# EDGAR Filing Document

**Accession Number:** 0001032423
**File Stem:** 0001628280-25-042125
**Filing Date:** 2025-9
**Character Count:** 585667
**Document Hash:** 922e17e93fdf3d99d0160f4409975cd7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-042125.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0001628280-25-042125

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 49

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**EFFECTIVENESS DATE**: 20250926

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08061
- **FILM NUMBER:** 251326370

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BSG FUNDS
- **DATE OF NAME CHANGE:** 19970206
**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-22075
- **FILM NUMBER:** 251326369

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BSG FUNDS
- **DATE OF NAME CHANGE:** 19970206

## Series and Classes Contracts Data

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

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

?xml version='1.0' encoding='ASCII'? ck0001032423-20250919

**As filed with the Securities and Exchange Commission on September 19, 2025**

**File Nos. 333-22075 and 811-08061**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE SECURITIES ACT OF 1933*** | ⌧ |
| **Pre-Effective Amendment No.** | ◻ |
| **Post-Effective Amendment No. 93** | ⌧ |

---

**and/or**

**REGISTRATION STATEMENT**

***UNDER***

---

| | |
|:---|:---|
| ***THE INVESTMENT COMPANY ACT OF 1940*** | ⌧ |
| **Amendment No. 96** | ⌧ |
| **(Check appropriate box or boxes.)** | |

---

**Diamond Hill Funds**

**(Exact Name of Registrant as Specified in Charter)** 

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

**(Address of Principal Executive Offices) (Zip Code)**

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

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

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

**(Name and Address of Agent for Service)** 

***With copy to:***

**Michael V. Wible, Esq.**

**Thompson Hine LLP**

**41 South High Street, Suite 1700**

**Columbus, Ohio 43215-6101** 

**(614) 469-3200** 

------

Approximate Date of Proposed Public Offering:

It is proposed that this filing will become effective:

---

| | |
|:---|:---|
| ◻ | immediately upon filing pursuant to paragraph (b) |
| ☒ | on September 26, 2025 pursuant to paragraph (b) |
| ◻ | 60 days after filing pursuant to paragraph (a) (1) |
| ◻ | on (date) pursuant to paragraph (a) (1) |
| ◻ | 75 days after filing pursuant to paragraph (a) (2) |
| ◻ | on (date) pursuant to paragraph (a) (2) of Rule 485. |

---

If appropriate, check the following box:

☐ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

------

![LCC-ETF-Prospectus (002).jpg](ck0001032423-20250919_g1.jpg)

---

| | |
|:---|:---|
| **September 26, 2025**<br>&nbsp;&nbsp;&nbsp;&nbsp;**Diamond Hill Large Cap Concentrated ETF**  |<br>**DHLX** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Shares of the fund are listed and traded on the NYSE Arca, Inc. (the "Exchange")** | |
| The Securities and Exchange Commission has not approved or disapproved these shares or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. | The Securities and Exchange Commission has not approved or disapproved these shares or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense. |

---

![DH New Brand Logo-28-min.jpg](ck0001032423-20250919_g2.jpg)

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Table of Contents** | |
| &nbsp;&nbsp;**Fund Summary** | |
| &nbsp;&nbsp;Diamond Hill Large Cap Concentrated ETF (DHLX) | <u>[1](#i96152e39115f4348b0ba22b01e1e1966_10)</u> |
| &nbsp;&nbsp;**Fund Details** |  |
| &nbsp;&nbsp;Additional Information About Investment Strategies and Related Risks | <u>[5](#i96152e39115f4348b0ba22b01e1e1966_19)</u> |
| &nbsp;&nbsp;Investment Risks | <u>[5](#i96152e39115f4348b0ba22b01e1e1966_19)</u> |
| &nbsp;&nbsp;Portfolio Holdings Disclosure | <u>[6](#i96152e39115f4348b0ba22b01e1e1966_25)</u> |
| &nbsp;&nbsp;Management of the Fund | <u>[6](#i96152e39115f4348b0ba22b01e1e1966_28)</u> |
| &nbsp;&nbsp;**Your Account** |  |
| &nbsp;&nbsp;Pricing Your Shares | <u>[7](#i96152e39115f4348b0ba22b01e1e1966_34)</u> |
| &nbsp;&nbsp;How to Buy and Sell Shares | <u>[7](#i96152e39115f4348b0ba22b01e1e1966_37)</u> |
| &nbsp;&nbsp;Market Timing and Frequent Trading Policy | <u>[8](#i96152e39115f4348b0ba22b01e1e1966_40)</u> |
| &nbsp;&nbsp;Distribution and Taxes | <u>[8](#i96152e39115f4348b0ba22b01e1e1966_43)</u> |
| &nbsp;&nbsp;Householding | <u>[9](#i96152e39115f4348b0ba22b01e1e1966_46)</u> |
| &nbsp;&nbsp;**Financial Highlights** | <u>[10](#i96152e39115f4348b0ba22b01e1e1966_49)</u> |

---

**For more information, see back cover.**

![DH New Brand Logo-28-min.jpg](ck0001032423-20250919_g2.jpg)

------

![DH-Statutory-Prospectus-LCC-ETF (002).jpg](ck0001032423-20250919_g3.jpg)

**Ticker: DHLX&nbsp;&nbsp;&nbsp;&nbsp; Stock Exchange: NYSE Arca, Inc.**

**Investment Objective**

The investment objective of the Diamond Hill Large Cap Concentrated ETF (formerly known as the Diamond Hill Large Cap Concentrated Fund) is to provide long-term capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

---

| |
|:---|
| **SHAREHOLDER FEES (fees paid directly from your investment)** |
| **None** |

---

---

| | |
|:---|:---|
| **ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment) | **ANNUAL FUND OPERATING EXPENSES** (expenses that you pay each year as a percentage of the value of your investment) |
| **Management fees** | 0.50% |
| **Other expenses**<sup>1</sup> | 0.05% |
| **Total annual fund operating expenses** | **0.55%** |

---

<sup>1</sup>Other Expenses are based on estimated amounts for the current fiscal year.

**EXPENSE EXAMPLE**<br>

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

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $56 | $176 | $307 | $689 |

---

**PORTFOLIO TURNOVER**<br>

The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund's performance. The fund has adopted the portfolio turnover rate of the Diamond Hill Large Cap Concentrated Fund (the "Predecessor Fund"), a mutual fund with substantially similar investment objectives, policies, and restrictions, following the reorganization of the Predecessor Fund into the fund on September 26, 2025 (the "Reorganization"). The portfolio

turnover rate for the Predecessor Fund for the fiscal year ended December 31, 2024, was 40% of the average value of its portfolio. More information about the Predecessor Fund can be found in the Performance section.

**Principal Investment Strategy**

The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that Diamond Hill Capital Management, Inc. (the "Adviser") believes are undervalued. Equity securities consist of common and preferred stocks. Large cap companies are defined as companies with market capitalizations of $15 billion or greater at the time of purchase. The fund is non-diversified and intends to concentrate its investments in approximately 20-30 securities.

The Adviser focuses on estimating a company's value independent of its current stock price. To estimate a company's value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on "bottom-up" analysis, which takes into consideration earnings, revenue growth, operating margins, and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser's estimate of a company's value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.

Once a stock is selected, the Adviser continues to monitor the company's strategies, financial performance, and competitive environment. The Adviser may sell a security as it reaches the Adviser's estimate of the company's value if it believes that the company's earnings, revenue growth, operating margin, or other economic factors are deteriorating, or if it identifies a stock that it believes offers a better investment opportunity.

**Main Risks**

All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.

**Authorized Participant Risk.** Only an authorized participant ("Authorized Participant") that has entered into a contractual arrangement with the fund's distributor may engage in creation or redemption transactions directly with the fund. To the extent

**DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM 1**<br>

------

---

| | |
|:---|:---|
| **Diamond Hill Large Cap Concentrated ETF Summary** | As of September 26, 2025 |

---

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

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

**ETF Structure Risk.** The fund is an ETF, and, as a result of its structure, is exposed to the following risks:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• *Secondary Market Trading Risk.* Although shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. Investors buying or selling shares in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the fund.

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

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

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

**Market Risk.** The value of 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.

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

**Performance**

The fund is the successor to the Predecessor Fund. Prior to the Reorganization, the fund had not yet commenced operations. The performance provided in the bar chart and table is that of the Predecessor Fund's Class Y shares. The bar chart and performance table below show the variability of the Predecessor Fund's returns, which is some indication of the risks of investing in the fund by comparing the fund's investment returns with a broad-based securities index and two supplemental indexes. The bar chart shows performance of the Predecessor Fund's Class Y shares for each calendar year since the Predecessor Fund's inception. Had the Predecessor Fund been structured as an ETF, its performance may have differed. Of course, the Predecessor Fund's past performance is not necessarily an indication of the fund's future performance. *Updated performance information for the fund will be available at no cost by visiting www.diamond-hill.com or by calling 1-888-226-5595.*

**2 DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM**<br>

------

---

| | |
|:---|:---|
| **Diamond Hill Large Cap Concentrated ETF Summary** | As of September 26, 2025 |

---

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

![11393](ck0001032423-20250919_g4.jpg)

---

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

---

**AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/24**

The following table shows the average total returns on an investment in Class Y shares of the Predecessor Fund compared to the market indices for the one-year and since inception periods ended December 31, 2024. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities.

---

| | | | |
|:---|:---|:---|:---|
| | **Inception<br>Date of Class** | **One Year** | **Since Inception** |
| **Class Y** Before Taxes | 2/26/21 | 14.34% | 9.51% |
| &nbsp;&nbsp;&nbsp;After Taxes on Distributions |  | 12.57 | 8.77 |
| &nbsp;&nbsp;&nbsp;After Taxes on Distributions and Sale of Fund Shares |  | 9.79 | 7.40 |
| Russell 3000 Index |  | 23.81 | 11.96 |
| Russell 1000 Value Index |  | 14.37 | 9.26 |
| Russell 1000 Index |  | 24.51 | 12.65 |

---

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

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

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

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

Of course, the fund's past performance is not necessarily an indication of its future performance. *Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.* 

**Portfolio Management**

**Investment Adviser**

Diamond Hill Capital Management, Inc.

**Portfolio Manager**

Austin Hawley

Portfolio Manager

since 09/2025 for the fund and since 02/2021 for the Predecessor Fund

**Buying and Selling Fund Shares**

Shares are listed on the Exchange and individual shares may be bought and sold only in the secondary market through brokers at market prices, rather than at NAV. Because shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount).

The fund issues and redeems shares at NAV only in large blocks known as "Creation Units," which only Authorized Participants (typically, broker-dealers) may purchase or redeem. The fund generally issues and redeems Creation Units in exchange for a portfolio of securities and/or a designated amount of U.S. cash.

Investors may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Because the fund has not yet commenced investment operations as an ETF, no information on the fund's NAV, market price, premiums and discounts, or bid-asks spreads is presented at this time. In the future, this information will be presented in this section of the prospectus and on the fund's website at www.diamond-hill.com.

**Dividends, Capital Gains and Taxes**

The fund's distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the Adviser and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary's web site for more information.

**DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM 3**<br>

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**Fund Details**

**Additional Information About Investment Strategies and Related Risks**

**Securities Lending**

To generate additional income, the fund may lend its portfolio securities to financial institutions, meaning that a significant portion of the fund could be on loan at any given time. Cash collateral from borrowers is invested in a registered investment company managed by State Street Global Advisors (the "State Street Fund") that was established solely to hold securities lending collateral. The Diamond Hill Funds are the only investors in the State Street Fund and own all its shares. While this practice will not impact the fund's principal investment strategy, it does subject the fund to the securities lending risk described in the Investment Risks section below. Any expenses associated with securities lending are not reflected in the fee table for the fund.

**Equity Securities**

The fund will invest primarily in equity securities. Although not a principal strategy, the fund's investment in equity securities may also include, in addition to common and preferred stock, rights and warrants, and American Depositary Receipts.

**Investment Strategy**

The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the Board upon sixty (60) days' prior notice to shareholders.

**Investment Risks**

The main risks associated with investing in the fund are described below and in the Fund Summary at the front of this prospectus. All of the risks listed below are significant to the fund, regardless of the order in which they appear.

**Main Risks**

**Authorized Participant Risk.** Only an Authorized Participant that has entered into a contractual arrangement with the fund's distributor may engage in creation or redemption transactions directly with the fund. The fund's distributor has entered into contracts with only a limited number of institutions that may act as Authorized Participants on an agency basis (*i.e.,* on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for ETFs that invest in non-U.S. securities or other securities or instruments that have lower trading volumes.

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

**ETF Structure Risk.** The fund is an ETF, and, as a result of its structure, is exposed to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Concentration of Primary Market Participants.* The fund may have a limited number of financial institutions that may act as Authorized Participants. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) Authorized Participants exit the business or otherwise become unable to process creation and/or redemption orders and no other Authorized Participants step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Shares May Trade at Prices Other Than NAV.* As with all ETFs, shares may be bought and sold in the secondary market at market prices. As a result, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Secondary Market Trading Risk.* Although shares are listed for trading on the Exchange and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the fund's underlying portfolio holdings, which can be significantly less liquid than shares, and this could lead to differences between the market price of the shares and the underlying value of those shares.

Investors buying or selling shares in the secondary market may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market, which is often referred to as the bid-ask spread. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the fund. The bid-ask spread, which varies over time, is generally narrower if the fund has more trading volume and market liquidity and wider if the fund has less trading volume and market liquidity. Trading in fund shares may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to

**4 DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM**<br>

------

**Fund Details**

Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the fund will continue to be met or will remain unchanged or that the shares will trade with any volume, or at all.

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

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

**Management Risk.** The Adviser's judgments about the attractiveness, value, and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual investments will perform as anticipated.

**Market Risk.** The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund's investments goes down, 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 may result in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings, and investor sentiment, adversely impacting the prices and liquidity of the fund's investments.

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

**Additional Risks**

**General Risks.** All ETFs carry a certain amount of risk. You may lose money on your investment in the fund. The fund is subject to management risk because it is an actively managed fund. The fund may not achieve its objective if the Adviser's expectations regarding particular securities or markets are not met.

**Cybersecurity Risk.** The computer systems, networks, and devices used by the fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the fund

and its service providers, systems, networks, or devices potentially can be breached due to both intentional and unintentional events. The fund and its shareholders could be negatively impacted as a result of a cybersecurity breach. Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the fund invests; counterparties with which the fund engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the fund's shareholders); and other parties.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the fund's business operations, potentially resulting in financial losses; may negatively impact the financial condition of an issuer, counterparty or other market participant; interference with the fund's ability to calculate its NAV; impediments to trading; the inability of the fund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future. Neither the fund or the Adviser control the cybersecurity systems of issuers or third-party service providers.

**Investment Company and ETF Risk.** The fund may invest in shares of other investment companies or ETFs. Shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which the fund invests in addition to the fund's direct fees and expenses. The fund also will incur brokerage costs when it purchases ETFs and closed-end funds. In addition, the fund will be subject to the risks associated with the investment company or ETF's investments. With respect to ETFs that track an index, the price movement of the ETF's shares may not track the underlying index and may result in a loss. The closed-end investment company or ETF may trade at a price above (premium) or below (discount) their NAV, especially during periods of significant volatility or stress, causing investors to pay significantly more or less than the value of the ETF's underlying portfolio. Furthermore, investments in other funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the fund.

**Securities Lending Risk.** To generate additional income, the fund may lend its portfolio securities to financial institutions under guidelines adopted by the Board, including a requirement that the fund receives cash or securities issued by the U.S. government or its agencies or instrumentalities as collateral from the borrower equal to no less than 100% of the market value of the securities loaned. The fund may invest the cash collateral in high quality short-term debt obligations, government obligations, bank guarantees, or money market mutual funds. Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the fund will lose money from the securities received as collateral or the investment of the cash collateral. Borrower default risk is the

**DIAMOND HILL FUNDS\| PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM 5**<br>

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**Fund Details**

risk that the fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

**Temporary Strategies**

From time to time, the fund may take temporary defensive positions that are inconsistent with the fund's principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. During these times, the fund may invest up to 100% of its assets in cash and cash equivalents. For example, the fund may hold all or a portion of its assets in money market instruments (high quality income securities with maturities of less than one year), securities of money market funds or U.S. Government repurchase agreements. The fund may also invest in such investments at any time to maintain liquidity or pending selection of investments in accordance with its policies. These investments may prevent the fund from achieving its investment objective. If the fund acquires securities of money market funds, the shareholders of the fund will be subject to duplicative management fees and other expenses.

**Portfolio Holdings Disclosure**

Information about the fund's daily portfolio holdings is available at www.diamond-hill.com. A complete description of the fund's policies and procedures with respect to the disclosure of the fund's portfolio holdings is available in the fund's Statement of Additional Information (the "SAI").

**Management of the Fund**

Diamond Hill Capital Management, Inc. (the "Adviser"), 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215, manages the day-to-day investment decisions of the fund and continuously reviews, supervises and administers the fund's investment programs. The Adviser has been an investment adviser to individuals, pension and profit sharing plans, trusts, corporations and other institutions since June 2, 1988. As of August 31, 2025, the Adviser managed approximately $31.0 billion in assets.

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

Disclosure regarding the basis for the Board's approval of the investment advisory contract between the Adviser and the fund will be available in the additional information included in the fund's financial statements for the year ending December 31, 2025, posted on the fund's website on February 28, 2026.

The fund is authorized to pay the Adviser an annual fee as set forth below:

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| | |
|:---|:---|
| **Fund** | **Percentage of Average Daily Net Assets** |
| Large Cap Concentrated ETF | 0.50% |

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**Portfolio Manager**

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| | |
|:---|:---|
| **Fund** | **Portfolio Manager** |
| Large Cap Concentrated ETF | Austin Hawley |

---

The Portfolio Manager holds ultimate responsibility and accountability for the investment results of the portfolios and have full authority to make all investment decisions.

**Mr. Hawley** has a Bachelor of Arts degree in History (cum laude) from Dartmouth College, a Masters degree in Business Administration (with distinction) from Tuck School of Business at Dartmouth College, and he holds the CFA designation. He has been an investment professional with the Adviser since August 2008. Mr. Hawley currently serves as a Portfolio Manager for the Adviser. From July 1999 to July 2002, Mr. Hawley was an Investment Associate at Putnam Investments. He was an Equity Analyst at Putnam Investments from July 2004 to July 2008.

The SAI Information provides additional information about the portfolio manager's compensation structure, other managed accounts and ownership of securities in managed fund(s).

**6 DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM**<br>

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**Your Account**

**Pricing Your Shares**

All investors, including retail investors and Authorized Participants buy and sell shares in secondary market transactions through brokers at market price.

Only Authorized Participants may buy and redeem shares from the fund directly and those transactions are effected at the fund's NAV. The NAV is calculated at the close of trading (normally 4:00 p.m., Eastern time) on each day the New York Stock Exchange ("NYSE") is open for business ("open business day"). The NAV is calculated by dividing the value of the fund's total assets (including interest and dividends accrued but not yet received), minus liabilities (including accrued expenses), by the total number of shares outstanding. The market value of the fund's investments is determined primarily on the basis of readily available market quotations.

If market quotations are not readily available or if available market quotations are determined not to be reliable or if a security's value has been materially affected by events occurring after the close of trading on the NYSE or market on which the security is principally traded (for example, a natural disaster affecting an entire country or region, or an event that affects an individual company), but before the fund's NAV is calculated, that security may be valued at its fair value in accordance with policies and procedures adopted by the Board. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. To the extent that the fund invests in securities that are primarily listed on markets that trade on weekends or other days when the fund is closed, the value of the fund's shares may change on days when you will not be able to purchase or sell your shares. Fair valuation involves subjective judgments and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

**How to Buy and Sell Shares**

Most investors will buy and sell shares in secondary market transactions through brokers and, therefore, must have a brokerage account to buy and sell shares. Shares can be bought or sold through your broker throughout the trading day like shares of any publicly traded issuer. When buying or selling shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered prices in the secondary market on each leg of a round trip (purchase and sale) transaction. The price at which you buy or sell shares (*i.e.*, the market price) may be more or less than the NAV of the shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in the fund and no minimum number of shares you must buy.

Shares are listed for trading on the Exchange under the symbol DHLX. The Exchange is open for trading Monday through Friday and closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Only Authorized Participants may buy and redeem shares from the fund directly and those transactions are made at NAV and only in Creation Units.

A creation transaction, which is subject to acceptance by the distributor and the fund, generally takes place when an

Authorized Participant deposits into the fund a designated portfolio of securities ("Deposit Securities") (including any portion of such securities for which cash may be substituted) and a specified amount of cash, together with a purchase transaction fee, in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the fund, except in certain circumstances. 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, together with a redemption transaction fee. Except when aggregated in Creation Units, shares are generally not redeemable.

The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the authorized participant agreement.

The fund collects standard creation and redemption transaction fees from Authorized Participants to offset transfer and other transaction costs with the issuance and redemptions of Creation Units. The standard creation and redemption transaction fees are described in the SAI.

The fund reserves the right to make redemptions of shares solely for cash.

Share prices are reported in dollars and cents per share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly-traded shares and shares typically trade in blocks of less than a Creation Unit. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading.

**Premium/Discount Information**

Shares trade in secondary market transactions through brokers at market prices. The market price of shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares.

**Book Entry**

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations, and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**Distribution** 

The distributor, Foreside Financial Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (d/b/a ACA Group), is a broker-dealer registered with the SEC. The distributor distributes Creation Units for the fund on an agency

**DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM 7**<br>

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**Your Account**

basis and does not maintain a secondary market in Shares. The distributor has no role in determining the policies of the fund or the securities that are purchased or sold by the fund.

**Additional Compensation to Financial Intermediaries**

The Adviser may make payments to financial intermediaries that can be categorized as "service-related" or "distribution-related."

Payments made by the Adviser to financial intermediaries to compensate or reimburse them for administrative or other client services provided, such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, record keeping and other shareholder services are categorized as "servicing related." Payments made pursuant to such agreements generally are based on either (a) a percentage of the average daily net assets of clients serviced by such financial intermediaries, or (b) the number of accounts serviced by such financial intermediary.

Distribution-related payments may be made on the basis of the sales of shares attributable to that intermediary, the average net assets of the fund and other Diamond Hill Funds attributable to the accounts of that intermediary and its clients, negotiated lump sum payments for distribution services provided, or similar fees.

**Market Timing and Frequent Trading Policy**

The fund imposes no restrictions on the frequency of purchases and redemptions of shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by fund shareholders. Purchases and redemptions by Authorized Participants, who are the only parties that may purchase or redeem shares directly with the fund, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the fund accommodates frequent purchases and redemptions by Authorized Participants. Individual investors may only trade shares the secondary market. Because the secondary market trades do not directly involve the fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the fund's trading costs and the realization of capital gains. The fund also employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the fund in effecting trades. In addition, the fund and the Adviser reserve the right to reject any purchase order at any time and to impose restrictions on disruptive or excessive trading in Creation Units.

**Distribution and Taxes**

Ordinarily, dividends from net investment income, if any, are declared and paid quarterly by the fund. The fund distributes its net realized capital gains, if any, to shareholders annually.

Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Tax Considerations.** The following information is provided to help you understand the income and capital gains you may earn while you own fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee the funds will pay either income dividends or capital gain distributions. For tax advice about your personal tax situation, please speak with your tax adviser.

The fund intends to qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, the fund generally pays no federal income tax on the income and gains distributed to shareholders. The fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the fund.

Unless your investment in shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fund makes distributions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You sell your shares listed on the Exchange, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You purchase or redeem Creation Units (Authorized Purchasers only).

**Taxes on Distributions.** Distributions from the fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the fund's dividends attributable to its "qualified dividend income" (*i.e*., dividends received on stock of most domestic and certain foreign corporations with respect to which the fund satisfies certain holding period and other restrictions), if any, generally are subject to federal income tax for non-corporate shareholders who satisfy those restrictions with respect to their shares at the rate for net capital gain. A part of the fund's dividends also may be eligible for the dividends-received deduction allowed to corporations -- the eligible portion may not exceed the aggregate dividends the fund receives from domestic corporations subject to federal income tax (excluding real estate investment trusts) and excludes dividends from foreign corporations -- subject to similar restrictions. However, dividends a corporate shareholder deducts pursuant to that deduction are subject indirectly to the federal alternative minimum tax.

In general, your distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the fund (if that option is available). . Distributions of net long-term capital gains, if any, in excess of net short-term capital losses are taxable as long-term capital gains, regardless of how long you have held shares.

Distributions in excess of the fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of your basis in shares and as capital gain thereafter. A distribution will reduce the fund's NAV per share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

No dividend reinvestment service is provided by the Trust. Broker-dealers may make the DTC book-entry Dividend Reinvestment Program available to beneficial owners of fund shares for the reinvestment of distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation.

**Taxes on the Sale of Exchange-Listed Shares.** Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of shares may be limited.

**8 DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM**<br>

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**Your Account**

**Taxes on Purchase and Redemption of Creation Units.** An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss equal to the difference between the market value of the Creation Units at the time of the exchange and the sum of the exchanger's aggregate basis in the securities surrendered plus any cash component it pays. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash equal to the difference between the NAV of the shares being redeemed and the value of the securities. The Internal Revenue Service ("IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less.

If an Authorized Participant purchases or redeems Creation Units, the Authorized Participant will be sent a confirmation statement showing how many shares it purchased or sold and at what price. See "Taxes" in the SAI for a description of the requirement regarding basis determination methods applicable to share redemptions and the fund's obligation to report basis information to the IRS.

**Tax Status for Retirement Plans and Other Tax-Deferred Accounts.** When you invest in the fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.

**Backup Withholding.** By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that: (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You may also be subject to withholding if the IRS instructs us to withhold a portion of your distributions and proceeds. When withholding is required, the amount is 24% of any distributions or proceeds paid.

This discussion of "Distributions and Taxes" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or non-U.S. tax consequences before making an investment in the fund.

**Householding**

Householding is an option available to certain investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of the fund's prospectus and each annual and semi-annual report can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding is available through certain broker-dealers. If you wish to receive individual copies of these documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM 9**<br>

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**Financial Highlights**

The financial highlights tables are intended to help you understand the Predecessor Fund's (Class Y) financial performance for the periods shown. Certain information reflects financial results for a single Predecessor Fund Class Y share. The total returns in the tables reflect the rates an investment in the Predecessor Fund would have earned (or lost), assuming reinvestment of all dividends and distributions. The following information for the fiscal years ended December 31 has been derived from the Predecessor Fund's financial statements, which have been audited by Cohen & Company, Ltd., the Predecessor Fund's independent registered public accounting firm. It is an integral part of the Predecessor Fund's audited financial statements included in the Predecessor Fund's annual Form N-CSR. The information for the six months ended June 30, 2025 has been derived from the Predecessor Fund's (Class Y) unaudited financial statements included in the Predecessor Fund's semi-annual Form N-CSR. The annual and semi-annual financial statements are incorporated by reference into the Statement of Additional Information.

Selected data for a share outstanding throughout the periods indicated

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset <br>Value <br>Beginning of Period** | **Net <br>Investment <br>Income**<sup>(B)</sup> | **Net Realized<br>and <br>Unrealized <br>Gains (Losses) on <br>Investments** | **Total from <br>Investment <br>Operations** | **Dividends <br>from Net <br>Investment <br>Income** | **Distributions <br>from Net <br>Realized <br>Capital Gains** | **Total <br>Distributions** | **Net Asset <br>Value End <br>of Period** | **Total <br>Return** | | **Net Assets End of Period <br>(000's)** | **Ratio of <br>Total <br>Expenses <br>to Average <br>Net Assets** | | **Ratio of Net <br>Investment <br>Income <br> to <br>Average <br>Net Assets** | | **Portfolio <br>Turnover <br>Rate**<sup>(C)</sup> | |
| **Large Cap Concentrated Fund** <sup>(A)</sup><br>**Class Y** | | | | | | | | | | | | | | | | | |
| **For the six months ended June 30, 2025** | $12.73 | 0.09 | 0.93 | 1.02 |  |  |  | $13.75 | 8.01% | <sup>(D)</sup> | $22969 | 0.55% | <sup>(E)</sup> | 1.44% | <sup>(E)</sup> | 35% | <sup>(D)</sup> |
| **For the year ended December 31, 2024** | 11.90 | 0.21 | 1.51 | 1.72 | (0.19) | (0.70) | (0.89) | 12.73 | 14.34 |  | 19164 | 0.55 |  | 1.60 |  | 40 |  |
| **For the year ended December 31, 2023** | 10.29 | 0.17 | 1.61 | 1.78 | (0.17) |  | (0.17) | 11.90 | 17.32 |  | 16706 | 0.56 |  | 1.57 |  | 34 |  |
| **For the year ended December 31, 2022** | 11.92 | 0.14 | (1.64) | (1.50) | (0.13) |  | (0.13) | 10.29 | (12.62) |  | 14017 | 0.56 |  | 1.32 |  | 41 |  |
| **For the period ended December 31, 2021** | 10.00 | 0.09 | 2.01 | 2.10 | (0.08) | (0.10) | (0.18) | 11.92 | 20.98 | <sup>(D)</sup> | 15898 | 0.55 | <sup>(E)</sup> | 1.00 | <sup>(E)</sup> | 18 | <sup>(D)</sup> |

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

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

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

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

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

**10 DIAMOND HILL FUNDS\|PROSPECTUS\|SEPTEMBER 26, 2025\| DIAMOND-HILL.COM**<br>

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![Statutory Prospectus Back Cover.jpg](ck0001032423-20250919_g5.jpg)

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|:---|:---|
| **Investment Adviser** <br>Diamond Hill Capital Management, Inc. <br>325 John H. McConnell Boulevard, Suite 200 <br>Columbus, Ohio 43215 <br>**Custodian and Transfer Agent**<br>State Street Bank and Trust Company <br>One Congress Street<br>Suite 1<br>Boston, MA 02114 <br>**Independent Registered Public Accounting Firm** <br>Cohen & Company, Ltd.<br>1350 Euclid Ave., Suite 800<br>Cleveland, Ohio 44115 <br>**Legal Counsel** <br>Thompson Hine LLP <br>41 South High Street, Suite 1700 <br>Columbus, Ohio 43215-6101 <br>**Distributor** <br>Foreside Financial Services, LLC <br>Three Canal Plaza, Suite 100 <br>Portland, ME 04101 <br>**For Additional Information, call** <br>Diamond Hill Large Cap Concentrated ETF<br>Toll Free 855-255-8955 | **To Learn More**<br>Several additional sources of information are available to you. The Statement of Additional Information (SAI), incorporated into this prospectus by reference, contains detailed information on fund policies and operations. Additional information about the fund's investments is available in the fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the fund's annual report, you will find a discussion of investment strategies that significantly affected the fund's performance during its last fiscal year. In Form N-CSR, you will find the fund's annual and semi-annual financial statements.<br>Call the fund at 855-255-8955 between the hours of 8:00 a.m. and 5:00 p.m. Eastern time on days the fund is open for business to request free copies of the Financial Statements, the SAI and the fund's annual and semi-annual reports, to request other information about the fund and to make shareholder inquiries. On days when the Exchange closes early, the call center hours will be reduced accordingly. <br>The fund's Financial Statements and Additional Information, the SAI, the annual and semi-annual reports to shareholders are also available, free of charge, on the fund's Internet site at www.diamond-hill.com/documents.<br>You may obtain reports and other information about the fund on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov. <br>Investment Company Act #811-08061 <br>STATPRO LCC ETF 092625 |

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![DH New Brand Logo-28-min.jpg](ck0001032423-20250919_g2.jpg)

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**Statement of Additional Information**

**September 26, 2025**

**Diamond Hill Large Cap Concentrated ETF** 

**DHLX**

**NYSE Arca, Inc. (the "Exchange")**

**(A Fund or Series of Diamond Hill Funds)**

This Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the Prospectus dated September 26, 2025. The Fund's Prospectus is incorporated by reference into this SAI. A free copy of the Prospectus can be obtained by writing the Fund's sub-fund accounting agent at P.O. Box 46707, Cincinnati, OH 45246 or by calling 1-888-226-5595. You may also obtain a copy of the Prospectus, the financial statements and additional information or annual reports by visiting www.diamond-hill.com/documents.

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**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
| | **PAGE** |
| **DESCRIPTION OF THE TRUST** | **<u>[3](#i494a5209cd2e427c9918baf0627eb9a3_7)</u>** |
| **ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS** | **<u>[4](#i494a5209cd2e427c9918baf0627eb9a3_10)</u>** |
| **INVESTMENT LIMITATIONS** | **<u>[9](#i494a5209cd2e427c9918baf0627eb9a3_13)</u>** |
| **THE INVESTMENT ADVISER** | **<u>[12](#i494a5209cd2e427c9918baf0627eb9a3_16)</u>** |
| **TRUSTEES AND OFFICERS** | **<u>[16](#i494a5209cd2e427c9918baf0627eb9a3_19)</u>** |
| **OTHER INFORMATION CONCERNING THE BOARD OF TRUSTEES** | **<u>[19](#i494a5209cd2e427c9918baf0627eb9a3_22)</u>** |
| **CONTINUOUS OFFERING** | **<u>[21](#i494a5209cd2e427c9918baf0627eb9a3_25)</u>** |
| **PORTFOLIO TRANSACTIONS AND BROKERAGE** | **<u>[23](#i494a5209cd2e427c9918baf0627eb9a3_28)</u>** |
| **PAYMENTS TO FINANCIAL INTERMEDIARIES** | **<u>[25](#i494a5209cd2e427c9918baf0627eb9a3_31)</u>** |
| **DETERMINATION OF SHARE PRICE** | **<u>[25](#i494a5209cd2e427c9918baf0627eb9a3_34)</u>** |
| **HOW TO BUY AND SELL SHARES** | **<u>[26](#i494a5209cd2e427c9918baf0627eb9a3_37)</u>** |
| **TAXES** | **<u>[33](#i494a5209cd2e427c9918baf0627eb9a3_40)</u>** |
| **CUSTODIAN AND TRANSFER AGENT** | **<u>[35](#i494a5209cd2e427c9918baf0627eb9a3_43)</u>** |
| **SUB-FUND ACCOUNTING AGENT** | **<u>[35](#i494a5209cd2e427c9918baf0627eb9a3_46)</u>** |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | **<u>[35](#i494a5209cd2e427c9918baf0627eb9a3_49)</u>** |
| **DISTRIBUTOR** | **<u>[35](#i494a5209cd2e427c9918baf0627eb9a3_52)</u>** |
| **SECURITIES LENDING AGENT** | **<u>[35](#i494a5209cd2e427c9918baf0627eb9a3_55)</u>** |
| **PRINCIPAL HOLDERS OF OUTSTANDING SHARES** | **<u>[36](#i494a5209cd2e427c9918baf0627eb9a3_58)</u>** |
| **FINANCIAL STATEMENTS** | **<u>[37](#i494a5209cd2e427c9918baf0627eb9a3_61)</u>** |

---

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**DESCRIPTION OF THE TRUST**

Diamond Hill Funds (the "Trust") currently offers twelve series of shares, Diamond Hill Small Cap Fund, Diamond Hill Small-Mid Cap Fund, Diamond Hill Mid Cap Fund, Diamond Hill Large Cap Fund, Diamond Hill Large Cap Concentrated ETF, Diamond Hill Select Fund, Diamond Hill Long-Short Fund, Diamond Hill International Fund, Diamond Hill Short Duration Securitized Bond Fund, Diamond Hill Securitized Total Return Fund, Diamond Hill Core Bond Fund, and Diamond Hill Core Plus Bond Fund (each individually a "Diamond Hill Fund" and collectively the "Diamond Hill Funds"). The Trust is an open-end investment company of the management type registered under the Investment Company Act of 1940, as amended (the "Company Act"), and was established under the laws of Ohio by a Fourth Amended and Restated Declaration of Trust dated May 22, 2025 ("Trust Agreement"), as amended. The Trust Agreement permits the trustees ("Trustees") of the Trust's board of trustees ("Board") to issue an unlimited number of shares of beneficial interest of separate series without par value (the "Shares"). This SAI relates only to the Diamond Hill Large Cap Concentrated ETF (the "Fund"). The Fund is "non-diversified" as defined in the Company Act, which means it can invest a greater percentage of its assets in any one issuer than a diversified fund.

On September 26, 2025, the Diamond Hill Large Cap Concentrated Fund (the "Predecessor Fund") reorganized into the Fund and adopted the prior performance and financial history of the Predecessor Fund, which operated as a mutual fund. The Fund is an exchange-traded fund and not a mutual fund.

Each Share of a Diamond Hill Fund represents an equal proportionate interest in the assets and liabilities belonging to that Diamond Hill Fund with each other Share of that Diamond Hill Fund and is entitled to such dividends and distributions out of income belonging to the Diamond Hill Fund as are declared by the Trustees. The Shares do not have cumulative voting rights or any preemptive or conversion rights, and the Trustees have the authority from time to time to divide or combine the Shares of any Diamond Hill Fund into a greater or lesser number of Shares of that Diamond Hill Fund so long as the proportionate beneficial interest in the assets belonging to that Diamond Hill Fund and the rights of Shares of any other Diamond Hill Fund are in no way affected. In case of any liquidation of a Diamond Hill Fund, the holders of Shares of the Diamond Hill Fund being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that Diamond Hill Fund. Expenses attributable to any Diamond Hill Fund are borne by that Diamond Hill Fund. Any general expenses of the Trust not readily identifiable as belonging to a particular Diamond Hill Fund are allocated by, or under the direction of, the Trustees in such manner as the Trustees determine to be fair and equitable. No shareholder is liable for further calls or assessments by the Trust without their consent.

Any Trustee may be removed by vote of the shareholders holding not less than two-thirds of the outstanding Shares of the Trust. The Trust does not hold an annual meeting of shareholders. When matters are submitted to shareholders for a vote, each shareholder is entitled to one vote for each whole Share they own and fractional votes for fractional Shares they own. All Shares of a Diamond Hill Fund have equal voting rights and liquidation rights. The Trust Agreement can be amended by the Trustees, except that any amendment that adversely affects the rights of shareholders must be approved by the shareholders affected. Each Share of a Diamond Hill Fund is subject to redemption at any time if the Board determines in its sole discretion that failure to so redeem may have materially adverse consequences to all or any of the Fund's shareholders.

The Fund may issue an unlimited number of Shares of beneficial interest. The Fund issues and redeems Shares at net asset value ("NAV") only in aggregations of Shares (each a "Creation Unit"). The Fund issues and redeems Creation Units principally in exchange for a basket of securities (the "Deposit Securities"), together with the deposit of a specified cash payment (the "Cash Component"), plus a transaction fee. The Cash Component is comprised of a "Balancing Amount" as well as any cash in lieu of securities (as described below). The Balancing Amount is equal to the difference between the NAV of the Shares (per Creation Unit) and the market value of the Deposit Securities. If the Balancing Amount is a positive number (i.e., the NAV attributable to a Creation Unit exceeds the market value of the Deposit Securities), the Balancing Amount will be such positive amount. If the Balancing Amount is a negative number (i.e., the NAV attributable to a Creation Unit is less than the market value of the Deposit Securities), the Balancing Amount will be such negative amount, and the creator will be entitled to receive cash from the Fund in an amount equal to the Balancing Amount. The Balancing Amount serves the function of compensating for any differences between the NAV attributable to a Creation Unit and the market value of the Deposit Securities. Shares are listed, subject to notice of issuance, on the Exchange. Shares trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of the Fund, a share split, reverse split or the like, the Trust may revise the number of Shares in a Creation Unit.

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**Exchange Listing and Trading**

Shares of the Fund are listed for trading, and trade throughout the day, on the Exchange. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met. The Exchange will consider the suspension of trading and delisting of the Shares of the Fund if (i) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the Company Act, (ii) following the initial 12-month period after commencement of trading of Fund Shares, there are fewer than 50 beneficial holders of Shares of the Fund, (iii) any other applicable listing requirements set forth in the Exchange's listing rules are not continuously maintained, or (iv) any other event occurs or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will also remove shares of the Fund from listing and trading upon termination of the Fund or in the event the Fund does not comply with the continued listing standards of the Exchange.

As in the case of other publicly traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

**ADDITIONAL INFORMATION ABOUT FUND INVESTMENTS AND RISK CONSIDERATIONS**

This section contains additional information regarding some of the investments the Fund can make and some of the techniques it may use, as well as related risks.

**Borrowings**

The Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of the Fund's assets and may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so. This borrowing may be secured or unsecured. If the Fund utilizes borrowings, for investment purposes or otherwise, it may pledge up to 33 ⅓% of its total assets to secure such borrowings. Provisions of the Company Act require the Fund to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary administrative or emergency purposes. Any borrowings for temporary administrative purposes in excess of 5% of the Fund's total assets must maintain continuous asset coverage. If the 300% asset coverage should decline as a result of market fluctuations or other reasons, the Fund may be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs which may or may not be recovered by appreciation of the securities purchased. The Fund also may be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Investment Company Securities** 

The Fund may invest in securities issued by other investment companies, including various ETFs and closed-end funds, subject to applicable limitations under Section 12(d)(1) of the Company Act. Pursuant to Section 12(d)(1), the Fund may invest in the securities of another investment company (the "acquired company") provided that the Fund, immediately after such purchase or acquisition, does not own in the aggregate: (i) more than 3% of the total outstanding voting stock of the acquired company; (ii) securities issued by the acquired company having an aggregate value in excess of 5% of the value of the total assets of the Fund; or (iii) securities issued by the acquired company and all other investment companies (other than treasury stock of the Fund) having an aggregate value in excess of 10% of the value of the total assets of the Fund. To the extent allowed by law or regulation, the Fund may invest its assets in securities of investment companies that are money market funds in excess of the limits discussed above. Section 12(d)(1) of the Company Act also restricts investments by other registered investment companies in the Fund. However, Rule 12d1-4 under the Company Act permits registered investment companies to acquire securities of another investment company beyond the limits of Section 12(d)(1), subject to certain terms and conditions, including that the registered investment company enter into an agreement with that Fund regarding the terms of the investment.

Securities of other investment companies will be acquired by the Fund to the extent consistent with its investment objective and strategies. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its pro rata portion of the other investment company's expenses, including management fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own

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operations. Investing in another investment company will also subject a Fund to the risks associated with the other investment company.

The value of the ETF and closed-end fund shares is set by the transactions on the secondary market and may be higher or lower than the value of the portfolio securities that make up the ETF or closed-end fund. The Fund also will incur brokerage costs when it purchases ETFs and closed-end funds. Furthermore, investments in other funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the Fund.

**Non-U.S. Investments**

The Fund may only invest in the equity securities of non-U.S. companies by purchasing ADRs, which typically are issued by local financial institutions and evidence ownership of the underlying securities. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. Depositary receipts may or may not be jointly sponsored by the underlying issuer. The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the U.S., considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. In addition, non-U.S. companies are not generally subject to accounting, auditing, and financial reporting standards and practices comparable to those in the U.S. Certain depositary receipts are not listed on an exchange and therefore may be considered to be illiquid securities.

Companies with a primary listing on a U.S. stock exchange or that have their principal place of business or operations in the U.S. are considered to be U.S. companies.

**Illiquid Securities** 

The Fund may hold up to 15% of its assets (valued at the purchase date) in securities that have limited liquidity or become illiquid. An illiquid investment is any investment that cannot be disposed of within seven days in the normal course of business at approximately the amount at which it is valued by the Fund. The price the Fund pays for illiquid securities or receives upon resale may be lower than the price paid or received for similar securities with a more liquid market. Accordingly, the valuation of these securities will reflect any limitations on their liquidity. The Fund is subject to a risk that should the Fund decide to sell illiquid securities when a ready buyer is not available at a price the Fund deems representative of their value, the value of the Fund's net assets could be adversely affected.

**Real Estate Investment Trusts** 

REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. REITs generally are classified as equity REITs, mortgage REITs or hybrid REITs. An equity REIT, which owns properties, generates income from rental and lease properties. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Hybrid REITs are designed to strike a balance between equity investments and mortgage-backed investments and derive their income from the collection of rents, the realization of capital gains from the sale of properties and from the collection of interest payments on outstanding mortgages held within the trust.

The value of real estate securities in general and REITs in particular, will depend on the value of the underlying properties or the underlying loans or interests. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund, though not invested directly in real estate, still is subject to the risks associated with investing in real estate, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible declines in the value of real estate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to general and local economic conditions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possible lack of availability of mortgage funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overbuilding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• environmental problems

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Investing in REITs involves certain risks in addition to those risks associated with investing in the real estate industry in general, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependency upon management skills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited diversification

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the risks of financing projects

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heavy cash flow dependency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default by borrowers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• self-liquidation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• possibility of failing to maintain exemptions from the Company Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in many cases, relatively small market capitalization, which may result in less market liquidity and greater price volatility

**Repurchase Agreements** 

Under the terms of a repurchase agreement, the Fund would acquire securities from a seller, also known as the repurchase agreement counterparty, subject to the seller's agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price would generally equal the price paid by the Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement will be required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest).

If the seller were to default on its repurchase obligation or become insolvent, the Fund would suffer a loss to the extent that the proceeds from a sale of the underlying portfolio securities were less than the repurchase price under the agreement, or to the extent that the disposition of such securities by the Fund were delayed pending court action. Additionally, there is no controlling legal precedent under U.S. law and there may be no controlling legal precedents under the laws of certain non-U.S. jurisdictions confirming that the Fund would be entitled, as against a claim by such seller or its receiver or trustee in bankruptcy, to retain the underlying securities, although (with respect to repurchase agreements subject to U.S. law) the Board believes that, under the regular procedures normally in effect for custody of the Fund's securities subject to repurchase agreements and under federal laws, a court of competent jurisdiction would rule in favor of the Trust if presented with the question. Securities subject to repurchase agreements will be held by the Trust's custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system. Repurchase agreements are considered by the SEC to be loans by the Fund under the Company Act.

Repurchase agreement counterparties include Federal Reserve member banks with assets in excess of $1 billion and registered broker dealers that the Adviser deems creditworthy under guidelines approved by the Board.

**Temporary Strategies** 

From time to time, the Fund may take temporary defensive positions that are inconsistent with the Fund's principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. For example, the Fund may hold all or a portion of its assets in money market instruments (high quality income securities with maturities of less than one year) or securities of money market funds or U.S. Government repurchase agreements. The Fund may also invest in such investments at any time to maintain liquidity or pending selection of investments in accordance with its policies. As a result, the Fund may not achieve its investment objective. If the Fund acquires securities of money market funds, the shareholders of the Fund will be subject to duplicative management fees and other expenses.

**U.S. Equity Securities**

Equity securities consist of common and preferred stocks, rights, and warrants. Common stocks, the most familiar type, represent an equity (ownership) interest in a corporation. Preferred stock is a class of ownership in a corporation that has a higher claim on the assets and earnings than common stock. Warrants are options to purchase equity securities at a specified price for a specific time period. Rights are similar to warrants, but normally have a short duration and are distributed by the issuer to its shareholders. Although equity securities have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition and on overall market and economic conditions.

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Equity securities include SPDRs and other similar instruments. SPDRs are shares of a publicly traded unit investment trust which owns the stock included in the S&P 500 Index, and changes in the price of the SPDRs track the movement of the Index relatively closely. Similar instruments may track the movement of other stock indexes.

The Fund may invest in non-U.S. equity securities by purchasing ADRs. ADRs are certificates evidencing ownership of shares of a non-U.S.-based issuer held in trust by a bank or similar financial institution. They are alternatives to the direct purchase of the underlying securities in their national markets and currencies. To the extent that the Fund does invest in ADRs, such investments may be subject to special risks. See "Non-U.S. Investments" section for additional information.

Investments in equity securities are subject to inherent market risks and fluctuations in value due to earnings, economic conditions and other factors beyond the control of the Adviser. As a result, the return and NAV of the Fund will fluctuate. Securities in the Fund's portfolio may decrease in value or not increase as much as the market as a whole. Although profits in some Fund holdings may be realized quickly, it is not expected that most investments will appreciate rapidly.

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, 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 Fund's service providers and disrupt the Fund's operations. These events may result in substantial market volatility and may adversely impact the prices and liquidity of the Fund's investments.

At times, a portion of the Fund may be invested in companies with short operating histories ("new issuers") and in initial public offerings ("IPOs"), and such investments could be considered speculative. New issuers are relatively unseasoned and may lack sufficient resources, may be unable to generate internally the funds necessary for growth and may find external financing to be unavailable on favorable terms or even totally unavailable. New issuers will often be involved in the development or marketing of a new product with no established market, which could lead to significant losses. To the extent the Fund invests in smaller capitalization companies, the Fund will also be subject to the risks associated with such companies. Smaller capitalization companies, IPOs and new issuers may experience lower trading volumes than larger capitalization, established companies and may experience higher growth rates and higher failure rates than larger capitalization companies. Smaller capitalization companies, IPOs and new issuers also may have limited product lines, markets or financial resources and may lack management depth.

**U.S. Government Obligations** 

U.S. government obligations may include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed as to principal and interest payments by the full faith and credit of the U.S., and separately traded principal and interest component parts of such obligations that are transferable through the federal book-entry system known as STRIPS and CUBES. U.S. government obligations are subject to market risk, interest rate risk and credit risk.

The principal and interest components of U.S. Treasury bonds with remaining maturities of longer than ten years are eligible to be traded independently under the STRIPS program. Under the STRIPS program, the principal and interest components are separately issued by the U.S. Treasury at the request of depository financial institutions, which then trade the component parts separately. The interest component of STRIPS may be more volatile than that of U.S. Treasury bills with comparable maturities.

Other obligations include those issued or guaranteed by U.S. government agencies or instrumentalities. These obligations may or may not be backed by the "full faith and credit" of the U.S. Securities which are backed by the full faith and credit of the U.S. include obligations of the Government National Mortgage Association, the Farmers Home Administration, and the Export-Import Bank. In the case of securities not backed by the full faith and credit of the U.S., the Fund must look principally to the federal agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the U.S. itself in the event the agency or instrumentality does not meet its commitments. Securities in which the Fund may invest that are not backed by the full faith and credit of the U.S. include, but are not limited to: (i) obligations of the Tennessee Valley Authority, the Federal Home Loan Banks and the U.S. Postal

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Service, each of which has the right to borrow from the U.S. Treasury to meet its obligations; (ii) securities issued by Freddie Mac and Fannie Mae, which are supported only by the credit of such securities, but for which the Secretary of the U.S. Treasury has discretionary authority to purchase limited amounts of the agency's obligations; and (iii) obligations of the Federal Farm Credit System and the Student Loan Marketing Association, each of whose obligations may be satisfied only by the individual credits of the issuing agency.

The total public debt of the U.S. and other countries around the globe as a percent of gross domestic product has grown rapidly since the beginning of the 2008 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt level may increase market pressures to meet government funding needs, which may drive debt cost higher and cause a country to sell additional debt, thereby increasing refinancing risk. A high national debt also raises concerns that a government will not be able to make principal or interest payments when they are due. Unsustainable debt levels can cause devaluations of currency, prevent a government from implementing effective counter-cyclical fiscal policy in economic downturns, and contribute to market volatility.

In the past, U.S. sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. The market prices and yields of securities supported by the full faith and credit of the U.S. Government may be adversely affected by a rating agency's decision to downgrade the sovereign credit rating of the U.S.

**Other Risks**

**Securities Lending**

To generate additional income, the Fund may lend up to 33-1/3% of its total assets pursuant to agreements requiring that the loan be continuously secured by collateral equal to at least 100% of the market value plus accrued interest on the securities lent.

Loans are subject to termination by the Fund or the borrower at any time, and therefore, are not considered to be illiquid investments. The Fund does not have the right to vote proxies for securities on loan. However, the Adviser may terminate a loan if the vote is considered material with respect to an investment.

Securities lending involves counterparty risk, including the risk that the loaned securities may not be returned or returned in a timely manner and/or a loss of rights in the collateral if the borrower or the lending agent defaults or fails financially. This risk is increased when the Fund's loans are concentrated with a single or limited number of borrowers. The earnings on the collateral invested may not be sufficient to pay fees incurred in connection with the loan. Also, the principal value of the collateral invested may decline and may not be sufficient to pay back the borrower for the amount of collateral posted. There are no limits on the number of borrowers the Fund may use and the Fund may lend securities to only one or a small group of borrowers.

To the extent that the value or return of the Fund's investments of the cash collateral declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. In situations where the Adviser does not believe that it is prudent to sell the cash collateral investments in the market, the Fund may borrow money to repay the borrower the amount of cash collateral owed to the borrower upon return of the loaned securities. This will result in financial leverage, which may cause the Fund to be more volatile because financial leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities.

**Operational Risk** 

An investment in the Fund can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors, or breaches could result in a loss of information, regulatory scrutiny, reputational damage, or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

**Cybersecurity Risk**

The computer systems, networks, and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses,

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network failures, computer and telecommunication failures, infiltration by unauthorized persons, and security breaches. Despite the various protections utilized by the Fund and it service providers, systems, networks, or devices potentially can be breached due to both intentional and unintentional events. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Fund's shareholders); and other parties. Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Fund's business operations, potentially resulting in financial losses; may negatively impact the financial condition of an issuer, counterparty or other market participant; interference with the Fund's ability to calculate their NAVs; impediments to trading; the inability of the Fund, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future. Neither the Fund nor the Adviser control the cybersecurity systems of issuers or third-party service providers.

**Cash Transactions Risk**

The Fund may effect its creations and redemptions in cash or partially in cash. If the Fund does so, it may be less tax-efficient than an investment in other ETFs, and the Fund may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

**Risk of Having a Transferred Basis in Shares**

An investment in shares may be less tax efficient than an investment in other ETFs because the Fund's initial portfolio was deposited in-kind by seed investors whose cost basis in the securities was lower than the market value of such securities on the date of such deposit. Under the Internal Revenue Code of 1986, as amended (the "Code"), such in-kind contribution resulted in the seed investors' lower basis in those securities being transferred to the Fund. As a result, if any securities with the lower basis are sold by the Fund, the Fund will realize higher amounts of realized gains upon the sale of such portfolio securities than otherwise would be the case had the Fund not received such in-kind deposit, and may be required to distribute capital gains, including long-term capital gains, to all shareholders (inclusive of, but not limited to, the seed investors) upon the sale of such portfolio securities. Please consult your tax advisor about the potential tax consequences. Nonetheless, because the Fund intends to transact with Authorized Participants primarily in kind, it does not currently anticipate significant tax impacts to investors as a result of the in-kind seed investment.

**INVESTMENT LIMITATIONS** 

<u>Fundamental</u>. The investment limitations described below have been adopted by the Trust with respect to the Fund and are fundamental ("Fundamental") (*i.e.*, they may not be changed without the affirmative vote of a majority of the outstanding Shares of the Fund). As used in the Prospectus and this SAI, the term "majority" of the outstanding Shares of the Fund means the lesser of: (1) 67% or more of the outstanding Shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding Shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding Shares of the Fund. Other investment practices that may be changed by the Board without the approval of shareholders to the extent permitted by applicable law, regulation or regulatory policy are considered nonfundamental ("Nonfundamental").

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

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Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowing and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

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

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

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

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

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

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

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

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

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

<u>Nonfundamental</u>. The following limitations have been adopted by the Trust with respect to the Fund and are Nonfundamental (see "Investment Limitations" above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pledging</u>. The Fund will not mortgage, pledge, hypothecate, or in any manner transfer, as security for indebtedness, any of its assets except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Borrowing</u>. The Fund will not purchase any security while borrowings (including reverse repurchase agreements) representing more than 5% of its total assets are outstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Margin Purchases</u>. The Fund will not purchase securities or evidences of interest thereon on "margin." This limitation is not applicable to short term credit obtained by the Fund for the clearance of purchases and sales or redemption of securities, or to arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Options</u>. The Fund will not purchase or sell puts, calls, options or straddles, except as described in the Prospectus and this SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reverse Repurchase Agreements</u>. The Fund will not enter into reverse repurchase agreements.

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**THE INVESTMENT ADVISER** 

Diamond Hill Capital Management, Inc., 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215 (the "Adviser") is the investment adviser for the Fund. The Adviser is a wholly-owned subsidiary of Diamond Hill Investment Group, Inc. ("DHIL").

Under the terms of the Fund's investment management agreement with the Adviser (the "Management Agreement"), the Adviser manages the Fund's investments. As compensation for management services, the Fund is obligated to pay the Adviser fees computed and accrued daily and paid monthly at the annual rates set forth below:

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| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;**Percentage of Average <br>Daily Net Assets** |
| &nbsp;&nbsp;&nbsp;Large Cap Concentrated ETF | 0.50% |

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The Fund has not yet paid investment management fees since it has not yet commenced operations. The Predecessor Fund paid investment management fees to the Adviser for the following fiscal periods:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2024** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2023** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Predecessor Fund | $159606 | $126448 | $100154 |

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The Adviser retains the right to use the name "Diamond Hill" in connection with another investment company or business enterprise with which the Adviser is or may become associated. The Trust's right to use the name "Diamond Hill" automatically ceases ninety days after termination of the Management Agreement and may be withdrawn by the Adviser on ninety days written notice.

The Adviser may make payments to banks or other financial institutions that provide shareholder services and administer shareholder accounts. The Fund may from time to time purchase securities issued by banks that provide such services; however, in selecting investments for the Fund, no preference will be shown for such securities.

Under the terms of the Fund's administrative and fund accounting agreement (the "Administration Agreement") with Diamond Hill Capital Management, Inc. (the "Administrator"), the Administrator renders all administrative, fund accounting, and supervisory services to the Fund. The Administrator oversees the maintenance of all books and records with respect to the Fund's securities transactions and the Fund's book of accounts in accordance with all applicable federal and state laws and regulations. The Administrator also arranges for the preservation of journals, ledgers, corporate documents, brokerage account records, and other records that are required pursuant to Rule 31a-1 promulgated under the Company Act. The Administrator is also responsible for the equipment, staff, office space, and facilities necessary to perform its obligations. The Administrator may delegate any or all of its responsibilities under the Administration Agreement to one or more third-party service providers.

Under the Administration Agreement, the Administrator assumes and pays all ordinary expenses of the Fund not assumed by the Fund. The Fund pays all brokerage fees and commissions, custodian fees, taxes, borrowing costs, expenses related to conducting shareholders' meetings and proxy solicitations, fees and extraordinary or non-recurring expenses.

Pursuant to the Administration Agreement, the Administrator receives a fee, which is paid monthly at an annual rate of 0.05% of the Fund's average daily net assets. Pursuant to the Administration Agreement, the Administrator received a fee, paid monthly at an annual rate of 0.05% of the Predecessor Fund's average daily net assets of Class Y Shares. The Predecessor Fund paid the following total administrative services fees to the Administrator for the following fiscal periods:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2024** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2023** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Predecessor Fund | $32499 | $24731 | $16974 |

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**Portfolio Manager Compensation** 

All of the Portfolio Managers of the Adviser ("Portfolio Managers") are paid a competitive base salary based on experience, external market comparisons to similar positions, and other business factors. To align their interests with those of shareholders, all Portfolio Managers also participate in an annual cash and equity incentive compensation program that is based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The long-term pre-tax investment performance of the fund(s) that they manage and the related investment composite(s) of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's assessment of the investment contribution they make to funds they do not manage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser's assessment of each Portfolio Manager's overall contribution to the development of the investment team through ongoing discussion, interaction, feedback, and collaboration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;The Adviser's assessment of each Portfolio Manager's contribution to client service, marketing to prospective clients and investment communication activities.

Long-term performance is defined as the trailing five years (performance of less than five years is judged on a subjective basis).

Incentive compensation is paid annually from an incentive pool that is determined based on several factors, including investment results in client portfolios, revenues, employee performance, and industry operating margins. Portfolio Manager compensation is not directly tied to product asset growth or revenue. However, both of these factors influence the size of the incentive pool, and therefore, indirectly contribute to Portfolio Manager compensation. Incentive compensation is subject to review and oversight by the compensation committee of DHIL's board of directors. Only independent DHIL directors are members of the compensation committee. The Portfolio Managers are also eligible to participate in the DHIL 401(k) plan ("401K Plan") and related company match. DHIL also has a deferred compensation plan, whereby each Portfolio Manager is eligible to participate and may voluntarily elect to defer a portion of their incentive compensation. Portfolio Managers are encouraged to invest any deferral of incentive compensation in a Diamond Hill Fund for the entire duration of the deferral.

**Portfolio Manager Holdings** 

Portfolio Managers are encouraged to own Shares of the funds they manage. As the Fund has not yet commenced operations, the Fund's Portfolio Manager has no current investment in the Fund as of the date of this SAI.

**Other Portfolio Manager Information** 

The Portfolio Manager is also responsible for managing certain Diamond Hill Funds and other account portfolios in addition to the Fund. Management of certain Diamond Hill Funds and other accounts in addition to the Fund can present certain conflicts of interest, including those associated with different fee structures, various trading practices, and the amount of time the Portfolio Manager may spend on Diamond Hill Funds and other accounts versus the Fund. The Adviser has implemented specific policies and procedures to address any potential conflicts. The Adviser's Form ADV Part 2A contains a complete description of its policies and procedures to address conflicts of interest. Below are material conflicts of interest that have been identified and mitigated when managing Diamond Hill Funds and other account portfolios as well as the Fund.

*Performance Based Fees* 

The Adviser manages the Diamond Hill Micro Cap Fund, LP for which its fee is based on the performance of the fund ("Micro Cap"). As a result of the performance-based fee component, the Adviser may receive additional revenue related to Micro Cap. None of the Portfolio Managers receive any direct incentive compensation related to their management of Micro Cap; however, revenues from management of Micro Cap will impact the resources available to compensate Portfolio Managers and all staff.

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*Trade Allocation* 

The Adviser manages certain Diamond Hill Funds and numerous other accounts in addition to the Fund. When the Fund and another of the Adviser's clients seek to purchase or sell the same security at or about the same time, the Adviser may execute the transactions with the same broker on a combined or "blocked" basis. Blocked transactions can produce better execution for the Fund because of increased volume of the transaction. However, when another of the Adviser's clients specifies that trades be executed with a specific broker ("Directed Brokerage Accounts"), a potential conflict of interest exists related to the order in which those trades are executed and allocated. As a result, the Adviser has adopted a trade allocation policy in which all trade orders occurring simultaneously among the Fund and one or more Diamond Hill Funds and other accounts where the Adviser has the discretion to choose the execution broker are blocked and executed first. After the blocked trades have been completed, the remaining trades for the Directed Brokerage Accounts are then executed in random order, through the Adviser's portfolio management software. When a trade is partially filled, the number of filled Shares is allocated on a pro-rata basis to the appropriate client accounts. Trades are not segmented by investment product.

*Code of Ethics and Personal Security Trading* 

The Adviser and the Trust have adopted a Code of Ethics designed to: (i) demonstrate the Adviser's duty at all times to place the interest of clients and Fund shareholders first; (ii) align the interests of the Portfolio Manager with clients and Fund shareholders, and (iii) mitigate inherent conflicts of interest associated with personal securities transactions. The Code of Ethics prohibits all employees of the Adviser from purchasing any individual equity and most fixed income securities that are eligible to be purchased by the Diamond Hill Funds. The Code of Ethics also prohibits the purchase of third-party mutual funds in the primary Morningstar categories with which the Adviser competes. In addition, the Portfolio Manager is a significant owner in the Predecessor Fund, thus, aligning its interest with Fund shareholders.

*Best Execution and Research Services*

The Adviser has controls in place for monitoring trade execution in client accounts, including reviewing trades for best execution. The primary consideration in placing a portfolio transaction with a particular broker is obtaining the most favorable prices for each client under the circumstances of each particular transaction. More specifically, the Adviser will consider the full range and quality of the services offered by a broker. The determination to place a trade with a particular broker will be based on certain considerations, including but not limited to: price competitiveness, execution capability, brokerage and research products, trading expertise in relevant financial instruments, liquidity provision, execution accuracy, commission rates, reputation, integrity, dispute resolution fairness, financial responsibility, and responsiveness in settling trades. Certain broker-dealers that the Adviser uses to execute client trades are also clients of the Adviser and/or refer clients to the Adviser creating a conflict of interest. To mitigate this conflict, the Adviser adopted a policy that prohibits it from considering any factor other than best execution when a client trade is placed with a broker-dealer.

The Adviser may consider the receipt of research services in selecting brokers to execute portfolio transactions for the Fund. Since the Adviser uses client brokerage commissions to obtain research, it receives a benefit because it does not have to produce or pay for the research, products, or services itself. Consequently, the Adviser has an incentive to select or recommend a broker based on its desire to receive research, products, or services rather than a desire to obtain the most favorable execution. Additionally, the research services and other information furnished by brokers through whom the Fund effects securities transactions may be used by the Adviser in servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services to the Fund. There may be a conflict of interest if soft dollars are not spread in the same proportion across all accounts. The Adviser attempts to mitigate these potential conflicts through oversight of the use of commissions by its Best Execution Committee.

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*Other Accounts Managed by the Portfolio Managers* 

The following tables indicate the number of other accounts managed by the Portfolio Manager of the Fund and the other assets under management for each type of account as of August 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Account Category** | **Number of Accounts** | **Total Assets in Accounts** | **Number of Accounts Where Advisory Fee is Based on Account Performance** | **Total Assets in Accounts Where Advisory Fee is Based on Account Performance** |
|  | Registered Investment Company | 5 | $10500142775 |  | $— |
| Austin Hawley, Portfolio Manager | Other Pooled Investment Vehicles | 4 | $2004980111 |  | $— |
|  | Other Accounts | 85 | $4962552288 |  | $— |

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**TRUSTEES AND OFFICERS** 

The names of the Trustees and officers of the Trust ("Officers") are shown below. Each Trustee is an independent and non-interested Trustee as defined in the Company Act.

**Trustees**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position <br>Held** | **Year First <br>Elected a <br>Trustee of the <br>Trust**<sup>1</sup> | **Principal Occupation(s) <br>During Past Five Years** | **Number of** <br>**Portfolios in** <br>**Fund Complex** <br>**Overseen by** <br>**Trustee**<sup>2</sup> | **Other <br>Directorships <br>Held by <br>Trustee**<sup>3</sup>  |
| Tamara L. Fagely<br>Year of Birth: 1958 | Trustee, Board Chair | Since November 2014 | Retired, January 2014 to present; Chief Operations Officer, Hartford Funds, 2012 to 2013; Chief Financial Officer, Hartford Funds, 2010 to 2012; Treasurer, Hartford Funds, 2001 to 2012 | 13 | Diamond Hill<br>Securitized Credit Fund, August 2024<br>to present; Allianz Variable Insurance Products Trust and Allianz Variable Insurance Products Fund of Funds Trust, December 2017 to present; AIM ETF Products Trust, February 2020 to present |
| Jody T. Foster Year of Birth: 1969 | Trustee | Since February 2022 | Chief Executive Officer, Symphony Consulting, 2010 to present | 13 | Diamond Hill<br>Securitized Credit Fund, August 2024<br>to present; Voya Funds, September 2025 to present; Hussman Investment Trust, June 2016 to July 2025; Forum CRE Income Fund, April 2021 to January 2022 |
| Anthony J. Ghoston Year of Birth: 1959 | Trustee | Since May 2022 | Chief Executive Officer and President, Informational Resource Consulting, 2020 to present; Retired 2020 to present; President, Chief Operating Officer and Chief Compliance Officer, Dividend Assets Capital, LLC, 2010 to 2020 | 12 |  |
| John T. Kelly-Jones<br>Year of Birth: 1960 | Trustee | Since May 2019 | Retired, December 2017 to present; Partner, COO and CCO, Independent Franchise Partners, LLP, June 2009 to November 2017 | 13 | Diamond Hill<br>Securitized Credit Fund,<br>August 2024<br>to present |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position <br>Held** | **Year First <br>Elected a <br>Trustee of the <br>Trust**<sup>1</sup> | **Principal Occupation(s) <br>During Past Five Years** | **Number of** <br>**Portfolios in** <br>**Fund Complex** <br>**Overseen by** <br>**Trustee**<sup>2</sup> | **Other <br>Directorships <br>Held by <br>Trustee**<sup>3</sup>  |
| Nancy M. Morris<br>Year of Birth: 1952 | Trustee | Since May 2019 | Retired, August 2018 to present; Chief Compliance Officer, Wellington Management Company LLP, April 2012 to July 2018 | 12 | The Arbitrage Funds, December 2018 to present; AltShares Trust, January 2020 to present |

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**<u>Officers</u>**<sup>4</sup>

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position <br>Held** | **Year First <br>Elected to Current <br>Officer Position of the <br>Trust**<sup>1</sup> | **Principal Occupation(s) <br>During Past Five Years** |
| Thomas E. Line<br>Year of Birth: 1967 | President | Since May 2020 | Chief Executive Officer of the Trust, November 2014 to May 2020; Chief Financial Officer of Diamond Hill Investment Group, Inc., January 2015 to present; Managing Director – Finance of Diamond Hill Investment Group, Inc., April 2014 to December 2014 |
| Karen R. Colvin<br>Year of Birth: 1966 | Vice President<br>Secretary | Since November 2011<br>Since November 2014 | Director-Fund Administration & Sales Support, Diamond Hill Capital Management, Inc., June 2009 to present |
| Alyssa A. Bentz<br>Year of Birth: 1981 | Chief Compliance Officer Anti-Money Laundering Officer | Since May 2024 Since May 2024 | Chief Compliance Officer of Diamond Hill Capital Management, Inc., May 2024 to present; Chief Compliance Officer, U.S. Bancorp Asset Management, Inc., July 2021 to March 2024; Compliance Manager, U.S. Bancorp Asset Management, Inc., December 2015 to July 2021 |
| Julie A. Roach<br>Year of Birth: 1971 | Treasurer | Since October 2017 | Director-Fund Administration, Diamond Hill Capital Management, Inc., September 2017 to present |

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<sup>1</sup> Each Trustee is elected to serve in accordance with the Declaration of Trust and Bylaws of the Trust until their resignation, removal or retirement. Trustees have a 15-year term limit. Each Officer is elected by the Trustees for a renewable 1-year term to serve the Trust or until their resignation, removal or retirement. The address for all Trustees and Officers is 325 John H. McConnell Blvd., Suite 200, Columbus, OH 43215.

<sup>2</sup> The "Fund Complex" includes the Diamond Hill Funds and the Diamond Hill Securitized Credit Fund, a closed-end management investment company that is operated as an interval fund and managed by the Adviser.

<sup>3</sup> This includes all directorships (other than those in the Trust) that are held by each Trustee as a director of a public company or a registered investment company in the last 5 years.

<sup>4</sup>All Officers, excluding Thomas E. Line, also serve as Officers to the Diamond Hill Securitized Credit Fund.

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**Fund Shares Owned By Trustees As Of December 31, 2024**

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| | | |
|:---|:---|:---|
| **Name of Trustee**  | | **Aggregate Dollar Range of Equity Securities Owned in the Fund Complex Overseen by Trustee**<sup>1</sup>  |
| **Name of Trustee**  |<br>**Dollar Range of Equity Securities in the Predecessor Fund**<sup>1</sup> | **Aggregate Dollar Range of Equity Securities Owned in the Fund Complex Overseen by Trustee**<sup>1</sup>  |
| Tamara L. Fagely |  | Over $100,000 |
| Jody T. Foster |  | Over $100,000 |
| Anthony J. Ghoston | Over $100,000 | Over $100,000 |
| John T. Kelly-Jones | Over $100,000 | Over $100,000 |
| Nancy M. Morris |  | Over $100,000 |

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<sup>1</sup> Ownership disclosure is made using the following ranges: None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000 and over $100,000.

The compensation paid to the Trustees for the fiscal year ended December 31, 2024 is set forth in the following table:

**COMPENSATION TABLE**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trustee** | **Aggregate <br>Compensation\*** | **Pension or <br>Retirement <br>Benefits Accrued <br>as Part of Fund <br>Expense** | **Estimated <br>Annual Benefits <br>Upon <br>Retirement** | **Total <br>Compensation <br>Paid to Trustee** |
| &nbsp;&nbsp;&nbsp;&nbsp;Tamara L. Fagely, Chairperson | $152000 |  |  | $152000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Jody T. Foster | 137000 |  |  | 137000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Anthony J. Ghoston | 122000 |  |  | 122000 |
| &nbsp;&nbsp;&nbsp;&nbsp;John T. Kelly-Jones | 134000 |  |  | 134000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nancy M. Morris | 122000 |  |  | 122000 |

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\* The Trustees are compensated for their services by Diamond Hill Capital Management, Inc. as part of the Administration Agreement for the Diamond Hill Funds and as part of the Administrative and Transfer Agency Services Agreement for the Diamond Hill Securitized Credit Fund.

The Board believes that trustees should have a significant personal investment in the Diamond Hill Funds. Trustee compensation, except for that required to meet any tax liability resulting from the receipt of such compensation, must be invested in the Diamond Hill Funds, until a $250,000 minimum investment is met. Once the Trustee has $250,000 invested, a minimum of 30 percent of ongoing Trustee compensation must be invested in the Diamond Hill Funds and, along with the initial $250,000, must remain invested for the entire term of their trusteeship.

The Board has two standing committees: an Audit Committee and a Nominating and Governance Committee. All Trustees are members of the Audit Committee and the Nominating and Governance Committee.

The Audit Committee's function is to oversee the Trust's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers; to oversee the quality and objectivity of the Trust's financial statements and the independent audit thereof; and to act as a liaison between the Trust's independent registered public accounting firm and the full Board. The Audit Committee held two regularly scheduled meetings during the fiscal year ended December 31, 2024. The Board has determined that Tamara L. Fagely and Jody T. Foster, each a member of the Audit Committee, are each an "audit committee financial expert" as defined by the SEC. Ms. Foster serves as the Chair of the Audit Committee.

The Nominating and Governance Committee's ("Committee") function is to nominate candidates for election to the Board, make nominations for membership on all committees and review committee assignments at least annually. The Committee also reviews as necessary the responsibilities of any committees of the Board, whether there is a continuing need for each committee, whether there is a need for additional committees of the Board, and whether committees should be combined or reorganized. The Committee makes recommendations for any such action to the full Board. The Committee also considers candidates for trustees nominated by shareholders. Shareholders may recommend candidates for Board positions by forwarding their correspondence to the Secretary of the Trust at the Trust's address and the shareholder communication will be forwarded to the Committee Chair for evaluation. The Committee held one regularly

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scheduled meeting during the fiscal year ended December 31, 2024. John T. Kelly-Jones serves as the Chair of the Committee.

As of August 31, 2025 the Trustees and Officers of the Trust as a group owned less than 1% of the Trust.

The Trust and the Adviser have each adopted a Code of Ethics (together, the "Code of Ethics") under Rule 17j-1 of the 1940 Act. The personnel subject to the Code of Ethics are prohibited from investing in individual equity securities and certain fixed income securities that are eligible to be purchased by the Diamond Hill Funds. The Code of Ethics is available at diamond-hill.com. You may also obtain a copy of the Code of Ethics from the SEC EDGAR web site or by calling the Diamond Hill Funds at 1-888-226-5595.

**Proxy Voting Policies and Procedures**

*General Policy*

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

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

*How to Obtain More Information* 

Investors may obtain a copy of the Proxy Policy by writing to the Trust at 325 John H. McConnell Boulevard, Suite 200, Columbus, OH 43215 or by calling the Trust at 888-226-5595. Information about how the Predecessor Fund voted proxies relating to portfolio securities for the 12 month period ended June 30<sup>th</sup> will be available without charge, upon request, by calling the Trust at 888-226-5595, via a link on the Predecessor Fund's website, diamond-hill.com/documents, and on the SEC's website at sec.gov.

**OTHER INFORMATION CONCERNING THE BOARD OF TRUSTEES** 

**Leadership Structure and Board of Trustees** 

The primary responsibility of the Board is to represent the interests of the shareholders of the Trust and to provide oversight of the management of the Trust. All of the Trustees are independent of and not affiliated with the Adviser or its affiliates. The same Trustees serve all twelve Diamond Hill Funds and have delegated day-to-day operation to various service providers whose activities they oversee. The Trustees have also engaged legal counsel (who is also legal counsel to the Trust) that is independent of the Adviser or its affiliates to advise them on matters relating to their responsibilities in connection with the Trust. The Trustees meet separately in an executive session on a quarterly basis and meet separately in executive session with the Trust's Chief Compliance Officer ("CCO") on a quarterly basis. On an annual basis, the Board conducts a self-assessment and evaluates its structure. Consistent with the Adviser's governing principles, each of the Trustees is a significant owner of the Diamond Hill Funds with other shareholders (see table set forth above), which is designed to align their interests with those of shareholders. The Board has determined that the leadership and committee structure is appropriate for the Trust and allows the Board to effectively and efficiently evaluate issues that impact the Trust as a whole as well as issues that are unique to each Diamond Hill Fund.

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**Board Oversight of Risk** 

The Diamond Hill Funds are subject to a number of risks, including investment, compliance, operational, and financial risks, among others. Risk oversight forms part of the Board's general oversight of the Diamond Hill Funds and is addressed as part of various Board and committee activities. Day-to-day risk management with respect to the Diamond Hill Funds resides with the Adviser or other service providers, subject to supervision by the Adviser. The Board oversees efforts by management and service providers to manage the risk to which the Diamond Hill Funds may be exposed. For example, the Board meets with Portfolio Managers and receives regular reports regarding investment risk. The Board meets with the CCO and receives regular reports regarding compliance and regulatory risks. In addition, the Board meets with the CCO in executive session on a quarterly basis. The Audit Committee meets with the Trust's Treasurer and receives regular reports regarding fund operations and risks related to the valuation, liquidity, and overall financial reporting of the Diamond Hill Funds. From its review of these reports and discussions with management, the Board learns about the material risks to which the Diamond Hill Funds are exposed, enabling a dialogue about how management and service providers manage and mitigate those risks.

Not all risks that may affect the Fund can be identified nor can controls be developed to eliminate or mitigate their occurrence or effects. It may not be practical or cost effective to eliminate or mitigate certain risks, the processes and controls employed to address certain risks may be limited in their effectiveness, and some risks are simply beyond the reasonable control of the Fund or the Adviser, its affiliates, or other service providers. Moreover, it is necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals. As a result of the foregoing and other factors, the Fund's ability to manage risk is subject to substantial limitations. The Trustees believe that their current oversight approach is an appropriate way to manage risks facing the Fund, whether investment, compliance, financial, or otherwise. The Trustees may, at any time in their discretion, change the manner in which they conduct risk oversight of the Fund.

**Trustee Attributes** 

The Board believes each of the Trustees has demonstrated leadership abilities and possesses experience, qualifications, and skills valuable to the Diamond Hill Funds. Each of the Trustees has substantial business and professional backgrounds that indicate they have the ability to critically review, evaluate and access information provided to them.

Below is additional information concerning each particular Trustee and his/her attributes. The information provided below, and in the chart above, is not all-inclusive. Many Trustee attributes involve intangible elements, such as intelligence, work ethic, the ability to work together and the ability to communicate effectively, exercise judgment, ask incisive questions, manage people and problems or develop solutions.

**Tamara L. Fagely** was a business executive for a large mutual fund complex for over 20 years leading back office operations that included administration, fund accounting, financial reporting, transfer agent, and technology. Her experience included roles as Treasurer, Chief Financial Officer, and Chief Operations Officer. In addition, Ms. Fagely has management experience in broker/dealer operations and as an audit manager conducting audits of financial service organizations and mutual funds. Ms. Fagely currently serves on the boards of other registered investment companies. Ms. Fagely brings a detailed knowledge of the mutual fund industry and financial expertise to the Board.

**Jody T. Foster** is the founder and Chief Executive Officer of Symphony Consulting since 2010. She has overseen the development and launch of a variety of investment product offerings. Her experience includes roles as Research Analyst, International Research Manager, Director and Chief Operating Officer . In addition, Ms. Foster has management experience in finance, risk management and accounting. Ms. Foster currently serves on the board of another registered investment company. Ms. Foster brings a detailed knowledge of investment management, mutual fund industry and financial expertise to the Board.

**Anthony J. Ghoston** is the founder and President of Informational Resources Consulting since 2020. He has focused on partnering with advisors to develop industry-leading investment operations. His experience also includes roles as CEO, President, Director, Chief Compliance Officer and Chief Operating Officer with a registered investment adviser and the fund administration service provider. In addition, Mr. Ghoston has management experience in investment operations, risk management and compliance. Mr. Ghoston brings knowledge and experience of mutual fund operations, controls and oversight to the Board.

**John T. Kelly-Jones** has more than 20 years' experience in the investment management industry. Mr. Kelly-Jones was a founding partner, Chief Operations Officer and Chief Compliance Officer of Independent Franchise Partners, LLP ("IFP"), a registered investment adviser, overseeing all operational functions and establishing four funds of different structures. Mr.

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Kelly-Jones also previously served on the board of one of IFP's Irish variable capital funds and of one U.S. private investment fund. In addition, he served in various roles and capacities at Morgan Stanley Asset Management, London from September 2002 through June 2009. His experience included working with mutual fund firms and investment advisers. Mr. Kelly-Jones exhibits excellent communication skills, as well as an ability to work effectively with others. Finally, Mr. Kelly-Jones brings a diversity of viewpoint, background and experience to the Board.

**Nancy M. Morris** has more than 30 years' experience and leadership within the investment management industry, most recently as Chief Compliance Officer of a large asset manager. During the course of her career, Ms. Morris served as Secretary of the Securities and Exchange Commission and as Deputy Chief Counsel in the Division of Investment Management. Her experience includes addressing investment company regulatory and compliance matters affecting mutual fund firms and investment advisers. Ms. Morris currently serves on the boards of other registered investment companies. Ms. Morris exhibits excellent communication skills, possesses the ability to work collaboratively, and provides diversity of viewpoint and background.

The diversity statistics of the Trustees are below:

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| | | | |
|:---|:---|:---|:---|
| **Board Diversity Matrix** | **Board Diversity Matrix** | **Board Diversity Matrix** | **Board Diversity Matrix** |
| | **Female** | **Male** | **Non-Binary** |
| **Part I: Gender Identity** | **Part I: Gender Identity** | **Part I: Gender Identity** | **Part I: Gender Identity** |
| Trustees | 3 | 2 | |
| **Part II: Demographic Background** | **Part II: Demographic Background** | **Part II: Demographic Background** | **Part II: Demographic Background** |
| African American or Black | | 1 | |
| Alaskan Native or Native American | | | |
| Asian | | | |
| Hispanic or Latinx | | | |
| Native Hawaiian or Pacific Islander | | | |
| White | 3 | 1 | |
| Two or More Races or Ethnicities | | | |
| LGBTQ+ | | | |

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**CONTINUOUS OFFERING**

The method by which Creation Units of Shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of Shares are issued and sold by the Fund on an ongoing basis, at any point a "distribution," as such term is used in the Securities Act of 1933, as amended ("Securities Act"), may occur. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares, and sells such shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter. Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in Shares, whether or not participating in the distribution of Shares, generally are required to deliver a prospectus. This is because the prospectus delivery exemption in Section 4(a)(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the Company Act. Firms that incur a prospectus delivery obligation with respect to Shares are reminded that, pursuant to Rule 153 under the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 under the Securities Act is only available with respect to transactions on an exchange.

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The Adviser and/or its affiliates (each, as applicable, a "Selling Shareholder") may purchase Creation Units through a broker-dealer to "seed" (in whole or in part) the Fund upon launch or thereafter or may purchase Shares from broker-dealers or other investors that have previously provided "seed" for the Fund at its launch or otherwise in secondary market transactions. Because the Selling Shareholder may be deemed an affiliate of the Fund, the Shares will be registered to permit their resale from time to time after purchase. The Fund will not receive any of the proceeds from the resale by the Selling Shareholders of these Shares.

Any such Selling Shareholder may sell all or a portion of the Shares owned by it and offered hereby from time to time directly or through one or more broker-dealers and may also hedge such positions. The Shares may be sold on any national securities exchange on which the Shares are listed or quoted at the time of sale, in the over-the-counter market or in transactions other than on these exchanges or systems at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions. A Selling Shareholder may use any one or more of the following methods when selling Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ ordinary brokerage transactions through brokers or dealers (who may act as agents or principals) or directly to one or more purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any other method permitted pursuant to applicable law.

A Selling Shareholder may also loan or pledge shares to broker-dealers that in turn may sell such Shares, to the extent permitted by applicable law. A Selling Shareholder may also enter into options or other transactions with broker-dealers or other financial institutions, or the creation of one or more derivative securities that require the delivery to such broker-dealer or other financial institution of Shares, which Shares such broker-dealer or other financial institution may resell.

A Selling Shareholder and any broker-dealer or agents participating in the distribution of Shares may be deemed to be "underwriters" within the meaning of Section 2(a)(11) of the Securities Act in connection with such sales. In such event, any commissions paid to any such broker-dealer or agent and any profit on the resale of the Shares purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act.

Any such Selling Shareholder who may be deemed an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act will be subject to the applicable prospectus delivery requirements of the Securities Act. As of the date of this SAI, the Fund is not aware of any Selling Shareholder that has a written or oral agreement or understanding, directly or indirectly, with any person to distribute Shares. Upon the Fund being notified in writing by a Selling Shareholder that any material arrangement has been entered into with a broker-dealer for the sale of Shares through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, the Fund intends to supplement this SAI, if required, pursuant to Rule 497 under the Securities Act, to disclose: (i) the name of such Selling Shareholder and of the participating broker-dealer(s); (ii) the number of Shares involved; (iii) the price at which such Shares were sold; (iv) the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable; (v) that such broker-dealer(s) did not conduct any investigation to verify the information set out or incorporated by reference in the Fund's Prospectus and SAI; and (vi) other facts material to the transaction.

A Selling Shareholder and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended ("Exchange Act"), and the rules and regulations thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the Shares by the Selling Shareholder and any other participating person. To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of Shares to engage in market-making activities with respect to the Shares. All of the foregoing may affect the marketability of the Shares and the ability of any person or entity to engage in market-making activities with respect to the Shares. There is a risk that the Selling Shareholder may redeem its investments in the Fund or otherwise sell its Shares to a third party that may redeem. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund.

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**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Subject to policies established by the Board, the Adviser is responsible for the Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Adviser seeks the best qualitative execution for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer, and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received.

The Adviser is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which the Adviser exercises investment discretion and to pay such brokers or dealers a commission in excess of the commission another broker or dealer would charge if the Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or the Adviser's overall responsibilities with respect to the Trust and to other accounts over which it exercises investment discretion.

Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities, and analyses of reports concerning performance of accounts. The research services and other information furnished by brokers through whom the Fund effects securities transactions may also be used by the Adviser in servicing all of its accounts. Similarly, research and information provided by brokers or dealers serving other clients may be useful to the Adviser in connection with its services to the Fund.

The Adviser has entered into Client Commission Agreements with broker/dealers that are involved from time to time in executing, clearing, or settling securities transactions on behalf of the Fund ("CCA Brokers") that provide for the CCA Brokers to pay a portion of the commissions paid by the Fund for securities transactions ("CCA Commissions") to providers of research services. Because these research service providers may play no role in executing client securities transactions, any research prepared by that research service provider may constitute third party research. Adviser may use brokerage commissions, including CCA Commissions, from the Fund's portfolio transactions to acquire research, subject to the procedures and limitations provided in this section.

From time to time, the Adviser prepares a list of providers of research services that have been deemed by the Adviser to provide valuable research ("Research Firms") as determined by Adviser's investment staff. CCA Brokers are eligible to be included in the list of Research Firms. All trades with Research Firms will be effected in accordance with Adviser's obligation to seek best execution for its client accounts. The Adviser uses a vote by its investment staff as a guide for allocating CCA Commissions. Compensation for research may also be made pursuant to commissions paid on trades executed by a Research Firm who is registered as a broker-dealer ("Research Broker"). Under normal circumstances, CCA Brokers are compensated for research solely through trade commissions. To the extent that payments for research to a Research Broker other than a CCA Broker are made pursuant to trade commissions, the Adviser will reduce the amount of CCA Commissions to be paid to that Research Broker for its research. However, the Adviser will reduce the amount of CCA Commissions to be paid to that Research Broker by less than the full amount of trade commissions paid to that Research Broker. Neither the Adviser nor the Fund has an obligation to any Research Firm if the amount of trade commissions and CCA Commissions paid to the Research Firm is less than the applicable non-binding target. The Adviser reserves the right to pay cash to a Research Firm from its own resources in an amount the Adviser determines in its discretion.

The products and services acquired by the Adviser in connection with such arrangements are intended to comply with Section 28(e) of the Securities Act and the SEC's related interpretive guidance. The Adviser will not cause the Fund or its clients to use trade commissions or CCA Commissions for purposes other than for eligible research and brokerage services or products.

When the Fund and another of the Adviser's clients seek to purchase or sell the same security at or about the same time, the Adviser may execute the transaction on a combined ("blocked") basis, through one or more broker-dealers, provided that the block is done in a fair and equitable manner and is determined to be timely and in the best interest of each client. Blocked transactions can produce better execution for the Fund and other accounts managed by the Adviser because of the increased volume of each such transaction. If the entire blocked order is not filled, the Fund may not be able to acquire as large a position in such security as it desires, or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell, or as high a price for any particular portfolio security, if the Adviser is selling the same portfolio security for its other client accounts at the same time. In the

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event that the entire blocked order is not filled, the shares are allocated on a pro-rata basis to the appropriate client accounts. All blocked orders are allocated to the participating accounts at average cost.

The Fund has not yet paid brokerage commissions since it has not yet commenced operations. The Predecessor Fund paid the following brokerage commissions for the following fiscal periods:

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| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2024** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2023** | &nbsp;&nbsp;**Fiscal Year Ended December 31, 2022** |
| &nbsp;&nbsp;&nbsp;Predecessor Fund | $4119 | $5273 | $4407 |

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During the last fiscal year, the Adviser, through agreements or understandings with brokers, or otherwise through an internal allocation procedure, directed the brokerage transactions of the Predecessor Fund to brokers because of research services provided. The following table indicates the amount of these transactions and related commission paid during the period for the Predecessor Fund.

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| | | |
|:---|:---|:---|
| | **Amount of Transactions to Brokers Providing Research** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>**Related Commissions** |
| Predecessor Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23028641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3735 |

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**Securities of Regular Broker-Dealers** 

The table below presents information regarding the securities of the Predecessor Fund's regular broker-dealers (or the parent of the regular broker-dealer) that were held by the Predecessor Fund as of December 31, 2024.

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| | | |
|:---|:---|:---|
| | **Regular Broker-Dealer** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Holdings ($000s)** |
| Predecessor Fund | Bank of America Corp. | $1577 |

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**Portfolio Holdings Disclosure**

Each Business Day prior to the opening of regular trading on the Exchange, the Fund's portfolio holdings information will be made available on the Fund's website at www.diamond-hill.com and will be provided for dissemination through the facilities of the National Securities Clearing Corporation ("NSCC") and/or other fee-based subscription services to NSCC members and/or subscribers to those other fee-based subscription services, including Authorized Participants (as defined below), and to entities that publish and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund in the secondary market. A "Business Day" is any day on which the Exchange is open for business. As of the date of this SAI, the Exchange observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Access to information concerning the Fund's portfolio holdings is permitted to be disclosed to personnel of third-party service providers, including the Fund's custodian, transfer agent, auditors, sub-administrator, and counsel, as may be necessary to conduct business in the ordinary course in a manner consistent with such service providers' agreements with the Trust on behalf of the Fund. Such service providers shall not disseminate non-public Fund information.

The Distributor (as defined below) may also make available portfolio holdings information to other institutional market participants and entities that provide information services. This information typically reflects the Fund's anticipated holdings on the following Business Day. Other than portfolio holdings information made available in connection with the creation/redemption process, as discussed above, portfolio holdings information that is not filed with the SEC or posted on the publicly available website online may be provided to third parties only in limited circumstances.

Exception to the Fund's normal business practice with respect to portfolio holdings disclosure may be made, provided that the disclosure is deemed to be in the best interests of shareholders and the party receiving the portfolio holdings signs a confidentiality agreement or the policies of the recipient are determined to be adequate to protect the integrity and confidentiality of the information. In no event shall portfolio holdings information be disclosed for compensation. In order to avoid conflicts of interest between the Fund's shareholders and the Adviser, any exceptions

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must be approved in writing by the Fund's President and Treasurer and any such exceptions granted will be presented to the Board on a quarterly basis for their review.

Consistent with applicable law, portfolio holdings of the Fund will also be disclosed on a quarterly basis on forms required to be filed with the SEC as follows: (i) portfolio holdings as of the end of each fiscal year ending December 31 will be filed as part of the annual report filed on Form N-CSR; (ii) portfolio holdings as of the end of each month will be filed on Form N-PORT; and (iii) portfolio holdings as of the end of the six-month period ending June 30 will be filed as part of the semi-annual report filed on Form N-CSR. The Fund's Form N-CSR and Form N-PORT (at quarter-end) will be available on the SEC's website at www.sec.gov.

**PAYMENTS TO FINANCIAL INTERMEDIARIES**

**Payment of Additional Cash Compensation** 

On occasion, the Adviser may make payments out of its resources and legitimate profits, which may include profits the Adviser derives from investment advisory fees paid by the Fund, to financial intermediaries as incentives to market the Fund, to cooperate with the Adviser's promotional efforts, or in recognition of the provision of administrative services and marketing and/or processing support. These payments are often referred to as "additional cash compensation" or "revenue sharing". The payments are made pursuant to agreements between financial intermediaries and the Adviser and do not affect the price investors pay to invest in Shares of the Fund, the amount the Fund will receive as proceeds from such sales, or the amount of other expenses paid by the Fund.

Additional cash compensation payments may be used to pay financial intermediaries for: (i) transaction support, including any one-time charges for establishing access to Fund Shares on particular trading systems (known as "platform access fees"); (ii) program support, such as expenses related to including the Fund in retirement programs, fee-based advisory or wrap fee programs, fund supermarkets, bank or trust company products, and/or insurance programs (*e.g.*, individual or group annuity contracts); (iii) placement by a financial intermediary on its offered, preferred, or recommended fund list; (iv) marketing support, such as providing representatives of the Adviser access to sales meetings, sales representatives and management representatives; (v) firm support, such as business planning assistance, advertising, and assistance with educating sales personnel about the Fund and shareholder financial planning needs; and (vi) providing other distribution-related or asset retention services. Additional cash compensation payments generally are structured as basis point payments on assets, gross or net sales or, in the case of platform access fees, fixed dollar amounts.

Neither the Adviser nor Foreside Financial Services, LLC (the "Distributor") made any payments of additional cash compensation in the last fiscal year, as the Fund has not yet commenced operations.

In addition to member firms of the Financial Industry Regulatory Authority, the Adviser also reserves the ability to make payments, as described above, to other financial intermediaries that sell or provide services to the Fund and shareholders, such as banks, insurance companies, and plan administrators. These firms are not included in this list and may include affiliates of the Adviser. You should ask your financial intermediary whether it receives additional cash compensation payments, as described above, from the Adviser.

The Adviser may also pay non-cash compensation to financial intermediaries and their representatives in the form of: (i) occasional gifts; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of regional or national conferences or seminars. Such non-cash compensation will be made subject to applicable law.

**DETERMINATION OF SHARE PRICE**

The price of the Shares of the Fund is based on the Fund's NAV per Share next determined after the order is received. The NAV is calculated at the close of trading (normally 4:00 p.m., Eastern Time ("ET")) on each day the Exchange is open for business ("open business day"). Should the Exchange experience an unexpected market closure or restriction on trading during or on what is expected to be an open business day, the Fund will make a determination whether to calculate the NAV at the times as described above (and value the securities as described below in this SAI and in the Prospectus) or to suspend the determination of the NAV based on available information at the time of or during the unexpected closure or restriction on trading. Only Authorized Participants may buy and redeem shares from the Fund at NAV.

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**HOW TO BUY AND SELL SHARES**

Most investors will buy and sell shares throughout the day in secondary market transactions through brokers. The price at which an investor buys or sells shares (*i.e.*, the market price) may be more or less than the NAV of the shares. When buying or selling shares through a broker, investors will incur customary brokerage commissions and charges and may pay some or all of the spread between the bid and the offered prices in the secondary market on each leg of a round trip (purchase and sale) transaction.

Only Authorized Participants may buy and redeem shares from the Fund directly and those transactions are made only in Creation Units.

*Creation Units* 

The Fund sells and redeems Shares in Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any Business Day.

*Authorized Participants*

Only Authorized Participants that have entered into agreements with the Distributor may purchase or redeem Creation Units. In order to be an Authorized Participant, a firm must be either a broker-dealer or other participant ("Participating Party") in the Continuous Net Settlement System ("Clearing Process") of the NSCC or a participant in DTC with access to the DTC system ("DTC Participant"), and the Authorized Participant must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in the Fund's Creation Units. There are expected to be a limited number of Authorized Participants that have entered into Participant Agreements with the Fund at any one time.

Investors who are not Authorized Participants but want to transact in Creation Units may contact the Distributor for the names of Authorized Participants. An Authorized Participant may require investors to enter into a separate agreement to transact through it for Creation Units and may require orders for purchases of shares placed with it to be in a particular form. Investors transacting through a broker that is not itself an Authorized Participant must still transact through an Authorized Participant and may incur additional charges.

Orders must be transmitted by an Authorized Participant by a transmission method acceptable to the Distributor. Market disruptions and telephone or other communication failures may impede the transmission of orders.

*Transaction Fees*

A fixed fee payable to State Street Bank and Trust Company ("State Street" or "Custodian") is imposed on each creation and redemption transaction regardless of the number of Creation Units involved in the transaction ("Fixed Fee"). Purchases and redemptions of Creation Units for cash or involving cash-in-lieu (as defined below) may also be required to pay an additional variable charge to compensate the Fund and its ongoing shareholders for brokerage and market impact expenses relating to Creation Unit transactions ("Variable Charge," and together with the Fixed Fee, the "Transaction Fees"). The Adviser may waive or adjust the Transaction Fees, including the Fixed Fee and/or Variable Charge (shown in the table below), from time to time. In such cases, the Authorized Participant will reimburse the Fund for, among other things, any difference between the market value at which the securities and/or financial instruments were purchased by the Fund and the cash-in-lieu amount, applicable registration fees, brokerage commissions and certain taxes. In addition, purchasers of Creation Units are responsible for the costs of transferring the Deposit Securities to the account of the Fund.

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| | |
|:---|:---|
| **Fee for In-Kind and Cash Purchases and Redemptions** | **Maximum Additional Variable Charge for Cash Purchases\*** |
| $150 In-Kind, $100 Cash | 2% |

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\*As a percentage of the amount invested.

*The Clearing Process*

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Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Fund Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve Bank wire transfer system.

*Purchasing Creation Units*

<u>Portfolio Deposit</u>

The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component is comprised of a "Balancing Amount" as well as any cash in lieu of securities (as described below). The Balancing Amount serves the function of compensating for any differences between the NAV per Creation Unit and the Deposit Securities. Thus, the Balancing Amount is equal to the difference between (x) the NAV per Creation Unit of the Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Balancing Amount to the Fund. If (x) is less than (y), the Authorized Participant will receive the Balancing Amount from the Fund. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant.

On each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser or its agent through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

<u>Cash-in-Lieu</u>

The Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. The Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. The Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. Most orders involving cash-in-lieu, as well as certain other types of orders, are considered to be "Custom Baskets." The Fund may enter into other types of Custom Baskets (as described below).

<u>Custom Baskets</u>

The Fund may utilize Custom Baskets provided that certain conditions are met. A "Custom Basket" is (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings, (ii) a representative Basket that is different from the initial Basket used in transactions on the same Business Day, or (iii) a Basket that contains bespoke cash and/or security substitutions, including for a single Authorized Participant. The Trust has adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for Custom Baskets. Such policies and procedures provide detailed parameters for the construction and acceptance of Custom Baskets, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Adviser who are required to review each Custom Basket for compliance with those parameters. In connection with the construction and acceptance of Custom Baskets, the Adviser may consider various factors, including, but not limited to: (1) how the Custom Basket contributes to the tax efficiency of the Fund; (2) an Authorized Participant's ability to deliver particular securities; (3) whether the Custom Basket assists the Fund in effectuating a rebalance or turnover of the Fund's portfolio; (4) whether the Custom Basket assists the Fund in meeting redemption requests; (5) whether the Custom Basket increases the liquidity of the Fund's portfolio; and (6) other baskets created and redeemed on a particular day. In all instances, in using Custom Baskets, the Adviser will seek to achieve the Fund's investment objective and follow its principal investment strategy. The policies and procedures distinguish among different types of Custom Baskets that may be used and impose different requirements for different types of Custom Baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant.

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<u>Purchase Orders</u>

To order a Creation Unit, an Authorized Participant must submit an irrevocable purchase order to the Distributor.

<u>Timing of Submission of Purchase Orders</u>

An Authorized Participant must submit an irrevocable purchase order no later than the earlier of (i) 4:00 p.m. Eastern Time or (ii) the closing time of the trading session on the Exchange, on any Business Day in order to receive that Business Day's NAV ("Cut-off Time"). The Cut-off Time for Custom Baskets is generally one hour earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Baskets and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1") .

<u>Orders Using the Clearing Process</u>

If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

<u>Orders Outside the Clearing Process</u>

If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to the Fund account by 3:00 p.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to the Fund for any losses incurred by the Fund in connection therewith.

<u>Acceptance of Purchase Order</u>

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund. The Fund's determination shall be final and binding.

The Fund reserves the absolute right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (iv) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (v) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Fund, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

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<u>Issuance of a Creation Unit</u>

Once the Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee. The delivery of Creation Units will generally occur no later than T+1 except with respect to certain foreign securities.

While the Fund generally intends to pay for redemptions of Creation Units on a basis of T+1, the Fund reserves the right to settle redemption transactions on a basis other than T+1, if necessary or appropriate under the circumstances and compliant with applicable law. The Fund may settle Creation Unit transactions on a basis other than T+1 in order to accommodate foreign market holiday schedules, to account for different treatment among foreign and U.S. markets of dividend record dates and ex-dividend dates (that is the last day the holder of a security can sell the security and still receive dividends payable on the security), and in certain other circumstances. In addition to holidays, other unforeseeable closings in a market due to emergencies may also prevent the Fund from delivering securities within the normal settlement period. The securities delivery cycles currently practicable for transferring foreign portfolio securities to redeeming Authorized Participants, coupled with foreign market holiday schedules, may require a delivery process longer than the standard settlement period. Pursuant to SEC rule, the Fund will be required to deliver such foreign portfolio securities in not more than 15 calendar days. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in securities delivery practices, could affect the information set forth herein at some time in the future and longer (worse) redemption periods are possible.

The Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities, under the following circumstances. Pursuant to the applicable Participant Agreement, the Fund may issue a Creation Unit notwithstanding that (certain) Deposit Securities have not been delivered, in reliance on an undertaking by the relevant Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking is secured by such Authorized Participant's delivery to and maintenance with the Custodian of collateral having a value equal to at least 103% of the value of the missing Deposit Securities ("Collateral"), as adjusted by time to time by the Adviser. Such Collateral will have a value greater than the NAV of the Creation Unit on the date the order is placed. Such Collateral must be delivered no later than 2:00 p.m., Eastern Time, on T+1. The only Collateral that is acceptable to the Fund is cash in U.S. Dollars.

While (certain) Deposit Securities remain undelivered, the Collateral shall at all times have a value equal to at least 103% (as adjusted by the Adviser) of the daily marked-to-market value of the missing Deposit Securities. At any time, the Fund may use the Collateral to purchase the missing securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Collateral, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused Collateral once all of the missing securities have been received by the Fund. More information regarding the Fund's current procedures for collateralization is available from the Distributor.

<u>Cash Purchase Method</u>

When cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

*Redeeming a Creation Unit*

<u>Redemption Basket</u>

The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

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There can be no assurance that there will be sufficient liquidity in Shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the NAV per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the Adviser or an agent through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

An Authorized Participant's right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Shares or determination of the ETF's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

<u>Cash-in-Lieu</u>

The Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. The Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be Custom Baskets.

<u>Custom Baskets</u>

The Fund may utilize Custom Baskets provided that certain conditions are met. A "Custom Basket" is (i) a basket that is composed of a non-representative selection of the Fund's portfolio holdings, (ii) a representative Basket that is different from the initial Basket used in transactions on the same Business Day, or (iii) a Basket that contains bespoke cash and/or security substitutions, including for a single Authorized Participant. The Trust has adopted policies and procedures that govern the construction and acceptance of baskets, including heightened requirements for Custom Baskets. Such policies and procedures provide detailed parameters for the construction and acceptance of Custom Baskets, establish processes for revisions to, or deviations from, such parameters, and specify the titles and roles of the employees of the Adviser who are required to review each Custom Basket for compliance with those parameters. In connection with the construction and acceptance of Custom Baskets, the Adviser may consider various factors, including, but not limited to: (1) how the Custom Basket contributes to the tax efficiency of the Fund; (2) an Authorized Participant's ability to deliver particular securities; (3) whether the Custom Basket assists the Fund in effectuating a rebalance or turnover of the Fund's portfolio; (4) whether the Custom Basket assists the Fund in meeting redemption requests; (5) whether the Custom Basket increases the liquidity of the Fund's portfolio; and (6) other baskets created and redeemed on a particular day. In all instances, in using Custom Baskets, the Adviser will seek to achieve the Fund's investment objective and follow its principal investment strategy. The policies and procedures distinguish among different types of Custom Baskets that may be used and impose different requirements for different types of Custom Baskets in order to seek to mitigate against potential risks of conflicts and/or overreaching by an Authorized Participant.

<u>Redemption Requests</u> 

To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

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An Authorized Participant submitting a redemption request is deemed to represent to the Fund that it or, if applicable, the investor on whose behalf it is acting, (i) owns outright or has full legal authority and legal beneficial right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Shares that are in the Creation Unit to be redeemed have not been borrowed, loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Shares to the Fund. The Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by the Fund.

<u>Timing of Submission of Redemption Requests</u> 

An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Baskets is generally one hour earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

<u>Requests Using the Clearing Process</u>

If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

<u>Requests Outside the Clearing Process</u>

If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 3:00 p.m., Eastern Time, on received T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local sub-custodian(s).

<u>Acceptance of Redemption Requests</u>

All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

<u>Delivery of Redemption Basket</u>

Once the Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and

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Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+1. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

<u>Cash Redemption Method</u>

When cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

*Book-Entry Only System*

The DTC acts as Securities Depository for the Shares. Shares are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC, which is a limited-purpose trust company. DTC was created to hold securities of DTC Participants and to facilitate the clearance and settlement of securities transactions among DTC Participants in such securities through electronic book-entry changes in accounts of those DTC Participants, thereby eliminating the need for physical movement of securities' certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC.

More specifically, DTC is a subsidiary of the Depository Trust and Clearing Corporation ("DTCC"), which is owned by its member firms, including international broker/dealers, correspondent and clearing banks, mutual fund companies and investment banks. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants"). Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through a DTC Participant a written confirmation relating to their purchase of Shares. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire beneficial interests in Shares.

Beneficial Owners of shares are not entitled to have shares registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holder thereof. Accordingly, each Beneficial Owner must rely on the procedures of DTC, the DTC Participant and any Indirect Participant through which such Beneficial Owner holds its interests, to exercise any rights of a holder of Shares. The Trust understands that under existing industry practice, in the event the Trust requests any action of holders of Shares, or a Beneficial Owner desires to take any action that DTC, as the record owner of all outstanding Shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants would authorize the Indirect Participants and Beneficial Owners acting through such DTC Participants to take such action and would otherwise act upon the instructions of Beneficial Owners owning through them. As described above, the Trust recognizes DTC or its nominee as the owner of all Shares for all purposes.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust, upon request and for a fee to be charged to the Trust, a listing of the Share holdings of each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

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Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all Shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately the DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants. The Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning Shares through such DTC Participants.

DTC may determine to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of Shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**TAXES** 

The following discussion of certain U.S. federal income tax consequences is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. Each shareholder should consult a qualified tax advisor regarding the tax consequences of an investment in the Fund. The tax considerations relevant to a specific shareholder depend upon the shareholder's specific circumstances, and the following general summary does not attempt to discuss all potential tax considerations that could be relevant to a prospective shareholder with respect to the Trust or its investments. This general summary is based on the Code, the U.S. federal income tax regulations promulgated thereunder, and administrative and judicial interpretations thereof as of the date hereof, all of which are subject to change (potentially on a retroactive basis).

The Fund intends to qualify as a regulated investment company under Subchapter M of the Code, which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, to the extent such amounts are distributed to shareholders in accordance with the applicable timing requirements.

The Fund intends to distribute substantially all of its net investment income (including any excess of net short-term capital gains over net long-term capital losses) and net capital gain (that is, any excess of net long-term capital gains over net short-term capital losses) in accordance with the timing requirements imposed by the Code and therefore should not be required to pay any federal income or excise taxes. Net capital gain for a fiscal year is computed by taking into account any capital loss carry forward of the Fund.

To be treated as a regulated investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of its gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or non-U.S. currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities (other than U.S. government securities or the securities of other regulated investment companies) of any one issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If the Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it may be treated as a corporation for federal income tax purposes. As such, the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. However, distributions to shareholders, whether from the Fund's net investment

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income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

As a regulated investment company, the Trust is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income *(i.e.*, the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Fund during the preceding calendar year. While the Fund intends to distribute its ordinary income and capital gains in a manner so as to avoid imposition of the federal excise and income taxes, there can be no assurance that the Fund indeed will make sufficient distributions to avoid entirely the imposition of federal excise or income taxes on the Fund.

The following discussion of U.S. federal income tax consequences is for the general information of shareholders that are U.S. persons subject to tax. Shareholders that are IRAs or other qualified retirement plans generally are exempt from income taxation under the Code. Shareholders that are non-U.S. persons, IRAs or other qualified retirement plans should consult their own tax advisors regarding the tax consequences of an investment in the Fund.

Distributions of taxable net investment income (including the excess of net short-term capital gain over net long-term capital loss) generally are taxable to shareholders as ordinary income. However, distributions by the Fund to a non-corporate shareholder may be subject to income tax at the shareholder's applicable tax rate for long-term capital gain, to the extent that the Fund receives qualified dividend income on the securities it holds, the Fund properly designates the distribution as qualified dividend income, and the Fund and the non-corporate shareholder receiving the distribution meet certain holding period and other requirements. Distributions of taxable net investment income (including qualified dividend income) may be subject to an additional 3.8% Medicare tax as discussed below.

Distributions of net realized capital gain ("capital gain dividends") generally are taxable to shareholders as long-term capital gain, regardless of the length of time the shares of the Fund have been held by such shareholders. Under current law, capital gain dividends recognized by a non-corporate shareholder generally will be taxed at a maximum rate of 20%. Capital gains of corporate shareholders are taxed at the same rate as ordinary income.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or Shares. All distributions of taxable net investment income and net realized capital gain, whether received in Shares or in cash, must be reported by each taxable shareholder on their federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of Shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

If shares of the Fund are purchased within 30 days before or after redeeming other shares of the Fund at a loss, all or a portion of that loss will not be deductible and will increase the basis of the newly purchased shares. If shares of the Fund are sold at a loss after being held by a shareholder for six months or less, the loss will be treated as long-term, instead of a short-term, capital loss to the extent of any capital gain distributions received on the shares.

Under the Code, the Fund will be required to report to the Internal Revenue Service ("IRS") all distributions of taxable income and net realized capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment income and net realized capital gain and proceeds from the redemption or exchange of the Shares of a regulated investment company may be subject to withholding of federal income tax (currently, at a rate of 24%) in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Trust is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

An additional 3.8% Medicare tax generally will be imposed on certain net investment income (including ordinary dividends, qualified dividend income and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund Shares) of U.S. individuals, estates and trusts to the extent that any such person's "modified and adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

------

Payments to a shareholder that is either a non-U.S. financial institution ("FFI") or a non-financial non-U.S. entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (i) income dividends paid by the Fund after June 30, 2014, and (ii) certain capital gain distributions and the proceeds arising from the sale of Fund Shares paid by the Fund after December 31, 2018. FATCA withholding tax generally can be avoided: (i) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of non-U.S. financial accounts held by U.S. persons with the FFI and (ii) by an NFFE, if it: (a) certifies that it has no substantial U.S. persons as owners or (b) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a non-U.S. entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Shareholders should consult their tax advisors about the application of federal, state, local and non-U.S. tax law in light of their particular situation.

**CUSTODIAN AND TRANSFER AGENT**

State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114 is the Custodian for the Fund's investments. The Custodian acts as Fund's depository, safe keeps its portfolio securities, collects all income and other payments with respect thereto, disburses funds at the Fund's request and maintains records in connection with its duties.

State Street also acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to written agreement with the Fund (the "Transfer Agent"). Under the agreement, the Transfer Agent is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

**SUB-FUND ACCOUNTING AGENT** 

Pursuant to a Master Services Agreement entered into between Ultimus Fund Solutions, LLC ("Ultimus") and the Adviser, Ultimus acts as the Fund's sub-fund accounting agent and, in such capacity, maintains the books and records of the Fund, calculates the NAV, calculates investment performance and prepares all financial statements and regulatory filings. Fees of Ultimus under the Master Services Agreement are paid by the Adviser.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The firm of Cohen & Company, Ltd., 1350 Euclid Ave., Suite 800, Cleveland, Ohio 44115, has been selected as independent registered public accounting firm for the Fund for its initial fiscal period. Cohen & Company, Ltd. will perform an annual audit of the Fund's financial statements and advises the Fund as to certain accounting matters.

**DISTRIBUTOR** 

Foreside Financial Services, LLC, a wholly-owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) located at Three Canal Plaza, Suite 100, Portland, ME 04101 is the Trust's principal underwriter and exclusive agent for distribution of the Fund's Creation Units. The Distributor continually distributes shares of the Fund on a reasonable efforts basis only against purchase orders for the Shares. The Distributor has no obligation to sell any specific quantity of Fund Shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Trust. The Distributor does not receive compensation from the Fund for its Distribution services. The Adviser pays the Distributor a fee for certain distribution-related services.

**SECURITIES LENDING AGENT**

State Street serves as the securities lending agent to the Fund. As the securities lending agent, State Street is responsible for the implementation and administration of the securities lending program pursuant to a Securities Lending Authorization Agreement ("Securities Lending Agreement"). State Street acts as agent to the Fund to lend available

------

securities with any person on its list of approved borrowers, including State Street and certain of its affiliates. State Street determines whether a loan shall be made and negotiates and establishes the terms and conditions of the loan with the borrower. State Street ensures that all substitute interest, dividends, and other distributions paid with respect to loan securities is credited to the Fund's relevant account on the date such amounts are delivered by the borrower to State Street. State Street receives and holds, on the Fund's behalf, collateral from borrowers to secure obligations of borrowers with respect to any loan of available securities. State Street marks loaned securities and collateral to their market value each business day based upon the market value of the collateral and loaned securities at the close of business employing the most recently available pricing information and receives and delivers collateral in order to maintain the value of the collateral at no less than 100% of the market value of the loaned securities. At the termination of the loan, State Street returns the collateral to the borrower upon the return of the loaned securities to State Street. State Street, on behalf of the Fund, invests cash collateral into a registered investment company sponsored and managed by State Street Global Advisors (the "Acquired Fund"). The Acquired Fund is available only through a private placement, is owned exclusively by the Diamond Hill Funds (and the Diamond Hill Securitized Credit Fund), and is not available to the general public. Since the Diamond Hill Funds (and the Diamond Hill Securitized Credit Fund) own all of the shares of the Acquired Fund and its sole purpose is to benefit the shareholders of the Fund, it may be considered to be an investment company that is related to the Fund for purposes of investment and investor services. State Street maintains such records as are reasonably necessary to account for loans that are made and the income derived therefrom and makes available to the Fund a monthly statement describing the loans made, and the income derived from the loans, during the period. State Street performs compliance monitoring and testing of the securities lending program and provides quarterly reporting to the Board. As the Fund has not yet commenced operations, the Fund has not earned income or paid fees and compensation to service providers related to securities lending activities.

**PRINCIPAL HOLDERS OF OUTSTANDING SHARES**

As of August 31, 2025, the following persons owned of record 5% or more of a class of the Predecessor Fund's outstanding Shares. A person owning of record, for the benefit of others, more than 25% of the Predecessor Fund's outstanding Shares may be deemed to control the Predecessor Fund. A controlling shareholder can control the outcomes of proposals submitted to shareholders for approval.

---

| | |
|:---|:---|
| **SHAREHOLDER NAME AND ADDRESS** | **% Ownership** |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - INVESTOR** | |
| CHARLES SCHWAB & CO., INC. SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS OPERATIONS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104 | 87.08% |
| DIAMOND HILL CAPITAL MANAGEMENT INC 325 JOHN H MCCONNELL BLVD SUITE 200 COLUMBUS, OH 43215 | 12.92% |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - CLASS I** |  |
| CHARLES SCHWAB & CO., INC. SPECIAL CUSTODY ACCOUNT FOR THE EXCLUSIVE BENEFIT OF CUSTOMERS ATTN: MUTUAL FUNDS OPERATIONS 101 MONTGOMERY ST SAN FRANCISCO, CA 94104 | 99.69% |
| **DIAMOND HILL LARGE CAP CONCENTRATED FUND - CLASS Y** |  |
| DIAMOND HILL CAPITAL MANAGEMENT INC 325 JOHN H MCCONNELL BLVD SUITE 200 COLUMBUS, OH 43215 | 78.64% |
| VOYA INSTITUTIONAL TRUST COMPANY ONE ORANGE WAY WINDSOR, CT 06095 | 10.32% |
| VOYA RETIREMENT INSURANCE AND ANNUITY CO ONE ORANGE WAY WINDSOR, CT 06095 | 9.67% |

---

------

**FINANCIAL STATEMENTS**

The Predecessor Fund's financial statements and independent registered public accounting firm's report required to be included in this SAI are incorporated herein by reference to the Form N-CSR, which includes the Annual Financial Statements and Additional Information for the Trust for the fiscal year ended December 31, 2024. The Predecessor Fund's unaudited financial statements for the six-month period ended June 30, 2025, are incorporated therein by reference to the Form N-CSRS. The Fund will provide the Financial Statements and Additional Information and the annual and semi-annual reports without charge upon written request or request by telephone. The Financial Statements and Additional Information and the Annual and Semi-Annual Reports to Shareholders are also available on the Fund's website at www.diamond-hill.com/documents.

------

**DIAMOND HILL FUNDS**

**PART C. OTHER INFORMATION**

**ITEM 28.**&nbsp;&nbsp;&nbsp;&nbsp;**EXHIBITS**

(a) Articles of Incorporation.

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

(b) By-Laws.

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

(c) Instruments Defining Rights of Security Holders.

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

(d) Investment Advisory Contracts.

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

(ii) <u>[Copy of Amended Exhibit A, dated as of May 22, 2025, to the Registrant's Amended and Restated Investment Management Agreement dated as of November 17, 2011, with Diamond Hill Capital Management, Inc.,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedexainvestmentmanage.htm)[which was filed as an](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedexainvestmentmanage.htm)[Exhibit to the Registrants's Post-Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedexainvestmentmanage.htm)[90](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedexainvestmentmanage.htm)[is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedexainvestmentmanage.htm)</u>

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

(iv) <u>[Copy of Registrant's Fee Waiver Agreement dated as of April 6, 2017, with its Adviser, Diamond Hill Capital Management, Inc., which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 60, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312517115770/d371883dex9928dxi.htm)</u>

(e) Underwriting Contracts.

(i) <u>[Copy of Underwriting Agreement with BHIL Distributors, LLC, dated as of August 18, 2016, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516701977/d220582dex99ei.htm)</u>

(ii) <u>[Copy of Underwriting Agreement Novation with BHIL Distributors, LLC which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 62, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312517240352/d432623dex9928eii.htm)</u>

(iii) <u>[Form of Dealer's Agreement, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516701977/d220582dex99eii.htm)</u>

 (iv) <u>[Copy of Distribution Agreement dated August 21, 2025 with Foreside Financial Services, LLC, is hereby filed herewith.](dhf-ffinetfdaxnonxotx73025.htm)</u>

(f) Bonus or Profit Sharing Contracts.

None.

(g) Custodian Agreements.

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

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(ii) <u>[Copy of Amendment dated October 13, 2015, to Fee Schedule dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516626585/d213050dex9928gii.htm)</u>

(iii) <u>[Copy of Amendment dated March 1, 2016, to Fee Schedule dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516626585/d213050dex9928giii.htm)</u>

(iv) <u>[Copy of Amended Appendix A, dated February 11, 2021, to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 79, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242321000034/a2021210afldhlargecapconce.htm)</u>

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

(vi) <u>[Copy of Amendment, dated August 22, 2024 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 85, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242324000067/a20240819afl_amxcustodianx.htm)</u>

(vii) <u>[Copy of Amendment, dated May 22, 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, is hereby filed herewith.](dhf-amendmentmastercustodi.htm)</u>

(viii) <u>[Copy of Amendment, dated August 22, 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014, is hereby filed herewith.](amendtomastercustodianagre.htm)</u>

(h) Other Material Contracts.

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

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

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

(iv) <u>[Copy of Amended Schedule A, dated as of May 22, 2025, to the Amended and Restated Administrative, Fund Accounting and Transfer Agency Services Agreement, dated as of May 31, 2002, as restated and amended November 17, 2011 and May 23, 2013, and amended February 20, 2014, with Diamond Hill Capital Management, Inc., which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 90, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/amendedscheduleaforadminag.htm)</u>

(v) <u>[Copy of Administrative](dhlargecapconcentratedetfa.htm)[Services Agreement, dated August 21, 2025 with Diamond Hill Capital Management, Inc., is hereby filed herewith.](dhlargecapconcentratedetfa.htm)</u>

(vi) <u>[Copy of Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516626585/d213050dex9928hx.htm)</u>

(vii) <u>[Copy of Amendment, dated December 18, 2017, to the Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 65, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242318000021/dhf-exhibithxviamendmentto.htm)</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>[Copy of Amended Schedule A, dated August 22, 2024, to the Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 85, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242324000067/diamondhill-amendedschedul.htm)</u>

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>[Copy of Amended Schedule A, dated May 22, 2025, to the Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC, is hereby filed herewith.](diamondhill-amendedschedul.htm)</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>[Copy of ETF Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC,](subetfmasterservicesagreem.htm) [dated Augus](subetfmasterservicesagreem.htm) [t 21, 2](subetfmasterservicesagreem.htm) [025](subetfmasterservicesagreem.htm) [is hereby filed herewith.](subetfmasterservicesagreem.htm)</u>

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

(xii) <u>[Copy of First Amendment, dated November 19, 2015, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 51, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516479699/d114198dex9928hxxii.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) <u>[Copy of Second Amendment, dated February 10, 2016, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 51, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516479699/d114198dex9928hxxiii.htm)</u>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(xvi) <u>[Copy of Fifth Amendment, dated July 26, 2016, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516701977/d220582dex99hxvii.htm)</u>

(xvii) <u>[Copy of Sixth Amendment, dated October 12, 2016, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 63, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312517306822/d470576dex9928hxxi.htm)</u>

(xviii) <u>[Copy of Seventh Amendment, dated November 14, 2017, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 65, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242318000021/dhf-exhibithxxvx7thamendme.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(xix) <u>[Copy of Eighth Amendment, dated March 9, 2018, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 70, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242319000063/hxxviiidhf8thamendmenttosl.htm)</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;(xxi) <u>[Copy of Tenth Amendment, dated March 1, 2019, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 71, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242319000104/hxxx10thamendmentdrafttosl.htm)</u>

(xxii) <u>[Copy of Eleventh Amendment, dated February 11, 2021, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 79, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242321000034/dhfeleventhamendmenttoslaa.htm)</u>

(xxiii) <u>[Copy of Twelfth Amendment, dated August 19, 2021, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 81, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242322000020/dhftwelfthamendmenttoslaaf.htm)</u>

------

(xxiv) <u>[Copy of Thirteenth Amendment, dated December 21, 2021, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 81, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242322000020/dhfthirteenamendmenttoslaa.htm)</u>

(xxv) <u>[Copy of Fourteenth Amendment, dated February 28, 2023, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 82, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242323000021/dhffourteenthamendmenttosl.htm)</u>

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

(xxvii) <u>[Copy of Sixteenth Amendment, dated May 22, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, which was filed as an Exhibit to the Registrant's P](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [re-](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [Effective Amendment No.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [1](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [dated July 29, 2025,](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm) [is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000087/a16thamendmenttoslaafunds4.htm)</u>

(xxviii) <u>[Copy of Seventeenth Amendment, dated August 21, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014, is hereby filed herewith.](dhf17thamendmenttoslaa-etf.htm)</u>

(xxix) <u>[Copy of Registrant's Exclusive Lending Agreement with State Street Bank and Trust Company, dated as of May 26, 2015, as amended by First Amendment dated as of June 19, 2015, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 47, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312515338122/d46924dex9928hxix.htm)</u>

(xxx) <u>[Copy of Second Amendment dated April 6, 2016, to Registrant's Exclusive Lending Agreement with State Street Bank and Trust Company dated as of May 26, 2015, which was filed as an Exhibit to the Registrant's Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516626585/d213050dex9928hxvii.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) <u>[Copy of Third Amendment dated May 5, 2016, to Registrant's Exclusive Lending Agreement with State Street Bank and Trust Company dated as of May 26, 2015, which was filed as an Exhibit to Registrant's Post-Effective Amendment No. 54, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000119312516701977/d220582dex99hxx.htm)</u>

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

(xxxii) <u>[Copy of Fourth Amendment dated March 9, 2018, to Registrant's Exclusive Lending Agreement with State Street Bank and Trust Company dated as of May 26, 2015, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 79, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242321000034/dhf-fourthamendmenttoexclu.htm)</u>

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

(xxxiv) <u>[Copy of Amended and Restated Fund of Funds Investment Agreement dated July 23, 2025 with State Street Bank Navigator Securities Lending Trust, is hereby filed herewith.](dhfamendedandrestatedfofin.htm)</u>

(xxxv) <u>[Copy of Transfer Agency](statestreettransferagencya.htm)[and](statestreettransferagencya.htm)[Service](statestreettransferagencya.htm)[Agreement dated August 21, 2025, with State Street Bank and Trust Company is hereby filed herewith.](statestreettransferagencya.htm)</u>

(i) Legal Opinion. <u>[Opinion and Consent of Counsel](legalopinionandconsent-dhl.htm) [dated September](legalopinionandconsent-dhl.htm) [19](legalopinionandconsent-dhl.htm) [, 2025, is hereby filed herewith.](legalopinionandconsent-dhl.htm)</u>

(j) Other Opinions. <u>[Consent of Cohen & Company, Ltd. is hereby filed herewith](cohenconsentsept2025.htm)</u>.

(k) Omitted Financial Statements. None

(l) Initial Capital Agreements.

Copy of Letter of Initial Stockholder, which was filed as an Exhibit to Registrant's Pre-Effective Amendment No. 1, is hereby incorporated by reference.

(m) Rule 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>[Copy of Registrant's Amended and Restated Plan of Distribution Pursuant to Rule 12b-1 dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 79, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242321000034/a12b-1planxamendedxfebruar.htm)</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>[Copy of Registrant's Amended Exhibit A, dated February 28. 2023, to the Amended and Restated Plan of Distribution Pursuant to Rule 12b-1, dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 82, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242323000021/a12b-1planxamendedexaxfebr.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>[Copy of Registrant's Amended Exhibit A, dated May 22, 2025, to the Amended and Restated Plan of Distribution Pursuant to Rule 12b-1, dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 90, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/a12b-1planxamendedexaxmay2.htm)</u>

(n) Rule 18f-3 Plan.

(i) <u>[Copy of Registrant's Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 as amended February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 79, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242321000034/rule18f-3planfebruary2021r.htm)</u>

(ii) <u>[Copy of Registrant's Amended Schedule A, dated February 28, 2023, to the Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 82, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242323000021/rule18f-3planfebruary2023r.htm)</u>

(iii) <u>[Copy of Registrant's Amended Schedule A, dated August 22. 2024, to the Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post Effective Amendment No. 85, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242324000067/rule18f-3planaugust2024sch.htm)</u>

(iv) <u>[Copy of Registrant's Amended Schedule A, dated May 22, 2025, to the Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3, dated February 28, 2021, which was filed as an Exhibit to the Registrant's Post-Effective Amendment No. 90, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1032423/000103242325000062/rule18f-3planmay2025schedu.htm)</u>

(o) Reserved

(p) Codes of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp; (i) <u>[Copy of the Revised Code of Ethics of Diamond Hill Funds and Diamond Hill Capital Management, Inc. dated April 1, 2025, is hereby filed herewith](codeofethics-20250401.htm)[.](codeofethics-20250401.htm)</u>

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE FUND**

None.

**ITEM 30. INDEMNIFICATION**

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

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

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

------

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

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

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

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

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

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Diamond Hill Capital Management, Inc., 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215 ("DHCM"), adviser to the Diamond Hill Small Cap Fund, Diamond Hill Small-Mid Cap Fund, Diamond Hill Mid Cap Fund, Diamond Hill Select Fund, Diamond Hill Large Cap Fund, Diamond Hill Large Cap Concentrated Fund, Diamond Hill Large Cap Concentrated ETF, Diamond Hill Long-Short Fund, Diamond Hill International Fund, Diamond Hill Short Duration Securitized Bond Fund, Diamond Hill Securitized Total Return Fund, Diamond Hill Core Bond Fund, Diamond Hill Core Plus Bond Fund, Diamond Hill Micro Cap Fund LP and Diamond Hill Securitized Credit Fund, is a registered investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) DHCM has engaged in no other business during the past two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Information with respect to the directors and officers of DHCM is incorporated by reference to Schedule D of Form ADV filed by it under the Investment Advisers Act of 1940, as amended (File No. 801-32176).

------

**ITEM 32. PRINCIPAL UNDERWRITERS**

---

| | |
|:---|:---|
| (a) | Foreside Financial Services, LLC (the "Distributor") acts as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended: |
|  | 1.&nbsp;&nbsp;&nbsp;&nbsp;13D Activist Fund, Series of Northern Lights Fund Trust<br>2.&nbsp;&nbsp;&nbsp;&nbsp;2nd Vote Funds<br>3.&nbsp;&nbsp;&nbsp;&nbsp;AAMA Equity Fund, Series of Asset Management Fund<br>4.&nbsp;&nbsp;&nbsp;&nbsp;AAMA Income Fund, Series of Asset Management Fund<br>5.&nbsp;&nbsp;&nbsp;&nbsp;Advisers Investment Trust<br>6.&nbsp;&nbsp;&nbsp;&nbsp;AG Twin Brook Capital Income Fund<br>7.&nbsp;&nbsp;&nbsp;&nbsp;AltShares Trust<br>8.&nbsp;&nbsp;&nbsp;&nbsp;American Beacon AHL Trend ETF, Series of American Beacon Select Funds<br>9.&nbsp;&nbsp;&nbsp;&nbsp;American Beacon GLG Natural Resources ETF, American Beacon Select Funds<br>10.&nbsp;&nbsp;&nbsp;&nbsp;American Beacon Ionic Inflation Protection ETF, American Beacon Select Funds<br>11.&nbsp;&nbsp;&nbsp;&nbsp;Aristotle Funds Series Trust<br>12.&nbsp;&nbsp;&nbsp;&nbsp;Boston Trust Walden Funds (f/k/a The Boston Trust & Walden Funds)<br>13.&nbsp;&nbsp;&nbsp;&nbsp;Bow River Capital Evergreen Fund<br>14.&nbsp;&nbsp;&nbsp;&nbsp;Connetic Venture Capital Access Fund<br>15.&nbsp;&nbsp;&nbsp;&nbsp;Constitution Capital Access Fund, LLC<br>16.&nbsp;&nbsp;&nbsp;&nbsp;Datum One Series Trust<br>17.&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Funds<br>18.&nbsp;&nbsp;&nbsp;&nbsp;Diamond Hill Securitized Credit Fund<br>19.&nbsp;&nbsp;&nbsp;&nbsp;Driehaus Mutual Funds<br>20.&nbsp;&nbsp;&nbsp;&nbsp;FMI Funds, Inc.<br>21.&nbsp;&nbsp;&nbsp;&nbsp;Impax Funds Series Trust I (f/k/a Pax World Funds Series Trust I)<br>22.&nbsp;&nbsp;&nbsp;&nbsp;Impax Funds Series Trust III (f/k/a Pax World Funds Series Trust III)<br>23.&nbsp;&nbsp;&nbsp;&nbsp;Inspire 100 ETF, Series of Northern Lights Fund Trust IV<br>24.&nbsp;&nbsp;&nbsp;&nbsp;Inspire 500 ETF, Series of Northern Lights Fund Trust IV<br>25.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Corporate Bond ETF, Series of Northern Lights Fund Trust IV<br>26.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Fidelis Multi Factor ETF, Series of Northern Lights Fund Trust IV<br>27.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Global Hope ETF, Series of Northern Lights Fund Trust IV<br>28.&nbsp;&nbsp;&nbsp;&nbsp;Inspire International ETF, Series of Northern Lights Fund Trust IV<br>29.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Momentum ETF, Series of Northern Lights Fund Trust IV<br>30.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Small/Mid Cap ETF, Series of Northern Lights Fund Trust IV<br>31.&nbsp;&nbsp;&nbsp;&nbsp;Inspire Tactical Balanced ETF, Series of the Northern Lights Fund Trust IV<br>32.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2035 Term Income ETF, Series of Stone Ridge Trust<br>33.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2040 Term Income ETF, Series of Stone Ridge Trust<br>34.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2045 Term Income ETF, Series of Stone Ridge Trust<br>35.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2048 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>36.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2048 Longevity Income ETF, Series of Stone Ridge Trust<br>37.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2049 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>38.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2049 Longevity Income ETF, Series of Stone Ridge Trust<br>39.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2050 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>40.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2050 Longevity Income ETF, Series of Stone Ridge Trust<br>41.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2051 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>42.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2051 Longevity Income ETF, Series of Stone Ridge Trust<br>43.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2052 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>44.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2052 Longevity Income ETF, Series of Stone Ridge Trust<br>45.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2053 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>46.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2053 Longevity Income ETF, Series of Stone Ridge Trust<br>47.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2054 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>48.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2054 Longevity Income ETF, Series of Stone Ridge Trust<br>49.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2055 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>50.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2055 Longevity Income ETF, Series of Stone Ridge Trust<br>51.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2056 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>52.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2056 Longevity Income ETF, Series of Stone Ridge Trust<br>53.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2057 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>54.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2057 Longevity Income ETF, Series of Stone Ridge Trust<br>55.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2058 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>56.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2058 Longevity Income ETF, Series of Stone Ridge Trust<br>57.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2059 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust |

---

------

---

| |
|:---|
| 58.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2059 Longevity Income ETF, Series of Stone Ridge Trust<br>59.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2060 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>60.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2060 Longevity Income ETF, Series of Stone Ridge Trust<br>61.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2061 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>62.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2061 Longevity Income ETF, Series of Stone Ridge Trust<br>63.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2062 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>64.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2062 Longevity Income ETF, Series of Stone Ridge Trust<br>65.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2063 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>66.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2063 Longevity Income ETF, Series of Stone Ridge Trust<br>67.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2064 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>68.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2064 Longevity Income ETF, Series of Stone Ridge Trust<br>69.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2065 Inflation-Protected Longevity Income ETF, Series of Stone Ridge Trust<br>70.&nbsp;&nbsp;&nbsp;&nbsp;LifeX 2065 Longevity Income ETF, Series of Stone Ridge Trust<br>71.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Energy Transition ETF, Series of Macquarie ETF Trust<br>72.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused Emerging Markets Equity ETF, Series of Macquarie ETF Trust<br>73.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Focused Large Growth ETF, Series of Macquarie ETF Trust<br>74.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Global Listed Infrastructure ETF, Series of Macquarie ETF Trust<br>75.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie National High-Yield Municipal Bond ETF, Series of Macquarie ETF Trust<br>76.&nbsp;&nbsp;&nbsp;&nbsp;Macquarie Tax-Free USA Short Term ETF, Series of Macquarie ETF Trust<br>77.&nbsp;&nbsp;&nbsp;&nbsp;Meketa Infrastructure Fund<br>78.&nbsp;&nbsp;&nbsp;&nbsp;Nomura Alternative Income Fund<br>79.&nbsp;&nbsp;&nbsp;&nbsp;Praxis Mutual Funds<br>80.&nbsp;&nbsp;&nbsp;&nbsp;Primark Meketa Private Equity Investments Fund<br>81.&nbsp;&nbsp;&nbsp;&nbsp;SA Funds – Investment Trust<br>82.&nbsp;&nbsp;&nbsp;&nbsp;Sequoia Fund, Inc.<br>83.&nbsp;&nbsp;&nbsp;&nbsp;Simplify Exchange Traded Funds<br>84.&nbsp;&nbsp;&nbsp;&nbsp;Siren ETF Trust<br>85.&nbsp;&nbsp;&nbsp;&nbsp;Stone Ridge Alternative Lending Risk Premium Fund, Series of Stone Ridge Trust V<br>86.&nbsp;&nbsp;&nbsp;&nbsp;Stone Ridge Art Risk Premium Fund, Series of Stone Ridge Trust VIII<br>87.&nbsp;&nbsp;&nbsp;&nbsp;Stone Ridge Post-Event Reinsurance Fund, Series of Stone Ridge Trust IV<br>88.&nbsp;&nbsp;&nbsp;&nbsp;Stone Ridge Reinsurance Risk Premium Interval Fund, Series of Stone Ridge Trust II<br>89.&nbsp;&nbsp;&nbsp;&nbsp;Tactical Dividend and Momentum Fund, Series of Two Roads Shared Trust<br>90.&nbsp;&nbsp;&nbsp;&nbsp;TCW ETF Trust<br>91.&nbsp;&nbsp;&nbsp;&nbsp;Zacks Trust |
| The Distributor is registered with the Securities and Exchange Commission as a broker-dealer and is a member of the Financial Regulatory Authority or "FINRA." The Distributor has its main address at Three Canal Plaza, Suite 100, Portland, ME 04101. |

---

 (b) The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with the Distributor** | **Position and Offices with<br>Registrant** |
| Teresa Cowan | Three Canal Plaza, Suite 100, Portland, ME 04101 | President/Manager |  |
| Kate Macchia | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Chris Lanza | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President |  |
| Jennifer A. Brunner | Three Canal Plaza, Suite 100, Portland, ME 04101 | Vice President and Chief<br>Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | Three Canal Plaza, Suite 100, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

------

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS**

Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder will be maintained by the Registrant at 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215; and/or by the Registrant's custodian (and transfer agent for the Large Cap Concentrated ETF only), State Street Bank and Trust Company, One Congress Street, Suite 1, Boston, MA 02114; and the Registrant's sub-administration service provider, sub-fund accountant, and sub-transfer agent (except for the Large Cap Concentrated ETF), Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

**ITEM 34. MANAGEMENT SERVICES**

None.

**ITEM 35. UNDERTAKINGS**

None.

------

**EXHIBIT INDEX**

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

(d) (iii) <u>[Copy of Amended Exhibit A, dated as of August 21, 2025, to the Registrant's Amended and Restated Investment Management Agreement](amendedexainvestmentmanage.htm)</u>

(e) (iv) <u>[Copy of Distribution Agreement dated August 21, 2025 with Foreside Financial Services, LLC](dhf-ffinetfdaxnonxotx73025.htm)</u>

(g) (vii) <u>[Copy of Amendment, dated May 22, 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014](dhf-amendmentmastercustodi.htm)</u>

(g) (viii) <u>[Copy of Amendment, dated August 22, 2025 to Master Custodian Agreement with the Custodian, State Street Bank and Trust Company, dated as of March 1, 2014](amendtomastercustodianagre.htm)</u>

(h) (v) <u>[Copy of Administrative Services Agreement, dated August 21, 2025 with Diamond Hill Capital Management, Inc.](dhlargecapconcentratedetfa.htm)</u>

(h) (ix) <u>[Copy of Amended Schedule A, dated May 22, 2025 to the Master Services Agreement with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC](diamondhill-amendedschedul.htm)</u>

(h) (x) <u>[Copy of ETF Master Services Agreement dated August 21, 2025, with Diamond Hill Capital Management, Inc. and Ultimus Fund Solutions, LLC](subetfmasterservicesagreem.htm)</u>

(h) (xxviii) <u>[Copy of Seventeenth Amendment, dated August 21, 2025, to Registrant's Securities Lending Authorization Agreement with State Street Bank and Trust Company dated as of March 1, 2014](dhf17thamendmenttoslaa-etf.htm)</u>

(h) (xxxiv) <u>[Copy of Amended and Restated Fund of Funds Investment Agreement dated July 23, 2025 with State Street Bank Navigator Securities Lending Trust](dhfamendedandrestatedfofin.htm)</u>

(h) (xxxv) <u>[Copy of Transfer Agency and Service Agreement dated August 21, 2025, with State Street Bank and Trust Company](statestreettransferagencya.htm)</u>

(i) <u>[Opinion and Consent of Counsel dated September](legalopinionandconsent-dhl.htm) [19](legalopinionandconsent-dhl.htm) [, 2025](legalopinionandconsent-dhl.htm)</u>

(j) <u>[Consent of Cohen & Company, Ltd.](cohenconsentsept2025.htm)</u>

(p) (i) <u>[Copy of Revised Code of Ethics of Diamond Hill Funds and Diamond Hill Capital Management, Inc. dated April 1, 2025](codeofethics-20250401.htm)</u>

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 (the "Securities Act"), as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus, and the State of Ohio on September 19, 2025.

---

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

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| /s/ Thomas E. Line | President | September 19, 2025 |
| Thomas E. Line |  |  |
| /s/ Julie A. Roach | Treasurer | September 19, 2025 |
| Julie A. Roach |  |  |
| Anthony J. Ghoston\* | Trustee | September 19, 2025 |
| Anthony J. Ghoston |  |  |
| Tamara L. Fagely\* | Trustee | September 19, 2025 |
| Tamara L. Fagely |  |  |
| Jody T. Foster\* | Trustee | September 19, 2025 |
| Jody T. Foster |  |  |
| Nancy M. Morris\* | Trustee | September 19, 2025 |
| Nancy M. Morris |  |  |
| John T. Kelly-Jones\* | Trustee | September 19, 2025 |
| John T. Kelly-Jones |  |  |

---

---

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

---

## Ex-99.(D)(Iii)

**Amended Exhibit A**

**to Amended and Restated Investment Management Agreement**

**between**

**Diamond Hill Funds**

**and**

**Diamond Hill Capital Management, Inc.**

**Originally dated**

**November 17, 2011**

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

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

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

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

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

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

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

## Ex-99.(E)(Iv)

**ETF DISTRIBUTION AGREEMENT**

This distribution agreement (the "<u>Agreement</u>") is effective this 21st day of August 2025, and made by Diamond Hill Funds, an Ohio business trust (the "<u>Trust</u>") having its principal place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, OH 43215, and Foreside Financial Services, LLC, a Delaware limited liability company (the "<u>Distributor</u>") having its principal place of business at Three Canal Plaza, Suite 100, Portland, ME 04101.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "<u>Distributor Indemnitee</u>") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("<u>Losses</u>") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties, representations, and responsibilities in this Agreement; (iii) any claim that any Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of each Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its

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

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

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

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

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

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

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

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

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

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procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) each Registration Statement and each ETF's Prospectus have been prepared, and all Marketing Materials have been prepared by or at the direction of the Trust and have been approved by a Trust

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Officer or other individual authorized by the Trust to approve Marketing Materials on behalf of the Trust and shall be prepared, in all material respects, in conformity with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "<u>Rules and Regulations</u>"); (vi) each Registration Statement and each ETF's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of any Registration Statement, any ETF's Prospectus, nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each ETF's Prospectus in light of the circumstances in which made, not misleading; (viii) except as otherwise noted in each Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant ETF, as determined in the manner described in such ETF's Registration Statement and Prospectus; (ix) each Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated; (x) the ETF Shares, when issued and delivered against payment of consideration will be duly and validly authorized, issued fully paid and non-assessable and free of statutory and contractual preemptive rights, rights of first refusal and similar rights; (xi) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of ETF shares, except the registration of the ETF Shares under the 1933 Act; (xii) ETF Shares will be listed on Listing Exchanges; (xiii) it will not lend securities pursuant to any securities lending arrangement that would prevent any ETF from settling a Redemption Order when due; (xiv) it will not name any A P as an authorized participant and/or as underwriter in any Prospectus, Marketing Materials or on its or any ETF's website without prior written consent of such AP, unless such naming is required by law, rule or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.it shall file such amendment or amendments to each Registration Statement and each ETF's Prospectus as, in the light of future developments, shall, in the opinion of the Trust's counsel, be necessary in order to have each Registration Statement and each ETF's Prospectus at all times contain all material facts required to be stated therein or

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually: (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the ETF and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each ETF: (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party, or (ii) by vote of a majority of the outstanding voting securities of the ETF, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

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

**9.<u>Notice</u>.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt

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requested, to the following address (or such other address as a party may specify by written notice to the other):

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

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

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

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

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

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

**14.<u>Confidentiality</u>.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "<u>Confidential Information</u>" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in

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the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is lawfully in the other party's possession, without an obligation of confidentiality, prior to receipt hereunder; (iii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective directors, Trustees, officers, principals, employees, agents, affiliated persons, or affiliated entities (collectively, <u>"Representatives");</u> or (iv) the information is independently developed by the other party or its Representatives without the use of Confidential Information. The parties understand and agree that all Confidential Information shall be kept confidential by the other and their Representatives both during and after the term of this Agreement. In addition, each party shall be responsible for any breach of this Section by any of its Representatives to the same extent that such party is responsible for its own breach. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. Notwithstanding the preceding sentence, it is understood by both parties that information in an intangible or electronic format containing Confidential Information cannot be removed, erased or otherwise deleted from archival systems (also known as "computer or system back-ups") but that such Confidential Information will continue to be protected under the terms of this Agreement and the other Party shall continue to be bound by the obligations of confidentiality and non-use hereunder both during and after the term of this Agreement. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if: (i) required by law, regulation, court order, inquiry, or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

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

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incurred, contracted for, or otherwise existing with respect to the Trust generally or any other ETF shall be enforceable against the assets of that ETF. The Trust's Agreement and Declaration of Trust is on file with the Trust.

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

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

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

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

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

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

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

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

Name:&nbsp;&nbsp;&nbsp;&nbsp;Teresa Cowan&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name:&nbsp;&nbsp;&nbsp;&nbsp;Thomas E. Line

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

Date:&nbsp;&nbsp;&nbsp;&nbsp;August 27, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:&nbsp;&nbsp;&nbsp;&nbsp;August 21, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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**EXHIBIT A**

Diamond Hill Large Cap Concentrated ETF

## Ex-99.(G)(Vii)

**<u>AMENDMENT TO MASTER CUSTODIAN AGREEMENT</u>**

This Amendment, dated as of May 22, 2025 and effective as of June 30, 2025 (the "***Amendment***"), is entered into by and between, STATE STREET BANK AND TRUST COMPANY, (the "***Custodian***") and each entity listed on Appendix A hereto (each a "***Fund***" and collectively, the "***Funds***").

**WHEREAS**, the Custodian and the Funds entered into a Master Custodian Agreement dated as of March 1, 2014 (the "***Agreement***"); and

**WHEREAS,** the parties hereto wish to amend the Agreement as set forth below.

**NOW THEREFORE,** in consideration of the mutual agreements herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Appendix A</u> to the Master Custodian Agreement is hereby deleted in its entirety and replaced with the <u>Appendix A</u> attached hereto as <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Customer hereby confirms, as of the date set forth above, its representations and warranties set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Custodian and the Fund hereby agree to be bound by all of the terms, provisions, covenants, and obligations set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

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

Information Classification: Limited Access

Information Classification: Limited Access

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**IN WITNESS WHEREOF,** each of the undersigned has caused this Amendment to be executed in its name and on its behalf by a duly authorized officer as of the date set forth above.

**DIAMOND HILL FUNDS**

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

Name: Thomas E. Line

Title: President

**STATE STREET BANK AND TRUST COMPANY**

By:<u>/s/Louis Abuzzi&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Louis Abuzzi

Title: Senior Vice President

Information Classification: Limited Access

Information Classification: Limited Access

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**EXHIBIT A**

APPENDIX A

to

Master Custodian Agreement

(updated as of April [ ], 2025)

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

DIAMOND HILL FUNDS

Diamond Hill Small Cap Fund

Diamond Hill Small-Mid Cap Fund

Diamond Hill Mid Cap Fund

Diamond Hill Large Cap Fund

Diamond Hill Large Cap Concentrated Fund

Diamond Hill Select Fund

Diamond Hill Long-Short Fund

Diamond Hill International Fund

Diamond Hill Short Duration Securitized Bond Fund

Diamond Hill Core Bond Fund

Diamond Hill Core Plus Bond Fund

Diamond Hill Securitized Total Return Fund

Information Classification: Limited Access

Information Classification: Limited Access

## Ex-99.(G)(Viii)

AMENDMENT TO MASTER CUSTODIAN AGREEMENT

This Amendment (the "Amendment") to the Master Custodian Agreement is made as of August 22, 2025, effective as of September 26, 2025 by and between each management investment company identified on Appendix A attached hereto (each a "Fund", and collectively, the "Funds") and State Street Bank and Trust Company (the "Custodian" and together with the Funds, the "Parties"). Capitalized terms used in this Amendment without definition shall have the respective meanings given to such terms in the Master Custodian Agreement referred to below.

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

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

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

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

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

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

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

Information Classification: Confidential

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shall provide or cause to be provided this information to the ETF Client's distributor and other persons as instructed according to Board policies and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "NSCC"), prior to the opening of trading on the Exchange.

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

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

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

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

Information Classification: Confidential

------

or through wire transfer in the case of redemptions effected outside of the DTC system.

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

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

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

Information Classification: Confidential

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

STATE STREET BANK AND TRUST COMPANY

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| | |
|:---|:---|
| By: | /s/Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President/Senior Managing Director |

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EACH OF THE FUNDS SET FORTH ON APPENDIX A HERETO

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| | |
|:---|:---|
| By: | /s/Thomas E. Line |
| Name: | Thomas E. Line |
| Title: | President |

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**APPENDIX A**

**to**

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

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

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

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

## Ex-99.(H)(V)

**ADMINISTRATIVE SERVICES AGREEMENT**

This Administrative Services Agreement (this "**Agreement**") is entered into as of August 21, 2025 by and between Diamond Hill Funds ("**Trust**"), an Ohio business trust, and Diamond Hill Capital Management, Inc. ("**DHCM**"), an Ohio corporation. Each of the Trust and DHCM are a "party", and together, the "parties".

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

16.<u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

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

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

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

DIAMOND HILL FUNDS

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

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

Date: <u>August 21, 2025</u>

DIAMOND HILL CAPITAL MANAGEMENT, INC.

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

Title: <u>Chief Financial Officer</u>

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

Date: <u>August 21, 2025</u>

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

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**Schedule A**

**to Administrative Services Agreement**

**Fund Name and Fee**

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

---

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**Schedule B**

**to Administrative Services Agreement**

**Fund Administration Services**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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**Schedule C**

**to Administrative Services Agreement**

**Fund Accounting Services**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## Ex-99.(H)(Ix)

**AMENDED SCHEDULE A**

This Amended Schedule A, dated May 22, 2025, relates to the Master Services Agreement between Diamond Hill Capital Management Inc. and Ultimus Fund Solutions, LLC, dated May 31, 2016, as amended.

**<u>Fund Portfolio(s) (12/31 fiscal year end)</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Select Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Core Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Large Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Large Cap Concentrated Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Long-Short Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Mid Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Small Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Small-Mid Cap Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Short Duration Securitized Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Core Plus Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Diamond Hill Securitized Total Return Fund

The parties duly executed this Amended Schedule A as of May 22, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Diamond Hill Capital Management Inc.**  |  | **Ultimus Fund Solutions, LLC** |
| <br>By: | /s/Thomas E. Line | <br>By: | /s/Gary R. Tenkman |
| Name: | Thomas E. Line | Name: | Gary R. Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

## Ex-99.(H)(X)

**ETF MASTER SERVICES AGREEMENT**

This ETF Master Services Agreement (this "**Agreement**"), dated August 21, 2025, is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**"), an Ohio corporation, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

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

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

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

**1. Retention of Ultimus**

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

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

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

**2. Allocation of Charges and Expenses**

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

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

**3. Compensation**

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

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

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

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

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

**4. Reimbursement of Expenses**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**6. Subcontracting**

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

**7. Effective Date**

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

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

**8. Term** 

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.Transition.* Upon termination of this Agreement, Ultimus will cooperate with any reasonable request of the Administrator to effect a prompt transition to a new service provider selected by the Administrator. Ultimus shall be entitled to collect from the Administrator, in addition to the compensation described in each Fee Letter, (1) the amount of all of Ultimus' cash disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without limitation, the delivery to the Administrator or its designees of the Administrator's or any Fund's property, records, instruments, and documents, and (2) a reasonable de-conversion fee as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.Liquidation.* Upon termination of this Agreement due to the liquidation of a Fund, Ultimus shall be entitled to collect from the Administrator, in addition to the compensation described in each Fee Letter, the amount of all of Ultimus' cash

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disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without limitation, the delivery to the Administrator or its designees of the Administrator's or any Fund's property, records, instruments, and documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.No Waiver.*** Failure by either party to terminate this Agreement for a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

**9. Additional Funds**

In the event that the Trust establishes one or more series after the Agreement Effective Date, each such series shall become, at the discretion of the Administrator and Ultimus, a Fund under this Agreement and shall be added to Schedule A.

**10. Standard of Care; Limits of Liability; Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for any damages, losses or costs arising directly out of such party's failure to perform its duties under this Agreement to the extent such damages, losses or costs arise directly out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.Limits of Liability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)performing Services or duties pursuant to any oral, written, or electric instruction, notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the Administrator (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the Administrator for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)operating under its own initiative, in good faith and in accordance with the standard of care set forth herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)using valuation information provided by the Administrator's approved third-party pricing service(s) for the purpose of valuing each Fund's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)subject to Section 6 of this Agreement, any default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever caused by events beyond Ultimus' reasonable control, including, without limitation, corrupt, faulty or inaccurate data provided to Ultimus by third-parties; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)any error, action or omission by the Administrator, Fund, or other past or current service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Ultimus may apply to the Administrator at any time for instructions and may, with the prior written consent of the Administrator, consult with counsel for the Administrator and with accountants and other experts with respect to any matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*A copy of the Administrator's organizational documents (the "**Organizational Documents**") is on file with the Secretary of State (or equivalent authority) of the state in which the Administrator is organized, and notice is hereby given that this instrument is executed on behalf of the Administrator and not its officers individually and that the obligations of this instrument are not binding upon any of the officers or shareholders individually but are binding only upon the assets and property of the Administrator), and Ultimus shall look only to the assets of the Administrator) for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*Ultimus shall not be held to have notice of any change of authority of any officer, agent, representative or employee of the Administrator or any of the Administrator's other service providers until receipt of written notice thereof from the Administrator (as applicable). As used in this Agreement, the term "**investment adviser**" includes all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.*Each Fund has and retains primary responsibility for oversight of all compliance matters relating to such Fund, including, but not limited to, compliance with the Investment Company Act, the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code**"), the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002, each as amended, and the policies and limitations of each Fund relating to the portfolio investments as set forth in such Fund's prospectus and statement of additional information. Ultimus' monitoring and other functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.*To the maximum extent permitted by law, the Administrator agrees to limit Ultimus' liability for any Losses (as defined below) suffered by the Administrator or any Fund to an amount that shall not exceed the total compensation received by Ultimus under this Agreement during the most recent rolling 12-month period or the actual time period this Agreement has been in effect if less than 12 months. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the** 

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**possibility thereof. Subject to Section 6 of this Agreement, Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties for use in delivering Ultimus' Services to the Administrator or any Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.Indemnification***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.*Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the other party, including its trustees, directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees**" and each, an "**Indemnitee**"), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising directly out of (1) the Indemnifying Party's failure to exercise the standard of care set forth herein unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.*Notwithstanding the foregoing provisions, the Administrator shall indemnify Ultimus for Ultimus' Losses arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.*Upon the assertion of a claim for which either party may be required to indemnify the other, the Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.*The Indemnifying Party shall have the option to participate with the Indemnitee in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.***The provisions of this Section 10 shall survive termination of this Agreement.

**11. Force Majeure.**

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

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**12. Representations and Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.Joint Representations.*** Each party represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It is a corporation, partnership, trust, limited liability company, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*To the extent required by Applicable Law (defined below), it is duly registered with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*For the duties and responsibilities under this Agreement, it is currently and will continue to abide by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations, rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law**").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*This Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*Whenever, in the course of performing its duties under this Agreement, it determines that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage of time could occur, it shall promptly notify the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.Representations of the Administrator.*** The Administrator represents and warrants, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*It shall cooperate and cause any sub-advisers, prime broker, custodian, legal counsel, independent accountants, and other service providers and agents, past or present, for each Fund to cooperate with Ultimus and to provide it with such information, documents, and advice relating to each Fund as appropriate or requested by Ultimus, in order to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Administrator, a Fund, or any other service provider to the Administrator or a Fund is/are unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services, Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*The Organizational Documents of the Administrator and each Fund are true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Each of the employees of Ultimus (if any) who serves or has served at any time as an officer of each Fund, including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by each Fund's Directors & Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of each Fund's Organizational Documents regarding indemnification of its officers. The Administrator shall provide Ultimus with proof of current coverage, including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Any officer of the Administrator shall be considered an individual who is authorized to provide Ultimus with instructions and requests on behalf of the Administrator (an "**Authorized Person**") (unless such authority is limited in a writing from the Administrator and received by Ultimus) and has the authority to appoint additional Authorized Persons, to limit or revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons from time to time.

**13. Insurance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry; provided that each Fund's insurance will be comprised of a D&O policy maintained through the investment adviser, along with the requisite fidelity bond. Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change and the reasons therefore.

**14. Information Provided by the Administrator**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Administrator will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*copies of the Organizational Documents and of any amendments thereto, certified by the proper official of the state in which such document has been filed;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*a list of all the officers of the Administrator, together with specimen signatures of those officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*each Fund's registration statement and all amendments thereto filed with the SEC pursuant to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*each Fund's notification of registration under the Investment Company Act on Form N-1A as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)*copies of the current plan of distribution adopted by each Fund under Rule 12b-1 under the Investment Company Act for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)*copies of the current investment advisory agreement and current investment sub-advisory agreement(s), if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)*copies of the current underwriting agreement for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)*contact information for each Fund's service providers, including, but not limited to, each Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)*a copy of procedures adopted by each Fund in accordance with Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.After the Agreement Effective Date.*** After the Agreement Effective Date, the Administrator will furnish to Ultimus any amendments to the items listed in Section 14.1.

**15. Compliance with Law**

The Administrator, the Trust, and the Funds assume full responsibility for the preparation, contents, and distribution of its prospectus and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over each Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16. Privacy and Confidentiality**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party (a "**Receiving Party**"), whether in writing, electronically, or orally and in any form (tangible or intangible), that is confidential, proprietary, or relates to portfolio companies, investments, the Administrator's or any Fund's operations and performance, clients or shareholders (each either existing or potential). Confidential Information includes, but is not limited to:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*any information concerning technology, such as systems, source code, databases, hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*any information not contained in the public filings of the Administrator or any Fund concerning research activities and investments, portfolio composition, portfolio management techniques, plans, customers, clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*any financial information not contained in the public filings of the Administrator or any Fund, including information concerning performance or valuations of portfolio companies, revenues, profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*Client Records and Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately. Confidential Information shall not include any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

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

All Confidential Information, including Client Records and Customer Information, disclosed to, delivered to, or acquired by the Receiving Party hereunder shall be and remain the sole property of the Disclosing Party. Nothing in this Agreement is intended to grant any rights to the Receiving Party under any patent, trademark, copyright, trade secret or other intellectual property right law or regulation to the Confidential Information of the Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive property of the Administrator or Fund (as applicable). "**Customer Information**" shall mean all non-public, personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board Regulation P) (collectively, the "**GLB Act**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.Treatment of Confidential Information***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Each party agrees that at all times during and after the terms of this Agreement, it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*Without limiting the foregoing, the Receiving Party shall apply to any Confidential Information at least the same degree of reasonable care used for its own confidential and

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proprietary information and in any event no less than a reasonable degree of care to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The Receiving Party will hold all Confidential Information it obtains in strictest confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Receiving Party shall be responsible for any breach of this Agreement by any of its employees or agents to the same extent Receiving Party is responsible for its own breach, and Receiving Party agrees to take commercially reasonable measures to restrain its employees and agents from prohibited or unauthorized disclosure or use of the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Notwithstanding the foregoing, the Receiving Party may release Confidential Information (1) if approved in writing by the Disclosing Party, or (2) as required by law, as is required to be disclosed to or by any regulatory authority, or under any rule or judicial or administrative proceeding, or otherwise by applicable law; provided that, unless prohibited by law, the Disclosing Party shall provide notice of such disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)The Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure or use, and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)Money damages would not be a sufficient remedy for any breach of this Section and that the Disclosing Party shall be entitled to seek injunctive or other equitable relief to remedy any such breach or threatened breach by Receiving Party. Such remedy shall not be deemed to be the exclusive remedy for any breach of this Agreement but shall be in addition to all other rights and remedies available at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.Severability.*** This provision and the obligations under this Section 16 shall survive termination of this Agreement.

**17. Press Release**

Within the first 60 days following the Agreement Effective Date, the Administrator agrees to review in good faith a press release (in any format or medium) announcing this Agreement; provided that Ultimus must obtain the

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Administrator's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Administrator.

**18. Non-Exclusivity**

The services of Ultimus rendered to the Administrator are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Administrator, or persons who are otherwise affiliated persons of the Administrator to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19. Arbitration**

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

**20. Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.If to the Administrator:***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Mutual Fund Administration

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215

Email: <u>mutualfundoperations@diamond-hill.com</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.If to Ultimus:***

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u> 

**21. General Provisions**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.Amendments.*** The parties may only amend or waive all or part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.Assignments.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)*Except as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)*The terms and provisions of this Agreement shall become automatically applicable to any entity that is the successor to the Administrator because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)*Unless this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may, to the extent permitted by law and in its sole discretion, assign all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business, provided that Ultimus provides the Administrator at least 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)*This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective successors and permitted assigns.

***&nbsp;&nbsp;&nbsp;&nbsp;***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of Ohio and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the state of Ohio, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.Headings.*** Section and paragraph headings in this Agreement are included for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and

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not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if this Agreement did not contain the particular part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

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The parties duly executed this Agreement as of August 21, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: | /s/Thomas E. Line | <br>By: | /s/Gary Tenkman |
|  | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

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**SCHEDULE A**

**to the**

**ETF Master Services Agreement**

**between**

**Diamond Hill Capital Management, Inc.**

**and**

**Ultimus Fund Solutions, LLC**

**dated August 22, 2025**

**<u>Fund Portfolios</u>**

**Diamond Hill Large Cap Concentrated ETF**

------

**<u>Sub-Fund Accounting Addendum</u>**

**for**

**Diamond Hill Capital Management, Inc.**

This Sub-Fund Accounting Addendum, dated August 22, 2025, (this "**Addendum**"), is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**"), for the Funds listed on Schedule A to that certain ETF Master Services Agreement, dated August 22, 2025 ("**ETF Master Services Agreement**"), and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Sub-Fund Accounting Services</u>**

**1. Performance of Daily Accounting Services**

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.***calculate the net asset value ("**NAV**") per share utilizing prices obtained from the sources described in subsection 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.***obtain security prices from independent pricing services, or if such quotes are unavailable and/or have been subject to override by the Trust's investment adviser ("**Adviser**"), then obtain such prices from each Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.***verify and reconcile with each Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.***compute, as applicable, each Fund's trailing and annualized returns, net income and realized capital gains, dividend payables, dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.***accrue income of each Fund based upon income estimates obtained from independent pricing services, or if such income estimates are unavailable, then upon income estimates obtained from the Adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.***record investment trades received in proper form from each Fund or its authorized agents on the industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.***calculate Fund expenses based on instructions from each Fund's administrator or entity approved by the Board and submit to authorized Trust officer for review and approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.***process share creations and redemptions and reconcile with each Fund's transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.***maintain create/redeem records to the extent they are not otherwise maintained by other services providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.***provide accounting positions to facilitate the generation of portfolio composition files.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.***determine the outstanding receivables and payables for all: (1) security trades, (2) Fund share transactions and (3) income and expense accounts;

**Page 1 of 4**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.***provide system generated accounting reports in connection with each Fund's regular annual audit and other audits and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.***provide such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.***prepare and maintain the following records upon receipt of information in proper form from each Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily expense accruals; (10) daily income accruals; (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.***provide information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.***provide accounting information to each Fund's independent registered public accounting firm for preparation of each Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.***cooperate with, and take reasonable actions in the performance of its duties under this Addendum and the ETF Master Services Agreement, so that all necessary information is made available to each Fund's independent public accountants in connection with any audit or the preparation of any report requested such Fund.

**2. Accounting Services Related to Odd Lot Pricing**

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Addendum, the Administrator informs Ultimus that one or more Fund(s) holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Administrator, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Adviser or any sub-adviser to such Fund as part of any odd lot pricing procedures approved by the Board, and the Administrator hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

**3. Derivatives Risk Management Program Support Services**

Ultimus may, at the election of the Administrator, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

**Page 2 of 4**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Manage derivatives-specific data, update security master files, and load each Fund's portfolio composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Deliver daily derivatives exposure and value-at-risk ("**VaR**") reports generated by the Confluence software to the Adviser and the Trust's Chief Compliance Officer and make available reporting for weekly stress testing and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Provide Adviser access to the Confluence software in order that Adviser may calculate derivatives exposure for each Fund it advises and make other derivatives risk management calculations as required by Rule 18f-4 (*e.g.*, daily VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp;Provide the Board access to an independent derivatives expert (a "**Derivatives Expert**") capable of supporting the Board's efforts in effecting compliance oversight as required by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Administrator may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Sub-Fund Accounting Addendum.

**4. Special Reports and Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***Ultimus may agree (but shall be under no obligation) to provide additional special reports upon the request of the Administrator, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***Ultimus may agree (but shall be under no obligation) to provide such other similar services with respect to a Fund as may be reasonably requested by the Administrator, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

**Page 3 of 4**

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The parties duly executed this Addendum as of August 21, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: | /s/Thomas E. Line | <br>By: | /s/Gary Tenkman |
| Name: | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

**Page 4 of 4**

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**<u>Sub-Fund Administration Addendum</u>**

**for**

**Diamond Hill Capital Management, Inc.**

This Sub-Fund Administration Addendum (this "**Addendum**"), dated August 22, 2025, is between **Diamond Hill Capital Management, Inc.** (the "**Administrator**") for the Funds listed on Schedule A to that certain ETF Master Services Agreement dated August 22, 2025 ("**ETF Master Services Agreement**"), and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Sub-Fund Administration Services</u>**

**1. Regulatory Reporting**

Ultimus shall provide the Trust with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***prepare, in consultation with Trust counsel, the annual updates (as well as supplements) to the Trust's registration statement filed on Form N-1A pursuant to Section 8 of the Investment Company Act, and coordinate through a financial printer the filing of such annual updates (as well as supplements to such documents) with the Securities and Exchange Commission (the "**SEC**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***prepare and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-PORT, and N-CEN (as applicable), (ii) Form N-PX, (iii) annual Fidelity Bond Filing (Rule 17g-1), and (iv) all required notices pursuant to Rule 24f-2 under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***prepare such reports, notice filing forms and other documents (including reports regarding the sale of shares of the Trust as may be required in order to comply with federal and state securities law) as may be necessary or desirable to make notice filings relating to the Trust's shares with state securities authorities, monitor the sale of Trust shares for compliance with state securities laws, and file with the appropriate state securities authorities compliance filings as may be necessary or convenient to enable the Trust to offer its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***cooperate with, and take all reasonable actions in the performance of its duties under this Agreement, so that the necessary information is made available to, the SEC or any other regulatory authority or applicable securities exchange in connection with any regulatory audit of the Trust or any Fund.

**5. Shareholder Communications**

Ultimus shall develop and prepare, with the assistance of the Administrator and other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to Trust shareholders.

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

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**6. Corporate Governance**

Ultimus shall provide the following services to the Trust and its Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.***provide individuals reasonably acceptable to the Board to serve as officers of the Trust, including, without limitation, individuals to serve as assistant treasurer, secretary, and assistant secretary, who will be responsible for the management of certain of the Trust's affairs as determined and under supervision by the Board; depending on the nature and scope of any such officer appointment, Ultimus may be entitled to an additional fee (as set forth in the Sub-Fund Administration Fee Letter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.***coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance with the requirements of the Investment Company Act and as such bonds and policies are approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.***in consultation with legal counsel to the Trust, the investment adviser, officers of the Trust and other relevant parties, collect, prepare and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed upon by the Trust and Ultimus from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board; and prepare or cause to be prepared minutes of the quarterly meetings of the Board. As agreed upon by the Trust and Ultimus from time to time, Ultimus may provide the services described in this paragraph 3.3 in connection with a total of four (4) Board meetings each year (one Board meeting each quarter), with any such work for additional Board meetings being performed at Ultimus' then current hourly rate for such Board meeting and preparatory services.

**7. Other Services**

Ultimus shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Trust; and shall provide the following services if reasonably requested by the Trust and if such services are consistent with Ultimus' obligations under the ETF Master Services Agreement and this Sub-Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.***administer contracts on behalf of the Trust with, among others, the Trust's investment adviser(s), distributor, custodian, transfer agent, index receipt agent, and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.***assist the Trust, the Trust's investment adviser(s) and the Trust's Chief Compliance Officer in monitoring the Trust and its Funds for compliance with applicable limitations as imposed by the Investment Company Act and the rules and regulations thereunder or set forth in the Trust's or any Fund's then current prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.3.***coordinate with each Fund's service providers to facilitate the setup of the Fund on applicable securities exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.4.***arrange for vendors to provide and post each Fund's indicative optimized portfolio value, as applicable, and other information required by exemptive orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.5.***prepare and maintain the Trust's operating budget to determine proper expense accruals to be charged to each Fund in order to calculate its daily net asset value;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.6.***prepare, or cause to be prepared, expense and financial reports, including Fund budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections on a periodic basis as mutually agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.7.***assist each Fund's independent registered public accounting firm with the preparation and filing of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.8.***research and calculate the qualified dividend rate for income and short-term capital gain distributions and assist in the production of supplemental tax information letters for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.9.***advise the Trust and its Board on matters concerning the Trust and its affairs including making recommendations regarding dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.10.***Monitor each Fund's holdings and operations for **<u>post-trade compliance</u>** with its Prospectus and Statement of Additional Information, SEC statutes, rules, regulations and policies and at the direction of the Fund's independent public accountants and Trust counsel, monitor Fund holdings for compliance with IRS taxation limitations and restrictions and applicable Federal Accounting Standards Board rules, statements and interpretations; provide periodic compliance reports to each investment adviser or sub-adviser to the Trust, and assist the Trust, the Administrator and each investment adviser or sub-adviser to the Trust (collectively referred to as "**Advisers**") in preparation of periodic compliance reports to the Trust, as applicable. Post-trade compliance testing will be performed in accordance with testing policies and procedures, which in Ultimus' sole determination, are reasonably designed to comport with industry standard post-trade compliance testing practices. Because such post-trade compliance testing is performed using fund accounting data and data provided by third-party sources, its accuracy is dependent upon the accuracy of such data, and the Administrator agrees and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data. The Administrator further agrees and acknowledges that the post-trade compliance testing performed by Ultimus is not intended to relieve the Trust or the Administrator of their responsibilities with respect to fund portfolio compliance, including on a pre-trade basis. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor its obligation to perform post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources, including as applicable the Administrator, of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should Ultimus determine it to be necessary, the Administrator shall be required to arrange for Ultimus to have secure look-through access to private fund holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.11.***administer all disbursements for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.12.***upon request, assist each Fund in the evaluation and selection of other service providers, such as independent public accountants, printers and EDGAR providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.13.***provide the Fund(s), with an end-to-end solution to prepare and transmit annual and semi-annual shareholder reports designed to be compliant with the SEC's tailored shareholder reporting requirements (the "**Tailored Shareholder Report Services**"). Funds will be provided tailored shareholder report ("**TSR**") templates to choose from. A Fund may, upon written notification to Ultimus, opt out of the Tailored Shareholder Report Services, in which event, Ultimus will

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

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extract from Ultimus' systems the data required to prepare a TSR and deliver that data in an electronic format to the Fund or its designee (the "**Data Extract Only Services**").

For special cases, the parties hereto may amend the procedures or services set forth in the ETF Master Services Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively assume that any special procedure or service which has been approved by the Trust does not conflict with or violate any requirements of its Agreement and Declaration of Trust or then-current prospectuses, or any rule, regulation or requirement of any regulatory body.

**8. Additional Regulatory Services**

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, as amended, (ii) the drafting of proxy statements and related materials in connection with the Trust's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**9. Tax Matters**

Ultimus does not provide tax advice. Nothing in the ETF Master Services Agreement or this Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**10. Legal Representation**

Notwithstanding any provision of the ETF Master Services Agreement or this Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Trust to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

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

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The parties duly executed this Addendum as of August 21, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Diamond Hill Capital Management, Inc.** |  | **Ultimus Fund Solutions, LLC** |
| <br>By: | /s/Thomas E. Line | <br>By: | /s/Gary Tenkman |
| Name: | Thomas E. Line | Name: | Gary Tenkman |
| Title: | Chief Financial Officer | Title: | Chief Executive Officer |

---

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

## Ex-99.(H)(Xxviii)

SEVENTEENTH AMENDMENT TO THE

SECURITIES LENDING AUTHORIZATION AGREEMENT BETWEEN EACH OF DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, DIAMOND HILL SECURITIZED CREDIT FUND,

AND STATE STREET BANK AND TRUST COMPANY

&nbsp;&nbsp;&nbsp;&nbsp;This Seventeenth Amendment (this "<u>Amendment</u>") dated as of August 21, 2025 is between each of Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly, Diamond Hill Securitized Credit Fund (each, a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and State Street Bank and Trust Company, acting either directly or through any affiliates or subsidiaries (collectively, "<u>State Street</u>").

&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Securities Lending Authorization Agreement dated as of March 1, 2014, as amended to date, between the Diamond Hill Funds, on behalf of its series as listed on <u>Schedule B</u> thereto, and State Street (the "<u>Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust has notified State Street that Diamond Hill Large Cap Concentrated Fund has converted to an ETF, the Diamond Hill Large Cap Concentrated ETF (the "ETF");

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

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the parties to the Agreement desire to amend the Agreement as set forth below to memorialize such conversion;

NOW, THEREFORE, for value received, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties mutually agree to amend the Agreement as follows:

1.<u>Definitions</u>. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Agreement.

2.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. <u>Schedule B</u> (Funds) to the Agreement is hereby amended by deleting it in its entirety and replacing it with the revised <u>Schedule B</u> attached to this Amendment.

3.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties and Acknowledgments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each party hereto represents and warrants that (i) it has the legal right, power and authority to execute and deliver this Amendment, to enter into the transactions contemplated hereby, and to perform its obligations hereunder; (ii) it has taken all necessary action to authorize such execution, delivery, and performance; (iii) this Amendment constitutes a legal, valid, and binding obligation enforceable against it; (iv) the execution, delivery, and performance by it of this Amendment will at all times comply with all applicable laws and regulations.

Information Classification: Limited Access

Information Classification: Limited Access

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The ETF represents and warrants that (i) it is a series of Diamond Hill Funds, an Ohio business trust, (ii) the Agreement, as amended hereby, is a legal, valid and binding Agreement enforceable per its terms and (iii) it shall continue to be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement, and shall be deemed to be a "Fund" thereunder for all purposes; and the ETF further makes each representation and warranty made by a Fund in the Agreement.

4.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. Except to the extent specifically amended by this Amendment, the provisions of the Agreement shall remain unmodified, and the Agreement is ratified and affirmed as being in full force and effect. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts, together, constitute only one (1) instrument.

5.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Amendment shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

6.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date</u>. This Amendment shall be effective as of the date first written above.

IN WITNESS WHEREOF, the parties hereto execute this Seventeenth Amendment as an instrument under seal by their duly authorized officers by affixing their signatures below.

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| | |
|:---|:---|
| DIAMOND HILL FUNDS, on behalf of its series as listed on <u>Schedule B</u>, severally and not jointly<br>By: <u>/s/Thomas E. Line</u><br>Name: Thomas E. Line<br>Title: President | DIAMOND HILL SECURITIZED CREDIT FUND<br>By: <u>/s/Jo Ann Quinif</u><br>Name: Jo Ann Quinif<br>Title: President<br>STATE STREET BANK AND TRUST COMPANY<br>By: <u>/s/David I. Kim</u><br>Name: David I. Kim<br>Title: Director |

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Information Classification: Limited Access

Information Classification: Limited Access

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**Schedule B**

This Schedule is attached to and made part of the Securities Lending Authorization Agreement dated March 1, 2014 between DIAMOND HILL FUNDS, ON BEHALF OF ITS SERIES AS LISTED ON SCHEDULE B, SEVERALLY AND NOT JOINTLY, DIAMOND HILL SECURITIZED CREDIT FUND (each a "<u>Fund</u>" and collectively, the "<u>Funds</u>"), and STATE STREET BANK AND TRUST COMPANY, acting either directly or through any affiliates or subsidiaries (collectively, "State Street"), as amended.

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| | | |
|:---|:---|:---|
| <br>**<u>Fund Name</u>** | **<u>Taxpayer <br>Identification Number</u>** | **<u>Tax <br>Year-End</u>** |
| **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** | **DIAMOND HILLS FUNDS** |
| Diamond Hill Small Cap Fund | 31-1744015 | 31-Dec |
| Diamond Hill Small-Mid Cap Fund | 05-0629738 | 31-Dec |
| Diamond Hill Mid Cap Fund | 46-3858300 | 31-Dec |
| Diamond Hill Large Cap Fund | 31-1778061 | 31-Dec |
| Diamond Hill Select Fund | 05-0629736 | 31-Dec |
| Diamond Hill Long-Short Fund | 31-6644613 | 31-Dec |
| Diamond Hill Short Duration Securitized Bond Fund | 81-2797272 | 31-Dec |
| Diamond Hill Core Bond Fund | 81-2797403 | 31-Dec |
| Diamond Hill International Fund | 83-3076566 | 31-Dec |
| Diamond Hill Large Cap Concentrated ETF | 86-1283377 | 31-Dec |
| Diamond Hill Core Plus Bond Fund | 99-3914210 | 31-Dec |
| Diamond Hill Securitized Total Return Fund | 33-4109801 | 31-Dec |
| **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** | **DIAMOND HILL SECURITIZED CREDIT FUND** |
| Diamond Hill Securitized Credit Fund | 99-2838444 | 31-Dec |

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Information Classification: Limited Access

## Ex-99.(H)(Xxxiv)

**STATE STREET MUTUAL FUNDS** 

**AMENDED AND RESTATED** 

**FUND OF FUNDS INVESTMENT AGREEMENT** 

This Amended and Restated Fund of Funds Investment Agreement (this "Agreement"), dated as of July 23, 2025 (the "Effective Date"), is made by and among the Diamond Hill Securitized Credit Fund ("DHSC") and Diamond Hill Funds, on behalf of each of its series listed on Schedule A, severally and not jointly (each of DHSC and each series of the Diamond Hill Funds, an "Acquiring Fund"), and State Street Navigator Securities Lending Trust (the "State Street Trust"), on behalf of its series State Street Navigator Securities Lending Portfolio I (the "Acquired Fund" and together with the Acquiring Funds, the "Funds").

WHEREAS, the Diamond Hill Funds and State Street Navigator Securities Lending Trust entered into a Fund of Funds Investment Agreement dated January 19, 2022.

WHEREAS, each Fund is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, Section 12(d)(1)(A) of the 1940 Act limits the extent to which a registered investment company may invest in shares of other registered investment companies and Section 12(d)(1)(B) limits the extent to which a registered investment company, its principal underwriter or registered brokers or dealers may knowingly sell shares of such registered investment company to other investment companies;

WHEREAS, Rule 12d1-4 under the 1940 Act (the "Rule") permits registered investment companies, such as the Acquiring Funds, to invest in shares of other registered investment companies, such as the Acquired Fund, in excess of the limits of Section 12(d)(1) of the 1940 Act subject to compliance with the conditions of the Rule; and

WHEREAS, the Acquiring Funds may, from time to time, invest in shares of the Acquired Fund in excess of the limitations of Section 12(d)(1)(A) in reliance on the Rule;

NOW THEREFORE, in accordance with the Rule, the Acquiring Funds and the Acquired Fund desire to set forth the following terms pursuant to which the Acquiring Funds may invest in the Acquired Fund in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.Terms of Investment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In order to help reasonably address the risk of undue influence on the Acquired Fund by the Acquiring Funds, and to assist the Acquired Fund's investment adviser with making the required findings under the Rule, the Acquiring Funds and the Acquired Fund agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *In-kind redemptions*. Each Acquiring Fund acknowledges and agrees that, if and to the extent consistent with the Acquired Fund's registration statement, as amended from time to time, the Acquired Fund in its sole discretion may honor any redemption

Information Classification: General

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request to execute the Acquiring Fund's transaction partially or wholly in-kind. In the event that the Acquired Fund honors a redemption request partially or wholly in-kind, the Acquired Fund shall distribute a pro-rata portion of each portfolio security, unless the relevant Acquiring Fund and the Acquired Fund jointly agree to a different selection of portfolio securities to distribute in-kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Scale of investment.* Upon a reasonable request by the Acquired Fund, each Acquiring Fund will provide summary information regarding the anticipated timeline of its investment in the Acquired Fund and the scale of its contemplated investments in the Acquired Fund. The Acquired Fund acknowledges and agrees that any information provided pursuant to the foregoing is not a commitment to purchase and constitutes an estimate that may differ materially from the amount, timing and manner in which a purchase order is submitted, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order to assist each Acquiring Fund's investment adviser with evaluating the complexity of the structure and fees and expenses associated with an investment in the Acquired Fund, the Acquired Fund shall provide each Acquiring Fund with information on the fees and expenses of the Acquired Fund reasonably requested by the Acquiring Fund with reference to the Rule. Such fee and expense information shall be limited to that which is made publicly available by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The agreements contained in paragraphs 1(a)(ii) and 1(b) apply only with respect to an investment by an Acquiring Fund in the Acquired Fund that exceeds the limits in Section 12(d)(1)(A)(i) of the 1940 Act. Notwithstanding anything to the contrary in this Agreement, until August 29, 2025, each Acquiring Fund listed on Schedule A on the Effective Date is prohibited from making an initial acquisition of shares of any Acquired Fund in excess of the Section 12(d)(1)(A)(i) limits of the 1940 Act.

**Covenants of the Acquired Fund**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by any Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquired Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to the Acquired Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify an Acquiring Fund if the Acquired Fund fails to comply with the Rule with respect to an investment by such Acquiring Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Acquired Fund agrees that any information regarding planned purchases or redemptions of shares of the Acquired Fund provided pursuant to Section 1 will be treated confidentially, used solely for the purposes of this Agreement, and will not be disclosed to any third party without the prior consent of each Acquiring Fund, except for directors/trustees, officers, employees, accountants, legal counsel, investment advisers and other advisers of the Acquired Fund and its affiliates on a need-to-know basis and solely for the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.Covenants of the Acquiring Funds.**

Information Classification: General

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with any investment by an Acquiring Fund in the Acquired Fund in excess of the limitations in Section 12(d)(1)(A), the Acquiring Fund agrees to: (i) comply with all conditions of the Rule, as interpreted or modified by the SEC or its Staff from time to time, applicable to Acquiring Fund; (ii) comply with its obligations under this Agreement; and (iii) promptly notify the Acquired Fund if it fails to comply with the Rule with respect to its investment in the Acquired Fund, as interpreted or modified by the SEC or its Staff from time to time, or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any of the provisions of this Agreement notwithstanding, each Acquiring Fund represents and warrants to the Acquired Fund that it operates, and will continue to operate, in compliance with the 1940 Act, and the SEC's rules and regulations thereunder. Each Acquiring Fund agrees that the Acquired Fund is entitled to rely on the representations contained in this Agreement and that the Acquired Fund has no independent duty to monitor any Acquiring Fund's or its investment adviser's or, if applicable, its subadviser's compliance with this Agreement, the 1940 Act, or the SEC's rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Acquiring Fund shall provide the Acquired Fund with information regarding the amount of such Acquiring Fund's investments in the Acquired Fund upon the Acquired Fund's reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything herein to the contrary, to the extent any Acquiring Fund, any investment adviser to any Acquiring Fund or, if applicable, any subadviser to any Acquiring Fund has an "affiliated person" (as defined under the 1940 Act) that is: (i) a broker-dealer, (ii) a broker-dealer or bank that borrows as part of a securities lending program, or (iii) a futures commission merchant or a swap dealer, such Acquiring Fund will: (a) not make an investment in the Acquired Fund that causes the Acquiring Fund to hold 5% or more of the Acquired Fund's total outstanding voting securities without prior approval from the Acquired Fund, and (b) notify the Acquired Fund if any investment by the Acquiring Fund that complied with (a) at the time of purchase no longer complies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.Notices**

All notices, including all information that either party is required to provide under the terms of this Agreement and the Rule, shall be in writing and shall be delivered by registered or overnight mail, facsimile, or electronic mail to the address for each party specified below.

Information Classification: General

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| | |
|:---|:---|
| If to any Acquiring Fund: | If to the Acquired Fund: |
| Diamond Hill Capital Management, Inc.<br>Attn: Fund Administration<br>325 John H. McConnell Blvd., Suite 200<br>Columbus, OH 43215<br>jroach@diamond-hill.com | State Street Global Advisors<br>One Iron Street<br>Boston, MA 02210<br>Attn: Global Funds Management<br>Email: NewFoFRule@SSGA.com<br>With a copy to:<br>State Street Global Advisors<br>One Iron Street<br>Boston, MA 02210<br>Attn: Legal Department<br>Email: NewFoFRule@SSGA.com |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.Term and Termination; Assignment; Amendment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective for the duration of the Acquired Fund's and the Acquiring Funds' reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time. While the terms of the Agreement shall only be applicable to investments in Funds made in reliance on the Rule, as interpreted or modified by the SEC or its Staff from time to time, the Agreement shall continue in effect until terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue until terminated in writing: (i) by either party upon sixty (60) days' notice to the other party; or (ii) in the event of a material breach of this Agreement, upon written notice to the breaching party, which may be given in the sole discretion of the non-breaching party. Upon termination of this Agreement, each Acquiring Fund may not purchase additional shares of the Acquired Fund beyond the Section 12(d)(1)(A) limits in reliance on the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is binding upon and inures to the benefit of the parties hereto and their respective successors and assigns. This Agreement may not be assigned by either party without the prior written consent of the other. Any purported assignment of rights in violation of this Section is void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only by a writing that is signed by each affected party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In any action involving any Acquiring Fund under this Agreement, the Acquired Fund agrees to look solely to the individual Acquiring Fund that is involved in the matter in controversy and not to any of the other Acquiring Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In any action involving the Acquired Fund under this Agreement, each Acquiring Fund agrees to look solely to the individual Acquired Fund that is involved in the matter in controversy and not to any of the other Acquired Funds.

Information Classification: General

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Acquiring Funds and the Acquired Fund may file a copy of this Agreement with the SEC or any other regulatory body if required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund (an "Indemnifying Fund"), severally and not jointly, agrees to hold harmless, indemnify and defend each other Fund (an "Indemnitee Fund"), including any principals, directors or trustees, officers, employees and agents ("Agents") of the Indemnitee Fund, against and from any and all losses, costs, expenses and liabilities incurred by or claims or actions ("Claims") asserted against the Indemnitee Fund, including any of its Agents, to the extent such Claims result from a violation of any provision of this Agreement by the Indemnifying Fund or its Agents or result from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnifying Fund or its Agents in the performance of any of its duties or obligations hereunder. Any indemnification pursuant to this Section shall include any reasonable counsel fees and expenses incurred in connection with investigating and/or defending the applicable Claims. Notwithstanding the foregoing, the Indemnifying Fund shall not be responsible for any Claim against the Indemnitee Fund or its Agents to the extent such Claim results from a violation of any provision of this Agreement by the Indemnitee Fund or its Agents or results from any willful misfeasance, bad faith, reckless disregard or gross negligence of the Indemnitee Fund or its Agents in the performance of any of its duties or obligations hereunder. This Section shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any liability pursuant to the forgoing provision shall be several and not joint. In any action involving the parties under this Agreement, the parties agree to look solely to the individual Acquiring Fund(s) or Acquired Fund(s) that is/are involved in the matter in controversy and not to any other Acquiring Fund or Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.Additional Funds**

In the event that Diamond Hill Capital Management, Inc. ("Diamond Hill") wishes to include one or more series in addition to those set forth on Schedule A (each such series a "New Fund"), Diamond Hill shall so notify the Acquired Fund in writing, and, upon written agreement, each New Fund shall hereunder become an Acquiring Fund and Schedule A shall be amended accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.Severability**

If any provision of this Agreement is determined to be invalid, illegal or unenforceable, the remaining provisions of this Agreement remain in full force and effect, if the essential terms and conditions of this Agreement for both parties remain valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.Governing Law**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be construed in accordance with the laws of the State of organization of such Acquired Fund.

Information Classification: General

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of the Acquired Fund, a copy of the Declaration of Trust of the State Street Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that no trustee, officer, employee, agent or shareholder of the Acquired Fund shall have any personal liability under this Agreement, and that this Agreement is binding only upon the assets and property of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.Consequential Damages**

Under no circumstances will any party to this Agreement be liable to any person, including without limitation any other party to this Agreement, for any special, indirect or consequential loss or damages resulting from any act or failure to act in accordance with the provision of this Agreement, even if such party had been advised of the possibility of such loss or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.Entire Agreement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement contains the entire understanding and agreement of the parties. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an original, but such counterparts shall together constitute one and the same document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution of this Agreement shall be deemed to constitute the termination as of the Effective Date of any and all prior agreements between any Acquiring Fund and the Acquired Fund that relates to the investment by any Acquiring Fund in any Acquired Fund in reliance on a participation agreement, exemptive order or other arrangement among the parties intended to permit investments beyond the statutory limits of Section 12(d)(1)(A) and (B) of the 1940 Act (the "Prior Section 12 Agreements"). The parties hereby waive any notice provisions, conditions to termination, or matters otherwise required to terminate such Prior Section 12 Agreements.

*[Remainder of page intentionally left blank]*

Information Classification: General

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date.

**STATE STREET NAVIGATOR SECURITIES LENDING TRUST**

**(on behalf of it series State Street Navigator Securities Lending Portfolio I)**

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Ann M. Carpenter</u>

Name: Ann M. Carpenter

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

**DIAMOND HILL FUNDS**

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

Name: Thomas E. Line

Title: President

**DIAMOND HILL SECURITIZED CREDIT FUND**

By:&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/Jo Ann Quinif</u>

Name: Jo Ann Quinif

Title: President

Information Classification: General

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**SCHEDULE A**

**List of Acquiring Fund(s) to Which the Agreement Applies**

**<u>Acquiring Funds</u>**

Diamond Hill Securitized Credit Fund (added on 7/23/25)

<u>Diamond Hill Funds, its series being:</u>

Diamond Hill Small Cap Fund (added on 1/19/22)

Diamond Hill Small-Mid Cap Fund (added on 1/19/22)

Diamond Hill Mid Cap Fund (added on 1/19/22)

Diamond Hill Large Cap Fund (added on 1/19/22)

Diamond Hill Large Cap Concentrated Fund\* (added on 1/19/22)

Diamond Hill Select Fund (formerly Diamond Hill All Cap Select Fund) (added on 1/19/22)

Diamond Hill Long-Short Fund (added on 1/19/22)

Diamond Hill International Fund (added on 1/19/22)

Diamond Hill Core Bond Fund (added on 1/19/22)

Diamond Hill Short Duration Securitized Bond Fund (added on 1/19/22)

Diamond Hill Core Plus Bond Fund (added on 7/23/25)

Diamond Hill Securitized Total Return Fund (added on 7/23/25)

\*Diamond Hill Large Cap Concentrated Fund ("Mutual Fund") will convert to the Diamond Hill Large Cap Concentrated ETF ("ETF") on 9/26/25. The ETF has the same investment objective and strategy, tax identification and fiscal year-end as the Fund. As a result of the conversion, no additional evaluations or findings were conducted on the ETF by the Acquired Fund.

Information Classification: General

## Ex-99.(H)(Xxxv)

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made as of the 21st day of August, 2025, by and between STATE STREET BANK AND TRUST COMPANY, Massachusetts trust company having its principal office and place of business at One Lincoln Street, Boston, Massachusetts 02111 ("State Street" or the "Transfer Agent"), and the Diamond Hill Funds, an Ohio business trust having its principal office and place of business at 325 John H. McConnell Blvd., Suite 200, Columbus, Ohio 43215 (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust intends to initially offer Shares in one or more series, each as named in the attached <u>Schedule A</u>, which may be amended by the parties from time to time (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 11 of this Agreement, being herein referred to as a "Portfolio," and collectively as the "Portfolios");

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Portfolio will issue and redeem Shares only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and statement of additional information of each Portfolio (each a "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, only those entities ("Authorized Participants") that have entered into an Authorized Participant Agreement with the distributor of the Trust, currently Foreside Financial Services, LLC (the "Distributor"), are eligible to place orders for Creation Units with the Distributor;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC") or its nominee will be the record or registered owner of all outstanding Shares;

&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities; and Transfer Agent is willing to accept such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

1.<u>TERMS OF APPOINTMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1Subject to the terms and conditions set forth in this Agreement, the Trust and each Portfolio hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Creation Units and dividend disbursing agent of the Trust and each Portfolio.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services*. In accordance with procedures established from time to time by agreement between the Trust and each Portfolio, as applicable, and the Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)establish each Authorized Participant's account in the applicable Portfolio on the Transfer Agent's recordkeeping system and maintain such account for the benefit of such Authorized Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)receive and process orders for the purchase of Creation Units from the Distributor or the Trust, and promptly deliver payment and appropriate documentation thereof to the custodian of the applicable Portfolio as identified by the Trust (the "Custodian");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)generate or cause to be generated and transmitted confirmation of receipt of such purchase orders to the Authorized Participants and, if applicable, transmit appropriate trade instruction to the National Securities Clearance Corporation ("NSCC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)receive and process redemption requests and redemption directions from the Distributor or the Trust and deliver the appropriate documentation thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)with respect to items (i) through (iv) above, the Transfer Agent may execute transactions directly with Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)at the appropriate time as and when it receives monies paid to it by the Custodian with respect to any redemption, pay over or cause to be paid over in the appropriate manner such monies, if any, to the redeeming Authorized Participant as instructed by the Distributor or the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)prepare and transmit by means of DTC's book-entry system payments for any dividends and distributions declared by the Trust on behalf of the applicable Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)record the issuance of Shares of the applicable Portfolio and maintain a record of the total number of Shares of each Portfolio which are issued and outstanding; and provide the Trust on a regular basis with the total number of Shares of each Portfolio which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust and each Portfolio; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no obligations or responsibilities to account for,

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keep records of, or otherwise related to, the beneficial owners of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)maintain and manage, as agent for the Trust and each Portfolio, such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing of Creation Unit purchases and redemptions and the payment of a Portfolio's dividends and distributions. The Transfer Agent may maintain such accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)process any request from an Authorized Participant to change its account registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)except as otherwise instructed by the Trust, the Transfer Agent shall process all transactions in each Portfolio in accordance with the procedures mutually agreed upon by the Trust and the Transfer Agent with respect to the proper net asset value ("NAV") to be applied to purchase orders received in good order by the Transfer Agent or by the Trust or any other person or firm on behalf of such Portfolio or from an Authorized Participant before cut-offs established by the Trust. The Transfer Agent shall report to the Trust any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Transfer Agent shall perform such other services for the Trust that are mutually agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including the Transfer Agent's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>DTC and NSCC</u>. The Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts, and the purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b) issue instructions to a Portfolio's banks for the settlement of transactions between the Portfolio and DTC or NSCC (acting on behalf of the applicable Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons*. The Trust and each Portfolio, hereby agrees and acknowledges that the Transfer Agent may rely on the current list of authorized

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persons, including the Distributor, as provided or agreed to by the Trust and as may be amended from time to time, in receiving instructions to issue or redeem Creation Units. The Trust and each Portfolio, agrees and covenants for itself and each such authorized person that any order or sale of or transaction in Creation Units received by it after the order cut-off time as set forth in the relevant Portfolio's Prospectus or such earlier time as designated by such Portfolio (the "Order Cut-Off Time"), shall be effectuated at the NAV determined on the next business day or as otherwise required pursuant to the applicable Portfolio's then-effective Prospectus, and the Trust or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening*. With respect to the Trust's or any Portfolio's offering and sale of Creation Units at any time, and for all subsequent transfers of such interests, the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts to ensure that each investor's and any transferee's funds used to purchase Creation Units or Shares shall not be derived from, nor the product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv) perform its obligations under this Section in accordance with all applicable anti-money laundering laws and regulations. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction ("Blue Sky") Reporting*. If applicable, the Trust shall be solely responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or hereafter imposed on the Trust, a Portfolio, any Creation Units, any Shares, a beneficial owner thereof, an Authorized Participant or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations imposed on the Trust, a Portfolio, the Creation Units, the Shares, or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8The Transfer Agent shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

2.2.<u>FEES AND EXPENSES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement, the Transfer Agent shall be entitled to receive the fees and expenses set forth in a written fee schedule.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u>

The Transfer Agent represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1It is a trust company duly organized and existing under the laws of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), it will remain so registered for the duration of this Agreement, and it will promptly notify the Trust in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3It is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4It is empowered under applicable laws and by its organizational documents to enter into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5All requisite organizational proceedings have been taken to authorize it to enter into and perform this Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPRESENTATIONS AND WARRANTIES OF THE TRUST AND</u>

 <u>THE PORTFOLIOS</u>

The Trust represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1The Trust is a business trust duly organized, existing and in good standing under the laws of the state of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2The Trust is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3All requisite proceedings have been taken to authorize the Trust to enter into, perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust and the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4The Trust is registered under the Investment Company Act of 1940, as amended (the "Company Act"), as an open-end management investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5A registration statement under the Securities Act of 1933, as amended (the "Securities Act"), is currently effective and will remain effective, and all appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6Where information provided by the Trust or the Authorized Participants includes information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Transfer Agent may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>DATA ACCESS AND PROPRIETARY INFORMATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access certain Trust-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary Information be deemed Authorized Participant information or the confidential information of the Trust. The Trust and each Portfolio agree to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder or as required by applicable law, rule, or regulation. Without limiting the foregoing, the Trust agrees for itself and its officers and trustees and their agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)use such programs and databases solely on the Trust's, or such agents' computers, or solely from equipment at the location(s) agreed to between

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the Trust and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions; it is understood that if information in an intangible or electronic format containing Proprietary Information cannot be removed, erased or otherwise deleted from archival systems (also known as "computer or system back-ups") that such Proprietary Information will continue to be protected under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)allow the Trust or such agents to have access only to those authorized transactions agreed upon by the Trust and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)honor all reasonable written requests made by the Transfer Agent to protect at the Transfer Agent's expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2Proprietary Information shall not include all or any portion of any of the foregoing items that: (1) are or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3If the Trust notifies the Transfer Agent that any of the Data Access Services do not operate in material compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS

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AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4If the transactions available to the Trust include the ability to originate electronic instructions to the Transfer Agent in order to: (i) effect the transfer or movement of cash or Creation Units, or (ii) transmit Authorized Participant information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>STANDARD OF CARE / LIMITATION OF LIABILITY</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Transfer Agent shall at all times act in good faith in its performance of all services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors are caused by its gross negligence or willful misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2In any event, the Transfer Agent's cumulative liability for the term of the Agreement for all liability or losses, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer Agent under this Agreement during the preceding 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3In no event shall the Transfer Agent be liable for special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

1<u>INDEMNIFICATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents (the "Indemnitees"), shall not be responsible for, and the Trust and each Portfolio shall indemnify and hold the Indemnitees harmless from and against, any and all losses, damages, costs, charges, reasonable counsel fees

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(including the defense of any lawsuit in which one of the Indemnitees is a named party), payments, expenses and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Trust's lack of good faith, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors in physical form, or by machine readable input, facsimile, electronic data entry, electronic instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or previous transfer agent; (b) any instructions or requests of the Trust or its officers or the Trust's agents or subcontractors or their officers or employees; (c) any instructions or opinions of legal counsel to the Trust or any Portfolio with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Trust or Portfolio after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by the proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)the offer or sale of Creation Units in violation of any requirement under federal or state securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)all actions relating to the transmission of Trust, Creation Unit or Authorized Participant data through the NSCC clearing systems, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)any tax obligations under the tax laws of any country or of any state or political subdivision thereof, including taxes, withholding and reporting

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requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2At any time the Transfer Agent may apply to any officer of the Trust for instructions, and may consult with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified by the Trust and the applicable Portfolio for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Trust or the applicable Portfolio, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Trust and the Portfolios, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *&nbsp;&nbsp;&nbsp;&nbsp;Delivery of Documents*. The Trust shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A copy of the resolution of the Board of Trustees of the Trust certified by the Trust's Secretary authorizing the appointment of the Transfer Agent and the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A copy of the Declaration of Trust and By-Laws of the Trust and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *&nbsp;&nbsp;&nbsp;&nbsp;Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *&nbsp;&nbsp;&nbsp;&nbsp;Records*. The Transfer Agent shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. In furtherance of the Trust's compliance with the requirements of Section 31 of the Company Act and the rules thereunder, the Transfer Agent agrees that any records relating to the services provided to the Trust and Portfolios hereunder shall be made available upon reasonable request and preserved for the periods prescribed by the applicable rules unless such records are earlier surrendered to the Trust or

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Portfolios. Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Transfer Agent's personnel as witnesses or deponents, the Trust agrees to pay the Transfer Agent for the Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in such production.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONFIDENTIALITY AND USE OF DATA</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information: (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Trust or Portfolio and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary: (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates, and (ii) to carry out

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management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as: (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators, and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp; The Transfer Agent affirms that it has, and will continue to have throughout the term of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.

10.**EFFECTIVE PERIOD AND TERMINATION**

This Agreement shall remain in full force and effect for an initial term ending September 26, 2028 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive two-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than one-hundred and

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twenty (120) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure, or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach; or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust or any Portfolio, the Trust or applicable Portfolio shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust or its Portfolio(s) for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Trust or a Portfolio (or its respective successor), the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Trust or such Portfolio) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's or such Portfolio's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as: (a) the liquidation or dissolution of the Trust or a Portfolio and distribution of the Trust's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Portfolio is no longer viable, (b) a merger of the Trust or a Portfolio into, or the consolidation of the Trust of a Portfolio with, another entity, or (c) the sale by the Trust or a Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust or such Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Portfolio shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Portfolio.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADDITIONAL PORTFOLIOS</u>

In the event that the Trust establishes one or more series of Shares in addition to the Portfolios listed on the attached <u>Schedule A</u>, with respect to which the Trust desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

12.<u>ASSIGNMENT</u>

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&nbsp;&nbsp;&nbsp;&nbsp;12.1 &nbsp;&nbsp;&nbsp;&nbsp;Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder may be delegated or assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;12.2 &nbsp;&nbsp;&nbsp;&nbsp;Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust and the Portfolios, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Trust and the Portfolios. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;12.3 &nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent and the Trust. Neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>DELEGATION; SUBCONTRACTORS</u>

&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent shall have the right, without the consent or approval of the Trust, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Trust. The Transfer Agent shall be responsible and liable for the services delivered by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required, such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2&nbsp;&nbsp;&nbsp;&nbsp;The Transfer Agent will provide the Trust with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing in this Section 13 shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

14. <u>MISCELLANEOUS</u>

14.1 *&nbsp;&nbsp;&nbsp;&nbsp; Amendment*. This Agreement may be amended by a written agreement executed by both parties.

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14.2 *&nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Law to Apply*. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflicts of law rules thereof.

14.3 *&nbsp;&nbsp;&nbsp;&nbsp;Force Majeure*. The Transfer Agent shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, acts of war or terrorism, pandemics, governmental actions or communication disruption. Notwithstanding the foregoing, the Transfer Agent shall promptly inform the Trust upon the occurrence of any force majeure event that does or the Transfer Agent reasonably expects could lead to the Transfer Agent's failure or delay in performance and will use commercially reasonable efforts to resume the performance of its duties as soon as reasonably practicable thereafter.

14.4 *&nbsp;&nbsp;&nbsp;&nbsp;Data Protection*. The Transfer Agent will implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean: (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account; or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

14.5 *&nbsp;&nbsp;&nbsp;&nbsp;Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

14.6 *&nbsp;&nbsp;&nbsp;&nbsp;Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

14.7 *&nbsp;&nbsp;&nbsp;&nbsp;Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

14.8 *&nbsp;&nbsp;&nbsp;&nbsp;Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of

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this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

14.9 *&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

14.10 &nbsp;&nbsp;&nbsp;&nbsp;*Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (*e.g.*, faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

14.11 *&nbsp;&nbsp;&nbsp;&nbsp;Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

14.12 *&nbsp;&nbsp;&nbsp;&nbsp;Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;If to Transfer Agent, to:

State Street Bank and Trust Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy MA 02171

With a copy to:

STATE STREET BANK AND TRUST COMPANY

------

Legal Division – Global Services Americas

One Lincoln Street

Boston, MA 02111

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If to the Trust, to:

Diamond Hill Capital Management, Inc.

325 John H. McConnell Blvd., Suite 200

Columbus, Ohio 43215

Attn: Mutual Fund Administration

Telephone: 614-255-3333

Facsimile: 614-255-3363

&nbsp;&nbsp;&nbsp;&nbsp;14.13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer Agent and the Trust on behalf of each of the Portfolio&nbsp;&nbsp;&nbsp;&nbsp;s, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank]*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | /s/Michael A. Foutes | /s/Michael A. Foutes |
|  | <br>Name: | Michael A. Foutes |
|  | <br>Title: | Senior Vice President/Senior Managing Director |

---

---

| | | |
|:---|:---|:---|
| DIAMOND HILL FUNDS | DIAMOND HILL FUNDS | DIAMOND HILL FUNDS |
| By: | /s/Thomas E. Line | /s/Thomas E. Line |
|  | <br>Name: | Thomas E. Line |
|  | <br>Title: | President |

---

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

------

<u>Schedule A</u>

LIST OF PORTFOLIOS

Diamond Hill Large Cap Concentrated ETF

## Ex-99.(I)

![image_1b.jpg](image_1b.jpg)<br>

September 19, 2025 <br> Diamond Hill Funds<br>325 John H. McConnell Blvd., Suite 200<br>Columbus, OH 43215

Re:&nbsp;&nbsp;&nbsp;&nbsp;Opinion and Consent

Ladies and Gentlemen:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 93 to the Registration Statement, File Nos. 333-22075 and 811-8061 (the "Registration Statement"), of Diamond Hill Funds (the "Trust").

We have examined a copy of the Trust's Declaration of Trust, the Trust's By-laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, we are of the opinion that, after Post-Effective Amendment No. 93 is effective for purposes of applicable federal and state securities laws, the shares of Diamond Hill Small Cap Fund, Diamond Hill Small-Mid Cap Fund, Diamond Hill Mid Cap Fund, Diamond Hill Large Cap Fund, Diamond Hill Select Fund, Diamond Hill Long-Short Fund, Diamond Hill International Fund, Diamond Hill Short Duration Securitized Bond Fund, Diamond Hill Core Bond Fund, Diamond Hill Core Plus Bond Fund, Diamond Hill Securitized Total Return Fund and Diamond Hill Large Cap Concentrated ETF (the "Funds"), each a series of the Trust, if issued in accordance with the then current Prospectuses and Statements of Additional Information of each of the Funds, will be legally issued, fully paid and non-assessable.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 93 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders and may not be relied upon by any other person or organization without our prior written approval.

Very truly yours,

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

Thompson Hine LLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PS/MVW

![image_2c.jpg](image_2c.jpg)<br>

## Ex-99.(J)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 14, 2025 relating to the financial statements and financial highlights of Diamond Hill Large Cap Concentrated Fund (the Predecessor Fund of Diamond Hill Large Cap Concentrated ETF), a series of Diamond Hill Funds, which are included in Form N-CSR for the year ended December 31, 2024, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

<u>/s/COHEN & COMPANY, LTD.</u> 

COHEN & COMPANY, LTD.

Cleveland, Ohio

September 19, 2025

## Ex-99.(P)(I)

![image_1.jpg](image_1.jpg)

**Diamond Hill Capital Management, Inc.**

**Diamond Hill Funds**

**Diamond Hill Securitized Credit Fund**

**Code of Ethics**

**Statement of General Principles** 

This Code of Ethics (the "Code") has been adopted by the Diamond Hill Funds and the Diamond Hill Securitized Credit Fund (collectively, the "Funds"), and Diamond Hill Capital Management, Inc. ("Diamond Hill"), which serves as the investment adviser to the Funds. The adoption of this Code is in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Company Act"), and Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Terms that are capitalized are defined within this document and in the Appendix.

The officers and employees of Diamond Hill owe a fiduciary duty to clients to which Diamond Hill provides investment advisory and related services, which include separate accounts, collective investment trusts ("CITs"), mutual funds, private funds, other pooled vehicles including sub-advised funds, model delivery programs, and their respective shareholders (collectively, "Clients"). In addition, the Funds' officers and trustees also owe a fiduciary duty to the Funds and their shareholders. A fiduciary duty means a duty of loyalty, fairness, good faith, and the obligation to adhere not only to the specific provisions of this Code, but also to the general principles that guide the Code and to other applicable provisions of federal securities laws ("General Principles"). The General Principles are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty to govern, which is the obligation imposed on trustees to manage the business affairs of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty of diligence, which is the standard of care to which Affiliated Persons are expected to adhere when performing the duties of their positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The duty of loyalty to Clients, which requires Affiliated Persons to avoid any conflict of interest or self-dealing, and bars them from taking advantage of a business opportunity that comes to their attention only by virtue of their position(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that the interests of Clients be placed before the interests of Affiliated Persons at all times;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all personal Securities transactions be conducted in a manner consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an Affiliated Person's position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all Affiliated Persons comply with applicable federal securities laws and all other applicable laws and governmental rules and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The requirement that all Affiliated Persons fully disclose all potential conflicts of interest.

Affiliated Persons must at all times safeguard Client information by maintaining the confidentiality of Client identities, Security holdings, Security transactions, financial circumstances, and other Confidential Information. Affiliated Persons are prohibited both during and following their employment with Diamond Hill from taking, using, disclosing, distributing, or disseminating any Client Confidential Information or the Client's affiliation with the

![image_2.jpg](image_2.jpg)

Code of Ethics

Last Amended: April 1, 2025

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Funds: (i) for their own benefit, or (ii) for the benefit of others, including any new employer or prospective new employer.

Affiliated Persons must promptly report any violations or suspected violations of this Code to the Chief Compliance Officer ("CCO"). Additionally, Affiliated Persons may report a violation of the federal securities laws to the CCO or to the SEC as defined in Rule 21F-3 of the Securities Exchange Act of 1934. If the suspected infringement violates both the Code and federal securities laws, Affiliated Persons may elect to report this violation to the CCO, SEC or both. Any retaliation for the reporting of a violation under this Code (*i.e.*, "whistleblowing") will constitute a violation of the Code.

**Section 1: Personal Investment Policies** 

At the core of Diamond Hill's business philosophy is the unwavering commitment to ensuring that Clients' interests come first, and Employees' interests are aligned with Clients. The collective investments of Employees across all Diamond Hill strategies serve as the most meaningful reflection of this alignment.

Employees are encouraged to invest in Diamond Hill strategies and adopt a long-term perspective, aligning with Diamond Hill's investment principles and prioritizing the best interests of the Funds and their shareholders. The Funds are not designed to serve as a vehicle for frequent trading, and thus, do not authorize, and use reasonable methods to discourage, short-term or excessive trading. Employees must be familiar with each Fund's Market Timing and Frequent Trading Policy described in the prospectus in which they invest and must not engage in trading activity that may violate the purpose or intent of a particular Fund's Market Timing and Frequent Trading Policy.

Additionally, to further align Employee investment activities with the interests of Clients, Employees are restricted from trading mutual funds classified under specific Morningstar categories in which Diamond Hill competes. By limiting trading in these funds, we reinforce our commitment to ensuring that our personal investments do not conflict with the investment strategies and objectives we implement on behalf of our Clients.

It is imperative that Employees conduct their personal trading activities with the highest regard for the General Principles to avoid any possible conflict of interest, any appearance of a conflict, or engage in activities that could lead to disciplinary action. Employees' personal Securities transactions must also comply with: (i) Diamond Hill's Insider Trading Policy, and (ii) Rule 17j-1 under the Company Act and Rule 204A-1 under the Advisers Act. Under these rules, no Employee may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employ any device, scheme, or artifice to defraud a Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a false statement of a material fact to a Client or fail to disclose a material fact, if doing so, considering the circumstances, would mislead the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon a Client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to a Client.

**Permitted Securities – Reporting Required**

Employees are permitted to transact in the following Securities, which require reporting as outlined in Section 2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds for which Diamond Hill serves as the sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds (both open-end and closed-end), exchange-traded funds ("ETFs"), and variable annuities except those classified in the following Morningstar Categories:

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 2

Last Amended: April 1, 2025

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oSmall Value

oMid-Cap Value

oLarge Value

oLong-Short Equity

oForeign Large Value

oShort-Term Bond

oIntermediate Core Bond

oIntermediate Core Plus Bond

oNon-Traditional Bond

Exceptions to the Morningstar Category Restriction:

oThis restriction does not apply to Diamond Hill's or a Family Member's 401(k) plans, 529 Plans, and Health Savings Accounts (collectively referred to as "Unrestricted Plan Accounts").

oFamily Members investing in their current employer's mutual funds are also exempt from this restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of publicly traded equity Securities issued by an Employee's or Family Member's current employer, provided they were:

oObtained through Unrestricted Plan Accounts,

oAcquired through an employee stock ownership plan ("ESOP"), or

oGranted as compensation.

**<br>Permitted Securities - Exempt from all Reporting**

Employees are permitted to transact in the following Securities, which are exempt from all reporting ("Exempt Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the US Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market instruments (bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, and other high quality short-term debt instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated mutual funds offered within Unrestricted Plan Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds managed by a Family Member's current employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unaffiliated mutual funds offered within unit investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct investment in cryptocurrencies (*e.g.*, Bitcoin), that are not classified as "securities" by the SEC<sup>1</sup>.

**Permitted Securities - Exempt from Pre-Clearance**

All transactions conducted by Employees do not require pre-clearance, except for certain legacy Security transactions and private placement Security transactions, which must follow the pre-clearance procedures outlined in their respective sections below.

**Prohibited Securities**

Employees may *<u>not</u>* purchase any of the following Securities ("Prohibited Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial public offerings, which includes initial coin offerings;

<sup>1</sup> Indirect investment in Bitcoin or other virtual cryptocurrencies through a publicly tradable security, such as a statutory trust traded in the over-the-counter market, is permitted under this Code but must be disclosed pursuant to the procedures in Section 2 below.

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 3

Last Amended: April 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US and non-US equities (excluding shares of Diamond Hill Investment Group, Inc.), which include American depository receipts, real estate investment trusts, master limited partnerships, and business development corporations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-stock ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• US and non-US taxable fixed income Securities, excluding direct obligations of the US Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Puts, calls, futures, or any other derivative on US or non-US equity and taxable fixed income Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mutual funds (both open-end and closed-end), ETFs, and variable annuities that are in any one of the following Morningstar Categories<sup>2</sup>:

oSmall Value

oMid-Cap Value

oLarge Value

oLong-Short Equity

oForeign Large Value

oShort-Term Bond

oIntermediate Core Bond

oIntermediate Core Plus Bond

oNon-Traditional Bond

<br>Exceptions to the Morningstar Category Restriction:

oThis restriction does not apply to Diamond Hill's or a Family Member's Unrestricted Plan Accounts.

oFamily Members investing in their current employer's mutual funds are also exempt from this restriction.

**Legacy Security Transactions**

Employees may sell a Prohibited Security that was owned prior to either commencing employment at Diamond Hill or the adoption of this revised Code if the following criteria are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Total sale proceeds do not exceed $50,000 per trading day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The Security has a market capitalization in excess of $1 billion.

If an Employee wants to sell a Prohibited Security that does not meet the criteria above, they must consult with the CCO, who will determine an appropriate time for the Employee to sell the Prohibited Security to ensure that it is not within seven (7) calendar days before or after the same Security or Related Security has been executed on behalf of a Client.

**Private Placement Security Transactions**

Any purchase of a private placement Security must be pre-approved by the CCO. In connection with a private placement acquisition, the CCO will take into account, among other factors, whether: (i) the investment opportunity should be reserved for a Client; (ii) the opportunity is being offered to the Employee by virtue of the Employee's position with the Funds or Diamond Hill; and/or (iii) the investment opportunity is consistent with the overall spirit of the Code. The CCO will retain a record of any such pre-approval. If authorized, Employees must disclose any subsequent investment in the same issuer if and when it occurs. To avoid a conflict of interest, any

<sup>2</sup> For funds not categorized by Morningstar, Compliance will determine eligibility on a case-by-case basis.

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 4

Last Amended: April 1, 2025

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decision to purchase Securities of the same issuer on behalf of a Client will be independently reviewed by Diamond Hill personnel who have no personal interest in the issuer.

**Disclosure of Newly-Opened Brokerage or Securities Accounts**

Employees are required to disclose any accounts that hold or have the ability to hold non-Exempt Securities. If an account can hold securities beyond Exempt Securities, it must be disclosed. For example, an Unrestricted Plan Account that only allows investments in unaffiliated mutual funds does not need to be disclosed. However, if the account can hold Diamond Hill Funds, individual stocks, or other non-Exempt Securities, it must be disclosed.

Employees must disclose their new brokerage or Securities accounts in the compliance reporting system upon opening the account, but no later than 30 days after the calendar quarter-end in which the account was opened.

Prior to opening an account, Employees should confirm with Compliance if an electronic feed has been established with the broker or custodian. If an electronic feed has not been established, Employees should consider the broker or custodian's ability to electronically send transaction and holding reports to the compliance reporting system as required in Section 2 of the Code. If electronic reporting is not possible, it is the Employee's responsibility to manually input the required disclosures in the compliance reporting system.

**Requests for Code Exceptions**

Employees wishing to request an exception to the provisions outlined in this Code should submit a written request to the CCO setting forth the pertinent facts and justification for the exception. The CCO will only approve such requests when it is clear beyond dispute that Client interests will not be adversely affected or compromised. Written approval from the CCO must be received before the Employee can engage in the particular activity.

**Section 2: Personal Investment Disclosures and Affirmation Procedures**

Disclosures made pursuant to the Code requirements will be maintained securely in the compliance reporting system. Access to such disclosures will be limited to members of the Compliance Team and will be reviewed by Compliance to verify compliance with the Code.

**New Employee Certification and Disclosures**

Within ten (10) days of becoming an Employee, each new Employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Certify they have received, read, and understand this Code and acknowledge they are subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose Security holdings in Employee Accounts, other than Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.With respect to ownership in an account where full investment discretion has been granted to a third party via a contract or agreement between the Employee and the third party (a "Managed Account"), disclose the account and provide an attestation from an authorized third-party representative stating the third party has not purchased or sold Securities based on direct or indirect influence or control from the Employee.

**Quarterly Transaction Reports**

Within 30 days after the end of each calendar quarter, each Employee must:

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 5

Last Amended: April 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Disclose Employee Accounts, which includes all of the following accounts that hold Securities that are not Exempt Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Accounts of the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Accounts of the Employee's Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Accounts for which the Employee acts as trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Accounts for which the Employee has a direct or indirect interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.Any other type of account for which the Employee exercises security trading and selection discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose personal Security transactions conducted in an Employee Account. Employees are not required to disclose the following Security transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.In a Managed Account as long as the third party has full discretion in executing all transactions without direct or indirect influence or control from the Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Pursuant to an Automatic Investment Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If the report would duplicate information contained in an electronic feed from a broker or custodian that will be received no later than 30 days after the end of the applicable calendar quarter.

**Annual Certifications and Holdings Reports**

At least once in each 12-month period (generally as of December 31 of each year), each Employee must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Certify that they have read and understand the Code and acknowledge they are subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclose Security holdings in Employee Accounts, other than Exempt Securities, within 45 days of each calendar year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.With respect to their ownership in a Managed Account, provide within 45 days of calendar year end an attestation from an authorized third-party representative stating the third party has full discretion in executing all transactions with no direct or indirect influence or control from the Employee and the third party has not requested approval or direction from the Employee when executing transactions.

**<br>Exceptions to Reporting**

Transactions and holdings in charitable giving accounts are excluded from the above reporting requirements so long as the Employee or Family Member does not have investment discretion over the assets in the account.

**<br>Roommate Disclosure**

Employees must disclose if they live in the same household with anyone who is not their spouse or their child and is 18 years of age or older ("Roommate"). New Employees must complete this disclosure within ten (10) days of becoming an Employee, and existing Employees have a continuous ongoing obligation to promptly disclose any new arrangement of living in the same household with a Roommate. Employees living with a Roommate must also affirm annually the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.They have not and will not disclose information to their Roommate about any Security transactions executed or under consideration for execution on behalf of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.They are not aware of any inadvertent disclosure to their Roommate of Security transactions described above; and

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 6

Last Amended: April 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.If they are aware of any Security transactions executed by their Roommate as a result of intentional or inadvertent disclosure of Security transactions described above, they will immediately report it to the CCO.

**Reporting by Independent Trustees**

Independent Trustees must report a Security transaction to the CCO only if such trustee, at the time of that transaction, knew or, in the ordinary course of fulfilling their official duties as a trustee, should have known that, during the 15-day period immediately before or after the date of the transaction by the trustee, such Security was purchased or sold by the Funds or was being considered by the Funds or Diamond Hill for purchase or sale by the Funds.

**<br>Compliance Monitoring and Reporting Procedures**

Compliance will review Employee trade confirmations or transactions no less frequently than quarterly, to determine whether any violations of this Code occurred and to identify any trading patterns that may be inconsistent with this Code. If any issues or concerns arise during the review of the CCO's trade confirmations or transactions, they will be escalated to the CCO's direct manager.

At least annually, the CCO will report to the Funds' board of trustees a written report describing any issues that have arisen under the Code since the last report and certifying that the adopted procedures are reasonably designed to prevent violations of the Code. The CCO will also certify to the Funds' board of trustees that the Funds and Diamond Hill have adopted procedures reasonably necessary to prevent Employees from violating this Code. The report will identify any violations of this Code, any significant remedial action taken during the past year, and any recommended procedural or substantive changes to this Code based on the CCO's experience, evolving industry practices, or legal developments.

Compliance will inform the Employees of their reporting obligations, supply a copy of the Code, and receive from Employees an acknowledgement of their receipt of this Code. Compliance will cause the Funds and Diamond Hill to maintain records in the manner and to the extent set out in Rule 17j-1(f) under the Company Act and Rule 204A-1 under the Advisers Act.

**Section 3: Outside Business Activities and Other Disclosures**

To properly identify, manage, and mitigate potential conflicts of interest, it is necessary for Employees to disclose their Outside Business Activities and relationships to Compliance for review of any potential conflicts of interest.

**<br>Outside Business Activity**

Employees may not engage in outside employment or other outside activity that conflicts or otherwise interferes with their duties and responsibilities at Diamond Hill. Employees are to avoid outside employment or other outside activity that competes with Diamond Hill or conflicts with the interests of Diamond Hill or its Clients.

Certain types of Outside Business Activities may create a conflict of interest or the appearance of a conflict of interest. For the purposes of this Code, an "Outside Business Activity" includes any role in which an Employee receives or expects to receive income, wages, or other compensation for services performed or provided. Additionally, OBAs also encompass unpaid roles where the Employee serves in a board position (including an advisory board) or on a committee, or a management capacity at an academic institution, charitable organization,

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 7

Last Amended: April 1, 2025

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or other non-profit. These roles may involve governance responsibilities, such as hiring vendors, selecting money managers, or overseeing financial or investment accounts, either directly or indirectly.

Routine volunteer activities, where the Employee does not hold a governance or decision-making role, are not considered Outside Business Activities under this policy.

**<br>Family Member Relationships**

Employees must disclose relationships when a Family Member or other close relative's employment, board membership, political position, or other activity could create a potential conflict or the appearance of a conflict with Diamond Hill or its Clients. The following are examples of relationships that must be disclosed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's spouse is employed at a firm that Diamond Hill or the Funds do business with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's aunt or uncle works in the C-suite or other senior position of a publicly-traded company (where they may frequently be in possession of material non-public information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's parent or in-law works on the sell-side trade desk at broker or dealer with which Diamond Hill executes transactions or otherwise does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's child is a research analyst at an institutional consultant with which Diamond Hill does business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's close cousin is a trustee for a city retirement plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An Employee's sibling is directly involved in (or has oversight of) manager selection at their employer or at a charitable organization they serve.

**<br>Policy**

Employees must disclose Outside Business Activities or family member relationships, such as those described above, that may present a potential conflict, an actual conflict, or the appearance of a conflict of interest with Diamond Hill or its Clients. To mitigate potential conflicts of interest, Diamond Hill may impose specific conditions or limitations on an Employee's Outside Business Activity or where circumstances warrant, prohibit the activity outright.

**Disclosure Procedure**

Within ten (10) days of becoming an Employee, each new Employee must disclose any Outside Business Activities or family member relationships in the compliance reporting system.

Employees have a continuous ongoing obligation to promptly disclose any new Outside Business Activity or family member relationship. An Outside Business Activity must be approved by the Employee's manager and Compliance prior to commencement. In addition, Employees will be required to review and confirm their disclosed Outside Business Activities and family member relationships on an annual basis.

Employees are prohibited from serving on the boards of directors of: (1) publicly-traded companies unaffiliated with Diamond Hill, and (2) not-for-profit organizations where the Employee acts in any investment-related capacity (*i.e.,* any direct or indirect role relating to providing investment advice or choosing investment advisers) without prior approval from the Employee's manager and the CCO.

The CCO or the CCO's delegate will monitor and evaluate all Employee disclosures to determine if the disclosed activity or relationship could create a conflict of interest with Diamond Hill or Clients. The CCO will also evaluate the materiality of any conflicts to determine if it requires:

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 8

Last Amended: April 1, 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Additional policies and procedures to mitigate or manage the conflict; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Disclosure to Clients.

**Section 4: Sanctions**

Strict compliance with the provisions of the Code is a condition of employment. Any violation of this Code by an Employee may result in disciplinary action, which may include, but is not limited to, unwinding of trades, warnings, monetary fines or censures, suspension of personal trading privileges, and suspension or termination of employment. In addition, Employees must disgorge and donate to a selected charity of their choice all profits realized on transactions prohibited by this Code, including transactions in Prohibited Securities that are required to be unwound, except for de minimis profits of less than $20. Repeated offenses will likely subject an Employee to additional sanctions of increasing severity.

**<br>Section 5: Training**

On an annual basis, Compliance will conduct Employee training to inform Employees about, and help ensure compliance with, the requirements of this Code.

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 9

Last Amended: April 1, 2025

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**Appendix - Definitions**

<u>Affiliated Persons</u>: An employee, officer, or trustee of the Funds or an employee or officer of Diamond Hill Capital Management, Inc.

<u>Beneficial Interest</u>: Ownership or any benefits of ownership, including the opportunity to directly or indirectly profit or otherwise obtain financial benefits from any interest in a Security.

<u>Broker</u>: Any person or organization engaged in the business of effecting transactions in Securities for the account of others.

<u>CCO</u>: The Chief Compliance Officer of Diamond Hill and the Funds, including any such designee(s) of the CCO.

<u>Compliance:</u> The compliance team for Diamond Hill.

<u>Confidential Information</u>: Includes but is not limited to: (1) any Client information that is not already public information, (2) any Employee personal, financial, or employment data, (3) any non-public investment research information obtained or derived (data or written), and (4) any other corporate information not already disclosed on the Diamond Hill's web site or in other public filings.

<u>Cryptocurrency</u>: Any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under federal securities laws.

<u>Independent Trustees</u>: Trustees who are not interested persons of the Funds, as defined in the Company Act and whose affiliation with the Funds is solely by reason of being a trustee of the Funds.

<u>Employees</u>: The officers of the Funds and the employees and officers of Diamond Hill Capital Management, Inc. All Employees are considered to have access to non-public information regarding a Fund's purchase or sale of securities and its portfolio holdings and are, therefore, considered ("Access Persons"), as that term is defined in Rule 17j-1 under the Company Act.

<u>Employee Account</u>: Each account in which an Employee or Family Member has any direct or indirect Beneficial Interest or over which such person exercises control or discretion, including but not limited to any joint account, partnership, corporation, trust, or estate. Employee Accounts do not include accounts in which an Employee's Family Member exercises investment discretion in a fiduciary capacity for the benefit of others who are not considered Family Members as defined in this paragraph.

<u>Family Member</u>: Includes immediate family members living in the same household and any other relative of the Employee (including in-laws) to whose support an Employee directly or indirectly contributes or who the Employee exercises discretion on securities transactions.

<u>Initial Coin Offering</u>: Initial coin offerings, virtual tokens offerings, virtual coin offerings (also called ICOs, virtual coins or token sales) are digital assets used by individuals or entities to raise capital. In return a purchaser receives certain rights, ranging from access to a future service once launched to rights to future profits. Virtual coins or tokens are purchased with either traditional currencies or virtual currencies. After they are issued, virtual coins or tokens may be resold to others in a secondary market.

<u>Managed Account</u>: An account where full investment discretion has been granted to a third party via a contract or agreement between the Employee and the third party.

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 10

Last Amended: April 1, 2025

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<u>Security</u>: Any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the foregoing.

<u>Related Security</u>: Securities issued by the same issuer or issuer under common control, or when either security gives the holder any contractual rights with respect to the other security, including options, warrants or other convertible securities.

Code of Ethics&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page 11

Last Amended: April 1, 2025