 | 175000 | 176463 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 91**<br>

**Diamond Hill Core Plus Bond Fund** Schedule of Investments (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Coupon** | **Maturity** | **Shares / <br> Par Value** | **Fair <br> Value** |
| **Treasury — 19.7% continued** | **Treasury — 19.7% continued** | **Treasury — 19.7% continued** | **Treasury — 19.7% continued** | **Treasury — 19.7% continued** |
| U.S. Treasury Notes | 0.625% | 08/15/30 | $5200000 | $4524813 |
| U.S. Treasury STRIPS | 0.000% | 08/15/33 | 100000 | 72963 |
| U.S. Treasury Notes <sup>(a)</sup> | 4.000% | 02/15/34 | 5850000 | 5831719 |
| U.S. Treasury STRIPS | 0.000% | 08/15/34 | 150000 | 104102 |
| U.S. Treasury STRIPS | 0.000% | 02/15/36 | 250000 | 160874 |
| U.S. Treasury STRIPS | 0.000% | 02/15/37 | 250000 | 152221 |
| U.S. Treasury STRIPS | 0.000% | 02/15/38 | 1000000 | 576147 |
| U.S. Treasury STRIPS | 0.000% | 11/15/38 | 300000 | 165419 |
| U.S. Treasury Bonds | 1.125% | 08/15/40 | 1000000 | 628047 |
| U.S. Treasury Bonds | 1.375% | 11/15/40 | 850000 | 551703 |
| U.S. Treasury STRIPS | 0.000% | 08/15/41 | 200000 | 93408 |
| U.S. Treasury STRIPS | 0.625% | 02/15/43 | 495635 | 368685 |
| U.S. Treasury STRIPS | 0.000% | 08/15/43 | 300000 | 124145 |
| U.S. Treasury Bonds | 2.250% | 08/15/46 | 1000000 | 658086 |
| U.S. Treasury Bonds | 3.000% | 02/15/48 | 5350000 | 3981152 |
| U.S. Treasury Bonds | 1.250% | 05/15/50 | 400000 | 191469 |
| U.S. Treasury Bonds | 1.625% | 11/15/50 | 1500000 | 787500 |
| **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** | **Total Treasury** |
| (Cost $19,202,535) | (Cost $19,202,535) | (Cost $19,202,535) | (Cost $19,202,535) | $19148916 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Registered Investment Companies — 2.4%** | **Registered Investment Companies — 2.4%** | **Registered Investment Companies — 2.4%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(e)</sup> | 370238 | $370238 |
| State Street Navigator Securities Lending Portfolio I, 3.38% <sup>(e)(f)</sup> | 1949445 | 1949445 |
| **Total Registered Investment Companies** | **Total Registered Investment Companies** | **Total Registered Investment Companies** |
| (Cost $2,319,683) | (Cost $2,319,683) | $2319683 |
| **Total Investment Securities — 101.6%** | **Total Investment Securities — 101.6%** | **Total Investment Securities — 101.6%** |
| (Cost $97,122,979) | (Cost $97,122,979) | $98726949 |
| **Liabilities in Excess of Other Assets — (1.6)%** | **Liabilities in Excess of Other Assets — (1.6)%** | (1513937) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $97213012 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $8,799,073. 

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Variable rate security. The rate shown is the effective interest rate as of December 31, 2025. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. 

<sup>(c)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of 12/31/2025 was $37,856,459, representing 38.9% of net assets. 

<sup>(d)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of December 31, 2025 was $56,240, representing 0.1% of net assets. 

<sup>(e)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

<sup>(f)</sup> &nbsp;&nbsp;&nbsp;&nbsp;This security was purchased using cash collateral held from securities on loan.

IO — Interest Only

plc — Public Limited Company

PO — Principal Only

REIT — Real Estate Investment Trust

SA — Societe Anonyme

SOFR — Secured Overnight Financing Rate

TSFR — CME Term SOFR

See accompanying Notes to Financial Statements.

**92 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

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**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 93**<br>

**Diamond Hill Funds** Statements of Assets & Liabilities

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Small-Mid<br> Cap<br> Fund** | **Mid Cap<br> Fund** | **Large Cap<br> Fund** |
| **Assets** |  |  |  |  |
| Investment in unaffiliated securities, at cost | $207534667 | $725754998 | $58221877 | $5348330490 |
| Investment in unaffiliated securities, at fair value\* | $264363896 | $930659974 | $81747122 | $6325309232 |
| Cash |  |  | 256281 | 14391292 |
| Cash denominated in foreign currency (Cost $—,$—, $—, $—, $—, $—, $976,177, $—, $—, $—, and $—) |  |  |  |  |
| Cash deposits with custodian for securities sold short |  |  |  |  |
| Receivable for investments sold |  |  |  |  |
| Receivable for fund shares issued | 52730 | 76255 | 6769 | 5383948 |
| Receivable for dividends and interest | 288035 | 959474 | 71569 | 3697099 |
| Tax reclaims receivable | 1457 |  |  |  |
| **Total Assets** | 264706118 | 931695703 | 82081741 | 6348781571 |
| **Liabilities** |  |  |  |  |
| Investments sold short, at fair value (proceeds $—, $—, $—, $—, $—, $—, $718,651,232, $—, $—, $—, and $—) |  |  |  |  |
| Due to custodian |  |  |  |  |
| Payable for investments purchased |  |  |  |  |
| Payable for fund shares redeemed | 198786 | 21366891 | 47728 | 5253275 |
| Payable for dividend expense on securities sold short |  |  |  |  |
| Payable for return of collateral received for securities on loan | 46400436 | 58793142 | 5312253 | 54190313 |
| Payable to Investment Adviser | 150784 | 564762 | 40259 | 2719144 |
| Payable to Administrator | 30999 | 88673 | 11160 | 708911 |
| Accrued distribution fees | 9321 | 7040 | 740 | 50816 |
| Other accrued expenses | 24071 | 5932 | 5355 | 158025 |
| **Total Liabilities** | 46814397 | 80826440 | 5417495 | 63080484 |
| **Contingencies and Commitments** |  |  |  |  |
| **Net Assets** | $217891721 | $850869263 | $76664246 | $6285701087 |
| **Components of Net Assets** |  |  |  |  |
| Paid-in capital | $161520900 | $646240217 | $53629628 | $5321541658 |
| Distributable earnings (accumulated deficit) | 56370821 | 204629046 | 23034618 | 964159429 |
| **Net Assets** | $217891721 | $850869263 | $76664246 | $6285701087 |
| **Net Assets** |  |  |  |  |
| Investor Shares | $43471970 | $32560782 | $3452732 | $232927980 |
| Class I Shares | $151786370 | $447533574 | $70105182 | $3904123967 |
| Class Y Shares | $22633381 | $370774907 | $3106332 | $2148649140 |
| **Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)** |  |  |  |  |
| Investor Shares | 1791825 | 1254025 | 216105 | 7274571 |
| Class I Shares | 6009097 | 17071660 | 4396848 | 121632074 |
| Class Y Shares | 892867 | 14086730 | 193963 | 66908773 |
| **Net Asset Value, offering and redemption price per share:** |  |  |  |  |
| Investor Shares | $24.26 | $25.97 | $15.98 | $32.02 |
| Class I Shares | $25.26 | $26.22 | $15.94 | $32.10 |
| Class Y Shares | $25.35 | $26.32 | $16.02 | $32.11 |
| \* Includes value of securities on loan | $64113949 | $96261981 | $5947579 | $89838451 |

---

See accompanying Notes to Financial Statements.

**94 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Select<br> Fund** | **Long-Short<br> Fund** | **International <br> Fund** | **Short Duration <br> Securitized <br> Bond Fund** | **Securitized <br> Total Return <br> Fund** | **Core Bond <br> Fund** | **Core Plus <br> Bond Fund** |
| $494652875 | $1511133981 | $131918168 | $4866784664 | $30638729 | $3131675120 | $97122979 |
| $591272125 | $2311522749 | $168646290 | $4901577210 | $31162977 | $3120914567 | $98726949 |
| 1506056 | 21974568 |  |  | 178540 |  |  |
|  |  | 964447 |  |  |  |  |
|  | 746399745 |  |  |  |  |  |
|  | 9659192 |  | 95259 |  | 17388 |  |
| 225136 | 556780 | 25870 | 9094094 |  | 3148820 | 81 |
| 171898 | 3861590 | 237472 | 16314790 | 78713 | 15797793 | 629994 |
|  |  | 217366 |  |  |  |  |
| 593175215 | 3093974624 | 170091445 | 4927081353 | 31420230 | 3139878568 | 99357024 |
|  | 732186170 |  |  |  |  |  |
|  |  | 500 |  |  | 514 |  |
|  | 8335889 |  | 26511976 | 167413 | 15354545 | 151028 |
| 613992 | 576443 | 3487 | 3531762 |  | 689165 |  |
|  | 258383 |  |  |  |  |  |
| 12970351 | 5972873 | 8674488 | 28290868 |  | 43924185 | 1949445 |
| 349989 | 1775176 | 88144 | 1439434 | 18551 | 779732 | 32980 |
| 78670 | 327102 | 17866 | 677705 | 1330 | 373726 | 9954 |
| 7696 | 25375 | 255 | 21954 | 3 | 1049 | 5 |
| 7096 | 35100 | 26749 | 600 | 600 | 600 | 600 |
| 14027794 | 749492511 | 8811489 | 60474299 | 187897 | 61123516 | 2144012 |
| $579147421 | $2344482113 | $161279956 | $4866607054 | $31232333 | $3078755052 | $97213012 |
| $487434650 | $1562847414 | $122469325 | $4853361544 | $30675978 | $3110160997 | $95703065 |
| 91712771 | 781634699 | 38810631 | 13245510 | 556355 | (31405945) | 1509947 |
| $579147421 | $2344482113 | $161279956 | $4866607054 | $31232333 | $3078755052 | $97213012 |
| $35748833 | $119657235 | $1214025 | $104129431 | $15724 | $5074773 | $24808 |
| $469376118 | $2082363741 | $108203722 | $4511187447 | $21275 | $2400558040 | $57415873 |
| $74022470 | $142461137 | $51862209 | $251290176 | $31195334 | $673122239 | $39772331 |
| 1456128 | 3914318 | 58171 | 10434705 | 1530 | 554072 | 2439 |
| 18781271 | 65460947 | 5172163 | 451754783 | 2070 | 263376603 | 5652486 |
| 2944776 | 4448435 | 2473182 | 25128827 | 3035866 | 73802061 | 3911620 |
| $24.55 | $30.57 | $20.87 | $9.98 | $10.28 | $9.16 | $10.17 |
| $24.99 | $31.81 | $20.92 | $9.99 | $10.28 | $9.11 | $10.16 |
| $25.14 | $32.03 | $20.97 | $10.00 | $10.28 | $9.12 | $10.17 |
| $32291277 | $5834389 | $8899761 | $64792941 | $— | $112286799 | $8799073 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 95**<br>

**Diamond Hill Funds** Statements of Operations

For the year ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap<br> Fund** | **Small-Mid<br> Cap<br> Fund** | **Mid Cap<br> Fund** | **Large Cap<br> Fund** |
| **Investment Income** |  |  |  |  |
| Dividends | $3902465 | $16208786 | $1869588 | $156257130 |
| Securities lending income | 114892 | 180494 | 7966 | 304183 |
| Foreign taxes withheld (net of reclaims received) | (694) |  |  |  |
| **Total Investment Income** | 4016663 | 16389280 | 1877554 | 156561313 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 1725585 | 7000810 | 636923 | 39757025 |
| Administration fees | 361140 | 1063336 | 177464 | 10527502 |
| Distribution and service fees — Investor | 125015 | 84730 | 9104 | 670911 |
| Other fees | 46776 | 115717 | 21317 | 1179786 |
| **Total Expenses** | 2258516 | 8264593 | 844808 | 52135224 |
| **Net Investment Income** | 1758147 | 8124687 | 1032746 | 104426089 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains on investment transactions | 13829859 | 39467401 | 25674275 | 401630060 |
| Net realized gains from in-kind redemptions | 32596997 | 138360338 | 17020660 | 774324385 |
| Net change in unrealized appreciation (depreciation) on investments | (27152866) | (122109475) | (31464666) | (861677841) |
| **Net Realized and Unrealized Gains on Investments** | 19273990 | 55718264 | 11230269 | 314276604 |
| **Change in Net Assets from Operations** | $21032137 | $63842951 | $12263015 | $418702693 |

---

See accompanying Notes to Financial Statements.

**96 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Operations

For the year ended December 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Select<br> Fund** | **Long-Short<br> Fund** | **International <br> Fund** |
| **Investment Income** |  |  |  |
| Dividends | $10357103 | $37633911 | $4032262 |
| Securities lending income | 46933 | 423346 | 26421 |
| Rebates on short sales, net of fees |  | 25781217 |  |
| Foreign taxes withheld (net of reclaims received) |  | (183293) | (307207) |
| **Total Investment Income** | 10404036 | 63655181 | 3751476 |
| **Expenses** |  |  |  |
| Investment advisory fees | 3985655 | 17879309 | 1035467 |
| Administration fees | 902181 | 3295192 | 191744 |
| Distribution and service fees — Investor | 91449 | 286227 | 2703 |
| Other fees | 52892 | 87588 | 59137 |
| Dividend expense |  | 6343700 |  |
| **Total Expenses** | 5032177 | 27892016 | 1289051 |
| **Net Investment Income** | 5371859 | 35763165 | 2462425 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |
| Net realized gains on investment transactions | 49048356 | 66961161 | 10394950 |
| Net realized gains from in-kind redemptions | 72385207 | 110007498 |  |
| Net realized losses on closed short positions |  | (45963903) |  |
| Net realized losses on foreign currency transactions |  |  | (11399) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | (54632874) | 118506803 | 27431509 |
| Net change in unrealized appreciation (depreciation) on short positions |  | 64787458 |  |
| **Net Realized and Unrealized Gains on Investments** | 66800689 | 314299017 | 37815060 |
| **Change in Net Assets from Operations** | $72172548 | $350062182 | $40277485 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 97**<br>

**Diamond Hill Funds** Statements of Operations

For the year ended December 31, 2025<sup>(A)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Short Duration <br> Securitized <br> Bond Fund** | **Securitized <br> Total Return <br> Fund** | **Core Bond <br> Fund** | **Core Plus <br> Bond Fund** |
| **Investment Income** |  |  |  |  |
| Dividends | $15672694 | $21432 | $4016441 | $62695 |
| Securities lending income | 77398 |  | 118897 | 11312 |
| Interest | 256961237 | 753108 | 132733589 | 3449393 |
| **Total Investment Income** | 272711329 | 774540 | 136868927 | 3523400 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | 14665247 | 101814 | 7748724 | 264330 |
| Administration fees | 6945566 | 7296 | 3842009 | 67465 |
| Distribution and service fees — Investor | 207055 | 20 | 12714 | 59 |
| Other fees | 10916 | 600 | 6473 | 1309 |
| **Total Expenses** | 21828784 | 109730 | 11609920 | 333163 |
| **Net Investment Income** | 250882545 | 664810 | 125259007 | 3190237 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |  |  |  |
| Net realized gains (losses) on investment transactions | (5814451) | 37838 | 1608646 | (41373) |
| Net change in unrealized appreciation (depreciation) on investments | 13883446 | 524248 | 51763970 | 2077663 |
| **Net Realized and Unrealized Gains on Investments** | 8068995 | 562086 | 53372616 | 2036290 |
| **Change in Net Assets from Operations** | $258951540 | $1226896 | $178631623 | $5226527 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except for the Diamond Hill Securitized Total Return Fund, which represents the period from the commencement of operations (June 30, 2025) through December 31, 2025. 

See accompanying Notes to Financial Statements.

**98 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Small-Mid Cap Fund** | **Small-Mid Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |  |  |
| Net investment income | $1758147 | $1407511 | $8124687 | $14777363 |
| Net realized gains on investment transactions | 46426856 | 42002058 | 177827739 | 207200327 |
| Net change in unrealized appreciation (depreciation) on investments | (27152866) | (14312243) | (122109475) | (105764652) |
| **Change in Net Assets from Operations** | 21032137 | 29097326 | 63842951 | 116213038 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (2424643) | (9111959) | (1923125) | (2691574) |
| &nbsp;&nbsp;&nbsp;Class I | (8374683) | (21308549) | (26440827) | (36539410) |
| &nbsp;&nbsp;&nbsp;Class Y | (1302778) | (2828344) | (22471287) | (46799300) |
| **Change in Net Assets from Distributions to Shareholders** | (12102104) | (33248852) | (50835239) | (86030284) |
| **Change in Net Assets from Capital Transactions** | (18470484) | 703719 | (287356265) | (522647037) |
| **Total Change in Net Assets** | (9540451) | (3447807) | (274348553) | (492464283) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 227432172 | 230879979 | 1125217816 | 1617682099 |
| End of year | $217891721 | $227432172 | $850869263 | $1125217816 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 99**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Small-Mid Cap Fund** | **Small-Mid Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Capital Transactions** |  |  |  |  |
| **Investor** |  |  |  |  |
| Proceeds from shares sold | $5875649 | $8330431 | $1348514 | $1481597 |
| Reinvested distributions | 2143319 | 8386067 | 1825498 | 2576216 |
| Payments for shares redeemed | (28240124) | (16031148) | (7912417) | (12019780) |
| **Change in Net Assets from Investor Share Transactions** | (20221156) | 685350 | (4738405) | (7961967) |
| **Class I** |  |  |  |  |
| Proceeds from shares sold | 42996258 | 22644726 | 26306907 | 35195691 |
| Reinvested distributions | 7843655 | 19393644 | 18574771 | 26282937 |
| Payments for shares redeemed | (50663997) | (43642301) | (80426792) | (366489088) |
| **Change in Net Assets from Class I Share Transactions** | 175916 | (1603931) | (35545114) | (305010460) |
| **Class Y** |  |  |  |  |
| Proceeds from shares sold | 55272681 | 3500001 | 230972307 | 98905584 |
| Reinvested distributions | 1163202 | 2663658 | 22310659 | 46272988 |
| Payments for shares redeemed | (54861127) | (4541359) | (500355712) | (354853182) |
| **Change in Net Assets from Class Y Share Transactions** | 1574756 | 1622300 | (247072746) | (209674610) |
| **Change in Net Assets from Capital Transactions** | $(18470484) | $703719 | $(287356265) | $(522647037) |

---

See accompanying Notes to Financial Statements.

**100 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Small-Mid Cap Fund** | **Small-Mid Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Share Transactions:** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | 252985 | 340247 | 52701 | 56433 |
| Reinvested | 87411 | 340672 | 69543 | 96394 |
| Redeemed | (1242073) | (647876) | (309793) | (457714) |
| **Change in Shares Outstanding** | (901677) | 33043 | (187549) | (304887) |
| **Class I** |  |  |  |  |
| Issued | 1807660 | 891096 | 1032564 | 1343708 |
| Reinvested | 306887 | 759847 | 700934 | 977485 |
| Redeemed | (2219106) | (1700250) | (3151831) | (13587193) |
| **Change in Shares Outstanding** | (104559) | (49307) | (1418333) | (11266000) |
| **Class Y** |  |  |  |  |
| Issued | 2214541 | 131135 | 8619352 | 3708212 |
| Reinvested | 45302 | 104055 | 838746 | 1716333 |
| Redeemed | (2181343) | (177645) | (19367782) | (13337814) |
| **Change in Shares Outstanding** | 78500 | 57545 | (9909684) | (7913269) |
| **Change in Total Shares Outstanding** | (927736) | 41281 | (11515566) | (19484156) |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 101**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Fund** | **Mid Cap Fund** | **Large Cap Fund** | **Large Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |  |  |
| Net investment income | $1032746 | $1770258 | $104426089 | $131236342 |
| Net realized gains on investment transactions | 42694935 | 19490418 | 1175954445 | 1144867461 |
| Net change in unrealized appreciation (depreciation) on investments | (31464666) | (4326783) | (861677841) | (260844074) |
| **Change in Net Assets from Operations** | 12263015 | 16933893 | 418702693 | 1015259729 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (541313) | (334463) | (13863956) | (28852919) |
| &nbsp;&nbsp;&nbsp;Class I | (11337473) | (11733887) | (238632955) | (548339563) |
| &nbsp;&nbsp;&nbsp;Class Y | (641772) | (701120) | (134197868) | (281059767) |
| **Change in Net Assets from Distributions to Shareholders** | (12520558) | (12769470) | (386694779) | (858252249) |
| **Change in Net Assets from Capital Transactions** | (69765415) | (19995534) | (2369854303) | 54612256 |
| **Total Change in Net Assets** | (70022958) | (15831111) | (2337846389) | 211619736 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 146687204 | 162518315 | 8623547476 | 8411927740 |
| End of year | $76664246 | $146687204 | $6285701087 | $8623547476 |

---

See accompanying Notes to Financial Statements.

**102 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Fund** | **Mid Cap Fund** | **Large Cap Fund** | **Large Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Capital Transactions** |  |  |  |  |
| **Investor** |  |  |  |  |
| Proceeds from shares sold | $61173 | $163755 | $31766687 | $29534931 |
| Reinvested distributions | 522279 | 322866 | 11116434 | 23754622 |
| Payments for shares redeemed | (1029705) | (1018107) | (103856212) | (100078949) |
| **Change in Net Assets from Investor Share Transactions** | (446253) | (531486) | (60973091) | (46789396) |
| **Class I** |  |  |  |  |
| Proceeds from shares sold | 10920261 | 13221842 | 896575790 | 992185693 |
| Reinvested distributions | 11013636 | 11552594 | 205392068 | 457854992 |
| Payments for shares redeemed | (86495799) | (43916397) | (2720081380) | (1262357692) |
| **Change in Net Assets from Class I Share Transactions** | (64561902) | (19141961) | (1618113522) | 187682993 |
| **Class Y** |  |  |  |  |
| Proceeds from shares sold | 24139862 | 1505262 | 1531745078 | 376363202 |
| Reinvested distributions | 472008 | 701120 | 126469876 | 262559659 |
| Payments for shares redeemed | (29369130) | (2528469) | (2348982644) | (725204202) |
| **Change in Net Assets from Class Y Share Transactions** | (4757260) | (322087) | (690767690) | (86281341) |
| **Change in Net Assets from Capital Transactions** | $(69765415) | $(19995534) | $(2369854303) | $54612256 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 103**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid Cap Fund** | **Mid Cap Fund** | **Large Cap Fund** | **Large Cap Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Share Transactions:** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | 3640 | 9205 | 967693 | 866162 |
| Reinvested | 32194 | 18502 | 344489 | 711511 |
| Redeemed | (59630) | (58748) | (3158255) | (2914863) |
| **Change in Shares Outstanding** | (23796) | (31041) | (1846073) | (1337190) |
| **Class I** |  |  |  |  |
| Issued | 650318 | 742399 | 27314046 | 29024228 |
| Reinvested | 679061 | 662590 | 6333216 | 13662760 |
| Redeemed | (5023416) | (2485818) | (82302133) | (36833667) |
| **Change in Shares Outstanding** | (3694037) | (1080829) | (48654871) | 5853321 |
| **Class Y** |  |  |  |  |
| Issued | 1369603 | 85294 | 46013877 | 10998328 |
| Reinvested | 28914 | 40079 | 3892197 | 7825617 |
| Redeemed | (1691776) | (142193) | (70519295) | (20924053) |
| **Change in Shares Outstanding** | (293259) | (16820) | (20613221) | (2100108) |
| **Change in Total Shares Outstanding** | (4011092) | (1128690) | (71114165) | 2416023 |

---

See accompanying Notes to Financial Statements.

**104 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Fund** | **Select Fund** | **Long-Short Fund** | **Long-Short Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |  |  |
| Net investment income | $5371859 | $4830404 | $35763165 | $40246532 |
| Net realized gains on investment transactions | 121433563 | 50697503 | 176968659 | 165692507 |
| Net realized losses on closed short positions |  |  | (45963903) | (43520658) |
| Net change in unrealized appreciation (depreciation) on investments | (54632874) | 6294539 | 118506803 | 92614814 |
| Net change in unrealized appreciation (depreciation) on short positions |  |  | 64787458 | (80597112) |
| **Change in Net Assets from Operations** | 72172548 | 61822446 | 350062182 | 174436083 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (2786181) | (2780514) | (1653388) | (10412201) |
| &nbsp;&nbsp;&nbsp;Class I | (37420704) | (30303954) | (33554132) | (133429735) |
| &nbsp;&nbsp;&nbsp;Class Y | (5655351) | (4318216) | (2036984) | (9155159) |
| **Change in Net Assets from Distributions to Shareholders** | (45862236) | (37402684) | (37244504) | (152997095) |
| **Change in Net Assets from Capital Transactions** | (27958526) | 86704351 | 347843988 | (63092181) |
| **Total Change in Net Assets** | (1648214) | 111124113 | 660661666 | (41653193) |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 580795635 | 469671522 | 1683820447 | 1725473640 |
| End of year | $579147421 | $580795635 | $2344482113 | $1683820447 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 105**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Fund** | **Select Fund** | **Long-Short Fund** | **Long-Short Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Capital Transactions** |  |  |  |  |
| **Investor** |  |  |  |  |
| Proceeds from shares sold | $6991759 | $17649126 | $9420638 | $7945007 |
| Reinvested distributions | 2227587 | 2555775 | 1479902 | 9442292 |
| Payments for shares redeemed | (18543323) | (9735762) | (25177509) | (25868643) |
| **Change in Net Assets from Investor Share Transactions** | (9323977) | 10469139 | (14276969) | (8481344) |
| **Class I** |  |  |  |  |
| Proceeds from shares sold | 83974574 | 160455644 | 732378134 | 223890513 |
| Reinvested distributions | 34888339 | 28051464 | 29150803 | 111573196 |
| Payments for shares redeemed | (142207001) | (128457731) | (424963864) | (435167094) |
| **Change in Net Assets from Class I Share Transactions** | (23344088) | 60049377 | 336565073 | (99703385) |
| **Class Y** |  |  |  |  |
| Proceeds from shares sold | 122793364 | 26280363 | 186969856 | 54256611 |
| Reinvested distributions | 5579491 | 4255497 | 1262907 | 6004471 |
| Payments for shares redeemed | (123663316) | (14350025) | (162676879) | (15168534) |
| **Change in Net Assets from Class Y Share Transactions** | 4709539 | 16185835 | 25555884 | 45092548 |
| **Change in Net Assets from Capital Transactions** | $(27958526) | $86704351 | $347843988 | $(63092181) |

---

See accompanying Notes to Financial Statements.

**106 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select Fund** | **Select Fund** | **Long-Short Fund** | **Long-Short Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Share Transactions:** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | 290222 | 728255 | 332164 | 284383 |
| Reinvested | 89268 | 104832 | 48280 | 354064 |
| Redeemed | (789153) | (405501) | (908071) | (923358) |
| **Change in Shares Outstanding** | (409663) | 427586 | (527627) | (284911) |
| **Class I** |  |  |  |  |
| Issued | 3479368 | 6542849 | 25043275 | 7766697 |
| Reinvested | 1370347 | 1132001 | 913962 | 4019946 |
| Redeemed | (5820405) | (5262191) | (14575652) | (15012176) |
| **Change in Shares Outstanding** | (970690) | 2412659 | 11381585 | (3225533) |
| **Class Y** |  |  |  |  |
| Issued | 4791845 | 1029628 | 6007381 | 1804215 |
| Reinvested | 217663 | 170632 | 39312 | 214858 |
| Redeemed | (4846829) | (584602) | (5273660) | (524332) |
| **Change in Shares Outstanding** | 162679 | 615658 | 773033 | 1494741 |
| **Change in Total Shares Outstanding** | (1217674) | 3455903 | 11626991 | (2015703) |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 107**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Short Duration Securitized <br> Bond Fund** | **Short Duration Securitized <br> Bond Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |  |  |
| Net investment income | $2462425 | $2122196 | $250882545 | $153587973 |
| Net realized gains (losses) on investment transactions | 10394950 | (89643) | (5814451) | 6004209 |
| Net realized losses on foreign currency transactions | (11399) | (57944) |  |  |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translations | 27431509 | 2699451 | 13883446 | 54381490 |
| **Change in Net Assets from Operations** | 40277485 | 4674060 | 258951540 | 213973672 |
| **Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (52876) | (14833) | (4848691) | (2147451) |
| &nbsp;&nbsp;&nbsp;Class I | (4996005) | (1029452) | (238249395) | (149016161) |
| &nbsp;&nbsp;&nbsp;Class Y | (2422605) | (1186193) | (11145359) | (3525694) |
| **Change in Net Assets from Distributions to Shareholders** | (7471486) | (2230478) | (254243445) | (154689306) |
| **Change in Net Assets from Capital Transactions** | (12938449) | 29740441 | 1419970209 | 1768301851 |
| **Total Change in Net Assets** | 19867550 | 32184023 | 1424678304 | 1827586217 |
| **Net Assets:** |  |  |  |  |
| Beginning of year | 141412406 | 109228383 | 3441928750 | 1614342533 |
| End of year | $161279956 | $141412406 | $4866607054 | $3441928750 |

---

See accompanying Notes to Financial Statements.

**108 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Short Duration Securitized <br> Bond Fund** | **Short Duration Securitized <br> Bond Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Capital Transactions** |  |  |  |  |
| **Investor** |  |  |  |  |
| Proceeds from shares sold | $249647 | $630261 | $99428554 | $44874803 |
| Reinvested distributions | 52876 | 14833 | 4593730 | 2021758 |
| Payments for shares redeemed | (500028) | (488795) | (55180533) | (17614509) |
| **Change in Net Assets from Investor Share Transactions** | (197505) | 156299 | 48841751 | 29282052 |
| **Class I** |  |  |  |  |
| Proceeds from shares sold | 33325446 | 27393493 | 2506149263 | 2118386882 |
| Reinvested distributions | 4918770 | 1017806 | 198963722 | 118762693 |
| Payments for shares redeemed | (15633844) | (5712768) | (1473062659) | (561622688) |
| **Change in Net Assets from Class I Share Transactions** | 22610372 | 22698531 | 1232050326 | 1675526887 |
| **Class Y** |  |  |  |  |
| Proceeds from shares sold | 4919054 | 7134373 | 154971515 | 84442769 |
| Reinvested distributions | 2214801 | 1042265 | 6861589 | 2804531 |
| Payments for shares redeemed | (42485171) | (1291027) | (22754972) | (23754388) |
| **Change in Net Assets from Class Y Share Transactions** | (35351316) | 6885611 | 139078132 | 63492912 |
| **Change in Net Assets from Capital Transactions** | $(12938449) | $29740441 | $1419970209 | $1768301851 |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 109**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Short Duration Securitized <br> Bond Fund** | **Short Duration Securitized <br> Bond Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Share Transactions:** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | 12737 | 35604 | 9921550 | 4533557 |
| Reinvested | 2519 | 870 | 459166 | 205196 |
| Redeemed | (27178) | (27648) | (5507195) | (1785662) |
| **Change in Shares Outstanding** | (11922) | 8826 | 4873521 | 2953091 |
| **Class I** |  |  |  |  |
| Issued | 1790613 | 1594796 | 249917620 | 214663496 |
| Reinvested | 233740 | 59556 | 19880261 | 12054217 |
| Redeemed | (799615) | (321578) | (146998755) | (56853042) |
| **Change in Shares Outstanding** | 1224738 | 1332774 | 122799126 | 169864671 |
| **Class Y** |  |  |  |  |
| Issued | 258734 | 400800 | 15409514 | 8471795 |
| Reinvested | 104982 | 60880 | 684457 | 284553 |
| Redeemed | (2138455) | (71977) | (2266667) | (2408582) |
| **Change in Shares Outstanding** | (1774739) | 389703 | 13827304 | 6347766 |
| **Change in Total Shares Outstanding** | (561923) | 1731303 | 141499951 | 179165528 |

---

See accompanying Notes to Financial Statements.

**110 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
|  | **Securitized <br> Total Return <br> Fund** | **Core Bond Fund** | **Core Bond Fund** |
|  | **For the period <br> ended <br> December 31, <br> 2025<sup>(A)</sup>** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |  |
| Net investment income | $664810 | $125259007 | $88472321 |
| Net realized gains (losses) on investment transactions | 37838 | 1608646 | (1559057) |
| Net change in unrealized appreciation (depreciation) on investments | 524248 | 51763970 | (31110733) |
| **Change in Net Assets from Operations** | 1226896 | 178631623 | 55802531 |
| **Distributions to Shareholders** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (309) | (225252) | (138770) |
| &nbsp;&nbsp;&nbsp;Class I | (409) | (103133275) | (78520871) |
| &nbsp;&nbsp;&nbsp;Class Y | (669823) | (23298131) | (10569401) |
| **Change in Net Assets from Distributions to Shareholders** | (670541) | (126656658) | (89229042) |
| **Change in Net Assets from Capital Transactions** | 30675978 | 1022332631 | 518739597 |
| **Total Change in Net Assets** | 31232333 | 1074307596 | 485313086 |
| **Net Assets:** |  |  |  |
| Beginning of period |  | 2004447456 | 1519134370 |
| End of period | $31232333 | $3078755052 | $2004447456 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund commenced operations on June 30, 2025.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 111**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | | |
|:---|:---|:---|:---|
|  | **Securitized <br> Total Return <br> Fund** | **Core Bond Fund** | **Core Bond Fund** |
|  | **For the period <br> ended <br> December 31, <br> 2025<sup>(A)</sup>** | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024** |
| **Capital Transactions** |  |  |  |
| **Investor** |  |  |  |
| Proceeds from shares sold | $15000 | $1858466 | $3178224 |
| Reinvested distributions | 309 | 216575 | 131071 |
| Payments for shares redeemed |  | (1644860) | (588945) |
| **Change in Net Assets from Investor Share Transactions** | 15309 | 430181 | 2720350 |
| **Class I** |  |  |  |
| Proceeds from shares sold | 20437 | 1026400114 | 779019464 |
| Reinvested distributions | 409 | 90793070 | 70417733 |
| Payments for shares redeemed |  | (485956857) | (460809354) |
| **Change in Net Assets from Class I Share Transactions** | 20846 | 631236327 | 388627843 |
| **Class Y** |  |  |  |
| Proceeds from shares sold | 29970000 | 517826094 | 173672300 |
| Reinvested distributions | 669823 | 12728111 | 6851049 |
| Payments for shares redeemed |  | (139888082) | (53131945) |
| **Change in Net Assets from Class Y Share Transactions** | 30639823 | 390666123 | 127391404 |
| **Change in Net Assets from Capital Transactions** | $30675978 | $1022332631 | $518739597 |
| **Share Transactions:** |  |  |  |
| **Investor** |  |  |  |
| Issued | 1500 | 204815 | 346583 |
| Reinvested | 30 | 23759 | 14484 |
| Redeemed |  | (180167) | (65394) |
| **Change in Shares Outstanding** | 1530 | 48407 | 295673 |
| **Class I** |  |  |  |
| Issued | 2030 | 113181887 | 86251140 |
| Reinvested | 40 | 9998798 | 7832870 |
| Redeemed |  | (53585746) | (51336282) |
| **Change in Shares Outstanding** | 2070 | 69594939 | 42747728 |
| **Class Y** |  |  |  |
| Issued | 2970643 | 57355599 | 19289792 |
| Reinvested | 65223 | 1399107 | 761153 |
| Redeemed |  | (15462082) | (5849870) |
| **Change in Shares Outstanding** | 3035866 | 43292624 | 14201075 |
| **Change in Total Shares Outstanding** | 3039466 | 112935970 | 57244476 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund commenced operations on June 30, 2025.

See accompanying Notes to Financial Statements.

**112 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the period <br> ended <br> December 31, <br> 2024 <sup>(A)</sup>** |
| **From Operations** |  |  |
| Net investment income | $3190237 | $280681 |
| Net realized losses on investment transactions | (41373) | (33230) |
| Net change in unrealized appreciation (depreciation) on investments | 2077663 | (473693) |
| **Change in Net Assets from Operations** | 5226527 | (226242) |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;Investor | (1011) | (118) |
| &nbsp;&nbsp;&nbsp;Class I | (1431713) | (965) |
| &nbsp;&nbsp;&nbsp;Class Y | (1777108) | (280351) |
| **Change in Net Assets from Distributions to Shareholders** | (3209832) | (281434) |
| **Change in Net Assets from Capital Transactions** | 59531740 | 36172253 |
| **Total Change in Net Assets** | 61548435 | 35664577 |
| **Net Assets:** |  |  |
| Beginning of period | 35664577 |  |
| End of period | $97213012 | $35664577 |
| **Capital Transactions** |  |  |
| **Investor** |  |  |
| Proceeds from shares sold | $2402 | $20819 |
| Reinvested distributions | 1011 | 118 |
| Payments for shares redeemed |  |  |
| **Change in Net Assets from Investor Share Transactions** | 3413 | 20937 |
| **Class I** |  |  |
| Proceeds from shares sold | 57968997 | 245000 |
| Reinvested distributions | 639199 | 965 |
| Payments for shares redeemed | (2292839) |  |
| **Change in Net Assets from Class I Share Transactions** | 56315357 | 245965 |
| **Class Y** |  |  |
| Proceeds from shares sold | 1635538 | 35625000 |
| Reinvested distributions | 1777108 | 280351 |
| Payments for shares redeemed | (199676) |  |
| **Change in Net Assets from Class Y Share Transactions** | 3212970 | 35905351 |
| **Change in Net Assets from Capital Transactions** | $59531740 | $36172253 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents the period from the commencement of operations (October 15, 2024) through December 31, 2024.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 113**<br>

**Diamond Hill Funds** Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
|  | **For the year <br> ended <br> December 31, <br> 2025** | **For the year <br> ended <br> December 31, <br> 2024 <sup>(A)</sup>** |
| **Share Transactions:** |  |  |
| **Investor** |  |  |
| Issued | 240 | 2086 |
| Reinvested | 101 | 12 |
| Redeemed |  |  |
| **Change in Shares Outstanding** | 341 | 2098 |
| **Class I** |  |  |
| Issued | 5790791 | 24701 |
| Reinvested | 62873 | 98 |
| Redeemed | (225977) |  |
| **Change in Shares Outstanding** | 5627687 | 24799 |
| **Class Y** |  |  |
| Issued | 160939 | 3565513 |
| Reinvested | 176519 | 28264 |
| Redeemed | (19615) |  |
| **Change in Shares Outstanding** | 317843 | 3593777 |
| **Change in Total Shares Outstanding** | 5945871 | 3620674 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Represents the period from the commencement of operations (October 15, 2024) through December 31, 2024.

See accompanying Notes to Financial Statements.

**114 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

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**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 115**<br>

**Small Cap Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small Cap Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** | **Dividends <br> from net <br> investment <br> income** |
| **Investor** |  |  |  |  |  |
| For the year ended December 31, 2025 | $23.01 | 0.14 | 2.52 | 2.66 |  |
| For the year ended December 31, 2024 | $23.55 | 0.09 | 3.07 | 3.16 | (1.18) |
| For the year ended December 31, 2023 | $25.06 | 0.24 | 5.49 | 5.73 | (0.63) |
| For the year ended December 31, 2022 | $34.73 | 0.11 | (5.23) | (5.12) | (0.15) |
| For the year ended December 31, 2021 | $30.96 | 0.07 | 9.75 | 9.82 | (0.07) |
| **Class I** |  |  |  |  |  |
| For the year ended December 31, 2025 | $23.87 | 0.21 | 2.63 | 2.84 | (0.04) |
| For the year ended December 31, 2024 | $24.30 | 0.17 | 3.17 | 3.34 | (1.25) |
| For the year ended December 31, 2023 | $25.67 | 0.33 | 5.61 | 5.94 | (0.70) |
| For the year ended December 31, 2022 | $35.44 | 0.18 | (5.31) | (5.13) | (0.24) |
| For the year ended December 31, 2021 | $31.49 | 0.19 | 9.92 | 10.11 | (0.18) |
| **Class Y** |  |  |  |  |  |
| For the year ended December 31, 2025 | $23.95 | 0.23 | 2.65 | 2.88 | (0.07) |
| For the year ended December 31, 2024 | $24.38 | 0.20 | 3.17 | 3.37 | (1.28) |
| For the year ended December 31, 2023 | $25.72 | 0.36 | 5.65 | 6.01 | (0.74) |
| For the year ended December 31, 2022 | $35.49 | 0.22 | (5.32) | (5.10) | (0.27) |
| For the year ended December 31, 2021 | $31.52 | 0.22 | 9.95 | 10.17 | (0.22) |

---

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

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

**116 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions <br> from net <br> realized <br> capital gains** | **Total <br> distributions** | **Net asset <br> value, end of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (1.41) | (1.41) | $24.26 | 11.48% | $43472 | 1.28% | 0.61% | 57 %<sup>(C)</sup> |
| (2.52) | (3.70) | $23.01 | 12.88% | $61972 | 1.26% | 0.38% | 43% |
| (6.61) | (7.24) | $23.55 | 22.94% | $62642 | 1.26% | 0.88% | 41% |
| (4.40) | (4.55) | $25.06 | (15.02)% | $79634 | 1.26% | 0.34% | 37 %<sup>(C)</sup> |
| (5.98) | (6.05) | $34.73 | 32.45% | $123975 | 1.26% | 0.20% | 20% |
| (1.41) | (1.45) | $25.26 | 11.84% | $151786 | 0.99% | 0.87% | 57 %<sup>(C)</sup> |
| (2.52) | (3.77) | $23.87 | 13.22% | $145953 | 0.97% | 0.67% | 43% |
| (6.61) | (7.31) | $24.30 | 23.22% | $149790 | 0.97% | 1.19% | 41% |
| (4.40) | (4.64) | $25.67 | (14.77)% | $187656 | 0.97% | 0.57% | 37 %<sup>(C)</sup> |
| (5.98) | (6.16) | $35.44 | 32.83% | $391856 | 0.97% | 0.52% | 20% |
| (1.41) | (1.48) | $25.35 | 11.96% | $22633 | 0.87% | 0.94% | 57 %<sup>(C)</sup> |
| (2.52) | (3.80) | $23.95 | 13.31% | $19507 | 0.85% | 0.78% | 43% |
| (6.61) | (7.35) | $24.38 | 23.47% | $18448 | 0.85% | 1.29% | 41% |
| (4.40) | (4.67) | $25.72 | (14.64)% | $18592 | 0.85% | 0.69% | 37 %<sup>(C)</sup> |
| (5.98) | (6.20) | $35.49 | 32.98% | $52704 | 0.85% | 0.59% | 20% |

---

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

 

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 117**<br>

**Small-Mid Cap Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Small-Mid Cap Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** | **Dividends <br> from net <br> investment <br> income** |
| **Investor** |  |  |  |  |  |
| For the year ended December 31, 2025 | $25.43 | 0.14 | 1.99 | 2.13 |  |
| For the year ended December 31, 2024 | $25.35 | 0.18 | 1.87 | 2.05 | (0.25) |
| For the year ended December 31, 2023 | $23.04 | 0.15 | 2.42 | 2.57 | (0.07) |
| For the year ended December 31, 2022 | $28.06 | 0.12 | (3.99) | (3.87) | (0.12) |
| For the year ended December 31, 2021 | $22.69 | 0.05 | 6.87 | 6.92 | (0.05) |
| **Class I** |  |  |  |  |  |
| For the year ended December 31, 2025 | $25.59 | 0.21 | 2.01 | 2.22 |  |
| For the year ended December 31, 2024 | $25.48 | 0.26 | 1.89 | 2.15 | (0.32) |
| For the year ended December 31, 2023 | $23.31 | 0.26 | 2.42 | 2.68 | (0.32) |
| For the year ended December 31, 2022 | $28.38 | 0.19 | (4.04) | (3.85) | (0.19) |
| For the year ended December 31, 2021 | $22.93 | 0.12 | 6.96 | 7.08 | (0.13) |
| **Class Y** |  |  |  |  |  |
| For the year ended December 31, 2025 | $25.65 | 0.24 | 2.02 | 2.26 |  |
| For the year ended December 31, 2024 | $25.55 | 0.30 | 1.88 | 2.18 | (0.36) |
| For the year ended December 31, 2023 | $23.37 | 0.29 | 2.43 | 2.72 | (0.35) |
| For the year ended December 31, 2022 | $28.45 | 0.23 | (4.06) | (3.83) | (0.22) |
| For the year ended December 31, 2021 | $22.99 | 0.16 | 6.96 | 7.12 | (0.16) |

---

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

<sup>(B)</sup> <br> The Fund's adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund's investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2024 through 2021. <br>

**118 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions <br> from net <br> realized <br> capital gains** | **Total <br> distributions** | **Net asset <br> value, end of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of <br> total net <br> expenses to <br> average net <br> assets** | **Ratio of <br> total gross <br> expenses to <br> average net <br> assets<sup>(B)</sup>** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(C)</sup>** |
| (1.59) | (1.59) | $25.97 | 8.33% | $32561 | 1.22% | 1.22% | 0.55% | 44 %<sup>(D)</sup> |
| (1.72) | (1.97) | $25.43 | 7.78% | $36660 | 1.21% | 1.21% | 0.69% | 22 %<sup>(D)</sup> |
| (0.19) | (0.26) | $25.35 | 11.12% | $44270 | 1.21% | 1.21% | 0.63% | 16 %<sup>(D)</sup> |
| (1.03) | (1.15) | $23.04 | (13.86)% | $163974 | 1.21% | 1.21% | 0.45% | 25 %<sup>(D)</sup> |
| (1.50) | (1.55) | $28.06 | 30.78% | $208110 | 1.20% | 1.21% | 0.18% | 14% |
| (1.59) | (1.59) | $26.22 | 8.63% | $447534 | 0.93% | 0.93% | 0.84% | 44 %<sup>(D)</sup> |
| (1.72) | (2.04) | $25.59 | 8.11% | $473097 | 0.92% | 0.92% | 0.98% | 22 %<sup>(D)</sup> |
| (0.19) | (0.51) | $25.48 | 11.47% | $758160 | 0.92% | 0.92% | 1.07% | 16 %<sup>(D)</sup> |
| (1.03) | (1.22) | $23.31 | (13.62)% | $813600 | 0.92% | 0.92% | 0.74% | 25 %<sup>(D)</sup> |
| (1.50) | (1.63) | $28.38 | 31.14% | $1059287 | 0.91% | 0.92% | 0.45% | 14% |
| (1.59) | (1.59) | $26.32 | 8.76% | $370775 | 0.81% | 0.81% | 0.93% | 44 %<sup>(D)</sup> |
| (1.72) | (2.08) | $25.65 | 8.23% | $615460 | 0.80% | 0.80% | 1.11% | 22 %<sup>(D)</sup> |
| (0.19) | (0.54) | $25.55 | 11.62% | $815252 | 0.80% | 0.80% | 1.21% | 16 %<sup>(D)</sup> |
| (1.03) | (1.25) | $23.37 | (13.51)% | $924744 | 0.80% | 0.80% | 0.87% | 25 %<sup>(D)</sup> |
| (1.50) | (1.66) | $28.45 | 31.24% | $1011010 | 0.79% | 0.80% | 0.59% | 14% |

---

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

<sup>(D)</sup> <sup></sup>Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 119**<br>

**Mid Cap Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $16.67 | 0.12 | 2.08 | 2.20 |
| For the year ended December 31, 2024 | $16.37 | 0.14 | 1.63 | 1.77 |
| For the year ended December 31, 2023 | $15.33 | 0.08 | 1.32 | 1.40 |
| For the year ended December 31, 2022 | $18.62 | 0.07 | (2.60) | (2.53) |
| For the year ended December 31, 2021 | $14.27 | 0.05 | 4.36 | 4.41 |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $16.63 | 0.17 | 2.07 | 2.24 |
| For the year ended December 31, 2024 | $16.33 | 0.19 | 1.63 | 1.82 |
| For the year ended December 31, 2023 | $15.39 | 0.14 | 1.31 | 1.45 |
| For the year ended December 31, 2022 | $18.69 | 0.12 | (2.61) | (2.49) |
| For the year ended December 31, 2021 | $14.32 | 0.10 | 4.38 | 4.48 |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $16.69 | 0.18 | 2.11 | 2.29 |
| For the year ended December 31, 2024 | $16.39 | 0.21 | 1.64 | 1.85 |
| For the year ended December 31, 2023 | $15.43 | 0.16 | 1.33 | 1.49 |
| For the year ended December 31, 2022 | $18.74 | 0.14 | (2.62) | (2.48) |
| For the year ended December 31, 2021 | $14.36 | 0.11 | 4.40 | 4.51 |

---

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

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

**120 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.18) | (2.71) | (2.89) | $15.98 | 13.10% | $3453 | 1.08% | 0.67% | 33 %<sup>(C)</sup> |
| (0.15) | (1.32) | (1.47) | $16.67 | 10.50% | $3998 | 1.06% | 0.81% | 19% |
| (0.04) | (0.32) | (0.36) | $16.37 | 9.14% | $4435 | 1.06% | 0.48% | 22% |
| (0.10) | (0.66) | (0.76) | $15.33 | (13.66)% | $23932 | 1.06% | 0.46% | 19 %<sup>(C)</sup> |
| (0.06) |  | (0.06) | $18.62 | 30.87% | $33006 | 1.06% | 0.30% | 12% |
| (0.22) | (2.71) | (2.93) | $15.94 | 13.37% | $70105 | 0.79% | 0.98% | 33 %<sup>(C)</sup> |
| (0.20) | (1.32) | (1.52) | $16.63 | 10.83% | $134555 | 0.77% | 1.10% | 19% |
| (0.19) | (0.32) | (0.51) | $16.33 | 9.44% | $149820 | 0.77% | 0.90% | 22% |
| (0.15) | (0.66) | (0.81) | $15.39 | (13.39)% | $150772 | 0.77% | 0.75% | 19 %<sup>(C)</sup> |
| (0.11) |  | (0.11) | $18.69 | 31.29% | $229696 | 0.77% | 0.60% | 12% |
| (0.25) | (2.71) | (2.96) | $16.02 | 13.63% | $3106 | 0.67% | 1.00% | 33 %<sup>(C)</sup> |
| (0.23) | (1.32) | (1.55) | $16.69 | 10.93% | $8134 | 0.65% | 1.21% | 19% |
| (0.21) | (0.32) | (0.53) | $16.39 | 9.65% | $8263 | 0.65% | 0.99% | 22% |
| (0.17) | (0.66) | (0.83) | $15.43 | (13.31)% | $12528 | 0.65% | 0.86% | 19 %<sup>(C)</sup> |
| (0.13) |  | (0.13) | $18.74 | 31.41% | $23739 | 0.65% | 0.69% | 12% |

---

<sup>(C)</sup> <sup></sup>Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 121**<br>

**Large Cap Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $32.23 | 0.33 | 1.39 | 1.72 |
| For the year ended December 31, 2024 | $31.72 | 0.40 | 3.44 | 3.84 |
| For the year ended December 31, 2023 | $28.86 | 0.35 | 3.49 | 3.84 |
| For the year ended December 31, 2022 | $35.50 | 0.28 | (5.09) | (4.81) |
| For the year ended December 31, 2021 | $30.42 | 0.23 | 7.43 | 7.66 |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $32.30 | 0.42 | 1.41 | 1.83 |
| For the year ended December 31, 2024 | $31.80 | 0.51 | 3.43 | 3.94 |
| For the year ended December 31, 2023 | $29.04 | 0.44 | 3.52 | 3.96 |
| For the year ended December 31, 2022 | $35.69 | 0.37 | (5.10) | (4.73) |
| For the year ended December 31, 2021 | $30.57 | 0.34 | 7.46 | 7.80 |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $32.33 | 0.46 | 1.40 | 1.86 |
| For the year ended December 31, 2024 | $31.82 | 0.55 | 3.44 | 3.99 |
| For the year ended December 31, 2023 | $29.06 | 0.48 | 3.52 | 4.00 |
| For the year ended December 31, 2022 | $35.72 | 0.41 | (5.10) | (4.69) |
| For the year ended December 31, 2021 | $30.59 | 0.38 | 7.47 | 7.85 |

---

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

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

**122 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000,000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.06) | (1.87) | (1.93) | $32.02 | 5.33% | $233 | 0.97% | 1.00% | 45 %<sup>(C)</sup> |
| (0.38) | (2.95) | (3.33) | $32.23 | 11.83% | $294 | 0.96% | 1.16% | 36 %<sup>(C)</sup> |
| (0.24) | (0.74) | (0.98) | $31.72 | 13.31% | $332 | 0.96% | 1.16% | 22% |
| (0.33) | (1.50) | (1.83) | $28.86 | (13.66)% | $777 | 0.96% | 0.87% | 38 %<sup>(C)</sup> |
| (0.21) | (2.37) | (2.58) | $35.50 | 25.42% | $987 | 0.96% | 0.68% | 22 %<sup>(C)</sup> |
| (0.16) | (1.87) | (2.03) | $32.10 | 5.65% | $3904 | 0.68% | 1.28% | 45 %<sup>(C)</sup> |
| (0.49) | (2.95) | (3.44) | $32.30 | 12.11% | $5500 | 0.67% | 1.46% | 36 %<sup>(C)</sup> |
| (0.46) | (0.74) | (1.20) | $31.80 | 13.66% | $5228 | 0.67% | 1.47% | 22% |
| (0.42) | (1.50) | (1.92) | $29.04 | (13.38)% | $5417 | 0.67% | 1.16% | 38 %<sup>(C)</sup> |
| (0.31) | (2.37) | (2.68) | $35.69 | 25.75% | $8168 | 0.67% | 0.97% | 22 %<sup>(C)</sup> |
| (0.21) | (1.87) | (2.08) | $32.11 | 5.74% | $2149 | 0.56% | 1.41% | 45 %<sup>(C)</sup> |
| (0.53) | (2.95) | (3.48) | $32.33 | 12.26% | $2829 | 0.55% | 1.57% | 36 %<sup>(C)</sup> |
| (0.50) | (0.74) | (1.24) | $31.82 | 13.78% | $2852 | 0.55% | 1.60% | 22% |
| (0.47) | (1.50) | (1.97) | $29.06 | (13.27)% | $2296 | 0.55% | 1.28% | 38 %<sup>(C)</sup> |
| (0.35) | (2.37) | (2.72) | $35.72 | 25.89% | $3205 | 0.55% | 1.09% | 22 %<sup>(C)</sup> |

---

<sup>(C)</sup> <sup></sup>Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 123**<br>

**Select Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Select Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income <br> (loss)<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $23.43 | 0.16 | 2.97 | 3.13 |
| For the year ended December 31, 2024 | $22.11 | 0.14 | 2.74 | 2.88 |
| For the year ended December 31, 2023 | $17.03 | 0.05 | 5.09 | 5.14 |
| For the year ended December 31, 2022 | $21.44 | (0.02) | (3.70) | (3.72) |
| For the year ended December 31, 2021 | $18.43 | 0.10 | 5.85 | 5.95 |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $23.82 | 0.23 | 3.02 | 3.25 |
| For the year ended December 31, 2024 | $22.44 | 0.22 | 2.78 | 3.00 |
| For the year ended December 31, 2023 | $17.28 | 0.11 | 5.17 | 5.28 |
| For the year ended December 31, 2022 | $21.73 | 0.04 | (3.76) | (3.72) |
| For the year ended December 31, 2021 | $18.60 | 0.14 | 5.96 | 6.10 |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $23.95 | 0.26 | 3.04 | 3.30 |
| For the year ended December 31, 2024 | $22.55 | 0.25 | 2.80 | 3.05 |
| For the year ended December 31, 2023 | $17.36 | 0.12 | 5.20 | 5.32 |
| For the year ended December 31, 2022 | $21.82 | 0.05 | (3.76) | (3.71) |
| For the year ended December 31, 2021 | $18.66 | 0.14 | 6.01 | 6.15 |

---

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

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

**124 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income <br> (loss) to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.16) | (1.85) | (2.01) | $24.55 | 13.29% | $35749 | 1.17% | 0.65% | 50 %<sup>(C)</sup> |
| (0.14) | (1.42) | (1.56) | $23.43 | 12.79% | $43724 | 1.16% | 0.61% | 44% |
| (0.05) | (0.01) | (0.06) | $22.11 | 30.19% | $31797 | 1.16% | 0.26% | 60% |
|  | (0.69) | (0.69) | $17.03 | (17.44)% | $28808 | 1.16% | (0.09)% | 78 %<sup>(C)</sup> |
| (0.17) | (2.77) | (2.94) | $21.44 | 32.91% | $31064 | 1.16% | 0.44% | 55% |
| (0.23) | (1.85) | (2.08) | $24.99 | 13.58% | $469376 | 0.88% | 0.95% | 50 %<sup>(C)</sup> |
| (0.20) | (1.42) | (1.62) | $23.82 | 13.13% | $470437 | 0.87% | 0.90% | 44% |
| (0.11) | (0.01) | (0.12) | $22.44 | 30.56% | $389017 | 0.87% | 0.59% | 60% |
| (0.04) | (0.69) | (0.73) | $17.28 | (17.20)% | $238051 | 0.87% | 0.21% | 78 %<sup>(C)</sup> |
| (0.20) | (2.77) | (2.97) | $21.73 | 33.39% | $232051 | 0.87% | 0.61% | 55% |
| (0.26) | (1.85) | (2.11) | $25.14 | 13.72% | $74022 | 0.76% | 1.05% | 50 %<sup>(C)</sup> |
| (0.23) | (1.42) | (1.65) | $23.95 | 13.28% | $66634 | 0.75% | 1.02% | 44% |
| (0.12) | (0.01) | (0.13) | $22.55 | 30.69% | $48858 | 0.75% | 0.66% | 60% |
| (0.06) | (0.69) | (0.75) | $17.36 | (17.10)% | $57091 | 0.75% | 0.27% | 78 %<sup>(C)</sup> |
| (0.22) | (2.77) | (2.99) | $21.82 | 33.55% | $120283 | 0.75% | 0.64% | 55% |

---

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 125**<br>

**Long-Short Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Long-Short Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income <br> (loss)<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** | **Dividends <br> from net <br> investment <br> income** |
| **Investor** |  |  |  |  |  |
| For the year ended December 31, 2025 | $26.10 | 0.43 | 4.47 | 4.90 | (0.41) |
| For the year ended December 31, 2024 | $25.99 | 0.55 | 2.04 | 2.59 | (0.58) |
| For the year ended December 31, 2023 | $24.12 | 0.47 | 2.44 | 2.91 | (0.53) |
| For the year ended December 31, 2022 | $27.76 | 0.08 | (2.50) | (2.42) | (0.09) |
| For the year ended December 31, 2021 | $25.89 | (0.11) | 4.98 | 4.87 |  |
| **Class I** |  |  |  |  |  |
| For the year ended December 31, 2025 | $27.14 | 0.53 | 4.66 | 5.19 | (0.50) |
| For the year ended December 31, 2024 | $26.93 | 0.66 | 2.11 | 2.77 | (0.66) |
| For the year ended December 31, 2023 | $24.96 | 0.57 | 2.52 | 3.09 | (0.61) |
| For the year ended December 31, 2022 | $28.68 | 0.17 | (2.59) | (2.42) | (0.17) |
| For the year ended December 31, 2021 | $26.58 | (0.03) | 5.13 | 5.10 |  |
| **Class Y** |  |  |  |  |  |
| For the year ended December 31, 2025 | $27.32 | 0.57 | 4.69 | 5.26 | (0.53) |
| For the year ended December 31, 2024 | $27.10 | 0.69 | 2.13 | 2.82 | (0.70) |
| For the year ended December 31, 2023 | $25.11 | 0.61 | 2.53 | 3.14 | (0.64) |
| For the year ended December 31, 2022 | $28.85 | 0.19 | (2.60) | (2.41) | (0.20) |
| For the year ended December 31, 2021 | $26.69 | 0.02 | 5.14 | 5.16 |  |

---

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

<sup>(B)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Fund invests in short positions and as such incurs certain expenses and fees. If such expenses and fees had not occurred, the ratios of total expenses to average net assets would have been 1.36% for Investor, 1.07% for Class I, and 0.95% for Class Y for the year ended December 31, 2025. 

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund's investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2022 and 2021. 

**126 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Distributions <br> from net <br> realized <br> capital gains** | **Total <br> distributions** | **Net asset <br> value, end of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000,000's)** | **Ratio of <br> total net <br> expenses to <br> average net <br> assets<sup>(B)</sup>** | **Ratio of <br> total gross <br> expenses to <br> average net <br> assets<sup>(C)</sup>** | **Ratio of net <br> investment <br> income <br> (loss) to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(D)(E)</sup>** |
| (0.02) | (0.43) | $30.57 | 18.76% | $120 | 1.68% | 1.68% | 1.52% | 67 %<sup>(F)</sup> |
| (1.90) | (2.48) | $26.10 | 9.94% | $116 | 1.75% | 1.75% | 1.96% | 46% |
| (0.51) | (1.04) | $25.99 | 12.12% | $123 | 1.78% | 1.78% | 1.89% | 41% |
| (1.13) | (1.22) | $24.12 | (8.74)% | $127 | 1.78% | 1.78% | 0.30% | 61% |
| (3.00) | (3.00) | $27.76 | 19.03% | $168 | 1.92% | 1.93% | (0.38)% | 33% |
| (0.02) | (0.52) | $31.81 | 19.10% | $2082 | 1.39% | 1.39% | 1.81% | 67 %<sup>(F)</sup> |
| (1.90) | (2.56) | $27.14 | 10.26% | $1468 | 1.46% | 1.46% | 2.26% | 46% |
| (0.51) | (1.12) | $26.93 | 12.40% | $1544 | 1.49% | 1.49% | 2.18% | 41% |
| (1.13) | (1.30) | $24.96 | (8.45)% | $1604 | 1.49% | 1.49% | 0.61% | 61% |
| (3.00) | (3.00) | $28.68 | 19.40% | $1792 | 1.63% | 1.64% | (0.08)% | 33% |
| (0.02) | (0.55) | $32.03 | 19.24% | $142 | 1.27% | 1.27% | 1.93% | 67 %<sup>(F)</sup> |
| (1.90) | (2.60) | $27.32 | 10.38% | $100 | 1.34% | 1.34% | 2.34% | 46% |
| (0.51) | (1.15) | $27.10 | 12.55% | $59 | 1.37% | 1.37% | 2.34% | 41% |
| (1.13) | (1.33) | $25.11 | (8.36)% | $22 | 1.37% | 1.37% | 0.68% | 61% |
| (3.00) | (3.00) | $28.85 | 19.55% | $37 | 1.51% | 1.52% | 0.08% | 33% |

---

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

<sup>(E)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The portfolio turnover rate for 2025, 2024, 2023, 2022 and 2021 would have been 49%<sup>(F),</sup> 34%, 40%, 46% and 30%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation. 

<sup>(F)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 127**<br>

**International Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **International Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $17.06 | 0.22 | 4.53 | 4.75 |
| For the year ended December 31, 2024 | $16.68 | 0.22 | 0.37 | 0.59 |
| For the year ended December 31, 2023 | $14.28 | 0.21 | 2.34 | 2.55 |
| For the year ended December 31, 2022 | $16.76 | 0.17 | (2.49) | (2.32) |
| For the year ended December 31, 2021 | $15.48 | 0.38 | 1.52 | 1.90 |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $17.09 | 0.28 | 4.55 | 4.83 |
| For the year ended December 31, 2024 | $16.70 | 0.27 | 0.38 | 0.65 |
| For the year ended December 31, 2023 | $14.29 | 0.26 | 2.33 | 2.59 |
| For the year ended December 31, 2022 | $16.79 | 0.20 | (2.46) | (2.26) |
| For the year ended December 31, 2021 | $15.51 | 0.42 | 1.53 | 1.95 |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $17.12 | 0.33 | 4.53 | 4.86 |
| For the year ended December 31, 2024 | $16.73 | 0.29 | 0.38 | 0.67 |
| For the year ended December 31, 2023 | $14.30 | 0.29 | 2.33 | 2.62 |
| For the year ended December 31, 2022 | $16.80 | 0.22 | (2.47) | (2.25) |
| For the year ended December 31, 2021 | $15.51 | 0.47 | 1.51 | 1.98 |

---

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

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

**128 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.71) | (0.23) | (0.94) | $20.87 | 27.87% | $1214 | 1.15% | 1.15% | 51% |
| (0.21) |  | (0.21) | $17.06 | 3.56% | $1196 | 1.14% | 1.23% | 29% |
| (0.15) |  | (0.15) | $16.68 | 17.88% | $1022 | 1.14% | 1.30% | 21% |
| (0.12) | (0.04) | (0.16) | $14.28 | (13.84)% | $267 | 1.15% | 1.13% | 21% |
| (0.15) | (0.47) | (0.62) | $16.76 | 12.43% | $449 | 1.13% | 2.20% | 33% |
| (0.77) | (0.23) | (1.00) | $20.92 | 28.27% | $108204 | 0.86% | 1.43% | 51% |
| (0.26) |  | (0.26) | $17.09 | 3.92% | $67472 | 0.85% | 1.53% | 29% |
| (0.18) |  | (0.18) | $16.70 | 18.12% | $43664 | 0.85% | 1.64% | 21% |
| (0.20) | (0.04) | (0.24) | $14.29 | (13.51)% | $10729 | 0.86% | 1.35% | 21% |
| (0.20) | (0.47) | (0.67) | $16.79 | 12.74% | $9010 | 0.84% | 2.43% | 33% |
| (0.78) | (0.23) | (1.01) | $20.97 | 28.44% | $51862 | 0.74% | 1.71% | 51% |
| (0.28) |  | (0.28) | $17.12 | 4.03% | $72744 | 0.73% | 1.64% | 29% |
| (0.19) |  | (0.19) | $16.73 | 18.30% | $64543 | 0.73% | 1.81% | 21% |
| (0.21) | (0.04) | (0.25) | $14.30 | (13.41)% | $40603 | 0.74% | 1.48% | 21% |
| (0.22) | (0.47) | (0.69) | $16.80 | 12.88% | $46129 | 0.72% | 2.74% | 33% |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 129**<br>

**Short Duration Securitized Bond Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Securitized Bond Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $9.95 | 0.57 | 0.04 | 0.61 |
| For the year ended December 31, 2024 | $9.68 | 0.60 | 0.26 | 0.86 |
| For the year ended December 31, 2023 | $9.42 | 0.51 | 0.26 | 0.77 |
| For the year ended December 31, 2022 | $10.10 | 0.31 | (0.67) | (0.36) |
| For the year ended December 31, 2021 | $10.09 | 0.23 | 0.01 | 0.24 |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $9.95 | 0.60 | 0.04 | 0.64 |
| For the year ended December 31, 2024 | $9.69 | 0.63 | 0.25 | 0.88 |
| For the year ended December 31, 2023 | $9.41 | 0.54 | 0.28 | 0.82 |
| For the year ended December 31, 2022 | $10.10 | 0.34 | (0.68) | (0.34) |
| For the year ended December 31, 2021 | $10.09 | 0.25 | 0.02 | 0.27 |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $9.97 | 0.62 | 0.02 | 0.64 |
| For the year ended December 31, 2024 | $9.70 | 0.64 | 0.26 | 0.90 |
| For the year ended December 31, 2023 | $9.42 | 0.55 | 0.28 | 0.83 |
| For the year ended December 31, 2022 | $10.11 | 0.34 | (0.67) | (0.33) |
| For the year ended December 31, 2021 | $10.10 | 0.27 | 0.01 | 0.28 |

---

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

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

**130 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000,000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.58) |  | (0.58) | $9.98 | 6.22% | $104 | 0.81% | 5.69% | 37% |
| (0.59) |  | (0.59) | $9.95 | 9.14% | $55 | 0.81% | 6.09% | 49% |
| (0.51) |  | (0.51) | $9.68 | 8.38% | $25 | 0.81% | 5.32% | 38% |
| (0.32) |  | (0.32) | $9.42 | (3.57)% | $29 | 0.81% | 3.23% | 41% |
| (0.23) | (0.00)<sup>(C)</sup> | (0.23) | $10.10 | 2.42% | $40 | 0.81% | 2.26% | 48% |
| (0.60) |  | (0.60) | $9.99 | 6.60% | $4511 | 0.52% | 5.98% | 37% |
| (0.62) |  | (0.62) | $9.95 | 9.33% | $3274 | 0.52% | 6.38% | 49% |
| (0.54) |  | (0.54) | $9.69 | 8.91% | $1541 | 0.52% | 5.63% | 38% |
| (0.35) |  | (0.35) | $9.41 | (3.38)% | $1054 | 0.52% | 3.55% | 41% |
| (0.26) | (0.00)<sup>(C)</sup> | (0.26) | $10.10 | 2.74% | $1314 | 0.52% | 2.50% | 48% |
| (0.61) |  | (0.61) | $10.00 | 6.62% | $251 | 0.40% | 6.08% | 37% |
| (0.63) |  | (0.63) | $9.97 | 9.56% | $113 | 0.40% | 6.50% | 49% |
| (0.55) |  | (0.55) | $9.70 | 9.03% | $48 | 0.40% | 5.68% | 38% |
| (0.36) |  | (0.36) | $9.42 | (3.27)% | $65 | 0.40% | 3.54% | 41% |
| (0.27) | (0.00)<sup>(C)</sup> | (0.27) | $10.11 | 2.85% | $145 | 0.40% | 2.68% | 48% |

---

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount is less than $0.005. 

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 131**<br>

**Securitized Total Return Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securitized Total Return Fund<sup>(A)</sup>** | **Net asset <br> value, <br> beginning of <br> period** | **Net <br> investment <br> income<sup>(B)</sup>** | **Net realized <br> and <br> unrealized <br> gains on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the period ended December 31, 2025 | $10.00 | 0.21 | 0.27 | 0.48 |
| **Class I** |  |  |  |  |
| For the period ended December 31, 2025 | $10.00 | 0.23 | 0.27 | 0.50 |
| **Class Y** |  |  |  |  |
| For the period ended December 31, 2025 | $10.00 | 0.23 | 0.28 | 0.51 |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception date of the Fund is June 30, 2025. Fund commenced public offering on July 1, 2025.

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

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

**132 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> period** | **Total return** | **Net assets, <br> end of <br> period <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(C)</sup>** |
| (0.20) | – | (0.20) | $10.28 | 4.86 %<sup>(D)</sup> | $16 | 1.16 %<sup>(E)</sup> | 4.14 %<sup>(E)</sup> | 12 %<sup>(D)</sup> |
| (0.22) | – | (0.22) | $10.28 | 5.03 %<sup>(D)</sup> | $21 | 0.87 %<sup>(E)</sup> | 4.44 %<sup>(E)</sup> | 12 %<sup>(D)</sup> |
| (0.23) | – | (0.23) | $10.28 | 5.08 %<sup>(D)</sup> | $31195 | 0.75 %<sup>(E)</sup> | 4.57 %<sup>(E)</sup> | 12 %<sup>(D)</sup> |

---

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

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

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 133**<br>

**Core Bond Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond Fund** | **Net asset <br> value, <br> beginning of <br> year** | **Net <br> investment <br> income<sup>(A)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $8.95 | 0.42 | 0.19 | 0.61 |
| For the year ended December 31, 2024 | $9.09 | 0.42 | (0.14) | 0.28 |
| For the year ended December 31, 2023 | $8.92 | 0.38 | 0.16 | 0.54 |
| For the year ended December 31, 2022 | $10.40 | 0.22 | (1.46) | (1.24) |
| For the year ended December 31, 2021 | $10.74 | 0.19 | (0.32) | (0.13) |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $8.92 | 0.44 | 0.19 | 0.63 |
| For the year ended December 31, 2024 | $9.07 | 0.45 | (0.15) | 0.30 |
| For the year ended December 31, 2023 | $8.90 | 0.41 | 0.16 | 0.57 |
| For the year ended December 31, 2022 | $10.39 | 0.27 | (1.49) | (1.22) |
| For the year ended December 31, 2021 | $10.74 | 0.22 | (0.33) | (0.11) |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $8.92 | 0.45 | 0.20 | 0.65 |
| For the year ended December 31, 2024 | $9.07 | 0.46 | (0.15) | 0.31 |
| For the year ended December 31, 2023 | $8.91 | 0.42 | 0.15 | 0.57 |
| For the year ended December 31, 2022 | $10.39 | 0.28 | (1.48) | (1.20) |
| For the year ended December 31, 2021 | $10.75 | 0.23 | (0.33) | (0.10) |

---

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

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

**134 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> year** | **Total return** | **Net assets, <br> end of year <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(B)</sup>** |
| (0.40) | – | (0.40) | $9.16 | 6.95% | $5075 | 0.76% | 4.55% | 18% |
| (0.42) | – | (0.42) | $8.95 | 3.17% | $4525 | 0.76% | 4.70% | 24% |
| (0.37) | – | (0.37) | $9.09 | 6.20% | $1910 | 0.76% | 4.25% | 20% |
| (0.24) | – | (0.24) | $8.92 | (12.05)% | $3572 | 0.76% | 2.36% | 40% |
| (0.21) | – | (0.21) | $10.40 | (1.24)% | $10091 | 0.76% | 1.78% | 37% |
| (0.44) | – | (0.44) | $9.11 | 7.16% | $2400558 | 0.47% | 4.83% | 18% |
| (0.45) | – | (0.45) | $8.92 | 3.40% | $1727776 | 0.47% | 5.00% | 24% |
| (0.40) | – | (0.40) | $9.07 | 6.62% | $1369268 | 0.47% | 4.64% | 20% |
| (0.27) | – | (0.27) | $8.90 | (11.84)% | $526372 | 0.47% | 2.93% | 40% |
| (0.24) | – | (0.24) | $10.39 | (0.99)% | $330666 | 0.47% | 2.08% | 37% |
| (0.45) | – | (0.45) | $9.12 | 7.39% | $673122 | 0.35% | 4.92% | 18% |
| (0.46) | – | (0.46) | $8.92 | 3.53% | $272146 | 0.35% | 5.12% | 24% |
| (0.41) | – | (0.41) | $9.07 | 6.62% | $147956 | 0.35% | 4.77% | 20% |
| (0.28) | – | (0.28) | $8.91 | (11.63)% | $58932 | 0.35% | 2.94% | 40% |
| (0.26) | – | (0.26) | $10.39 | (0.95)% | $58668 | 0.35% | 2.21% | 37% |

---

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 135**<br>

**Core Plus Bond Fund** Financial Highlights

Selected data for a share outstanding throughout the periods indicated

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund<sup>(A)</sup>** | **Net asset <br> value, <br> beginning of <br> period** | **Net <br> investment <br> income<sup>(B)</sup>** | **Net realized <br> and <br> unrealized <br> gains <br> (losses) on <br> investments** | **Total from <br> investment <br> operations** |
| **Investor** |  |  |  |  |
| For the year ended December 31, 2025 | $9.85 | 0.46 | 0.29 | 0.75 |
| For the period ended December 31, 2024 | $10.00 | 0.08 | (0.15) | (0.07) |
| **Class I** |  |  |  |  |
| For the year ended December 31, 2025 | $9.85 | 0.48 | 0.30 | 0.78 |
| For the period ended December 31, 2024 | $10.00 | 0.09 | (0.15) | (0.06) |
| **Class Y** |  |  |  |  |
| For the year ended December 31, 2025 | $9.85 | 0.50 | 0.30 | 0.80 |
| For the period ended December 31, 2024 | $10.00 | 0.09 | (0.15) | (0.06) |

---

<sup>(A)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inception date and public offering date of the Fund is October 15, 2024.

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

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

**136 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 of <br> period** | **Total return** | **Net assets, <br> end of <br> period <br> (000's)** | **Ratio of total <br> expenses to <br> average net <br> assets** | **Ratio of net <br> investment <br> income to <br> average <br> net assets** | **Portfolio <br> turnover <br> rate<sup>(C)</sup>** |
| (0.43) | – | (0.43) | $10.17 | 7.77% | $25 | 0.86% | 4.49% | 50% |
| (0.08) | – | (0.08) | $9.85 | (0.69)%<sup>(D)</sup> | $21 | 0.86 %<sup>(E)</sup> | 4.05 %<sup>(E)</sup> | 13 %<sup>(D)</sup> |
| (0.47) | – | (0.47) | $10.16 | 8.03% | $57416 | 0.57% | 4.71% | 50% |
| (0.09) | – | (0.09) | $9.85 | (0.62)%<sup>(D)</sup> | $244 | 0.57 %<sup>(E)</sup> | 4.36 %<sup>(E)</sup> | 13 %<sup>(D)</sup> |
| (0.48) | – | (0.48) | $10.17 | 8.25% | $39772 | 0.45% | 4.89% | 50% |
| (0.09) | – | (0.09) | $9.85 | (0.61)%<sup>(D)</sup> | $35400 | 0.45 %<sup>(E)</sup> | 4.50 %<sup>(E)</sup> | 13 %<sup>(D)</sup> |

---

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

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

See accompanying Notes to Financial Statements.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 137**<br>

**Diamond Hill Funds** Notes to Financial Statements

December 31, 2025

**Organization** 

The Diamond Hill Small Cap Fund ("Small Cap Fund"), Diamond Hill Small-Mid Cap Fund ("Small-Mid Cap Fund"), Diamond Hill Mid Cap Fund ("Mid Cap Fund"), Diamond Hill Large Cap Fund ("Large Cap Fund"), Diamond Hill Select Fund ("Select Fund"), Diamond Hill Long-Short Fund ("Long-Short Fund"), Diamond Hill International Fund ("International Fund"), Diamond Hill Short Duration Securitized Bond Fund ("Short Duration Fund"), Diamond Hill Securitized Total Return Fund ("Total Return Fund"), Diamond Hill Core Bond Fund ("Core Bond Fund") and Diamond Hill Core Plus Bond Fund ("Core Plus Bond Fund") are each a diversified series, except for Select Fund which is non-diversified, of the Diamond Hill Funds (the "Trust") (each a "Fund" and collectively the "Funds"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." Other series of the Trust are not included in this report.

All Funds currently offer three classes of shares: Investor, Class I and Class Y. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares.

**Significant Accounting Policies** 

The following is a summary of the Funds' significant accounting policies:

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

Accounting Pronouncement — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management concludes that there is no impact on the Funds' financial statements.

Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities

**138 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

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

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

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

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

Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

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

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 139**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

circumstances which have caused trading in the security to halt. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities may be classified as Level 2 or Level 3 in the fair value hierarchy.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign equity securities occur between the time the exchange on which they are traded closes and the time the Funds' NAVs are calculated. The Funds use a systematic valuation model, provided daily by an independent third party, to fair value their international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. The following is a summary of the Funds' investments and the inputs used to value the investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - <br> Quoted Prices**  | **Level 2 - Other <br> Significant <br> Observable <br> Inputs**  | **Level 3 - <br> Significant <br> Unobservable <br> Inputs**  | **Total**  |
| **Investments in Securities (Assets)** | **Investments in Securities (Assets)** |  |  |  |
| Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $212133533 | $— | $— | $212133533 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 52230363 |  |  | 52230363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $264363896 | $— | $— | $264363896 |
| Small-Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $832856313 | $— | $— | $832856313 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 97803661 |  |  | 97803661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $930659974 | $— | $— | $930659974 |
| Mid Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $73282987 | $— | $— | $73282987 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 8464135 |  |  | 8464135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $81747122 | $— | $— | $81747122 |
| Large Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $6132323923 | $— | $— | $6132323923 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 192985309 |  |  | 192985309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $6325309232 | $— | $— | $6325309232 |
| Select Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $561926401 | $— | $— | $561926401 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 29345724 |  |  | 29345724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $591272125 | $— | $— | $591272125 |

---

**140 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - <br> Quoted Prices**  | **Level 2 - Other <br> Significant <br> Observable <br> Inputs**  | **Level 3 - <br> Significant <br> Unobservable <br> Inputs**  | **Total**  |
| Long-Short Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $2067046999 | $— | $— | $2067046999 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 244475750 |  |  | 244475750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2311522749 | $— | $— | $2311522749 |
| International Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $46151274 | $110284724 | $— | $156435998 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | 1655332 |  |  | 1655332 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 10554960 |  |  | 10554960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $58361566 | $110284724 | $— | $168646290 |
| Short Duration Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Credit\* | $— | $119214324 | $— | $119214324 |
| &nbsp;&nbsp;&nbsp;Securitized\* |  | 4172080370 |  | 4172080370 |
| &nbsp;&nbsp;&nbsp;Treasury |  | 224319257 |  | 224319257 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 385963259 |  |  | 385963259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $385963259 | $4515613951 | $— | $4901577210 |
| Total Return Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securitized\* | $— | $30153536 | $— | $30153536 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1009441 |  |  | 1009441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1009441 | $30153536 | $— | $31162977 |
| Core Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Credit\* | $— | $462655457 | $— | $462655457 |
| &nbsp;&nbsp;&nbsp;Government Related\* |  | 891918 |  | 891918 |
| &nbsp;&nbsp;&nbsp;Securitized\* |  | 1878937201 |  | 1878937201 |
| &nbsp;&nbsp;&nbsp;Treasury |  | 657445973 |  | 657445973 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 120984018 |  |  | 120984018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $120984018 | $2999930549 | $— | $3120914567 |
| Core Plus Bond Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Credit\* | $— | $19287022 | $— | $19287022 |
| &nbsp;&nbsp;&nbsp;Securitized\* |  | 57971328 |  | 57971328 |
| &nbsp;&nbsp;&nbsp;Treasury |  | 19148916 |  | 19148916 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 2319683 |  |  | 2319683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2319683 | $96407266 | $— | $98726949 |
| **Investments in Securities Sold Short: (Liabilities)** | **Investments in Securities Sold Short: (Liabilities)** |  |  |  |
| Long-Short Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $(732186170) | $— | $— | $(732186170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $(732186170) | $— | $— | $(732186170) |

---

\* See Schedule of Investments and Schedule of Investments Sold Short for industry classification.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 141**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

There were no transfers into or out of Level 3 for the year or period ended December 31, 2025.

Short sales — The Long-Short Fund and International Fund are permitted to make short sales of securities. Short sales are effective when it is believed that the price of a particular security will decline and involves the sale of a security that a Fund does not own in hope of purchasing the same security at a later date at a lower price. To make delivery to the buyer, a Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Cash received from short sales and other liquid securities are maintained by the custodian and are used as collateral. Cash collateral is shown as "Cash deposits with custodian for securities sold short" on the Statements of Assets & Liabilities and "Segregated Cash With Custodian" on the Schedules of Investments. Liquid securities pledged as collateral are noted on the Schedules of Investments.

A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. Although a Fund's gain is limited to the amount at which it sold a security short, its potential loss is not limited. The use of short sales may cause a Fund to have higher expenses (specifically dividend expenses) than those of other equity mutual funds. Short sales are speculative transactions and involve special risks, including greater reliance on the ability of the DHCM to accurately anticipate the future value of a security.

A Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.

Securities lending — Under the terms of the securities lending agreement with State Street Bank and Trust Company ("State Street"), State Street is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions is on an overnight and continuous basis. In exchange, the Funds receive cash and/or U.S. Treasury and government agency securities as collateral in the amount of at least 100% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in short-term instruments as noted in each Fund's Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement indemnifies the Funds from losses incurred in the event of a borrower's material default of the terms and conditions of the borrower agreement. The agreement provides that after predetermined rebates to borrowers, the Funds each retain a portion of their respective net securities lending income and pay State Street the remaining portion. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into a master netting agreement and collateral agreement with State Street that

**142 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

provide the Funds, in the event of default (such as bankruptcy or borrower's failure to pay or perform), the right to net rights and obligations under such agreements and liquidate and set off collateral against the net amount owed to the Funds.

As of December 31, 2025, the fair value of securities on loan and the collateral held were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Fair Value of Collateral** | **Fair Value of Collateral** | **Fair Value of Collateral** |
|  | <br>**Fair Value of <br> Securities <br> Loaned**  | **Cash Collateral**  | **Non-Cash <br> Collateral\***  | **Total Collateral**  |
| Small Cap Fund | $64113949 | $46400436 | $20307898 | $66708334 |
| Small-Mid Cap Fund | 96261981 | 58793142 | 40728874 | 99522016 |
| Mid Cap Fund | 5947579 | 5312253 | 808610 | 6120863 |
| Large Cap Fund | 89838451 | 54190313 | 38547123 | 92737436 |
| Select Fund | 32291277 | 12970351 | 20573233 | 33543584 |
| Long-Short Fund | 5834389 | 5972873 |  | 5972873 |
| International Fund | 8899761 | 8674488 | 578642 | 9253130 |
| Short Duration Fund | 64792941 | 28290868 | 38328550 | 66619418 |
| Total Return Fund |  |  |  |  |
| Core Bond Fund | 112286799 | 43924185 | 72313126 | 116237311 |
| Core Plus Bond Fund | 8799073 | 1949445 | 7187825 | 9137270 |

---

\* These securities are held for the benefit of the Funds at the Funds' custodian. The Funds cannot repledge or resell this collateral. As such, collateral is excluded from the Statements of Assets and Liabilities.

Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income and expense are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Taxes on foreign dividends and/or capital gains have been recorded for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. The Funds record distributions received from investments in real estate investment trusts (also known as "REITs") and partnerships in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts once the issuers provide information about the actual composition of the distributions. Interest only stripped mortgage-backed securities ("IO Strips") are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 143**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

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

Income taxes — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds' interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds' interpretation of country-specific taxation of dividend income and related amounts reclaimable.

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

The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable), and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the year or period ended December 31, 2025, the Funds did not incur any interest or penalties.

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

Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of the Fund. Class specific expenses are

**144 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measure.

Foreign securities risk — Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns.

Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains (losses) on investments on the Statements of Operations. Net realized and unrealized gains (losses) on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid.

**Investment Transactions** 

For the year or period ended December 31, 2025, purchases and sales (including maturities) of investment securities (excluding short-term securities, U.S. government obligations and in-kind transactions) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| Small Cap Fund | $134183990 | $119498537 |
| Small-Mid Cap Fund | 398327175 | 528727743 |
| Mid Cap Fund | 33458780 | 95691213 |
| Large Cap Fund | 3508375927 | 4446259652 |
| Select Fund | 320092430 | 276839898 |
| Long-Short Fund | 1402198599 | 1203629413 |
| International Fund | 76939508 | 87684818 |
| Short Duration Fund | 2855156569 | 1385650662 |
| Total Return Fund | 33067497 | 3664318 |
| Core Bond Fund | 1151060504 | 397963863 |
| Core Plus Bond Fund | 62764943 | 16528601 |

---

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 145**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

For the year or period ended December 31, 2025, purchases and sales (including maturities) of U.S. government long-term securities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales**  |
| Short Duration Fund | $76036906 | $10005900 |
| Core Bond Fund | 322858073 | 37901595 |
| Core Plus Bond Fund | 28658395 | 15576459 |

---

The Funds pay commissions on the purchase and sale of investment securities. The commissions are treated as transaction costs and, therefore, are included as part of the cost of purchases or net proceeds on the sale of investment securities and are not included in the presentation of Fund expenses on the Statements of Operations. The Funds paid the following commissions during the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Total <br> Commissions**  | **Commissions <br> as a % of <br> Average Net <br> Assets**  |
| Small Cap Fund | $206396 | 0.10% |
| Small-Mid Cap Fund | 397973 | 0.04% |
| Mid Cap Fund | 32592 | 0.03% |
| Large Cap Fund | 1852574 | 0.02% |
| Select Fund | 162190 | 0.03% |
| Long-Short Fund | 648326 | 0.03% |
| International Fund | 223265 | 0.14% |

---

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

As of December 31, 2025, the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund, Total Return Fund, Core Bond Fund and Core Plus Bond Fund each receive investment management and advisory services from DHCM under the amended and restated investment management agreement between the Trust and the Adviser (the "Management Agreement") that provides for fees to be paid monthly at an annual rate of 0.80%, 0.75%, 0.60%, 0.50%, 0.70%, 0.90%, 0.65%, 0.35%, 0.70%, 0.30% and 0.40%, respectively, of each Fund's average daily net assets. The Management Agreement is subject to annual approval by the Board. In addition, the Trust has entered into the amended and restated Administrative and Transfer Agency Services Agreement (the "Administrative Agreement") pursuant to which DHCM renders administrative, transfer agency, fund accounting and supervisory services to the Funds, and whereby DHCM is paid a fee monthly at an annual rate of 0.21% of each Fund's average daily net assets of Investor shares, 0.17% of each Fund's average daily net assets of Class I shares, and 0.05% of each Fund's average daily net assets of Class Y shares. These administrative fees are used to pay most of the Funds' operating expenses except advisory fees, fees and expenses of the custodian, brokerage fees and commissions, taxes, borrowing costs (such as interest and dividend expenses on securities sold short),

**146 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

expenses related to conducting shareholders' meetings and proxy solicitations, extraordinary or non-recurring expenses, and expenses that the Funds are authorized to pay pursuant to Rule 12b-1 under the 1940 Act.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a distribution plan on behalf of each Fund's Investor shares (the "Plan"). Under the Plan, Investor shares pay a distribution fee monthly at an annual rate of 0.25% of Investor shares' average daily net assets. Class I and Class Y shares are not subject to any distribution fees. The Trust has entered into a Distribution Agreement on behalf of the Funds with Foreside Financial Services, LLC ("Distributor"). Pursuant to the Distribution Agreement, the Distributor acts as principal underwriter of each Fund's shares.

The Funds may invest in one or more Diamond Hill Funds. The Adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund's investment in such other Diamond Hill Funds. This fee waiver is accrued daily and settled monthly. During the year or period ended December 31, 2025, none of the Funds reduced investment advisory fees or invested in other Diamond Hill Funds.

DHCM is a beneficial shareholder of the Total Return Fund at 99.98% and Core Plus Bond Fund at 39.26%.

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

**Trustee Fees** 

The Independent Trustees are compensated for their services to the Funds by DHCM as part of the Administrative Agreement. The Independent Trustees were paid $692,000 for the Trust in fees during the year or period ended December 31, 2025. In addition, DHCM reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

**Commitments and Contingencies** 

The Funds indemnify the Trust's Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and provides general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Federal Tax Information** 

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

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 147**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

The tax character of distributions paid during the years or periods ended December 31, 2025 and 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Small Cap Fund** | **Small Cap Fund** | **Small-Mid Cap Fund** | **Small-Mid Cap Fund** | **Mid Cap Fund** | **Mid Cap Fund** |
|  | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $319309 | $11419651 | $— | $14217359 | $1034770 | $1683495 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 11782795 | 21829201 | 50835239 | 71812925 | 11485788 | 11085975 |
| Total distributions | $12102104 | $33248852 | $50835239 | $86030284 | $12520558 | $12769470 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap Fund** | **Large Cap Fund** | **Select Fund** | **Select Fund** | **Long-Short Fund** | **Long-Short Fund** |
|  | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Distributions paid from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $34788157 | $139941955 | $5373597 | $4783805 | $35815362 | $40266095 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 351906622 | 718310294 | 40488639 | 32618879 | 1429142 | 112731000 |
| Total distributions | $386694779 | $858252249 | $45862236 | $37402684 | $37244504 | $152997095 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **International Fund** | **International Fund** | **Short Duration Fund** | **Short Duration Fund** | **Total Return <br> Fund** |
|  | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** |
| Distributions paid from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $5761705 | $2230478 | $254243445 | $154689306 | $670541 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 1709781 |  |  |  |  |
| Total distributions | $7471486 | $2230478 | $254243445 | $154689306 | $670541 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Core Plus Bond Fund** | **Core Plus Bond Fund** |
|  | **December 31, <br> 2025** | **December 31, <br> 2024** | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Distributions paid from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $126656658 | $89229042 | $3209832 | $281434 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains |  |  |  |  |
| Total distributions | $126656658 | $89229042 | $3209832 | $281434 |

---

The following information was computed on a tax basis for each item as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap <br> Fund**  | **Small-Mid <br> Cap Fund**  | **Mid Cap <br> Fund**  | **Large Cap <br> Fund**  |
| Net unrealized appreciation on investments | $56596829 | $204858626 | $23093576 | $945606889 |
| Undistributed ordinary income |  |  |  | 18552540 |
| Post October capital losses | (226008) | (229580) | (58958) |  |
| &nbsp;&nbsp;&nbsp;Distributable earnings | $56370821 | $204629046 | $23034618 | $964159429 |

---

**148 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select <br> Fund**  | **Long-Short <br> Fund**  | **International <br> Fund**  | **Short <br> Duration <br> Fund**  |
| Net unrealized appreciation on investments | $91208266 | $780273682 | $36167968 | $33822968 |
| Undistributed ordinary income | 343584 |  |  | 126517 |
| Undistributed capital gains | 160921 | 1361017 | 4037486 |  |
| Accumulated capital and other losses |  |  | (1394823) | (20703975) |
| &nbsp;&nbsp;&nbsp;Distributable earnings  | $91712771 | $781634699 | $38810631 | $13245510 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Return <br> Fund**  | **Core Bond <br> Fund**  | **Core Plus <br> Bond Fund**  |
| Net unrealized appreciation (depreciation) on investments | $524248 | $(14496417) | $1543591 |
| Undistributed ordinary income | 32107 |  |  |
| Accumulated capital and other losses |  | (16909528) | (33644) |
| &nbsp;&nbsp;&nbsp;Distributable earnings (accumulated deficit) | $556355 | $(31405945) | $1509947 |

---

As of December 31, 2025, the Funds' federal tax cost of investments and net unrealized appreciation (depreciation) on investments including short sales, where applicable, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap <br> Fund**  | **Small-Mid <br> Cap Fund**  | **Mid Cap <br> Fund**  | **Large Cap <br> Fund**  |
| Tax cost of investments | $207767067 | $725801348 | $58653546 | $5379702343 |
| Gross unrealized appreciation | 62748015 | 226362885 | 24329545 | 1162366172 |
| Gross unrealized depreciation | (6151186) | (21504259) | (1235969) | (216759283) |
| Net unrealized appreciation on investments | $56596829 | $204858626 | $23093576 | $945606889 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Select <br> Fund**  | **Long-Short <br> Fund**  | **International <br> Fund**  | **Short <br> Duration <br> Fund**  |
| Tax cost of investments | $500063859 | $799062897 | $132478322 | $4867754242 |
| Gross unrealized appreciation | 114347782 | 924383866 | 39947350 | 67754430 |
| Gross unrealized depreciation | (23139516) | (144110184) | (3779382) | (33931462) |
| Net unrealized appreciation on investments | $91208266 | $780273682 | $36167968 | $33822968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Return <br> Fund**  | **Core Bond <br> Fund**  | **Core Plus <br> Bond Fund**  |
| Tax cost of investments | $30638729 | $3135410984 | $97183358 |
| Gross unrealized appreciation | 603547 | 42814887 | 1880222 |
| Gross unrealized depreciation | (79299) | (57311304) | (336631) |
| Net unrealized appreciation (depreciation) on investments | $524248 | $(14496417) | $1543591 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, defaulted bond income accruals, and Passive Foreign Investment Companies.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 149**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

For the latest tax year ended December 31, 2025, the following Funds have capital loss carry forwards ("CLCFs") as summarized below.

CLCFs not subject to expiration:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short <br> Duration <br> Fund**  | **Core Bond <br> Fund**  | **Core Plus <br> Bond Fund**  |
| No expiration - short-term | $10605874 | $2732666 | $30257 |
| No expiration - long-term | 10098101 | 14176862 | 3387 |
|  | $20703975 | $16909528 | $33644 |

---

During the year ended December 31, 2025, the International Fund utilized $1,336,647 of short-term CLCFs and the Core Bond Fund utilized $90,769 and $1,121,261 of short-term and long-term CLCFs, respectively, to offset current year gains.

Reclassifications of capital accounts – Reclassifications result primarily from utilization of earnings and profits on shareholder redemptions and redemptions in-kind. The following reclassifications have no impact to the net assets or NAV per share of the Funds and are designed to present each Fund's capital accounts on a tax basis:

---

| | | |
|:---|:---|:---|
|  | **Paid-In <br> Capital** | **Distributable <br> Earnings <br> (Accumulated <br> Deficit)** |
| Small Cap Fund | $44225439 | $(44225439) |
| Small-Mid Cap Fund | 186015690 | (186015690) |
| Mid Cap Fund | 33673307 | (33673307) |
| Large Cap Fund | 1239342839 | (1239342839) |
| Select Fund | 95519325 | (95519325) |
| Long-Short Fund | 122488029 | (122488029) |
| International Fund | 1707694 | (1707694) |
| Short Duration Fund |  |  |
| Total Return Fund |  |  |
| Core Bond Fund | (112100) | 112100 |
| Core Plus Bond Fund | (301) | 301 |

---

**In-Kind Redemption Transactions** 

The Funds recognize a gain on in-kind redemptions (redemptions in which shareholders who redeemed Fund shares received investment securities held by a Fund rather than cash) to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and

**150 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

income tax reporting requirements, had no effect on each Fund's net assets or NAV per share. During the year ended December 31, 2025, the following Funds realized net capital gains resulting from in-kind redemptions:

---

| | |
|:---|:---|
| **Fund** | **Net capital <br> gains** |
| Small Cap Fund | $32596997 |
| Small-Mid Cap Fund | 138360338 |
| Mid Cap Fund | 17020660 |
| Large Cap Fund | 774324385 |
| Select Fund | 72385207 |
| Long-Short Fund | 110007498 |

---

**Borrowings** 

The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund, Core Bond Fund and Core Plus Bond Fund each has an unsecured line of credit up to 20.0%, 20.0%, 20.0%, 33.3%, 25.0%, 15.0%, 20.0%, 20.0%, 20.0% and 20.0%, respectively, of its net assets, with a total maximum of $40,000,000.

Borrowings under the agreement bear interest at the sum of 0.10% plus the higher of Federal Funds Effective Rate or the Overnight Bank Funding Rate plus 1.25%. The line of credit is available until May 27, 2026, unless extended, when any advances are to be repaid. During the year or period ended December 31, 2025, no amounts were drawn from the available line.

In accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Funds may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. A lending fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. The Funds had no outstanding interfund loans as of December 31, 2025. During the year or period ended December 31, 2025, none of the Funds participated as lenders/borrowers in the Interfund Lending Program.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 151**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

**Reflow Redemption Services** 

The Funds may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source on days when redemptions of Fund shares exceed purchases. Under the program, ReFlow is available to provide cash to the Fund to meet all, or a portion, of daily net shareholder redemptions. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow's discretion. For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily "Dutch auction" among other participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will periodically redeem its entire share position in the Fund and request that such redemption be met in kind in accordance with the Fund's in-kind redemption policies. There is no assurance that ReFlow will have sufficient funds available to meet the Funds' liquidity needs on a particular day. During the year or period ended December 31, 2025, the fees associated with ReFlow are disclosed in the Statements of Operations within Other fees.

**Other Matters** 

The value of a 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. Pandemics and other wide-spread public health events can result in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings and investor sentiment. The duration and extent of such events over the long-term cannot be reasonably estimated at this time. Governmental responses to these events may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations. These events may result in substantial market volatility and adversely impact the prices and liquidity of the Funds' investments.

**Subsequent Events** 

The Funds evaluated events from December 31, 2025 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds' financial statements except for the following:

Effective February 28, 2026, the administration fee will increase from 0.21% to 0.22% of each Fund's average daily net assets of Investor shares and from 0.17% to 0.18% of each Fund's average daily net assets of Class I shares.

**152 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Notes to Financial Statements (Continued)

December 31, 2025

On December 10, 2025, Diamond Hill Investment Group, Inc. ("Diamond Hill"), First Eagle Investment Management, LLC ("First Eagle") and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly-ownded subsidiary of First Eagle. Diamond Hill is the parent of DHCM. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

The Management Agreement between the Trust, on behalf of the Funds, and DHCM will automatically terminate upon the closing of the transaction. In order for DHCM to continue to provide investment management services to the Funds after the transaction, shareholders are required by the 1940 Act to approve a new investment management agreement with DHCM.

In anticipation of the transaction described above, the Board of the Trust, including the trustees who are not "interested persons" as that term is defined in the 1940 Act, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board of the Trust; and (iii) authorized a special shareholder meeting at which shareholders of each Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board will be effective upon the closing of the transaction. Three of the current Trustees of the Trust will continue to serve as emeritus trustees after the closing.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Funds or in any Fund's investment objectives or policies.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 153**<br>

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Diamond Hill Funds

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Diamond Hill Funds comprising the funds listed below (the "Funds") as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of <br> Operations**  | **Statements of <br> Changes in Net <br> Assets** | **Financial Highlights** |
| Diamond Hill Small Cap Fund, <br>Diamond Hill Small-Mid Cap Fund, <br>Diamond Hill Mid Cap Fund, <br>Diamond Hill Large Cap Fund, <br>Diamond Hill Select Fund, <br>Diamond Hill Long-Short Fund, <br>Diamond Hill International Fund, <br>Diamond Hill Short Duration Securitized Bond Fund, and <br>Diamond Hill Core Bond Fund  | For the year ended December 31, 2025 | For the years ended December 31, 2025 and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021 |
| Diamond Hill Core Plus Bond Fund | For the year ended December 31, 2025 | For the year ended December 31, 2025 and for the period from October 15, 2024 (commencement of operations) through December 31, 2024 | For the year ended December 31, 2025 and for the period from October 15, 2024 (commencement of operations) through December 31, 2024 |
| Diamond Hill Securitized Total Return Fund | For the period from June 30, 2025 (commencement of operations) through December 31, 2025 | For the period from June 30, 2025 (commencement of operations) through December 31, 2025 | For the period from June 30, 2025 (commencement of operations) through December 31, 2025 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

**154 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Report of Independent Registered Public Accounting Firm (Continued)**

regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Diamond Hill Capital Management, Inc. since 2015.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 13, 2026

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 155**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025

**Dividends Received Deduction** 

For corporate shareholders, the following percentages of ordinary dividends paid during the year or period ended December 31, 2025 qualify for the corporate dividends received deduction:

---

| | |
|:---|:---|
| Small Cap Fund | 24.47% |
| Small-Mid Cap Fund | 0.0% |
| Mid Cap Fund | 100.0% |
| Large Cap Fund | 100.0% |
| Select Fund | 100.0% |
| Long-Short Fund | 49.21% |
| International Fund | 0.0% |
| Short Duration Fund | 0.0% |
| Total Return Fund | 0.0% |
| Core Bond Fund | 0.0% |
| Core Plus Bond Fund | 0.0% |

---

**Qualified Dividend Income** 

The Funds have designated the maximum amount allowable of their taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-DIV for the calendar year 2025.

**Capital Gain Distribution** 

For the year ended December 31, 2025, the following Funds designated long-term capital gain distributions:

---

| | |
|:---|:---|
| Small Cap Fund | $21778829 |
| Small-Mid Cap Fund | 89337059 |
| Mid Cap Fund | 28934105 |
| Large Cap Fund | 775035619 |
| Select Fund | 63788957 |
| Long-Short Fund | 15109306 |
| International Fund | 3417475 |

---

International Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. The International Fund's foreign source income per share was $0.4857 and the foreign tax expense per share was $0.0333. The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date. These shareholders will receive more detailed information with their 2025 Form 1099-DIV.

**156 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

**Proxy Voting** 

A description of the policies and procedures that the Adviser uses to determine how to vote proxies and information regarding how the Funds voted proxies for the twelve-month period ended June 30 are available without charge, upon request, by (i) calling 1-888-226-5595; (ii) visiting the Funds' website at https://www.diamond-hill.com/investment-strategies/documents/funds/; or (iii) referring to the SEC's website at www.sec.gov.

**Changes in and/or Disagreements with Accountants** 

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Trustee Approval of Investment Advisory Agreement** 

*Renewal of Management Agreement for All Funds* 

The Board of Trustees of Diamond Hill Funds (the "Trust") requested and the Adviser provided a broad range of information in connection with its consideration of the continuance of the Amended and Restated Investment Management Agreement ("Management Agreement") between the Trust and Diamond Hill Capital Management, Inc. (the "Adviser"), for each series of the Trust (each separately, a "Fund"). In approving the Management Agreement, the Board considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as determinative, and each Trustee may have attributed different weights to different factors. The Board based its conclusions in part on its consideration of the advisory arrangements in prior years and the Board's ongoing regular review of fund performance and operations throughout the year. The Board reviewed the information at regularly scheduled meetings on July 23, 2025, and August 21, 2025, and by unanimous vote approved continuation of the Management Agreement. In concluding to renew the Management Agreement, the Board discussed the following factors, on a Fund-by-Fund basis:

&nbsp;&nbsp;&nbsp;&nbsp;a) **Nature, Extent and Quality of Services.** In considering the nature, extent, and quality of services provided by the Adviser to the Trust, the Board reviewed information provided by the Adviser relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Adviser's compliance and regulatory history, including its Form ADV. The Board considered the nature, extent and quality of the services provided by the Adviser under the Management Agreement, including a review of the services provided thereunder and the Adviser's overall reputation, integrity, and mission to serve its clients through a disciplined intrinsic-

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 157**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

value-based approach to investment. The Board considered the Adviser's experience and the capabilities and qualifications of its personnel, and the Adviser's continued investment of significant resources in human capital to attract and retain top talent. The Board also reviewed the Adviser's succession plan for key investment and management staff. In addition, the Board reviewed information related to the compensation structure for portfolio managers and other key investment personnel. Finally, the Board noted that the Adviser provides administrative services to the Trust under an Amended and Restated Administrative, Fund Accounting and Transfer Agency Services Agreement ("Administration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;b) **Investment Performance of the Funds.** In evaluating the performance of each Fund, the Board receives and reviews detailed performance information for each Fund at its regularly scheduled meetings. In connection with the consideration of the Management Agreement, the Board reviewed each Fund's absolute performance, performance relative to its passive benchmark, performance relative to a custom peer group, and performance relative to the Fund's Morningstar category, each as of May 31 and June 30, 2025. The Board concluded that the performance of each Fund is being monitored and reasonably addressed, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c) **Reasonableness of Investment Advisory Fees.** The Board noted that the contractual fee rate for each Fund under the Management Agreement generally was in line with or below the median rates of the applicable Fund's peer group.

&nbsp;&nbsp;&nbsp;&nbsp;d) **Reasonableness of Total Expenses.** The Board noted that with the exception of Investor Class shares of three Funds, Class I shares of two Funds and Class Y shares of two Funds, the total expenses for Investor Class, Class I and Class Y shares of all Funds were at or below the average total expenses of comparable funds within each Fund's applicable expense universe.

&nbsp;&nbsp;&nbsp;&nbsp;e) **Reasonableness of Investment Advisory Fees as Compared to Fees Charged to Other Clients.** The Board reviewed the fees paid by each of the Adviser's other clients, as well as a summary of the differences in services provided and how these differences affect fees, including the difference between serving as an adviser versus a sub-adviser. With limited exceptions, the Board observed that the investment advisory fees charged by the Adviser to the Funds were comparable to the investment advisory fees the Adviser charges its other similarly managed accounts (i.e., separately managed accounts).

&nbsp;&nbsp;&nbsp;&nbsp;f) **Profitability.** The Board considered each Fund's profitability to the Adviser and the Adviser's methodology for calculating its profitability. The Board observed that the Adviser's pre-tax profit margin under the Management Agreement represented a fair and entrepreneurial profit for managing the Funds. The Board discussed that the Adviser is also the administrator to the Funds and the Board reviewed a separate profitability analysis relating to the administrative services provided to the Funds. The Board noted that the profit margin under the Administration Agreement represented a fair and entrepreneurial profit for serving as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) **Economies of Scale.** The Board reviewed the potential extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. While many advisory firms

**158 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

reduce fees as assets under management increase with predetermined break points, the Adviser has adopted a different strategy. Rather than instituting break points, the Adviser has targeted its advisory fees to correspond to its mission to add value, meaning that rather than charging a lower fee on assets above a certain level, the Adviser prefers to close a strategy to new investors so that it can efficiently manage the Fund's assets and attempt to fulfill its responsibility to add value to existing investors.

&nbsp;&nbsp;&nbsp;&nbsp;h) **Ancillary Benefits.** The Board considered ancillary benefits received by the Adviser as a result of its relationship with the Funds. The Board noted that, as administrator to the Funds, the Adviser is expected to earn fees from the Funds for providing administrative services. The fees were shown separately in the profitability analysis presented to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;i) **Large Cap Concentrated ETF.** The Board reviewed a memorandum outlining the proposed fees for the Large Cap Concentrated ETF, a series of the Trust. The Adviser noted the proposed Fund fees and expenses are in line with the peer group average and median management fee. In light of and in reliance on the materials discussed above for the other funds in the Trust, the Board determined that the Management Agreement was fair and reasonable, that the fee received by the Adviser for managing the Large Cap Concentrated ETF was reasonable in light of the services provided to the fund and the benefits received by the Adviser.

In their deliberations, there was a comprehensive consideration of each of the factors above in connection with each Fund, and the Trustees, all of whom qualify as Independent Trustees under the 1940 Act, concluded the compensation to be received by the Adviser from each Fund was fair and reasonable and the continuance of the Management Agreement for all of the Funds was in the best interests of each Fund and its shareholders.

*Approval of a New Investment Management Agreement* 

At meetings held on July 23, 2025 and August 21, 2025, the Board unanimously renewed the current Management Agreement. The Adviser is a wholly-owned subsidiary of Diamond Hill Investment Group, Inc. ("Diamond Hill Group"). Diamond Hill Group, First Eagle Investment Management, LLC ("First Eagle") and Soar Christopher Holdings, Inc., a wholly-owned subsidiary of First Eagle ("Merger Sub"), have entered into an agreement and plan of merger pursuant to which Merger Sub will merge with and into Diamond Hill Group with Diamond Hill Group surviving as a wholly-owned subsidiary of First Eagle (the "Transaction"). The current Management Agreement will automatically terminate as a result of a change in the ownership of the Adviser.

In anticipation of the Transaction, the Board met with First Eagle on January 5, 2026. Among various topics, the Board discussed Diamond Hill's view that continuation of Adviser's services without interruption under the new Management Agreement was desirable and appropriate and in the best interests of the Funds and their shareholders. The Board met with representatives from Diamond Hill and legal counsel on January 14, 2026. At that meeting the Board voted unanimously to approve the new Management Agreement, to become effective upon the closing of the Transaction, and determined to recommend approval of the new Management Agreement to shareholders of each Fund. The terms of the new Management Agreement are identical in all material respects to the terms of the current

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 159**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

Management Agreement, except for the dates of commencement and renewal. The Adviser will continue to serve the Funds with no change in the portfolio managers, each Fund's investment objectives and policies, the services provided to the Funds, or the fees charged for the services.

The Board's determination to approve the new Management Agreement followed its consideration of various factors and review of written materials provided by Diamond Hill and First Eagle, including information relating to the Transaction. The Board also reviewed information that it had received in connection with the renewal of the current Management Agreement on August 21, 2025. That information included comprehensive fee, expense and performance information, including information comparing each Fund's expenses and performance to peer funds and benchmarks. In concluding to approve the new Management Agreement, the Board discussed the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;a) **Nature, Extent and Quality of Services.** In considering the nature, extent, and quality of services provided by the Adviser to the Trust, the Board reviewed information provided by the Adviser relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Adviser's compliance and regulatory history, including its Form ADV. The Board reviewed similar information provided by First Eagle. The Board considered the nature, extent and quality of the services provided by the Adviser under the current Management Agreement, including a review of the services provided thereunder and the Adviser's overall reputation, integrity, and mission to serve its clients through a disciplined intrinsic-value-based approach to investment. The Board observed continuity in Diamond Hill's investment personnel. The Board noted that there was expected to be no changes to the nature, extent and quality of services provided by the Adviser under the new Management Agreement. The Board considered the Adviser's experience and the capabilities and qualifications of its personnel, and the Adviser's continued investment of significant resources in human capital to attract and retain top talent. The Board also noted the non-investment resources, infrastructure and personnel that would be available to the Funds after the Transaction, including additional personnel in operations, finance, risk management, fund administration, shareholder servicing, legal, compliance, technology, and cybersecurity functions. The Board considered any changes under the new Management Agreement, noting no change in the investment teams managing the Funds. The Board also reviewed the Adviser's succession plan for key investment and management staff. In addition, the Board reviewed information related to the compensation structure for portfolio managers and other key investment personnel, noting any changes anticipated after the closing of the Transaction. Finally, the Board noted that the Adviser would continue to provide administrative services to the Funds under the Administration Agreement, although the Board did note the possibility of future changes to the Adviser's services as the administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;b) **Investment Performance of the Funds.** In evaluating the performance of each Fund, the Board receives and reviews detailed performance information for each Fund at its regularly scheduled meetings. In connection with the consideration of the new Management Agreement, the Board reviewed each Fund's absolute performance, performance relative to its passive benchmark, performance relative to a custom peer group, and performance relative to the Fund's Morningstar category, each as of May 31,

**160 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

2025, June 30, 2025 and November 30, 2025. The Board noted that the Diamond Hill Securitized Total Return Fund was launched on July 1, 2025 and, therefore, does not have performance information as of May 31, 2025 or June 30, 2025. The Board also considered performance of the Funds compared to the performance of similar funds and accounts managed by the Adviser. The Board noted the differences in the returns for the Small Cap collective investment trust as compared to the Diamond Hill Small Cap Fund and questioned management about the outflows from the Large Cap, SMID and Mid Cap strategies. Finally, the Board engaged in a detailed discussion with the Adviser about the reason for the underperformance of the Diamond Hill Large Cap Fund. The Board concluded that the performance of each Fund is being monitored and reasonably addressed, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c) **Reasonableness of Investment Advisory Fees.** The Board noted no changes to the contractual fee rates for each Fund under the New Management Agreement. The Board reviewed the fees to be paid to the Adviser under the new Management Agreement and compared them to each Fund's peer group. They noted that, except for three of the Funds, the management fees were generally in line with or below the median rates of each Fund's applicable peer group and either at or below their peer group median fees as of November 30, 2025. The Board also noted that all but three Funds were below the average advisory fees of their respective peer group as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;d) **Reasonableness of Total Expenses.** The Board reviewed the total expenses for each share class of each Fund, noting that there were no anticipated changes under the new Management Agreement. The Board noted that with the exception of Investor Class shares of three Funds, Class I shares of two Funds and Class Y shares of two Funds, the total expenses for Investor Class, Class I and Class Y shares of all Funds were at or below the average total expenses of comparable funds within each Fund's applicable expense universe.

&nbsp;&nbsp;&nbsp;&nbsp;e) **Reasonableness of Investment Advisory Fees as Compared to Fees Charged to Other Clients.** The Board reviewed the fees paid by each of the Adviser's other clients previously provided at the July and August 2025 meetings, as well as a summary of the differences in services provided and how these differences affect fees, including the difference between serving as an adviser versus a sub-adviser. With limited exceptions, the Board observed that the investment management fees charged by the Adviser to the Funds were comparable to the investment management fees the Adviser charges its other similarly managed accounts (i.e., separately managed accounts).

&nbsp;&nbsp;&nbsp;&nbsp;f) **Profitability.** The Board considered each Fund's profitability to the Adviser and the Adviser's methodology for calculating its profitability. The Board observed that the Adviser's pre-tax profit margin under the current Management Agreement and anticipated profitability under the new Management Agreement represented a fair and entrepreneurial profit for managing the Funds. The Board observed that while the Funds' average assets increased by approximately 8% in 2025 compared to 2024, the revenue increased only 2%, as much of the growth was in fixed income funds, which have lower fee rates. The Board discussed that the Adviser would continue to be the administrator to the Funds and the Board reviewed a separate profitability analysis at the November 20, 2025 meeting

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 161**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

relating to the administrative services provided to the Funds. The Board noted that the profit margin under the Administration Agreements represented a fair and entrepreneurial profit for serving as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) **Economies of Scale.** The Board reviewed the potential extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. While many advisory firms reduce fees as assets under management increase with predetermined break points, the Board noted that the Adviser has adopted a different strategy. Rather than instituting break points, the Adviser targets its management fees to correspond to its mission to add value, meaning that rather than charging a lower fee on assets above a certain level, the Adviser prefers to close a strategy to new investors so that it can efficiently manage each Fund's assets and attempt to fulfill its responsibility to add value to existing investors. Additionally, the Board noted First Eagle's investment in a sales and service infrastructure that has the potential to more widely distribute the Funds, which could result in economies of scale. The Board considered the impact of the Transaction, noting that it expected to result in potential operational economies of scale because of the long-term efforts to integrate the operations and systems of the Adviser and First Eagle toward a single operational platform for the benefit of the Funds and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;h) **Ancillary Benefits.** The Board considered ancillary benefits received by the Adviser as a result of its relationship with the Funds. The Board noted that, as administrator to the Funds, the Adviser is expected to earn fees from the Funds for providing administrative services. The fees were shown separately in the profitability analysis presented to the Board. The Board also noted that the Funds' support structure and compliance program has helped the Adviser develop and launch other investment products, including a collective investment trust and a closed-end fund, and to provide model delivery services in the same strategies as the Funds. The Board considered the anticipated ancillary benefits as a result of the Transaction, which include (i) continuity of portfolio management and operating efficiencies due to the greater scale of the resulting combined organization that may be achieved following the Transaction; (ii) increased distribution capabilities, including a significant network of intermediary relationships, which may provide additional opportunities for the Funds to grow assets and lower fees and expenses through increased economies of scale; (iii) the speed with which First Eagle can get new products and strategies to scale, which reduces the expenses associated with those products and strategies, and (iv) increased opportunities for asset growth due to the increased number of funds in the Fund Complex and economies of scale through the potential to negotiate lower fee rates from service providers and to determine fees based on the assets of a larger fund complex.

In their deliberations, there was a comprehensive consideration of each of the factors above in connection with each Fund, and the Board, all of whom qualify as Independent Trustees under the 1940 Act, concluded the compensation to be received by the Adviser from each Fund was fair and reasonable and the approval of the new Management Agreement for all Funds was in the best interests of each Fund and its shareholders.

**162 DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

In reaching its conclusions, with respect to each Fund, the Board did not identify any single controlling factor. Rather, the Board noted that a combination of factors influenced its decision-making process. Based upon its review of the factors discussed above and any other factors deemed relevant, the Board, including a majority of the Independent Trustees, determined that the new Management Agreement was fair and reasonable, that the Adviser's management fees are reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that approval of the new Management Agreement would be in the best interests of the Funds.

**DIAMOND HILL FUNDS \| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 163**<br>

![](fp0096892-2_164.jpg)

INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, INC.

DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)

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

**DH-AR123125**

![](fp0096892-1_i.jpg)

**Annual Financial Statements and Additional Information** 

December 31, 2025

**Diamond Hill Large Cap Concentrated ETF**<br>

This material must be preceded or accompanied by a current prospectus.

Not FDIC insured \| No bank guarantee \| May lose value

![](fp0096892-1_ia.jpg)

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

---

| | |
|:---|:---|
| Our Shared Investment Principles  | 1 |
| **Financial Statements** |  |
| Schedule of Investments  | 2 |
| Statement of Assets & Liabilities  | 3 |
| Statement of Operations  | 4 |
| Statements of Changes in Net Assets  | 5 |
| Financial Highlights  | 7 |
| Notes to Financial Statements  | 8 |
| Report of Independent Registered Public Accounting Firm  | 18 |
| Additional Information  | 19 |

---

**Cautionary Statement:** At Diamond Hill, we pledge that, "we will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust." Our views and opinions regarding the investment prospects of our portfolio holdings and Fund are "forward looking statements" which may or may not be accurate over the long term. While we believe we have a reasonable basis for our opinions, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.

You can identify forward looking statements by words like "believe," "expect," "anticipate," or similar expressions when discussing prospects for particular portfolio holdings and/or the Fund. We cannot assure future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a Prospectus. Carefully consider the Fund's investment objectives, risks, and expenses. This and other important information are contained in the Fund's prospectus and summary prospectus, which are available at diamond-hill.com or by calling 888.226.5595. Read carefully before investing. The Fund is distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Fund and is paid a fee for its services. Not FDIC insured \| No bank guarantee \| May lose value

**Our Shared Investment Principles**

**Our shared investment principles** 

**Active, fundamental approach** 

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

**Ownership** 

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

**Long term** 

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

**Valuation discipline** 

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

**Strategic capacity management** 

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

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 1**<br>

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 1**<br>

**Diamond Hill Large Cap Concentrated ETF** Schedule of Investments

December 31, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Common Stocks — 100.0%** | **Common Stocks — 100.0%** | **Common Stocks — 100.0%** |
| **Communication Services — 4.5%** | **Communication Services — 4.5%** | **Communication Services — 4.5%** |
| Walt Disney Co. (The) | 24187 | $2751755 |
| **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** | **Consumer Discretionary — 7.3%** |
| Amazon.com, Inc. <sup>(a)</sup> | 9390 | 2167400 |
| General Motors Co. | 29204 | 2374869 |
|  |  | 4542269 |
| **Consumer Staples — 10.0%** | **Consumer Staples — 10.0%** | **Consumer Staples — 10.0%** |
| Colgate-Palmolive Co. | 44681 | 3530693 |
| Sysco Corp. | 36095 | 2659840 |
|  |  | 6190533 |
| **Energy — 4.8%** | **Energy — 4.8%** | **Energy — 4.8%** |
| ConocoPhillips | 31480 | 2946843 |
| **Financials — 25.6%** | **Financials — 25.6%** | **Financials — 25.6%** |
| American International Group, Inc. | 61667 | 5275612 |
| Aon plc, Class A | 9984 | 3523154 |
| Berkshire Hathaway, Inc., Class B <sup>(a)</sup> | 8018 | 4030248 |
| Capital One Financial Corp. | 12507 | 3031196 |
|  |  | 15860210 |
| **Health Care — 13.7%** | **Health Care — 13.7%** | **Health Care — 13.7%** |
| Abbott Laboratories | 28058 | 3515387 |
| Labcorp Holdings, Inc. | 10059 | 2523602 |
| Zoetis, Inc. | 19657 | 2473244 |
|  |  | 8512233 |
| **Industrials — 14.5%** | **Industrials — 14.5%** | **Industrials — 14.5%** |
| Ferguson Enterprises, Inc. | 9954 | 2216059 |
| Union Pacific Corp. | 12557 | 2904685 |
| Waste Management, Inc. | 17432 | 3829985 |
|  |  | 8950729 |
| **Information Technology — 10.7%** | **Information Technology — 10.7%** | **Information Technology — 10.7%** |
| Salesforce, Inc. | 10893 | 2885665 |
| Texas Instruments, Inc. | 21631 | 3752762 |
|  |  | 6638427 |
| **Materials — 4.6%** | **Materials — 4.6%** | **Materials — 4.6%** |
| Martin Marietta Materials, Inc. | 4611 | 2871085 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Fair<br> Value** |
| **Real Estate — 4.3%** | **Real Estate — 4.3%** | **Real Estate — 4.3%** |
| SBA Communications Corp., Class A | 13657 | $2641673 |
| **Total Common Stocks** | **Total Common Stocks** | **Total Common Stocks** |
| (Cost $58,780,162) | (Cost $58,780,162) | $61905757 |
| **Registered Investment Companies — 0.2%** | **Registered Investment Companies — 0.2%** | **Registered Investment Companies — 0.2%** |
| State Street Institutional US Government Money Market Fund — Premier Class, 3.74% <sup>(b)</sup> (Cost $128,415) | 128415 | $128415 |
| **Total Investment Securities — 100.2%** | **Total Investment Securities — 100.2%** | **Total Investment Securities — 100.2%** |
| (Cost $58,908,577) | (Cost $58,908,577) | $62034172 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (98435) |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $61935737 |

---

<sup>(a)</sup> &nbsp;&nbsp;&nbsp;&nbsp;Non-income producing security.

<sup>(b)</sup> &nbsp;&nbsp;&nbsp;&nbsp;The rate shown is the 7-day effective yield as of December 31, 2025.

plc - Public Limited Company

See accompanying Notes to Financial Statements.

**2** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**2** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Statement of Assets & Liabilities

December 31, 2025

---

| | |
|:---|:---|
| **Assets** |  |
| Investment in securities, at cost | $58908577 |
| Investment in securities, at fair value | $62034172 |
| Cash | 8001 |
| Receivable for dividends and interest | 15586 |
| **Total Assets** | 62057759 |
| **Liabilities** |  |
| Distributions Payable | 95397 |
| Payable to Investment Adviser | 19665 |
| Payable to Administrator | 1966 |
| Other accrued expenses | 4994 |
| **Total Liabilities** | 122022 |
| **Contingencies and Commitments** |  |
| **Net Assets** | $61935737 |
| **Components of Net Assets** |  |
| Paid-in capital | $58832320 |
| Distributable earnings | 3103417 |
| **Net Assets** | $61935737 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 4676310 |
| Net Asset Value, offering and redemption price per share: | $13.24 |

---

See accompanying Notes to Financial Statements.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 3**<br>

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 3**<br>

**Diamond Hill Large Cap Concentrated ETF** Statement of Operations

For the year ended December 31, 2025

---

| | |
|:---|:---|
| **Investment Income** |  |
| Dividends | $717827 |
| **Expenses** |  |
| Investment advisory fees | 194518 |
| Administration fees | 33836 |
| Distribution and service fees — Investor | 228 |
| Other fees | 7511 |
| **Total Expenses** | 236093 |
| **Net Investment Income** | 481734 |
| **Realized and Unrealized Gains (Losses) on Investments** |  |
| Net realized gains on investment transactions | 1932145 |
| Net realized gains from in-kind redemptions from Predecessor Fund | 915533 |
| Net realized gains from in-kind redemptions (excluding Predecessor Fund) | 856300 |
| Net change in unrealized appreciation (depreciation) on unaffiliated investments and foreign currency translations | (797646) |
| **Net Realized and Unrealized Gains on Investments** | 2906332 |
| **Change in Net Assets from Operations** | $3388066 |

---

See accompanying Notes to Financial Statements.

**4** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**4** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the <br> year ended <br> December 31, <br> 2025** | **For the <br> year ended <br> December 31, <br> 2024** |
| **From Operations** |  |  |
| Net investment income | $481734 | $494715 |
| Net realized gains on investment transactions | 3703978 | 3850623 |
| Net change in unrealized appreciation (depreciation) on investments | (797646) | (312062) |
| **Change in Net Assets from Operations** | 3388066 | 4033276 |
| **Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;ETF (Formerly Class Y) | (1767863) | (1265759) |
| &nbsp;&nbsp;&nbsp;Investor |  | (23844) |
| &nbsp;&nbsp;&nbsp;Class I |  | (962772) |
| **Change in Net Assets from Distributions to Shareholders** | (1767863) | (2252375) |
| **Change in Net Assets from Capital Transactions** | 26095753 | 4802352 |
| **Total Change in Net Assets** | 27715956 | 6583253 |
| **Net Assets:** |  |  |
| Beginning of year | 34219781 | 27636528 |
| End of year | $61935737 | $34219781 |
| **Capital Transactions** |  |  |
| **ETF (Formerly Class Y)** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | $33847938 | $1010694 |
| &nbsp;&nbsp;&nbsp;Reinvested distributions | 1672466 | 1265759 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (11782328) | (891649) |
| &nbsp;&nbsp;&nbsp;Exchanged from Investor Class | 117136 |  |
| &nbsp;&nbsp;&nbsp;Exchanged from Class I | 18749075 |  |
| **Change in Net Assets from ETF (Formerly Class Y) Share Transactions** | 42604287 | 1384804 |
| **Investor** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 12763 | 52740 |
| &nbsp;&nbsp;&nbsp;Reinvested distributions |  | 23844 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (295279) | (8568) |
| &nbsp;&nbsp;&nbsp;Exchanged to ETF (Formerly Class Y) | (117136) |  |
| **Change in Net Assets from Investor Share Transactions** | (399652) | 68016 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3680569 | 3476796 |
| &nbsp;&nbsp;&nbsp;Reinvested distributions |  | 961290 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed | (1040376) | (1088554) |
| &nbsp;&nbsp;&nbsp;Exchanged to ETF (Formerly Class Y) | (18749075) |  |
| **Change in Net Assets from Class I Share Transactions** | (16108882) | 3349532 |
| **Change in Net Assets from Capital Transactions** | $26095753 | $4802352 |

---

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 5**<br>

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 5**<br>

**Diamond Hill Large Cap Concentrated ETF** Statements of Changes in Net Assets (Continued)

---

| | | |
|:---|:---|:---|
|  | **For the <br> year ended <br> December 31, <br> 2025** | **For the <br> year ended <br> December 31, <br> 2024** |
| **Share Transactions:** |  |  |
| **ETF (Formerly Class Y)** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2558354 | 76774 |
| &nbsp;&nbsp;&nbsp;Reinvested | 127767 | 96745 |
| &nbsp;&nbsp;&nbsp;Redeemed | (877674) | (72167) |
| &nbsp;&nbsp;&nbsp;Exchanged from Investor Class | 8461 |  |
| &nbsp;&nbsp;&nbsp;Exchanged from Class I | 1354321 |  |
| **Change in Shares Outstanding** | 3171229 | 101352 |
| **Investor** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 958 | 4004 |
| &nbsp;&nbsp;&nbsp;Reinvested |  | 1819 |
| &nbsp;&nbsp;&nbsp;Redeemed | (22403) | (612) |
| &nbsp;&nbsp;&nbsp;Exchanged to ETF (Formerly Class Y) | (8463) |  |
| **Change in Shares Outstanding** | (29908) | 5211 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 279356 | 269003 |
| &nbsp;&nbsp;&nbsp;Reinvested |  | 73588 |
| &nbsp;&nbsp;&nbsp;Redeemed | (76631) | (83260) |
| &nbsp;&nbsp;&nbsp;Exchanged to ETF (Formerly Class Y) | (1356731) |  |
| **Change in Shares Outstanding** | (1154006) | 259331 |
| **Change in Total Shares Outstanding** | 1987315 | 365894 |

---

See accompanying Notes to Financial Statements.

**6** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**6** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Financial Highlights

Per Share Data for a Share Outstanding Throughout Each Period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Period Ended <br> December 31, <br> 2021<sup>(A)</sup>** |
| Net asset value at beginning of period  | $12.73 | $11.90 | $10.29 | $11.92 | $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income <sup>(B)</sup> | 0.16 | 0.21 | 0.17 | 0.14 | 0.09 |
| &nbsp;&nbsp;Net realized and unrealized gains (losses) on investments  | 0.97 | 1.51 | 1.61 | (1.64) | 2.01 |
| Total from investment operations  | 1.13 | 1.72 | 1.78 | (1.50) | 2.10 |
| Variable transaction fees <sup>(B)</sup> |  |  |  |  |  |
| Less distributions to shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income  | (0.16) | (0.19) | (0.17) | (0.13) | (0.08) |
| &nbsp;&nbsp;Net realized gains  | (0.46) | (0.70) |  |  | (0.10) |
| Total distributions from shareholders  | (0.62) | (0.89) | (0.17) | (0.13) | (0.18) |
| Net asset value at end of period  | $13.24 | $12.73 | $11.90 | $10.29 | $11.92 |
| Market price at end of period  | $13.25 | $12.73 | $11.90 | $10.29 | $11.92 |
| Total return <sup>(C)</sup>  | 8.97% | 14.34% | 17.32% | (12.62%) | 20.98 %<sup>(D)</sup> |
| Total return at market <sup>(E)</sup>  | 1.22 %<sup>(D)(F)</sup> | NA | NA | NA | NA |
| Net assets at end of period (000's)  | $61936 | $19164 | $16706 | $14017 | $15898 |
| **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp;Ratio of total expenses to average net assets  | 0.57% | 0.55% | 0.56% | 0.56% | 0.55 %<sup>(G)</sup> |
| &nbsp;&nbsp;Ratio of net investment income to average net assets  | 1.22% | 1.60% | 1.57% | 1.32% | 1.00 %<sup>(G)</sup> |
| &nbsp;&nbsp;Portfolio turnover rate <sup>(H)</sup>  | 56% | 40% | 34% | 41% | 18 %<sup>(D)</sup> |

---

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

<sup>(B)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Per share net investment income and variable transaction fees have been calculated using the average daily shares outstanding during the period.

<sup>(C)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder's investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund. 

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

<sup>(E)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca, Inc.) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund's closing price on the listing market. 

<sup>(F)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the commencement of the ETF through December 31, 2025.

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

<sup>(H)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 7**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements

December 31, 2025

**Organization** 

The Diamond Hill Large Cap Concentrated ETF (the "Fund") is a non-diversified series of the Diamond Hill Funds (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management company. The Fund follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services – Investment Companies." The investment objective of the Fund is to provide long-term capital appreciation. Other series of the Trust are not included in this report.

The Fund is the successor in interest to the Diamond Hill Large Cap Concentrated Fund (the "Predecessor Fund"). The Predecessor Fund was previously organized as a series of the Trust and advised by Diamond Hill Capital Management, Inc. ("DHCM or the "Adviser"). The Board of Trustees of the Trust (the "Board") approved the reorganization of the Predecessor Fund with and into the Fund, a "shell" series of the Trust, and effective as of the close of business on September 26, 2025, the Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Predecessor Fund (the "Reorganization"). The Predecessor Fund offered three classes of shares, Investor Class, Class I and Class Y. The Fund only offers one class of shares. As part of the Reorganization, all issued and outstanding Investor Class and Class I shares of the Predecessor Fund converted to Class Y shares of the Predecessor Fund. The Fund succeeded to the accounting of the Predecessor Fund and performance history of the Predecessor Fund's Class Y shares. Any such historical information provided in these financial statements for the Fund that relates to periods prior to September 26, 2025, is therefore that of the Predecessor Fund. The Predecessor Fund had the same investment objectives and substantially similar investment strategies of the Fund. The Predecessor Fund commenced operations in 2021.

The Reorganization was accomplished by a tax-free exchange for 2,576,312 shares at a net asset value per share ("NAV") of $13.11 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from this tax-free transaction on the close of business September 26, 2025, after the reorganization, was $33,772,486, including net unrealized appreciation (depreciation) of $3,658,052, undistributed net investment income of $262 and undistributed realized gains of $2,693,489. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Shares of the Fund are listed and traded on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the Shares may be different from the net asset value ("NAV"). The Fund issues and redeems shares solely to certain financial institutions such as registered broker-dealers and bank that have entered into agreements with the Fund's distributor ("Authorized Participants" or "APs") on a continuous basis at the NAV per share in aggregations of a specified number of shares called "Creation Units". Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Balancing Amount"). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund consists of a block of shares.

**8** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

**Significant Accounting Policies** 

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

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

Accounting Pronouncement — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management concludes that there is no impact on the Fund's financial statements.

Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

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

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

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

Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales price are not readily available are valued at the closing bid price in the principal market where such securities are normally

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 9**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

traded. Investments in other open-end investment companies are valued at their reported NAV per share. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Debt securities, if any, are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The following is a summary of the Fund's investments and the inputs used to value the investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - <br> Quoted Prices**  | **Level 2 - Other <br> Significant <br> Observable <br> Inputs**  | **Level 3 - <br> Significant <br> Unobservable <br> Inputs**  | **Total**  |
| **Investments in Securities (Assets)** | **Investments in Securities (Assets)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks\* | $61905757 | $— | $— | $61905757 |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 128415 |  |  | 128415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $62034172 | $— | $— | $62034172 |

---

\* See Schedule of Investments for industry classification.

There were no transfers into or out of Level 3 for the year ended December 31, 2025.

**10** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income and expense are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Taxes on foreign dividends and/or capital gains have been recorded for in accordance with the Fund's understanding of the applicable country's tax rules and rates. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. The Fund records distributions received from investments in real estate investment trusts (also known as "REITs") and partnerships in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts once the issuers provide information about the actual composition of the distributions.

Share valuation — The NAV per share of the Fund is calculated daily by dividing the total value the assets, less liabilities, by the number of shares outstanding of the Fund.

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

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

The Fund recognizes tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable), and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the year ended December 31, 2025, the Fund did not incur any interest or penalties.

Distributions to shareholders — Dividends from net investment income are declared and paid quarterly by the Fund. Net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. These differences are primarily due to deferrals of certain losses. Permanent book and tax basis differences are

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 11**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

reclassified among the components of net assets. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.

Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation were allocated daily to each class of shares of the Predecessor Fund based upon its proportionate share of total net assets of the Predecessor Fund. Class specific expenses were charged directly to the class incurring the expense. Common expenses, which were not attributable to a specific class, were allocated daily to each class of shares based upon its proportionate share of total net assets of the Predecessor Fund. Expenses not directly billed to a fund are allocated proportionally among all funds in the Trust daily in relation to net assets of each fund in the Trust or another reasonable measure.

**Investment Transactions** 

For the year ended December 31, 2025, purchases and sales of investment securities (excluding short-term securities and in-kind transactions) were as follows:

---

| | |
|:---|:---|
| Purchases of investment securities (excluding in-kind transacations) | $23849520 |
| Proceeds from sales of investment securities (excluding in-kind transacations) | $21669202 |

---

Purchases and sales of securities through in-kind transactions (excluding the Predecessor Fund) for the year ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Purchases of in-kind transactions | $29989496 |
| Sales of in-kind transactions | $2201663 |

---

There were realized gains of $856,300 from in-kind transactions (excluding those in the Predecessor Fund) during the year ended December 31, 2025.

The Fund pays commissions on the purchase and sale of investment securities. The commissions are treated as transaction costs and, therefore, are included as part of the cost of purchases or net proceeds on the sale of investment securities and are not included in the presentation of Fund expenses on the Statement of Operations. The Fund paid $8,449 in commissions during the year ended December 31, 2025.

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

As of December 31, 2025, the Fund receives investment management and advisory services from DHCM under the amended and restated investment management agreement between the Trust and the Adviser (the "Management Agreement") that provide for fees to be paid monthly at an annual rate of 0.50% of the Fund's average daily net assets. The Management Agreement is subject to annual approval by the Board. In addition, the Trust has entered into the Administrative Services Agreement pursuant to which DHCM renders administrative, fund accounting and supervisory services to the Fund, and whereby DHCM is paid a fee monthly at an annual rate of 0.05% of the Fund's average daily net assets. Pursuant to the Administrative Services Agreement, the Predecessor Fund paid DHCM a fee monthly at an annual rate of 0.21% for Investor shares, 0.17% for Class I shares and 0.05% for Class Y shares of each class' average daily net assets. These administrative fees are used to pay

**12** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

most of the Fund's operating expenses except advisory fees, fees and expenses of the custodian, brokerage fees and commissions, taxes, borrowing costs (such as interest and dividend expense on securities sold short), expenses related to conducting shareholders' meetings and proxy solicitations, and extraordinary or non-recurring expenses.

Pursuant to Rule 12b-1 under the 1940 Act, the Trust had adopted a distribution plan on behalf of the Predecessor Fund's Investor shares (the "Plan"). Under the Plan, Investor shares paid a distribution fee monthly at an annual rate of 0.25% of Investor shares' average daily net assets. Class I and Class Y shares were not subject to any distribution fees. The Trust had entered into a Distribution Agreement on behalf of the Fund with Foreside Financial Services, LLC ("Distributor"). Pursuant to the Distribution Agreement, the Distributor acts as principal underwriter of the Fund's shares.

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

**Trustee Fees** 

The Independent Trustees are compensated for their services to the Fund by DHCM as part of the Administrative Services Agreement. The Independent Trustees were paid $692,000 for the Trust in fees during the year ended December 31, 2025. In addition, DHCM reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.

**Commitments and Contingencies** 

The Fund indemnifies the Trust's Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and provides general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

**Federal Tax Information** 

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

The tax character of distributions paid during the years ended December 31, 2025 and 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, <br> 2025** | **December 31, <br> 2024** |
| Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary income | $386167 | $495007 |
| &nbsp;&nbsp;&nbsp;Long-term capital gains | 1286299 | 1757368 |
| Total distributions | $1672466 | $2252375 |

---

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 13**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

The following information was computed on a tax basis for each item as of December 31, 2025:

---

| | |
|:---|:---|
| Net unrealized appreciation on investments | $3104354 |
| Undistributed ordinary income | 94460 |
| Distributions payable | (95397) |
| &nbsp;&nbsp;&nbsp;Distributable earnings | $3103417 |

---

As of December 31, 2025, the Fund's federal tax cost of investments and net unrealized appreciation (depreciation) on investments were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $58929818 |
| Gross unrealized appreciation | 4090156 |
| Gross unrealized depreciation | (985802) |
| Net unrealized appreciation on investments | $3104354 |

---

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

Reclassifications of capital accounts - Reclassifications result primarily from utilization of earnings and profits on shareholder redemptions and redemptions in-kind. The following reclassifications have no impact to the net assets or NAV per share of the Fund and are designed to present the Fund's capital accounts on a tax basis:

---

| | |
|:---|:---|
| **Paid-In <br> Capital** | **Distributable<br> Earnings** |
| $3654111 | $(3654111) |

---

**Capital Share Transactions** 

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the APs may acquire shares directly from the Fund and tender their shares for redemption directly to the Fund. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the Fund's Statement of Additional Information ("SAI").

A creation transaction, which is subject to acceptance by the Fund's Distributor and the Fund, generally takes place when an AP deposits into the Fund a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Fund in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Fund. However, the Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Fund and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or

**14** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

redemption order is received in an acceptable form under the AP agreement. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statement of Operations.

The Fund charges APs standard creation and redemption transaction fees ("Transaction Fees") to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs).

The Transaction Fees for the Fund are listed in the table below:

---

| | |
|:---|:---|
| **Fee for In-Kind and <br> Cash Purchases and <br> Redemptions** | **Maximum Additional <br> Variable Charge for <br> Cash Purchases \*** |
| $150 In-Kind, $100 Cash | 2.00% |

---

\* As a percentage of the amount invested. 

**In-Kind Redemption Transactions** 

The Predecessor Fund recognized a gain on in-kind redemptions (redemptions in which shareholders who redeemed Predecessor Fund shares received investment securities held by the Predecessor Fund rather than cash) to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains were not taxable to the Predecessor Fund and were not required to be distributed to shareholders. The Predecessor Fund reclassified these amounts against paid-in capital on the Statement of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and income tax reporting requirements, had no effect on the Predecessor Fund's net assets or NAV per share. During the year ended December 31, 2025, the Predecessor Fund realized net capital gains resulting from in-kind redemptions in the amount of $915,533.

**Borrowings** 

The Predecessor Fund had an unsecured line of credit up to 20.0% of its net assets, with a total maximum of $40,000,000.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 15**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

Borrowings under the agreement bear interest at the sum of 0.10% plus the higher of Federal Funds Effective Rate or the Overnight Bank Funding Rate plus 1.25%. The line of credit is available until May 27, 2026, unless extended, when any advances were to be repaid. During the year ended December 31, 2025, no amounts were drawn from the available line by the Predecessor Fund.

In accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Predecessor Fund was able to participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Fund's investment policies and restrictions. A lending fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. During the year ended December 31, 2025, the Predecessor Fund did not participate as lender/borrower in the Interfund Lending Program.

**Reflow Redemption Services** 

The Predecessor Fund participated in the ReFlow Fund, LLC ("ReFlow") liquidity program, which was designed to provide an alternative liquidity source on days when redemptions of the Predecessor Fund shares exceed purchases. Under the program, ReFlow was available to provide cash to the Predecessor Fund to meet all, or a portion, of daily net shareholder redemptions. Following purchases of the Predecessor Fund shares, ReFlow then generally redeemed those shares when the Predecessor Fund experienced net sales, at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow's discretion. For use of the ReFlow service, the Predecessor Fund paid a fee to ReFlow each time it purchased Predecessor Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily "Dutch auction" among other participating mutual funds seeking liquidity that day. The minimum fee rate was 0.14% of the value of the Predecessor Fund shares purchased by ReFlow, although the Predecessor Fund may have submited a bid at a higher fee rate if it determined that doing so was in the best interest of the Predecessor Fund shareholders. In accordance with federal securities laws, ReFlow was prohibited from acquiring more than 3% of the outstanding voting securities of the Predecessor Fund. ReFlow would periodically redeem its entire share position in the Predecessor Fund and request that such redemption be met in kind in accordance with the Predecessor Fund's in-kind redemption policies. There was no assurance that ReFlow would have sufficient funds available to meet the Predecessor Fund's liquidity needs on a particular day. During the year ended December 31, 2025, the fees associated with ReFlow are disclosed in the Statement of Operations within Other fees.

**16** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Notes to Financial Statements (Continued)

December 31, 2025

**Other Matters** 

The value of the Fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries or overall securities markets. When the value of the Fund's investments goes down, 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 the Fund holds, and may adversely affect the Fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the Fund's service providers, disrupt the Fund's operations, result in substantial market volatility, and adversely impact the prices and liquidity of the Fund's investments.

**Subsequent Events** 

The Fund evaluated events from December 31, 2025 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Fund's financial statements except for the following:

On December 10, 2025, Diamond Hill Investment Group, Inc. ("Diamond Hill"), First Eagle Investment Management, LLC ("First Eagle") and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill will be become a wholly owned subsidiary of First Eagle. Diamond Hill is the parent of DHCM. The transaction is expected to be completed by the third quarter of 2026, subject to customary closing conditions, including obtaining necessary Fund and shareholder consents.

The Management Agreement between the Trust, on behalf of the Fund, and DHCM will automatically terminate upon the closing of the transaction. In order for DHCM to continue to provide investment management services to the Fund after the transaction, shareholders are required by the 1940 Act to approve a new investment management agreement with DHCM.

In anticipation of the transaction described above, the Board, including the trustees who are not "interested persons" as that term is defined in the 1940 Act, (i) approved a new investment management agreement with DHCM; (ii) nominated nine individuals for election to serve as trustees on the new Board; and (iii) authorized a special shareholder meeting at which shareholders of the Fund will be asked to approve the new investment management agreement and elect the nominees. If approved by shareholders, the new investment management agreement and Board will be effective upon the closing of the transaction. Three of the current Trustees of the Trust will serve as emeritus trustees after the closing.

The new investment management agreement is identical in all material respects to the current investment management agreement, except for the commencement and renewal dates. The transaction is not expected to result in any change in the portfolio management of the Fund or in the Fund's investment objectives or policies.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 17**<br>

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Diamond Hill Large Cap Concentrated ETF

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Diamond Hill Large Cap Concentrated ETF (the "Fund", formerly Diamond Hill Large Cap Concentrated Fund) as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended 2025, 2024, 2023, 2022, and for the period from February 26, 2021 (commencement of operations) through December 31, 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for the years ended 2025, 2024, 2023, 2022, and for the period from February 26, 2021 (commencement of operations) through December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Diamond Hill Capital Management, Inc. since 2015.

![](fp0096892-1_18.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 13, 2026

**18** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Large Cap Concentrated ETF** Additional Information (Unaudited)

December 31, 2025

**Proxy Voting** 

A description of the policies and procedures that the Adviser uses to determine how to vote proxies and information regarding how the Fund voted proxies for the twelve-month period ended June 30 are available without charge, upon request, by (i) calling 1-888-226-5595; (ii) visiting the Fund's website at https://www.diamond-hill.com/investment-strategies/documents/funds/; or (iii) referring to the SEC's website at www.sec.gov.

**Dividends Received Deduction** 

For corporate shareholders, 100.00% of ordinary dividends paid by the Fund during the year ended December 31, 2025 qualify for the corporate dividends received deduction.

**Qualified Dividend Income** 

The Fund has designated the maximum amount allowable of its taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. This amount was reflected on form 1099-DIV for the calendar year 2025.

**Capital Gain Distribution** 

For the year ended December 31, 2025, the Fund designated $3,213,025 in long-term capital gain distributions.

**Changes in and/or Disagreements with Accountants** 

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures** 

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Trustee Approval of Investment Advisory Agreement** 

*Renewal of Management Agreement for All Funds* 

The Board of Trustees of Diamond Hill Funds (the "Trust") requested and the Adviser provided a broad range of information in connection with its consideration of the continuance of the Amended and Restated Investment Management Agreement ("Management Agreement") between the Trust and Diamond Hill Capital Management, Inc. (the "Adviser"), for each series of the Trust (each separately, a "Fund"). In approving the Management Agreement, the Board considered a variety of factors, including those discussed below. The Board also considered other factors (including conditions and trends prevailing generally in the economy, the securities markets, and the industry) and did not treat any single factor as

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 19**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

determinative, and each Trustee may have attributed different weights to different factors. The Board based its conclusions in part on its consideration of the advisory arrangements in prior years and the Board's ongoing regular review of fund performance and operations throughout the year. The Board reviewed the information at regularly scheduled meetings on July 23, 2025, and August 21, 2025, and by unanimous vote approved continuation of the Management Agreement. In concluding to renew the Management Agreement, the Board discussed the following factors, on a Fund-by-Fund basis:

&nbsp;&nbsp;&nbsp;&nbsp;a) **Nature, Extent and Quality of Services.** In considering the nature, extent, and quality of services provided by the Adviser to the Trust, the Board reviewed information provided by the Adviser relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Adviser's compliance and regulatory history, including its Form ADV. The Board considered the nature, extent and quality of the services provided by the Adviser under the Management Agreement, including a review of the services provided thereunder and the Adviser's overall reputation, integrity, and mission to serve its clients through a disciplined intrinsic-value-based approach to investment. The Board considered the Adviser's experience and the capabilities and qualifications of its personnel, and the Adviser's continued investment of significant resources in human capital to attract and retain top talent. The Board also reviewed the Adviser's succession plan for key investment and management staff. In addition, the Board reviewed information related to the compensation structure for portfolio managers and other key investment personnel. Finally, the Board noted that the Adviser provides administrative services to the Trust under an Amended and Restated Administrative, Fund Accounting and Transfer Agency Services Agreement ("Administration Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;b) **Investment Performance of the Funds.** In evaluating the performance of each Fund, the Board receives and reviews detailed performance information for each Fund at its regularly scheduled meetings. In connection with the consideration of the Management Agreement, the Board reviewed each Fund's absolute performance, performance relative to its passive benchmark, performance relative to a custom peer group, and performance relative to the Fund's Morningstar category, each as of May 31 and June 30, 2025. The Board concluded that the performance of each Fund is being monitored and reasonably addressed, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c) **Reasonableness of Investment Advisory Fees.** The Board noted that the contractual fee rate for each Fund under the Management Agreement generally was in line with or below the median rates of the applicable Fund's peer group.

&nbsp;&nbsp;&nbsp;&nbsp;d) **Reasonableness of Total Expenses.** The Board noted that with the exception of Investor Class shares of three Funds, Class I shares of two Funds and Class Y shares of two Funds, the total expenses for Investor Class, Class I and Class Y shares of all Funds were at or below the average total expenses of comparable funds within each Fund's applicable expense universe.

&nbsp;&nbsp;&nbsp;&nbsp;e) **Reasonableness of Investment Advisory Fees as Compared to Fees Charged to Other Clients.** The Board reviewed the fees paid by each of the Adviser's other clients, as well as a summary of the differences in services provided and how these differences

**20** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

affect fees, including the difference between serving as an adviser versus a sub-adviser. With limited exceptions, the Board observed that the investment advisory fees charged by the Adviser to the Funds were comparable to the investment advisory fees the Adviser charges its other similarly managed accounts (i.e., separately managed accounts).

&nbsp;&nbsp;&nbsp;&nbsp;f) **Profitability.** The Board considered each Fund's profitability to the Adviser and the Adviser's methodology for calculating its profitability. The Board observed that the Adviser's pre-tax profit margin under the Management Agreement represented a fair and entrepreneurial profit for managing the Funds. The Board discussed that the Adviser is also the administrator to the Funds and the Board reviewed a separate profitability analysis relating to the administrative services provided to the Funds. The Board noted that the profit margin under the Administration Agreement represented a fair and entrepreneurial profit for serving as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) **Economies of Scale.** The Board reviewed the potential extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. While many advisory firms reduce fees as assets under management increase with predetermined break points, the Adviser has adopted a different strategy. Rather than instituting break points, the Adviser has targeted its advisory fees to correspond to its mission to add value, meaning that rather than charging a lower fee on assets above a certain level, the Adviser prefers to close a strategy to new investors so that it can efficiently manage the Fund's assets and attempt to fulfill its responsibility to add value to existing investors.

&nbsp;&nbsp;&nbsp;&nbsp;h) **Ancillary Benefits.** The Board considered ancillary benefits received by the Adviser as a result of its relationship with the Funds. The Board noted that, as administrator to the Funds, the Adviser is expected to earn fees from the Funds for providing administrative services. The fees were shown separately in the profitability analysis presented to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;i) **Large Cap Concentrated ETF.** The Board reviewed a memorandum outlining the proposed fees for the Large Cap Concentrated ETF, a series of the Trust. The Adviser noted the proposed Fund fees and expenses are in line with the peer group average and median management fee. In light of and in reliance on the materials discussed above for the other funds in the Trust, the Board determined that the Management Agreement was fair and reasonable, that the fee received by the Adviser for managing the Large Cap Concentrated ETF was reasonable in light of the services provided to the fund and the benefits received by the Adviser.

In their deliberations, there was a comprehensive consideration of each of the factors above in connection with each Fund, and the Trustees, all of whom qualify as Independent Trustees under the 1940 Act, concluded the compensation to be received by the Adviser from each Fund was fair and reasonable and the continuance of the Management Agreement for all of the Funds was in the best interests of each Fund and its shareholders.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 21**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

*Approval of a New Investment Management Agreement* 

At meetings held on July 23, 2025 and August 21, 2025, the Board unanimously renewed the current Management Agreement. The Adviser is a wholly-owned subsidiary of Diamond Hill Investment Group, Inc. ("Diamond Hill Group"). Diamond Hill Group, First Eagle Investment Management, LLC ("First Eagle") and Soar Christopher Holdings, Inc., a wholly-owned subsidiary of First Eagle ("Merger Sub"), have entered into an agreement and plan of merger pursuant to which Merger Sub will merge with and into Diamond Hill Group with Diamond Hill Group surviving as a wholly-owned subsidiary of First Eagle (the "Transaction"). The current Management Agreement will automatically terminate as a result of a change in the ownership of the Adviser.

In anticipation of the Transaction, the Board met with First Eagle on January 5, 2026. Among various topics, the Board discussed Diamond Hill's view that continuation of Adviser's services without interruption under the new Management Agreement was desirable and appropriate and in the best interests of the Funds and their shareholders. The Board met with representatives from Diamond Hill and legal counsel on January 14, 2026. At that meeting the Board voted unanimously to approve the new Management Agreement, to become effective upon the closing of the Transaction, and determined to recommend approval of the new Management Agreement to shareholders of each Fund. The terms of the new Management Agreement are identical in all material respects to the terms of the current Management Agreement, except for the dates of commencement and renewal. The Adviser will continue to serve the Funds with no change in the portfolio managers, each Fund's investment objectives and policies, the services provided to the Funds, or the fees charged for the services.

The Board's determination to approve the new Management Agreement followed its consideration of various factors and review of written materials provided by Diamond Hill and First Eagle, including information relating to the Transaction. The Board also reviewed information that it had received in connection with the renewal of the current Management Agreement on August 21, 2025. That information included comprehensive fee, expense and performance information, including information comparing each Fund's expenses and performance to peer funds and benchmarks. In concluding to approve the new Management Agreement, the Board discussed the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;a) **Nature, Extent and Quality of Services.** In considering the nature, extent, and quality of services provided by the Adviser to the Trust, the Board reviewed information provided by the Adviser relating to its operations and personnel, descriptions of its organizational and management structure, and information regarding the Adviser's compliance and regulatory history, including its Form ADV. The Board reviewed similar information provided by First Eagle. The Board considered the nature, extent and quality of the services provided by the Adviser under the current Management Agreement, including a review of the services provided thereunder and the Adviser's overall reputation, integrity, and mission to serve its clients through a disciplined intrinsic-value-based approach to investment. The Board observed continuity in Diamond Hill's investment personnel. The Board noted that there was expected to be no changes to the nature, extent and quality of services provided by the Adviser under the new Management Agreement. The Board considered the Adviser's experience and the capabilities and qualifications

**22** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

of its personnel, and the Adviser's continued investment of significant resources in human capital to attract and retain top talent. The Board also noted the non-investment resources, infrastructure and personnel that would be available to the Funds after the Transaction, including additional personnel in operations, finance, risk management, fund administration, shareholder servicing, legal, compliance, technology, and cybersecurity functions. The Board considered any changes under the new Management Agreement, noting no change in the investment teams managing the Funds. The Board also reviewed the Adviser's succession plan for key investment and management staff. In addition, the Board reviewed information related to the compensation structure for portfolio managers and other key investment personnel, noting any changes anticipated after the closing of the Transaction. Finally, the Board noted that the Adviser would continue to provide administrative services to the Funds under the Administration Agreement, although the Board did note the possibility of future changes to the Adviser's services as the administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;b) **Investment Performance of the Funds.** In evaluating the performance of each Fund, the Board receives and reviews detailed performance information for each Fund at its regularly scheduled meetings. In connection with the consideration of the new Management Agreement, the Board reviewed each Fund's absolute performance, performance relative to its passive benchmark, performance relative to a custom peer group, and performance relative to the Fund's Morningstar category, each as of May 31, 2025, June 30, 2025 and November 30, 2025. The Board noted that the Diamond Hill Securitized Total Return Fund was launched on July 1, 2025 and, therefore, does not have performance information as of May 31, 2025 or June 30, 2025. The Board also considered performance of the Funds compared to the performance of similar funds and accounts managed by the Adviser. The Board noted the differences in the returns for the Small Cap collective investment trust as compared to the Diamond Hill Small Cap Fund and questioned management about the outflows from the Large Cap, SMID and Mid Cap strategies. Finally, the Board engaged in a detailed discussion with the Adviser about the reason for the underperformance of the Diamond Hill Large Cap Fund. The Board concluded that the performance of each Fund is being monitored and reasonably addressed, where appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;c) **Reasonableness of Investment Advisory Fees.** The Board noted no changes to the contractual fee rates for each Fund under the New Management Agreement. The Board reviewed the fees to be paid to the Adviser under the new Management Agreement and compared them to each Fund's peer group. They noted that, except for three of the Funds, the management fees were generally in line with or below the median rates of each Fund's applicable peer group and either at or below their peer group median fees as of November 30, 2025. The Board also noted that all but three Funds were below the average advisory fees of their respective peer group as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;d) **Reasonableness of Total Expenses.** The Board reviewed the total expenses for each share class of each Fund, noting that there were no anticipated changes under the new Management Agreement. The Board noted that with the exception of Investor Class shares of three Funds, Class I shares of two Funds and Class Y shares of two Funds,

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 23**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

the total expenses for Investor Class, Class I and Class Y shares of all Funds were at or below the average total expenses of comparable funds within each Fund's applicable expense universe.

&nbsp;&nbsp;&nbsp;&nbsp;e) **Reasonableness of Investment Advisory Fees as Compared to Fees Charged to Other Clients.** The Board reviewed the fees paid by each of the Adviser's other clients previously provided at the July and August 2025 meetings, as well as a summary of the differences in services provided and how these differences affect fees, including the difference between serving as an adviser versus a sub-adviser. With limited exceptions, the Board observed that the investment management fees charged by the Adviser to the Funds were comparable to the investment management fees the Adviser charges its other similarly managed accounts (i.e., separately managed accounts).

&nbsp;&nbsp;&nbsp;&nbsp;f) **Profitability.** The Board considered each Fund's profitability to the Adviser and the Adviser's methodology for calculating its profitability. The Board observed that the Adviser's pre-tax profit margin under the current Management Agreement and anticipated profitability under the new Management Agreement represented a fair and entrepreneurial profit for managing the Funds. The Board observed that while the Funds' average assets increased by approximately 8% in 2025 compared to 2024, the revenue increased only 2%, as much of the growth was in fixed income funds, which have lower fee rates. The Board discussed that the Adviser would continue to be the administrator to the Funds and the Board reviewed a separate profitability analysis at the November 20, 2025 meeting relating to the administrative services provided to the Funds. The Board noted that the profit margin under the Administration Agreements represented a fair and entrepreneurial profit for serving as administrator to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;g) **Economies of Scale.** The Board reviewed the potential extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund shareholders. While many advisory firms reduce fees as assets under management increase with predetermined break points, the Board noted that the Adviser has adopted a different strategy. Rather than instituting break points, the Adviser targets its management fees to correspond to its mission to add value, meaning that rather than charging a lower fee on assets above a certain level, the Adviser prefers to close a strategy to new investors so that it can efficiently manage each Fund's assets and attempt to fulfill its responsibility to add value to existing investors. Additionally, the Board noted First Eagle's investment in a sales and service infrastructure that has the potential to more widely distribute the Funds, which could result in economies of scale. The Board considered the impact of the Transaction, noting that it expected to result in potential operational economies of scale because of the long-term efforts to integrate the operations and systems of the Adviser and First Eagle toward a single operational platform for the benefit of the Funds and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;h) **Ancillary Benefits.** The Board considered ancillary benefits received by the Adviser as a result of its relationship with the Funds. The Board noted that, as administrator to the Funds, the Adviser is expected to earn fees from the Funds for providing administrative services. The fees were shown separately in the profitability analysis presented to the Board. The Board also noted that the Funds' support structure and compliance program has helped the Adviser develop and launch other investment products, including

**24** **Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM**<br>

**Diamond Hill Funds** Additional Information (Unaudited)

December 31, 2025 (Continued)

a collective investment trust and a closed-end fund, and to provide model delivery services in the same strategies as the Funds. The Board considered the anticipated ancillary benefits as a result of the Transaction, which include (i) continuity of portfolio management and operating efficiencies due to the greater scale of the resulting combined organization that may be achieved following the Transaction; (ii) increased distribution capabilities, including a significant network of intermediary relationships, which may provide additional opportunities for the Funds to grow assets and lower fees and expenses through increased economies of scale; (iii) the speed with which First Eagle can get new products and strategies to scale, which reduces the expenses associated with those products and strategies, and (iv) increased opportunities for asset growth due to the increased number of funds in the Fund Complex and economies of scale through the potential to negotiate lower fee rates from service providers and to determine fees based on the assets of a larger fund complex.

In their deliberations, there was a comprehensive consideration of each of the factors above in connection with each Fund, and the Board, all of whom qualify as Independent Trustees under the 1940 Act, concluded the compensation to be received by the Adviser from each Fund was fair and reasonable and the approval of the new Management Agreement for all Funds was in the best interests of each Fund and its shareholders.

In reaching its conclusions, with respect to each Fund, the Board did not identify any single controlling factor. Rather, the Board noted that a combination of factors influenced its decision-making process. Based upon its review of the factors discussed above and any other factors deemed relevant, the Board, including a majority of the Independent Trustees, determined that the new Management Agreement was fair and reasonable, that the Adviser's management fees are reasonable in light of the services provided to the Funds and the benefits received by the Adviser, and that approval of the new Management Agreement would be in the best interests of the Funds.

**Diamond Hill Large Cap Concentrated ETF** **\| FINANCIAL STATEMENTS \| DECEMBER 31, 2025 \| DIAMOND-HILL.COM 25**<br>

![](fp0096892-1_26.jpg)

INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, INC.

DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)

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

DHETF-123125

(b) Included with (a)

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

Not applicable

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

Not applicable

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

Included under Item 7

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

Included under Item 7

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

Not applicable

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

Not applicable

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

Not applicable

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

Not applicable

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

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

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

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

(a) Not applicable

(b) Not applicable

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

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

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: [Attached hereto](fp0096892-3_ex99code.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](fp0096892-3_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](fp0096892-3_ex99906cert.htm)

[Exhibit 99.CODE ETH](fp0096892-3_ex99code.htm) [Code of Ethics](fp0096892-3_ex99code.htm)

[Exhibit 99.CERT](fp0096892-3_ex99cert.htm) [Certifications required by Rule 30a-2(a) under the Act](fp0096892-3_ex99cert.htm)

[Exhibit 99.906CERT](fp0096892-3_ex99906cert.htm) [Certifications required by Rule 30a-2(b) under the Act](fp0096892-3_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Registrant | Diamond Hill Funds |
| By (Signature and Title) | /s/ Thomas E. Line |
|  | Thomas E. Line, Principal Executive Officer |
| Date: | February 20, 2026 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Thomas E. Line |
|  | Thomas E. Line, Principal Executive Officer |
| Date: | February 20, 2026 |
| By (Signature and Title) | /s/ Julie A. Roach |
|  | Julie A. Roach, Principal Financial Officer |
| Date: | February 20, 2026 |

---

## Ex-99.Code

**DIAMOND HILL FUNDS**

**CODE OF ETHICS**

**FOR**

**PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS**

**I. Introduction**

The Board of Trustees of Diamond Hill Funds (the "Funds") has adopted this code of ethics (the "Code"), applicable to the Trusts' Principal Executive Officers and Principal Financial Officers (the "Covered Officers") each of whom is listed on Exhibit A, to deter wrongdoing and to promote:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Funds;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

**II. Covered Officers Should Act Honestly and Candidly**

Each Covered Officer owes a duty to the Funds to act with integrity. Integrity requires, among other things, being honest and candid. Deceit and subordination of principle are inconsistent with integrity.

Each Covered Officer must:

● act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

● observe both the form and spirit of laws and governmental rules and regulations, accounting standards and the Funds' policies;

● adhere to a high standard of business ethics; and

● place the interests of the Trust before the Covered Officer's own personal interests.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards.

**III. Covered Officers Should Handle Actual and Apparent Conflicts of Interest Ethically**

**Guiding Principles.** A "conflict of interest" occurs when an individual's private interest interferes with the interests of, or his/her service to, the Funds. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform the Funds' work objectively and effectively. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Funds. In addition, Covered Officers should be sensitive to situations that create apparent, not actual, conflicts of interest. Service to the Funds should never be subordinated to personal gain and advantage.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. Therefore, the existing statutory and regulatory prohibitions on individual behavior will be deemed to be incorporated into this Code and therefore any violation of such prohibitions will also be deemed a violation of the Code. Covered Officers must in all cases comply with applicable statutes and regulations.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and Diamond Hill Capital Management, Inc., the Funds' investment advisor (the "Adviser"), of which the Covered Officers are also officers or employees. As a result, this Code and the Boards of Trustees of the Funds (the "Boards") recognize that, subject to the Adviser's fiduciary duties to the Funds, the Covered Officers will in the normal course of their duties (whether formally for the Funds or for the Adviser, or for both) be involved in establishing policies and implementing decisions which will have different effects on the Adviser and the Funds. The Boards recognize that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser and is consistent with the expectation of the Boards of the performance by the Covered Officers of their duties as officers of the Funds. Thus, if such participation is performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled in compliance with the Code. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of one or more other investment companies covered by other Code of Ethics.

Each Covered Officer must:

● avoid conflicts of interest wherever possible;

● handle any actual or apparent conflict of interest ethically;

● not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

● not cause the Funds to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Funds;

● not use knowledge of portfolio transactions made or contemplated for the Funds to profit or cause others to profit, by the market effect of such transactions;

● as described in more detail below, discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the Funds' Audit Committee Chairman ("Audit Committee Chair") prior to engaging in such transaction or relationship; and

● report at least annually any affiliations or other relationships related to conflicts of interest that the Funds' Directors and Officers Questionnaire covers.

Conflict of interest situations that should always be discussed with the Audit Committee Chair, if material, include the following;

● any outside business activity;

● service as a director on the board of any public or private company;

● the receipt of any gifts in excess of $100;

● the receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

● being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member;

● any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Adviser;

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**IV. Disclosure**

Each Covered Officer is required to be familiar, and comply, with the Funds' disclosure controls and procedures so that the reports and documents filed by the Funds with the SEC comply in all material respects with the applicable federal securities laws and SEC rules. In addition, each Covered Officer having direct or supervisory authority regarding these SEC filings or the Funds' other public communications should, to the extent appropriate within his or her area of responsibility, consult with other Fund officers and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

● familiarize himself or herself with the disclosure requirements applicable to the Trust as well as the business and financial operations of the Funds; and

● not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Funds' internal auditors, independent trustees, and independent auditors, and to governmental regulators and self-regulatory organizations.

**V. Compliance** 

It is the Funds' policy to comply with all applicable laws and governmental rules and regulations. It is the personal responsibility of each Covered Officer to adhere to the standards and restrictions imposed by those laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters.

**VI. Reporting and Accountability**

Each Covered Officer must:

● upon receipt of the Code, sign and submit to the Funds an acknowledgement stating that he or she has received, read, and understands the Code;

● annually thereafter submit a form to the Funds confirming that he or she has received, read and understands the Code and has complied with the requirements of the Code;

● not retaliate against any employee or Covered Officer for reports of potential violations that are made in good faith; and

● notify the Audit Committee Chair or the Audit Committee promptly if he or she becomes aware of any existing or potential violation of this Code. Failure to do so is itself a violation of this Code.

Except as described otherwise below, the Audit Committee Chair is responsible for applying this Code to specific situations in which questions are presented to him or her and has the authority to interpret this Code in any particular situation. The Audit Committee Chair shall take all action he or she considers appropriate to investigate any actual or potential violations reported to him or her. The Audit Committee Chair is authorized to consult, as appropriate, with the Audit Committee (the "Committee"), the Independent Trustees of the Funds, the Boards and counsel to the Funds and is encouraged to do so.

The Committee is responsible for granting waivers and determining sanctions, as appropriate. In addition, approvals, interpretations, or waivers sought by the Covered Officers will be considered by the Committee. The Trust will follow these procedures in investigating and enforcing this Code, and in reporting on the Code:

● the Audit Committee Chair will take all appropriate action to investigate any violations reported to him or her;

● if, after such investigation the Audit Committee believes that no violation has occurred, the Audit Committee Chair is not required to take any further action;

● any matters that the Audit Committee Chair believes to be violations or potential violations will be reported to the Committee after such investigation;

● if the Committee determines that a violation has occurred, it will inform the Board, which will take all appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures, or appropriate disciplinary or preventive action;

● appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities;

● the Audit Committee shall take all appropriate action to investigate and address any potential Code violations reported to it directly, consistent with its duties under the Audit Committee charter;

● the Board will be responsible for granting waivers, as appropriate, to the extent such matters are referred to it by the Committee; and

● any changes to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR as provided by SEC rules.

**VII. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Adviser, any sub-adviser, principal underwriter or other service providers of the Funds govern or purport to govern the behavior or activities of the Covered Officers, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and the Adviser's codes of ethics under Rule 17j-1 of the Investment Company Act and Rule 204A-1 under the Investment Advisors Act, respectively, are separate requirements applying to Covered Officers and others, and are not part of this Code.

**VIII. Amendments**

Except for amendments to Exhibit A, this Code may not be amended except in written form, which is specifically approved by a majority vote of the Boards, including a majority of Independent Trustees.

**IX. Confidentiality**

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the members of the Boards and its counsel, the Adviser and any relevant service providers of the Funds.

**X. Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

Adopted: August 21, 2003

Amended: November 20, 2008, May 19, 2010, and August 21, 2014

## Ex-99.Cert

Exhibit 99.CERT

CERTIFICATIONS

I, Thomas E. Line, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ Thomas E. Line |
|  | Thomas E. Line |
|  | Principal Executive Officer |

---

CERTIFICATIONS

I, Julie A. Roach, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: February 20, 2026 | /s/ Julie A. Roach |
|  | Julie A. Roach |
|  | Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

CERTIFICATION

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2025 of the Diamond Hill Funds (the "Registrant").

Thomas E Line, Principal Executive Officer, and Julie A. Roach, Principal Financial Officer, of the Diamond Hill Funds (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

---

| | |
|:---|:---|
| Principal Executive Officer<br> Diamond Hill Funds | Principal Financial Officer<br> Diamond Hill Funds |
| /s/ Thomas E. Line | /s/ Julie A. Roach |
| Thomas E. Line<br> Date: February 20, 2026 | Julie A. Roach<br> Date: February 20, 2026 |

---

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