Semi-Annual Shareholder Report
June 30, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08061
(Exact name of registrant as specified in charter)
325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Address of principal executive offices) (Zip code)
Sheelyn Michael, Diamond Hill Funds
325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Name and address of agent for service)
With copy to:
Nathan J. Green, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Registrant’s telephone number, including area code: 888-226-5595
Date of fiscal year end: December 31
Date of reporting period: June 30, 2026
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
| (a) |
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHSCX) returned 27.99% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2000 Index returned 22.57%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small Cap Fund - Investor - $28,156 | |
| |
Russell 3000 Index - $40,671 |
| Russell 2000 Index - $30,034 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Astrana Health, Inc. | |
| Triumph Financial, Inc. | |
| Ducommun, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Ryman Hospitality Properties, Inc. | |
| UFP Technologies, Inc. | |
| Bank OZK | |
| Mesa Laboratories, Inc. | |
| Utz Brands, Inc. | |
| Magnolia Oil & Gas Corp., Class A |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHSIX) returned 28.19% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2000 Index returned 22.57%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small Cap Fund - Class I - $28,982 | |
| |
Russell 3000 Index - $40,671 |
| Russell 2000 Index - $30,034 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Astrana Health, Inc. | |
| Triumph Financial, Inc. | |
| Ducommun, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Ryman Hospitality Properties, Inc. | |
| UFP Technologies, Inc. | |
| Bank OZK | |
| Mesa Laboratories, Inc. | |
| Utz Brands, Inc. | |
| Magnolia Oil & Gas Corp., Class A |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHSYX) returned 28.28% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2000 Index returned 22.57%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small Cap Fund - Class Y - $1,466,915 | |
| |
Russell 3000 Index - $2,033,565 |
| Russell 2000 Index - $1,501,703 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Astrana Health, Inc. | |
| Triumph Financial, Inc. | |
| Ducommun, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Ryman Hospitality Properties, Inc. | |
| UFP Technologies, Inc. | |
| Bank OZK | |
| Mesa Laboratories, Inc. | |
| Utz Brands, Inc. | |
| Magnolia Oil & Gas Corp., Class A |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHMAX) returned 6.66% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2500 Index returned 22.71%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small-Mid Cap Fund - Investor - $21,230 | |
| |
Russell 3000 Index - $40,671 |
| Russell 2500 Index - $31,755 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| Regal Rexnord Corp. | |
| Antero Resources Corp. | |
| CubeSmart | |
| Red Rock Resorts, Inc., Class A | |
| Post Holdings, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Fortune Brands Innovations, Inc. | |
| Illumina, Inc. | |
| TransUnion |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHMIX) returned 6.83% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2500 Index returned 22.71%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small-Mid Cap Fund - Class I - $21,874 | |
| |
Russell 3000 Index - $40,671 |
| Russell 2500 Index - $31,755 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| Regal Rexnord Corp. | |
| Antero Resources Corp. | |
| CubeSmart | |
| Red Rock Resorts, Inc., Class A | |
| Post Holdings, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Fortune Brands Innovations, Inc. | |
| Illumina, Inc. | |
| TransUnion |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHMYX) returned 6.91% for the 6-month period ended June 30, 2026. Over that same period, the Russell 2500 Index returned 22.71%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Small-Mid Cap Fund - Class Y - $1,106,872 | |
| |
Russell 3000 Index - $2,033,565 |
| Russell 2500 Index - $1,587,750 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| Regal Rexnord Corp. | |
| Antero Resources Corp. | |
| CubeSmart | |
| Red Rock Resorts, Inc., Class A | |
| Post Holdings, Inc. | |
| Huntington Ingalls Industries, Inc. | |
| Fortune Brands Innovations, Inc. | |
| Illumina, Inc. | |
| TransUnion |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHPAX) returned 4.94% for the 6-month period ended June 30, 2026. Over that same period, the Russell Midcap Index returned 15.30%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Mid Cap Fund - Investor - $21,980 | |
| |
Russell 3000 Index - $40,671 |
| Russell Midcap Index - $31,060 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| American International Group, Inc. | |
| Antero Resources Corp. | |
| Regal Rexnord Corp. | |
| Red Rock Resorts, Inc., Class A | |
| CubeSmart | |
| Diamondback Energy, Inc. | |
| Rocket Companies, Inc., Class A | |
| Fortune Brands Innovations, Inc. | |
| Huntington Ingalls Industries, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHPIX) returned 5.14% for the 6-month period ended June 30, 2026. Over that same period, the Russell Midcap Index returned 15.30%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Mid Cap Fund - Class I - $22,646 | |
| |
Russell 3000 Index - $40,671 |
| Russell Midcap Index - $31,060 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| American International Group, Inc. | |
| Antero Resources Corp. | |
| Regal Rexnord Corp. | |
| Red Rock Resorts, Inc., Class A | |
| CubeSmart | |
| Diamondback Energy, Inc. | |
| Rocket Companies, Inc., Class A | |
| Fortune Brands Innovations, Inc. | |
| Huntington Ingalls Industries, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHPYX) returned 5.18% for the 6-month period ended June 30, 2026. Over that same period, the Russell Midcap Index returned 15.30%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Mid Cap Fund - Class Y - $1,144,913 | |
| |
Russell 3000 Index - $2,033,565 |
| Russell Midcap Index - $1,552,999 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Humana, Inc. | |
| American International Group, Inc. | |
| Antero Resources Corp. | |
| Regal Rexnord Corp. | |
| Red Rock Resorts, Inc., Class A | |
| CubeSmart | |
| Diamondback Energy, Inc. | |
| Rocket Companies, Inc., Class A | |
| Fortune Brands Innovations, Inc. | |
| Huntington Ingalls Industries, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLAX) returned 0.72% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Value Index returned 16.26%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Large Cap Fund - Investor - $25,215 | |
| |
Russell 3000 Index - $40,671 |
| Russell 1000 Value Index - $29,763 | |
| Russell 1000 Index - $41,509 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Colgate-Palmolive Co. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| American International Group, Inc. | |
| Waste Management, Inc. | |
| ConocoPhillips | |
| Capital One Financial Corp. | |
| Microsoft Corp. | |
| Walt Disney Co. (The) |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLRX) returned 0.84% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Value Index returned 16.26%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Large Cap Fund - Class I - $25,953 | |
| |
Russell 3000 Index - $40,671 |
| Russell 1000 Value Index - $29,763 | |
| Russell 1000 Index - $41,509 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Colgate-Palmolive Co. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| American International Group, Inc. | |
| Waste Management, Inc. | |
| ConocoPhillips | |
| Capital One Financial Corp. | |
| Microsoft Corp. | |
| Walt Disney Co. (The) |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLYX) returned 0.93% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Value Index returned 16.26%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Large Cap Fund - Class Y - $1,312,514 | |
| |
Russell 3000 Index - $2,033,565 |
| Russell 1000 Value Index - $1,488,169 | |
| Russell 1000 Index - $2,075,459 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Colgate-Palmolive Co. | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| American International Group, Inc. | |
| Waste Management, Inc. | |
| ConocoPhillips | |
| Capital One Financial Corp. | |
| Microsoft Corp. | |
| Walt Disney Co. (The) |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHTAX) returned 4.36% for the 6-month period ended June 30, 2026. Over that same period, the Russell 3000 Index returned 10.88%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Select Fund - Investor - $35,067 | |
| |
Russell 3000 Index - $40,671 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Cimpress plc | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| American International Group, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Salesforce, Inc. | |
| Capital One Financial Corp. | |
| Ashland, Inc. | |
| Colgate-Palmolive Co. | |
| Adobe, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLTX) returned 4.52% for the 6-month period ended June 30, 2026. Over that same period, the Russell 3000 Index returned 10.88%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Select Fund - Class I - $36,122 | |
| |
Russell 3000 Index - $40,671 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Cimpress plc | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| American International Group, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Salesforce, Inc. | |
| Capital One Financial Corp. | |
| Ashland, Inc. | |
| Colgate-Palmolive Co. | |
| Adobe, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHTYX) returned 4.45% for the 6-month period ended June 30, 2026. Over that same period, the Russell 3000 Index returned 10.88%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Select Fund - Class Y - $1,823,778 | |
| |
Russell 3000 Index - $2,033,565 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Cimpress plc | |
| Berkshire Hathaway, Inc., Class B | |
| Abbott Laboratories | |
| American International Group, Inc. | |
| Red Rock Resorts, Inc., Class A | |
| Salesforce, Inc. | |
| Capital One Financial Corp. | |
| Ashland, Inc. | |
| Colgate-Palmolive Co. | |
| Adobe, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DIAMX) returned -7.16% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Index returned 10.33% and the 60%/40% Blended Index returned 7.02%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Long-Short Fund - Investor - $19,719 | |
| |
Russell 3000 Index - $40,671 |
| Russell 1000 Index - $41,509 | |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $26,611 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| - | |||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| Microsoft Corp. | |
| Alphabet, Inc., Class A | |
| Meta Platforms, Inc., Class A | |
| American International Group, Inc. | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| SentinelOne, Inc., Class A | |
| Amazon.com, Inc. | |
| Citigroup, Inc. | |
| Short: | |
| NewMarket Corp. | |
| Federal Signal Corp. | |
| Medpace Holdings, Inc. | |
| Acushnet Holdings Corp. | |
| Bank of Hawaii Corp. | |
| Blue Bird Corp. | |
| eBay, Inc. | |
| International Business Machines Corp. | |
| Matson, Inc. | |
| Williams-Sonoma, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLSX) returned -7.04% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Index returned 10.33% and the 60%/40% Blended Index returned 7.02%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Long-Short Fund - Class I - $20,306 | |
| |
Russell 3000 Index - $40,671 |
| Russell 1000 Index - $41,509 | |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $26,611 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| - | |||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| Microsoft Corp. | |
| Alphabet, Inc., Class A | |
| Meta Platforms, Inc., Class A | |
| American International Group, Inc. | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| SentinelOne, Inc., Class A | |
| Amazon.com, Inc. | |
| Citigroup, Inc. | |
| Short: | |
| NewMarket Corp. | |
| Federal Signal Corp. | |
| Medpace Holdings, Inc. | |
| Acushnet Holdings Corp. | |
| Bank of Hawaii Corp. | |
| Blue Bird Corp. | |
| eBay, Inc. | |
| International Business Machines Corp. | |
| Matson, Inc. | |
| Williams-Sonoma, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DIAYX) returned -6.99% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Index returned 10.33% and the 60%/40% Blended Index returned 7.02%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Long-Short Fund - Class Y - $1,026,287 | |
| |
Russell 3000 Index - $2,033,565 |
| Russell 1000 Index - $2,075,459 | |
| 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index - $1,330,543 |
| Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
|
| - | |||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Long: | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| Microsoft Corp. | |
| Alphabet, Inc., Class A | |
| Meta Platforms, Inc., Class A | |
| American International Group, Inc. | |
| Abbott Laboratories | |
| Aon plc, Class A | |
| SentinelOne, Inc., Class A | |
| Amazon.com, Inc. | |
| Citigroup, Inc. | |
| Short: | |
| NewMarket Corp. | |
| Federal Signal Corp. | |
| Medpace Holdings, Inc. | |
| Acushnet Holdings Corp. | |
| Bank of Hawaii Corp. | |
| Blue Bird Corp. | |
| eBay, Inc. | |
| International Business Machines Corp. | |
| Matson, Inc. | |
| Williams-Sonoma, Inc. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHIAX) returned 11.36% for the 6-month period ended June 30, 2026. Over that same period, the MSCI ACWI ex USA Index returned 13.68%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH International Fund - Investor - $25,638 | |
| |
MSCI ACWI ex USA Index - $24,405 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| SK hynix, Inc. | |
| AIB Group plc | |
| Glencore plc | |
| British American Tobacco plc | |
| Samsung Electronics Co. Ltd. | |
| Singapore Exchange Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Veolia Environment SA | |
| Max Co. Ltd. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
On August 6, 2026, the Board approved a plan of liquidation for the Fund. The Fund closed to new investors effective August 7, 2026 and will close to subsequent investments by existing shareholders effective September 8, 2026. The Fund will liquidate on or about September 10, 2026.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHIIX) returned 11.52% for the 6-month period ended June 30, 2026. Over that same period, the MSCI ACWI ex USA Index returned 13.68%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH International Fund - Class I - $26,360 | |
| |
MSCI ACWI ex USA Index - $24,405 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| SK hynix, Inc. | |
| AIB Group plc | |
| Glencore plc | |
| British American Tobacco plc | |
| Samsung Electronics Co. Ltd. | |
| Singapore Exchange Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Veolia Environment SA | |
| Max Co. Ltd. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
On August 6, 2026, the Board approved a plan of liquidation for the Fund. The Fund closed to new investors effective August 7, 2026 and will close to subsequent investments by existing shareholders effective September 8, 2026. The Fund will liquidate on or about September 10, 2026.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHIYX) returned 11.59% for the 6-month period ended June 30, 2026. Over that same period, the MSCI ACWI ex USA Index returned 13.68%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH International Fund - Class Y - $1,332,645 | |
| |
MSCI ACWI ex USA Index - $1,220,261 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| SK hynix, Inc. | |
| AIB Group plc | |
| Glencore plc | |
| British American Tobacco plc | |
| Samsung Electronics Co. Ltd. | |
| Singapore Exchange Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Veolia Environment SA | |
| Max Co. Ltd. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
On August 6, 2026, the Board approved a plan of liquidation for the Fund. The Fund closed to new investors effective August 7, 2026 and will close to subsequent investments by existing shareholders effective September 8, 2026. The Fund will liquidate on or about September 10, 2026.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHEAX) returned 1.99% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 0.77%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.
| DH Short Duration Securitized Bond Fund - Investor - $14,718 | |
| |
Bloomberg US Aggregate Bond Index - $11,574 |
| Bloomberg 1-3 Year US Government/Credit Index - $12,180 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 1.38 |
| Weighted Average Life | 2.24 |
| Option-Adjusted Spread | 196 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 | |
| U.S. Treasury Notes 3.625% 05/31/28 | |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 | |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| FNMA, Pool #MA6009 5.500% 03/01/46 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Effective on or about October 30, 2026, the Fund is expected to change its principal investment strategy to, among other things, remove the requirement to invest a minimum percentage of the Fund's assets in securitized bond investments, and be renamed the Diamond Hill Short Duration Income Fund.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHEIX) returned 2.04% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 0.77%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.
| DH Short Duration Securitized Bond Fund - Class I - $15,146 | |
| |
Bloomberg US Aggregate Bond Index - $11,574 |
| Bloomberg 1-3 Year US Government/Credit Index - $12,180 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 1.38 |
| Weighted Average Life | 2.24 |
| Option-Adjusted Spread | 196 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 | |
| U.S. Treasury Notes 3.625% 05/31/28 | |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 | |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| FNMA, Pool #MA6009 5.500% 03/01/46 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Effective on or about October 30, 2026, the Fund is expected to change its principal investment strategy to, among other things, remove the requirement to invest a minimum percentage of the Fund's assets in securitized bond investments, and be renamed the Diamond Hill Short Duration Income Fund.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHEYX) returned 2.20% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg 1-3 Year US Government/Credit Index returned 0.77%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the asset-backed securities (ABS), non-agency mortgage-backed securities (MBS) and non-agency commercial mortgage-backed securities (CMBS) sectors.
| DH Short Duration Securitized Bond Fund - Class Y - $766,764 | |
| |
Bloomberg US Aggregate Bond Index - $578,721 |
| Bloomberg 1-3 Year US Government/Credit Index - $608,977 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 1.38 |
| Weighted Average Life | 2.24 |
| Option-Adjusted Spread | 196 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 | |
| U.S. Treasury Notes 3.625% 05/31/28 | |
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| U.S. Treasury Notes 2.250% 08/15/27 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 | |
| Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 | |
| HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 | |
| FNMA, Pool #MA6009 5.500% 03/01/46 | |
| GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Effective on or about October 30, 2026, the Fund is expected to change its principal investment strategy to, among other things, remove the requirement to invest a minimum percentage of the Fund's assets in securitized bond investments, and be renamed the Diamond Hill Short Duration Income Fund.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHWAX) returned 0.76% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Securitized: MBS, ABS and CMBS Index returned 0.98%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency and non-agency mortgage-backed securities (MBS) sectors.
| DH Securitized Total Return Fund - Investor - $10,566 | |
| |
Bloomberg US Aggregate Bond Index - $10,379 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $10,512 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.28 |
| Weighted Average Life | 5.85 |
| Option-Adjusted Spread | 199 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| FNMA, Series 2018-95, Class B 3.500% 01/25/49 | |
| FNMA, Series 2017-87, Class EA 3.000% 04/25/44 | |
| FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 | |
| FHLMC, Series 4425, Class TA 2.000% 01/15/45 | |
| GNMA, Series 2009-54, Class Z 6.000% 07/16/39 | |
| FNMA, Series 2020-44, Class EG 2.000% 09/25/42 | |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | |
| FHLMC, Series 4152, Class GW 2.500% 01/15/43 | |
| GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 | |
| FHLMC, Series 5071, Class ZT 1.500% 02/25/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHWIX) returned 0.94% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Securitized: MBS, ABS and CMBS Index returned 0.98%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency and non-agency mortgage-backed securities (MBS) sectors.
| DH Securitized Total Return Fund - Class I - $10,602 | |
| |
Bloomberg US Aggregate Bond Index - $10,379 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $10,512 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.28 |
| Weighted Average Life | 5.85 |
| Option-Adjusted Spread | 199 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| FNMA, Series 2018-95, Class B 3.500% 01/25/49 | |
| FNMA, Series 2017-87, Class EA 3.000% 04/25/44 | |
| FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 | |
| FHLMC, Series 4425, Class TA 2.000% 01/15/45 | |
| GNMA, Series 2009-54, Class Z 6.000% 07/16/39 | |
| FNMA, Series 2020-44, Class EG 2.000% 09/25/42 | |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | |
| FHLMC, Series 4152, Class GW 2.500% 01/15/43 | |
| GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 | |
| FHLMC, Series 5071, Class ZT 1.500% 02/25/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHWYX) returned 1.00% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Securitized: MBS, ABS and CMBS Index returned 0.98%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency and non-agency mortgage-backed securities (MBS) sectors.
| DH Securitized Total Return Fund - Class Y - $530,658 | |
| |
Bloomberg US Aggregate Bond Index - $518,956 |
| Bloomberg US Securitized: MBS, ABS and CMBS Index - $525,586 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.28 |
| Weighted Average Life | 5.85 |
| Option-Adjusted Spread | 199 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| FNMA, Series 2018-95, Class B 3.500% 01/25/49 | |
| FNMA, Series 2017-87, Class EA 3.000% 04/25/44 | |
| FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 | |
| FHLMC, Series 4425, Class TA 2.000% 01/15/45 | |
| GNMA, Series 2009-54, Class Z 6.000% 07/16/39 | |
| FNMA, Series 2020-44, Class EG 2.000% 09/25/42 | |
| RMF Buyout Issuance Trust 4.704% 11/25/31 | |
| FHLMC, Series 4152, Class GW 2.500% 01/15/43 | |
| GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 | |
| FHLMC, Series 5071, Class ZT 1.500% 02/25/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHRAX) returned 0.88% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).
| DH Core Bond Fund - Investor - $12,222 | |
| |
Bloomberg US Aggregate Bond Index - $11,574 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.62 |
| Weighted Average Life | 7.09 |
| Option-Adjusted Spread | 112 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury STRIPS 0.000% 11/15/38 | |
| U.S. Treasury STRIPS 0.625% 02/15/43 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHRIX) returned 1.06% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).
| DH Core Bond Fund - Class I - $12,570 | |
| |
Bloomberg US Aggregate Bond Index - $11,574 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.62 |
| Weighted Average Life | 7.09 |
| Option-Adjusted Spread | 112 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury STRIPS 0.000% 11/15/38 | |
| U.S. Treasury STRIPS 0.625% 02/15/43 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHRYX) returned 1.13% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the agency mortgage-backed securities (MBS), non-agency mortgage-backed securities (MBS) and asset-backed securities (ABS).
| DH Core Bond Fund - Class Y - $635,943 | |
| |
Bloomberg US Aggregate Bond Index - $578,721 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.62 |
| Weighted Average Life | 7.09 |
| Option-Adjusted Spread | 112 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury STRIPS 0.000% 11/15/38 | |
| U.S. Treasury STRIPS 0.625% 02/15/43 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
| 1 | Annualized. |
The Fund (Ticker: DHNAX) returned 1.18% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the corporate credit, asset-backed securities (ABS) and agency mortgage-backed securities (MBS) sectors.
| DH Core Plus Bond Fund - Investor - $10,828 | |
| |
Bloomberg US Aggregate Bond Index - $10,587 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.71 |
| Weighted Average Life | 7.15 |
| Option-Adjusted Spread | 160 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 | |
| GNMA, Series 2021-29, Class AG 5.000% 02/20/51 | |
| GNMA, Series 2020-95, Class EA 1.500% 07/20/50 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| GNMA, Series 2022-64, Class MA 2.500% 11/20/51 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| GNMA, Series 2021-136, Class TC 1.500% 08/20/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
| 1 | Annualized. |
The Fund (Ticker: DHNIX) returned 1.25% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the corporate credit, asset-backed securities (ABS) and agency mortgage-backed securities (MBS) sectors.
| DH Core Plus Bond Fund - Class I - $10,870 | |
| |
Bloomberg US Aggregate Bond Index - $10,587 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.71 |
| Weighted Average Life | 7.15 |
| Option-Adjusted Spread | 160 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 | |
| GNMA, Series 2021-29, Class AG 5.000% 02/20/51 | |
| GNMA, Series 2020-95, Class EA 1.500% 07/20/50 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| GNMA, Series 2022-64, Class MA 2.500% 11/20/51 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| GNMA, Series 2021-136, Class TC 1.500% 08/20/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
| 1 | Annualized. |
The Fund (Ticker: DHNYX) returned 1.32% for the 6-month period ended June 30, 2026. Over that same period, the Bloomberg US Aggregate Bond Index returned 0.62%. All sectors contributed positively to the Fund's performance over the period, with particular strength in the corporate credit, asset-backed securities (ABS) and agency mortgage-backed securities (MBS) sectors.
| DH Core Plus Bond Fund - Class Y - $545,021 | |
| |
Bloomberg US Aggregate Bond Index - $529,326 |
| Six Months | One Year | Since Inception ( | |
|---|---|---|---|
|
| |||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
| Effective Duration | 5.71 |
| Weighted Average Life | 7.15 |
| Option-Adjusted Spread | 160 |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| U.S. Treasury Notes 4.000% 02/15/34 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 | |
| GNMA, Series 2021-29, Class AG 5.000% 02/20/51 | |
| GNMA, Series 2020-95, Class EA 1.500% 07/20/50 | |
| U.S. Treasury Bonds 1.625% 11/15/50 | |
| GNMA, Series 2022-64, Class MA 2.500% 11/20/51 | |
| GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 | |
| GNMA, Series 2021-136, Class TC 1.500% 08/20/51 |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
Semi-Annual Shareholder Report
June 30, 2026
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Diamond Hill Large Cap Concentrated ETF | $ |
| 1 | Annualized. |
The Fund (Ticker: DHLX) returned -1.67% for the 6-month period ended June 30, 2026. Over that same period, the Russell 1000 Value Index returned 16.26%. Security selection is the primary driver of the Fund's performance during any given period — the top and bottom contributors to return are illustrated in the chart.
| DH Large Cap Conc ETF - $15,194 | |
| |
Russell 3000 Index - $20,030 |
| Russell 1000 Value Index - $18,920 | |
| Russell 1000 Index - $20,444 |
| Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
|
| - | - | ||
|
| ||||
|
| ||||
|
|
| Net Assets | $ |
|---|---|
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate | |
| Total Advisory Fees Paid | $ |
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| Top Ten Holdings | % of Net Assets |
|---|---|
| Berkshire Hathaway, Inc., Class B | |
| American International Group, Inc. | |
| Colgate-Palmolive Co. | |
| Abbott Laboratories | |
| Waste Management, Inc. | |
| Aon plc, Class A | |
| Texas Instruments, Inc. | |
| ConocoPhillips | |
| Labcorp Holdings, Inc. | |
| Union Pacific Corp. |
At special meetings of shareholders of the Diamond Hill Funds (the "Trust") held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement and elected nine new Trustees to serve as the Board of Trustees of the Trust (the "Board").
The newly elected Trustees began serving and the new investment management agreement, which is substantially similar to the prior agreement, became effective as of the Transaction closing and provides for continuation of the Fund's investment program without interruption.
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2026 | DIAMOND-HILL.COM
| (b) | Included with (a) |
Item 2. Code of Ethics.
Not required
Item 3. Audit Committee Financial Expert.
Not required
Item 4. Principal Accountant Fees and Services.
Not required
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) The Registrant’s schedule(s) of investments is included in the Financial Statements under Item 7 of this form.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a)
Semi-Annual Financial Statements and
Additional Information
June 30, 2026
Small Cap Fund |
International Fund |
Small-Mid Cap Fund |
Short Duration Securitized Bond Fund |
Mid Cap Fund |
Securitized Total Return Fund |
Large Cap Fund |
Core Bond Fund |
Select Fund |
Core Plus Bond Fund |
Long-Short Fund |
This material must be preceded or accompanied by a current prospectus.
Not FDIC insured | No bank guarantee | May lose value
Table of Contents |
Our Shared Investment Principles |
1 |
Financial Statements |
|
Schedules of Investments |
2 |
Statements of Assets & Liabilities |
98 |
Statements of Operations |
100 |
Statements of Changes in Net Assets |
103 |
Financial Highlights |
120 |
Notes to Financial Statements |
142 |
Additional Information |
158 |
Cautionary Statement: At Diamond Hill, we pledge that, “we will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust.” Our views and opinions regarding the investment prospects of our portfolio holdings and Funds are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for our opinions, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.
You can identify forward looking statements by words like “believe,” “expect,” “anticipate,” or similar expressions when discussing prospects for particular portfolio holdings and/or one of the Funds. We cannot assure future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a Prospectus. Carefully consider the Funds’ investment objectives, risks, and expenses. This and other important information are contained in the Funds’ prospectus and summary prospectus, which are available at diamond-hill.com or by calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, LLC, a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value
Our Shared Investment Principles
Our Shared Investment Principles
Active, fundamental approach
An active, research-driven approach that capitalizes on our intellectual curiosity and unique insights is essential to deliver better returns than benchmarks or peers.
Ownership
Investing with an ownership mentality requires deep due diligence to build the conviction needed to invest over the long term.
Long term
Focusing on the long term allows us to look beyond near-term noise, allowing clients to realize the benefits of our deep, disciplined research process.
Valuation discipline
We believe the best way to compound returns is to take an ownership stake in an investment at a discount to its underlying value and have the discipline to wait for that value to be realized.
Strategic capacity management
Prudent capacity management protects our ability to generate competitive long-term investment results for our clients.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 1 |
Diamond Hill Small Cap Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 99.7% |
||||||||
Consumer Discretionary — 8.0% |
||||||||
American Eagle Outfitters, Inc. |
126,322 | $ | 2,172,738 | |||||
Century Communities, Inc. (a) |
52,496 | 3,761,863 | ||||||
Green Brick Partners, Inc. (a)(b) |
16,128 | 1,290,885 | ||||||
Johnson Outdoors, Inc., Class A (a) |
20,112 | 925,957 | ||||||
Red Rock Resorts, Inc., Class A (a) |
236,316 | 15,374,719 | ||||||
Rocky Brands, Inc. (a) |
27,867 | 1,149,235 | ||||||
| 24,675,397 | ||||||||
Consumer Staples — 8.4% |
||||||||
Mama’s Creations, Inc. (a)(b) |
351,526 | 6,274,739 | ||||||
Oil-Dri Corp. of America |
86,565 | 8,847,809 | ||||||
Utz Brands, Inc. |
1,379,307 | 10,620,664 | ||||||
| 25,743,212 | ||||||||
Energy — 3.9% |
||||||||
Centrus Energy Corp., Class A (a)(b) |
9,972 | 1,674,000 | ||||||
Magnolia Oil & Gas Corp., Class A (a) |
404,628 | 10,350,384 | ||||||
| 12,024,384 | ||||||||
Financials — 16.9% |
||||||||
Bank OZK |
233,727 | 12,174,839 | ||||||
BOK Financial Corp. (a) |
10,419 | 1,446,991 | ||||||
First Western Financial, Inc. (a)(b) |
69,090 | 2,218,480 | ||||||
International General Insurance Holdings Ltd. (a) |
387,820 | 10,149,249 | ||||||
Live Oak Bancshares, Inc. |
155,334 | 6,343,841 | ||||||
MVB Financial Corp. (a) |
61,482 | 1,783,593 | ||||||
Silvercrest Asset Management Group, Inc., Class A (a) |
175,519 | 1,774,497 | ||||||
Triumph Financial, Inc. (b) |
211,033 | 16,103,928 | ||||||
| 51,995,418 | ||||||||
|
Shares |
Fair |
||||||
Health Care — 15.4% |
||||||||
Astrana Health, Inc. (a)(b) |
411,996 | $ | 19,120,734 | |||||
BioLife Solutions, Inc. (a)(b) |
90,140 | 2,545,554 | ||||||
InfuSystem Holdings, Inc. (b) |
227,028 | 2,190,820 | ||||||
Mesa Laboratories, Inc. |
109,454 | 10,896,146 | ||||||
UFP Technologies, Inc. (a)(b) |
47,939 | 12,710,067 | ||||||
| 47,463,321 | ||||||||
Industrials — 25.1% |
||||||||
Allegiant Travel Co. (b) |
58,782 | 6,912,763 | ||||||
Allient, Inc. |
4,925 | 506,930 | ||||||
Asure Software, Inc. (a)(b) |
117,168 | 930,314 | ||||||
AZZ, Inc. (a) |
19,441 | 3,014,327 | ||||||
CECO Environmental Corp. (b) |
43,500 | 3,947,190 | ||||||
Concrete Pumping Holdings, Inc. (a)(b) |
263,263 | 3,172,319 | ||||||
Ducommun, Inc. (b) |
84,855 | 15,715,995 | ||||||
ESAB Corp. (a) |
67,692 | 6,676,462 | ||||||
Fortune Brands Innovations, Inc. (a) |
27,422 | 1,505,468 | ||||||
FreightCar America, Inc. (b) |
151,110 | 1,471,811 | ||||||
FTAI Infrastructure, Inc. (a) |
1,018,998 | 4,728,151 | ||||||
Graham Corp. (a)(b) |
52,881 | 6,546,139 | ||||||
Helios Technologies, Inc. |
10,725 | 957,206 | ||||||
Hurco Cos., Inc. (a)(b) |
64,692 | 1,481,123 | ||||||
Insteel Industries, Inc. |
163,371 | 4,933,804 | ||||||
LSI Industries, Inc. |
107,198 | 2,849,323 | ||||||
Miller Industries, Inc. (a) |
19,631 | 1,004,126 | ||||||
Perma-Fix Environmental Services, Inc. (a)(b) |
290,866 | 4,156,475 | ||||||
Proficient Auto Logistics, Inc. (a)(b) |
606,377 | 4,129,427 | ||||||
Transcat, Inc. (a)(b) |
28,557 | 2,649,233 | ||||||
| 77,288,586 | ||||||||
Information Technology — 1.2% |
||||||||
Daktronics, Inc. (b) |
35,800 | 700,248 | ||||||
Knowles Corp. (b) |
71,067 | 2,947,859 | ||||||
| 3,648,107 | ||||||||
2 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Small Cap Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 99.7% continued |
||||||||
Materials — 7.5% |
||||||||
Ashland, Inc. |
47,064 | $ | 3,101,047 | |||||
Core Molding Technologies, Inc. (a)(b) |
96,640 | 2,280,704 | ||||||
Titan America SA (a) |
351,191 | 6,553,224 | ||||||
Trekor Metals Ltd. (b) |
602,028 | 4,141,953 | ||||||
United States Lime & Minerals, Inc. (a) |
65,014 | 6,805,015 | ||||||
| 22,881,943 | ||||||||
Real Estate — 11.8% |
||||||||
Alexandria Real Estate Equities, Inc. |
49,688 | 2,626,011 | ||||||
Centerspace (a) |
107,962 | 6,066,385 | ||||||
CubeSmart |
98,361 | 3,911,817 | ||||||
Curbline Properties Corp. (a) |
161,462 | 4,908,445 | ||||||
Ryman Hospitality Properties, Inc. |
113,899 | 14,641,716 | ||||||
Strawberry Fields REIT, Inc. |
302,057 | 4,153,284 | ||||||
| 36,307,658 | ||||||||
Utilities — 1.5% |
||||||||
UGI Corp. (a) |
135,225 | 4,670,672 | ||||||
Total Common Stocks |
||||||||
(Cost $214,102,311) |
$ | 306,698,698 | ||||||
|
Shares |
Fair |
||||||
Registered Investment Companies — 8.8% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
836,805 | $ | 836,805 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
26,158,780 | 26,158,780 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $26,995,585) |
$ | 26,995,585 | ||||||
Total Investment Securities — 108.5% |
||||||||
(Cost $241,097,896) |
$ | 333,694,283 | ||||||
Liabilities in Excess of Other Assets — (8.5)% |
(26,018,566 | ) | ||||||
Net Assets — 100.0% |
$ | 307,675,717 | ||||||
|
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $69,127,871. |
|
(b) |
Non-income producing security. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
REIT — Real Estate Investment Trust
SA — Societe Anonyme
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 3 |
Diamond Hill Small-Mid Cap Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 95.9% |
||||||||
Communication Services — 2.7% |
||||||||
Liberty Media Corp. - Liberty Formula One - Series C (a) |
90,451 | $ | 8,605,508 | |||||
People, Inc. (a)(b) |
174,860 | 8,071,538 | ||||||
| 16,677,046 | ||||||||
Consumer Discretionary — 3.8% |
||||||||
NVR, Inc. (a) |
789 | 5,375,773 | ||||||
Red Rock Resorts, Inc., Class A |
283,733 | 18,459,669 | ||||||
| 23,835,442 | ||||||||
Consumer Staples — 4.2% |
||||||||
General Mills, Inc. (b) |
278,452 | 9,690,130 | ||||||
Post Holdings, Inc. (a)(b) |
189,719 | 16,744,599 | ||||||
| 26,434,729 | ||||||||
Energy — 5.6% |
||||||||
Antero Resources Corp. (a) |
614,939 | 21,608,956 | ||||||
Devon Energy Corp. |
331,672 | 13,704,687 | ||||||
| 35,313,643 | ||||||||
Financials — 12.5% |
||||||||
Brown & Brown, Inc. (b) |
110,634 | 7,097,171 | ||||||
Equitable Holdings, Inc. |
230,578 | 10,117,763 | ||||||
First Horizon Corp. |
183,431 | 4,703,171 | ||||||
LPL Financial Holdings, Inc. |
36,409 | 10,255,687 | ||||||
Pinnacle Financial Partners, Inc. |
55,042 | 5,552,637 | ||||||
RenaissanceRe Holdings Ltd. (b) |
35,845 | 11,359,280 | ||||||
Rocket Cos., Inc., Class A (a)(b) |
762,981 | 12,016,951 | ||||||
Triumph Financial, Inc. (a) |
131,282 | 10,018,129 | ||||||
Willis Towers Watson plc |
29,697 | 7,761,905 | ||||||
| 78,882,694 | ||||||||
|
Shares |
Fair |
||||||
Health Care — 19.4% |
||||||||
Avantor, Inc. (a)(b) |
525,453 | $ | 5,201,985 | |||||
Centene Corp. (a) |
50,759 | 3,258,220 | ||||||
Cooper Cos., Inc. (The) (a) |
64,127 | 4,598,547 | ||||||
Humana, Inc. |
66,239 | 26,311,456 | ||||||
ICON plc (a)(b) |
56,550 | 9,823,300 | ||||||
Illumina, Inc. (a) |
86,620 | 15,230,395 | ||||||
Labcorp Holdings, Inc. (b) |
46,845 | 13,116,600 | ||||||
Revvity, Inc. (b) |
109,353 | 12,166,615 | ||||||
Solventum Corp. (a) |
111,952 | 8,637,097 | ||||||
Teleflex, Inc. (b) |
94,352 | 11,960,060 | ||||||
Waystar Holding Corp. (a)(b) |
590,270 | 12,118,243 | ||||||
| 122,422,518 | ||||||||
Industrials — 25.1% |
||||||||
Booz Allen Hamilton Holding Corp. |
78,916 | 4,787,834 | ||||||
Builders FirstSource, Inc. (a) |
41,998 | 3,757,981 | ||||||
Equifax, Inc. |
56,869 | 9,026,248 | ||||||
ESAB Corp. (b) |
88,218 | 8,700,941 | ||||||
Fortune Brands Innovations, Inc. (b) |
278,114 | 15,268,459 | ||||||
FTI Consulting, Inc. (a)(b) |
57,226 | 8,527,246 | ||||||
Gates Industrial Corp. plc (a) |
442,220 | 12,368,893 | ||||||
Generac Holdings, Inc. (a) |
13,529 | 3,961,426 | ||||||
Huntington Ingalls Industries, Inc. |
58,775 | 16,450,535 | ||||||
Regal Rexnord Corp. (b) |
100,473 | 23,931,664 | ||||||
Rentokil Initial plc - ADR (b) |
276,066 | 7,898,248 | ||||||
Toro Co. (The) |
75,395 | 7,344,981 | ||||||
TransUnion (b) |
200,573 | 14,469,336 | ||||||
Veralto Corp. |
55,006 | 4,877,932 | ||||||
Verisk Analytics, Inc. |
26,370 | 4,734,206 | ||||||
WESCO International, Inc. |
34,088 | 11,775,018 | ||||||
| 157,880,948 | ||||||||
4 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Small-Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 95.9% continued |
||||||||
Information Technology — 3.8% |
||||||||
GoDaddy, Inc., Class A (a) |
96,395 | $ | 8,182,008 | |||||
Teledyne Technologies, Inc. (a)(b) |
12,535 | 8,359,591 | ||||||
VeriSign, Inc. |
30,399 | 7,647,172 | ||||||
| 24,188,771 | ||||||||
Materials — 4.6% |
||||||||
Ashland, Inc. (b) |
170,649 | 11,244,063 | ||||||
Knife River Corp. (a)(b) |
126,423 | 10,575,284 | ||||||
Trekor Metals Ltd. (a)(b) |
1,055,722 | 7,263,367 | ||||||
| 29,082,714 | ||||||||
Real Estate — 12.7% |
||||||||
Alexandria Real Estate Equities, Inc. |
89,296 | 4,719,294 | ||||||
CubeSmart |
501,143 | 19,930,457 | ||||||
Invitation Homes, Inc. |
299,663 | 9,052,819 | ||||||
Lamar Advertising Co., Class A |
47,986 | 7,484,856 | ||||||
Mid-America Apartment Communities, Inc. |
88,320 | 12,271,181 | ||||||
Rexford Industrial Realty, Inc. (b) |
137,321 | 4,600,253 | ||||||
Ryman Hospitality Properties, Inc. |
104,832 | 13,476,154 | ||||||
SBA Communications Corp., Class A |
47,718 | 8,420,318 | ||||||
| 79,955,332 | ||||||||
Utilities — 1.5% |
||||||||
UGI Corp. (b) |
267,029 | 9,223,182 | ||||||
Total Common Stocks |
||||||||
(Cost $530,571,618) |
$ | 603,897,019 | ||||||
|
Shares |
Fair |
||||||
Registered Investment Companies — 17.7% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
23,600,440 | $ | 23,600,440 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
88,020,675 | 88,020,675 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $111,621,115) |
$ | 111,621,115 | ||||||
Total Investment Securities — 113.6% |
||||||||
(Cost $642,192,733) |
$ | 715,518,134 | ||||||
Liabilities in Excess of Other Assets — (13.6)% |
(85,901,261 | ) | ||||||
Net Assets — 100.0% |
$ | 629,616,873 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $162,921,284. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
ADR — American Depositary Receipt
plc — Public Limited Company
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 5 |
Diamond Hill Mid Cap Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 96.7% |
||||||||
Communication Services — 1.3% |
||||||||
Liberty Media Corp. - Liberty Formula One - Series C (a) |
10,378 | $ | 987,363 | |||||
Consumer Discretionary — 3.9% |
||||||||
MGM Resorts International (a) |
16,071 | 768,355 | ||||||
Red Rock Resorts, Inc., Class A |
32,010 | 2,082,571 | ||||||
| 2,850,926 | ||||||||
Consumer Staples — 6.7% |
||||||||
General Mills, Inc. (b) |
29,714 | 1,034,047 | ||||||
Kimberly-Clark Corp. (b) |
7,516 | 825,031 | ||||||
Post Holdings, Inc. (a)(b) |
18,662 | 1,647,108 | ||||||
Sysco Corp. |
17,079 | 1,427,463 | ||||||
| 4,933,649 | ||||||||
Energy — 5.9% |
||||||||
Antero Resources Corp. (a) |
71,772 | 2,522,068 | ||||||
Diamondback Energy, Inc. |
10,363 | 1,821,608 | ||||||
| 4,343,676 | ||||||||
Financials — 12.2% |
||||||||
American International Group, Inc. |
39,453 | 2,940,432 | ||||||
Equitable Holdings, Inc. |
27,964 | 1,227,060 | ||||||
Hartford Insurance Group, Inc. (The) |
3,930 | 520,804 | ||||||
LPL Financial Holdings, Inc. (b) |
4,300 | 1,211,224 | ||||||
Rocket Cos., Inc., Class A (a)(b) |
112,947 | 1,778,915 | ||||||
Willis Towers Watson plc |
4,797 | 1,253,792 | ||||||
| 8,932,227 | ||||||||
Health Care — 19.5% |
||||||||
Boston Scientific Corp. (a) |
11,835 | 505,118 | ||||||
Centene Corp. (a) |
5,996 | 384,883 | ||||||
Cooper Cos., Inc. (The) (a) |
6,757 | 484,544 | ||||||
Humana, Inc. |
8,761 | 3,480,044 | ||||||
ICON plc (a)(b) |
6,055 | 1,051,814 | ||||||
Illumina, Inc. (a) |
9,676 | 1,701,331 | ||||||
|
Shares |
Fair |
||||||
Health Care — 19.5% continued |
||||||||
Labcorp Holdings, Inc. |
4,855 | $ | 1,359,400 | |||||
Revvity, Inc. (b) |
12,969 | 1,442,931 | ||||||
Solventum Corp. (a) |
8,913 | 687,638 | ||||||
Teleflex, Inc. |
9,440 | 1,196,614 | ||||||
Waystar Holding Corp. (a)(b) |
71,580 | 1,469,537 | ||||||
Zoetis, Inc. |
8,338 | 599,169 | ||||||
| 14,363,023 | ||||||||
Industrials — 26.2% |
||||||||
Carrier Global Corp. |
12,376 | 907,780 | ||||||
Equifax, Inc. |
6,669 | 1,058,504 | ||||||
Ferguson Enterprises, Inc. |
3,956 | 938,877 | ||||||
Fortune Brands Innovations, Inc. (b) |
31,833 | 1,747,632 | ||||||
FTI Consulting, Inc. (a)(b) |
5,678 | 846,079 | ||||||
Huntington Ingalls Industries, Inc. |
6,217 | 1,740,076 | ||||||
Johnson Controls International plc |
4,750 | 694,022 | ||||||
L3Harris Technologies, Inc. |
4,568 | 1,327,415 | ||||||
Parker-Hannifin Corp. |
1,692 | 1,654,979 | ||||||
Regal Rexnord Corp. |
10,138 | 2,414,770 | ||||||
Rentokil Initial plc - ADR (b) |
31,880 | 912,087 | ||||||
Toro Co. (The) |
7,656 | 745,848 | ||||||
TransUnion (b) |
23,796 | 1,716,643 | ||||||
Veralto Corp. |
6,460 | 572,873 | ||||||
Verisk Analytics, Inc. |
3,092 | 555,107 | ||||||
WESCO International, Inc. |
4,053 | 1,400,028 | ||||||
| 19,232,720 | ||||||||
Information Technology — 3.9% |
||||||||
GoDaddy, Inc., Class A (a) |
11,085 | 940,895 | ||||||
Teledyne Technologies, Inc. (a)(b) |
1,550 | 1,033,695 | ||||||
VeriSign, Inc. |
3,586 | 902,094 | ||||||
| 2,876,684 | ||||||||
Materials — 5.2% |
||||||||
Ashland, Inc. |
19,530 | 1,286,832 | ||||||
Freeport-McMoRan, Inc. |
21,831 | 1,372,952 | ||||||
Martin Marietta Materials, Inc. |
1,991 | 1,148,210 | ||||||
| 3,807,994 | ||||||||
6 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 96.7% continued |
||||||||
Real Estate — 10.4% |
||||||||
CubeSmart |
46,224 | $ | 1,838,328 | |||||
Extra Space Storage, Inc. |
8,112 | 1,178,674 | ||||||
Lamar Advertising Co., Class A |
5,840 | 910,923 | ||||||
Mid-America Apartment Communities, Inc. |
6,621 | 919,922 | ||||||
Ryman Hospitality Properties, Inc. |
9,716 | 1,248,992 | ||||||
SBA Communications Corp., Class A |
5,409 | 954,472 | ||||||
Ventas, Inc. |
7,003 | 621,866 | ||||||
| 7,673,177 | ||||||||
Utilities — 1.5% |
||||||||
UGI Corp. (b) |
32,274 | 1,114,744 | ||||||
Total Common Stocks |
||||||||
(Cost $56,343,355) |
$ | 71,116,183 | ||||||
Registered Investment Companies — 13.9% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
2,898,354 | 2,898,354 | ||||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
7,325,006 | 7,325,006 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $10,223,360) |
$ | 10,223,360 | ||||||
Total Investment Securities — 110.6% |
||||||||
(Cost $66,566,715) |
$ | 81,339,543 | ||||||
Liabilities in Excess of Other Assets — (10.6)% |
(7,777,095 | ) | ||||||
Net Assets — 100.0% |
$ | 73,562,448 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $13,087,640. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
ADR — American Depositary Receipt
plc — Public Limited Company
See accompanying Notes to Financial Statements.
Diamond Hill Large Cap Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 99.6% |
||||||||
Communication Services — 2.7% |
||||||||
Walt Disney Co. (The) |
813,877 | $ | 78,335,661 | |||||
Consumer Discretionary — 3.9% |
||||||||
Amazon.com, Inc. (a) |
168,513 | 40,163,388 | ||||||
CarMax, Inc. (a) |
507,478 | 26,840,511 | ||||||
NVR, Inc. (a) |
6,783 | 46,215,292 | ||||||
| 113,219,191 | ||||||||
Consumer Staples — 10.7% |
||||||||
Colgate-Palmolive Co. |
1,540,650 | 141,246,792 | ||||||
General Mills, Inc. (b) |
1,099,718 | 38,270,186 | ||||||
Kimberly-Clark Corp. (b) |
617,677 | 67,802,404 | ||||||
Sysco Corp. |
719,979 | 60,175,845 | ||||||
| 307,495,227 | ||||||||
Energy — 7.0% |
||||||||
ConocoPhillips |
801,346 | 83,307,930 | ||||||
Diamondback Energy, Inc. |
402,470 | 70,746,176 | ||||||
EQT Corp. |
893,680 | 47,516,966 | ||||||
| 201,571,072 | ||||||||
Financials — 23.9% |
||||||||
American International Group, Inc. |
1,468,199 | 109,424,871 | ||||||
Aon plc, Class A |
350,501 | 116,257,677 | ||||||
Bank of America Corp. |
1,006,232 | 57,335,099 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
272,349 | 136,280,716 | ||||||
Capital One Financial Corp. |
412,008 | 82,657,045 | ||||||
Equitable Holdings, Inc. (b) |
1,462,368 | 64,168,708 | ||||||
KeyCorp |
1,491,534 | 34,379,859 | ||||||
MetLife, Inc. |
451,606 | 38,210,384 | ||||||
Visa, Inc., Class A |
144,964 | 49,735,699 | ||||||
| 688,450,058 | ||||||||
Health Care — 19.4% |
||||||||
Abbott Laboratories |
1,386,577 | 125,817,997 | ||||||
Cooper Cos., Inc. (The) (a) |
879,610 | 63,076,833 | ||||||
Elevance Health, Inc. |
106,055 | 41,014,650 | ||||||
Humana, Inc. |
151,920 | 60,345,662 | ||||||
Labcorp Holdings, Inc. (b) |
139,772 | 39,136,160 | ||||||
Medtronic plc |
511,542 | 40,017,931 | ||||||
Pfizer, Inc. |
1,397,295 | 33,646,864 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 7 |
Diamond Hill Large Cap Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 99.6% continued |
||||||||
Health Care — 19.4% continued |
||||||||
Solventum Corp. (a)(b) |
401,677 | $ | 30,989,380 | |||||
Thermo Fisher Scientific, Inc. |
105,541 | 52,914,036 | ||||||
Zoetis, Inc. |
990,885 | 71,204,996 | ||||||
| 558,164,509 | ||||||||
Industrials — 15.2% |
||||||||
Builders FirstSource, Inc. (a) |
384,564 | 34,410,787 | ||||||
Carrier Global Corp. |
608,679 | 44,646,605 | ||||||
Deere & Co. |
86,257 | 54,715,403 | ||||||
Dover Corp. |
146,000 | 32,744,880 | ||||||
FedEx Corp. |
94,876 | 29,708,522 | ||||||
Fedex Freight Holding Co., Inc. (a) |
50,764 | 7,665,364 | ||||||
Ferguson Enterprises, Inc. |
164,263 | 38,984,538 | ||||||
L3Harris Technologies, Inc. |
121,832 | 35,403,161 | ||||||
Union Pacific Corp. |
230,544 | 62,707,968 | ||||||
Waste Management, Inc. |
437,265 | 97,457,623 | ||||||
| 438,444,851 | ||||||||
Information Technology — 9.6% |
||||||||
Accenture plc, Class A |
252,731 | 31,449,846 | ||||||
Adobe, Inc. (a) |
207,360 | 42,512,947 | ||||||
Microsoft Corp. |
220,869 | 82,388,554 | ||||||
Salesforce, Inc. |
349,218 | 54,708,492 | ||||||
Texas Instruments, Inc. |
221,956 | 66,158,425 | ||||||
| 277,218,264 | ||||||||
Materials — 2.4% |
||||||||
Martin Marietta Materials, Inc. (b) |
73,638 | 42,467,035 | ||||||
Nucor Corp. |
117,504 | 26,174,016 | ||||||
| 68,641,051 | ||||||||
Real Estate — 4.8% |
||||||||
Extra Space Storage, Inc. |
468,710 | 68,103,563 | ||||||
SBA Communications Corp., Class A |
403,487 | 71,199,316 | ||||||
| 139,302,879 | ||||||||
Total Common Stocks |
||||||||
(Cost $2,485,030,367) |
$ | 2,870,842,763 | ||||||
|
Shares |
Fair |
||||||
Registered Investment Companies — 5.7% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
10,241,164 | $ | 10,241,164 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
153,550,595 | 153,550,595 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $163,791,759) |
$ | 163,791,759 | ||||||
Total Investment Securities — 105.3% |
||||||||
(Cost $2,648,822,126) |
$ | 3,034,634,522 | ||||||
Liabilities in Excess of Other Assets — (5.3)% |
(153,554,507 | ) | ||||||
Net Assets — 100.0% |
$ | 2,881,080,015 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $161,334,175. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
8 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Select Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 95.9% |
||||||||
Consumer Discretionary — 7.9% |
||||||||
CarMax, Inc. (a) |
253,496 | $ | 13,407,403 | |||||
Red Rock Resorts, Inc., Class A (b) |
456,613 | 29,707,242 | ||||||
| 43,114,645 | ||||||||
Consumer Staples — 6.8% |
||||||||
Colgate-Palmolive Co. |
223,893 | 20,526,510 | ||||||
Kimberly-Clark Corp. (b) |
149,477 | 16,408,090 | ||||||
| 36,934,600 | ||||||||
Energy — 6.7% |
||||||||
Antero Resources Corp. (a) |
518,825 | 18,231,511 | ||||||
Diamondback Energy, Inc. |
102,613 | 18,037,313 | ||||||
| 36,268,824 | ||||||||
Financials — 25.1% |
||||||||
American International Group, Inc. |
441,908 | 32,935,403 | ||||||
Aon plc, Class A |
41,071 | 13,622,840 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
69,206 | 34,629,990 | ||||||
Capital One Financial Corp. |
130,013 | 26,083,208 | ||||||
Equitable Holdings, Inc. |
308,418 | 13,533,382 | ||||||
Rocket Cos., Inc., Class A (a)(b) |
987,626 | 15,555,110 | ||||||
| 136,359,933 | ||||||||
Health Care — 15.2% |
||||||||
Abbott Laboratories |
376,825 | 34,193,100 | ||||||
Molina Healthcare, Inc. (a) |
75,896 | 17,357,415 | ||||||
Solventum Corp. (a) |
185,261 | 14,292,886 | ||||||
Zoetis, Inc. |
237,356 | 17,056,402 | ||||||
| 82,899,803 | ||||||||
Industrials — 17.2% |
||||||||
Builders FirstSource, Inc. (a) |
99,793 | 8,929,478 | ||||||
Cimpress plc (a)(b) |
385,030 | 39,157,551 | ||||||
Regal Rexnord Corp. (b) |
58,558 | 13,947,930 | ||||||
Union Pacific Corp. |
45,709 | 12,432,848 | ||||||
Waste Management, Inc. |
85,973 | 19,161,662 | ||||||
| 93,629,469 | ||||||||
|
Shares |
Fair |
||||||
Information Technology — 10.8% |
||||||||
Adobe, Inc. (a) |
95,354 | $ | 19,549,477 | |||||
Salesforce, Inc. |
182,572 | 28,601,730 | ||||||
Texas Instruments, Inc. |
35,025 | 10,439,902 | ||||||
| 58,591,109 | ||||||||
Materials — 4.1% |
||||||||
Ashland, Inc. (b) |
335,338 | 22,095,421 | ||||||
Real Estate — 2.1% |
||||||||
SBA Communications Corp., Class A |
63,961 | 11,286,558 | ||||||
Total Common Stocks |
||||||||
(Cost $458,526,528) |
$ | 521,180,362 | ||||||
Registered Investment Companies — 17.7% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
27,423,126 | 27,423,126 | ||||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
68,594,981 | 68,594,981 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $96,018,107) |
$ | 96,018,107 | ||||||
Total Investment Securities — 113.6% |
||||||||
(Cost $554,544,635) |
$ | 617,198,469 | ||||||
Liabilities in Excess of Other Assets — (13.6)% |
(73,595,379 | ) | ||||||
Net Assets — 100.0% |
$ | 543,603,090 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $93,850,022. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 9 |
Diamond Hill Long-Short Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 94.2% |
||||||||
Communication Services — 10.4% |
||||||||
Alphabet, Inc., Class A |
266,779 | $ | 95,338,811 | |||||
Meta Platforms, Inc., Class A |
163,309 | 91,990,327 | ||||||
Walt Disney Co. (The) |
327,895 | 31,559,894 | ||||||
| 218,889,032 | ||||||||
Consumer Discretionary — 5.5% |
||||||||
Amazon.com, Inc. (a)(b) |
248,652 | 59,263,718 | ||||||
Lear Corp. |
129,967 | 17,423,376 | ||||||
TJX Cos., Inc. (The) (b) |
134,416 | 20,364,024 | ||||||
Ulta Beauty, Inc. (a)(b) |
40,597 | 18,308,435 | ||||||
| 115,359,553 | ||||||||
Consumer Staples — 5.0% |
||||||||
BellRing Brands, Inc. (a) |
3,312,830 | 42,868,020 | ||||||
Constellation Brands, Inc., Class A |
227,061 | 31,581,914 | ||||||
Sysco Corp. |
373,540 | 31,220,473 | ||||||
| 105,670,407 | ||||||||
Energy — 4.1% |
||||||||
Chevron Corp. |
183,234 | 30,372,868 | ||||||
Devon Energy Corp. |
329,307 | 13,606,965 | ||||||
Diamondback Energy, Inc. |
246,638 | 43,354,028 | ||||||
| 87,333,861 | ||||||||
Financials — 18.5% |
||||||||
American International Group, Inc. |
1,112,634 | 82,924,612 | ||||||
Aon plc, Class A |
182,842 | 60,646,863 | ||||||
Bank of America Corp. |
546,845 | 31,159,228 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
58,824 | 29,434,941 | ||||||
Capital One Financial Corp. |
222,525 | 44,642,965 | ||||||
Citigroup, Inc. |
378,238 | 52,938,190 | ||||||
Fidelity National Information Services, Inc. |
685,810 | 26,664,293 | ||||||
Truist Financial Corp. |
742,871 | 37,009,833 | ||||||
Visa, Inc., Class A |
74,077 | 25,415,078 | ||||||
| 390,836,003 | ||||||||
|
Shares |
Fair |
||||||
Health Care — 13.1% |
||||||||
Abbott Laboratories |
673,067 | $ | 61,074,100 | |||||
Cooper Cos., Inc. (The) (a) |
494,430 | 35,455,575 | ||||||
HCA Healthcare, Inc. |
52,316 | 20,397,485 | ||||||
Labcorp Holdings, Inc. |
72,124 | 20,194,720 | ||||||
Medtronic plc |
451,116 | 35,290,805 | ||||||
Perrigo Co. plc (c) |
391,340 | 4,066,023 | ||||||
Pfizer, Inc. |
685,666 | 16,510,837 | ||||||
Solventum Corp. (a) |
404,178 | 31,182,333 | ||||||
Zoetis, Inc. |
715,125 | 51,388,882 | ||||||
| 275,560,760 | ||||||||
Industrials — 11.1% |
||||||||
Booz Allen Hamilton Holding Corp. |
688,525 | 41,772,812 | ||||||
Builders FirstSource, Inc. (a)(b) |
495,998 | 44,381,901 | ||||||
Dover Corp. (b) |
161,125 | 36,137,115 | ||||||
ESAB Corp. (b) |
273,630 | 26,988,127 | ||||||
Johnson Controls International plc (b) |
52,070 | 7,607,948 | ||||||
L3Harris Technologies, Inc. (b) |
111,010 | 32,258,396 | ||||||
Parker-Hannifin Corp. (b) |
592 | 579,047 | ||||||
SS&C Technologies Holdings, Inc. |
431,175 | 26,754,409 | ||||||
Veralto Corp. |
207,895 | 18,436,129 | ||||||
| 234,915,884 | ||||||||
Information Technology — 21.8% |
||||||||
Adobe, Inc. (a) |
182,120 | 37,338,242 | ||||||
Gartner, Inc. (a) |
360,635 | 46,745,509 | ||||||
Microsoft Corp. |
278,996 | 104,071,088 | ||||||
Salesforce, Inc. |
233,280 | 36,545,645 | ||||||
SentinelOne, Inc., Class A (a) |
3,512,495 | 59,607,040 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |
239,897 | 114,567,610 | ||||||
Texas Instruments, Inc. |
119,171 | 35,521,300 | ||||||
VeriSign, Inc. |
105,125 | 26,445,245 | ||||||
| 460,841,679 | ||||||||
Materials — 2.4% |
||||||||
Ashland, Inc. |
494,019 | 32,550,912 | ||||||
Freeport-McMoRan, Inc. |
287,201 | 18,062,071 | ||||||
| 50,612,983 | ||||||||
10 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Long-Short Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 94.2% continued |
||||||||
Real Estate — 1.5% |
||||||||
Extra Space Storage, Inc. |
218,340 | $ | 31,724,802 | |||||
Utilities — 0.8% |
||||||||
Dominion Energy, Inc. |
257,835 | 17,607,552 | ||||||
Total Common Stocks |
||||||||
(Cost $1,481,136,312) |
$ | 1,989,352,516 | ||||||
Registered Investment Companies — 6.5% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (d) |
133,356,305 | 133,356,305 | ||||||
State Street Navigator Securities Lending Portfolio I, 3.34% (d)(e) |
3,265,455 | 3,265,455 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $136,621,760) |
$ | 136,621,760 | ||||||
Total Investment Securities — 100.7% |
||||||||
(Cost $1,617,758,072) |
2,125,974,276 | |||||||
Segregated Cash With Custodian — 36.9% |
779,670,807 | |||||||
Investments Sold Short - (36.1)% |
||||||||
(Proceeds $614,204,638) |
(762,902,836 | ) | ||||||
Liabilities in Excess of Other Assets — (1.5)% |
(31,789,240 | ) | ||||||
Net Assets — 100.0% |
$ | 2,110,953,007 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
All or a portion of the shares have been pledged as collateral for open short positions. |
|
(c) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $3,310,057. |
|
(d) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(e) |
This security was purchased using cash collateral held from securities on loan. |
ADR — American Depositary Receipt
plc — Public Limited Company
See accompanying Notes to Financial Statements.
Diamond Hill Long-Short Fund
Schedule of Investments Sold Short
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 36.1% |
||||||||
Consumer Discretionary — 12.6% |
||||||||
Acushnet Holdings Corp. |
299,862 | $ | 35,542,643 | |||||
Boot Barn Holdings, Inc. |
68,120 | 11,190,072 | ||||||
Brinker International, Inc. |
126,210 | 21,203,280 | ||||||
Cheesecake Factory, Inc. (The) |
372,917 | 29,661,818 | ||||||
Choice Hotels International, Inc. |
31,222 | 3,442,850 | ||||||
eBay, Inc. |
342,298 | 38,251,802 | ||||||
Five Below, Inc. |
28,080 | 5,048,503 | ||||||
GameStop Corp., Class A |
186,018 | 4,107,277 | ||||||
Garmin Ltd. |
128,177 | 30,447,165 | ||||||
Royal Caribbean Cruises Ltd. |
68,426 | 21,727,308 | ||||||
United Parks and Resorts, Inc. |
245,825 | 11,735,686 | ||||||
Williams-Sonoma, Inc. |
175,422 | 40,890,868 | ||||||
YETI Holdings, Inc. |
263,795 | 13,073,680 | ||||||
| 266,322,952 | ||||||||
Consumer Staples — 0.5% |
||||||||
Sprouts Farmers Market, Inc. |
48,611 | 4,111,518 | ||||||
WD-40 Co. |
29,156 | 7,103,568 | ||||||
| 11,215,086 | ||||||||
Energy — 1.3% |
||||||||
Frontline plc |
769,755 | 26,779,777 | ||||||
Financials — 3.1% |
||||||||
Affirm Holdings, Inc., Class A |
282,250 | 23,017,488 | ||||||
Bank of Hawaii Corp. |
437,135 | 35,622,131 | ||||||
Coinbase Global, Inc., Class A |
33,175 | 4,849,853 | ||||||
First Financial Bankshares, Inc. |
40,857 | 1,413,652 | ||||||
| 64,903,124 | ||||||||
Health Care — 1.9% |
||||||||
Medpace Holdings, Inc. |
62,745 | 33,229,125 | ||||||
ResMed, Inc. |
39,424 | 7,682,949 | ||||||
| 40,912,074 | ||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 11 |
Diamond Hill Long-Short Fund
Schedule of Investments Sold Short
(Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 36.1% continued |
||||||||
Industrials — 6.7% |
||||||||
Blue Bird Corp. |
457,990 | $ | 36,162,890 | |||||
Federal Signal Corp. |
250,800 | 32,225,292 | ||||||
Matson, Inc. |
206,580 | 39,710,873 | ||||||
Mueller Industries, Inc. |
106,460 | 13,087,128 | ||||||
Powell Industries, Inc. |
69,290 | 19,841,884 | ||||||
| 141,028,067 | ||||||||
Information Technology — 5.3% |
||||||||
Badger Meter, Inc. |
46,027 | 6,829,486 | ||||||
Everpure, Inc., Class A |
257,255 | 20,269,122 | ||||||
F5, Inc. |
61,217 | 25,463,823 | ||||||
International Business Machines Corp. |
138,315 | 38,895,561 | ||||||
Teradata Corp. |
607,545 | 21,051,434 | ||||||
| 112,509,426 | ||||||||
Materials — 1.6% |
||||||||
MP Materials Corp. |
40,565 | 2,272,046 | ||||||
NewMarket Corp. |
39,095 | 30,933,528 | ||||||
| 33,205,574 | ||||||||
Real Estate — 2.5% |
||||||||
Host Hotels & Resorts, Inc. |
1,124,500 | 26,661,895 | ||||||
Iron Mountain, Inc. |
202,695 | 25,602,406 | ||||||
| 52,264,301 | ||||||||
Utilities — 0.6% |
||||||||
Ormat Technologies, Inc. |
126,377 | 13,762,455 | ||||||
Total Investments Sold Short — 36.1% |
||||||||
(Proceeds $614,204,638) |
$ | 762,902,836 | ||||||
Percentages disclosed are based on total net assets of the Fund as of June 30, 2026.
plc — Public Limited Company
See accompanying Notes to Financial Statements.
Diamond Hill International Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 94.6% |
||||||||
Australia — 1.3% |
||||||||
Whitehaven Coal Ltd. (a) |
430,185 | $ | 2,279,540 | |||||
Austria — 1.2% |
||||||||
BAWAG Group AG |
10,080 | 2,019,718 | ||||||
Canada — 9.6% |
||||||||
Agnico Eagle Mines Ltd. |
12,479 | 1,938,851 | ||||||
Canadian Natural Resources Ltd. (a) |
118,012 | 4,669,557 | ||||||
Franco-Nevada Corp. |
15,388 | 3,210,725 | ||||||
Imperial Oil Ltd. (a) |
36,929 | 4,146,734 | ||||||
North West Co., Inc. (The) (a) |
67,756 | 2,359,015 | ||||||
| 16,324,882 | ||||||||
China — 3.0% |
||||||||
Alibaba Group Holding Ltd. |
185,700 | 2,226,261 | ||||||
Tencent Holdings Ltd. |
53,563 | 2,955,751 | ||||||
| 5,182,012 | ||||||||
France — 5.4% |
||||||||
Safran SA |
11,615 | 4,574,622 | ||||||
Veolia Environnement SA |
112,878 | 4,701,067 | ||||||
| 9,275,689 | ||||||||
Germany — 2.8% |
||||||||
Evotec SE (a)(b) |
215,817 | 1,231,111 | ||||||
Krones AG |
28,001 | 3,594,062 | ||||||
| 4,825,173 | ||||||||
Greece — 1.8% |
||||||||
Theon International plc (a) |
90,078 | 3,073,040 | ||||||
India — 0.6% |
||||||||
Hindustan Aeronautics Ltd. |
21,059 | 977,993 | ||||||
Ireland — 3.2% |
||||||||
AIB Group plc |
460,837 | 5,412,869 | ||||||
12 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill International Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 94.6% continued |
||||||||
Japan — 7.2% |
||||||||
Hikari Tsushin, Inc. |
10,500 | $ | 2,307,374 | |||||
Hitachi Ltd. |
79,800 | 2,208,702 | ||||||
Max Co. Ltd. |
445,200 | 4,693,505 | ||||||
Toyo Suisan Kaisha Ltd. |
47,000 | 3,010,469 | ||||||
| 12,220,050 | ||||||||
Korea (Republic of) — 8.4% |
||||||||
Samsung C&T Corp. |
10,768 | 3,339,470 | ||||||
Samsung Electronics Co. Ltd. |
23,433 | 5,208,189 | ||||||
SK hynix, Inc. |
3,270 | 5,779,586 | ||||||
| 14,327,245 | ||||||||
Mexico — 2.2% |
||||||||
Wal-Mart de Mexico SAB de CV (a) |
1,290,862 | 3,783,411 | ||||||
Singapore — 3.0% |
||||||||
Singapore Exchange Ltd. |
272,858 | 5,091,304 | ||||||
Sweden — 1.0% |
||||||||
Spotify Technology SA (b) |
3,843 | 1,764,437 | ||||||
Switzerland — 7.3% |
||||||||
Compagnie Financiere Richemont SA, Class A |
21,498 | 4,962,533 | ||||||
Novartis AG - ADR (a) |
24,822 | 3,890,104 | ||||||
Roche Holding AG |
8,699 | 3,576,173 | ||||||
| 12,428,810 | ||||||||
Taiwan Province of China — 8.1% |
||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR |
28,960 | 13,830,427 | ||||||
United Kingdom — 24.4% |
||||||||
British American Tobacco plc |
84,579 | 5,233,875 | ||||||
Bunzl plc |
127,241 | 4,440,454 | ||||||
Compass Group plc |
130,363 | 4,211,943 | ||||||
Diageo plc |
35,470 | 714,352 | ||||||
Glencore plc |
779,919 | 5,317,694 | ||||||
Hikma Pharmaceuticals plc |
51,999 | 1,047,625 | ||||||
Howden Joinery Group plc |
308,746 | 3,432,244 | ||||||
|
Shares |
Fair |
||||||
United Kingdom — 24.4% continued |
||||||||
Imperial Brands plc |
65,803 | $ | 2,431,946 | |||||
NatWest Group plc |
375,964 | 3,317,410 | ||||||
Rentokil Initial plc - ADR (a) |
65,828 | 1,883,339 | ||||||
Smith & Nephew plc |
86,332 | 1,247,657 | ||||||
Tesco plc |
437,176 | 2,665,006 | ||||||
Unilever plc |
64,093 | 3,858,126 | ||||||
Wise Group plc, Class A (b) |
164,108 | 1,967,195 | ||||||
| 41,768,866 | ||||||||
United States — 4.1% |
||||||||
Aurinia Pharmaceuticals, Inc. (b) |
92,212 | 1,564,838 | ||||||
CNH Industrial NV (a) |
299,254 | 3,360,622 | ||||||
Ferguson Enterprises, Inc. |
5,616 | 1,340,273 | ||||||
uniQure NV (b) |
17,463 | 804,346 | ||||||
| 7,070,079 | ||||||||
Total Common Stocks |
||||||||
(Cost $115,923,929) |
$ | 161,655,545 | ||||||
Preferred Stocks — 2.5% |
||||||||
Brazil — 2.5% |
||||||||
Itausa SA (Cost $3,716,704) |
1,645,632 | 4,265,604 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 13 |
Diamond Hill International Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Registered Investment Companies — 10.8% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (c) |
4,081,736 | $ | 4,081,736 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (c)(d) |
14,411,935 | 14,411,935 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $18,493,671) |
$ | 18,493,671 | ||||||
Total Investment Securities — 107.9% |
||||||||
(Cost $138,134,304) |
$ | 184,414,820 | ||||||
Liabilities in Excess of Other Assets — (7.9)% |
(13,488,000 | ) | ||||||
Net Assets — 100.0% |
$ | 170,926,820 | ||||||
|
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $18,651,989. |
|
(b) |
Non-income producing security. |
|
(c) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(d) |
This security was purchased using cash collateral held from securities on loan. |
ADR — American Depositary Receipt
AG — Aktiengesellschaft
NV — Naamloze Vennootschap
plc — Public Limited Company
SA — Societe Anonyme
SAB de CV — Societe Anonima Bursatil de Capital Variable
SE — Societe Europaea
See accompanying Notes to Financial Statements.
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 5.8% |
||||||||||||||||
Banking — 2.9% |
||||||||||||||||
American Express Co. (a) |
2.550 | % | 03/04/27 | $ | 500,000 | $ | 494,466 | |||||||||
American Express Co. |
5.043 | % | 07/26/28 | 500,000 | 502,843 | |||||||||||
American Express Co. |
4.009 | % | 02/09/29 | 3,000,000 | 2,973,474 | |||||||||||
Bank of America Corp., Series N (b) |
4.376 | % | 04/27/28 | 21,338,000 | 21,315,399 | |||||||||||
Bank of America Corp., Series N |
4.477 | % | 04/23/30 | 1,000,000 | 993,693 | |||||||||||
Capital One Financial Corp. |
1.878 | % | 11/02/27 | 1,000,000 | 990,787 | |||||||||||
Capital One Financial Corp. |
4.927 | % | 05/10/28 | 10,000,000 | 10,023,867 | |||||||||||
Citibank NA |
4.876 | % | 11/19/27 | 1,750,000 | 1,753,301 | |||||||||||
Fifth Third Bancorp (b) |
1.707 | % | 11/01/27 | 1,200,000 | 1,188,390 | |||||||||||
Fifth Third Bancorp |
4.967 | % | 01/28/28 | 4,972,000 | 4,984,455 | |||||||||||
Goldman Sachs Group, Inc. (The) |
4.148 | % | 01/21/29 | 19,700,000 | 19,530,414 | |||||||||||
HSBC Holdings plc |
5.597 | % | 05/17/28 | 4,000,000 | 4,034,661 | |||||||||||
JPMorgan Chase & Co. (b) |
1.470 | % | 09/22/27 | 3,800,000 | 3,774,714 | |||||||||||
JPMorgan Chase & Co. |
3.625 | % | 12/01/27 | 14,326,000 | 14,161,866 | |||||||||||
JPMorgan Chase & Co. (b) |
4.323 | % | 04/26/28 | 6,675,000 | 6,662,978 | |||||||||||
Key Bank NA |
5.850 | % | 11/15/27 | 2,000,000 | 2,032,160 | |||||||||||
Key Bank NA |
4.390 | % | 12/14/27 | 1,600,000 | 1,596,640 | |||||||||||
Keycorp, Series S |
5.121 | % | 04/04/31 | 4,900,000 | 4,938,020 | |||||||||||
Morgan Stanley (b) |
5.504 | % | 05/26/28 | 15,000,000 | 15,125,779 | |||||||||||
Morgan Stanley |
4.133 | % | 10/18/29 | 7,760,000 | 7,654,076 | |||||||||||
Morgan Stanley |
4.555 | % | 04/10/30 | 5,000,000 | 4,968,288 | |||||||||||
Royal Bank of Canada |
4.522 | % | 10/18/28 | 500,000 | 500,033 | |||||||||||
Svenska Handelsbanken AB (c) |
4.375 | % | 06/11/29 | 2,500,000 | 2,488,373 | |||||||||||
Toronto-Dominion Bank (The) |
4.861 | % | 01/31/28 | 2,925,000 | 2,938,295 | |||||||||||
Truist Financial Corp. |
4.144 | % | 01/27/29 | 2,700,000 | 2,681,679 | |||||||||||
US Bancorp |
6.787 | % | 10/26/27 | 900,000 | 906,564 | |||||||||||
Wells Fargo & Co. |
4.182 | % | 01/23/30 | 20,500,000 | 20,231,287 | |||||||||||
| 159,446,502 | ||||||||||||||||
Brokerage Asset Managers Exchanges — 0.1% |
||||||||||||||||
Citadel Finance, LLC (c) |
4.750 | % | 02/14/29 | 7,900,000 | 7,776,185 | |||||||||||
14 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 5.8% continued |
||||||||||||||||
Communications — 0.2% |
||||||||||||||||
American Tower Corp. |
5.200 | % | 02/15/29 | $ | 4,135,000 | $ | 4,189,120 | |||||||||
T-Mobile USA, Inc. |
3.875 | % | 04/15/30 | 7,003,000 | 6,785,735 | |||||||||||
| 10,974,855 | ||||||||||||||||
Consumer Cyclical — 0.4% |
||||||||||||||||
Dollar General Corp. |
3.500 | % | 04/03/30 | 4,305,000 | 4,106,616 | |||||||||||
Ford Motor Credit Co., LLC |
5.850 | % | 05/17/27 | 5,000,000 | 5,037,801 | |||||||||||
Ford Motor Credit Co., LLC |
7.350 | % | 03/06/30 | 4,000,000 | 4,229,295 | |||||||||||
General Motors Financial Co. |
5.400 | % | 05/08/27 | 5,000,000 | 5,037,866 | |||||||||||
General Motors Financial Co. |
5.050 | % | 04/04/28 | 2,000,000 | 2,011,998 | |||||||||||
Volkswagen Group America (c) |
4.900 | % | 08/14/26 | 800,000 | 800,354 | |||||||||||
| 21,223,930 | ||||||||||||||||
Consumer Non-Cyclical — 0.1% |
||||||||||||||||
CVS Health Corp. |
5.400 | % | 06/01/29 | 2,975,000 | 3,039,745 | |||||||||||
Electric — 0.2% |
||||||||||||||||
National Rural Utilities Cooperative Finance Corp. |
4.400 | % | 05/11/29 | 475,000 | 472,944 | |||||||||||
NYSEG Storm Funding, LLC, Series 2025-A |
4.713 | % | 05/01/31 | 9,538,026 | 9,529,759 | |||||||||||
| 10,002,703 | ||||||||||||||||
Energy — 0.0% (d) |
||||||||||||||||
Energy Transfer, LP |
6.050 | % | 12/01/26 | 500,000 | 503,205 | |||||||||||
Energy Transfer, LP |
5.500 | % | 06/01/27 | 1,000,000 | 1,006,564 | |||||||||||
| 1,509,769 | ||||||||||||||||
Insurance — 1.0% |
||||||||||||||||
Jackson National Life Global Funding (c) |
5.550 | % | 07/02/27 | 3,150,000 | 3,178,140 | |||||||||||
Jackson National Life Insurance Co. (c) |
8.150 | % | 03/15/27 | 2,525,000 | 2,568,615 | |||||||||||
Lincoln Financial Global Funding (c) |
4.625 | % | 05/28/28 | 6,560,000 | 6,555,492 | |||||||||||
Met Tower Global Funding (c) |
4.000 | % | 01/14/29 | 750,000 | 739,526 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Insurance — 1.0% continued |
||||||||||||||||
New York Life Global Funding (c) |
4.700 | % | 01/29/29 | $ | 10,000,000 | $ | 10,018,597 | |||||||||
Northwestern Mutual Global Funding (c) |
4.400 | % | 03/30/29 | 10,000,000 | 9,952,667 | |||||||||||
Pricoa Global Funding (a)(c) |
4.400 | % | 08/27/27 | 1,000,000 | 1,000,459 | |||||||||||
Principal Life Global Funding II (c) |
4.600 | % | 08/19/27 | 500,000 | 501,116 | |||||||||||
Principal Life Global Funding II (c) |
4.650 | % | 05/18/29 | 7,725,000 | 7,702,241 | |||||||||||
Protective Life Global Funding (c) |
4.161 | % | 01/15/29 | 14,912,000 | 14,707,273 | |||||||||||
RGA Global Funding (c) |
2.000 | % | 11/30/26 | 800,000 | 792,188 | |||||||||||
| 57,716,314 | ||||||||||||||||
Technology — 0.8% |
||||||||||||||||
Cisco Systems, Inc. |
2.500 | % | 09/20/26 | 7,920,000 | 7,893,398 | |||||||||||
Foundry JV Holdco, LLC (c) |
5.900 | % | 01/25/30 | 2,801,000 | 2,889,863 | |||||||||||
Microsoft Corp. |
3.300 | % | 02/06/27 | 18,960,000 | 18,860,212 | |||||||||||
Mobility Global, Inc. (c) |
5.050 | % | 06/15/29 | 4,575,000 | 4,582,869 | |||||||||||
Oracle Corp. |
2.300 | % | 03/25/28 | 7,247,000 | 6,935,734 | |||||||||||
Oracle Corp. |
4.550 | % | 02/04/29 | 5,000,000 | 4,929,065 | |||||||||||
| 46,091,141 | ||||||||||||||||
Transportation — 0.1% |
||||||||||||||||
Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A (c) |
4.800 | % | 02/15/29 | 284,432 | 284,323 | |||||||||||
American Airlines Pass-Through Trust, Series 2016-2, Class AA |
3.200 | % | 12/15/29 | 1,124,000 | 1,090,342 | |||||||||||
Penske Truck Leasing (c) |
6.050 | % | 08/01/28 | 4,627,000 | 4,736,010 | |||||||||||
United Airlines Pass-Through Trust, Series 2020-1, Class A |
5.875 | % | 04/15/29 | 373,385 | 377,782 | |||||||||||
| 6,488,457 | ||||||||||||||||
Total Corporate Credit |
||||||||||||||||
(Cost $325,500,520) |
$ | 324,269,601 | ||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 15 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% |
||||||||||||||||
ABS-Other — 6.3% |
||||||||||||||||
ACHD Trust, Series 2025-DS1, Class A (c) |
5.978 | % | 01/09/34 | $ | 2,396,369 | $ | 2,398,692 | |||||||||
ACHD Trust, Series 2025-DS1, Class B (c) |
9.380 | % | 01/09/34 | 1,300,000 | 1,312,359 | |||||||||||
ACHD Trust, Series 2026-DS1, Class A (c)(e) |
5.672 | % | 07/10/34 | 22,600,000 | 22,591,111 | |||||||||||
ACHD Trust, Series 2026-DS1, Class B (c)(e) |
8.245 | % | 07/10/34 | 2,000,000 | 1,998,564 | |||||||||||
AMDR ABS Trust, Series 2025-1A, Class A (c) |
6.378 | % | 12/19/33 | 444,186 | 444,527 | |||||||||||
AMDR ABS Trust, Series 2025-1A, Class B (c) |
9.691 | % | 12/19/33 | 7,625,000 | 7,703,297 | |||||||||||
Bayview Opportunity Master Fund VII, Series 2026-BRD1, Class B (1* SOFR30A + 190) (b)(c) |
5.490 | % | 03/25/34 | 21,518,000 | 21,521,013 | |||||||||||
Bayview Opportunity Master Fund VII, Series 2026-CRD1, Class D (1* SOFR30A + 300) (b)(c) |
6.590 | % | 03/25/34 | 21,350,000 | 21,352,989 | |||||||||||
Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B (c) |
1.830 | % | 03/20/41 | 1,420,251 | 1,413,060 | |||||||||||
DailyPay Securitization Trust, Series 2025-1A, Class A (c) |
5.630 | % | 06/25/28 | 20,000,000 | 20,063,782 | |||||||||||
FMC GMSR Issuer Trust, Series 2020-GT1, Class A (b)(c) |
4.450 | % | 01/25/28 | 8,850,000 | 8,717,001 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT1, Class A (b)(c) |
3.620 | % | 07/25/28 | 9,900,000 | 9,521,614 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
ABS-Other — 6.3% continued |
||||||||||||||||
FMC GMSR Issuer Trust, Series 2021-GT2, Class A (c) |
3.850 | % | 10/25/28 | $ | 14,280,000 | $ | 13,732,957 | |||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A (c) |
5.520 | % | 02/22/55 | 7,578,883 | 7,002,096 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A (c) |
2.290 | % | 01/20/48 | 1,798,389 | 1,505,888 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A (c) |
2.220 | % | 03/20/48 | 1,423,396 | 1,159,347 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-1A, Class A (c) |
4.450 | % | 06/20/42 | 2,662,972 | 2,619,586 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-2, Class B (c) |
4.770 | % | 06/22/43 | 229,949 | 206,493 | |||||||||||
Mosaic Solar Loans, LLC, Series 2020-1A, Class B (c) |
3.100 | % | 04/20/46 | 697,565 | 594,697 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-1A, Class A (c) |
5.320 | % | 06/20/53 | 4,250,480 | 3,965,802 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-2A, Class C (c)(e) |
8.180 | % | 09/22/53 | 11,000,000 | 1,226,994 | |||||||||||
MVW Own Trust, Series 2021-1W, Class D (c) |
3.170 | % | 01/22/41 | 635,736 | 620,230 | |||||||||||
OHS Issuer, LLC, Series 2026-1, Class A2 (c) |
5.980 | % | 02/25/61 | 18,812,083 | 18,323,754 | |||||||||||
PowerPay Issuance Trust, Series 2024-1A, Class A (c) |
6.530 | % | 02/18/39 | 2,756,370 | 2,791,842 | |||||||||||
PowerPay Issuance Trust, Series 2025-1A, Class A (c) |
5.230 | % | 11/18/41 | 21,919,403 | 21,770,781 | |||||||||||
16 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
ABS-Other — 6.3% continued |
||||||||||||||||
Redaptive EAAS Issuer, LLC, Series 2025-1, Class A (c) |
5.940 | % | 03/25/42 | $ | 10,877,944 | $ | 10,990,664 | |||||||||
Renew Financial, LLC, Series 2017-1, Class A (c) |
3.670 | % | 09/20/52 | 727,603 | 668,659 | |||||||||||
Stream Innovations Issuer Trust, Series 2024-1A, Class A (c) |
6.270 | % | 07/15/44 | 4,918,696 | 5,043,274 | |||||||||||
US Bank Credit-Linked Notes, Series 2025-SUP2, Class B2 (1* SOFR30A + 135) (b)(c) |
4.978 | % | 09/25/32 | 13,724,401 | 13,768,717 | |||||||||||
US Bank NA, Series 2025-SUP2, Class B1 (c) |
4.818 | % | 09/25/32 | 7,822,908 | 7,742,372 | |||||||||||
US Bank NA, Series 2025-SUP2, Class D (1* SOFR30A + 220) (b)(c) |
5.828 | % | 09/25/32 | 3,242,390 | 3,258,517 | |||||||||||
US Bank NA, Series 2025-SUP2, Class R (1* SOFR30A + 650) (b)(c) |
10.128 | % | 09/25/32 | 12,008,851 | 12,116,197 | |||||||||||
US Bank NA, Series 2026-SUP1, Class R (1* SOFR30A + 650) (b)(c) |
1.009 | % | 06/27/33 | 16,000,000 | 15,999,346 | |||||||||||
US Bank NA, Series 2026-SUP1, Class C (1* SOFR30A + 185) (b)(c) |
5.443 | % | 06/27/33 | 12,800,000 | 12,816,000 | |||||||||||
US Bank NA, Series 2026-SUP1, Class B1 (c) |
5.500 | % | 06/27/33 | 71,550,000 | 71,734,671 | |||||||||||
| 348,696,893 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency CMBS — 0.4% |
||||||||||||||||
Farmer Mac Agricultural Real Estate, Series 2025-2, Class A1 (c) |
5.290 | % | 11/25/35 | $ | 21,454,829 | $ | 21,453,927 | |||||||||
Agency MBS CMO — 2.4% |
||||||||||||||||
FHLMC, Series 2979, Class FP (1* SOFR + 45) (b) |
4.157 | % | 05/15/35 | 183,945 | 183,278 | |||||||||||
FHLMC, Series 3121, Class FM (1* SOFR + 40) (b) |
4.107 | % | 03/15/36 | 112,087 | 111,635 | |||||||||||
FHLMC, Series 5545, Class MV |
5.250 | % | 04/25/36 | 13,908,806 | 13,876,405 | |||||||||||
FHLMC, Series 4613, Class AF (1* SOFR + 110) (b) |
4.807 | % | 11/15/37 | 1,591,035 | 1,587,904 | |||||||||||
FHLMC, Series 3925, Class FL (1* SOFR + 45) (b) |
4.157 | % | 01/15/41 | 4,794 | 4,792 | |||||||||||
FHLMC, Series 4314, Class PF (1* SOFR + 40) (b) |
4.107 | % | 07/15/43 | 31,468 | 31,399 | |||||||||||
FHLMC, Series 5391, Class EA |
5.500 | % | 05/25/49 | 2,643,982 | 2,651,045 | |||||||||||
FHLMC, Series 5171, Class UK |
2.000 | % | 12/25/51 | 1,163,171 | 607,761 | |||||||||||
FHLMC, Pool #QH-5181 |
6.000 | % | 11/01/53 | 7,957,805 | 8,208,284 | |||||||||||
FNMA, Series 2013-97, Class ZB |
3.500 | % | 09/25/33 | 7,709,028 | 7,479,763 | |||||||||||
FNMA, Series 2006-56, Class DC (1* SOFR + 65) (b) |
4.377 | % | 07/25/36 | 241,718 | 237,347 | |||||||||||
FNMA, Series 2006-108, Class FD (1* SOFR + 38) (b) |
4.122 | % | 11/25/36 | 118,188 | 117,432 | |||||||||||
FNMA, Series 2010-136, Class FA (1* SOFR + 50) (b) |
4.242 | % | 12/25/40 | 130,719 | 129,893 | |||||||||||
FNMA, Series 2011-127, Class ZU |
3.500 | % | 12/25/41 | 3,284,406 | 3,072,505 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 17 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Agency MBS CMO — 2.4% continued |
||||||||||||||||
FNMA, Series 2012-33, Class F (1* SOFR + 52) |
4.262 | % | 04/25/42 | $ | 68,234 | $ | 67,939 | |||||||||
FNMA, Series 2013-34, Class GP |
3.000 | % | 05/25/42 | 1,453,930 | 1,388,081 | |||||||||||
FNMA, Series 2023-14, Class G |
6.000 | % | 06/25/48 | 3,158,961 | 3,196,065 | |||||||||||
FNMA, Series 2017-28, Class LK |
4.000 | % | 03/25/53 | 271,299 | 270,286 | |||||||||||
GNMA, Series 2023-81, Class MV |
5.500 | % | 05/20/34 | 7,856,918 | 7,865,114 | |||||||||||
GNMA, Series 2023-81, Class QV |
5.500 | % | 05/20/34 | 5,374,894 | 5,419,259 | |||||||||||
GNMA, Series 2023-133, Class GV |
6.000 | % | 07/20/34 | 3,210,517 | 3,258,360 | |||||||||||
GNMA, Series 2023-154, Class V |
6.500 | % | 07/20/34 | 10,169,785 | 10,294,066 | |||||||||||
GNMA, Series 2023-154, Class VA |
6.000 | % | 08/20/34 | 7,334,735 | 7,375,034 | |||||||||||
GNMA, Series 2023-167, Class VC |
6.500 | % | 08/20/34 | 7,365,147 | 7,442,328 | |||||||||||
GNMA, Series 2024-20, Class KV |
6.000 | % | 12/20/34 | 4,924,895 | 4,987,872 | |||||||||||
GNMA, Series 2024-43, Class NV |
6.000 | % | 01/20/35 | 14,385,792 | 14,572,176 | |||||||||||
GNMA, Series 2024-42, Class DV |
6.000 | % | 01/20/35 | 6,443,530 | 6,469,552 | |||||||||||
GNMA, Series 2023-67, Class AC |
6.000 | % | 05/20/53 | 2,503,455 | 2,543,789 | |||||||||||
GNMA, Series 2023-151, Class BZ |
6.500 | % | 10/20/53 | 3,879,031 | 3,974,111 | |||||||||||
GNMA, Series 2024-184, Class PA |
6.500 | % | 09/20/54 | 2,319,350 | 2,371,711 | |||||||||||
GNMA, Series 2024-144, Class DB |
6.500 | % | 09/20/54 | 4,096,444 | 4,162,814 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 2.4% continued |
||||||||||||||||
GNMA, Series 2025-004, Class MA |
6.000 | % | 01/20/62 | $ | 8,946,139 | $ | 9,054,280 | |||||||||
GNMA, Series 2012-H29, Class SA (1* TSFR1M + 63) (b) |
4.276 | % | 10/20/62 | 115,163 | 115,065 | |||||||||||
GNMA, Series 2012-H23, Class SA (1* TSFR1M + 64) (b) |
4.291 | % | 10/20/62 | 89,449 | 89,379 | |||||||||||
GNMA, Series 2016-H11, Class FD (1* TSFR12M + 112) (b) |
4.819 | % | 05/20/66 | 12,559 | 12,640 | |||||||||||
| 133,229,364 | ||||||||||||||||
Agency MBS CMO Derivatives — 0.0% (d) |
||||||||||||||||
FHLMC, Series 237, Class S14 (IO) (-1* SOFR + 660) (b) |
2.893 | % | 05/15/36 | 274,449 | 26,208 | |||||||||||
FNMA, Series 2012-148, Class IA (IO) |
4.000 | % | 01/25/28 | 111,377 | 1,165 | |||||||||||
FNMA, Series 301, Class (PO) |
0.000 | % | 04/25/29 | 49,407 | 46,694 | |||||||||||
FNMA, Series 2010-44, Class CS (IO) (-1* SOFR + 655) (b) |
2.808 | % | 05/25/40 | 208,168 | 18,480 | |||||||||||
FNMA, Series 2014-45, Class IO (IO) |
4.000 | % | 08/25/44 | 338,324 | 56,762 | |||||||||||
| 149,309 | ||||||||||||||||
Agency MBS Passthrough — 9.1% |
||||||||||||||||
FHLMC, Pool #QH-5484 |
1.500 | % | 11/01/31 | 17,244,504 | 16,169,369 | |||||||||||
FHLMC, Pool #SC-0118 |
2.500 | % | 01/01/41 | 1,658,674 | 1,487,446 | |||||||||||
FHLMC, Pool #G6-0257 |
5.500 | % | 06/01/41 | 242,501 | 249,555 | |||||||||||
FHLMC, Pool #RB5392 |
5.500 | % | 03/01/46 | 10,928,712 | 11,065,656 | |||||||||||
FHLMC, Pool #84-1354 |
3.480 | % | 11/01/48 | 2,525,977 | 2,622,233 | |||||||||||
FHLMC, Pool #QG-9457 |
6.500 | % | 08/01/53 | 7,194,492 | 7,526,625 | |||||||||||
FHLMC, Pool #841741 (1* SOFR30A + 217) (b) |
5.463 | % | 04/01/54 | 9,285,695 | 9,383,116 | |||||||||||
18 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Agency MBS Passthrough — 9.1% continued |
||||||||||||||||
FHLMC, Pool #QI6079 |
6.000 | % | 05/01/54 | $ | 6,360,523 | $ | 6,534,774 | |||||||||
FHLMC, Pool #QX8788 |
6.000 | % | 03/01/55 | 25,304,022 | 25,945,025 | |||||||||||
FNMA, Pool #AL8682 |
2.000 | % | 07/01/31 | 3,414,698 | 3,248,849 | |||||||||||
FNMA, Pool #CA8542 |
2.500 | % | 01/01/41 | 1,775,801 | 1,576,919 | |||||||||||
FNMA, Pool #MA6009 |
5.500 | % | 03/01/46 | 37,632,505 | 37,958,571 | |||||||||||
FNMA, Pool #BP6608 |
2.205 | % | 08/01/50 | 1,751,023 | 1,743,305 | |||||||||||
FNMA, Pool #BM7138 |
1.694 | % | 10/01/51 | 5,971,729 | 5,735,472 | |||||||||||
FNMA, Pool #FS4736 |
6.500 | % | 05/01/53 | 28,386,028 | 29,373,929 | |||||||||||
FNMA, Pool #FS5590 |
5.500 | % | 07/01/53 | 17,166,322 | 17,315,019 | |||||||||||
FNMA, Pool #DA1518 |
6.000 | % | 10/01/53 | 13,454,137 | 13,826,301 | |||||||||||
FNMA, Pool #DC7023 |
6.000 | % | 12/01/54 | 7,886,561 | 8,068,864 | |||||||||||
FNMA, Pool #DC9695 |
6.000 | % | 01/01/55 | 7,923,156 | 8,114,582 | |||||||||||
FNMA, Pool #FNBM7863 |
5.358 | % | 10/01/55 | 11,070,978 | 11,204,901 | |||||||||||
FNMA, Pool #DF3843 (1* SOFR30A + 231) (b) |
5.507 | % | 11/01/55 | 11,269,627 | 11,433,063 | |||||||||||
FNMA, Pool #BM7901 (1* SOFR30A + 220) (b) |
5.180 | % | 12/01/55 | 32,448,811 | 32,765,942 | |||||||||||
GNMA, Pool #CM7497C |
5.000 | % | 08/20/52 | 2,794,833 | 2,744,759 | |||||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 1,781,196 | 1,829,089 | |||||||||||
GNMA, Pool #787960 |
7.000 | % | 11/20/54 | 2,018,787 | 2,060,455 | |||||||||||
GNMA, Pool #787873 |
7.000 | % | 03/20/55 | 5,889,814 | 6,110,681 | |||||||||||
GNMA, Pool #788003 |
7.000 | % | 06/20/55 | 3,821,598 | 3,964,840 | |||||||||||
GNMA, Pool #DL7645 |
7.500 | % | 08/20/55 | 1,468,281 | 1,599,205 | |||||||||||
GNMA, Pool #DL7644 |
7.500 | % | 09/20/55 | 28,403,319 | 30,885,906 | |||||||||||
GNMA, Pool #788268 (1* H15T1Y + 153) (b) |
5.451 | % | 10/20/55 | 12,662,162 | 12,788,542 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS Passthrough — 9.1% continued |
||||||||||||||||
GNMA, Pool #G2DM6320 |
7.500 | % | 11/20/55 | $ | 12,614,133 | $ | 13,654,889 | |||||||||
GNMA, Pool #DL7314 |
7.500 | % | 12/20/55 | 5,977,081 | 6,472,669 | |||||||||||
GNMA, Pool #DN1969 |
7.500 | % | 01/20/56 | 16,205,499 | 17,604,587 | |||||||||||
GNMA, Pool #DP3323 |
7.500 | % | 02/20/56 | 18,354,829 | 19,888,159 | |||||||||||
GNMA, Pool #DQ9612 |
7.500 | % | 04/20/56 | 3,354,752 | 3,649,487 | |||||||||||
GNMA, Pool #DQ9631 |
7.500 | % | 05/20/56 | 3,331,346 | 3,622,588 | |||||||||||
GNMA, Pool #DQ9640 |
7.500 | % | 06/20/56 | 3,911,615 | 4,241,324 | |||||||||||
GNMA, Pool #CW0334C |
7.000 | % | 07/20/63 | 1,328,334 | 1,392,267 | |||||||||||
GNMA, Series 2023-112, Class ET |
7.000 | % | 08/20/63 | 10,814,150 | 11,024,976 | |||||||||||
GNMA, Pool #CW0526C |
7.000 | % | 08/20/63 | 781,953 | 819,589 | |||||||||||
GNMA, Pool #DH9776 |
7.000 | % | 03/20/65 | 27,928,656 | 29,302,243 | |||||||||||
GNMA, Pool #DJ1033 |
7.000 | % | 04/20/65 | 66,773,958 | 70,098,298 | |||||||||||
| 507,104,069 | ||||||||||||||||
Auto Loan — 7.1% |
||||||||||||||||
ACM Auto Trust, Series 2025-3A, Class A (c) |
5.010 | % | 01/22/30 | 5,055,627 | 5,019,698 | |||||||||||
AgoraCapital Auto Securities Trust, Series 2025-1A, Class B (c) |
7.270 | % | 11/25/32 | 5,950,000 | 5,981,218 | |||||||||||
Ally Bank Auto Credit-Linked Notes, Series 2025-A, Class G (c) |
10.219 | % | 06/15/33 | 4,060,974 | 4,058,396 | |||||||||||
Ally Bank Auto Credit-Linked Notes, Series 2025-B, Class G (c) |
10.783 | % | 09/15/33 | 4,015,622 | 3,995,490 | |||||||||||
Ally Bank Auto Credit-Linked Notes, Series 2026-A, Class G (c) |
10.580 | % | 03/15/34 | 5,099,650 | 5,091,205 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 19 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Auto Loan — 7.1% continued |
||||||||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A (c) |
6.460 | % | 04/17/28 | $ | 552,752 | $ | 553,623 | |||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C (c) |
9.840 | % | 03/15/29 | 5,700,000 | 5,347,989 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B (c) |
6.870 | % | 06/17/30 | 2,200,000 | 2,221,727 | |||||||||||
FinBe USA Trust, Series 2025-1A, Class A (c) |
5.700 | % | 12/15/28 | 4,833,613 | 4,829,287 | |||||||||||
First Help Financial, LLC, Series 2026-1A, Class A1 (c) |
4.631 | % | 05/17/27 | 9,102,734 | 9,102,781 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class B (c) |
6.770 | % | 05/15/29 | 5,000,000 | 5,016,242 | |||||||||||
First Help Financial, LLC, Series 2025-2A, Class A2 (c) |
5.750 | % | 05/15/30 | 5,468,308 | 5,484,641 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class C (c) |
7.880 | % | 07/15/30 | 12,907,000 | 12,964,661 | |||||||||||
First Help Financial, LLC, Series 2026-1A, Class A2 (c) |
5.410 | % | 09/16/30 | 34,700,000 | 34,819,947 | |||||||||||
First Help Financial, LLC, Series 2023-2, Class D (c) |
9.503 | % | 10/15/30 | 4,500,000 | 4,631,499 | |||||||||||
Flagship Credit Auto Trust, Series 2023-1, Class C (c) |
5.430 | % | 05/15/29 | 13,654,399 | 13,666,735 | |||||||||||
Flagship Credit Auto Trust, Series 2023-3, Class B (c) |
5.640 | % | 07/16/29 | 3,682,781 | 3,688,526 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Auto Loan — 7.1% continued |
||||||||||||||||
Huntington National Bank (The), Series 2025-2, Class B1 (c) |
4.835 | % | 09/20/33 | $ | 23,112,224 | $ | 23,044,732 | |||||||||
Lendbuzz Securitization Trust, Series 2024-3A, Class A2 (c) |
4.970 | % | 10/15/29 | 7,762,378 | 7,764,049 | |||||||||||
Lendbuzz Securitization Trust, Series 2025-2A, Class A2 (c) |
5.180 | % | 05/15/30 | 2,252,202 | 2,255,187 | |||||||||||
Lendbuzz Securitization Trust, Series 2026-1A, Class A2 (c) |
4.680 | % | 07/15/30 | 11,300,060 | 11,273,620 | |||||||||||
Lendbuzz Securitization Trust, Series 2025-1A, Class A2 (c) |
5.100 | % | 10/15/30 | 10,787,335 | 10,795,440 | |||||||||||
Lobel Automobile Receivables Trust, Series 2026-1, Class A (c) |
4.880 | % | 10/16/28 | 18,660,576 | 18,633,037 | |||||||||||
Lobel Automobile Receivables Trust, Series 2026-1, Class B (c) |
5.530 | % | 04/16/29 | 10,558,000 | 10,524,656 | |||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class D (c) |
8.200 | % | 05/20/36 | 5,700,000 | 5,747,678 | |||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class E (c) |
10.800 | % | 05/20/36 | 9,640,000 | 9,736,430 | |||||||||||
Merchants Fleet Funding, LLC, Series 2024-1A, Class E (c) |
9.350 | % | 04/02/37 | 3,000,000 | 3,025,342 | |||||||||||
Merchants Fleet Funding, LLC, Series 2025-1A, Class E (c) |
8.480 | % | 01/20/39 | 5,400,000 | 5,371,555 | |||||||||||
20 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Auto Loan — 7.1% continued |
||||||||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2024-3A, Class C (c) |
6.460 | % | 03/25/33 | $ | 4,562,892 | $ | 4,570,299 | |||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A (c) |
5.415 | % | 06/27/33 | 37,180,968 | 37,112,499 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class B (c) |
6.020 | % | 06/27/33 | 14,303,880 | 14,286,474 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C (c) |
6.675 | % | 06/27/33 | 20,663,636 | 20,679,711 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-4A, Class E (c) |
10.739 | % | 04/25/34 | 11,250,000 | 11,306,301 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D (c) |
6.012 | % | 06/26/34 | 10,000,000 | 9,768,671 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class B (c) |
6.211 | % | 07/25/35 | 10,000,000 | 9,980,518 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class D (c) |
7.720 | % | 07/25/35 | 16,500,000 | 16,234,998 | |||||||||||
Santander Bank Auto Credit-Linked Notes, Series 2025-A, Class G (c) |
11.049 | % | 01/16/34 | 2,750,000 | 2,768,363 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-1A, Class A (c)(e) |
6.610 | % | 10/15/27 | 875,485 | 161,527 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Auto Loan — 7.1% continued |
||||||||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class A (c)(e) |
6.360 | % | 12/15/27 | $ | 1,080,422 | $ | 982,103 | |||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class B (c)(e) |
6.570 | % | 02/15/28 | 5,750,000 | 5,226,750 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class C (c)(e) |
6.930 | % | 04/17/28 | 2,500,000 | 225,000 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class D (c)(e) |
7.610 | % | 08/15/28 | 6,000,000 | 722,400 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-3A, Class B (c)(e) |
5.360 | % | 09/15/28 | 2,875,000 | 2,613,663 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-3A, Class D (c)(e) |
6.340 | % | 04/16/29 | 2,930,000 | 263,700 | |||||||||||
United Auto Credit Securitization Trust, Series 2026-1, Class A (c) |
4.750 | % | 06/12/28 | 8,507,043 | 8,505,834 | |||||||||||
US Bank NA, Series 2023-1, Class B (c) |
6.789 | % | 08/25/32 | 264,497 | 265,928 | |||||||||||
Veros Auto Receivables Trust, Series 2026-1, Class A (c) |
4.530 | % | 08/15/28 | 11,219,019 | 11,214,141 | |||||||||||
Veros Auto Receivables Trust, Series 2026-1, Class B (c) |
4.840 | % | 05/15/29 | 4,500,000 | 4,488,383 | |||||||||||
| 396,022,654 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 21 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
CRE/CLO — 2.2% |
||||||||||||||||
A10 Securitization, Series 2025-FL6, Class B (1* TSFR1M + 239) (b)(c) |
6.017 | % | 05/15/42 | $ | 5,063,000 | $ | 5,069,065 | |||||||||
A10 Securitization, Series 2025-FL6, Class C (1* TSFR1M + 279) (b)(c) |
6.416 | % | 05/15/42 | 6,750,000 | 6,758,397 | |||||||||||
A10 Securitization, Series 2025-FL6, Class D (1* TSFR1M + 339) (b)(c) |
7.015 | % | 05/15/42 | 5,719,000 | 5,726,463 | |||||||||||
A10 Securitization, Series 2025-FL6, Class E (1* TSFR1M + 404) (b)(c) |
7.665 | % | 05/15/42 | 2,125,000 | 2,127,737 | |||||||||||
Arbor Realty Collateralized Loan, Series 2022-FL1, Class C (1* SOFR30A + 230) (b)(c) |
5.893 | % | 01/15/37 | 2,600,000 | 2,599,984 | |||||||||||
Arbor Realty Collateralized Loan, Series 2022-FL1, Class D (1* SOFR30A + 300) (b)(c) |
6.593 | % | 01/15/37 | 8,000,000 | 7,999,936 | |||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1* TSFR1M + 319) (b)(c) |
6.790 | % | 01/18/41 | 6,500,000 | 6,538,811 | |||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1* TSFR1M + 369) (b)(c) |
7.290 | % | 01/18/41 | 9,500,000 | 9,556,211 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
CRE/CLO — 2.2% continued |
||||||||||||||||
Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1* TSFR1M + 269) (b)(c) |
6.332 | % | 08/20/42 | $ | 5,388,000 | $ | 5,394,132 | |||||||||
BXMT Ltd., Series 2020-FL2, Class B (1* TSFR1M + 151) (b)(c) |
5.392 | % | 02/15/38 | 5,250,000 | 5,225,855 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class D (1* TSFR1M + 236) (b)(c) |
6.242 | % | 05/15/38 | 7,975,000 | 7,725,319 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class A (1* TSFR1M + 116) (b)(c) |
5.042 | % | 05/17/38 | 9,778,348 | 9,773,410 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class B (1* TSFR1M + 249) (b)(c) |
6.128 | % | 08/18/41 | 4,500,000 | 4,503,235 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class C (1* TSFR1M + 294) (b)(c) |
6.577 | % | 08/18/41 | 8,500,000 | 8,506,519 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class D (1* TSFR1M + 404) (b)(c) |
7.675 | % | 08/18/41 | 7,500,000 | 7,498,207 | |||||||||||
MF1 Multifamily Housing Mortgage Trust, Series 2026-FL21, Class A (1* TSFR1M + 135) (b)(c) |
4.987 | % | 02/18/41 | 17,750,000 | 17,755,715 | |||||||||||
PFP III, Series 2024-11, Class D (1* TSFR1M + 409) (b)(c) |
7.700 | % | 09/17/39 | 6,000,000 | 5,966,490 | |||||||||||
22 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
CRE/CLO — 2.2% continued |
||||||||||||||||
PFP III, Series 2025-12, Class B (1* TSFR1M + 204) (b)(c) |
5.679 | % | 12/18/42 | $ | 5,000,000 | $ | 5,012,365 | |||||||||
| 123,737,851 | ||||||||||||||||
Credit Cards — 4.5% |
||||||||||||||||
Avant Credit Card Master Trust, Series 2024-1A, Class E (c) |
13.150 | % | 04/15/30 | 5,000,000 | 5,165,625 | |||||||||||
Continental Finance Credit Card ABS Master Trust, Series 2025-A, Class D (c) |
8.360 | % | 12/17/35 | 7,500,000 | 7,396,896 | |||||||||||
Continental Finance Credit Card ABS Master Trust, Series 2025-A, Class E (c) |
11.440 | % | 12/17/35 | 7,000,000 | 6,906,972 | |||||||||||
Continental Finance Credit Card, LLC, Series 2024-A, Class D (c) |
9.420 | % | 12/15/32 | 6,500,000 | 6,563,309 | |||||||||||
Continental Finance Credit Card, LLC, Series 2024-A, Class E (c) |
12.760 | % | 12/15/32 | 19,728,000 | 20,038,146 | |||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class C (c) |
6.610 | % | 12/20/32 | 23,333,000 | 23,195,310 | |||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class D (c) |
7.040 | % | 12/20/32 | 5,500,000 | 5,412,165 | |||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class E (c) |
9.800 | % | 12/20/32 | 20,000,000 | 19,606,444 | |||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class F (c) |
13.370 | % | 12/20/32 | 20,167,000 | 19,562,506 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Credit Cards — 4.5% continued |
||||||||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class A (c) |
5.960 | % | 06/16/36 | $ | 48,850,000 | $ | 48,846,874 | |||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class B (c) |
6.360 | % | 06/16/36 | 11,807,000 | 11,806,269 | |||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class C (c) |
6.850 | % | 06/16/36 | 7,000,000 | 6,999,905 | |||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class D (c) |
9.260 | % | 06/16/36 | 37,960,000 | 37,953,486 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2026-2A, Class C (c) |
5.800 | % | 06/21/32 | 9,125,000 | 9,099,976 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2026-2A, Class D (c) |
6.390 | % | 06/21/32 | 8,575,000 | 8,552,898 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2024-B, Class E (c) |
12.190 | % | 01/15/30 | 5,910,000 | 5,926,519 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2026-A, Class E (c) |
8.360 | % | 07/15/32 | 5,000,000 | 4,994,014 | |||||||||||
| 248,027,314 | ||||||||||||||||
Equipment — 1.1% |
||||||||||||||||
Business Jet Securities, LLC, Series 2026-1A, Class C (c) |
8.179 | % | 06/15/56 | 1,300,000 | 1,306,802 | |||||||||||
CPF IV, LLC, Series 2023-2, Class C (c) |
7.560 | % | 03/15/32 | 7,000,000 | 7,106,754 | |||||||||||
Crockett Partners Equipment Co., Series 2024-2A, Class B (c) |
6.780 | % | 01/20/31 | 2,475,758 | 2,503,056 | |||||||||||
Crockett Partners Equipment Co., Series 2024-2A, Class C (c) |
10.160 | % | 01/20/31 | 1,433,333 | 1,500,684 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 23 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Equipment — 1.1% continued |
||||||||||||||||
Dext ABS, Series 2023-2, Class D (c) |
8.300 | % | 05/15/34 | $ | 2,120,000 | $ | 2,210,991 | |||||||||
NMEF Funding, LLC, Series 2022-B, Class C (c) |
8.540 | % | 06/15/29 | 9,500,000 | 9,544,551 | |||||||||||
NMEF Funding, LLC, Series 2023-A, Class C (c) |
8.040 | % | 06/17/30 | 4,500,000 | 4,622,944 | |||||||||||
NMEF Funding, LLC, Series 2025-B, Class E (c) |
7.660 | % | 01/18/33 | 3,500,000 | 3,560,916 | |||||||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A (c) |
3.967 | % | 10/15/41 | 1,789,679 | 1,782,557 | |||||||||||
Stellar Jay Ireland DAC, Series 2021-1, Class B (c) |
5.926 | % | 10/15/41 | 583,149 | 582,577 | |||||||||||
US Bank Credit-Linked Notes, Series 2026-RVM1, Class C (c) |
5.595 | % | 12/25/46 | 8,215,024 | 8,152,163 | |||||||||||
US Bank Credit-Linked Notes, Series 2026-RVM1, Class E (c) |
7.880 | % | 12/25/46 | 7,381,288 | 7,302,123 | |||||||||||
VFI ABS, LLC, Series 2025-1A, Class A (c) |
4.780 | % | 06/24/30 | 9,716,297 | 9,724,325 | |||||||||||
| 59,900,443 | ||||||||||||||||
HECM — 5.9% |
||||||||||||||||
Boston Lending Trust, Series 2022-1, Class M2 (c) |
2.750 | % | 02/25/62 | 1,128,292 | 1,085,040 | |||||||||||
Boston Lending Trust, Series 2022-3, Class A (c) |
3.500 | % | 07/25/62 | 3,937,309 | 3,879,393 | |||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM4, Class M1 (c) |
3.000 | % | 07/25/62 | 1,570,041 | 1,450,627 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 5.9% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM5, Class A (c) |
4.500 | % | 09/25/62 | $ | 6,323,058 | $ | 6,212,629 | |||||||||
Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M3 (c) |
4.000 | % | 09/25/63 | 4,462,812 | 4,000,796 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M2 (c) |
4.000 | % | 09/25/63 | 5,299,590 | 5,001,172 | |||||||||||
Brean Asset Backed Securities Trust, Series 2024-RM8, Class M2 (c) |
4.500 | % | 05/25/64 | 1,646,113 | 1,495,091 | |||||||||||
Brean Asset Backed Securities Trust, Series 2024-RM8, Class M1 (c) |
4.500 | % | 05/25/64 | 1,646,113 | 1,537,550 | |||||||||||
Brean Asset Backed Securities Trust, Series 2024-RM8, Class A1 (c) |
4.500 | % | 05/25/64 | 8,584,406 | 8,429,164 | |||||||||||
Brean Asset Backed Securities Trust, Series 2024-RM9, Class A1 (c) |
5.000 | % | 09/25/64 | 7,897,423 | 7,828,486 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM10, Class A1 (c) |
5.000 | % | 01/25/65 | 14,487,444 | 14,399,994 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class M1 (c) |
4.500 | % | 03/25/78 | 4,348,754 | 4,105,529 | |||||||||||
24 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
HECM — 5.9% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 (c) |
4.500 | % | 03/25/78 | $ | 2,000,000 | $ | 1,940,323 | |||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class A1 (c) |
4.500 | % | 03/25/78 | 5,573,377 | 5,489,690 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class M4 (c) |
3.000 | % | 06/25/34 | 8,500,000 | 8,189,364 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class M1 (c) |
3.000 | % | 06/25/34 | 7,500,000 | 7,321,550 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class A (c) |
3.000 | % | 06/25/34 | 15,177,399 | 15,007,896 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB15, Class M4 (c) |
4.000 | % | 08/25/34 | 6,000,000 | 5,778,023 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB15, Class M2 (b)(c) |
4.000 | % | 08/25/34 | 5,750,000 | 5,634,841 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-AB2, Class M3 (c) |
2.000 | % | 02/25/52 | 5,181,957 | 5,024,893 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-AB2, Class M2 (c) |
2.000 | % | 02/25/52 | 4,363,753 | 4,248,919 | |||||||||||
MOO Securitization Trust, Series 2026-RM2, Class M2 (b)(c) |
4.750 | % | 06/25/66 | 1,450,000 | 1,282,589 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M4 (c) |
3.000 | % | 02/25/37 | 5,700,000 | 5,482,010 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 5.9% continued |
||||||||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M1 (c) |
3.000 | % | 02/25/37 | $ | 2,500,000 | $ | 2,461,338 | |||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class A (c) |
3.000 | % | 02/25/37 | 2,524,389 | 2,501,079 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M4 (c) |
3.000 | % | 11/25/38 | 13,200,000 | 11,173,403 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M2 (c) |
3.000 | % | 11/25/38 | 6,750,000 | 6,286,646 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class A (c) |
3.000 | % | 11/25/38 | 8,524,391 | 8,321,425 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB1, Class M3 (b)(c) |
3.000 | % | 03/25/39 | 9,000,000 | 8,187,634 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB1, Class A (c) |
3.000 | % | 03/25/39 | 17,280,017 | 16,736,408 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB3, Class M2 (c) |
3.000 | % | 06/25/39 | 6,442,000 | 5,908,654 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB3, Class M4 (b)(c) |
3.000 | % | 06/25/39 | 6,000,000 | 5,049,000 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB3, Class A (c) |
3.000 | % | 06/25/39 | 30,000,000 | 29,350,620 | |||||||||||
Onity Loan Investment Trust, Series 2024-HB2, Class M4 (c) |
5.000 | % | 08/25/37 | 3,650,000 | 3,499,549 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 25 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
HECM — 5.9% continued |
||||||||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class A (c) |
3.000 | % | 06/25/38 | $ | 7,636,614 | $ | 7,486,709 | |||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M4 (c) |
3.000 | % | 06/25/38 | 2,500,000 | 2,206,496 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class A (c) |
3.000 | % | 05/25/39 | 17,907,096 | 17,521,043 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M2 (c) |
3.000 | % | 05/25/39 | 3,900,000 | 3,600,399 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M4 (b)(c) |
3.000 | % | 05/25/39 | 7,500,000 | 6,322,654 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M5 (c) |
3.000 | % | 05/25/39 | 6,000,000 | 4,711,924 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB3, Class M5 (b)(c) |
3.000 | % | 06/25/39 | 7,000,000 | 5,437,600 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 (c) |
3.690 | % | 11/25/31 | 3,000,000 | 2,861,269 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 (c) |
4.704 | % | 11/25/31 | 6,850,000 | 6,471,367 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class AB (c) |
1.744 | % | 10/25/50 | 2,250,963 | 2,100,052 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M2 (c) |
3.630 | % | 10/25/50 | 1,000,000 | 870,338 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 5.9% continued |
||||||||||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class A (c) |
2.125 | % | 09/25/61 | $ | 11,559,670 | $ | 11,074,493 | |||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class M2 (c) |
2.125 | % | 09/25/61 | 2,764,783 | 2,552,106 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-1, Class A (c) |
3.000 | % | 01/25/62 | 2,636,262 | 2,531,486 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class A (c) |
3.750 | % | 06/25/62 | 7,016,359 | 6,773,443 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M1 (c) |
3.750 | % | 06/25/62 | 3,400,000 | 3,240,498 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M3 (c) |
3.750 | % | 06/25/62 | 2,600,000 | 2,414,701 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M1 (c) |
4.000 | % | 08/25/62 | 5,900,000 | 5,631,695 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M3 (c) |
4.000 | % | 08/25/62 | 5,800,000 | 5,336,484 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (c) |
3.000 | % | 01/25/62 | 1,600,000 | 1,508,841 | |||||||||||
RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 (c) |
3.000 | % | 01/25/62 | 4,000,000 | 3,716,740 | |||||||||||
| 328,671,663 | ||||||||||||||||
Hospitality — 1.4% |
||||||||||||||||
BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1* TSFR1M + 255) (b)(c) |
6.175 | % | 08/15/42 | 7,400,000 | 7,409,250 | |||||||||||
26 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Hospitality — 1.4% continued |
||||||||||||||||
BX Trust, Series 2026-CSMO, Class A (1* TSFR1M + 140) (b)(c) |
5.025 | % | 02/15/42 | $ | 7,850,000 | $ | 7,867,172 | |||||||||
FS Trust, Series 2026-HULA, Class A (1* TSFR1M + 145) (b)(c) |
5.075 | % | 03/15/41 | 32,000,000 | 32,070,000 | |||||||||||
Hawaii Hotel Trust, Series 2025-MAUI, Class A (1* TSFR1M + 139) (b)(c) |
5.018 | % | 03/15/42 | 7,667,500 | 7,681,877 | |||||||||||
INTOWN Mortgage Trust, Series 2025-STAY, Class D (1* TSFR1M + 285) (b)(c) |
6.475 | % | 03/15/42 | 5,620,000 | 5,620,000 | |||||||||||
JW Commercial Mortgage Trust, Series 2026-MRCO, Class A (1* TSFR1M + 150) (b)(c) |
5.125 | % | 06/15/39 | 10,950,000 | 10,977,375 | |||||||||||
MCR Mortgage Trust, Series 2024-TWA, Class D (c) |
7.402 | % | 06/12/39 | 9,000,000 | 9,014,349 | |||||||||||
| 80,640,023 | ||||||||||||||||
Industrial — 0.7% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2025-VLT6, Class C (1* TSFR1M + 219) (b)(c) |
5.818 | % | 03/15/42 | 5,750,000 | 5,724,844 | |||||||||||
BX Trust, Series 2025-VLT7, Class D (1* TSFR1M + 325) (b)(c) |
6.875 | % | 07/15/27 | 14,450,000 | 14,450,000 | |||||||||||
BX Trust, Series VOLT-2025, Class A (1* SOFR30A + 2) (b)(c) |
5.700 | % | 12/15/44 | 21,625,000 | 21,645,273 | |||||||||||
| 41,820,117 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Laboratory — 2.9% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-BIO2, Class D (b)(c) |
7.713 | % | 08/13/41 | $ | 14,750,000 | $ | 13,875,273 | |||||||||
Commercial Mortgage Trust, Series 2020-CX, Class B (c) |
2.446 | % | 11/10/46 | 2,950,000 | 2,443,927 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class D (1* TSFR1M + 151) (b)(c) |
5.139 | % | 03/15/38 | 18,981,900 | 18,127,714 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class E (1* TSFR1M + 186) (b)(c) |
5.489 | % | 03/15/38 | 28,910,000 | 27,340,985 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class F (1* TSFR1M + 246) (b)(c) |
6.090 | % | 03/15/38 | 14,195,300 | 12,878,284 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class G (1* TSFR1M + 306) (b)(c) |
6.689 | % | 03/15/38 | 10,990,000 | 9,699,998 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class A1 (1* TSFR1M + 130) (b)(c) |
4.921 | % | 05/15/39 | 49,945,000 | 47,572,612 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class B (1* TSFR1M + 179) (b)(c) |
5.419 | % | 05/15/39 | 12,250,000 | 10,718,738 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class C (1* TSFR1M + 209) (b)(c) |
5.719 | % | 05/15/39 | 16,750,000 | 14,069,983 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 27 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Laboratory — 2.9% continued |
||||||||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class D (1* TSFR1M + 254) (b)(c) |
6.167 | % | 05/15/39 | $ | 6,515,000 | $ | 5,081,693 | |||||||||
| 161,809,207 | ||||||||||||||||
Multifamily — 5.4% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-AIRC, Class B (1* TSFR1M + 214) (b)(c) |
5.766 | % | 08/15/39 | 6,070,758 | 6,093,523 | |||||||||||
BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1* TSFR1M + 309) (b)(c) |
6.715 | % | 08/15/39 | 25,150,284 | 25,197,440 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF43, Class B (1* SOFR + 215) (b)(c) |
5.900 | % | 01/25/28 | 2,254,710 | 2,202,626 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF48, Class B (1* SOFR + 205) (b)(c) |
5.650 | % | 06/25/28 | 4,142,895 | 3,984,140 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF50, Class B (1* SOFR + 190) (b)(c) |
5.664 | % | 07/25/28 | 2,503,081 | 2,457,259 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF57, Class B (1* SOFR + 225) (b)(c) |
6.000 | % | 01/25/29 | 2,955,419 | 2,849,020 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF59, Class B (1* SOFR + 235) (b)(c) |
6.114 | % | 02/25/29 | 2,045,713 | 1,976,420 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF67, Class B (1* SOFR + 225) (b)(c) |
6.014 | % | 08/25/29 | 2,430,424 | 2,326,776 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Multifamily — 5.4% continued |
||||||||||||||||
MultiFamily Connecticut Avenue, Series 2020-01, Class M-10 (1* SOFR30A + 386) (b)(c) |
7.492 | % | 03/25/50 | $ | 21,490,782 | $ | 21,796,411 | |||||||||
MultiFamily Connecticut Avenue, Series 2020-01, Class CE (1* SOFR + 750) (b)(c) |
11.242 | % | 03/25/50 | 14,063,000 | 14,526,241 | |||||||||||
MultiFamily Connecticut Avenue, Series 2024-01, Class M7 (1* SOFR30A + 275) (b)(c) |
6.378 | % | 07/25/54 | 19,654,779 | 19,846,299 | |||||||||||
MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1* SOFR30A + 240) (b)(c) |
6.028 | % | 05/25/55 | 18,331,686 | 18,569,177 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2026-MN14, Class M-1 (1* SOFR30A + 170) (b)(c) |
5.290 | % | 06/25/46 | 17,000,000 | 17,031,647 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1* SOFR30A + 335) (b)(c) |
7.178 | % | 07/25/41 | 49,035,107 | 49,192,932 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class B1 (1* SOFR30A + 550) (b)(c) |
9.128 | % | 07/25/41 | 16,504,000 | 16,594,749 | |||||||||||
28 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Multifamily — 5.4% continued |
||||||||||||||||
MultiFamily Structured Credit Risk Notes, Series 2024-MN8, Class M1 (1* SOFR30A + 285) (b)(c) |
6.478 | % | 05/25/44 | $ | 5,880,019 | $ | 5,938,346 | |||||||||
MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1* SOFR30A + 245) (b)(c) |
6.078 | % | 10/25/44 | 9,475,283 | 9,535,007 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1* SOFR30A + 205) (b)(c) |
5.678 | % | 02/25/45 | 14,573,744 | 14,432,760 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-2 (1* SOFR30A + 285) (b)(c) |
6.478 | % | 02/25/45 | 10,250,000 | 10,278,440 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class B1 (1* SOFR30A + 495) (b)(c) |
8.578 | % | 02/25/45 | 4,010,000 | 4,092,451 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN12, Class M1 (c) |
5.378 | % | 11/25/45 | 19,917,932 | 19,915,715 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1* SOFR + 200) (b)(c) |
5.628 | % | 01/25/51 | 1,202,381 | 1,200,970 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Multifamily — 5.4% continued |
||||||||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1* SOFR + 230) (b)(c) |
5.928 | % | 11/25/51 | $ | 5,415,192 | $ | 5,416,624 | |||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class B1 (1* SOFR + 685) (b)(c) |
10.478 | % | 11/25/51 | 13,500,000 | 14,280,253 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M-1 (1* SOFR + 425) (b)(c) |
7.878 | % | 05/25/52 | 7,915,579 | 8,024,775 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M2 (1* SOFR30A + 650) (b)(c) |
10.128 | % | 05/25/52 | 1,650,000 | 1,809,924 | |||||||||||
| 299,569,925 | ||||||||||||||||
Non-Agency MBS 2.0 — 3.6% |
||||||||||||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1* SOFR + 155) (b) |
5.178 | % | 02/25/50 | 1,730,000 | 1,687,843 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2026-R1, Class A1 (c) |
5.534 | % | 04/25/63 | 18,816,562 | 18,790,569 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2026-R1, Class A3 (c) |
5.937 | % | 04/25/63 | 10,822,327 | 10,807,382 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2025-DSC1, Class A1 (c) |
4.974 | % | 06/25/65 | 17,338,557 | 17,188,022 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 29 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Non-Agency MBS 2.0 — 3.6% continued |
||||||||||||||||
GS Mortgage-Backed Securities Trust, Series 2025-NQM5, Class A1 (c) |
5.013 | % | 07/25/65 | $ | 11,993,249 | $ | 11,893,959 | |||||||||
GS Mortgage-Backed Securities Trust, Series 2025-DSC2, Class A1 (c) |
5.148 | % | 01/25/66 | 13,481,999 | 13,354,592 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1* SOFR + 130) (b)(c) |
4.928 | % | 03/25/51 | 3,385,087 | 3,378,520 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1* SOFR + 180) (b)(c) |
5.428 | % | 03/25/51 | 1,118,123 | 1,112,587 | |||||||||||
Redwood Funding Trust, Series 2025-RR1, Class A1 (c) |
6.767 | % | 06/27/28 | 30,648,931 | 30,634,495 | |||||||||||
Redwood Funding Trust, Series 2026-1, Class A (c) |
5.934 | % | 09/27/56 | 18,635,242 | 18,522,349 | |||||||||||
Redwood Funding Trust, Series 2026-2, Class A (c) |
6.259 | % | 11/27/56 | 22,012,495 | 21,945,159 | |||||||||||
Redwood Funding Trust, Series 2025-3, Class A (c) |
6.231 | % | 12/27/56 | 15,371,050 | 15,455,314 | |||||||||||
Redwood Funding Trust, Series 2025-3, Class B (c) |
7.749 | % | 12/27/56 | 4,275,000 | 4,312,859 | |||||||||||
REMIC Funding Trust, Series 2024-2, Class A1 (c) |
7.112 | % | 09/27/28 | 23,283,067 | 23,118,014 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Non-Agency MBS 2.0 — 3.6% continued |
||||||||||||||||
REMIC Funding Trust, Series 2024-2, Class A2 (c) |
8.806 | % | 09/27/28 | $ | 7,420,883 | $ | 7,362,146 | |||||||||
| 199,563,810 | ||||||||||||||||
Non-Performing Loan — 0.7% |
||||||||||||||||
Builders Capital Loan Acquisition Trust, Series 2024-NPL1, Class A1-B (c) |
8.996 | % | 11/25/29 | 10,000,000 | 9,975,471 | |||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 (c) |
7.774 | % | 05/25/30 | 12,636,177 | 12,683,815 | |||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2026-NPL1, Class A1 (c) |
6.595 | % | 04/25/31 | 15,462,936 | 15,394,566 | |||||||||||
| 38,053,852 | ||||||||||||||||
Non-QM — 2.5% |
||||||||||||||||
COLT Funding, LLC, Series 2025-6, Class A1 (c) |
5.529 | % | 08/25/70 | 25,223,796 | 25,239,765 | |||||||||||
GCAT, Series 2023-NQM4, Class A1 (c) |
4.250 | % | 05/25/67 | 13,978,988 | 13,141,418 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2025-NQM4, Class A1 (c) |
5.006 | % | 10/25/65 | 37,787,306 | 37,461,791 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2026-NQM3, Class A1 (c) |
5.222 | % | 05/25/66 | 14,466,893 | 14,352,342 | |||||||||||
GS Mortgage-Backed Securities Trust, Series 2026-NQM3, Class A2 (c) |
5.527 | % | 05/25/66 | 4,581,183 | 4,550,009 | |||||||||||
30 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Non-QM — 2.5% continued |
||||||||||||||||
GS Mortgage-Backed Securities Trust, Series 2026-NQM3, Class A3 (c) |
5.730 | % | 05/25/66 | $ | 13,502,434 | $ | 13,418,673 | |||||||||
GS Mortgage-Backed Securities Trust, Series 2025-NQM2, Class A1 (c) |
5.648 | % | 06/25/65 | 17,101,281 | 17,108,853 | |||||||||||
Verus Securitization Trust, Series 2026-2, Class A1 (c) |
4.590 | % | 02/25/71 | 14,429,176 | 14,228,136 | |||||||||||
| 139,500,987 | ||||||||||||||||
Office — 1.5% |
||||||||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A (c) |
2.627 | % | 01/15/32 | 5,750,000 | 5,289,885 | |||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D (c)(e) |
3.289 | % | 01/15/32 | 9,000,000 | 5,174,820 | |||||||||||
Bay Trust, Series 2026-MDWS, Class A (1* TSFR1M + 164) (b)(c) |
5.243 | % | 06/15/41 | 20,750,000 | 20,672,187 | |||||||||||
COLEM Mortgage Trust, Series 2022-HLNE, Class B (b)(c) |
2.461 | % | 04/12/42 | 4,800,000 | 4,523,863 | |||||||||||
COLEM Mortgage Trust, Series 2022-HLNE, Class D (c) |
2.461 | % | 04/12/42 | 3,360,000 | 2,948,304 | |||||||||||
JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class A (1* TSFR1M + 160) (b)(c) |
5.225 | % | 01/15/42 | 8,000,000 | 7,985,168 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Office — 1.5% continued |
||||||||||||||||
JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class C (1* TSFR1M + 240) (b)(c) |
6.025 | % | 01/15/42 | $ | 4,680,000 | $ | 4,671,317 | |||||||||
JP Morgan Chase Commercial Mortgage Trust, Series 2025-BMS, Class D (1* TSFR1M + 315) (b)(c) |
6.775 | % | 01/15/42 | 9,200,000 | 9,150,473 | |||||||||||
NYT Mortgage Trust, Series 2019-NYT, Class D (1* TSFR1M + 230) (b)(c) |
5.925 | % | 12/15/35 | 2,000,000 | 1,830,000 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B (c) |
6.013 | % | 09/15/40 | 6,500,000 | 6,408,304 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class C (c) |
6.692 | % | 09/15/40 | 12,500,000 | 12,265,316 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D (c) |
8.623 | % | 09/15/40 | 4,285,000 | 4,222,326 | |||||||||||
| 85,141,963 | ||||||||||||||||
Residential Transition Loan — 5.7% |
||||||||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 (c) |
3.280 | % | 12/31/26 | 1,560,698 | 1,083,391 | |||||||||||
Anchor Mortgage Trust, Series 2025-RTL1, Class A1 (c) |
5.718 | % | 05/25/40 | 9,400,000 | 9,378,351 | |||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A1 (c) |
6.014 | % | 05/25/31 | 23,800,000 | 23,918,998 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 31 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Residential Transition Loan — 5.7% continued |
||||||||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A2 (c) |
7.427 | % | 05/25/31 | $ | 3,650,000 | $ | 3,669,943 | |||||||||
Colony American Finance Ltd., Series 2026-R1, Class A1 (c) |
6.773 | % | 03/25/36 | 19,211,773 | 19,166,691 | |||||||||||
Colony American Finance Ltd., Series 2026-R1, Class A2 (c) |
10.054 | % | 03/25/36 | 2,085,000 | 2,073,847 | |||||||||||
Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 (c) |
8.299 | % | 05/25/40 | 5,450,000 | 5,521,948 | |||||||||||
Fidelis Mortgage Trust, Series 2025-RTL1, Class A1 (c) |
5.880 | % | 02/27/40 | 26,000,000 | 26,048,747 | |||||||||||
Fidelis Mortgage Trust, Series 2025-RTL2, Class B (c) |
8.400 | % | 07/25/40 | 4,488,000 | 4,512,279 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A1 (c) |
5.989 | % | 09/25/39 | 12,273,781 | 12,282,753 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A-2 (c) |
6.369 | % | 09/25/39 | 7,000,000 | 7,004,476 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class A2 (c) |
6.894 | % | 05/25/29 | 30,000,000 | 30,035,922 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class M (c) |
10.728 | % | 05/25/29 | 1,750,000 | 1,765,618 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL4, Class A2 (c) |
6.092 | % | 07/25/39 | 9,500,000 | 9,511,364 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Residential Transition Loan — 5.7% continued |
||||||||||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class A1 (c) |
5.652 | % | 01/25/40 | $ | 34,000,000 | $ | 34,100,626 | |||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class M2 (c) |
8.379 | % | 01/25/40 | 3,750,000 | 3,797,511 | |||||||||||
LHOME Mortgage Trust, Series 2026-RTL1, Class A1 (c) |
4.908 | % | 01/25/41 | 6,500,000 | 6,450,587 | |||||||||||
LHOME Mortgage Trust, Series 2026-RTL1, Class A2 (c) |
5.211 | % | 01/25/41 | 6,000,000 | 5,933,860 | |||||||||||
ROC Mortgage Trust, Series 2025-RTL1, Class M2 (c) |
8.539 | % | 02/25/40 | 9,800,000 | 9,804,867 | |||||||||||
ROC Securities Trust, Series 2021-RTL1, Class M (c) |
5.682 | % | 08/25/26 | 4,986,159 | 4,936,164 | |||||||||||
ROC Securities Trust, Series 2025-RTL1, Class A1 (c) |
5.625 | % | 02/25/40 | 25,000,000 | 25,009,648 | |||||||||||
ROC Securities Trust, Series 2025-RTL1, Class M1 (c) |
6.990 | % | 02/25/40 | 7,700,000 | 7,716,652 | |||||||||||
TVC Mortgage Trust, Series 2024-RRTL1, Class A1 (c) |
5.545 | % | 07/25/39 | 29,000,000 | 29,034,243 | |||||||||||
TVC Mortgage Trust, Series 2024-RRTL1, Class A2 (c) |
5.956 | % | 07/25/39 | 5,400,000 | 5,408,775 | |||||||||||
TVC Mortgage Trust, Series 2024-RRTL1, Class M2 (c) |
9.398 | % | 07/25/39 | 8,750,000 | 8,709,659 | |||||||||||
TVC Mortgage Trust, Series 2026-RRTL1, Class A1 (c) |
4.964 | % | 04/25/40 | 18,000,000 | 17,791,963 | |||||||||||
TVC Mortgage Trust, Series 2026-RRTL1, Class A2 (c) |
5.315 | % | 04/25/40 | 2,349,000 | 2,321,738 | |||||||||||
| 316,990,621 | ||||||||||||||||
32 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Second Lien — 4.5% |
||||||||||||||||
Achieve Mortgage, Series 2024-HE2, Class A (c) |
5.350 | % | 10/25/39 | $ | 9,720,298 | $ | 9,685,056 | |||||||||
Achieve Mortgage, Series 2025-HE1, Class A (c) |
5.920 | % | 03/25/55 | 10,760,435 | 10,817,203 | |||||||||||
HTAP Trust, Series 2024-1, Class A (c) |
7.000 | % | 04/25/37 | 9,978,277 | 9,962,110 | |||||||||||
HTAP Trust, Series 2024-2, Class A (c) |
6.500 | % | 04/25/42 | 38,302,359 | 38,115,551 | |||||||||||
Point Securitization Trust, Series 2023-1, Class A1 (c) |
6.500 | % | 11/25/53 | 5,483,058 | 5,489,181 | |||||||||||
Point Securitization Trust, Series 2024-1, Class A1 (c) |
6.500 | % | 06/25/54 | 6,267,415 | 6,265,419 | |||||||||||
Point Securitization Trust, Series 2025-1, Class A1 (c) |
6.250 | % | 06/25/55 | 5,809,042 | 5,820,880 | |||||||||||
Point Securitization Trust, Series 2025-2, Class A1 (c) |
5.750 | % | 09/25/55 | 14,726,925 | 14,620,769 | |||||||||||
Point Securitization Trust, Series 2025-2, Class B1 (c) |
7.000 | % | 09/25/55 | 4,800,000 | 4,251,613 | |||||||||||
Point Securitization Trust, Series 2026-1, Class A1 (c) |
5.250 | % | 02/25/56 | 13,408,999 | 13,190,370 | |||||||||||
Point Securitization Trust, Series 2026-1, Class B1 (c) |
7.000 | % | 02/25/56 | 1,900,000 | 1,669,731 | |||||||||||
Splitero Trust, Series 2025-1, Class A1 (c) |
5.750 | % | 12/25/55 | 7,799,735 | 7,724,218 | |||||||||||
Splitero Trust, Series 2026-1, Class A1 (c) |
5.750 | % | 06/25/56 | 7,150,000 | 7,068,340 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Second Lien — 4.5% continued |
||||||||||||||||
Unlock HEA Trust, Series 2024-1, Class A (c) |
7.000 | % | 04/25/39 | $ | 9,740,092 | $ | 9,703,313 | |||||||||
Unlock HEA Trust, Series 2024-2, Class A (c) |
6.500 | % | 10/25/39 | 17,319,148 | 17,275,665 | |||||||||||
Unlock HEA Trust, Series 2025-1, Class A (c) |
6.750 | % | 07/25/41 | 17,828,541 | 17,831,884 | |||||||||||
Unlock HEA Trust, Series 2025-2, Class A (c) |
6.000 | % | 11/25/41 | 3,414,607 | 3,378,519 | |||||||||||
Vista Point Securitization Trust, Series 2024-CES1, Class A1 (c) |
6.676 | % | 05/25/54 | 3,317,021 | 3,336,349 | |||||||||||
Vista Point Securitization Trust, Series 2024-CES2, Class A1 (c) |
5.252 | % | 10/25/54 | 11,215,821 | 11,173,074 | |||||||||||
Vista Point Securitization Trust, Series 2024-CES3, Class A1 (c) |
5.679 | % | 01/25/55 | 7,734,712 | 7,741,146 | |||||||||||
Vista Point Securitization Trust, Series 2026-CES1, Class A1 (c) |
5.035 | % | 02/25/56 | 26,138,342 | 25,853,761 | |||||||||||
Woodward Capital Management, Series 2023-CES2, Class A1A (b)(c) |
6.808 | % | 09/25/43 | 7,086,450 | 7,091,514 | |||||||||||
Woodward Capital Management, Series 2024-CES3, Class A1A (b)(c) |
6.591 | % | 05/25/44 | 8,170,586 | 8,226,758 | |||||||||||
Woodward Capital Management, Series 2024-CES5, Class A1A (c) |
5.846 | % | 08/25/44 | 3,140,269 | 3,149,365 | |||||||||||
| 249,441,789 | ||||||||||||||||
Single Family Rental — 0.8% |
||||||||||||||||
Home Partners of America Trust, Series 2019-1, Class A (c) |
2.908 | % | 09/17/39 | 1,908,935 | 1,865,924 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 33 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Single Family Rental — 0.8% continued |
||||||||||||||||
Home Partners of America Trust, Series 2019-1, Class B (c) |
3.157 | % | 09/17/39 | $ | 2,431,357 | $ | 2,379,271 | |||||||||
Home Partners of America Trust, Series 2019-2, Class A (c) |
2.703 | % | 10/19/39 | 71,932 | 71,028 | |||||||||||
Progress Residential Trust, Series 2024-SFR4, Class D (c) |
3.400 | % | 07/09/29 | 15,000,000 | 13,986,848 | |||||||||||
Progress Residential Trust, Series 2021-SFR5, Class A (c) |
1.427 | % | 07/17/38 | 391,985 | 391,226 | |||||||||||
Progress Residential Trust, Series 2021-SFR5, Class E1 (c) |
2.209 | % | 07/17/38 | 5,000,000 | 4,988,929 | |||||||||||
Progress Residential Trust, Series 2021-SFR8, Class E2 (c) |
2.532 | % | 10/17/38 | 11,311,000 | 11,209,577 | |||||||||||
Progress Residential Trust, Series 2024-SFR3, Class D (c) |
3.500 | % | 06/17/41 | 11,500,000 | 10,811,390 | |||||||||||
| 45,704,193 | ||||||||||||||||
Small Business — 2.2% |
||||||||||||||||
CPC Asset Securitization, LLC, Series 2025-1A, Class A (c) |
5.780 | % | 07/15/31 | 15,000,000 | 14,971,311 | |||||||||||
FOR A Financial Asset Securitization, Series 2026-1A, Class A (c) |
5.850 | % | 06/15/32 | 7,040,000 | 7,033,147 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class A (c) |
5.490 | % | 09/10/31 | 11,000,000 | 11,020,726 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Small Business — 2.2% continued |
||||||||||||||||
Kapitus Asset Securitization, LLC, Series 2024-1A, Class A (c) |
5.490 | % | 09/10/31 | $ | 10,000,000 | $ | 10,018,842 | |||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class B (c) |
5.690 | % | 09/10/31 | 4,800,000 | 4,792,575 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class C (c) |
7.150 | % | 09/10/31 | 2,250,000 | 2,263,903 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4, Class C (c) |
7.150 | % | 09/10/31 | 2,000,000 | 2,012,358 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class D (c) |
9.900 | % | 09/10/31 | 6,220,000 | 6,298,918 | |||||||||||
Mulligan Asset Securitization Loans, Series 2024-1, Class C NEW (c) |
12.057 | % | 10/15/31 | 3,440,000 | 3,496,145 | |||||||||||
Newtek Alternative Loan Program, Series 2024-1, Class A (c) |
6.490 | % | 12/27/49 | 11,522,672 | 11,498,775 | |||||||||||
Newtek Alternative Loan Program, Series 2024-1, Class B (c) |
7.710 | % | 12/27/49 | 3,456,802 | 3,485,328 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class A (c) |
5.720 | % | 06/26/51 | 11,209,936 | 11,070,693 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class B (c) |
7.180 | % | 06/26/51 | 1,744,737 | 1,742,585 | |||||||||||
Newtek Small Business Loan Trust, Series 2022-1, Class B (1* SOFR + 375) (b)(c) |
7.000 | % | 10/25/49 | 1,082,001 | 1,087,691 | |||||||||||
34 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Small Business — 2.2% continued |
||||||||||||||||
Newtek Small Business Loan Trust, Series 2023-1, Class B (1* Prime + 75) (b)(c) |
7.500 | % | 07/25/50 | $ | 3,281,000 | $ | 3,314,689 | |||||||||
OnDeck Asset Securitization Trust, Series 2024-1A, Class B (c) |
7.150 | % | 06/17/31 | 6,350,000 | 6,413,452 | |||||||||||
OnDeck Asset Securitization Trust, Series 2024-2A, Class B (c) |
5.420 | % | 10/17/31 | 11,500,000 | 11,493,122 | |||||||||||
OnDeck Asset Securitization Trust, Series 2024-2A, Class C (c) |
7.030 | % | 10/17/31 | 2,350,000 | 2,362,523 | |||||||||||
RFS Asset Securitization II, LLC, Series 2024-1, Class D (c) |
12.324 | % | 07/15/31 | 3,250,000 | 3,301,534 | |||||||||||
RFS Asset Securitization II, LLC, Series 2024-1, Class E (c) |
14.782 | % | 07/15/31 | 5,565,000 | 5,582,311 | |||||||||||
| 123,260,628 | ||||||||||||||||
Student Loan — 0.6% |
||||||||||||||||
Ascent Career Funding Trust, Series 2024-1A, Class A (c) |
6.770 | % | 10/25/32 | 1,459,687 | 1,465,631 | |||||||||||
Ascent Career Funding Trust, Series 2024-1A, Class B (c) |
9.730 | % | 10/25/32 | 2,700,000 | 2,738,252 | |||||||||||
College Ave Student Loans, Series 2018-A, Class B (c) |
4.750 | % | 12/26/47 | 422,538 | 416,002 | |||||||||||
College Ave Student Loans, Series 2018-A, Class C (c) |
5.500 | % | 12/26/47 | 153,294 | 151,195 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Student Loan — 0.6% continued |
||||||||||||||||
College Ave Student Loans, Series 2019-A, Class C (c) |
4.460 | % | 12/28/48 | $ | 1,331,022 | $ | 1,302,777 | |||||||||
College Ave Student Loans, Series 2021-A, Class B (c) |
2.320 | % | 07/25/51 | 926,052 | 857,416 | |||||||||||
College Ave Student Loans, Series 2021-A, Class D (c) |
4.120 | % | 07/25/51 | 474,775 | 448,293 | |||||||||||
CommonBond Student Loan Trust, Series 2017-BGS, Class C (c) |
4.440 | % | 09/25/42 | 227,751 | 186,031 | |||||||||||
Laurel Road Prime Student Loan, Series 2019-A, Class BFX (c) |
3.000 | % | 10/25/48 | 1,007,566 | 1,000,478 | |||||||||||
Navient Refinance Loan Trust, Series 2026-A, Class A (c) |
4.500 | % | 01/18/56 | 18,083,808 | 17,826,423 | |||||||||||
Prodigy Finance, Series 2021-1A, Class A (1* TSFR1M + 136) (b)(c) |
5.013 | % | 07/25/51 | 287,519 | 286,853 | |||||||||||
Social Professional Loan Program, LLC, Series 2021-B, Class AFX (c) |
1.140 | % | 02/15/47 | 7,452,274 | 6,502,609 | |||||||||||
| 33,181,960 | ||||||||||||||||
Unsecured Consumer — 11.3% |
||||||||||||||||
ACHV ABS Trust, Series 2023-3PL, Class D (c) |
8.360 | % | 08/19/30 | 476,131 | 476,750 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class E (c) |
10.500 | % | 11/25/30 | 360,587 | 361,745 | |||||||||||
ACHV ABS Trust, Series 2024-1PL, Class D (c) |
7.290 | % | 04/25/31 | 9,860,243 | 9,934,555 | |||||||||||
ACHV ABS Trust, Series 2024-3AL, Class D (c) |
6.750 | % | 12/26/31 | 2,860,637 | 2,893,124 | |||||||||||
ACHV ABS Trust, Series 2024-3AL, Class E (c) |
7.000 | % | 12/26/31 | 5,028,606 | 5,050,456 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 35 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
Affirm, Inc., Series 2025-X1, Class D (c) |
6.110 | % | 04/15/30 | $ | 10,000,000 | $ | 10,043,383 | |||||||||
Affirm, Inc., Series 2026-X1, Class D (c) |
5.500 | % | 04/15/31 | 19,850,000 | 19,815,403 | |||||||||||
AMCR ABS Trust, Series 2024-A, Class B (c) |
6.970 | % | 08/18/31 | 5,547,474 | 5,577,237 | |||||||||||
AMCR ABS Trust, Series 2024-A, Class C (c) |
11.250 | % | 08/18/31 | 6,000,000 | 6,190,257 | |||||||||||
AMCR ABS Trust, Series 2026-A, Class A (c) |
5.580 | % | 05/18/33 | 9,801,903 | 9,812,278 | |||||||||||
AMCR ABS Trust, Series 2026-A, Class C (c) |
10.640 | % | 05/18/33 | 1,750,000 | 1,811,398 | |||||||||||
Avant Loans Funding Trust, Series 2026-REV1, Class C (c) |
5.250 | % | 05/15/36 | 10,000,000 | 9,874,995 | |||||||||||
Avant Loans Funding Trust, Series 2026-REV1, Class F (c) |
10.750 | % | 05/15/36 | 1,870,000 | 1,896,478 | |||||||||||
Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C (c) |
8.150 | % | 12/17/36 | 2,988,293 | 3,061,449 | |||||||||||
Cherry Securitization Trust, Series 2024-1A, Class A (c) |
5.700 | % | 04/15/32 | 14,520,000 | 14,546,882 | |||||||||||
Cherry Securitization Trust, Series 2024-1A, Class D (c) |
12.280 | % | 04/15/32 | 11,390,000 | 11,559,320 | |||||||||||
Cherry Securitization Trust, Series 2025-1A, Class A (c) |
6.130 | % | 11/15/32 | 26,250,000 | 26,500,273 | |||||||||||
Cherry Securitization Trust, Series 2025-1A, Class D (c) |
12.690 | % | 11/15/32 | 14,000,000 | 14,538,520 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
LendingPoint Asset Securitization, Series 2022-C, Class C (c) |
8.680 | % | 02/15/30 | $ | 1,021,884 | $ | 1,020,733 | |||||||||
LendingPoint Asset Securitization, Series 2022-C, Class D (c) |
10.730 | % | 02/15/30 | 4,920,000 | 978,129 | |||||||||||
Lendmark Funding Trust, Series 2020-2, Class B (c) |
3.540 | % | 04/21/31 | 2,000,000 | 1,968,709 | |||||||||||
Lendmark Funding Trust, Series 2020-2A, Class C (c) |
4.690 | % | 04/21/31 | 1,000,000 | 985,746 | |||||||||||
Lendmark Funding Trust, Series 2025-2A, Class D (c) |
5.980 | % | 10/20/34 | 10,400,000 | 10,390,760 | |||||||||||
Lendmark Funding Trust, Series 2026-1A, Class D (c) |
5.900 | % | 11/20/35 | 5,025,000 | 4,982,944 | |||||||||||
Mariner Finance Issuance Trust, Series 2021-AA, Class D (c) |
4.340 | % | 03/20/36 | 1,850,000 | 1,789,630 | |||||||||||
Mariner Finance Issuance Trust, Series 2024-AA, Class B (c) |
5.680 | % | 09/22/36 | 4,000,000 | 4,023,871 | |||||||||||
Mariner Finance Issuance Trust, Series 2024-AA, Class C (c) |
6.000 | % | 09/22/36 | 3,000,000 | 3,025,895 | |||||||||||
OneMain Financial Issuance Trust, Series 2026-1A, Class D (c) |
6.260 | % | 07/14/39 | 16,775,000 | 16,834,043 | |||||||||||
Oportun Funding, LLC, Series 2024-3, Class D (c) |
9.600 | % | 08/15/29 | 8,300,000 | 8,398,802 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class A (c) |
1.470 | % | 05/08/31 | 551,371 | 543,215 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class D (c) |
5.410 | % | 05/08/31 | 1,107,805 | 1,100,984 | |||||||||||
36 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
Oportun Funding, LLC, Series 2021-C, Class A (c) |
2.180 | % | 10/08/31 | $ | 3,252,394 | $ | 3,207,997 | |||||||||
Oportun Funding, LLC, Series 2021-C, Class B (c) |
2.670 | % | 10/08/31 | 2,416,064 | 2,382,265 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class C (c) |
3.610 | % | 10/08/31 | 1,579,734 | 1,561,519 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class D (c) |
5.570 | % | 10/08/31 | 1,166,216 | 1,155,169 | |||||||||||
Oportun Funding, LLC, Series 2024-2, Class D (c) |
10.470 | % | 02/09/32 | 8,000,000 | 8,146,655 | |||||||||||
Oportun Funding, LLC, Series 2025-1, Class B (c) |
5.240 | % | 08/16/32 | 2,878,301 | 2,880,478 | |||||||||||
Oportun Funding, LLC, Series 2025-1, Class D (c) |
8.270 | % | 08/16/32 | 4,500,000 | 4,522,467 | |||||||||||
Oportun Funding, LLC, Series 2025-D, Class C (c) |
5.800 | % | 02/08/33 | 2,425,000 | 2,420,430 | |||||||||||
Oportun Funding, LLC, Series 2025-D, Class D (c) |
6.970 | % | 02/08/33 | 24,555,000 | 24,655,617 | |||||||||||
Oportun Funding, LLC, Series 2025-D, Class E (c) |
10.820 | % | 02/08/33 | 13,000,000 | 13,029,264 | |||||||||||
Oportun Funding, LLC, Series 2025-B, Class E (c) |
9.400 | % | 05/09/33 | 7,250,000 | 7,292,125 | |||||||||||
Oportun Funding, LLC, Series 2025-C, Class D (c) |
5.910 | % | 07/08/33 | 13,900,000 | 13,770,477 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-4, Class A1 (c) |
4.627 | % | 06/15/27 | 25,000,000 | 24,990,093 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
Pagaya AI Debt Selection Trust, Series 2025-R1, Class E (c) |
12.105 | % | 06/15/32 | $ | 184,229 | $ | 187,815 | |||||||||
Pagaya AI Debt Selection Trust, Series 2025-1, Class D (c) |
6.282 | % | 07/15/32 | 5,983,157 | 5,987,824 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-11, Class D (c) |
6.307 | % | 07/15/32 | 8,445,536 | 8,467,698 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-3, Class E (c) |
12.626 | % | 12/15/32 | 2,448,718 | 2,519,368 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-4, Class C (c) |
6.146 | % | 01/17/33 | 12,999,538 | 13,049,959 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-4, Class D (c) |
6.572 | % | 01/17/33 | 6,899,755 | 6,910,577 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-5, Class B (c) |
5.440 | % | 03/15/33 | 24,499,053 | 24,477,132 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-6, Class B (c) |
4.883 | % | 04/15/33 | 16,273,500 | 16,183,023 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-7, Class B (c) |
5.064 | % | 05/15/33 | 15,697,200 | 15,627,478 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-8, Class B (c) |
5.409 | % | 07/15/33 | 24,291,638 | 24,149,201 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-1, Class B (c) |
5.370 | % | 09/15/33 | 23,984,358 | 23,821,658 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-1, Class E (c) |
9.232 | % | 09/15/33 | 8,494,460 | 8,459,433 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-4, Class B (c) |
6.318 | % | 01/16/34 | 12,000,000 | 12,039,559 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 37 |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 82.8% continued |
||||||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class A (c) |
5.715 | % | 01/20/34 | $ | 14,400,000 | $ | 14,406,751 | |||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class E (c) |
11.276 | % | 01/20/34 | 2,650,000 | 2,686,338 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class F (c) |
12.000 | % | 01/20/34 | 2,600,000 | 2,567,569 | |||||||||||
Pagaya Point of Sale Holdings Grantor Trust, Series 2025-2, Class C (c) |
5.506 | % | 07/20/33 | 4,375,000 | 4,365,256 | |||||||||||
Prosper Marketplace Issuance Trust, Series 2023-1, Class D (c) |
11.240 | % | 07/16/29 | 1,094,722 | 1,096,449 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class B (c) |
6.290 | % | 02/18/31 | 1,241,190 | 1,245,194 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class C (c) |
6.900 | % | 02/18/31 | 3,450,000 | 3,497,373 | |||||||||||
Reach Financial, LLC, Series 2023-1A, Class C (c) |
8.450 | % | 02/18/31 | 2,449,027 | 2,457,200 | |||||||||||
Reach Financial, LLC, Series 2024-2A, Class C (c) |
6.130 | % | 07/15/31 | 3,000,000 | 3,036,330 | |||||||||||
Reach Financial, LLC, Series 2025-1A, Class B (c) |
5.340 | % | 08/16/32 | 5,700,000 | 5,717,717 | |||||||||||
Reach Financial, LLC, Series 2025-1A, Class C (c) |
5.990 | % | 08/16/32 | 2,500,000 | 2,513,504 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 11.3% continued |
||||||||||||||||
RKTL, Series 2026-1A, Class D (c) |
5.210 | % | 02/26/35 | $ | 10,548,000 | $ | 10,337,739 | |||||||||
RKTL, Series 2026-2A, Class D (c) |
5.910 | % | 05/25/35 | 12,764,000 | 12,719,492 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT (c) |
6.110 | % | 06/15/32 | 9,724,735 | 9,761,427 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class A (c) |
4.794 | % | 09/15/32 | 4,914,502 | 4,913,441 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B (c) |
5.254 | % | 09/15/32 | 9,250,000 | 9,211,132 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C (c) |
5.923 | % | 09/15/32 | 19,300,000 | 19,198,090 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST7, Class B (c) |
4.979 | % | 11/15/32 | 11,856,000 | 11,827,585 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2026-ST1, Class C (c) |
5.130 | % | 03/15/34 | 10,000,000 | 9,878,205 | |||||||||||
Upgrade Receivables Trust, Series 2024-1A, Class C (c) |
6.470 | % | 01/15/31 | 7,052,704 | 7,071,063 | |||||||||||
Upstart Pass-Through Trust, Series 2022-ST3, Class A (c) |
4.300 | % | 05/20/30 | 1,044,612 | 1,042,920 | |||||||||||
Upstart Securitization Trust, Series 2025-3, Class C (c) |
5.430 | % | 09/20/35 | 10,300,000 | 10,229,202 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A (c) |
4.250 | % | 06/17/30 | 177,919 | 177,679 | |||||||||||
| 631,840,901 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $4,620,363,926) |
$ | 4,613,513,463 | ||||||||||||||
38 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Treasury — 4.9% |
||||||||||||||||
U.S. Treasury Notes |
3.750 | % | 08/31/26 | $ | 25,000,000 | $ | 24,996,563 | |||||||||
U.S. Treasury Notes |
4.375 | % | 12/15/26 | 15,000,000 | 15,034,805 | |||||||||||
U.S. Treasury Notes |
2.250 | % | 02/15/27 | 10,000,000 | 9,892,168 | |||||||||||
U.S. Treasury Notes (a) |
4.500 | % | 05/15/27 | 20,000,000 | 20,066,797 | |||||||||||
U.S. Treasury Notes (a) |
2.250 | % | 08/15/27 | 50,000,000 | 48,964,844 | |||||||||||
U.S. Treasury Notes |
3.875 | % | 10/15/27 | 20,000,000 | 19,928,125 | |||||||||||
U.S. Treasury Notes |
4.250 | % | 02/15/28 | 25,000,000 | 25,028,320 | |||||||||||
U.S. Treasury Notes |
3.625 | % | 05/31/28 | 50,000,000 | 49,507,813 | |||||||||||
U.S. Treasury Notes |
1.250 | % | 09/30/28 | 40,000,000 | 37,515,625 | |||||||||||
U.S. Treasury Notes |
3.875 | % | 11/30/29 | 20,000,000 | 19,807,031 | |||||||||||
Total Treasury |
||||||||||||||||
(Cost $271,851,608) |
$ | 270,742,091 | ||||||||||||||
|
Shares |
Fair |
||||||
Registered Investment Companies — 6.1% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (f) |
339,707,438 | $ | 339,707,438 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (f)(g) |
11,193 | 11,193 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $339,718,631) |
$ | 339,718,631 | ||||||
Total Investment Securities — 99.6% |
||||||||
(Cost $5,557,434,685) |
$ | 5,548,243,786 | ||||||
Other Assets in Excess of Liabilities — 0.4% |
22,429,943 | |||||||
Net Assets — 100.0% |
$ | 5,570,673,729 | ||||||
|
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $19,659,820. |
|
(b) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2026. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
|
(c) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2026 was $4,052,617,169, representing 72.7% of net assets. |
|
(d) |
Percentage rounds to less than 0.1%. |
|
(e) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total value of these securities as of June 30, 2026 was $41,186,632 representing 0.7% of net assets. |
|
(f) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(g) |
This security was purchased using cash collateral held from securities on loan. |
H15T1Y — U.S. Treasury yield curve rate for U.S. Treasury note with a constant maturity of 1 year
IO — Interest Only
NA — National Association
plc — Public Limited Company
PO — Principal Only
Prime — Short-term interest rate in the banking system of the U.S.
SOFR — Secured Overnight Financing Rate
TSFR — CME Term SOFR
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 39 |
Diamond Hill Securitized Total Return Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% |
||||||||||||||||
ABS-Other — 3.8% |
||||||||||||||||
ACHD Trust, Series 2025-DS1, Class A (a) |
5.978 | % | 01/09/34 | $ | 28,193 | $ | 28,220 | |||||||||
AMDR ABS Trust, Series 2025-1A, Class A (a) |
6.378 | % | 12/19/33 | 5,883 | 5,888 | |||||||||||
GoodGreen Trust, Series 2017-1A, Class A (a) |
3.740 | % | 10/15/52 | 108,509 | 100,326 | |||||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2024-1, Class A (a) |
6.250 | % | 06/20/57 | 165,277 | 160,133 | |||||||||||
Mosaic Solar Loans, LLC, Series 2018-2GS, Class A (a) |
4.200 | % | 02/22/44 | 240,429 | 223,822 | |||||||||||
OHS Issuer, LLC, Series 2026-1, Class A2 (a) |
5.980 | % | 02/25/61 | 99,667 | 97,080 | |||||||||||
Redaptive EAAS Issuer, LLC, Series 2025-1, Class A (a) |
5.940 | % | 03/25/42 | 82,098 | 82,948 | |||||||||||
Service Experts Issuer, Series 2025-1A, Class B (a) |
7.620 | % | 01/20/37 | 350,000 | 354,207 | |||||||||||
US Bank NA, Series 2025-SUP2, Class E (1* SOFR30A + 370) (a)(b) |
7.328 | % | 09/25/32 | 171,555 | 173,508 | |||||||||||
| 1,226,132 | ||||||||||||||||
Agency MBS CMO — 49.6% |
||||||||||||||||
FHLMC, Series 4434, Class HZ |
3.000 | % | 06/15/37 | 630,554 | 523,634 | |||||||||||
FHLMC, Series 4045, Class PE |
3.500 | % | 05/15/42 | 410,000 | 368,408 | |||||||||||
FHLMC, Series 4161, Class LM |
2.500 | % | 08/15/42 | 224,058 | 196,848 | |||||||||||
FHLMC, Series 4158, Class CA |
1.500 | % | 12/15/42 | 157,759 | 136,394 | |||||||||||
FHLMC, Series 4152, Class GW |
2.500 | % | 01/15/43 | 877,077 | 708,928 | |||||||||||
FHLMC, Series 4210, Class Z |
3.000 | % | 05/15/43 | 157,265 | 132,901 | |||||||||||
FHLMC, Series 4425, Class TA |
2.000 | % | 01/15/45 | 1,231,978 | 1,053,440 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 49.6% continued |
||||||||||||||||
FHLMC, Series 5151, Class WN |
2.000 | % | 10/25/50 | $ | 368,340 | $ | 211,350 | |||||||||
FHLMC, Series 5071, Class ZT |
1.500 | % | 02/25/51 | 1,630,761 | 702,265 | |||||||||||
FHLMC, Series 5131, Class JL |
1.000 | % | 08/25/51 | 575,908 | 432,308 | |||||||||||
FNMA, Series 2020-44, Class EG |
2.000 | % | 09/25/42 | 1,045,987 | 895,612 | |||||||||||
FNMA, Series 2012-103, Class ZP |
3.000 | % | 09/25/42 | 1,363,441 | 1,063,093 | |||||||||||
FNMA, Series 2012-152, Class TC |
2.500 | % | 01/25/43 | 257,000 | 202,045 | |||||||||||
FNMA, Series 2017-87, Class EA |
3.000 | % | 04/25/44 | 1,573,985 | 1,433,202 | |||||||||||
FNMA, Series 2016-61, Class ML |
3.000 | % | 09/25/46 | 400,000 | 338,082 | |||||||||||
FNMA, Series 2017-48, Class LH |
2.500 | % | 05/25/47 | 279,224 | 244,087 | |||||||||||
FNMA, Series 2018-28, Class CA |
3.000 | % | 05/25/48 | 162,131 | 143,144 | |||||||||||
FNMA, Series 2018-95, Class B |
3.500 | % | 01/25/49 | 1,770,954 | 1,592,719 | |||||||||||
FNMA, Series 2020-92, Class NB |
1.000 | % | 05/25/50 | 360,296 | 272,484 | |||||||||||
FNMA, Series 2021-6, Class KU |
1.500 | % | 02/25/51 | 192,201 | 110,841 | |||||||||||
FNMA, Series 2022-10, Class CK |
2.250 | % | 02/25/52 | 277,336 | 164,867 | |||||||||||
FNMA, Series 2019-22, Class BA |
3.500 | % | 12/25/58 | 488,633 | 456,667 | |||||||||||
GNMA, Series 2009-54, Class Z |
6.000 | % | 07/16/39 | 963,338 | 993,679 | |||||||||||
GNMA, Series 2012-97, Class CB |
2.500 | % | 08/16/42 | 743,383 | 621,568 | |||||||||||
GNMA, Series 2012-143, Class QD |
1.500 | % | 10/20/42 | 194,090 | 170,215 | |||||||||||
GNMA, Series 2012-129, Class PE |
2.000 | % | 11/16/42 | 250,000 | 200,554 | |||||||||||
40 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% continued |
||||||||||||||||
Agency MBS CMO — 49.6% continued |
||||||||||||||||
GNMA, Series 2016-19, Class AC |
3.000 | % | 02/20/46 | $ | 195,000 | $ | 163,580 | |||||||||
GNMA, Series 2020-123, Class EA |
1.000 | % | 08/20/50 | 455,331 | 253,936 | |||||||||||
GNMA, Series 2021-24, Class QD |
1.250 | % | 08/20/50 | 358,039 | 277,721 | |||||||||||
GNMA, Series 2020-123, Class PB |
2.250 | % | 08/20/50 | 472,499 | 384,266 | |||||||||||
GNMA, Series 2020-134, Class XL |
1.000 | % | 09/20/50 | 269,999 | 126,991 | |||||||||||
GNMA, Series 2020-138, Class NU |
1.500 | % | 09/20/50 | 272,251 | 152,716 | |||||||||||
GNMA, Series 2020-183, Class AY |
2.000 | % | 11/20/50 | 733,422 | 589,482 | |||||||||||
GNMA, Series 2021-87, Class DB |
2.000 | % | 05/20/51 | 642,665 | 550,519 | |||||||||||
| 15,868,546 | ||||||||||||||||
Agency MBS CMO Derivatives — 4.4% |
||||||||||||||||
FHLMC, Series 3616, Class S (IO) (-1* SOFR30A + 641) (b) |
2.593 | % | 12/15/39 | 648,571 | 50,579 | |||||||||||
FHLMC, Series 5092, Class KS (PO) (-1* SOFR30A + 330) (b) |
0.000 | % | 03/25/51 | 640,880 | 225,741 | |||||||||||
FHLMC, Series 5517, Class LT (IO) (-1* SOFR30A + 725) (b) |
0.200 | % | 03/25/55 | 4,038,651 | 24,499 | |||||||||||
FNMA, Series 2012-128, Class SH (IO) (-1* SOFR + 400) (b) |
0.258 | % | 11/25/42 | 146,435 | 101,137 | |||||||||||
FNMA, Series 2012-133, Class WS (IO) (-.83* SOFR30A + 391) (b) |
0.703 | % | 12/25/42 | 134,430 | 79,103 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO Derivatives — 4.4% continued |
||||||||||||||||
GNMA, Series 2004-106, Class SJ (IO) (-5* TSFR1M + 39) (b) |
8.762 | % | 12/16/34 | $ | 64,457 | $ | 61,262 | |||||||||
GNMA, Series 2011-7, Class LS (IO) |
2.373 | % | 12/20/40 | 859,094 | 707,313 | |||||||||||
GNMA, Series 2022-90, Class US (PO) (-2.5* SOFR30A + 900) (b) |
0.000 | % | 02/20/52 | 247,825 | 164,940 | |||||||||||
| 1,414,574 | ||||||||||||||||
Agency MBS Passthrough — 3.0% |
||||||||||||||||
FHLMC, Pool #SD2217 |
6.000 | % | 01/01/53 | 327,088 | 334,824 | |||||||||||
GNMA, Series 2020-16, Class MD |
2.750 | % | 02/20/50 | 612,612 | 516,265 | |||||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 112,775 | 115,807 | |||||||||||
| 966,896 | ||||||||||||||||
Auto Loan — 2.8% |
||||||||||||||||
First Help Financial, LLC, Series 2023-1A, Class A2 (a) |
6.570 | % | 06/15/28 | 16,773 | 16,800 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class B (a) |
6.770 | % | 05/15/29 | 125,000 | 125,406 | |||||||||||
Huntington National Bank (The), Series 2025-2, Class B1 (a) |
4.835 | % | 09/20/33 | 71,889 | 71,679 | |||||||||||
Lendbuzz Securitization Trust, Series 2026-1A, Class D (a) |
6.860 | % | 02/15/33 | 90,940 | 91,179 | |||||||||||
Merchants Fleet Funding, LLC, Series 2025-1A, Class D (a) |
5.760 | % | 01/20/39 | 100,000 | 99,290 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D (a) |
6.012 | % | 06/26/34 | 100,000 | 97,687 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 41 |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% continued |
||||||||||||||||
Auto Loan — 2.8% continued |
||||||||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class D (a) |
7.720 | % | 07/25/35 | $ | 100,000 | $ | 98,394 | |||||||||
Veros Auto Receivables Trust, Series 2026-1, Class C (a) |
5.220 | % | 07/15/31 | 100,000 | 99,630 | |||||||||||
Western Funding Auto Loan Trust, Series 2025-1, Class D (a) |
5.790 | % | 01/15/36 | 200,000 | 200,760 | |||||||||||
| 900,825 | ||||||||||||||||
CRE/CLO — 1.2% |
||||||||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1* TSFR1M + 369) (a)(b) |
7.290 | % | 01/18/41 | 270,000 | 271,598 | |||||||||||
Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1* TSFR1M + 269) (a)(b) |
6.332 | % | 08/20/42 | 100,000 | 100,114 | |||||||||||
| 371,712 | ||||||||||||||||
Credit Cards — 0.5% |
||||||||||||||||
Mercury Financial Credit Card Master Trust, Series 2026-2A, Class D (a) |
6.390 | % | 06/21/32 | 150,000 | 149,613 | |||||||||||
Equipment — 1.0% |
||||||||||||||||
CPF IV, LLC, CP EF Asset Securitization, LLC, Series 2026-1A, Class E (a) |
6.200 | % | 01/17/34 | 125,000 | 117,075 | |||||||||||
MMP Capital, LLC, Series 2025-A, Class A (a) |
5.360 | % | 12/15/31 | 66,277 | 66,420 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Equipment — 1.0% continued |
||||||||||||||||
NMEF Funding, LLC, Series 2022-B, Class C (a) |
8.540 | % | 06/15/29 | $ | 150,000 | $ | 150,703 | |||||||||
| 334,198 | ||||||||||||||||
HECM — 9.7% |
||||||||||||||||
Boston Lending Trust, Series 2022-3, Class A (a) |
3.500 | % | 07/25/62 | 94,875 | 93,479 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM12, Class A2 (a) |
4.500 | % | 07/25/65 | 250,543 | 238,554 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 (a) |
4.500 | % | 07/25/65 | 130,173 | 108,010 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 (a) |
4.250 | % | 10/25/65 | 102,893 | 85,223 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M2 (a) |
4.250 | % | 01/25/66 | 101,819 | 86,951 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M3 (a) |
4.250 | % | 01/25/66 | 101,819 | 84,318 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM15, Class M3 (a) |
4.250 | % | 04/25/66 | 100,828 | 78,893 | |||||||||||
MOO Securitization Trust, Series 2026-RM1, Class M3 (a)(b) |
4.500 | % | 03/25/66 | 100,000 | 83,781 | |||||||||||
42 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% continued |
||||||||||||||||
HECM — 9.7% continued |
||||||||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 (a)(b) |
3.000 | % | 11/25/38 | $ | 200,000 | $ | 183,779 | |||||||||
Onity Loan Investment Trust, Series 2024-HB2, Class M3 (a) |
5.000 | % | 08/25/37 | 100,000 | 97,333 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class A (a) |
3.000 | % | 06/25/38 | 118,092 | 115,774 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M1 (a) |
3.000 | % | 06/25/38 | 100,000 | 94,945 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M4 (a) |
3.000 | % | 06/25/38 | 500,000 | 441,299 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M3 (a)(b) |
3.000 | % | 05/25/39 | 100,000 | 90,838 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 (a) |
4.704 | % | 11/25/31 | 920,000 | 869,147 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M2 (a) |
3.630 | % | 10/25/50 | 175,000 | 152,309 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (a) |
3.000 | % | 01/25/62 | 200,000 | 188,605 | |||||||||||
| 3,093,238 | ||||||||||||||||
Hospitality — 0.6% |
||||||||||||||||
BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1* TSFR1M + 255) (a)(b) |
6.175 | % | 08/15/42 | 100,000 | 100,125 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Hospitality — 0.6% continued |
||||||||||||||||
JW Commercial Mortgage Trust, Series 2026-MRCO, Class A (1* TSFR1M + 150) (a)(b) |
5.125 | % | 06/15/39 | $ | 100,000 | $ | 100,250 | |||||||||
| 200,375 | ||||||||||||||||
Laboratory — 2.7% |
||||||||||||||||
Commercial Mortgage Trust, Series 2020-CX, Class B (a) |
2.446 | % | 11/10/46 | 200,000 | 165,690 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class D (1* TSFR1M + 151) (a)(b) |
5.139 | % | 03/15/38 | 143,500 | 137,043 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class F (1* TSFR1M + 246) (a)(b) |
6.090 | % | 03/15/38 | 94,500 | 85,732 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class A1 (1* TSFR1M + 130) (a)(b) |
4.921 | % | 05/15/39 | 250,000 | 238,125 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class B (1* TSFR1M + 179) (a)(b) |
5.419 | % | 05/15/39 | 100,000 | 87,500 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class C (1* TSFR1M + 209) (a)(b) |
5.719 | % | 05/15/39 | 195,000 | 163,800 | |||||||||||
| 877,890 | ||||||||||||||||
Multifamily — 3.0% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1* TSFR1M + 309) (a)(b) |
6.715 | % | 08/15/39 | 173,450 | 173,775 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 43 |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% continued |
||||||||||||||||
Multifamily — 3.0% continued |
||||||||||||||||
MultiFamily Connecticut Avenue, Series 2020-01, Class M-10 (1* SOFR30A + 386) (a)(b) |
7.492 | % | 03/25/50 | $ | 95,267 | $ | 96,622 | |||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1* SOFR30A + 335) (a)(b) |
7.178 | % | 07/25/41 | 241,299 | 242,075 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1* SOFR30A + 205) (a)(b) |
5.678 | % | 02/25/45 | 221,323 | 219,182 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1* SOFR + 230) (a)(b) |
5.928 | % | 11/25/51 | 107,637 | 107,665 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M2 (1* SOFR30A + 650) (a)(b) |
10.128 | % | 05/25/52 | 100,000 | 109,692 | |||||||||||
| 949,011 | ||||||||||||||||
Non-Agency MBS 2.0 — 1.4% |
||||||||||||||||
JP Morgan Mortgage Trust, Series 2018-3, Class B5 (a) |
3.698 | % | 09/25/48 | 198,720 | 136,969 | |||||||||||
Redwood Funding Trust, Series 2026-2, Class A (a) |
6.259 | % | 11/27/56 | 146,750 | 146,301 | |||||||||||
Redwood Funding Trust, Series 2025-3, Class B (a) |
7.749 | % | 12/27/56 | 150,000 | 151,328 | |||||||||||
| 434,598 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Non-Performing Loan — 0.3% |
||||||||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2026-NPL1, Class A1 (a) |
6.595 | % | 04/25/31 | $ | 92,454 | $ | 92,045 | |||||||||
Office — 1.6% |
||||||||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D (a)(c) |
3.289 | % | 01/15/32 | 125,000 | 71,873 | |||||||||||
NYT Mortgage Trust, Series 2019-NYT, Class C (1* TSFR1M + 200) (a)(b) |
5.625 | % | 12/15/35 | 200,000 | 186,000 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D (a) |
8.623 | % | 09/15/40 | 250,000 | 246,343 | |||||||||||
| 504,216 | ||||||||||||||||
Residential Transition Loan — 2.9% |
||||||||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A1 (a) |
6.014 | % | 05/25/31 | 100,000 | 100,500 | |||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A2 (a) |
7.427 | % | 05/25/31 | 100,000 | 100,546 | |||||||||||
Colony American Finance Ltd., Series 2026-R1, Class A1 (a) |
6.773 | % | 03/25/36 | 82,899 | 82,704 | |||||||||||
Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 (a) |
8.299 | % | 05/25/40 | 100,000 | 101,320 | |||||||||||
Fidelis Mortgage Trust, Series 2025-RTL2, Class A2 (a) |
6.060 | % | 07/25/40 | 350,000 | 349,707 | |||||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class A2 (a) |
5.952 | % | 01/25/40 | 200,000 | 200,049 | |||||||||||
| 934,826 | ||||||||||||||||
44 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 98.3% continued |
||||||||||||||||
Second Lien — 2.4% |
||||||||||||||||
Point Securitization Trust, Series 2023-1, Class A1 (a) |
6.500 | % | 11/25/53 | $ | 266,039 | $ | 266,336 | |||||||||
Point Securitization Trust, Series 2024-1, Class A1 (a) |
6.500 | % | 06/25/54 | 289,265 | 289,173 | |||||||||||
Point Securitization Trust, Series 2026-1, Class A1 (a) |
5.250 | % | 02/25/56 | 124,157 | 122,133 | |||||||||||
Unlock HEA Trust, Series 2025-2, Class C (a) |
6.000 | % | 11/25/41 | 100,000 | 77,727 | |||||||||||
| 755,369 | ||||||||||||||||
Small Business — 1.3% |
||||||||||||||||
CPC Asset Securitization, LLC, Series 2025-1A, Class A (a) |
5.780 | % | 07/15/31 | 150,000 | 149,713 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class C (a) |
7.150 | % | 09/10/31 | 150,000 | 150,927 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class B (a) |
7.180 | % | 06/26/51 | 130,855 | 130,694 | |||||||||||
| 431,334 | ||||||||||||||||
Student Loan — 0.4% |
||||||||||||||||
Bayview Opportunity Master Fund Trust, Series 2024-EDU1, Class D (a) |
6.378 | % | 06/25/47 | 111,296 | 113,269 | |||||||||||
Unsecured Consumer — 5.7% |
||||||||||||||||
ACHV ABS Trust, Series 2024-1PL, Class D (a) |
7.290 | % | 04/25/31 | 58,441 | 58,882 | |||||||||||
Affirm, Inc., Series 2026-X1, Class D (a) |
5.500 | % | 04/15/31 | 100,000 | 99,826 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 5.7% continued |
||||||||||||||||
Cherry Securitization Trust, Series 2025-1A, Class A (a) |
6.130 | % | 11/15/32 | $ | 300,000 | $ | 302,860 | |||||||||
Lendmark Funding Trust, Series 2025-2A, Class D (a) |
5.980 | % | 10/20/34 | 220,000 | 219,805 | |||||||||||
Lendmark Funding Trust, Series 2026-1A, Class D (a) |
5.900 | % | 11/20/35 | 100,000 | 99,163 | |||||||||||
Oportun Funding, LLC, Series 2025-D, Class D (a) |
6.970 | % | 02/08/33 | 145,000 | 145,594 | |||||||||||
Oportun Funding, LLC, Series 2025-C, Class D (a) |
5.910 | % | 07/08/33 | 100,000 | 99,068 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-5, Class B (a) |
5.440 | % | 03/15/33 | 149,994 | 149,860 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-8, Class B (a) |
5.409 | % | 07/15/33 | 99,966 | 99,379 | |||||||||||
RCKT Trust, Series 2025-1A, Class D (a) |
5.420 | % | 07/25/34 | 150,000 | 148,740 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B (a) |
5.254 | % | 09/15/32 | 150,000 | 149,370 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C (a) |
5.923 | % | 09/15/32 | 250,000 | 248,680 | |||||||||||
| 1,821,227 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $31,336,199) |
$ | 31,439,894 | ||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 45 |
Diamond Hill Securitized Total Return Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Registered Investment Companies — 1.0% |
||||||||
State Street Institutional US Government Money Market Fund — Premier Class, 3.58% (d) (Cost $326,613) |
326,613 | $ | 326,613 | |||||
Total Investment Securities — 99.3% |
||||||||
(Cost $31,662,812) |
$ | 31,766,507 | ||||||
Other Assets in Excess of Liabilities — 0.7% |
206,916 | |||||||
Net Assets — 100.0% |
$ | 31,973,423 | ||||||
|
(a) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2026 was $13,189,878, representing 41.3% of net assets. |
|
(b) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2026. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
|
(c) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2026 was $71,873 representing 0.2% of net assets. |
|
(d) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
IO — Interest Only
NA — National Association
PO — Principal Only
SOFR — Secured Overnight Financing Rate
TSFR — CME Term SOFR
See accompanying Notes to Financial Statements.
Diamond Hill Core Bond Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% |
||||||||||||||||
Banking — 5.3% |
||||||||||||||||
American Express Co. (a) |
5.085 | % | 01/30/31 | $ | 925,000 | $ | 936,089 | |||||||||
American Express Co. |
4.456 | % | 02/10/32 | 2,525,000 | 2,487,752 | |||||||||||
American Express Co. |
5.284 | % | 07/26/35 | 825,000 | 833,345 | |||||||||||
Bank of America Corp. |
3.194 | % | 07/23/30 | 3,250,000 | 3,106,188 | |||||||||||
Bank of America Corp. (1* TSFR3M + 145) (a) |
2.884 | % | 10/22/30 | 2,300,000 | 2,169,585 | |||||||||||
Bank of America Corp. (1* SOFR + 215) (a) |
2.592 | % | 04/29/31 | 450,000 | 415,238 | |||||||||||
Bank of America Corp., Class B (1* SOFR + 153) (a) |
1.898 | % | 07/23/31 | 3,000,000 | 2,675,704 | |||||||||||
Bank of America Corp. (a) |
2.687 | % | 04/22/32 | 7,125,000 | 6,453,932 | |||||||||||
Bank of America Corp., Series N |
2.972 | % | 02/04/33 | 5,725,000 | 5,167,646 | |||||||||||
Bank of America Corp. |
4.571 | % | 04/27/33 | 1,700,000 | 1,666,413 | |||||||||||
Bank of America Corp. |
5.468 | % | 01/23/35 | 250,000 | 254,893 | |||||||||||
Bank of New York Mellon Corp. (The), Series J |
6.317 | % | 10/25/29 | 2,150,000 | 2,228,384 | |||||||||||
Bank of New York Mellon Corp. (The), Series J |
5.316 | % | 06/06/36 | 2,200,000 | 2,227,915 | |||||||||||
Capital One Financial Corp. |
1.878 | % | 11/02/27 | 1,500,000 | 1,486,180 | |||||||||||
Capital One Financial Corp. (b) |
4.493 | % | 09/11/31 | 3,400,000 | 3,336,059 | |||||||||||
Capital One Financial Corp. (a) |
6.377 | % | 06/08/34 | 500,000 | 529,074 | |||||||||||
Capital One Financial Corp. |
5.197 | % | 09/11/36 | 890,000 | 866,368 | |||||||||||
Citibank NA |
5.570 | % | 04/30/34 | 1,750,000 | 1,813,507 | |||||||||||
Citigroup, Inc. (1* SOFR + 142) (a) |
2.976 | % | 11/05/30 | 3,380,000 | 3,191,602 | |||||||||||
Citigroup, Inc. |
2.666 | % | 01/29/31 | 4,537,000 | 4,211,347 | |||||||||||
Citigroup, Inc. (1* SOFR + 211) (a) |
2.572 | % | 06/03/31 | 4,725,000 | 4,341,559 | |||||||||||
Citigroup, Inc. |
2.561 | % | 05/01/32 | 1,550,000 | 1,393,430 | |||||||||||
Citigroup, Inc. |
3.057 | % | 01/25/33 | 2,250,000 | 2,038,416 | |||||||||||
Citizens Bank NA |
4.575 | % | 08/09/28 | 1,350,000 | 1,349,843 | |||||||||||
46 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Banking — 5.3% continued |
||||||||||||||||
Fifth Third Bancorp (a) |
1.707 | % | 11/01/27 | $ | 450,000 | $ | 445,646 | |||||||||
Fifth Third Bancorp (c) |
5.982 | % | 01/30/30 | 2,850,000 | 2,928,476 | |||||||||||
Fifth Third Bancorp |
4.895 | % | 09/06/30 | 2,350,000 | 2,353,484 | |||||||||||
First Horizon Bank (b) |
5.750 | % | 05/01/30 | 250,000 | 253,889 | |||||||||||
Goldman Sachs Group, Inc. (The) |
1.948 | % | 10/21/27 | 1,000,000 | 992,215 | |||||||||||
Goldman Sachs Group, Inc. (The) |
5.207 | % | 01/28/31 | 1,800,000 | 1,819,391 | |||||||||||
Goldman Sachs Group, Inc. (The) |
4.516 | % | 01/21/32 | 925,000 | 907,544 | |||||||||||
Goldman Sachs Group, Inc. (The) (b) |
1.992 | % | 01/27/32 | 4,550,000 | 4,002,189 | |||||||||||
Goldman Sachs Group, Inc. (The) (1* SOFR + 128) (a) |
2.615 | % | 04/22/32 | 9,875,000 | 8,868,628 | |||||||||||
HSBC Holdings plc |
5.597 | % | 05/17/28 | 3,100,000 | 3,126,863 | |||||||||||
HSBC Holdings plc |
4.619 | % | 11/06/31 | 1,000,000 | 985,795 | |||||||||||
HSBC Holdings plc |
2.804 | % | 05/24/32 | 1,000,000 | 903,821 | |||||||||||
Huntington Bancshares, Inc. |
6.208 | % | 08/21/29 | 750,000 | 772,020 | |||||||||||
Huntington Bancshares, Inc. |
5.023 | % | 05/17/33 | 400,000 | 398,124 | |||||||||||
JPMorgan Chase & Co. (a) |
1.470 | % | 09/22/27 | 1,350,000 | 1,341,017 | |||||||||||
JPMorgan Chase & Co. |
5.040 | % | 01/23/28 | 1,000,000 | 1,003,128 | |||||||||||
JPMorgan Chase & Co. (1* TSFR3M + 121) (a) |
3.509 | % | 01/23/29 | 3,110,000 | 3,058,525 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 115) (a) |
2.069 | % | 06/01/29 | 1,250,000 | 1,191,658 | |||||||||||
JPMorgan Chase & Co. |
3.702 | % | 05/06/30 | 1,500,000 | 1,458,796 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 151) (a) |
2.739 | % | 10/15/30 | 1,850,000 | 1,737,573 | |||||||||||
JPMorgan Chase & Co. (b) |
4.603 | % | 10/22/30 | 1,900,000 | 1,891,492 | |||||||||||
JPMorgan Chase & Co. |
2.545 | % | 11/08/32 | 475,000 | 422,434 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Banking — 5.3% continued |
||||||||||||||||
JPMorgan Chase & Co. |
2.963 | % | 01/25/33 | $ | 8,775,000 | $ | 7,944,435 | |||||||||
JPMorgan Chase & Co. |
5.294 | % | 07/22/35 | 950,000 | 959,860 | |||||||||||
KeyBank NA |
5.000 | % | 01/26/33 | 5,900,000 | 5,839,307 | |||||||||||
KeyCorp |
4.789 | % | 06/01/33 | 300,000 | 294,202 | |||||||||||
Morgan Stanley, Series I |
5.230 | % | 01/15/31 | 875,000 | 884,869 | |||||||||||
Morgan Stanley, Series GMTN (1* SOFR + 114) (a) |
2.699 | % | 01/22/31 | 9,900,000 | 9,193,316 | |||||||||||
Morgan Stanley (1* SOFR + 312) (a) |
3.622 | % | 04/01/31 | 2,500,000 | 2,394,173 | |||||||||||
Morgan Stanley (1* SOFR + 103) (a) |
1.794 | % | 02/13/32 | 3,750,000 | 3,262,186 | |||||||||||
Morgan Stanley |
1.928 | % | 04/28/32 | 750,000 | 652,090 | |||||||||||
Morgan Stanley |
2.239 | % | 07/21/32 | 1,000,000 | 877,262 | |||||||||||
Morgan Stanley Private Bank |
4.466 | % | 07/06/28 | 2,000,000 | 1,997,824 | |||||||||||
Pinnacle Financial Partners, Inc. |
5.596 | % | 05/19/32 | 1,675,000 | 1,680,356 | |||||||||||
PNC Bank NA |
2.700 | % | 10/22/29 | 250,000 | 234,899 | |||||||||||
PNC Financial Services Group, Inc. (The) |
2.600 | % | 07/23/26 | 250,000 | 249,777 | |||||||||||
PNC Financial Services Group, Inc. (The) |
5.300 | % | 01/21/28 | 1,000,000 | 1,004,227 | |||||||||||
PNC Financial Services Group, Inc. (The) |
6.037 | % | 10/28/33 | 850,000 | 895,734 | |||||||||||
PNC Financial Services Group, Inc. (The) |
5.939 | % | 08/18/34 | 1,000,000 | 1,051,232 | |||||||||||
Royal Bank of Canada |
4.522 | % | 10/18/28 | 900,000 | 900,059 | |||||||||||
Royal Bank of Canada |
4.650 | % | 10/18/30 | 3,150,000 | 3,142,878 | |||||||||||
State Street Corp. |
5.272 | % | 08/03/26 | 700,000 | 700,073 | |||||||||||
State Street Corp. |
2.623 | % | 02/07/33 | 1,108,000 | 987,925 | |||||||||||
State Street Corp. (b) |
4.164 | % | 08/04/33 | 300,000 | 288,556 | |||||||||||
Toronto-Dominion Bank (The) |
4.994 | % | 04/05/29 | 1,000,000 | 1,010,432 | |||||||||||
Toronto-Dominion Bank (The) |
4.866 | % | 04/22/33 | 1,100,000 | 1,091,879 | |||||||||||
Truist Financial Corp. |
4.597 | % | 01/27/32 | 4,200,000 | 4,141,969 | |||||||||||
Truist Financial Corp. |
5.711 | % | 01/24/35 | 500,000 | 514,840 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 47 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Banking — 5.3% continued |
||||||||||||||||
US Bancorp |
2.215 | % | 01/27/28 | $ | 800,000 | $ | 789,832 | |||||||||
US Bancorp |
4.548 | % | 07/22/28 | 300,000 | 300,044 | |||||||||||
US Bancorp, Series CC (b) |
5.083 | % | 05/15/31 | 875,000 | 884,745 | |||||||||||
US Bancorp |
2.677 | % | 01/27/33 | 2,750,000 | 2,446,210 | |||||||||||
US Bancorp |
4.839 | % | 02/01/34 | 1,000,000 | 986,718 | |||||||||||
Wells Fargo & Co. (1* SOFR + 210) (a) |
2.393 | % | 06/02/28 | 650,000 | 637,099 | |||||||||||
Wells Fargo & Co., Series W (1* SOFR + 174)(a) |
5.574 | % | 07/25/29 | 900,000 | 915,202 | |||||||||||
Wells Fargo & Co. (a) |
2.879 | % | 10/30/30 | 4,000,000 | 3,765,309 | |||||||||||
Wells Fargo & Co., Series W (1* SOFR + 111) (a) |
5.244 | % | 01/24/31 | 875,000 | 886,952 | |||||||||||
Wells Fargo & Co. |
2.572 | % | 02/11/31 | 1,050,000 | 972,105 | |||||||||||
Wells Fargo & Co. |
3.350 | % | 03/02/33 | 11,750,000 | 10,801,137 | |||||||||||
Wells Fargo & Co. |
5.499 | % | 01/23/35 | 1,000,000 | 1,019,246 | |||||||||||
| 172,642,136 | ||||||||||||||||
Basic Industry — 0.0% (d) |
||||||||||||||||
Nucor Corp. |
3.125 | % | 04/01/32 | 250,000 | 229,825 | |||||||||||
PPG Industries, Inc. |
2.550 | % | 06/15/30 | 300,000 | 278,060 | |||||||||||
| 507,885 | ||||||||||||||||
Brokerage Asset Managers Exchanges — 0.3% |
||||||||||||||||
BlackRock Funding, Inc. |
5.000 | % | 03/14/34 | 500,000 | 504,078 | |||||||||||
BlackRock, Inc. |
2.100 | % | 02/25/32 | 1,625,000 | 1,422,354 | |||||||||||
Blackstone Holdings Finance Co., LLC (b)(c) |
1.600 | % | 03/30/31 | 1,635,000 | 1,416,821 | |||||||||||
Citadel Finance, LLC (c) |
4.750 | % | 02/14/29 | 4,850,000 | 4,773,987 | |||||||||||
Intercontinental Exchange, Inc. |
5.250 | % | 06/15/31 | 400,000 | 409,732 | |||||||||||
Intercontinental Exchange, Inc. (b) |
4.950 | % | 06/15/52 | 875,000 | 800,975 | |||||||||||
| 9,327,947 | ||||||||||||||||
Capital Goods — 0.5% |
||||||||||||||||
Carrier Global Corp., Class B |
2.722 | % | 02/15/30 | 250,000 | 233,756 | |||||||||||
Caterpillar, Inc. |
5.200 | % | 05/15/35 | 1,650,000 | 1,683,009 | |||||||||||
Honeywell Aerospace, Inc. (c) |
4.600 | % | 03/16/33 | 5,050,000 | 4,956,547 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Capital Goods — 0.5% continued |
||||||||||||||||
John Deere Capital Corp. |
5.100 | % | 04/11/34 | $ | 750,000 | $ | 761,451 | |||||||||
Johnson Controls International plc |
5.500 | % | 04/19/29 | 450,000 | 460,363 | |||||||||||
Johnson Controls International plc |
2.000 | % | 09/16/31 | 500,000 | 438,881 | |||||||||||
L3 Harris Technologies, Inc. |
1.800 | % | 01/15/31 | 1,700,000 | 1,497,359 | |||||||||||
Northrop Grumman Corp. |
4.900 | % | 06/01/34 | 900,000 | 895,991 | |||||||||||
RTX Corp. |
6.100 | % | 03/15/34 | 2,675,000 | 2,870,151 | |||||||||||
Waste Connections, Inc. |
3.200 | % | 06/01/32 | 1,800,000 | 1,653,056 | |||||||||||
| 15,450,564 | ||||||||||||||||
Communications — 0.8% |
||||||||||||||||
American Tower Corp. |
3.125 | % | 01/15/27 | 300,000 | 297,804 | |||||||||||
American Tower Corp. |
5.200 | % | 02/15/29 | 2,425,000 | 2,456,739 | |||||||||||
American Tower Corp. |
2.100 | % | 06/15/30 | 200,000 | 180,803 | |||||||||||
AT&T, Inc. |
2.300 | % | 06/01/27 | 650,000 | 637,362 | |||||||||||
AT&T, Inc. |
2.550 | % | 12/01/33 | 5,989,000 | 5,030,177 | |||||||||||
AT&T, Inc. |
4.500 | % | 05/15/35 | 700,000 | 659,043 | |||||||||||
AT&T, Inc., Class B |
3.500 | % | 06/01/41 | 400,000 | 307,759 | |||||||||||
British Telecommunications plc (c) |
3.250 | % | 11/08/29 | 275,000 | 262,096 | |||||||||||
Comcast Corp. |
1.950 | % | 01/15/31 | 2,250,000 | 1,988,158 | |||||||||||
Comcast Corp. |
3.969 | % | 11/01/47 | 144,000 | 102,683 | |||||||||||
Comcast Corp. |
5.350 | % | 05/15/53 | 925,000 | 797,584 | |||||||||||
Deutsche Telekom International Finance BV (c) |
4.750 | % | 06/21/38 | 100,000 | 95,283 | |||||||||||
T-Mobile USA, Inc. |
5.050 | % | 07/15/33 | 8,425,000 | 8,410,665 | |||||||||||
Verizon Communications, Inc. |
2.355 | % | 03/15/32 | 3,687,000 | 3,221,806 | |||||||||||
Verizon Wireless |
5.000 | % | 01/15/36 | 1,785,000 | 1,740,907 | |||||||||||
| 26,188,869 | ||||||||||||||||
Consumer Cyclical — 1.4% |
||||||||||||||||
Amazon.com, Inc. |
5.650 | % | 03/13/46 | 425,000 | 420,720 | |||||||||||
American Honda Finance, Series A |
4.800 | % | 03/05/30 | 1,300,000 | 1,297,501 | |||||||||||
American Honda Finance, Series A |
5.050 | % | 07/10/31 | 2,450,000 | 2,458,588 | |||||||||||
48 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Consumer Cyclical — 1.4% continued |
||||||||||||||||
American Honda Finance |
4.900 | % | 01/10/34 | $ | 400,000 | $ | 392,119 | |||||||||
CVS Health Corp. |
3.750 | % | 04/01/30 | 500,000 | 483,456 | |||||||||||
CVS Health Corp. |
5.050 | % | 03/25/48 | 2,550,000 | 2,252,349 | |||||||||||
CVS Health Corp. |
5.875 | % | 06/01/53 | 450,000 | 439,855 | |||||||||||
Dollar Tree, Inc. (b) |
4.200 | % | 05/15/28 | 4,100,000 | 4,067,940 | |||||||||||
Expedia, Inc. |
3.800 | % | 02/15/28 | 1,250,000 | 1,234,044 | |||||||||||
Ford Motor Co., Class B |
3.250 | % | 02/12/32 | 1,000,000 | 881,418 | |||||||||||
Ford Motor Credit Co., LLC |
6.800 | % | 05/12/28 | 2,000,000 | 2,057,098 | |||||||||||
Ford Motor Credit Co., LLC |
7.350 | % | 03/06/30 | 1,000,000 | 1,057,324 | |||||||||||
General Motors Co. |
5.625 | % | 04/15/30 | 4,500,000 | 4,610,709 | |||||||||||
General Motors Financial Co., Inc. |
5.450 | % | 09/06/34 | 1,700,000 | 1,703,069 | |||||||||||
Home Depot, Inc. (The) |
4.950 | % | 06/25/34 | 750,000 | 752,514 | |||||||||||
Hyundai Capital America (b)(c) |
5.350 | % | 03/19/29 | 3,110,000 | 3,152,976 | |||||||||||
Hyundai Capital America, Series A (c) |
5.300 | % | 01/08/30 | 1,275,000 | 1,291,453 | |||||||||||
Hyundai Capital America (c) |
5.400 | % | 06/24/31 | 850,000 | 862,278 | |||||||||||
Hyundai Capital America, Series A (c) |
4.750 | % | 09/26/31 | 400,000 | 394,847 | |||||||||||
Lowe’s Cos., Inc. |
2.625 | % | 04/01/31 | 950,000 | 865,313 | |||||||||||
Lowe’s Cos., Inc. |
5.150 | % | 07/01/33 | 4,325,000 | 4,368,562 | |||||||||||
Mercedes-Benz Financing NA (c) |
4.750 | % | 03/31/28 | 500,000 | 501,240 | |||||||||||
Mercedes-Benz Financing NA (c) |
5.000 | % | 01/11/34 | 2,000,000 | 1,969,220 | |||||||||||
Target Corp. (b) |
5.000 | % | 04/15/35 | 3,340,000 | 3,341,911 | |||||||||||
Toyota Motor Credit Corp. (b) |
4.550 | % | 05/17/30 | 1,450,000 | 1,447,263 | |||||||||||
Volkswagen Group America (b)(c) |
5.650 | % | 09/12/28 | 2,400,000 | 2,435,067 | |||||||||||
Walmart, Inc. (b) |
4.500 | % | 04/15/53 | 450,000 | 390,991 | |||||||||||
| 45,129,825 | ||||||||||||||||
Consumer Non-Cyclical — 1.0% |
||||||||||||||||
Abbott Laboratories |
4.750 | % | 11/30/36 | 100,000 | 97,595 | |||||||||||
AbbVie, Inc. |
4.550 | % | 03/15/35 | 100,000 | 96,987 | |||||||||||
AbbVie, Inc. |
4.500 | % | 05/14/35 | 800,000 | 770,792 | |||||||||||
Amgen, Inc. |
4.200 | % | 03/01/33 | 400,000 | 384,298 | |||||||||||
Amgen, Inc. |
5.250 | % | 03/02/33 | 3,750,000 | 3,815,970 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Consumer Non-Cyclical — 1.0% continued |
||||||||||||||||
Amgen, Inc. |
5.600 | % | 03/02/43 | $ | 425,000 | $ | 422,440 | |||||||||
Anheuser-Busch InBev SA/NV |
4.700 | % | 02/01/36 | 2,625,000 | 2,554,939 | |||||||||||
Baxter International, Inc. |
1.915 | % | 02/01/27 | 131,000 | 128,828 | |||||||||||
Bristol-Myers Squibb Co. |
2.950 | % | 03/15/32 | 2,300,000 | 2,101,380 | |||||||||||
Constellation Brands, Inc. |
2.250 | % | 08/01/31 | 2,195,000 | 1,937,276 | |||||||||||
HCA, Inc. |
3.375 | % | 03/15/29 | 1,900,000 | 1,836,069 | |||||||||||
HCA, Inc. |
4.125 | % | 06/15/29 | 650,000 | 639,975 | |||||||||||
HCA, Inc. |
4.300 | % | 11/15/30 | 1,140,000 | 1,115,115 | |||||||||||
Keurig Dr. Pepper, Inc. |
5.100 | % | 03/15/27 | 800,000 | 802,625 | |||||||||||
Kroger Co. (The) |
2.650 | % | 10/15/26 | 100,000 | 99,572 | |||||||||||
Kroger Co. (The) |
5.000 | % | 09/15/34 | 3,350,000 | 3,305,742 | |||||||||||
Mondelez International, Inc. (c) |
1.250 | % | 09/24/26 | 1,600,000 | 1,588,873 | |||||||||||
Pfizer, Inc. |
7.200 | % | 03/15/39 | 1,100,000 | 1,289,008 | |||||||||||
Pfizer, Inc. |
5.340 | % | 05/19/63 | 1,800,000 | 1,655,959 | |||||||||||
Phillip Morris International, Inc. |
5.500 | % | 09/07/30 | 1,500,000 | 1,546,802 | |||||||||||
Phillip Morris International, Inc. |
5.375 | % | 02/15/33 | 2,550,000 | 2,617,426 | |||||||||||
Roche Holdings, Inc. (c) |
2.076 | % | 12/13/31 | 2,300,000 | 2,026,371 | |||||||||||
Roche Holdings, Inc. (c) |
5.593 | % | 11/13/33 | 2,331,000 | 2,436,209 | |||||||||||
| 33,270,251 | ||||||||||||||||
Electric — 1.5% |
||||||||||||||||
CMS Energy Corp. |
2.950 | % | 02/15/27 | 100,000 | 98,898 | |||||||||||
Commonwealth Edison Co. |
5.300 | % | 06/01/34 | 900,000 | 920,963 | |||||||||||
Consumers Energy Co. |
5.125 | % | 05/01/36 | 400,000 | 399,717 | |||||||||||
Dominion Energy South Carolina, Inc. |
6.250 | % | 10/15/53 | 450,000 | 482,079 | |||||||||||
DTE Electric Co. |
4.850 | % | 03/01/36 | 3,175,000 | 3,103,101 | |||||||||||
DTE Energy Co., Series E |
2.850 | % | 10/01/26 | 100,000 | 99,675 | |||||||||||
Duke Energy Carolinas SC Storm Funding, LLC |
4.898 | % | 03/01/44 | 4,170,000 | 4,090,725 | |||||||||||
Duke Energy Corp. |
4.950 | % | 09/15/35 | 1,520,000 | 1,487,493 | |||||||||||
Duke Energy Florida, LLC |
6.200 | % | 11/15/53 | 1,000,000 | 1,056,440 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 49 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Electric — 1.5% continued |
||||||||||||||||
Duke Energy Indiana, LLC |
2.750 | % | 04/01/50 | $ | 370,000 | $ | 227,353 | |||||||||
Duke Energy Ohio, Inc. |
5.250 | % | 04/01/33 | 250,000 | 254,454 | |||||||||||
Florida Power & Light Co. |
5.100 | % | 04/01/33 | 3,775,000 | 3,824,685 | |||||||||||
Idaho Power Co. |
5.500 | % | 03/15/53 | 900,000 | 870,886 | |||||||||||
Idaho Power Co. (b) |
5.800 | % | 04/01/54 | 1,850,000 | 1,863,301 | |||||||||||
MidAmerican Energy Co. |
3.650 | % | 04/15/29 | 350,000 | 342,191 | |||||||||||
Nevada Power Co., Series 2023A |
6.000 | % | 03/15/54 | 450,000 | 455,967 | |||||||||||
NextEra Energy Capital Holdings, Inc. |
4.625 | % | 07/15/27 | 1,535,000 | 1,536,943 | |||||||||||
NextEra Energy Capital Holdings, Inc. (b) |
5.250 | % | 03/15/34 | 500,000 | 506,061 | |||||||||||
Northern States Power Co. (b) |
2.250 | % | 04/01/31 | 500,000 | 449,952 | |||||||||||
Northern States Power Co. (b) |
5.100 | % | 05/15/53 | 900,000 | 820,063 | |||||||||||
NYSEG Storm Funding, LLC, Series 2025-A |
4.713 | % | 05/01/31 | 6,954,583 | 6,948,556 | |||||||||||
Oncor Electric Delivery Co., LLC (b) |
7.000 | % | 05/01/32 | 2,750,000 | 3,049,501 | |||||||||||
Oncor Electric Delivery Co., LLC |
3.750 | % | 04/01/45 | 490,000 | 380,301 | |||||||||||
Oncor Electric Delivery Co., LLC |
4.950 | % | 09/15/52 | 500,000 | 444,033 | |||||||||||
PacifiCorp |
5.500 | % | 05/15/54 | 450,000 | 412,596 | |||||||||||
PECO Energy Co. |
3.000 | % | 09/15/49 | 200,000 | 130,419 | |||||||||||
PPL Electric Utilities Corp. |
5.000 | % | 05/15/33 | 900,000 | 906,198 | |||||||||||
PPL Electric Utilities Corp. |
3.000 | % | 10/01/49 | 160,000 | 105,111 | |||||||||||
Progress Energy, Inc. |
7.750 | % | 03/01/31 | 1,000,000 | 1,118,629 | |||||||||||
Public Service Co. of Colorado |
4.500 | % | 06/01/52 | 400,000 | 329,431 | |||||||||||
Public Service Electric & Gas Co. |
2.250 | % | 09/15/26 | 100,000 | 99,638 | |||||||||||
Public Service Electric & Gas Co. |
4.900 | % | 08/15/35 | 2,460,000 | 2,440,388 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Electric — 1.5% continued |
||||||||||||||||
Southwestern Electric Power Co. |
2.750 | % | 10/01/26 | $ | 100,000 | $ | 99,631 | |||||||||
Swepco Storm Recovery Funding, LLC, Series 2024-A |
4.880 | % | 09/01/39 | 7,874,867 | 7,804,634 | |||||||||||
Wisconsin Power & Light Co. |
1.950 | % | 09/16/31 | 800,000 | 693,472 | |||||||||||
| 47,853,485 | ||||||||||||||||
Energy — 0.7% |
||||||||||||||||
BP Capital Markets America, Inc. |
4.812 | % | 02/13/33 | 800,000 | 796,451 | |||||||||||
BP Capital Markets America, Inc. |
4.893 | % | 09/11/33 | 500,000 | 497,779 | |||||||||||
BP Capital Markets America, Inc. |
4.989 | % | 04/10/34 | 500,000 | 499,441 | |||||||||||
ConocoPhillips Co. |
5.550 | % | 03/15/54 | 450,000 | 435,110 | |||||||||||
Devon Energy Corp. (c) |
3.900 | % | 05/15/27 | 100,000 | 99,305 | |||||||||||
Diamondback Energy, Inc. |
3.250 | % | 12/01/26 | 200,000 | 199,281 | |||||||||||
Diamondback Energy, Inc. |
6.250 | % | 03/15/53 | 500,000 | 518,289 | |||||||||||
Energy Transfer, LP |
5.550 | % | 05/15/34 | 500,000 | 507,917 | |||||||||||
Energy Transfer, LP |
5.600 | % | 09/01/34 | 3,000,000 | 3,061,731 | |||||||||||
Helmerich & Payne, Inc. (b) |
2.900 | % | 09/29/31 | 1,650,000 | 1,478,789 | |||||||||||
HF Sinclair Corp. |
5.750 | % | 01/15/31 | 4,100,000 | 4,188,040 | |||||||||||
MPLX, LP |
5.500 | % | 06/01/34 | 3,612,000 | 3,651,742 | |||||||||||
Occidental Petroleum Corp. |
3.000 | % | 02/15/27 | 1,475,000 | 1,457,433 | |||||||||||
Phillips 66 Co. |
3.550 | % | 10/01/26 | 100,000 | 99,825 | |||||||||||
Phillips 66 Co. |
5.300 | % | 06/30/33 | 875,000 | 886,520 | |||||||||||
Phillips 66 Co. (b) |
4.950 | % | 03/15/35 | 1,300,000 | 1,281,071 | |||||||||||
Shell Finance US, Inc. |
4.750 | % | 01/06/36 | 4,160,000 | 4,070,288 | |||||||||||
Shell Finance US, Inc. (c) |
6.375 | % | 12/15/38 | 73,000 | 79,778 | |||||||||||
| 23,808,790 | ||||||||||||||||
Insurance — 2.2% |
||||||||||||||||
Anthem, Inc. |
4.600 | % | 09/15/32 | 2,565,000 | 2,517,121 | |||||||||||
Berkshire Hathaway Financial Corp. |
3.850 | % | 03/15/52 | 1,900,000 | 1,437,627 | |||||||||||
50 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Insurance — 2.2% continued |
||||||||||||||||
Equitable Financial Life Global Funding (c) |
1.800 | % | 03/08/28 | $ | 1,434,000 | $ | 1,365,948 | |||||||||
Equitable Financial Life Global Funding (c) |
5.000 | % | 03/27/30 | 825,000 | 827,574 | |||||||||||
Jackson National Life Global Funding (c) |
5.550 | % | 07/02/27 | 2,200,000 | 2,219,653 | |||||||||||
Jackson National Life Global Funding (c) |
4.550 | % | 09/09/30 | 860,000 | 843,022 | |||||||||||
Lincoln Financial Global Funding (c) |
4.625 | % | 05/28/28 | 2,750,000 | 2,748,110 | |||||||||||
Lincoln Financial Global Funding (c) |
4.625 | % | 08/18/30 | 850,000 | 840,746 | |||||||||||
Lincoln National Corp. (b) |
3.625 | % | 12/12/26 | 100,000 | 99,664 | |||||||||||
MassMutual Global Funding (c) |
1.200 | % | 07/16/26 | 400,000 | 399,540 | |||||||||||
MassMutual Global Funding (c) |
5.150 | % | 05/30/29 | 4,350,000 | 4,405,029 | |||||||||||
MassMutual Global Funding (c) |
4.350 | % | 09/17/31 | 2,300,000 | 2,241,785 | |||||||||||
MassMutual Global Funding (b)(c) |
5.050 | % | 08/26/35 | 500,000 | 495,295 | |||||||||||
Met Life Global Funding I (c) |
5.400 | % | 09/12/28 | 1,850,000 | 1,881,526 | |||||||||||
Met Life Global Funding I (c) |
4.300 | % | 08/25/29 | 1,000,000 | 989,852 | |||||||||||
Met Life Global Funding I (c) |
1.550 | % | 01/07/31 | 1,950,000 | 1,698,804 | |||||||||||
Met Life Global Funding I (c) |
5.150 | % | 03/28/33 | 500,000 | 505,607 | |||||||||||
Met Life Global Funding I (c) |
5.050 | % | 01/08/34 | 850,000 | 853,616 | |||||||||||
Met Tower Global Funding (c) |
4.000 | % | 01/14/29 | 250,000 | 246,509 | |||||||||||
New York Life Global Funding (c) |
4.700 | % | 01/29/29 | 1,000,000 | 1,001,860 | |||||||||||
New York Life Global Funding (c) |
1.200 | % | 08/07/30 | 2,000,000 | 1,748,144 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Insurance — 2.2% continued |
||||||||||||||||
New York Life Global Funding (c) |
4.250 | % | 01/09/31 | $ | 1,825,000 | $ | 1,795,210 | |||||||||
New York Life Global Funding (c) |
5.000 | % | 01/09/34 | 2,000,000 | 1,998,604 | |||||||||||
Northwestern Mutual Global Funding (c) |
5.070 | % | 03/25/27 | 3,000,000 | 3,018,276 | |||||||||||
Northwestern Mutual Global Funding (c) |
4.350 | % | 09/15/27 | 400,000 | 399,858 | |||||||||||
Northwestern Mutual Global Funding (b)(c) |
4.300 | % | 01/13/31 | 1,600,000 | 1,574,981 | |||||||||||
Northwestern Mutual Global Funding (c) |
5.160 | % | 05/28/31 | 3,245,000 | 3,306,977 | |||||||||||
Pacific Life Global Fund II (c) |
1.450 | % | 01/20/28 | 790,000 | 753,764 | |||||||||||
Pacific Life Global Fund II (b)(c) |
4.850 | % | 02/10/30 | 5,217,000 | 5,231,653 | |||||||||||
Pricoa Global Funding I (c) |
4.750 | % | 08/26/32 | 1,700,000 | 1,676,135 | |||||||||||
Pricoa Global Funding I (c) |
4.650 | % | 01/12/33 | 5,350,000 | 5,230,679 | |||||||||||
Pricoa Global Funding I (c) |
5.350 | % | 05/28/35 | 1,350,000 | 1,365,986 | |||||||||||
Principal Life Global Funding II (c) |
5.000 | % | 01/16/27 | 500,000 | 501,774 | |||||||||||
Principal Life Global Funding II (c) |
4.600 | % | 08/19/27 | 300,000 | 300,670 | |||||||||||
Principal Life Global Funding II (c) |
4.250 | % | 08/18/28 | 925,000 | 916,942 | |||||||||||
Principal Life Global Funding II (c) |
4.450 | % | 01/13/31 | 1,725,000 | 1,696,861 | |||||||||||
Protective Life Global Funding (c) |
1.900 | % | 07/06/28 | 650,000 | 614,835 | |||||||||||
Protective Life Global Funding (c) |
5.467 | % | 12/08/28 | 500,000 | 508,111 | |||||||||||
Protective Life Global Funding (c) |
4.772 | % | 12/09/29 | 2,500,000 | 2,489,468 | |||||||||||
Protective Life Global Funding (c) |
1.737 | % | 09/21/30 | 1,500,000 | 1,322,322 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 51 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Insurance — 2.2% continued |
||||||||||||||||
Protective Life Global Funding (c) |
5.432 | % | 01/14/32 | $ | 4,490,000 | $ | 4,585,490 | |||||||||
RGA Global Funding (c) |
2.000 | % | 11/30/26 | 660,000 | 653,555 | |||||||||||
UnitedHealth Group, Inc. |
4.200 | % | 05/15/32 | 1,150,000 | 1,118,054 | |||||||||||
UnitedHealth Group, Inc. |
4.250 | % | 06/15/48 | 500,000 | 406,184 | |||||||||||
UnitedHealth Group, Inc. |
5.200 | % | 04/15/63 | 500,000 | 447,417 | |||||||||||
| 71,280,838 | ||||||||||||||||
Natural Gas — 0.1% |
||||||||||||||||
Atmos Energy Corp. |
5.900 | % | 11/15/33 | 850,000 | 901,795 | |||||||||||
Atmos Energy Corp. |
4.125 | % | 03/15/49 | 885,000 | 706,753 | |||||||||||
NiSource, Inc. |
4.750 | % | 05/18/31 | 850,000 | 846,528 | |||||||||||
| 2,455,076 | ||||||||||||||||
REITS — 0.5% |
||||||||||||||||
Alexandria Real Estate Equities, Inc. |
3.950 | % | 01/15/28 | 100,000 | 98,913 | |||||||||||
American Homes 4 Rent (b) |
4.250 | % | 02/15/28 | 100,000 | 99,266 | |||||||||||
Boston Properties, LP |
2.750 | % | 10/01/26 | 50,000 | 49,837 | |||||||||||
CubeSmart, LP |
3.000 | % | 02/15/30 | 5,000,000 | 4,703,088 | |||||||||||
ERP Operating, LP |
2.850 | % | 11/01/26 | 100,000 | 99,590 | |||||||||||
ERP Operating, LP |
2.500 | % | 02/15/30 | 1,850,000 | 1,717,712 | |||||||||||
Extra Space Storage, LP |
5.700 | % | 04/01/28 | 100,000 | 101,740 | |||||||||||
Extra Space Storage, LP |
2.200 | % | 10/15/30 | 3,299,000 | 2,958,465 | |||||||||||
Extra Space Storage, LP |
5.350 | % | 01/15/35 | 400,000 | 401,827 | |||||||||||
Realty Income Corp. |
4.750 | % | 04/15/33 | 5,100,000 | 5,033,956 | |||||||||||
| 15,264,394 | ||||||||||||||||
Technology — 1.3% |
||||||||||||||||
Alphabet, Inc. |
5.300 | % | 05/15/65 | 430,000 | 394,353 | |||||||||||
Alphabet, Inc. |
5.700 | % | 11/15/75 | 1,725,000 | 1,655,802 | |||||||||||
Broadcom, Inc. (c) |
4.150 | % | 04/15/32 | 3,900,000 | 3,753,523 | |||||||||||
Broadcom, Inc. |
4.800 | % | 02/15/36 | 1,705,000 | 1,654,612 | |||||||||||
Dell International, LLC / EMC Corp. |
5.000 | % | 04/01/30 | 425,000 | 428,593 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Technology — 1.3% continued |
||||||||||||||||
Fidelity National Information Services, Inc. |
1.650 | % | 03/01/28 | $ | 300,000 | $ | 285,366 | |||||||||
Foundry JV Holdco, LLC (c) |
5.900 | % | 01/25/30 | 2,500,000 | 2,579,314 | |||||||||||
Foundry JV Holdco, LLC (c) |
6.150 | % | 01/25/32 | 500,000 | 524,450 | |||||||||||
Meta Platforms, Inc. |
6.200 | % | 05/15/46 | 6,900,000 | 6,904,774 | |||||||||||
Mobility Global, Inc. (c) |
5.050 | % | 06/15/29 | 2,637,000 | 2,641,536 | |||||||||||
Oracle Corp. |
2.300 | % | 03/25/28 | 3,850,000 | 3,684,638 | |||||||||||
Oracle Corp. |
2.875 | % | 03/25/31 | 500,000 | 446,702 | |||||||||||
Oracle Corp. |
3.850 | % | 04/01/60 | 10,555,000 | 6,198,837 | |||||||||||
Salesforce, Inc. |
4.500 | % | 03/15/28 | 8,100,000 | 8,089,776 | |||||||||||
Xilinx, Inc. |
2.375 | % | 06/01/30 | 2,125,000 | 1,957,997 | |||||||||||
| 41,200,273 | ||||||||||||||||
Transportation — 0.4% |
||||||||||||||||
Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A (c) |
4.800 | % | 02/15/29 | 85,330 | 85,297 | |||||||||||
American Airlines Pass-Through Trust, Series 2016-2, Class AA |
3.200 | % | 12/15/29 | 252,900 | 245,327 | |||||||||||
Burlington North Santa Fe, LLC |
5.050 | % | 03/01/41 | 500,000 | 483,837 | |||||||||||
Burlington North Santa Fe, LLC |
2.875 | % | 06/15/52 | 1,523,000 | 950,893 | |||||||||||
FedEx Corp. |
2.400 | % | 05/15/31 | 500,000 | 450,701 | |||||||||||
FedEx Corp., Series 2020-1, Class AA, CV |
1.875 | % | 08/20/35 | 2,644,304 | 2,283,178 | |||||||||||
Kirby Corp. |
4.200 | % | 03/01/28 | 600,000 | 594,473 | |||||||||||
Norfolk Southern Corp. |
5.950 | % | 03/15/64 | 500,000 | 506,506 | |||||||||||
Penske Trust Leasing Co. / PTL Finance Corp. (c) |
5.350 | % | 03/30/29 | 1,350,000 | 1,367,323 | |||||||||||
Ryder System, Inc. |
2.850 | % | 03/01/27 | 500,000 | 494,677 | |||||||||||
Ryder System, Inc. |
5.300 | % | 03/15/27 | 1,000,000 | 1,004,989 | |||||||||||
Ryder System, Inc. |
5.500 | % | 06/01/29 | 500,000 | 511,360 | |||||||||||
Southwest Airlines Co. |
5.125 | % | 06/15/27 | 1,000,000 | 1,004,110 | |||||||||||
52 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 16.1% continued |
||||||||||||||||
Transportation — 0.4% continued |
||||||||||||||||
Southwest Airlines Co. |
2.625 | % | 02/10/30 | $ | 1,300,000 | $ | 1,203,172 | |||||||||
United Airlines Pass-Through Trust, Series 2020-1, Class A |
5.875 | % | 04/15/29 | 93,346 | 94,445 | |||||||||||
United Airlines Pass-Through Trust, Series 2024-1, Class AA |
5.450 | % | 02/15/37 | 845,771 | 859,951 | |||||||||||
United Parcel Service, Inc. (b) |
5.250 | % | 05/14/35 | 1,300,000 | 1,326,169 | |||||||||||
| 13,466,408 | ||||||||||||||||
Utility-Other — 0.1% |
||||||||||||||||
American Water Capital Corp. |
2.800 | % | 05/01/30 | 300,000 | 280,658 | |||||||||||
American Water Capital Corp. |
2.300 | % | 06/01/31 | 2,825,000 | 2,523,719 | |||||||||||
American Water Capital Corp. |
5.700 | % | 09/01/55 | 450,000 | 445,661 | |||||||||||
| 3,250,038 | ||||||||||||||||
Total Corporate Credit |
||||||||||||||||
(Cost $522,854,458) |
$ | 521,096,779 | ||||||||||||||
Government Related — 0.0% (d) |
||||||||||||||||
Government Owned, No Guarantee — 0.0% (d) |
||||||||||||||||
Tennessee Valley Authority |
4.250 | % | 09/15/52 | 500,000 | 421,486 | |||||||||||
Tennessee Valley Authority |
4.625 | % | 09/15/60 | 525,000 | 465,932 | |||||||||||
Total Government Related |
||||||||||||||||
(Cost $1,237,628) |
$ | 887,418 | ||||||||||||||
Securitized — 62.0% |
||||||||||||||||
ABS-Other — 2.8% |
||||||||||||||||
ACHD Trust, Series 2025-DS1, Class A (c) |
5.978 | % | 01/09/34 | 866,922 | 867,762 | |||||||||||
ACHD Trust, Series 2026-DS1, Class A (c)(e) |
5.672 | % | 07/10/34 | 4,225,000 | 4,223,338 | |||||||||||
AMDR ABS Trust, Series 2025-1A, Class A (c) |
6.378 | % | 12/19/33 | 220,622 | 220,792 | |||||||||||
Bayview Opportunity Master Fund VII, Series 2026-CRD1, Class D (1* SOFR30A + 300) (a)(c) |
6.590 | % | 03/25/34 | 8,000,000 | 8,001,120 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
ABS-Other — 2.8% continued |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B (c) |
1.830 | % | 03/20/41 | $ | 395,834 | $ | 393,829 | |||||||||
FMC GMSR Issuer Trust, Series 2020-GT1, Class A (a)(c) |
4.450 | % | 01/25/28 | 2,000,000 | 1,969,944 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT1, Class A (a)(c) |
3.620 | % | 07/25/28 | 3,300,000 | 3,173,871 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT2, Class A (c) |
3.850 | % | 10/25/28 | 3,900,000 | 3,750,598 | |||||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A (c) |
5.520 | % | 02/22/55 | 3,410,497 | 3,150,943 | |||||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2024-1, Class A (c) |
6.250 | % | 06/20/57 | 8,098,547 | 7,846,484 | |||||||||||
Helios Issuer, LLC, Series 2019-AA, Class A (c) |
3.750 | % | 06/20/46 | 6,377,382 | 5,899,271 | |||||||||||
Hero Funding Trust, Series 2016-2A, Class A (c) |
3.750 | % | 09/20/41 | 52,283 | 50,070 | |||||||||||
Hero Funding Trust, Series 2016-3A, Class A1 (c) |
3.080 | % | 09/20/42 | 819,288 | 765,632 | |||||||||||
Hero Funding Trust, Series 2016-4A, Class A1 (c) |
3.570 | % | 09/20/47 | 78,518 | 73,751 | |||||||||||
Hero Funding Trust, Series 2017-3A, Class A1 (c) |
3.190 | % | 09/20/48 | 71,015 | 64,719 | |||||||||||
Hero Funding Trust, Series 2017-3A, Class A2 (c) |
3.950 | % | 09/20/48 | 259,812 | 242,127 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 53 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
ABS-Other — 2.8% continued |
||||||||||||||||
Hero Funding Trust, Series 2018-1A, Class A2 (c) |
4.670 | % | 09/20/48 | $ | 27,360 | $ | 26,318 | |||||||||
Loanpal Solar Loan Ltd., Series 2020-3GS, Class B (c) |
3.450 | % | 12/20/47 | 1,681,588 | 1,277,705 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A (c) |
2.290 | % | 01/20/48 | 354,945 | 297,215 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class B (c) |
2.840 | % | 01/20/48 | 574,110 | 463,593 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A (c) |
2.220 | % | 03/20/48 | 2,023,959 | 1,648,502 | |||||||||||
Luminace ABS-2022 Issuer, LLC, Series 2024-1, Class B (c) |
6.960 | % | 10/30/31 | 3,853,366 | 3,543,939 | |||||||||||
Mill City Solar Loan Ltd., Series 2019-2GS, Class A (c) |
3.690 | % | 07/20/43 | 85,263 | 76,808 | |||||||||||
Mosaic Solar Loans, LLC, Series 2018-1, Class A (c) |
4.010 | % | 06/22/43 | 60,498 | 56,779 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-2, Class B (c) |
4.770 | % | 06/22/43 | 22,995 | 20,649 | |||||||||||
Mosaic Solar Loans, LLC, Series 2021-1A, Class A (c) |
1.510 | % | 12/20/46 | 2,581,958 | 2,130,538 | |||||||||||
Mosaic Solar Loans, LLC, Series 2025-1, Class A (c) |
6.120 | % | 08/22/50 | 1,958,275 | 1,941,172 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-1A, Class A (c) |
5.320 | % | 06/20/53 | 2,691,970 | 2,511,675 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-1A, Class B (c) |
6.920 | % | 06/20/53 | 1,983,557 | 1,445,049 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
ABS-Other — 2.8% continued |
||||||||||||||||
Mosaic Solar Loans, LLC, Series 2023-2A, Class C (c)(e) |
8.180 | % | 09/22/53 | $ | 4,500,000 | $ | 501,952 | |||||||||
Mosaic Solar Loans, LLC, Series 2023-3A, Class A (c) |
5.910 | % | 11/20/53 | 2,340,492 | 2,294,289 | |||||||||||
OHS Issuer, LLC, Series 2026-1, Class A2 (c) |
5.980 | % | 02/25/61 | 8,471,667 | 8,251,757 | |||||||||||
PowerPay Issuance Trust, Series 2024-1A, Class A (c) |
6.530 | % | 02/18/39 | 1,754,054 | 1,776,627 | |||||||||||
PowerPay Issuance Trust, Series 2025-1A, Class A (c) |
5.230 | % | 11/18/41 | 5,656,620 | 5,618,266 | |||||||||||
Redaptive EAAS Issuer, LLC, Series 2025-1, Class A (c) |
5.940 | % | 03/25/42 | 3,571,249 | 3,608,256 | |||||||||||
Renew Financial, LLC, Series 2017-1, Class A (c) |
3.670 | % | 09/20/52 | 204,613 | 188,037 | |||||||||||
Renew Financial, LLC, Series 2017-2, Class A (c) |
3.220 | % | 09/22/53 | 22,667 | 20,331 | |||||||||||
Sunnova Hestia I Issuer, LLC, Series 2023-GRIDI, Class A-1 (c) |
5.750 | % | 12/20/50 | 2,162,963 | 2,103,674 | |||||||||||
Sunnova Solar Issuer, LLC, Series 2020-2A, Class A (c) |
2.730 | % | 11/01/55 | 3,414,239 | 2,988,644 | |||||||||||
US Bank NA, Series 2025-SUP2, Class B1 (c) |
4.818 | % | 09/25/32 | 2,607,636 | 2,580,791 | |||||||||||
US Bank NA, Series 2025-SUP2, Class D (1* SOFR30A + 220) (a)(c) |
5.828 | % | 09/25/32 | 1,852,794 | 1,862,010 | |||||||||||
US Bank NA, Series 2026-SUP1, Class C (1* SOFR30A + 185) (a)(c) |
5.443 | % | 06/27/33 | 3,550,000 | 3,554,438 | |||||||||||
| 91,483,265 | ||||||||||||||||
54 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency CMBS — 3.0% |
||||||||||||||||
FARM Mortgage Trust, Series 2021-1, Class A (c) |
2.180 | % | 01/25/51 | $ | 20,374,070 | $ | 16,750,358 | |||||||||
Farmer Mac Agricultural Real Estate, Series 2022-1, Class A (c) |
2.540 | % | 07/25/51 | 17,051,007 | 14,331,405 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2023-1, Class A (c) |
2.631 | % | 01/25/52 | 8,839,255 | 7,451,528 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2025-2, Class A (c) |
5.290 | % | 09/25/54 | 9,288,496 | 8,860,102 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2025-1, Class A (c) |
5.220 | % | 08/01/55 | 5,760,224 | 5,442,415 | |||||||||||
FNMA, Pool #AN3598 |
2.550 | % | 12/01/28 | 240,160 | 230,075 | |||||||||||
FNMA, Pool #BL4548 |
2.430 | % | 10/01/29 | 171,512 | 161,964 | |||||||||||
FNMA, Pool #BL9861 |
1.640 | % | 12/01/30 | 2,085,000 | 1,853,064 | |||||||||||
FNMA, Pool #BS0602 |
1.590 | % | 01/01/31 | 12,082,651 | 10,732,643 | |||||||||||
FNMA, Pool #BS0038 |
1.650 | % | 01/01/31 | 1,949,397 | 1,708,781 | |||||||||||
FNMA, Pool #BZ0414 |
5.040 | % | 01/01/31 | 2,082,557 | 2,111,338 | |||||||||||
FNMA, Pool #BZ0326 |
5.090 | % | 01/01/31 | 2,817,644 | 2,861,078 | |||||||||||
FNMA, Pool #BS0915 |
1.620 | % | 03/01/31 | 3,200,000 | 2,786,670 | |||||||||||
FNMA, Pool #AN6149 |
3.140 | % | 07/01/32 | 750,000 | 693,521 | |||||||||||
FNMA, Pool #BS7220 |
5.230 | % | 11/01/32 | 3,187,000 | 3,294,389 | |||||||||||
FNMA, Pool #AN7612 |
3.280 | % | 12/01/32 | 236,314 | 220,546 | |||||||||||
FNMA, Pool #FN0035 |
3.290 | % | 12/01/32 | 5,348,987 | 5,031,413 | |||||||||||
FNMA, Pool #BZ7349 |
5.230 | % | 12/01/32 | 1,000,000 | 1,032,889 | |||||||||||
FNMA, Pool #BS3369 |
2.310 | % | 10/01/41 | 7,768,000 | 5,687,229 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency CMBS — 3.0% continued |
||||||||||||||||
FNMA, Pool #BS3542 |
2.415 | % | 10/01/41 | $ | 2,850,000 | $ | 2,074,948 | |||||||||
FNMA, Pool #AM5015 |
4.940 | % | 12/01/43 | 678,289 | 679,930 | |||||||||||
FRESB Multifamily Mortgage Pass-Through Trust, Series 2018-SB57, Class A-10F |
3.710 | % | 07/25/28 | 2,056,132 | 2,018,381 | |||||||||||
| 96,014,667 | ||||||||||||||||
Agency MBS CMO — 22.8% |
||||||||||||||||
FHLMC, Series 306, Class F3, Pool #S2-0432 (1* SOFR + 30) (a) |
4.007 | % | 05/15/28 | 5,828 | 5,825 | |||||||||||
FHLMC, Series 2018-1, Class A2 |
3.500 | % | 06/25/28 | 2,000,000 | 1,949,797 | |||||||||||
FHLMC, Series 2646, Class ZH |
5.000 | % | 07/15/33 | 156,879 | 155,276 | |||||||||||
FHLMC, Series 4265, Class FD (1* SOFR + 40) (a) |
4.107 | % | 01/15/35 | 129,793 | 129,106 | |||||||||||
FHLMC, Series 5519, Class GV |
5.750 | % | 12/25/35 | 11,435,139 | 11,590,272 | |||||||||||
FHLMC, Series 5583, Class NV |
5.500 | % | 08/25/36 | 11,590,257 | 11,768,716 | |||||||||||
FHLMC, Series 4613, Class AF (1* SOFR + 110) (a) |
4.807 | % | 11/15/37 | 197,169 | 196,781 | |||||||||||
FHLMC, Series 3605, Class PB |
4.500 | % | 11/15/39 | 81,910 | 81,169 | |||||||||||
FHLMC, Series 3740, Class FC (1* SOFR + 50) (a) |
4.207 | % | 10/15/40 | 45,422 | 45,082 | |||||||||||
FHLMC, Series 3759, Class ME |
4.000 | % | 11/15/40 | 528,504 | 498,244 | |||||||||||
FHLMC, Series 5392, Class EL |
2.000 | % | 04/25/41 | 6,271,047 | 4,724,295 | |||||||||||
FHLMC, Series 5115, Class AZ |
2.000 | % | 06/25/41 | 11,512,104 | 7,929,735 | |||||||||||
FHLMC, Series 3923, Class CZ |
5.000 | % | 09/15/41 | 338,619 | 338,481 | |||||||||||
FHLMC, Series 5228, Class JL |
2.500 | % | 10/25/41 | 10,614,560 | 8,915,057 | |||||||||||
FHLMC, Series 3959, Class PZ |
4.500 | % | 11/15/41 | 3,738,255 | 3,661,985 | |||||||||||
FHLMC, Series 4136, Class LZ |
3.000 | % | 06/15/42 | 3,810,393 | 3,460,626 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 55 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FHLMC, Series 4074, Class JY |
2.500 | % | 07/15/42 | $ | 750,000 | $ | 674,518 | |||||||||
FHLMC, Series 4122, Class AB |
1.500 | % | 10/15/42 | 6,796,404 | 6,119,573 | |||||||||||
FHLMC, Series 4180, Class BU |
2.500 | % | 10/15/42 | 2,348,712 | 2,042,035 | |||||||||||
FHLMC, Series 4116, Class YC |
2.500 | % | 10/15/42 | 1,478,000 | 1,137,892 | |||||||||||
FHLMC, Series 4120, Class ZA |
3.000 | % | 10/15/42 | 6,114,336 | 5,573,210 | |||||||||||
FHLMC, Series 5149, Class CA |
2.000 | % | 01/15/43 | 1,049,335 | 751,942 | |||||||||||
FHLMC, Series 4153, Class YZ |
3.000 | % | 01/15/43 | 4,279,006 | 3,817,796 | |||||||||||
FHLMC, Series 4165, Class ZT |
3.000 | % | 02/15/43 | 22,956,888 | 19,504,629 | |||||||||||
FHLMC, Series 4180, Class ZB |
3.000 | % | 03/15/43 | 186,841 | 151,132 | |||||||||||
FHLMC, Series 4183, Class NQ |
3.000 | % | 03/15/43 | 2,920,000 | 2,688,927 | |||||||||||
FHLMC, Series 4204, Class QZ |
3.000 | % | 05/15/43 | 737,995 | 547,884 | |||||||||||
FHLMC, Series 4210, Class Z |
3.000 | % | 05/15/43 | 1,685,884 | 1,424,702 | |||||||||||
FHLMC, Series 4312, Class ZB |
3.500 | % | 08/15/43 | 9,515,837 | 8,698,365 | |||||||||||
FHLMC, Series 4447, Class YZ |
4.000 | % | 08/15/43 | 803,141 | 765,979 | |||||||||||
FHLMC, Series 4333, Class GL |
3.500 | % | 04/15/44 | 250,000 | 223,841 | |||||||||||
FHLMC, Series 4408, Class BC |
3.000 | % | 11/15/44 | 1,020,410 | 870,224 | |||||||||||
FHLMC, Series 4448, Class GZ |
2.500 | % | 03/15/45 | 2,983,867 | 2,444,428 | |||||||||||
FHLMC, Series 4473, Class Z |
3.000 | % | 05/15/45 | 446,039 | 369,328 | |||||||||||
FHLMC, Series 4531, Class PZ |
3.500 | % | 11/15/45 | 1,119,441 | 1,028,921 | |||||||||||
FHLMC, Series 4620, Class DZ |
2.500 | % | 10/15/46 | 7,089,785 | 5,910,968 | |||||||||||
FHLMC, Series 4623, Class MW |
2.500 | % | 10/15/46 | 5,045,000 | 4,274,365 | |||||||||||
FHLMC, Series 4623, Class BZ |
3.500 | % | 10/15/46 | 3,074,144 | 2,840,494 | |||||||||||
FHLMC, Series 4738, Class TW |
3.000 | % | 11/15/46 | 1,476,000 | 1,365,040 | |||||||||||
FHLMC, Series 4710, Class GZ |
3.000 | % | 01/15/47 | 4,821,100 | 4,079,210 | |||||||||||
FHLMC, Series 5099, Class CM |
2.000 | % | 07/25/47 | 3,750,000 | 2,549,163 | |||||||||||
FHLMC, Series 4738, Class LZ |
3.000 | % | 12/15/47 | 3,606,149 | 3,103,370 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FHLMC, Series 4753, Class EZ |
3.500 | % | 12/15/47 | $ | 1,528,176 | $ | 1,384,771 | |||||||||
FHLMC, Series 4745, Class EZ |
3.000 | % | 01/15/48 | 8,809,101 | 7,701,554 | |||||||||||
FHLMC, Series 4745, Class CZ |
3.500 | % | 01/15/48 | 1,316,499 | 1,212,400 | |||||||||||
FHLMC, Series 4768, Class ZH |
3.000 | % | 03/15/48 | 1,209,302 | 1,058,216 | |||||||||||
FHLMC, Series 4776, Class CZ |
4.000 | % | 04/15/48 | 8,494,733 | 7,956,302 | |||||||||||
FHLMC, Series 5510, Class HB |
1.500 | % | 07/25/48 | 6,749,677 | 4,288,925 | |||||||||||
FHLMC, Series 5526, Class DB |
1.500 | % | 07/25/48 | 3,595,220 | 2,268,179 | |||||||||||
FHLMC, Series 4941, Class NW |
2.500 | % | 05/25/49 | 758,520 | 477,596 | |||||||||||
FHLMC, Series 4892, Class PZ |
3.000 | % | 07/15/49 | 1,483,699 | 989,765 | |||||||||||
FHLMC, Series 4908, Class AB |
3.000 | % | 07/25/49 | 6,425,614 | 5,648,626 | |||||||||||
FHLMC, Series 366, Class 200 |
2.000 | % | 08/15/49 | 2,236,025 | 1,907,404 | |||||||||||
FHLMC, Series 4911, Class JM |
3.500 | % | 09/25/49 | 1,000,000 | 775,830 | |||||||||||
FHLMC, Series 4929, Class HP |
3.000 | % | 11/25/49 | 6,015,553 | 5,080,224 | |||||||||||
FHLMC, Series 5159, Class WZ, Pool #5159 |
2.000 | % | 01/25/50 | 704,751 | 418,879 | |||||||||||
FHLMC, Series 5037, Class PA |
1.000 | % | 03/25/50 | 4,158,499 | 3,169,610 | |||||||||||
FHLMC, Series 5103, Class LH |
1.500 | % | 03/25/50 | 1,790,387 | 1,461,818 | |||||||||||
FHLMC, Series 5057, Class DN |
2.000 | % | 03/25/50 | 788,791 | 634,529 | |||||||||||
FHLMC, Series 4968, Class NP |
6.500 | % | 04/25/50 | 1,257,940 | 1,307,054 | |||||||||||
FHLMC, Series 5129, Class DM |
1.000 | % | 08/25/50 | 1,130,771 | 845,836 | |||||||||||
FHLMC, Series 5017, Class CB |
1.500 | % | 09/25/50 | 1,039,329 | 784,530 | |||||||||||
FHLMC, Series 5011, Class DB |
2.000 | % | 09/25/50 | 262,000 | 143,385 | |||||||||||
FHLMC, Series 5038, Class PJ |
0.750 | % | 10/25/50 | 4,800,414 | 3,473,645 | |||||||||||
FHLMC, Series 5038, Class QP |
0.750 | % | 10/25/50 | 7,901,509 | 5,695,221 | |||||||||||
FHLMC, Series 5019, Class PL |
1.000 | % | 10/25/50 | 1,962,907 | 1,484,333 | |||||||||||
FHLMC, Series 5028, Class PW |
1.500 | % | 10/25/50 | 684,000 | 408,916 | |||||||||||
FHLMC, Series 5039, Class JL |
1.250 | % | 11/25/50 | 1,183,123 | 899,137 | |||||||||||
56 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FHLMC, Series 5223, Class MZ |
4.500 | % | 12/25/50 | $ | 3,874,259 | $ | 3,386,417 | |||||||||
FHLMC, Series 5085, Class TY |
1.000 | % | 01/25/51 | 1,263,612 | 738,097 | |||||||||||
FHLMC, Series 5072, Class ME |
1.000 | % | 01/25/51 | 708,416 | 542,389 | |||||||||||
FHLMC, Series 5072, Class DG |
1.000 | % | 02/25/51 | 646,727 | 508,289 | |||||||||||
FHLMC, Series 5643, Class CZ |
5.000 | % | 03/25/51 | 5,265,271 | 4,961,604 | |||||||||||
FHLMC, Series 5146, Class ZW |
2.000 | % | 07/25/51 | 1,733,611 | 867,782 | |||||||||||
FHLMC, Series 5202, Class DZ |
3.000 | % | 07/25/51 | 2,836,860 | 1,701,804 | |||||||||||
FHLMC, Series 5155, Class MG |
1.500 | % | 10/25/51 | 815,328 | 676,638 | |||||||||||
FHLMC, Series 5159, Class PL |
1.250 | % | 11/25/51 | 1,174,520 | 963,781 | |||||||||||
FHLMC, Series 5173, Class BZ |
2.500 | % | 12/25/51 | 1,121,272 | 665,608 | |||||||||||
FHLMC, Series 4377, Class KZ |
3.500 | % | 02/15/52 | 942,794 | 847,914 | |||||||||||
FHLMC, Series 5210, Class BZ |
3.000 | % | 02/25/52 | 9,270,216 | 6,414,658 | |||||||||||
FHLMC, Series 5189, Class ZP |
3.000 | % | 02/25/52 | 1,093,548 | 890,120 | |||||||||||
FHLMC, Series 5232, Class HL |
4.000 | % | 06/25/52 | 4,120,792 | 3,546,751 | |||||||||||
FHLMC, Series 5249, Class PL |
4.000 | % | 08/25/52 | 2,904,186 | 2,539,504 | |||||||||||
FHLMC, Series 4395, Class JZ |
3.000 | % | 12/15/52 | 3,391,281 | 2,927,842 | |||||||||||
FHLMC, Series 5297, Class DB |
5.000 | % | 03/25/53 | 1,239,531 | 1,141,844 | |||||||||||
FHLMC, Series 5318, Class AZ |
5.500 | % | 06/25/53 | 5,367,115 | 5,222,828 | |||||||||||
FHLMC, Series 5332, Class CZ |
6.000 | % | 08/25/53 | 4,700,237 | 4,716,908 | |||||||||||
FHLMC, Series 5402, Class BZ |
6.000 | % | 04/25/54 | 11,441,519 | 11,683,456 | |||||||||||
FNMA, Series 2010-155, Class JH |
4.000 | % | 12/25/28 | 59,762 | 59,296 | |||||||||||
FNMA, Series 2013-35, Class YT |
6.500 | % | 09/25/32 | 65,957 | 67,068 | |||||||||||
FNMA, Series 2002-86, Class PG |
6.000 | % | 12/25/32 | 25,637 | 26,158 | |||||||||||
FNMA, Series 2004-56, Class Z |
7.500 | % | 03/25/34 | 50,966 | 53,835 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FNMA, Series 2004-17, Class BA |
6.000 | % | 04/25/34 | $ | 429,015 | $ | 433,525 | |||||||||
FNMA, Series 2005-3, Class CG |
5.500 | % | 02/25/35 | 92,074 | 93,529 | |||||||||||
FNMA, Series 2005-62, Class ZL |
5.500 | % | 07/25/35 | 149,615 | 151,851 | |||||||||||
FNMA, Series 2006-56, Class DC (1* SOFR + 65) (a) |
4.377 | % | 07/25/36 | 185,937 | 182,575 | |||||||||||
FNMA, Series 2006-71, Class ZH |
6.000 | % | 07/25/36 | 142,597 | 147,391 | |||||||||||
FNMA, Series 2009-19, Class TD |
5.000 | % | 08/25/36 | 44,055 | 44,250 | |||||||||||
FNMA, Series 2007-95, Class A3 (1* SOFR + 25) (a) |
5.221 | % | 08/27/36 | 1,600,000 | 1,538,440 | |||||||||||
FNMA, Series 2006-108, Class FD (1* SOFR + 38) (a) |
4.122 | % | 11/25/36 | 54,116 | 53,770 | |||||||||||
FNMA, Series 2007-39, Class NB |
4.250 | % | 05/25/37 | 57,159 | 55,808 | |||||||||||
FNMA, Series 2009-103, Class MB (a) |
5.982 | % | 12/25/39 | 80,263 | 80,881 | |||||||||||
FNMA, Series 2010-118, Class DZ |
4.750 | % | 10/25/40 | 1,583,741 | 1,543,369 | |||||||||||
FNMA, Series 2011-14, Class PB |
5.000 | % | 03/25/41 | 317,916 | 318,734 | |||||||||||
FNMA, Series 2011-57, Class PD |
4.000 | % | 07/25/41 | 312,689 | 301,183 | |||||||||||
FNMA, Series 2011-62, Class UA |
4.500 | % | 07/25/41 | 540,484 | 521,434 | |||||||||||
FNMA, Series 2012-40, Class GY |
4.000 | % | 04/25/42 | 730,986 | 698,605 | |||||||||||
FNMA, Series 2013-34, Class GP |
3.000 | % | 05/25/42 | 198,263 | 189,284 | |||||||||||
FNMA, Series 2012-56, Class WC |
3.500 | % | 05/25/42 | 1,318,000 | 1,188,278 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 57 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FNMA, Series 2012-52, Class PQ |
3.500 | % | 05/25/42 | $ | 683,221 | $ | 608,600 | |||||||||
FNMA, Series 2012-79, Class QB |
2.000 | % | 07/25/42 | 70,034 | 60,349 | |||||||||||
FNMA, Series 2003-W2, Class 1-1A |
6.500 | % | 07/25/42 | 386,941 | 399,659 | |||||||||||
FNMA, Series 2012-92, Class Z |
3.500 | % | 08/25/42 | 5,202,068 | 4,740,889 | |||||||||||
FNMA, Series 2012-99, Class UY |
2.500 | % | 09/25/42 | 479,000 | 388,783 | |||||||||||
FNMA, Series 2012-99, Class BY |
2.500 | % | 09/25/42 | 2,712,354 | 2,326,777 | |||||||||||
FNMA, Series 2012-124, Class JA |
1.500 | % | 11/25/42 | 2,524,520 | 2,291,203 | |||||||||||
FNMA, Series 2013-35, Class CV |
3.000 | % | 02/25/43 | 809,306 | 779,998 | |||||||||||
FNMA, Series 2013-13, Class WH |
3.500 | % | 03/25/43 | 1,087,000 | 900,153 | |||||||||||
FNMA, Series 2013-31, Class NT |
3.000 | % | 04/25/43 | 23,249 | 22,146 | |||||||||||
FNMA, Series 2013-43, Class XL |
2.500 | % | 05/25/43 | 5,000,000 | 4,473,803 | |||||||||||
FNMA, Series 2003-W10, Class 3A-5 |
4.299 | % | 06/25/43 | 2,026,331 | 2,006,785 | |||||||||||
FNMA, Series 2013-84, Class B |
4.000 | % | 08/25/43 | 1,500,000 | 1,340,510 | |||||||||||
FNMA, Series 2013-104, Class CY |
5.000 | % | 10/25/43 | 300,000 | 302,410 | |||||||||||
FNMA, Series 2013-115, Class PB |
4.500 | % | 11/25/43 | 300,000 | 276,591 | |||||||||||
FNMA, Series 2015-11, Class MZ |
4.000 | % | 12/25/43 | 4,989,143 | 4,748,494 | |||||||||||
FNMA, Series 2014-2, Class PB |
4.000 | % | 02/25/44 | 422,007 | 401,645 | |||||||||||
FNMA, Series 2015-24, Class ZA |
3.000 | % | 04/25/45 | 1,927,578 | 1,707,630 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FNMA, Series 2017-16, Class UW |
3.000 | % | 07/25/45 | $ | 2,044,494 | $ | 1,848,352 | |||||||||
FNMA, Series 2016-68, Class AL |
3.000 | % | 10/25/46 | 827,432 | 744,825 | |||||||||||
FNMA, Series 2016-80, Class CZ |
3.000 | % | 11/25/46 | 674,652 | 450,411 | |||||||||||
FNMA, Series 2017-34, Class KB |
3.000 | % | 05/25/47 | 6,378,134 | 5,639,571 | |||||||||||
FNMA, Series 2017-77, Class HZ |
3.500 | % | 10/25/47 | 3,895,607 | 3,520,413 | |||||||||||
FNMA, Series 2018-08, Class DZ |
3.500 | % | 02/25/48 | 476,380 | 430,566 | |||||||||||
FNMA, Series 2022-4, Class QM |
2.000 | % | 03/25/48 | 1,602,020 | 1,096,151 | |||||||||||
FNMA, Series 2018-31, Class KB |
3.500 | % | 05/25/48 | 148,902 | 130,245 | |||||||||||
FNMA, Series 2018-31, Class KQ |
3.500 | % | 05/25/48 | 591,075 | 537,384 | |||||||||||
FNMA, Series 2018-37, Class CL |
4.000 | % | 06/25/48 | 622,735 | 507,086 | |||||||||||
FNMA, Series 2018-69, Class PZ |
3.500 | % | 09/25/48 | 1,495,846 | 1,336,424 | |||||||||||
FNMA, Series 2018-66, Class PZ |
4.000 | % | 09/25/48 | 655,408 | 526,565 | |||||||||||
FNMA, Series 2018-71, Class PZ |
4.000 | % | 09/25/48 | 14,906,326 | 13,986,656 | |||||||||||
FNMA, Series 2018-77, Class BY |
3.000 | % | 10/25/48 | 2,140,547 | 1,898,574 | |||||||||||
FNMA, Series 2021-13, Class AG |
1.250 | % | 01/25/49 | 3,895,671 | 3,267,531 | |||||||||||
FNMA, Series 2019-01, Class MH |
3.000 | % | 02/25/49 | 122,135 | 108,908 | |||||||||||
FNMA, Series 2019-8, Class ZD |
3.500 | % | 03/25/49 | 549,014 | 494,347 | |||||||||||
FNMA, Series 2019-038, Class MT |
3.000 | % | 07/25/49 | 651,318 | 578,721 | |||||||||||
58 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FNMA, Series 2019-40, Class PL |
4.000 | % | 07/25/49 | $ | 318,000 | $ | 252,358 | |||||||||
FNMA, Series 2019-42, Class DZ |
2.750 | % | 08/25/49 | 1,831,556 | 1,271,102 | |||||||||||
FNMA, Series 2019-60, Class DZ |
2.500 | % | 10/25/49 | 1,756,487 | 1,040,497 | |||||||||||
FNMA, Series 2019-60, Class WZ |
2.750 | % | 10/25/49 | 630,426 | 412,748 | |||||||||||
FNMA, Series 2020-22, Class CA |
3.000 | % | 10/25/49 | 1,184,535 | 1,066,058 | |||||||||||
FNMA, Series 2019-83, Class EB |
2.000 | % | 01/25/50 | 171,000 | 93,381 | |||||||||||
FNMA, Series 2020-15, Class KY |
3.000 | % | 03/25/50 | 2,077,414 | 1,469,551 | |||||||||||
FNMA, Series 2020-22, Class AY |
2.000 | % | 04/25/50 | 1,254,000 | 744,359 | |||||||||||
FNMA, Series 2020-42, Class BY |
2.000 | % | 06/25/50 | 935,000 | 582,941 | |||||||||||
FNMA, Series 2020-50, Class A |
2.000 | % | 07/25/50 | 6,014,657 | 4,972,242 | |||||||||||
FNMA, Series 2020-55, Class EY |
2.000 | % | 08/25/50 | 2,300,000 | 1,647,024 | |||||||||||
FNMA, Series 2020-81, Class MA |
1.000 | % | 10/25/50 | 3,283,408 | 2,548,214 | |||||||||||
FNMA, Series 2020-95, Class KY |
1.500 | % | 01/25/51 | 2,060,000 | 1,220,840 | |||||||||||
FNMA, Series 2021-34, Class KC |
1.000 | % | 03/25/51 | 386,770 | 201,616 | |||||||||||
FNMA, Series 2021-15, Class HD |
1.000 | % | 04/25/51 | 759,083 | 558,672 | |||||||||||
FNMA, Series 2021-25, Class JB |
1.000 | % | 05/25/51 | 1,263,796 | 960,330 | |||||||||||
FNMA, Series 2021-43, Class CJ |
1.000 | % | 07/25/51 | 3,308,417 | 2,435,223 | |||||||||||
FNMA, Series 2021-43, Class ME |
1.500 | % | 07/25/51 | 2,161,220 | 1,684,239 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
FNMA, Series 2021-66, Class NP |
1.000 | % | 10/25/51 | $ | 3,195,545 | $ | 2,344,075 | |||||||||
FNMA, Series 2021-79, Class EL |
1.500 | % | 11/25/51 | 6,051,093 | 4,954,830 | |||||||||||
FNMA, Series 2021-73, Class ZD |
2.000 | % | 11/25/51 | 1,517,960 | 713,794 | |||||||||||
FNMA, Series 2022-1, Class GE |
1.500 | % | 02/25/52 | 3,041,807 | 2,616,036 | |||||||||||
FNMA, Series 2022-49, Class GZ |
4.000 | % | 08/25/52 | 5,331,990 | 4,669,325 | |||||||||||
FNMA, Series 2023-35, Class BZ |
6.000 | % | 01/25/53 | 5,749,708 | 5,793,520 | |||||||||||
FNMA, Series 2023-21, Class MY |
5.000 | % | 04/25/53 | 2,047,000 | 1,908,089 | |||||||||||
FNMA, Series 2023-56, Class BZ |
6.500 | % | 11/25/53 | 7,321,784 | 7,600,479 | |||||||||||
FNMA, Series 2023-67, Class LA |
6.000 | % | 01/25/54 | 8,560,967 | 8,608,960 | |||||||||||
FNMA, Series 2020-61, Class DB |
1.250 | % | 09/25/60 | 4,118,854 | 3,040,823 | |||||||||||
GNMA, Series 2015-161, Class AV |
3.000 | % | 01/20/29 | 141,239 | 139,060 | |||||||||||
GNMA, Series 2018-091, Class VL |
3.500 | % | 10/20/29 | 690,506 | 670,022 | |||||||||||
GNMA, Series 2024-127, Class VC |
5.500 | % | 11/20/33 | 2,023,306 | 2,036,774 | |||||||||||
GNMA, Series 2023-004, Class BV |
5.500 | % | 12/20/33 | 928,619 | 937,258 | |||||||||||
GNMA, Series 2004-49, Class MZ |
6.000 | % | 06/20/34 | 542,448 | 542,247 | |||||||||||
GNMA, Series 2023-115, Class VL |
6.000 | % | 06/20/34 | 3,159,882 | 3,207,169 | |||||||||||
GNMA, Series 2023-167, Class CV |
6.500 | % | 08/20/34 | 6,466,790 | 6,587,279 | |||||||||||
GNMA, Series 2023-167, Class VC |
6.500 | % | 08/20/34 | 8,183,497 | 8,269,253 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 59 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2005-13, Class BG |
5.000 | % | 02/20/35 | $ | 123,695 | $ | 123,646 | |||||||||
GNMA, Series 2024-127, Class VQ |
5.000 | % | 08/20/35 | 5,652,054 | 5,621,865 | |||||||||||
GNMA, Series 2015-123, Class VB |
3.500 | % | 09/20/35 | 12,762 | 12,730 | |||||||||||
GNMA, Series 2006-17, Class JN |
6.000 | % | 04/20/36 | 74,449 | 74,574 | |||||||||||
GNMA, Series 2009-2, Class PA |
5.000 | % | 12/20/38 | 20,805 | 20,764 | |||||||||||
GNMA, Series 2009-50, Class MZ |
6.000 | % | 07/16/39 | 1,977,363 | 2,051,550 | |||||||||||
GNMA, Series 2014-79, Class HU |
3.000 | % | 02/16/40 | 465,651 | 375,598 | |||||||||||
GNMA, Series 2018-124, Class Z |
4.000 | % | 03/20/41 | 4,200,889 | 3,917,234 | |||||||||||
GNMA, Series 2011-34, Class MB |
4.000 | % | 03/20/41 | 1,685,722 | 1,610,518 | |||||||||||
GNMA, Series 2012-34, Class LC |
3.000 | % | 03/20/42 | 1,415,051 | 1,151,281 | |||||||||||
GNMA, Series 2012-74, Class LY |
2.500 | % | 06/20/42 | 935,000 | 703,375 | |||||||||||
GNMA, Series 2012-134, Class KM |
2.000 | % | 09/20/42 | 342,000 | 252,364 | |||||||||||
GNMA, Series 2012-113, Class NZ |
4.500 | % | 09/20/42 | 337,511 | 309,172 | |||||||||||
GNMA, Series 2013-186, Class PY |
2.000 | % | 11/20/42 | 4,500,000 | 3,970,822 | |||||||||||
GNMA, Series 2012-145, Class PY |
2.000 | % | 12/20/42 | 1,900,000 | 1,582,975 | |||||||||||
GNMA, Series 2013-6, Class PE |
2.000 | % | 01/20/43 | 169,000 | 133,419 | |||||||||||
GNMA, Series 2013-5, Class GY |
3.000 | % | 01/20/43 | 889,000 | 723,867 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2013-149, Class LZ |
2.500 | % | 10/20/43 | $ | 3,039,881 | $ | 2,666,739 | |||||||||
GNMA, Series 2014-58, Class PE |
4.000 | % | 04/20/44 | 10,388,000 | 9,792,873 | |||||||||||
GNMA, Series 2015-179, Class ZB |
2.500 | % | 02/20/45 | 64,075 | 46,910 | |||||||||||
GNMA, Series 2015-76, Class MZ |
3.000 | % | 05/20/45 | 2,657,805 | 2,367,362 | |||||||||||
GNMA, Series 2016-37, Class YA |
3.000 | % | 12/20/45 | 1,052,758 | 914,333 | |||||||||||
GNMA, Series 2016-38, Class ZP |
3.500 | % | 03/20/46 | 85,847 | 62,415 | |||||||||||
GNMA, Series 2016-74, Class PL |
3.000 | % | 05/20/46 | 1,062,421 | 952,661 | |||||||||||
GNMA, Series 2016-77, Class GY |
3.000 | % | 06/20/46 | 1,101,528 | 992,322 | |||||||||||
GNMA, Series 2016-116, Class AB |
3.000 | % | 09/20/46 | 1,419,715 | 1,213,593 | |||||||||||
GNMA, Series 2016-118, Class LB |
3.000 | % | 09/20/46 | 500,000 | 436,568 | |||||||||||
GNMA, Series 2016-120, Class YZ |
3.000 | % | 09/20/46 | 500,000 | 429,240 | |||||||||||
GNMA, Series 2017-080, Class BZ |
3.500 | % | 05/20/47 | 480,769 | 358,534 | |||||||||||
GNMA, Series 2017-120, Class JZ |
4.000 | % | 08/20/47 | 745,805 | 621,396 | |||||||||||
GNMA, Series 2019-092, Class DB |
2.250 | % | 01/20/48 | 1,303,521 | 1,127,835 | |||||||||||
GNMA, Series 2018-006, Class JY |
2.750 | % | 01/20/48 | 362,000 | 314,850 | |||||||||||
GNMA, Series 2018-14, Class MZ |
3.000 | % | 01/20/48 | 443,958 | 285,405 | |||||||||||
GNMA, Series 2018-024, Class DL |
3.500 | % | 02/20/48 | 1,493,652 | 1,349,193 | |||||||||||
GNMA, Series 2018-46, Class CZ |
3.200 | % | 03/20/48 | 17,437,421 | 15,348,673 | |||||||||||
60 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2018-097, Class GY |
4.000 | % | 07/20/48 | $ | 1,151,835 | $ | 1,099,329 | |||||||||
GNMA, Series 2018-105, Class ZK |
4.000 | % | 08/20/48 | 546,906 | 478,584 | |||||||||||
GNMA, Series 2018-120, Class PY |
3.500 | % | 09/20/48 | 473,307 | 420,054 | |||||||||||
GNMA, Series 2018-154, Class ZU |
4.000 | % | 11/20/48 | 583,437 | 483,092 | |||||||||||
GNMA, Series 2018-166, Class Z |
4.000 | % | 12/20/48 | 558,100 | 457,781 | |||||||||||
GNMA, Series 2019-031, Class AZ |
5.000 | % | 03/20/49 | 145,405 | 142,293 | |||||||||||
GNMA, Series 2019-042, Class AB |
3.250 | % | 04/20/49 | 5,760,990 | 5,095,328 | |||||||||||
GNMA, Series 2019-052, Class HL |
4.000 | % | 04/20/49 | 490,565 | 430,177 | |||||||||||
GNMA, Series 2019-085, Class MC |
2.500 | % | 06/20/49 | 640,810 | 570,623 | |||||||||||
GNMA, Series 2019-99, Class EW |
3.000 | % | 08/20/49 | 540,446 | 423,300 | |||||||||||
GNMA, Series 2019-99, Class GP |
3.500 | % | 08/20/49 | 517,000 | 397,630 | |||||||||||
GNMA, Series 2021-66, Class YM |
3.500 | % | 09/20/49 | 1,566,583 | 1,370,886 | |||||||||||
GNMA, Series 2019-152, Class LC |
3.500 | % | 10/20/49 | 2,616,659 | 2,405,694 | |||||||||||
GNMA, Series 2020-015, Class EH |
2.500 | % | 02/20/50 | 1,358,322 | 1,129,591 | |||||||||||
GNMA, Series 2020-93, Class CP |
2.900 | % | 04/20/50 | 2,442,091 | 2,068,281 | |||||||||||
GNMA, Series 2020-093, Class AZ |
3.000 | % | 04/20/50 | 930,029 | 656,504 | |||||||||||
GNMA, Series 2020-84, Class LB |
1.250 | % | 06/20/50 | 4,073,446 | 3,166,163 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2021-58, Class NA |
1.000 | % | 07/20/50 | $ | 436,716 | $ | 333,703 | |||||||||
GNMA, Series 2020-097, Class ML |
2.500 | % | 07/20/50 | 1,975,000 | 1,225,878 | |||||||||||
GNMA, Series 2020-133, Class ZM |
1.000 | % | 09/20/50 | 509,403 | 183,299 | |||||||||||
GNMA, Series 2020-160, Class QD |
1.000 | % | 10/20/50 | 854,904 | 423,370 | |||||||||||
GNMA, Series 2020-165, Class BP |
1.000 | % | 11/20/50 | 377,710 | 316,713 | |||||||||||
GNMA, Series 2020-183, Class AE |
1.250 | % | 12/20/50 | 598,103 | 313,948 | |||||||||||
GNMA, Series 2021-089, Class JY |
1.250 | % | 03/20/51 | 1,524,647 | 890,854 | |||||||||||
GNMA, Series 2021-86, Class MB |
1.000 | % | 05/20/51 | 660,611 | 504,258 | |||||||||||
GNMA, Series 2021-081, Class KE |
1.500 | % | 05/20/51 | 4,442,231 | 2,522,231 | |||||||||||
GNMA, Series 2021-097, Class PA |
1.000 | % | 06/20/51 | 1,825,228 | 1,393,974 | |||||||||||
GNMA, Series 2021-096, Class JK |
1.500 | % | 06/20/51 | 2,529,673 | 1,578,714 | |||||||||||
GNMA, Series 2021-121, Class JW |
1.500 | % | 07/20/51 | 1,708,699 | 964,859 | |||||||||||
GNMA, Series 2021-149, Class ZB |
3.000 | % | 08/20/51 | 328,963 | 190,793 | |||||||||||
GNMA, Series 2021-158, Class KQ |
1.500 | % | 09/20/51 | 2,707,175 | 1,651,052 | |||||||||||
GNMA, Series 2022-69, Class BY |
2.000 | % | 10/20/51 | 1,000,000 | 775,142 | |||||||||||
GNMA, Series 2022-206, Class GZ |
4.500 | % | 10/20/51 | 1,226,431 | 1,075,383 | |||||||||||
GNMA, Series 2021-205, Class ZL |
1.500 | % | 11/20/51 | 4,801,234 | 2,180,421 | |||||||||||
GNMA, Series 2021-196, Class YZ |
1.500 | % | 11/20/51 | 1,152,613 | 535,731 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 61 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2021-216, Class QM |
1.500 | % | 12/20/51 | $ | 1,191,997 | $ | 671,594 | |||||||||
GNMA, Series 2021-216, Class Z |
1.500 | % | 12/20/51 | 6,055,355 | 3,465,680 | |||||||||||
GNMA, Series 2022-160, Class GZ |
1.750 | % | 01/20/52 | 15,113,959 | 9,078,828 | |||||||||||
GNMA, Series 2022-10, Class QJ |
1.750 | % | 01/20/52 | 1,317,637 | 770,890 | |||||||||||
GNMA, Series 2023-152, Class JL |
6.000 | % | 01/20/52 | 2,362,155 | 2,409,849 | |||||||||||
GNMA, Series 2022-68, Class QW |
3.500 | % | 04/20/52 | 3,800,000 | 3,171,784 | |||||||||||
GNMA, Series 2022-84, Class AL |
3.500 | % | 05/20/52 | 2,812,353 | 2,429,505 | |||||||||||
GNMA, Series 2022-101, Class PL |
4.500 | % | 06/20/52 | 9,199,000 | 8,450,238 | |||||||||||
GNMA, Series 2022-205, Class CH |
5.000 | % | 06/20/52 | 3,242,719 | 3,153,440 | |||||||||||
GNMA, Series 2022-129, Class PL |
4.000 | % | 07/20/52 | 3,595,000 | 3,039,758 | |||||||||||
GNMA, Series 2022-125, Class JW |
5.000 | % | 07/20/52 | 2,000,000 | 1,839,079 | |||||||||||
GNMA, Series 2022-136, Class PB |
4.000 | % | 08/20/52 | 1,585,000 | 1,329,681 | |||||||||||
GNMA, Series 2022-160, Class QL |
4.500 | % | 09/20/52 | 5,500,000 | 5,116,219 | |||||||||||
GNMA, Series 2022-172, Class MZ |
5.500 | % | 10/20/52 | 2,279,326 | 2,246,070 | |||||||||||
GNMA, Series 2022-190, Class DZ |
5.750 | % | 11/20/52 | 2,401,216 | 2,385,121 | |||||||||||
GNMA, Series 2022-197, Class JB |
6.000 | % | 11/20/52 | 1,500,715 | 1,521,449 | |||||||||||
GNMA, Series 2022-205, Class CE |
5.000 | % | 12/20/52 | 2,180,598 | 2,054,666 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2022-209, Class JW |
5.500 | % | 12/20/52 | $ | 2,038,000 | $ | 2,038,447 | |||||||||
GNMA, Series 2023-13, Class JB |
5.250 | % | 01/20/53 | 505,050 | 447,372 | |||||||||||
GNMA, Series 2023-004, Class PB |
5.500 | % | 01/20/53 | 3,932,000 | 3,788,411 | |||||||||||
GNMA, Series 2023-4, Class BZ |
5.500 | % | 01/20/53 | 1,838,911 | 1,696,505 | |||||||||||
GNMA, Series 2023-058, Class PZ |
5.500 | % | 01/20/53 | 6,817,442 | 6,647,922 | |||||||||||
GNMA, Series 2023-070, Class BZ |
6.000 | % | 01/20/53 | 5,451,400 | 5,517,862 | |||||||||||
GNMA, Series 2023-35, Class DB |
4.500 | % | 02/20/53 | 1,233,954 | 1,140,186 | |||||||||||
GNMA, Series 2023-018, Class ZA |
5.000 | % | 02/20/53 | 1,935,068 | 1,765,068 | |||||||||||
GNMA, Series 2023-45, Class HZ |
5.000 | % | 03/20/53 | 3,528,746 | 3,212,513 | |||||||||||
GNMA, Series 2023-45, Class EZ |
6.000 | % | 03/20/53 | 2,206,246 | 2,255,225 | |||||||||||
GNMA, Series 2023-065, Class LZ |
5.500 | % | 05/20/53 | 1,387,442 | 1,308,896 | |||||||||||
GNMA, Series 2023-066, Class ZE |
6.500 | % | 05/20/53 | 3,430,400 | 3,536,254 | |||||||||||
GNMA, Series 2023-082, Class GZ |
6.000 | % | 06/20/53 | 2,811,108 | 2,800,306 | |||||||||||
GNMA, Series 2023-081, Class KB |
6.500 | % | 06/20/53 | 1,500,051 | 1,557,450 | |||||||||||
GNMA, Series 2023-096, Class CB |
6.500 | % | 07/20/53 | 1,384,005 | 1,448,183 | |||||||||||
GNMA, Series 2023-113, Class QC |
6.000 | % | 08/20/53 | 6,188,700 | 6,318,001 | |||||||||||
GNMA, Series 2023-117, Class LZ |
6.000 | % | 08/20/53 | 8,085,107 | 8,259,614 | |||||||||||
GNMA, Series 2023-128, Class LZ |
6.000 | % | 08/20/53 | 7,509,444 | 7,604,171 | |||||||||||
62 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2023-133, Class AL |
6.500 | % | 09/20/53 | $ | 4,000,000 | $ | 4,207,263 | |||||||||
GNMA, Series 2023-152, Class MY |
6.000 | % | 10/20/53 | 1,592,333 | 1,623,066 | |||||||||||
GNMA, Series 2023-152, Class GX |
6.000 | % | 10/20/53 | 6,587,217 | 6,708,004 | |||||||||||
GNMA, Series 2023-147, Class Z |
6.500 | % | 10/20/53 | 4,978,302 | 5,195,407 | |||||||||||
GNMA, Series 2023-148, Class CB |
6.500 | % | 10/20/53 | 4,188,291 | 4,306,487 | |||||||||||
GNMA, Series 2023-169, Class JW |
6.500 | % | 11/20/53 | 5,000,000 | 5,249,309 | |||||||||||
GNMA, Series 2023-167, Class CZ |
6.500 | % | 11/20/53 | 9,309,420 | 9,757,133 | |||||||||||
GNMA, Series 2023-169, Class MB |
6.500 | % | 11/20/53 | 1,503,739 | 1,551,626 | |||||||||||
GNMA, Series 2023-171, Class BZ |
6.500 | % | 11/20/53 | 2,729,165 | 2,828,814 | |||||||||||
GNMA, Series 2023-165, Class AZ |
7.000 | % | 11/20/53 | 5,790,329 | 6,208,681 | |||||||||||
GNMA, Series 2024-28, Class GM |
6.500 | % | 02/20/54 | 3,351,261 | 3,455,523 | |||||||||||
GNMA, Series 2024-23, Class AZ |
6.500 | % | 02/20/54 | 9,177,242 | 9,463,033 | |||||||||||
GNMA, Series 2024-60, Class BZ |
6.000 | % | 04/20/54 | 11,238,030 | 11,441,511 | |||||||||||
GNMA, Series 2025-27, Class KZ |
6.500 | % | 02/20/55 | 3,561,047 | 3,623,549 | |||||||||||
GNMA, Series 2025-98, Class BZ |
6.000 | % | 06/20/55 | 3,039,075 | 3,052,953 | |||||||||||
GNMA, Series 2025-170, Class YL |
5.500 | % | 07/20/55 | 19,443,479 | 19,334,430 | |||||||||||
GNMA, Series 2026-53, Class MZ |
4.500 | % | 03/20/56 | 3,963,086 | 3,748,857 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 22.8% continued |
||||||||||||||||
GNMA, Series 2017-H18, Class EB (a) |
4.873 | % | 06/20/63 | $ | 12,649 | $ | 12,498 | |||||||||
GNMA, Series 2023-152, Class TW |
6.500 | % | 10/20/63 | 9,624,085 | 9,991,952 | |||||||||||
GNMA, Series 2014-H14, Class FA (1* TSFR1M + 61) (a) |
4.275 | % | 07/20/64 | 46,805 | 46,760 | |||||||||||
GNMA, Series 2016-H11, Class FD (1* TSFR12M + 112) (a) |
4.819 | % | 05/20/66 | 36,923 | 37,162 | |||||||||||
GNMA, Series 2017-H16, Class DB (a) |
4.508 | % | 08/20/67 | 9,469 | 9,280 | |||||||||||
| 741,359,933 | ||||||||||||||||
Agency MBS CMO Derivatives — 0.6% |
||||||||||||||||
FHLMC, Series 3919, Class QS (IO) (-1* SOFR + 670) (a) |
2.993 | % | 08/15/30 | 334,357 | 8,917 | |||||||||||
FHLMC, Series 226, Class (PO), Pool #S0-3651 |
0.000 | % | 02/01/34 | 56,851 | 48,707 | |||||||||||
FHLMC, Series 3102, Class TA (IO) (-7.5* SOFR30A + 64) (a) |
7.500 | % | 01/15/36 | 134,734 | 132,804 | |||||||||||
FHLMC, Series 3607, Class AO (PO) |
0.000 | % | 04/15/36 | 40,969 | 35,069 | |||||||||||
FHLMC, Series 237, Class S14 (IO) (-1* SOFR + 660) (a) |
2.893 | % | 05/15/36 | 170,158 | 16,249 | |||||||||||
FHLMC, Series 3199, Class OC (PO) |
0.000 | % | 08/15/36 | 46,494 | 39,704 | |||||||||||
FHLMC, Series 3607, Class OP (PO) |
0.000 | % | 07/15/37 | 158,973 | 136,191 | |||||||||||
FHLMC, Series 3852, Class NT (IO) (-1* SOFR30A + 611) (a) |
2.293 | % | 05/15/41 | 1,252,811 | 1,039,041 | |||||||||||
FHLMC, Series 4422, Class DO (PO) |
0.000 | % | 10/15/41 | 602,481 | 472,497 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 63 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO Derivatives — 0.6% continued |
||||||||||||||||
FHLMC, Series 4074, Class SJ (IO) (-1* SOFR + 662) (a) |
2.913 | % | 07/15/42 | $ | 512,715 | $ | 55,891 | |||||||||
FHLMC, Class (PO), Pool #S0-6050 |
0.000 | % | 08/15/42 | 103,512 | 79,708 | |||||||||||
FHLMC, Class (PO), Pool #S0-6829 |
0.000 | % | 09/15/43 | 193,667 | 149,461 | |||||||||||
FHLMC, Series 322, Class (PO), Pool #S0-7033 (-1.6* SOFR30A + 955) (a) |
3.508 | % | 12/15/43 | 984,076 | 858,974 | |||||||||||
FNMA, Series 2012-148, Class IA (IO) |
4.000 | % | 01/25/28 | 10,016 | 105 | |||||||||||
FNMA, Series 2004-91, Class SP (IO) (-2.4* SOFR + 1680) (a) |
7.819 | % | 10/25/31 | 69,061 | 71,804 | |||||||||||
FNMA, Series 2004-61, Class GO (PO) |
0.000 | % | 11/25/32 | 142,676 | 130,114 | |||||||||||
FNMA, Series 2013-89, Class DI (IO) |
4.000 | % | 08/25/33 | 510,566 | 30,603 | |||||||||||
FNMA, Series 2015-82, Class AI (IO) |
3.500 | % | 06/25/34 | 181,829 | 5,799 | |||||||||||
FNMA, Series 2016-28, Class DI (IO) |
3.500 | % | 03/25/35 | 201,008 | 7,545 | |||||||||||
FNMA, Series 384, Class 11 (IO) |
5.000 | % | 03/25/35 | 264,578 | 32,318 | |||||||||||
FNMA, Series 2005-52, Class JH (IO) (-1* SOFR + 660) (a) |
2.858 | % | 05/25/35 | 123,931 | 4,568 | |||||||||||
FNMA, Class (IO) (a) |
5.000 | % | 06/25/35 | 327,593 | 41,003 | |||||||||||
FNMA, Series 2016-24, Class KI (IO) |
3.500 | % | 07/25/35 | 172,512 | 9,404 | |||||||||||
FNMA, Class (IO) |
5.000 | % | 02/25/36 | 224,795 | 25,851 | |||||||||||
FNMA, Series 2006-96, Class MO (PO) |
0.000 | % | 10/25/36 | 8,155 | 7,442 | |||||||||||
FNMA, Series 398, Class C5 (IO) |
5.000 | % | 05/25/39 | 390,652 | 64,223 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO Derivatives — 0.6% continued |
||||||||||||||||
FNMA, Series 2010-44, Class CS (IO) (-1* SOFR + 655) (a) |
2.808 | % | 05/25/40 | $ | 29,738 | $ | 2,640 | |||||||||
FNMA, Series 409, Class C1 (IO) |
4.000 | % | 04/01/42 | 626,218 | 108,344 | |||||||||||
FNMA, Series 2012-99, Class QS (IO) (-1* SOFR + 660) (a) |
2.858 | % | 09/25/42 | 1,189,461 | 152,071 | |||||||||||
FNMA, Series 2012-128, Class SH (IO) (-1* SOFR + 400) (a) |
0.258 | % | 11/25/42 | 4,656,109 | 3,215,780 | |||||||||||
FNMA, Series 2012-128, Class WS (IO) (-1* SOFR + 400) (a) |
0.258 | % | 11/25/42 | 1,065,274 | 707,916 | |||||||||||
FNMA, Series 2016-32, Class GO (PO) |
0.000 | % | 01/25/43 | 11,453 | 4,917 | |||||||||||
FNMA, Series 2016-30, Class IN (IO) |
3.500 | % | 02/25/43 | 260,463 | 4,994 | |||||||||||
FNMA, Series 2019-31, Class CI (IO) |
4.000 | % | 02/25/47 | 340,013 | 13,851 | |||||||||||
FNMA, Series 2026-15, Class SA (IO) (-1* SOFR30A + 430) (a) |
0.672 | % | 03/25/56 | 90,621,474 | 1,312,117 | |||||||||||
GNMA, Series 2011-139, Class LS (IO) (-1* TSFR1M + 511) (a) |
1.236 | % | 03/16/38 | 1,704,118 | 56,002 | |||||||||||
GNMA, Series 2013-147, Class SD (IO) (-1* TSFR1M + 676) (a) |
2.896 | % | 12/20/39 | 900,717 | 93,582 | |||||||||||
GNMA, Series 2011-21, Class SA (IO) (-1* TSFR1M + 611) (a) |
2.252 | % | 02/16/41 | 1,013,555 | 84,738 | |||||||||||
GNMA, Series 2013-113, Class QS (IO) (-1* TSFR1M + 631) (a) |
2.446 | % | 02/20/42 | 164,524 | 6,637 | |||||||||||
64 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS CMO Derivatives — 0.6% continued |
||||||||||||||||
GNMA, Series 2013-82, Class NS (IO) (-1* TSFR1M + 411) (a) |
0.246 | % | 05/20/43 | $ | 1,294,967 | $ | 685,330 | |||||||||
GNMA, Series 2017-004, Class WI (IO) |
4.000 | % | 02/20/44 | 321,738 | 12,119 | |||||||||||
GNMA, Series 2016-32, Class MS (IO) (-1* TSFR1M + 616) (a) |
2.296 | % | 03/20/46 | 1,241,004 | 122,789 | |||||||||||
GNMA, Series 2019-098, Class BI (IO) |
3.000 | % | 06/20/49 | 847,484 | 199,940 | |||||||||||
GNMA, Series 2022-200, Class SC (IO) (-3.67* SOFR30A + 23) (a) |
9.318 | % | 11/20/52 | 3,695,885 | 3,887,282 | |||||||||||
GNMA, Series 2026-1, Class SM (IO) (-1* SOFR30A + 435) (a) |
0.741 | % | 01/20/56 | 147,304,202 | 2,093,237 | |||||||||||
GNMA, Series 2026-102, Class SH (IO) (-1* SOFR30A + 630) (a) |
2.709 | % | 06/20/56 | 67,500,000 | 4,711,790 | |||||||||||
| 20,980,068 | ||||||||||||||||
Agency MBS Passthrough — 7.1% |
||||||||||||||||
FHLMC, Pool #G6-1909 |
4.500 | % | 12/01/37 | 181,788 | 180,032 | |||||||||||
FHLMC, Pool #G0-6085 |
6.500 | % | 09/01/38 | 25,257 | 26,548 | |||||||||||
FHLMC, Pool #RB-5090 |
2.000 | % | 12/01/40 | 12,729,794 | 11,094,571 | |||||||||||
FHLMC, Pool #ZM9373 |
4.000 | % | 03/01/42 | 7,134,796 | 6,761,856 | |||||||||||
FHLMC, Pool #2B-7995 |
2.523 | % | 10/01/50 | 3,406,022 | 3,176,742 | |||||||||||
FHLMC, Pool #RE-6080 |
1.500 | % | 11/01/50 | 4,176,497 | 3,113,959 | |||||||||||
FHLMC, Pool #RE-0015 |
3.000 | % | 11/01/50 | 4,811,002 | 4,248,321 | |||||||||||
FHLMC, Pool #RE-6093 |
1.500 | % | 04/01/51 | 1,124,687 | 838,554 | |||||||||||
FHLMC, Series 4839, Class AL |
4.000 | % | 04/15/51 | 2,326,401 | 1,984,052 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS Passthrough — 7.1% continued |
||||||||||||||||
FHLMC, Pool #8C-0205 |
1.854 | % | 02/01/52 | $ | 2,813,446 | $ | 2,665,452 | |||||||||
FHLMC, Pool #SD3000 |
5.500 | % | 06/01/53 | 7,053,000 | 7,123,601 | |||||||||||
FHLMC, Pool #SD3394 |
5.500 | % | 07/01/53 | 5,905,169 | 5,962,329 | |||||||||||
FHLMC, Pool #QH-7551 |
6.000 | % | 12/01/53 | 4,242,168 | 4,371,705 | |||||||||||
FHLMC, Pool #SL1482 |
6.000 | % | 02/01/55 | 3,820,198 | 3,918,460 | |||||||||||
FHLMC, Pool #QZ6240 |
6.500 | % | 10/01/55 | 4,566,102 | 4,725,013 | |||||||||||
FNMA, Pool #252409 |
6.500 | % | 03/01/29 | 13,746 | 13,879 | |||||||||||
FNMA, Pool #AS7287 |
3.500 | % | 06/01/31 | 125,866 | 123,424 | |||||||||||
FNMA, Pool #AL3200 |
3.500 | % | 02/01/33 | 130,560 | 125,806 | |||||||||||
FNMA, Pool #AT7120 |
3.500 | % | 06/01/33 | 208,051 | 201,390 | |||||||||||
FNMA, Pool #AL5166 |
3.000 | % | 11/01/33 | 912,552 | 867,187 | |||||||||||
FNMA, Pool #AL6685 |
4.000 | % | 01/01/35 | 542,831 | 530,410 | |||||||||||
FNMA, Pool #MA2198 |
3.500 | % | 03/01/35 | 152,718 | 146,904 | |||||||||||
FNMA, Pool #MA3050 |
4.500 | % | 06/01/37 | 210,886 | 207,029 | |||||||||||
FNMA, Pool #BM7598 |
3.000 | % | 02/01/43 | 4,743,119 | 4,315,764 | |||||||||||
FNMA, Pool #AS4073 |
4.000 | % | 12/01/44 | 124,835 | 119,280 | |||||||||||
FNMA, Pool #AS5236 |
4.000 | % | 05/01/45 | 826,205 | 781,631 | |||||||||||
FNMA, Pool #MA2778 |
3.500 | % | 10/01/46 | 70,226 | 64,632 | |||||||||||
FNMA, Series 2017-10, Class LZ |
3.000 | % | 03/25/47 | 3,937,523 | 3,435,829 | |||||||||||
FNMA, Pool #BM6504 |
3.500 | % | 01/01/48 | 8,323,275 | 7,681,486 | |||||||||||
FNMA, Pool #BM6530 |
3.000 | % | 10/01/48 | 244,794 | 220,077 | |||||||||||
FNMA, Pool #CA6940 |
2.247 | % | 09/01/50 | 2,108,384 | 1,960,929 | |||||||||||
FNMA, Pool #BP7449 |
2.041 | % | 10/01/50 | 690,171 | 682,213 | |||||||||||
FNMA, Pool #BM6452 |
2.114 | % | 10/01/50 | 2,553,551 | 2,357,402 | |||||||||||
FNMA, Pool #BQ5239 |
2.222 | % | 10/01/50 | 1,245,971 | 1,236,825 | |||||||||||
FNMA, Pool #MA4199 |
1.500 | % | 11/01/50 | 706,084 | 526,447 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 65 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Agency MBS Passthrough — 7.1% continued |
||||||||||||||||
FNMA, Pool #CA8249 |
1.500 | % | 12/01/50 | $ | 7,594,889 | $ | 5,838,312 | |||||||||
FNMA, Pool #BK8466 |
2.241 | % | 12/01/50 | 770,180 | 713,975 | |||||||||||
FNMA, Pool #CA9112 |
1.500 | % | 02/01/51 | 14,363,120 | 10,709,007 | |||||||||||
FNMA, Pool #MA4294 |
1.500 | % | 03/01/51 | 2,625,530 | 1,957,569 | |||||||||||
FNMA, Pool #BR9977 |
1.782 | % | 06/01/51 | 2,259,376 | 2,043,140 | |||||||||||
FNMA, Pool #DA1521 |
6.000 | % | 10/01/53 | 5,976,090 | 6,114,231 | |||||||||||
FNMA, Pool #FS9979 |
6.000 | % | 09/01/54 | 19,996,227 | 20,645,074 | |||||||||||
FNMA, Pool #DC6991 |
5.000 | % | 12/01/54 | 27,015,977 | 26,642,900 | |||||||||||
FNMA, Pool #DC6393 |
6.000 | % | 04/01/55 | 11,411,186 | 11,732,009 | |||||||||||
GNMA, Pool #MA5738M |
4.000 | % | 02/20/34 | 99,638 | 98,376 | |||||||||||
GNMA, Pool #MA7385M |
2.000 | % | 06/20/36 | 682,199 | 596,449 | |||||||||||
GNMA, Pool #784279 |
5.500 | % | 11/15/38 | 168,841 | 170,882 | |||||||||||
GNMA, Pool #711522X |
4.500 | % | 07/15/40 | 178,564 | 179,008 | |||||||||||
GNMA, Pool #784991 |
3.000 | % | 04/20/46 | 2,971,503 | 2,627,134 | |||||||||||
GNMA, Pool #78541 |
4.500 | % | 06/15/46 | 66,703 | 66,050 | |||||||||||
GNMA, Pool #784792 |
4.500 | % | 08/20/49 | 351,828 | 328,250 | |||||||||||
GNMA, Pool #MA7248 |
3.000 | % | 03/20/51 | 983,821 | 857,523 | |||||||||||
GNMA, Pool #CI6717 |
3.000 | % | 10/20/51 | 1,734,190 | 1,540,960 | |||||||||||
GNMA, Pool #MA7929M |
3.500 | % | 03/20/52 | 5,101,738 | 4,512,405 | |||||||||||
GNMA, Pool #787258C |
3.500 | % | 08/20/52 | 8,309,941 | 7,357,300 | |||||||||||
GNMA, Pool #CM7497C |
5.000 | % | 08/20/52 | 3,147,235 | 3,090,847 | |||||||||||
GNMA, Pool #CX4361C |
8.000 | % | 11/20/53 | 331,559 | 346,072 | |||||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 2,187,764 | 2,246,589 | |||||||||||
GNMA, Pool #MA9428M |
8.000 | % | 01/20/54 | 793,459 | 816,359 | |||||||||||
GNMA, Pool #CR2128 |
3.000 | % | 04/20/55 | 793,944 | 697,295 | |||||||||||
GNMA, Pool #DQ8969 |
7.000 | % | 03/20/56 | 907,105 | 954,022 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS Passthrough — 7.1% continued |
||||||||||||||||
GNMA, Pool #DR2390 |
7.000 | % | 04/20/56 | $ | 1,387,449 | $ | 1,463,517 | |||||||||
GNMA, Pool #DS2417 |
7.000 | % | 05/20/56 | 3,990,963 | 4,187,797 | |||||||||||
GNMA, Pool #CN5057 |
4.500 | % | 07/20/62 | 1,340,741 | 1,278,850 | |||||||||||
GNMA, Pool #CN5236C |
4.000 | % | 08/20/62 | 3,690,844 | 3,442,979 | |||||||||||
GNMA, Pool #CN5237 |
4.500 | % | 08/20/62 | 1,237,928 | 1,180,779 | |||||||||||
GNMA, Pool #CP5023C |
6.000 | % | 08/20/62 | 1,339,499 | 1,367,047 | |||||||||||
GNMA, Pool #CQ3549 |
3.000 | % | 10/20/62 | 218,069 | 191,507 | |||||||||||
GNMA, Pool #CS5780 |
3.000 | % | 02/20/63 | 321,428 | 282,276 | |||||||||||
GNMA, Pool #DJ1126 |
7.000 | % | 04/20/65 | 18,089,726 | 18,990,325 | |||||||||||
| 231,056,554 | ||||||||||||||||
Auto Loan — 2.6% |
||||||||||||||||
ACM Auto Trust, Series 2025-3A, Class A (c) |
5.010 | % | 01/22/30 | 1,364,114 | 1,354,420 | |||||||||||
AgoraCapital Auto Securities Trust, Series 2025-1A, Class A (c) |
6.400 | % | 11/25/32 | 2,313,742 | 2,318,264 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C (c) |
9.840 | % | 03/15/29 | 2,700,000 | 2,533,258 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B (c) |
6.870 | % | 06/17/30 | 2,000,000 | 2,019,752 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2025-1A, Class B (c) |
5.110 | % | 11/15/31 | 5,640,000 | 5,641,655 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class B (c) |
6.770 | % | 05/15/29 | 3,250,000 | 3,260,558 | |||||||||||
First Help Financial, LLC, Series 2025-2A, Class A2 (c) |
5.750 | % | 05/15/30 | 3,189,846 | 3,199,374 | |||||||||||
66 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Auto Loan — 2.6% continued |
||||||||||||||||
First Help Financial, LLC, Series 2026-1A, Class A2 (c) |
5.410 | % | 09/16/30 | $ | 11,000,000 | $ | 11,038,024 | |||||||||
First Help Financial, LLC, Series 2023-2, Class D (c) |
9.503 | % | 10/15/30 | 1,750,000 | 1,801,139 | |||||||||||
Flagship Credit Auto Trust, Series 2023-1, Class C (c) |
5.430 | % | 05/15/29 | 4,141,088 | 4,144,830 | |||||||||||
Huntington National Bank (The), Series 2025-2, Class B1 (c) |
4.835 | % | 09/20/33 | 4,169,546 | 4,157,370 | |||||||||||
Lendbuzz Securitization Trust, Series 2023-1A, Class A2 (c) |
6.920 | % | 08/15/28 | 1,621,574 | 1,632,576 | |||||||||||
Lendbuzz Securitization Trust, Series 2026-1A, Class C (c) |
5.740 | % | 09/15/31 | 2,046,141 | 2,027,257 | |||||||||||
Lendbuzz Securitization Trust, Series 2026-1A, Class D (c) |
6.860 | % | 02/15/33 | 1,679,655 | 1,684,077 | |||||||||||
Lobel Automobile Receivables Trust, Series 2026-1, Class B (c) |
5.530 | % | 04/16/29 | 3,900,000 | 3,887,683 | |||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class D (c) |
8.200 | % | 05/20/36 | 4,000,000 | 4,033,458 | |||||||||||
Merchants Fleet Funding, LLC, Series 2025-1A, Class D (c) |
5.760 | % | 01/20/39 | 5,775,000 | 5,733,972 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class A (c) |
5.415 | % | 06/27/33 | 3,274,785 | 3,268,755 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Auto Loan — 2.6% continued |
||||||||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C (c) |
6.675 | % | 06/27/33 | $ | 9,215,183 | $ | 9,222,351 | |||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class D (c) |
7.720 | % | 07/25/35 | 7,250,000 | 7,133,560 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-1A, Class B (c)(e) |
6.530 | % | 12/15/27 | 4,000,000 | 360,000 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-3A, Class B (c)(e) |
5.360 | % | 09/15/28 | 1,625,000 | 1,477,288 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-3A, Class C (c)(e) |
5.730 | % | 12/15/28 | 1,920,000 | 193,920 | |||||||||||
US Bank NA, Series 2023-1, Class B (c) |
6.789 | % | 08/25/32 | 126,959 | 127,645 | |||||||||||
Veros Auto Receivables Trust, Series 2026-1, Class C (c) |
5.220 | % | 07/15/31 | 3,675,000 | 3,661,417 | |||||||||||
| 85,912,603 | ||||||||||||||||
CRE/CLO — 0.7% |
||||||||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1* TSFR1M + 319) (a)(c) |
6.790 | % | 01/18/41 | 2,500,000 | 2,514,927 | |||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1* TSFR1M + 369) (a)(c) |
7.290 | % | 01/18/41 | 4,000,000 | 4,023,668 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 67 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
CRE/CLO — 0.7% continued |
||||||||||||||||
Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1* TSFR1M + 269) (a)(c) |
6.332 | % | 08/20/42 | $ | 2,400,000 | $ | 2,402,731 | |||||||||
AREIT CRE Trust, Series 2022-CRE7, Class C (1* SOFR + 384) (a)(c) |
7.479 | % | 06/17/39 | 900,000 | 900,313 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class B (1* TSFR1M + 151) (a)(c) |
5.392 | % | 02/15/38 | 2,240,000 | 2,229,698 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class C (1* TSFR1M + 186) (a)(c) |
5.742 | % | 05/15/38 | 1,600,000 | 1,563,214 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class D (1* TSFR1M + 236) (a)(c) |
6.242 | % | 05/15/38 | 1,600,000 | 1,549,907 | |||||||||||
MF1 Multifamily Housing Mortgage Trust, Series 2026-FL21, Class A (1* TSFR1M + 135) (a)(c) |
4.987 | % | 02/18/41 | 6,000,000 | 6,001,932 | |||||||||||
PFP III, Series 2024-11, Class D (1* TSFR1M + 409) (a)(c) |
7.700 | % | 09/17/39 | 2,500,000 | 2,486,037 | |||||||||||
| 23,672,427 | ||||||||||||||||
Credit Cards — 0.6% |
||||||||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class D (c) |
7.040 | % | 12/20/32 | 5,000,000 | 4,920,150 | |||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class B (c) |
6.360 | % | 06/16/36 | 5,250,000 | 5,249,675 | |||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class C (c) |
6.850 | % | 06/16/36 | 5,000,000 | 4,999,932 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Credit Cards — 0.6% continued |
||||||||||||||||
Mission Lane Credit Card Master Trust, Series 2026-A, Class C (c) |
5.690 | % | 07/15/32 | $ | 2,875,000 | $ | 2,876,528 | |||||||||
Mission Lane Credit Card Master Trust, Series 2026-A, Class D (c) |
6.270 | % | 07/15/32 | 1,225,000 | 1,230,944 | |||||||||||
| 19,277,229 | ||||||||||||||||
Equipment — 0.6% |
||||||||||||||||
Blue Bridge Funding, Inc., Series 2023-1, Class A (c) |
7.370 | % | 11/15/30 | 178,132 | 178,828 | |||||||||||
Business Jet Securities, LLC, Series 2026-1A, Class B (c) |
6.099 | % | 06/15/56 | 2,425,000 | 2,429,462 | |||||||||||
CLI Funding VI, LLC, Series 2020-1, Class B (c) |
3.620 | % | 09/18/45 | 274,794 | 258,239 | |||||||||||
CPF IV, LLC, Series 2023-2, Class C (c) |
7.560 | % | 03/15/32 | 2,000,000 | 2,030,501 | |||||||||||
Dext ABS, Series 2023-2, Class D (c) |
8.300 | % | 05/15/34 | 1,500,000 | 1,564,380 | |||||||||||
MMP Capital, LLC, Series 2025-A, Class A (c) |
5.360 | % | 12/15/31 | 4,864,724 | 4,875,219 | |||||||||||
NMEF Funding, LLC, Series 2022-B, Class C (c) |
8.540 | % | 06/15/29 | 4,500,000 | 4,521,103 | |||||||||||
NMEF Funding, LLC, Series 2023-A, Class C (c) |
8.040 | % | 06/17/30 | 3,500,000 | 3,595,623 | |||||||||||
Stellar Jay Ireland DAC, Series 2021-1, Class B (c) |
5.926 | % | 10/15/41 | 74,287 | 74,214 | |||||||||||
| 19,527,569 | ||||||||||||||||
HECM — 5.1% |
||||||||||||||||
Boston Lending Trust, Series 2022-1, Class M2 (c) |
2.750 | % | 02/25/62 | 564,146 | 542,520 | |||||||||||
68 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
HECM — 5.1% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM4, Class M1 (c) |
3.000 | % | 07/25/62 | $ | 1,126,110 | $ | 1,040,460 | |||||||||
Brean Asset Backed Securities Trust, Series 2022-RM5, Class A (c) |
4.500 | % | 09/25/62 | 4,360,730 | 4,284,572 | |||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM5, Class M1 (c) |
4.500 | % | 09/25/62 | 2,717,868 | 2,570,636 | |||||||||||
Brean Asset Backed Securities Trust, Series 2022-RM5, Class M2 (c) |
4.500 | % | 09/25/62 | 3,072,373 | 2,843,965 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM6, Class M1 (c) |
5.250 | % | 01/25/63 | 3,218,888 | 3,142,333 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM6, Class M2 (c) |
5.250 | % | 01/25/63 | 3,218,888 | 3,095,095 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M3 (c) |
4.000 | % | 09/25/63 | 3,179,754 | 2,850,567 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-SRM1, Class M1 (c) |
4.000 | % | 09/25/63 | 3,347,109 | 3,245,803 | |||||||||||
Brean Asset Backed Securities Trust, Series 2024-RM9, Class A1 (c) |
5.000 | % | 09/25/64 | 2,632,475 | 2,609,495 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 5.1% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM10, Class A2 (c) |
5.000 | % | 01/25/65 | $ | 6,800,000 | $ | 6,687,822 | |||||||||
Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 (c) |
4.500 | % | 07/25/65 | 2,395,182 | 1,987,386 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM12, Class A2 (c) |
4.500 | % | 07/25/65 | 6,689,498 | 6,369,381 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM13, Class M2 (c) |
4.250 | % | 10/25/65 | 2,263,644 | 1,954,364 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 (c) |
4.250 | % | 10/25/65 | 1,054,652 | 873,537 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M2 (c) |
4.250 | % | 01/25/66 | 4,072,774 | 3,478,028 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M3 (c) |
4.250 | % | 01/25/66 | 1,425,471 | 1,180,449 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class A2 (c) |
4.250 | % | 01/25/66 | 3,835,000 | 3,591,793 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM15, Class M2 (c) |
4.250 | % | 04/25/66 | 3,125,670 | 2,561,172 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 69 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
HECM — 5.1% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM15, Class M3 (c) |
4.250 | % | 04/25/66 | $ | 5,495,129 | $ | 4,299,662 | |||||||||
Brean Asset Backed Securities Trust, Series 2026-RM16, Class M3 (c) |
4.250 | % | 05/25/66 | 3,200,000 | 2,595,850 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class A1 (c) |
4.500 | % | 03/25/78 | 6,966,721 | 6,862,113 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class M1 (c) |
4.500 | % | 03/25/78 | 3,360,706 | 3,172,743 | |||||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 (c) |
4.500 | % | 03/25/78 | 6,039,000 | 5,858,804 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-2, Class M3 (a)(c) |
3.000 | % | 06/25/34 | 4,000,000 | 3,882,965 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-2, Class M2 (c) |
3.000 | % | 06/25/34 | 3,750,000 | 3,654,546 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB15, Class M3 (a)(c) |
4.000 | % | 08/25/34 | 5,500,000 | 5,354,571 | |||||||||||
MOO Securitization Trust, Series 2026-RM1, Class M2 (a)(c) |
4.500 | % | 03/25/66 | 1,450,000 | 1,267,685 | |||||||||||
MOO Securitization Trust, Series 2026-RM1, Class M3 (a)(c) |
4.500 | % | 03/25/66 | 950,000 | 795,915 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 5.1% continued |
||||||||||||||||
MOO Securitization Trust, Series 2026-RM2, Class M1 (c) |
4.750 | % | 06/25/66 | $ | 1,625,000 | $ | 1,509,630 | |||||||||
MOO Securitization Trust, Series 2026-RM2, Class M3 (a)(c) |
4.750 | % | 06/25/66 | 3,475,000 | 2,921,923 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M2 (c) |
3.000 | % | 02/25/37 | 1,500,000 | 1,474,016 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M3 (c) |
3.000 | % | 02/25/37 | 3,500,000 | 3,426,434 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M2 (c) |
3.000 | % | 11/25/38 | 3,475,000 | 3,236,459 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 (a)(c) |
3.000 | % | 11/25/38 | 9,050,000 | 8,316,011 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB3, Class M3 (a)(c) |
3.000 | % | 06/25/39 | 6,552,000 | 5,930,215 | |||||||||||
Onity Loan Investment Trust, Series 2024-HB2, Class M3 (c) |
5.000 | % | 08/25/37 | 4,900,000 | 4,769,318 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M3 (a)(c) |
3.000 | % | 06/25/38 | 1,500,000 | 1,399,498 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M1 (c) |
3.000 | % | 06/25/38 | 3,250,000 | 3,085,720 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M3 (a)(c) |
3.000 | % | 05/25/39 | 7,030,000 | 6,385,890 | |||||||||||
70 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
HECM — 5.1% continued |
||||||||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 (c) |
3.690 | % | 11/25/31 | $ | 1,550,000 | $ | 1,478,322 | |||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 (c) |
4.704 | % | 11/25/31 | 5,000,000 | 4,723,626 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class AI (a)(c) |
1.719 | % | 10/25/50 | 1,371,864 | 1,289,731 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class AB (c) |
1.744 | % | 10/25/50 | 3,517,130 | 3,281,331 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M1 (c) |
2.619 | % | 10/25/50 | 1,500,000 | 1,289,365 | |||||||||||
RMF Proprietary Issuance Trust, Series 2021-1, Class A (c) |
1.968 | % | 05/25/61 | 1,795,311 | 1,711,174 | |||||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class A (c) |
2.125 | % | 09/25/61 | 5,007,130 | 4,796,973 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-1, Class A (c) |
3.000 | % | 01/25/62 | 2,719,953 | 2,611,850 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M3 (c) |
3.750 | % | 06/25/62 | 1,100,000 | 1,021,604 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M1 (c) |
4.000 | % | 08/25/62 | 5,000,000 | 4,772,623 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M3 (c) |
4.000 | % | 08/25/62 | 2,500,000 | 2,300,209 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (c) |
3.000 | % | 01/25/62 | 1,400,000 | 1,320,236 | |||||||||||
RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 (c) |
3.000 | % | 01/25/62 | 1,000,000 | 929,185 | |||||||||||
| 166,635,575 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Hospitality — 0.5% |
||||||||||||||||
BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1* TSFR1M + 255) (a)(c) |
6.175 | % | 08/15/42 | $ | 3,500,000 | $ | 3,504,375 | |||||||||
BX Trust, Series 2026-CSMO, Class A (1* TSFR1M + 140) (a)(c) |
5.025 | % | 02/15/42 | 4,150,000 | 4,159,078 | |||||||||||
INTOWN Mortgage Trust, Series 2025-STAY, Class D (1* TSFR1M + 285) (a)(c) |
6.475 | % | 03/15/42 | 1,900,000 | 1,900,000 | |||||||||||
JW Commercial Mortgage Trust, Series 2026-MRCO, Class A (1* TSFR1M + 150) (a)(c) |
5.125 | % | 06/15/39 | 3,500,000 | 3,508,750 | |||||||||||
MCR Mortgage Trust, Series 2024-TWA, Class D (c) |
7.402 | % | 06/12/39 | 3,500,000 | 3,505,580 | |||||||||||
| 16,577,783 | ||||||||||||||||
Industrial — 0.3% |
||||||||||||||||
BX Trust, Series VOLT-2025, Class A (1* SOFR30A + 2) (a)(c) |
5.700 | % | 12/15/44 | 8,000,000 | 8,007,500 | |||||||||||
Laboratory — 2.0% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-BIO2, Class D (a)(c) |
7.713 | % | 08/13/41 | 7,000,000 | 6,584,875 | |||||||||||
BX Trust, Series 2026-CLS, Class C (1* TSFR1M + 235) (a)(c) |
5.977 | % | 05/15/31 | 1,865,000 | 1,868,974 | |||||||||||
BX Trust, Series 2026-CLS, Class D (1* TSFR1M + 345) (a)(c) |
7.077 | % | 05/15/31 | 2,215,000 | 2,220,537 | |||||||||||
Commercial Mortgage Trust, Series 2020-CX, Class A (c) |
2.173 | % | 11/10/46 | 12,575,000 | 10,710,996 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 71 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Laboratory — 2.0% continued |
||||||||||||||||
Commercial Mortgage Trust, Series 2020-CX, Class B (c) |
2.446 | % | 11/10/46 | $ | 7,959,000 | $ | 6,593,634 | |||||||||
Life Financial Services Trust, Series 2021-BMR, Class D (1* TSFR1M + 151) (a)(c) |
5.139 | % | 03/15/38 | 7,000,000 | 6,685,000 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class E (1* TSFR1M + 186) (a)(c) |
5.489 | % | 03/15/38 | 6,314,700 | 5,971,986 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class A1 (1* TSFR1M + 130) (a)(c) |
4.921 | % | 05/15/39 | 10,250,000 | 9,763,125 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class B (1* TSFR1M + 179) (a)(c) |
5.419 | % | 05/15/39 | 4,200,000 | 3,674,996 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class C (1* TSFR1M + 209) (a)(c) |
5.719 | % | 05/15/39 | 5,500,000 | 4,619,994 | |||||||||||
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A (c) |
2.130 | % | 10/10/42 | 9,060,000 | 7,722,407 | |||||||||||
| 66,416,524 | ||||||||||||||||
Multifamily — 1.6% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1* TSFR1M + 309) (a)(c) |
6.715 | % | 08/15/39 | 7,198,185 | 7,211,681 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF43, Class B (1* SOFR + 215) (a)(c) |
5.900 | % | 01/25/28 | 236,208 | 230,751 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Multifamily — 1.6% continued |
||||||||||||||||
FREMF Mortgage Trust, Series 2018-KF46, Class B (1* SOFR30A + 206) (a)(c) |
5.714 | % | 03/25/28 | $ | 122,763 | $ | 119,557 | |||||||||
FREMF Mortgage Trust, Series 2018-KF48, Class B (1* SOFR + 205) (a)(c) |
5.650 | % | 06/25/28 | 1,438,424 | 1,383,304 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF50, Class B (1* SOFR + 190) (a)(c) |
5.664 | % | 07/25/28 | 338,254 | 332,062 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF57, Class B (1* SOFR + 225) (a)(c) |
6.000 | % | 01/25/29 | 1,054,297 | 1,016,341 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF67, Class B (1* SOFR + 225) (a)(c) |
6.014 | % | 08/25/29 | 170,719 | 163,438 | |||||||||||
MultiFamily Connecticut Avenue, Series 2024-01, Class M7 (1* SOFR30A + 275) (a)(c) |
6.378 | % | 07/25/54 | 6,969,780 | 7,037,695 | |||||||||||
MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1* SOFR30A + 240) (a)(c) |
6.028 | % | 05/25/55 | 4,595,409 | 4,654,944 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1* SOFR30A + 335) (a)(c) |
7.178 | % | 07/25/41 | 9,651,947 | 9,683,013 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1* SOFR30A + 245) (a)(c) |
6.078 | % | 10/25/44 | 5,055,063 | 5,086,926 | |||||||||||
72 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Multifamily — 1.6% continued |
||||||||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1* SOFR30A + 205) (a)(c) |
5.678 | % | 02/25/45 | $ | 3,952,202 | $ | 3,913,969 | |||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-2 (1* SOFR30A + 285) (a)(c) |
6.478 | % | 02/25/45 | 1,550,000 | 1,554,301 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN12, Class M1 (c) |
5.378 | % | 11/25/45 | 4,979,732 | 4,979,178 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1* SOFR + 200) (a)(c) |
5.628 | % | 01/25/51 | 281,830 | 281,499 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN3, Class M-1 (1* SOFR + 230) (a)(c) |
5.928 | % | 11/25/51 | 1,915,930 | 1,916,436 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M-1 (1* SOFR + 425) (a)(c) |
7.878 | % | 05/25/52 | 2,576,127 | 2,611,665 | |||||||||||
| 52,176,760 | ||||||||||||||||
Non-Agency MBS 2.0 — 0.7% |
||||||||||||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1* SOFR + 155) (a) |
5.178 | % | 02/25/50 | 530,533 | 517,605 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Non-Agency MBS 2.0 — 0.7% continued |
||||||||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1* SOFR + 130) (a)(c) |
4.928 | % | 03/25/51 | $ | 493,813 | $ | 492,855 | |||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1* SOFR + 180) (a)(c) |
5.428 | % | 03/25/51 | 1,366,595 | 1,359,829 | |||||||||||
Redwood Funding Trust, Series 2025-RR1, Class A1 (c) |
6.767 | % | 06/27/28 | 5,408,635 | 5,406,087 | |||||||||||
Redwood Funding Trust, Series 2026-2, Class A (c) |
6.259 | % | 11/27/56 | 7,337,498 | 7,315,053 | |||||||||||
REMIC Funding Trust, Series 2024-2, Class A1 (c) |
7.112 | % | 09/27/28 | 4,907,734 | 4,872,943 | |||||||||||
REMIC Funding Trust, Series 2024-2, Class A2 (c) |
8.806 | % | 09/27/28 | 1,943,657 | 1,928,273 | |||||||||||
| 21,892,645 | ||||||||||||||||
Non-Performing Loan — 0.3% |
||||||||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 (c) |
7.774 | % | 05/25/30 | 3,258,207 | 3,270,491 | |||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2026-NPL1, Class A1 (c) |
6.595 | % | 04/25/31 | 6,009,512 | 5,982,940 | |||||||||||
| 9,253,431 | ||||||||||||||||
Office — 0.8% |
||||||||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A (c) |
2.627 | % | 01/15/32 | 2,215,000 | 2,037,756 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 73 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Office — 0.8% continued |
||||||||||||||||
Bay Trust, Series 2026-MDWS, Class A (1* TSFR1M + 164) (a)(c) |
5.243 | % | 06/15/41 | $ | 7,000,000 | $ | 6,973,750 | |||||||||
COLEM Mortgage Trust, Series 2022-HLNE, Class B (a)(c) |
2.461 | % | 04/12/42 | 3,000,000 | 2,827,414 | |||||||||||
NYT Mortgage Trust, Series 2019-NYT, Class C (1* TSFR1M + 200) (a)(c) |
5.625 | % | 12/15/35 | 2,700,000 | 2,511,000 | |||||||||||
NYT Mortgage Trust, Series 2019-NYT, Class D (1* TSFR1M + 230) (a)(c) |
5.925 | % | 12/15/35 | 2,500,000 | 2,287,500 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B (c) |
6.013 | % | 09/15/40 | 5,000,000 | 4,929,465 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D (c) |
8.623 | % | 09/15/40 | 4,250,000 | 4,187,838 | |||||||||||
| 25,754,723 | ||||||||||||||||
Residential Transition Loan — 1.9% |
||||||||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 (c) |
3.280 | % | 12/31/26 | 267,904 | 185,971 | |||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A1 (c) |
6.014 | % | 05/25/31 | 8,750,000 | 8,793,749 | |||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A2 (c) |
7.427 | % | 05/25/31 | 2,550,000 | 2,563,933 | |||||||||||
Colony American Finance Ltd., Series 2026-R1, Class A1 (c) |
6.773 | % | 03/25/36 | 7,979,000 | 7,960,276 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Residential Transition Loan — 1.9% continued |
||||||||||||||||
Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 (c) |
8.299 | % | 05/25/40 | $ | 3,750,000 | $ | 3,799,505 | |||||||||
Fidelis Mortgage Trust, Series 2025-RTL1, Class A-2 (c) |
6.220 | % | 02/27/40 | 2,200,000 | 2,202,435 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RRTL2, Class A-2 (c) |
6.369 | % | 09/25/39 | 4,000,000 | 4,002,558 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class A2 (c) |
8.373 | % | 05/25/29 | 4,000,000 | 4,023,259 | |||||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class A1 (c) |
5.652 | % | 01/25/40 | 8,000,000 | 8,023,677 | |||||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class A2 (c) |
5.952 | % | 01/25/40 | 8,950,000 | 8,952,189 | |||||||||||
ROC Mortgage Trust, Series 2025-RTL1, Class A2 (c) |
6.114 | % | 02/25/40 | 8,000,000 | 8,014,610 | |||||||||||
TVC Mortgage Trust, Series 2024-RRTL1, Class A2 (c) |
5.956 | % | 07/25/39 | 2,000,000 | 2,003,250 | |||||||||||
| 60,525,412 | ||||||||||||||||
Second Lien — 1.8% |
||||||||||||||||
Achieve Mortgage, Series 2024-HE2, Class A (c) |
5.350 | % | 10/25/39 | 2,592,079 | 2,582,682 | |||||||||||
Achieve Mortgage, Series 2025-HE1, Class A (c) |
5.920 | % | 03/25/55 | 4,081,544 | 4,103,077 | |||||||||||
HTAP Trust, Series 2024-1, Class A (c) |
7.000 | % | 04/25/37 | 5,760,188 | 5,750,855 | |||||||||||
HTAP Trust, Series 2024-1, Class B (c) |
7.500 | % | 04/25/37 | 2,630,000 | 2,586,160 | |||||||||||
HTAP Trust, Series 2024-2, Class A (c) |
6.500 | % | 04/25/42 | 9,418,613 | 9,372,677 | |||||||||||
74 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Second Lien — 1.8% continued |
||||||||||||||||
Point Securitization Trust, Series 2024-1, Class A1 (c) |
6.500 | % | 06/25/54 | $ | 4,242,558 | $ | 4,241,207 | |||||||||
Point Securitization Trust, Series 2025-1, Class A1 (c) |
6.250 | % | 06/25/55 | 2,674,003 | 2,679,453 | |||||||||||
Point Securitization Trust, Series 2025-2, Class A1 (c) |
5.750 | % | 09/25/55 | 3,629,384 | 3,603,223 | |||||||||||
Point Securitization Trust, Series 2026-1, Class A1 (c) |
5.250 | % | 02/25/56 | 6,207,870 | 6,106,653 | |||||||||||
Splitero Trust, Series 2025-1, Class A1 (c) |
5.750 | % | 12/25/55 | 3,124,894 | 3,094,639 | |||||||||||
Unlock HEA Trust, Series 2024-1, Class A (c) |
7.000 | % | 04/25/39 | 7,792,074 | 7,762,650 | |||||||||||
Unlock HEA Trust, Series 2024-2, Class A (c) |
6.500 | % | 10/25/39 | 4,222,059 | 4,211,459 | |||||||||||
Unlock HEA Trust, Series 2025-2, Class A (c) |
6.000 | % | 11/25/41 | 1,683,256 | 1,665,466 | |||||||||||
| 57,760,201 | ||||||||||||||||
Single Family Rental — 0.3% |
||||||||||||||||
Home Partners of America Trust, Series 2019-1, Class B (c) |
3.157 | % | 09/17/39 | 457,309 | 447,512 | |||||||||||
Home Partners of America Trust, Series 2019-2, Class B (c) |
2.922 | % | 10/19/39 | 4,579,254 | 4,469,259 | |||||||||||
Progress Residential Trust, Series 2021-SFR5, Class E1 (c) |
2.209 | % | 07/17/38 | 2,500,000 | 2,494,464 | |||||||||||
Progress Residential Trust, Series 2021-SFR5, Class E2 (c) |
2.359 | % | 07/17/38 | 3,600,000 | 3,591,938 | |||||||||||
| 11,003,173 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Small Business — 0.8% |
||||||||||||||||
FOR A Financial Asset Securitization, Series 2026-1A, Class A (c) |
5.850 | % | 06/15/32 | $ | 3,130,000 | $ | 3,126,953 | |||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class A (c) |
5.490 | % | 09/10/31 | 4,700,000 | 4,708,856 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class C (c) |
7.150 | % | 09/10/31 | 5,100,000 | 5,131,512 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4, Class C (c) |
7.150 | % | 09/10/31 | 350,000 | 352,163 | |||||||||||
Newtek Alternative Loan Program, Series 2024-1, Class B (c) |
7.710 | % | 12/27/49 | 2,304,534 | 2,323,552 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class A (c) |
5.720 | % | 06/26/51 | 2,508,060 | 2,476,906 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class B (c) |
7.180 | % | 06/26/51 | 1,090,461 | 1,089,116 | |||||||||||
Newtek Small Business Loan Trust, Series 2022-1, Class B (1* SOFR + 375) (a)(c) |
7.000 | % | 10/25/49 | 541,001 | 543,845 | |||||||||||
Newtek Small Business Loan Trust, Series 2023-1, Class B (1* Prime + 75) (a)(c) |
7.500 | % | 07/25/50 | 1,579,741 | 1,595,961 | |||||||||||
OnDeck Asset Securitization Trust, Series 2024-2A, Class B (c) |
5.420 | % | 10/17/31 | 1,300,000 | 1,299,222 | |||||||||||
RFS Asset Securitization II, LLC, Series 2024-1, Class C (c) |
8.349 | % | 07/15/31 | 2,000,000 | 2,022,199 | |||||||||||
| 24,670,285 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 75 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Student Loan — 0.3% |
||||||||||||||||
Ascent Career Funding Trust, Series 2024-1A, Class A (c) |
6.770 | % | 10/25/32 | $ | 1,021,781 | $ | 1,025,942 | |||||||||
Ascent Career Funding Trust, Series 2024-1A, Class B (c) |
9.730 | % | 10/25/32 | 2,000,000 | 2,028,335 | |||||||||||
Bayview Opportunity Master Fund, Series 2025-EDU1, Class D (1* SOFR30A + 225) (a)(c) |
5.878 | % | 07/27/48 | 3,168,184 | 3,168,188 | |||||||||||
College Ave Student Loans, Series 2018-A, Class B (c) |
4.750 | % | 12/26/47 | 31,134 | 30,653 | |||||||||||
College Ave Student Loans, Series 2018-A, Class C (c) |
5.500 | % | 12/26/47 | 17,033 | 16,800 | |||||||||||
College Ave Student Loans, Series 2019-A, Class C (c) |
4.460 | % | 12/28/48 | 83,189 | 81,424 | |||||||||||
College Ave Student Loans, Series 2019-A, Class A1 (1* SOFR + 140) (a)(c) |
5.163 | % | 12/28/48 | 52,441 | 52,719 | |||||||||||
College Ave Student Loans, Series 2021-A, Class B (c) |
2.320 | % | 07/25/51 | 250,034 | 231,502 | |||||||||||
College Ave Student Loans, Series 2021-A, Class D (c) |
4.120 | % | 07/25/51 | 189,910 | 179,317 | |||||||||||
Prodigy Finance, Series 2021-1A, Class A (1* TSFR1M + 136) (a)(c) |
5.013 | % | 07/25/51 | 106,382 | 106,136 | |||||||||||
SMB Private Education Loan Trust, Series 2018-C, Class B (c) |
4.000 | % | 11/17/42 | 200,000 | 195,484 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Student Loan — 0.3% continued |
||||||||||||||||
Social Professional Loan Program, Series 2020-A, Class BFX (c) |
3.120 | % | 05/15/46 | $ | 425,000 | $ | 382,216 | |||||||||
Social Professional Loan Program, Series 2018-D, Class BFX (c) |
4.140 | % | 02/25/48 | 500,000 | 484,367 | |||||||||||
Social Professional Loan Program, Series 2019-B, Class BFX (c) |
3.730 | % | 08/17/48 | 750,000 | 701,436 | |||||||||||
Social Professional Loan Program, Series 2019-C, Class BFX (c) |
3.050 | % | 11/16/48 | 1,669,000 | 1,506,715 | |||||||||||
| 10,191,234 | ||||||||||||||||
Unsecured Consumer — 4.8% |
||||||||||||||||
ACHV ABS Trust, Series 2023-3PL, Class D (c) |
8.360 | % | 08/19/30 | 748,206 | 749,178 | |||||||||||
ACHV ABS Trust, Series 2024-3AL, Class D (c) |
6.750 | % | 12/26/31 | 1,864,522 | 1,885,697 | |||||||||||
Affirm, Inc., Series 2025-X1, Class D (c) |
6.110 | % | 04/15/30 | 5,750,000 | 5,774,945 | |||||||||||
AMCR ABS Trust, Series 2026-A, Class B (c) |
6.280 | % | 05/18/33 | 4,800,000 | 4,805,767 | |||||||||||
Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C (c) |
8.150 | % | 12/17/36 | 853,798 | 874,700 | |||||||||||
Cherry Securitization Trust, Series 2024-1A, Class A (c) |
5.700 | % | 04/15/32 | 2,750,000 | 2,755,091 | |||||||||||
Cherry Securitization Trust, Series 2025-1A, Class A (c) |
6.130 | % | 11/15/32 | 13,000,000 | 13,123,945 | |||||||||||
76 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Unsecured Consumer — 4.8% continued |
||||||||||||||||
Lendmark Funding Trust, Series 2020-2, Class B (c) |
3.540 | % | 04/21/31 | $ | 1,195,000 | $ | 1,176,303 | |||||||||
Lendmark Funding Trust, Series 2020-2A, Class C (c) |
4.690 | % | 04/21/31 | 550,000 | 542,160 | |||||||||||
Lendmark Funding Trust, Series 2021-1A, Class C (c) |
3.410 | % | 11/20/31 | 750,000 | 718,639 | |||||||||||
Lendmark Funding Trust, Series 2025-2A, Class D (c) |
5.980 | % | 10/20/34 | 7,800,000 | 7,793,070 | |||||||||||
Lendmark Funding Trust, Series 2026-1A, Class D (c) |
5.900 | % | 11/20/35 | 2,500,000 | 2,479,076 | |||||||||||
Mariner Finance Issuance Trust, Series 2021-AA, Class D (c) |
4.340 | % | 03/20/36 | 1,000,000 | 967,367 | |||||||||||
Mariner Finance Issuance Trust, Series 2024-AA, Class D (c) |
6.770 | % | 09/22/36 | 3,250,000 | 3,285,214 | |||||||||||
OneMain Financial Issuance Trust, Series 2026-1A, Class D (c) |
6.260 | % | 07/14/39 | 3,150,000 | 3,161,087 | |||||||||||
Oportun Funding, LLC, Series 2024-3, Class C (c) |
6.250 | % | 08/15/29 | 1,725,000 | 1,726,193 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class A (c) |
1.470 | % | 05/08/31 | 302,879 | 298,398 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class C (c) |
3.650 | % | 05/08/31 | 749,977 | 743,823 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class A (c) |
2.180 | % | 10/08/31 | 420,024 | 414,290 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class B (c) |
2.670 | % | 10/08/31 | 696,942 | 687,192 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 4.8% continued |
||||||||||||||||
Oportun Funding, LLC, Series 2025-D, Class C (c) |
5.800 | % | 02/08/33 | $ | 6,000,000 | $ | 5,988,692 | |||||||||
Oportun Funding, LLC, Series 2025-D, Class D (c) |
6.970 | % | 02/08/33 | 9,735,000 | 9,774,890 | |||||||||||
Oportun Funding, LLC, Series 2025-C, Class D (c) |
5.910 | % | 07/08/33 | 3,300,000 | 3,269,250 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-1, Class D (c) |
6.282 | % | 07/15/32 | 2,383,122 | 2,384,981 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-5, Class B (c) |
5.440 | % | 03/15/33 | 7,774,700 | 7,767,743 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-7, Class B (c) |
5.064 | % | 05/15/33 | 7,998,573 | 7,963,046 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-8, Class B (c) |
5.409 | % | 07/15/33 | 3,798,692 | 3,776,418 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-1, Class B (c) |
5.370 | % | 09/15/33 | 5,186,617 | 5,151,433 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2026-4, Class B (c) |
6.318 | % | 01/16/34 | 2,600,000 | 2,608,571 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class A (c) |
5.715 | % | 01/20/34 | 5,500,000 | 5,502,578 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class D (c) |
6.739 | % | 01/20/34 | 2,500,000 | 2,506,274 | |||||||||||
RCKT Trust, Series 2025-1A, Class C (c) |
5.160 | % | 07/25/34 | 4,050,000 | 4,043,405 | |||||||||||
RCKT Trust, Series 2025-1A, Class D (c) |
5.420 | % | 07/25/34 | 1,850,000 | 1,834,464 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class B (c) |
6.290 | % | 02/18/31 | 1,063,877 | 1,067,309 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 77 |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 62.0% continued |
||||||||||||||||
Unsecured Consumer — 4.8% continued |
||||||||||||||||
Reach Financial, LLC, Series 2024-1A, Class C (c) |
6.900 | % | 02/18/31 | $ | 1,150,000 | $ | 1,165,791 | |||||||||
Reach Financial, LLC, Series 2025-1A, Class B (c) |
5.340 | % | 08/16/32 | 4,500,000 | 4,513,987 | |||||||||||
Reach Financial, LLC, Series 2025-1A, Class C (c) |
5.990 | % | 08/16/32 | 1,800,000 | 1,809,723 | |||||||||||
Regional Management Issuance Trust, Series 2021-2, Class C (c) |
3.230 | % | 08/15/33 | 650,000 | 610,413 | |||||||||||
Republic Finance Issuance Trust, Series 2024-A, Class C (c) |
8.350 | % | 08/20/32 | 1,750,000 | 1,755,687 | |||||||||||
RKTL, Series 2026-2A, Class D (c) |
5.910 | % | 05/25/35 | 5,525,000 | 5,505,734 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT (c) |
6.110 | % | 06/15/32 | 4,862,365 | 4,880,711 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B (c) |
5.254 | % | 09/15/32 | 5,500,000 | 5,476,890 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C (c) |
5.923 | % | 09/15/32 | 10,450,000 | 10,394,821 | |||||||||||
Upstart Securitization Trust, Series 2026-2, Class C (c) |
5.830 | % | 05/20/36 | 2,425,000 | 2,419,634 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A (c) |
4.250 | % | 06/17/30 | 51,152 | 51,083 | |||||||||||
| 156,185,663 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $2,038,600,311) |
$ | 2,016,335,224 | ||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Treasury — 20.7% |
||||||||||||||||
U.S. Treasury Notes |
2.250 | % | 08/15/27 | $ | 2,000,000 | $ | 1,958,594 | |||||||||
U.S. Treasury Notes |
0.500 | % | 10/31/27 | 11,000,000 | 10,483,516 | |||||||||||
U.S. Treasury Notes |
1.250 | % | 09/30/28 | 30,000,000 | 28,136,719 | |||||||||||
U.S. Treasury Notes (b) |
3.875 | % | 11/30/29 | 17,600,000 | 17,430,187 | |||||||||||
U.S. Treasury Notes |
0.625 | % | 08/15/30 | 81,000,000 | 70,147,265 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/31 | 5,000,000 | 3,975,519 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/33 | 2,000,000 | 1,500,897 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 05/15/33 | 2,100,000 | 1,557,843 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/33 | 7,000,000 | 5,129,160 | |||||||||||
U.S. Treasury Notes (b) |
4.000 | % | 02/15/34 | 80,000,000 | 78,156,250 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/34 | 12,000,000 | 8,381,452 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/34 | 10,000,000 | 6,898,123 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 05/15/35 | 10,000,000 | 6,731,323 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/36 | 15,000,000 | 9,725,177 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/37 | 20,000,000 | 12,301,420 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/38 | 40,000,000 | 23,263,123 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/38 | 65,000,000 | 36,187,653 | |||||||||||
U.S. Treasury Bonds |
1.125 | % | 08/15/40 | 60,000,000 | 37,579,687 | |||||||||||
U.S. Treasury Bonds |
1.375 | % | 11/15/40 | 55,000,000 | 35,554,492 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/41 | 15,000,000 | 7,093,440 | |||||||||||
U.S. Treasury Inflation-Protected Notes |
0.625 | % | 02/15/43 | 49,234,380 | 35,884,071 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/43 | 15,000,000 | 6,294,902 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/44 | 35,000,000 | 13,850,587 | |||||||||||
U.S. Treasury Bonds |
2.250 | % | 08/15/46 | 60,000,000 | 39,133,594 | |||||||||||
U.S. Treasury Bonds |
3.000 | % | 02/15/48 | 160,000,000 | 117,793,750 | |||||||||||
U.S. Treasury Bonds |
1.250 | % | 05/15/50 | 20,000,000 | 9,517,188 | |||||||||||
78 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Treasury — 20.7% continued |
||||||||||||||||
U.S. Treasury Bonds |
1.625 | % | 11/15/50 | $ | 90,000,000 | $ | 47,042,578 | |||||||||
Total Treasury |
||||||||||||||||
(Cost $703,434,960) |
$ | 671,708,510 | ||||||||||||||
|
Shares |
Fair |
||||||
Registered Investment Companies — 1.5% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (f) |
36,834,831 | $ | 36,834,831 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (f)(g) |
12,449,455 | 12,449,455 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $49,284,286) |
$ | 49,284,286 | ||||||
Total Investment Securities — 100.3% |
||||||||
(Cost $3,315,411,643) |
$ | 3,259,312,217 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
(9,185,787 | ) | ||||||
Net Assets — 100.0% |
$ | 3,250,126,430 | ||||||
|
(a) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2026. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $80,481,945. |
|
(c) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2026 was $1,086,719,246, representing 33.4% of net assets. |
|
(d) |
Percentage rounds to less than 0.1%. |
|
(e) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2026 was $6,756,498, representing 0.2% of net assets. |
|
(f) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(g) |
This security was purchased using cash collateral held from securities on loan. |
BV — Besloten Vennootschap
CV — Convertible Security
IO — Interest Only
NA — National Association
NV — Naamloze Vennootschap
plc — Public Limited Company
PO — Principal Only
Prime — Short-term interest rate in the banking system of the U.S.
REIT — Real Estate Investment Trust
SA — Societe Anonyme
SOFR — Secured Overnight Financing Rate
TSFR — CME Term SOFR
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 79 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 22.1% |
||||||||||||||||
Banking — 4.6% |
||||||||||||||||
American Express Co. (a) |
5.085 | % | 01/30/31 | $ | 25,000 | $ | 25,300 | |||||||||
American Express Co. |
4.456 | % | 02/10/32 | 50,000 | 49,262 | |||||||||||
Bank of America Corp. |
3.194 | % | 07/23/30 | 250,000 | 238,938 | |||||||||||
Bank of America Corp. (a) |
2.687 | % | 04/22/32 | 150,000 | 135,872 | |||||||||||
Bank of America Corp., Series N |
2.972 | % | 02/04/33 | 205,000 | 185,042 | |||||||||||
Bank of New York Mellon Corp. (The), Series J |
5.316 | % | 06/06/36 | 125,000 | 126,586 | |||||||||||
Bank OZK (1* TSFR3M + 209) (a) |
2.750 | % | 10/01/31 | 100,000 | 98,800 | |||||||||||
Capital One Financial Corp. (b) |
4.493 | % | 09/11/31 | 150,000 | 147,179 | |||||||||||
Capital One Financial Corp. |
5.197 | % | 09/11/36 | 40,000 | 38,938 | |||||||||||
Citigroup, Inc. (b) |
2.666 | % | 01/29/31 | 250,000 | 232,056 | |||||||||||
Citigroup, Inc. |
2.561 | % | 05/01/32 | 50,000 | 44,949 | |||||||||||
Citigroup, Inc. |
3.057 | % | 01/25/33 | 125,000 | 113,245 | |||||||||||
Fifth Third Bancorp |
4.895 | % | 09/06/30 | 100,000 | 100,148 | |||||||||||
Goldman Sachs Group, Inc. (The) (b) |
4.692 | % | 10/23/30 | 200,000 | 199,052 | |||||||||||
Goldman Sachs Group, Inc. (The) |
1.992 | % | 01/27/32 | 40,000 | 35,184 | |||||||||||
Goldman Sachs Group, Inc. (The) (a) |
4.939 | % | 10/21/36 | 300,000 | 291,317 | |||||||||||
Huntington Bancshares |
5.272 | % | 01/15/31 | 50,000 | 50,587 | |||||||||||
JPMorgan Chase & Co. (1* TSFR3M + 121) (a) |
3.509 | % | 01/23/29 | 80,000 | 78,676 | |||||||||||
JPMorgan Chase & Co. |
4.603 | % | 10/22/30 | 250,000 | 248,881 | |||||||||||
JPMorgan Chase & Co. (a) |
1.953 | % | 02/04/32 | 500,000 | 440,120 | |||||||||||
KeyCorp |
4.789 | % | 06/01/33 | 100,000 | 98,068 | |||||||||||
Morgan Stanley, Series I |
5.230 | % | 01/15/31 | 200,000 | 202,256 | |||||||||||
Morgan Stanley, Series GMTN (1* SOFR + 114) (a) |
2.699 | % | 01/22/31 | 375,000 | 348,232 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Banking — 4.6% continued |
||||||||||||||||
Pinnacle Financial Partners, Inc. |
5.596 | % | 05/19/32 | $ | 50,000 | $ | 50,160 | |||||||||
PNC Financial Services Group, Inc. (The) |
6.037 | % | 10/28/33 | 75,000 | 79,035 | |||||||||||
State Street Corp. |
2.623 | % | 02/07/33 | 100,000 | 89,163 | |||||||||||
Toronto-Dominion Bank (The) |
4.861 | % | 01/31/28 | 75,000 | 75,341 | |||||||||||
Toronto-Dominion Bank (The) |
4.866 | % | 04/22/33 | 25,000 | 24,815 | |||||||||||
Truist Financial Corp. |
4.597 | % | 01/27/32 | 125,000 | 123,273 | |||||||||||
US Bancorp |
2.677 | % | 01/27/33 | 175,000 | 155,668 | |||||||||||
Wells Fargo & Co. |
2.572 | % | 02/11/31 | 100,000 | 92,581 | |||||||||||
Wells Fargo & Co. |
3.350 | % | 03/02/33 | 175,000 | 160,868 | |||||||||||
Wells Fargo & Co. (a) |
5.211 | % | 12/03/35 | 100,000 | 99,825 | |||||||||||
Western Alliance Bancorp (a)(b) |
3.000 | % | 06/15/31 | 50,000 | 48,535 | |||||||||||
Western Alliance Bank |
6.537 | % | 11/15/35 | 100,000 | 99,304 | |||||||||||
| 4,627,256 | ||||||||||||||||
Basic Industry — 0.4% |
||||||||||||||||
Chemours Co. (c) |
7.875 | % | 03/15/34 | 150,000 | 150,731 | |||||||||||
FMC Corp. (b) |
6.375 | % | 05/18/53 | 50,000 | 39,307 | |||||||||||
Magnera Corp. (c) |
4.750 | % | 11/15/29 | 50,000 | 46,675 | |||||||||||
Worthington Steel, Inc. (c) |
7.750 | % | 06/01/33 | 125,000 | 128,352 | |||||||||||
| 365,065 | ||||||||||||||||
Brokerage Asset Managers Exchanges — 0.5% |
||||||||||||||||
Blackstone Holdings Finance Co., LLC (b)(c) |
1.600 | % | 03/30/31 | 50,000 | 43,328 | |||||||||||
Citadel Finance, LLC (c) |
4.750 | % | 02/14/29 | 250,000 | 246,082 | |||||||||||
Osaic Holdings, Inc. (c) |
6.750 | % | 08/01/32 | 75,000 | 75,128 | |||||||||||
Osaic Holdings, Inc. (c) |
8.000 | % | 08/01/32 | 75,000 | 75,277 | |||||||||||
StoneX Escrow Issuer, LLC (c) |
6.875 | % | 07/15/32 | 100,000 | 102,837 | |||||||||||
| 542,652 | ||||||||||||||||
Capital Goods — 0.8% |
||||||||||||||||
Bluelinx Holdings, Inc. (b)(c) |
6.000 | % | 11/15/29 | 50,000 | 49,405 | |||||||||||
Caterpillar, Inc. (b) |
5.200 | % | 05/15/35 | 50,000 | 51,000 | |||||||||||
Cyprium Corp. / Cyprium Holdings (c) |
6.375 | % | 04/15/34 | 150,000 | 149,700 | |||||||||||
80 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 22.1% continued |
||||||||||||||||
Capital Goods — 0.8% continued |
||||||||||||||||
Honeywell Aerospace, Inc. (c) |
4.600 | % | 03/16/33 | $ | 150,000 | $ | 147,224 | |||||||||
Johnson Controls International plc |
4.900 | % | 12/01/32 | 50,000 | 50,042 | |||||||||||
L3 Harris Technologies, Inc. |
1.800 | % | 01/15/31 | 70,000 | 61,656 | |||||||||||
RTX Corp. |
2.375 | % | 03/15/32 | 100,000 | 88,323 | |||||||||||
Textron Financial Corp. (1* TSFR3M + 200) (a)(c) |
5.648 | % | 02/15/42 | 125,000 | 114,995 | |||||||||||
Waste Management, Inc. |
4.950 | % | 03/15/35 | 50,000 | 49,885 | |||||||||||
| 762,230 | ||||||||||||||||
Communications — 1.2% |
||||||||||||||||
AT&T, Inc. |
2.550 | % | 12/01/33 | 225,000 | 188,978 | |||||||||||
Comcast Corp. |
1.950 | % | 01/15/31 | 25,000 | 22,091 | |||||||||||
Deluxe Corp. (c) |
8.125 | % | 09/15/29 | 75,000 | 77,644 | |||||||||||
HTA Group Ltd. (c) |
6.750 | % | 04/01/31 | 200,000 | 202,385 | |||||||||||
Oak-Eagle Acquireco, Inc. (c) |
7.250 | % | 07/01/33 | 250,000 | 261,528 | |||||||||||
Snap, Inc. (c) |
6.875 | % | 03/01/33 | 75,000 | 73,105 | |||||||||||
Telus Corp. (a) |
7.000 | % | 10/15/55 | 100,000 | 103,399 | |||||||||||
T-Mobile USA, Inc. |
5.050 | % | 07/15/33 | 250,000 | 249,575 | |||||||||||
Verizon Wireless |
5.000 | % | 01/15/36 | 75,000 | 73,147 | |||||||||||
| 1,251,852 | ||||||||||||||||
Consumer Cyclical — 2.8% |
||||||||||||||||
Advance Auto Parts, Inc. (c) |
7.375 | % | 08/01/33 | 75,000 | 77,735 | |||||||||||
Amazon.com, Inc. |
5.650 | % | 03/13/46 | 25,000 | 24,748 | |||||||||||
American Honda Finance, Series A |
5.050 | % | 07/10/31 | 100,000 | 100,351 | |||||||||||
Aptiv plc / Aptiv Global Financing DAC (a) |
6.875 | % | 12/15/54 | 200,000 | 204,425 | |||||||||||
Bath & Body Works, Inc. |
6.875 | % | 11/01/35 | 70,000 | 71,660 | |||||||||||
Champions Financing, Inc. (b)(c) |
8.750 | % | 02/15/29 | 50,000 | 48,628 | |||||||||||
CVS Health Corp. |
3.750 | % | 04/01/30 | 100,000 | 96,691 | |||||||||||
Dollar Tree, Inc. |
4.200 | % | 05/15/28 | 100,000 | 99,218 | |||||||||||
Dream Finders Home, Inc. (c) |
6.875 | % | 09/15/30 | 125,000 | 124,071 | |||||||||||
Everforth, Inc. (c) |
4.625 | % | 05/15/28 | 125,000 | 115,710 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Consumer Cyclical — 2.8% continued |
||||||||||||||||
Ford Motor Co., Class B |
3.250 | % | 02/12/32 | $ | 85,000 | $ | 74,921 | |||||||||
Gaia Purchaser, Inc. (c) |
7.625 | % | 07/15/33 | 100,000 | 101,147 | |||||||||||
General Motors Co. |
5.625 | % | 04/15/30 | 175,000 | 179,305 | |||||||||||
General Motors Financial Co., Inc. (b) |
5.900 | % | 01/07/35 | 50,000 | 51,379 | |||||||||||
Hyundai Capital America (c) |
5.400 | % | 06/24/31 | 100,000 | 101,444 | |||||||||||
Hyundai Capital America, Series A (b)(c) |
4.750 | % | 09/26/31 | 75,000 | 74,034 | |||||||||||
K Hovnanian Enterprises, Inc. (c) |
8.000 | % | 04/01/31 | 100,000 | 103,166 | |||||||||||
K Hovnanian Enterprises, Inc. (c) |
8.375 | % | 10/01/33 | 100,000 | 102,748 | |||||||||||
Lowe’s Cos., Inc. (b) |
5.150 | % | 07/01/33 | 150,000 | 151,511 | |||||||||||
Macy’s Retail Holdings, LLC (c) |
6.700 | % | 07/15/34 | 150,000 | 145,402 | |||||||||||
Mohegan Tribal Gaming Authority / MS Digital (c) |
8.250 | % | 04/15/30 | 60,000 | 62,496 | |||||||||||
Mohegan Tribal Gaming Authority / MS Digital (c) |
11.875 | % | 04/15/31 | 40,000 | 43,336 | |||||||||||
New Flyer Holdings, Inc. (c) |
9.250 | % | 07/01/30 | 100,000 | 107,500 | |||||||||||
Petco Health & Wellness (b)(c) |
8.250 | % | 02/01/31 | 100,000 | 100,781 | |||||||||||
Target Corp. (b) |
5.000 | % | 04/15/35 | 50,000 | 50,029 | |||||||||||
Trinet Group, Inc. (c) |
3.500 | % | 03/01/29 | 75,000 | 70,614 | |||||||||||
VF Corp. |
6.450 | % | 11/01/37 | 100,000 | 94,807 | |||||||||||
Victra Holdings, LLC (b)(c) |
8.750 | % | 09/15/29 | 100,000 | 103,147 | |||||||||||
Wayfair, Inc. (c) |
6.750 | % | 11/15/32 | 125,000 | 128,362 | |||||||||||
| 2,809,366 | ||||||||||||||||
Consumer Non-Cyclical — 1.3% |
||||||||||||||||
Champ Acquisition Corp. (c) |
8.375 | % | 12/01/31 | 70,000 | 73,247 | |||||||||||
Chobani, LLC / Chobani Finance Corp., Inc. (c) |
6.375 | % | 04/15/34 | 100,000 | 101,489 | |||||||||||
Emergent BioSolutions, Inc. (c) |
3.875 | % | 08/15/28 | 50,000 | 46,358 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 81 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 22.1% continued |
||||||||||||||||
Consumer Non-Cyclical — 1.3% continued |
||||||||||||||||
Global Medical Response, Inc. (c) |
7.375 | % | 10/01/32 | $ | 100,000 | $ | 103,626 | |||||||||
HCA, Inc. |
4.300 | % | 11/15/30 | 50,000 | 48,909 | |||||||||||
Industrial F&B Investments III, Inc. (c) |
7.750 | % | 02/11/33 | 100,000 | 101,914 | |||||||||||
Kroger Co. (The) |
5.000 | % | 09/15/34 | 100,000 | 98,679 | |||||||||||
Land O Lakes Capital Trust I (c) |
7.450 | % | 03/15/28 | 50,000 | 51,500 | |||||||||||
National Mentor Holdings, Inc. (c) |
10.500 | % | 12/15/30 | 100,000 | 105,390 | |||||||||||
Pfizer, Inc. |
7.200 | % | 03/15/39 | 50,000 | 58,591 | |||||||||||
Phillip Morris International, Inc. (b) |
5.375 | % | 02/15/33 | 125,000 | 128,305 | |||||||||||
Post Holdings, Inc. (c) |
6.250 | % | 10/15/34 | 100,000 | 98,255 | |||||||||||
Turning Point Brands, Inc. (c) |
7.625 | % | 03/15/32 | 100,000 | 103,480 | |||||||||||
U.S. Acute Care Solutions, LLC (c) |
9.750 | % | 05/15/29 | 75,000 | 70,713 | |||||||||||
Viking Baked Goods Acquisition Corp. (c) |
8.625 | % | 11/01/31 | 110,000 | 111,189 | |||||||||||
| 1,301,645 | ||||||||||||||||
Electric — 1.8% |
||||||||||||||||
AES Corp. (The) (a) |
6.950 | % | 07/15/55 | 100,000 | 98,727 | |||||||||||
Algonquin Power & Utilities Corp., Series 2022-B (a) |
4.750 | % | 01/18/82 | 70,000 | 69,320 | |||||||||||
Alpha Generation, LLC (c) |
6.250 | % | 01/15/34 | 100,000 | 98,399 | |||||||||||
Consumers Energy Co. |
5.125 | % | 05/01/36 | 25,000 | 24,982 | |||||||||||
Dominion Energy South Carolina, Inc., Series A (b) |
5.300 | % | 01/15/35 | 50,000 | 50,673 | |||||||||||
DTE Electric Co. |
4.850 | % | 03/01/36 | 50,000 | 48,868 | |||||||||||
Duke Energy Carolinas SC Storm Funding, LLC |
4.898 | % | 03/01/44 | 130,000 | 127,529 | |||||||||||
Duke Energy Carolinas, LLC |
5.250 | % | 03/15/35 | 100,000 | 101,397 | |||||||||||
Duke Energy Corp. |
4.950 | % | 09/15/35 | 30,000 | 29,358 | |||||||||||
Eversource Energy (a) |
6.350 | % | 08/15/56 | 200,000 | 200,159 | |||||||||||
Florida Power & Light Co. |
3.800 | % | 12/15/42 | 50,000 | 40,533 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Electric — 1.8% continued |
||||||||||||||||
NextEra Energy Operating Partners, LP (b)(c) |
7.250 | % | 01/15/29 | $ | 75,000 | $ | 77,605 | |||||||||
NYSEG Storm Funding, LLC, Series 2025-A |
4.713 | % | 05/01/31 | 102,193 | 102,105 | |||||||||||
Public Service Electric & Gas Co. |
4.900 | % | 08/15/35 | 90,000 | 89,282 | |||||||||||
Puget Energy, Inc. (a) |
7.250 | % | 09/15/56 | 150,000 | 152,699 | |||||||||||
Swepco Storm Recovery Funding, LLC, Series 2024-A |
4.880 | % | 09/01/39 | 311,036 | 308,262 | |||||||||||
Threelands Ltd. SARL (c) |
7.450 | % | 10/20/35 | 200,000 | 203,040 | |||||||||||
| 1,822,938 | ||||||||||||||||
Energy — 2.3% |
||||||||||||||||
Altagas Ltd. (a)(c) |
7.200 | % | 10/15/54 | 100,000 | 104,840 | |||||||||||
BP Capital Markets America, Inc. |
4.812 | % | 02/13/33 | 50,000 | 49,778 | |||||||||||
Calumet Specialty Products (c) |
9.750 | % | 02/15/31 | 100,000 | 105,732 | |||||||||||
CHC Group, LLC (c) |
11.750 | % | 09/01/30 | 150,000 | 126,000 | |||||||||||
Energy Transfer, LP |
5.600 | % | 09/01/34 | 150,000 | 153,087 | |||||||||||
Excelerate Energy, LP (c) |
8.000 | % | 05/15/30 | 150,000 | 158,190 | |||||||||||
Global Partners, LP / GLP Finance Corp. (c) |
7.125 | % | 07/01/33 | 100,000 | 101,185 | |||||||||||
Helmerich & Payne, Inc. |
4.650 | % | 12/01/27 | 50,000 | 49,909 | |||||||||||
HF Sinclair Corp. |
5.750 | % | 01/15/31 | 150,000 | 153,221 | |||||||||||
Hilcorp Energy I, LP / Hilcorp Finance Co. (c) |
7.250 | % | 02/15/35 | 100,000 | 98,461 | |||||||||||
MPLX, LP |
5.500 | % | 06/01/34 | 80,000 | 80,880 | |||||||||||
Noble Finance II, LLC (b)(c) |
6.250 | % | 06/15/34 | 100,000 | 98,006 | |||||||||||
Parex Resources, Inc. (c) |
8.500 | % | 05/11/31 | 200,000 | 203,179 | |||||||||||
PBF Holding Co., LLC / PBF Finance Corp. (c) |
7.250 | % | 06/01/34 | 100,000 | 99,001 | |||||||||||
Phillips 66 Co. |
4.950 | % | 03/15/35 | 50,000 | 49,272 | |||||||||||
SESI, LLC (c) |
7.875 | % | 09/30/30 | 150,000 | 152,413 | |||||||||||
Shell Finance US, Inc. (b) |
4.750 | % | 01/06/36 | 125,000 | 122,304 | |||||||||||
82 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 22.1% continued |
||||||||||||||||
Energy — 2.3% continued |
||||||||||||||||
Solaris Energy Infrastructure, LLC (c) |
6.375 | % | 05/15/31 | $ | 250,000 | $ | 252,789 | |||||||||
TransCanada Pipelines Ltd. |
7.000 | % | 06/01/65 | 75,000 | 77,626 | |||||||||||
Transmontaigne Partners, LLC (c) |
8.500 | % | 06/15/30 | 75,000 | 76,416 | |||||||||||
| 2,312,289 | ||||||||||||||||
Finance Companies — 0.9% |
||||||||||||||||
Atlanticus Holdings Corp. (c) |
9.750 | % | 09/01/30 | 75,000 | 75,907 | |||||||||||
Bread Financial Holdings, Inc. (c) |
6.750 | % | 05/15/31 | 50,000 | 51,133 | |||||||||||
Bread Financial Holdings, Inc. (b)(c) |
8.375 | % | 06/15/35 | 50,000 | 52,194 | |||||||||||
FirstCash, Inc. (c) |
6.125 | % | 05/01/34 | 100,000 | 99,534 | |||||||||||
Freedom Mortgage Holdings, LLC (b)(c) |
7.875 | % | 04/01/33 | 100,000 | 97,522 | |||||||||||
LFS Topco, LLC (b)(c) |
8.750 | % | 07/15/30 | 125,000 | 125,557 | |||||||||||
Provident Funding Associates, LP / PFG Finance Corp. (c) |
9.750 | % | 09/15/29 | 70,000 | 73,129 | |||||||||||
Rocket Companies, Inc. (c) |
6.500 | % | 06/15/34 | 100,000 | 102,568 | |||||||||||
Stonebriar ABF Issuer, LLC (c) |
7.000 | % | 08/15/31 | 125,000 | 124,981 | |||||||||||
TrueNoord Capital DAC (c) |
8.750 | % | 03/01/30 | 75,000 | 77,752 | |||||||||||
| 880,277 | ||||||||||||||||
Financial-Other — 0.3% |
||||||||||||||||
Cipher Compue, LLC (c) |
7.125 | % | 11/15/30 | 75,000 | 77,964 | |||||||||||
Icahn Enterprises, LP (c) |
10.000 | % | 11/15/29 | 100,000 | 98,622 | |||||||||||
PPH Escrow Issuer, LLC (b)(c) |
9.875 | % | 11/01/29 | 150,000 | 146,817 | |||||||||||
| 323,403 | ||||||||||||||||
Industrials-Other — 0.2% |
||||||||||||||||
Brundage-Bone Concrete Pumping Holdings, Inc. (c) |
7.500 | % | 02/01/32 | 100,000 | 103,747 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Industrials-Other — 0.2% continued |
||||||||||||||||
Global Infrastructure Solutions, Inc. (c) |
6.375 | % | 07/15/34 | $ | 100,000 | $ | 100,516 | |||||||||
| 204,263 | ||||||||||||||||
Insurance — 2.0% |
||||||||||||||||
Acrisure, LLC (c) |
8.500 | % | 06/15/29 | 150,000 | 141,031 | |||||||||||
Anthem, Inc. |
4.600 | % | 09/15/32 | 90,000 | 88,320 | |||||||||||
Asurion, LLC (c) |
8.000 | % | 12/31/32 | 150,000 | 151,133 | |||||||||||
Equitable Financial Life Global Funding (c) |
1.800 | % | 03/08/28 | 25,000 | 23,814 | |||||||||||
Equitable Financial Life Global Funding (c) |
5.000 | % | 03/27/30 | 25,000 | 25,078 | |||||||||||
Jackson National Life Global Funding (c) |
4.550 | % | 09/09/30 | 20,000 | 19,605 | |||||||||||
Lincoln Financial Global Funding (c) |
4.625 | % | 05/28/28 | 70,000 | 69,952 | |||||||||||
Lincoln Financial Global Funding (c) |
4.625 | % | 08/18/30 | 40,000 | 39,564 | |||||||||||
MassMutual Global Funding (c) |
5.150 | % | 05/30/29 | 200,000 | 202,530 | |||||||||||
Met Life Global Funding I (c) |
5.050 | % | 01/08/34 | 150,000 | 150,638 | |||||||||||
New York Life Global Funding (c) |
4.600 | % | 12/05/29 | 100,000 | 99,947 | |||||||||||
Northwestern Mutual Global Funding, Series 2025-1 (c) |
4.960 | % | 01/13/30 | 100,000 | 100,958 | |||||||||||
Northwestern Mutual Global Funding (b)(c) |
4.300 | % | 01/13/31 | 25,000 | 24,609 | |||||||||||
Northwestern Mutual Global Funding (c) |
5.160 | % | 05/28/31 | 50,000 | 50,955 | |||||||||||
Pacific Life Global Fund II (c) |
1.450 | % | 01/20/28 | 100,000 | 95,413 | |||||||||||
Pricoa Global Funding I (c) |
5.350 | % | 05/28/35 | 150,000 | 151,776 | |||||||||||
Principal Life Global Funding II, Series 50 (c) |
4.800 | % | 01/09/28 | 100,000 | 100,346 | |||||||||||
Principal Life Global Funding II (c) |
4.450 | % | 01/13/31 | 25,000 | 24,592 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 83 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Corporate Credit — 22.1% continued |
||||||||||||||||
Insurance — 2.0% continued |
||||||||||||||||
Protective Life Global Funding (c) |
4.772 | % | 12/09/29 | $ | 150,000 | $ | 149,368 | |||||||||
Protective Life Global Funding (c) |
5.432 | % | 01/14/32 | 150,000 | 153,190 | |||||||||||
UnitedHealth Group, Inc. |
5.000 | % | 04/15/34 | 100,000 | 99,944 | |||||||||||
| 1,962,763 | ||||||||||||||||
Natural Gas — 0.1% |
||||||||||||||||
NiSource, Inc. |
4.750 | % | 05/18/31 | 25,000 | 24,898 | |||||||||||
Sempra Energy (a) |
6.400 | % | 10/01/54 | 100,000 | 100,536 | |||||||||||
| 125,434 | ||||||||||||||||
REITS — 0.3% |
||||||||||||||||
CubeSmart, LP |
3.000 | % | 02/15/30 | 150,000 | 141,093 | |||||||||||
Extra Space Storage, LP |
5.700 | % | 04/01/28 | 50,000 | 50,870 | |||||||||||
Realty Income Corp. |
4.750 | % | 04/15/33 | 150,000 | 148,058 | |||||||||||
| 340,021 | ||||||||||||||||
Technology — 2.1% |
||||||||||||||||
Alphabet, Inc. |
5.300 | % | 05/15/65 | 10,000 | 9,171 | |||||||||||
Alphabet, Inc. |
5.700 | % | 11/15/75 | 50,000 | 47,994 | |||||||||||
APLD Computeco 3, LLC (c) |
7.000 | % | 06/15/31 | 150,000 | 149,693 | |||||||||||
APLD ComputeCo 3, LLC (c) |
9.250 | % | 12/15/30 | 100,000 | 107,878 | |||||||||||
Broadcom, Inc. (c) |
4.150 | % | 04/15/32 | 100,000 | 96,244 | |||||||||||
Broadcom, Inc. |
4.800 | % | 02/15/36 | 55,000 | 53,375 | |||||||||||
Capstone Borrower, Inc. (c) |
8.000 | % | 06/15/30 | 150,000 | 142,505 | |||||||||||
Clarivate Science Holdings Corp. (c) |
4.875 | % | 07/01/29 | 75,000 | 67,118 | |||||||||||
Crane Co. |
4.200 | % | 03/15/48 | 150,000 | 95,063 | |||||||||||
Ellucian Holdings, Inc. (c) |
6.500 | % | 12/01/29 | 175,000 | 169,164 | |||||||||||
Fair Isaac Corp. (c) |
6.250 | % | 09/15/34 | 100,000 | 98,498 | |||||||||||
Meta Platforms, Inc. |
6.200 | % | 05/15/46 | 200,000 | 200,138 | |||||||||||
Mobility Global, Inc. (c) |
5.050 | % | 06/15/29 | 75,000 | 75,129 | |||||||||||
Oracle Corp. |
2.300 | % | 03/25/28 | 100,000 | 95,705 | |||||||||||
Oracle Corp. (b) |
3.850 | % | 04/01/60 | 400,000 | 234,916 | |||||||||||
Shift4 Payments, LLC (c) |
6.750 | % | 08/15/32 | 100,000 | 100,191 | |||||||||||
UKG, Inc. (c) |
6.875 | % | 02/01/31 | 125,000 | 121,435 | |||||||||||
Yondr JK 1, LLC (c) |
6.875 | % | 06/30/31 | 200,000 | 200,502 | |||||||||||
| 2,064,719 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Transportation — 0.5% |
||||||||||||||||
Beacon Mobility Finance Corp. (c) |
7.250 | % | 08/01/30 | $ | 175,000 | $ | 181,647 | |||||||||
GB AIT Buyer, Inc. (c) |
8.750 | % | 04/30/34 | 100,000 | 100,266 | |||||||||||
Norfolk Southern Corp. |
5.100 | % | 05/01/35 | 75,000 | 75,408 | |||||||||||
Ryder System, Inc. |
4.900 | % | 12/01/29 | 50,000 | 50,453 | |||||||||||
United Parcel Service, Inc. (b) |
5.250 | % | 05/14/35 | 25,000 | 25,503 | |||||||||||
Vistajet Malta / VM Holdings (b)(c) |
9.500 | % | 06/01/28 | 70,000 | 70,864 | |||||||||||
| 504,141 | ||||||||||||||||
Total Corporate Credit |
||||||||||||||||
(Cost $22,100,328) |
$ | 22,200,314 | ||||||||||||||
Securitized — 61.7% |
||||||||||||||||
ABS-Other — 5.3% |
||||||||||||||||
ACHD Trust, Series 2025-DS1, Class A (c) |
5.978 | % | 01/09/34 | 28,193 | 28,220 | |||||||||||
ACHD Trust, Series 2026-DS1, Class A (c)(d) |
5.672 | % | 07/10/34 | 225,000 | 224,912 | |||||||||||
AMDR ABS Trust, Series 2025-1A, Class A (c) |
6.378 | % | 12/19/33 | 5,883 | 5,888 | |||||||||||
Bayview Opportunity Master Fund VII, Series 2026-CRD1, Class D (1* SOFR30A + 300) (a)(c) |
6.590 | % | 03/25/34 | 350,000 | 350,049 | |||||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2023-1, Class A (c) |
5.520 | % | 02/22/55 | 75,789 | 70,021 | |||||||||||
GoodLeap Sustainable Home Improvement Loan Trust, Series 2024-1, Class A (c) |
6.250 | % | 06/20/57 | 330,551 | 320,263 | |||||||||||
Helios Issuer, LLC, Series 2019-AA, Class A (c) |
3.750 | % | 06/20/46 | 270,419 | 250,146 | |||||||||||
Helios Issuer, LLC, Series 2020-4, Class A (c) |
2.980 | % | 06/20/47 | 287,760 | 244,361 | |||||||||||
84 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
ABS-Other — 5.3% continued |
||||||||||||||||
Hero Funding Trust, Series 2016-3A, Class A1 (c) |
3.080 | % | 09/20/42 | $ | 133,787 | $ | 125,026 | |||||||||
Hero Funding Trust, Series 2017-3A, Class A2 (c) |
3.950 | % | 09/20/48 | 17,321 | 16,142 | |||||||||||
Loanpal Solar Loan Ltd., Series 2020-2GF, Class B (c) |
3.860 | % | 07/20/47 | 256,523 | 200,098 | |||||||||||
Loanpal Solar Loan Ltd., Series 2020-3GS, Class B (c) |
3.450 | % | 12/20/47 | 258,706 | 196,570 | |||||||||||
Luminace ABS-2022 Issuer, LLC, Series 2024-1, Class B (c) |
6.960 | % | 10/30/31 | 116,065 | 106,745 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-2, Class B (c) |
4.770 | % | 06/22/43 | 114,974 | 103,246 | |||||||||||
Mosaic Solar Loans, LLC, Series 2018-2GS, Class A (c) |
4.200 | % | 02/22/44 | 526,967 | 490,568 | |||||||||||
Mosaic Solar Loans, LLC, Series 2022-2A, Class A (c) |
4.380 | % | 01/21/53 | 324,346 | 304,619 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-1A, Class A (c) |
5.320 | % | 06/20/53 | 141,683 | 132,193 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-3A, Class A (c) |
5.910 | % | 11/20/53 | 179,381 | 175,840 | |||||||||||
OHS Issuer, LLC, Series 2026-1, Class A2 (c) |
5.980 | % | 02/25/61 | 299,000 | 291,239 | |||||||||||
PowerPay Issuance Trust, Series 2025-1A, Class A (c) |
5.230 | % | 11/18/41 | 155,212 | 154,160 | |||||||||||
Renew Financial, LLC, Series 2017-2, Class A (c) |
3.220 | % | 09/22/53 | 249,794 | 224,044 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
ABS-Other — 5.3% continued |
||||||||||||||||
Service Experts Issuer, Series 2025-1A, Class B (c) |
7.620 | % | 01/20/37 | $ | 400,000 | $ | 404,808 | |||||||||
US Bank NA, Series 2025-SUP2, Class D (1* SOFR30A + 220) (a)(c) |
5.828 | % | 09/25/32 | 171,555 | 172,408 | |||||||||||
US Bank NA, Series 2025-SUP2, Class E (1* SOFR30A + 370) (a)(c) |
7.328 | % | 09/25/32 | 240,177 | 242,911 | |||||||||||
US Bank NA, Series 2026-SUP1, Class C (1* SOFR30A + 185) (a)(c) |
5.443 | % | 06/27/33 | 250,000 | 250,313 | |||||||||||
US Bank NA, Series 2026-SUP1, Class E (1* SOFR30A + 350) (a)(c) |
7.093 | % | 06/27/33 | 250,000 | 250,480 | |||||||||||
| 5,335,270 | ||||||||||||||||
Agency CMBS — 0.4% |
||||||||||||||||
Farmer Mac Agricultural Real Estate, Series 2022-1, Class A (c) |
2.540 | % | 07/25/51 | 202,988 | 170,612 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2025-1, Class A (c) |
5.220 | % | 08/01/55 | 265,857 | 251,188 | |||||||||||
| 421,800 | ||||||||||||||||
Agency MBS CMO — 26.4% |
||||||||||||||||
FHLMC, Series 4109, Class HC |
2.500 | % | 09/15/32 | 183,447 | 173,453 | |||||||||||
FHLMC, Series 4613, Class AF (1* SOFR + 110) (a) |
4.807 | % | 11/15/37 | 157,735 | 157,425 | |||||||||||
FHLMC, Series 3652, Class AP |
4.500 | % | 03/15/40 | 80,733 | 80,005 | |||||||||||
FHLMC, Series 3746, Class KZ |
3.500 | % | 07/15/40 | 129,674 | 119,734 | |||||||||||
FHLMC, Series 5228, Class JL |
2.500 | % | 10/25/41 | 500,000 | 419,945 | |||||||||||
FHLMC, Series 4143, Class AV |
2.000 | % | 12/15/42 | 371,445 | 301,624 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 85 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Agency MBS CMO — 26.4% continued |
||||||||||||||||
FHLMC, Series 4141, Class PL |
2.500 | % | 12/15/42 | $ | 110,000 | $ | 79,298 | |||||||||
FHLMC, Series 4210, Class Z |
3.000 | % | 05/15/43 | 260,687 | 220,300 | |||||||||||
FHLMC, Series 4274, Class EM |
4.000 | % | 11/15/43 | 400,000 | 368,859 | |||||||||||
FHLMC, Series 4292, Class PB |
3.500 | % | 01/15/44 | 420,000 | 376,529 | |||||||||||
FHLMC, Series 4487, Class TL |
3.000 | % | 05/15/45 | 559,000 | 508,593 | |||||||||||
FHLMC, Series 4710, Class JE |
2.750 | % | 06/15/47 | 180,610 | 160,423 | |||||||||||
FHLMC, Series 4767, Class VX |
4.000 | % | 08/14/47 | 306,865 | 286,343 | |||||||||||
FHLMC, Series 5227, Class BA |
3.500 | % | 08/25/48 | 133,593 | 126,771 | |||||||||||
FHLMC, Series 5147, Class PA |
1.000 | % | 10/25/48 | 545,558 | 426,906 | |||||||||||
FHLMC, Series 4980, Class ZU |
3.000 | % | 06/25/50 | 359,982 | 183,164 | |||||||||||
FHLMC, Series 4988, Class AK |
1.000 | % | 07/25/50 | 444,180 | 345,464 | |||||||||||
FHLMC, Series 5129, Class GU |
1.000 | % | 08/25/50 | 568,494 | 426,743 | |||||||||||
FHLMC, Series 5013, Class ME, Pool #5013 |
1.000 | % | 09/25/50 | 252,874 | 193,853 | |||||||||||
FHLMC, Series 5013, Class MC, Pool #5013 |
1.500 | % | 09/25/50 | 180,623 | 143,875 | |||||||||||
FHLMC, Series 5038, Class PJ |
0.750 | % | 10/25/50 | 461,578 | 334,004 | |||||||||||
FHLMC, Series 5038, Class QP |
0.750 | % | 10/25/50 | 316,060 | 227,809 | |||||||||||
FHLMC, Series 5035, Class ZA |
2.000 | % | 11/25/50 | 888,936 | 502,381 | |||||||||||
FHLMC, Series 5050, Class UJ |
1.500 | % | 12/25/50 | 289,348 | 161,567 | |||||||||||
FHLMC, Series 5085, Class HA |
1.500 | % | 03/25/51 | 319,430 | 168,345 | |||||||||||
FHLMC, Series 5643, Class CZ |
5.000 | % | 03/25/51 | 398,821 | 375,820 | |||||||||||
FHLMC, Series 5169, Class YA |
2.000 | % | 09/25/51 | 340,987 | 205,031 | |||||||||||
FHLMC, Series 5150, Class KD |
1.000 | % | 10/25/51 | 578,193 | 460,147 | |||||||||||
FHLMC, Series 5156, Class GD |
2.000 | % | 10/25/51 | 604,584 | 393,814 | |||||||||||
FHLMC, Series 5201, Class PY |
2.500 | % | 03/25/52 | 252,513 | 193,049 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 26.4% continued |
||||||||||||||||
FNMA, Series 2018-16, Class HW |
3.000 | % | 06/25/38 | $ | 728,000 | $ | 649,317 | |||||||||
FNMA, Series 2010-126, Class JU |
2.125 | % | 11/25/40 | 98,405 | 92,183 | |||||||||||
FNMA, Series 2013-56, Class GZ |
4.500 | % | 08/25/41 | 539,394 | 499,305 | |||||||||||
FNMA, Series 2012-42, Class PY |
3.500 | % | 11/25/41 | 100,000 | 86,305 | |||||||||||
FNMA, Series 2012-56, Class WC |
3.500 | % | 05/25/42 | 102,000 | 91,961 | |||||||||||
FNMA, Series 2012-152, Class TA |
2.500 | % | 09/25/42 | 333,835 | 305,607 | |||||||||||
FNMA, Series 2012-110, Class CA |
3.000 | % | 10/25/42 | 371,123 | 339,252 | |||||||||||
FNMA, Series 2013-9, Class KD |
2.500 | % | 12/25/42 | 305,000 | 231,737 | |||||||||||
FNMA, Series 2013-13, Class YC |
2.500 | % | 01/25/43 | 145,414 | 131,110 | |||||||||||
FNMA, Series 2013-4, Class PL |
2.000 | % | 02/25/43 | 367,000 | 278,957 | |||||||||||
FNMA, Series 2024-20, Class ZQ |
4.000 | % | 10/25/45 | 436,150 | 384,953 | |||||||||||
FNMA, Series 2016-31, Class TM |
3.000 | % | 12/25/45 | 330,000 | 297,879 | |||||||||||
FNMA, Series 2016-83, Class UK |
2.500 | % | 11/25/46 | 376,021 | 263,977 | |||||||||||
FNMA, Series 2019-37, Class CA |
3.000 | % | 10/25/47 | 110,966 | 105,370 | |||||||||||
FNMA, Series 2018-37, Class BZ |
3.500 | % | 06/25/48 | 836,739 | 651,147 | |||||||||||
FNMA, Series 2018-55, Class GA |
3.375 | % | 08/25/48 | 357,404 | 340,000 | |||||||||||
FNMA, Series 2009-50, Class HZ |
5.540 | % | 02/25/49 | 690,895 | 691,341 | |||||||||||
FNMA, Series 2019-69, Class JB |
3.000 | % | 12/25/49 | 520,330 | 402,391 | |||||||||||
86 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Agency MBS CMO — 26.4% continued |
||||||||||||||||
FNMA, Series 2020-92, Class NB |
1.000 | % | 05/25/50 | $ | 630,518 | $ | 476,847 | |||||||||
FNMA, Series 2021-6, Class KU |
1.500 | % | 02/25/51 | 306,347 | 176,668 | |||||||||||
FNMA, Series 2021-78, Class PA |
2.500 | % | 11/25/51 | 256,382 | 224,938 | |||||||||||
GNMA, Series 2016-118, Class GZ |
3.000 | % | 02/16/40 | 288,092 | 216,657 | |||||||||||
GNMA, Series 2023-81, Class AL |
4.500 | % | 08/20/40 | 575,000 | 548,884 | |||||||||||
GNMA, Series 2012-74, Class LY |
2.500 | % | 06/20/42 | 260,000 | 195,591 | |||||||||||
GNMA, Series 2013-4, Class ML |
2.500 | % | 10/16/42 | 390,000 | 305,846 | |||||||||||
GNMA, Series 2019-151, Class GC |
1.750 | % | 12/20/42 | 127,007 | 111,739 | |||||||||||
GNMA, Series 2013-165, Class LB |
4.000 | % | 03/20/43 | 260,000 | 226,883 | |||||||||||
GNMA, Series 2014-118, Class ZD |
2.500 | % | 08/16/44 | 797,589 | 708,187 | |||||||||||
GNMA, Series 2019-136, Class P |
1.500 | % | 10/20/45 | 291,745 | 240,124 | |||||||||||
GNMA, Series 2016-116, Class DZ |
3.000 | % | 09/20/46 | 514,955 | 395,574 | |||||||||||
GNMA, Series 2017-179, Class NZ |
2.500 | % | 12/20/47 | 467,923 | 321,467 | |||||||||||
GNMA, Series 2018-27, Class KY |
3.500 | % | 02/20/48 | 1,608,166 | 1,324,889 | |||||||||||
GNMA, Series 2018-079, Class LM |
3.250 | % | 06/20/48 | 335,000 | 302,041 | |||||||||||
GNMA, Series 2018-120, Class LH |
3.500 | % | 09/20/48 | 593,318 | 457,823 | |||||||||||
GNMA, Series 2019-012, Class PY |
3.500 | % | 02/20/49 | 569,675 | 510,503 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Agency MBS CMO — 26.4% continued |
||||||||||||||||
GNMA, Series 2022-45, Class B |
2.500 | % | 05/20/50 | $ | 173,888 | $ | 156,185 | |||||||||
GNMA, Series 2020-95, Class EA |
1.500 | % | 07/20/50 | 1,006,777 | 790,431 | |||||||||||
GNMA, Series 2020-123, Class LA |
1.000 | % | 08/20/50 | 306,233 | 150,647 | |||||||||||
GNMA, Series 2020-134, Class AK |
1.000 | % | 09/20/50 | 274,676 | 126,824 | |||||||||||
GNMA, Series 2020-148, Class YW |
1.000 | % | 10/20/50 | 349,497 | 188,662 | |||||||||||
GNMA, Series 2020-183, Class EB |
1.150 | % | 12/20/50 | 292,527 | 128,429 | |||||||||||
GNMA, Series 2021-1, Class BD |
1.500 | % | 01/20/51 | 303,257 | 234,823 | |||||||||||
GNMA, Series 2021-29, Class AG |
5.000 | % | 02/20/51 | 911,846 | 893,299 | |||||||||||
GNMA, Series 2021-91, Class MF |
1.000 | % | 05/20/51 | 199,425 | 152,229 | |||||||||||
GNMA, Series 2021-116, Class CV |
1.500 | % | 07/20/51 | 1,015,211 | 593,095 | |||||||||||
GNMA, Series 2021-136, Class TU |
1.500 | % | 08/20/51 | 324,993 | 163,863 | |||||||||||
GNMA, Series 2021-136, Class TC |
1.500 | % | 08/20/51 | 1,093,789 | 708,163 | |||||||||||
GNMA, Series 2022-64, Class MA |
2.500 | % | 11/20/51 | 780,001 | 722,154 | |||||||||||
GNMA, Series 2023-13, Class HL |
5.000 | % | 01/20/53 | 244,634 | 232,742 | |||||||||||
GNMA, Series 2025-71, Class NL |
5.000 | % | 04/20/55 | 620,005 | 564,189 | |||||||||||
| 26,514,462 | ||||||||||||||||
Agency MBS CMO Derivatives — 1.3% |
||||||||||||||||
FHLMC, Series 5517, Class LT (IO) (-1* SOFR30A + 725) (a) |
0.200 | % | 03/25/55 | 12,115,952 | 73,497 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 87 |
Diamond
Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Agency MBS CMO Derivatives — 1.3% continued |
||||||||||||||||
FNMA, Series 2009-78, Class OS (IO) (-1* SOFR30A + 685) (a) |
2.998 | % | 10/25/39 | $ | 1,347,838 | $ | 118,653 | |||||||||
FNMA, Series 2013-56, Class SH (IO) (-1* SOFR30A + 411) (a) |
0.258 | % | 06/25/43 | 201,875 | 125,188 | |||||||||||
FNMA, Series 2013-105, Class KO (PO) |
0.000 | % | 10/25/43 | 362,322 | 319,111 | |||||||||||
GNMA, Series 2022-31, Class MS (IO) (-2.5* SOFR30A + 900) (a) |
0.000 | % | 02/20/52 | 612,380 | 455,699 | |||||||||||
GNMA, Series 2026-102, Class SH (IO) (-1* SOFR30A + 630) (a) |
2.709 | % | 06/20/56 | 2,500,000 | 174,511 | |||||||||||
| 1,266,659 | ||||||||||||||||
Agency MBS Passthrough — 1.6% |
||||||||||||||||
FNMA, Pool #MA0633 |
5.000 | % | 01/01/41 | 215,984 | 216,081 | |||||||||||
FNMA, Pool #BM6504 |
3.500 | % | 01/01/48 | 679,451 | 627,060 | |||||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 131,208 | 134,736 | |||||||||||
GNMA, Pool #DJ1126 |
7.000 | % | 04/20/65 | 623,784 | 654,839 | |||||||||||
| 1,632,716 | ||||||||||||||||
Auto Loan — 2.4% |
||||||||||||||||
AgoraCapital Auto Securities Trust, Series 2025-1A, Class B (c) |
7.270 | % | 11/25/32 | 150,000 | 150,787 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class B (c) |
6.770 | % | 05/15/29 | 225,000 | 225,731 | |||||||||||
Flagship Credit Auto Trust, Series 2023-1, Class C (c) |
5.430 | % | 05/15/29 | 134,306 | 134,427 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Auto Loan — 2.4% continued |
||||||||||||||||
Huntington National Bank (The), Series 2025-2, Class B1 (c) |
4.835 | % | 09/20/33 | $ | 143,778 | $ | 143,358 | |||||||||
Lendbuzz Securitization Trust, Series 2023-2A, Class A2 (c) |
7.090 | % | 10/16/28 | 112,188 | 113,086 | |||||||||||
Lendbuzz Securitization Trust, Series 2025-2A, Class A2 (c) |
5.180 | % | 05/15/30 | 281,525 | 281,898 | |||||||||||
Lendbuzz Securitization Trust, Series 2026-1A, Class D (c) |
6.860 | % | 02/15/33 | 227,349 | 227,948 | |||||||||||
Lobel Automobile Receivables Trust, Series 2026-1, Class B (c) |
5.530 | % | 04/16/29 | 200,000 | 199,368 | |||||||||||
Merchants Fleet Funding, LLC, Series 2025-1A, Class D (c) |
5.760 | % | 01/20/39 | 175,000 | 173,757 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2024-3A, Class C (c) |
6.460 | % | 03/25/33 | 99,193 | 99,354 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-1A, Class C (c) |
6.675 | % | 06/27/33 | 94,032 | 94,106 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2025-5A, Class D (c) |
6.012 | % | 06/26/34 | 225,000 | 219,795 | |||||||||||
Research-Driven Pagaya Motor Asset Trust I, Series 2026-R1A, Class D (c) |
7.720 | % | 07/25/35 | 200,000 | 196,788 | |||||||||||
Veros Auto Receivables Trust, Series 2026-1, Class C (c) |
5.220 | % | 07/15/31 | 150,000 | 149,446 | |||||||||||
| 2,409,849 | ||||||||||||||||
88 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond
Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
CRE/CLO — 0.5% |
||||||||||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class B (1* TSFR1M + 319) (a)(c) |
6.790 | % | 01/18/41 | $ | 100,000 | $ | 100,597 | |||||||||
Arbor Realty Collateralized Loan Obligation Ltd., Series 2025-BTR1, Class C (1* TSFR1M + 369) (a)(c) |
7.290 | % | 01/18/41 | 100,000 | 100,592 | |||||||||||
Arbor Realty Commercial Real Estate Notes, Series 2025-FL1, Class C (1* TSFR1M + 269) (a)(c) |
6.332 | % | 08/20/42 | 100,000 | 100,114 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class AS (1* TSFR1M + 151) (a)(c) |
5.142 | % | 02/15/38 | 157,723 | 157,149 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class A (1* TSFR1M + 116) (a)(c) |
5.042 | % | 05/17/38 | 89,418 | 89,373 | |||||||||||
| 547,825 | ||||||||||||||||
Credit Cards — 0.8% |
||||||||||||||||
Genesis Sales Finance Master Trust, Series 2024-B, Class D (c) |
7.040 | % | 12/20/32 | 150,000 | 147,605 | |||||||||||
GPCC Amortizing Receivables, Series 2026-1A, Class C (c) |
6.850 | % | 06/16/36 | 250,000 | 249,997 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2026-2A, Class D (c) |
6.390 | % | 06/21/32 | 275,000 | 274,291 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2026-A, Class D (c) |
6.270 | % | 07/15/32 | 100,000 | 100,485 | |||||||||||
| 772,378 | ||||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Equipment — 0.6% |
||||||||||||||||
Business Jet Securities, LLC, Series 2026-1A, Class B (c) |
6.099 | % | 06/15/56 | $ | 100,000 | $ | 100,184 | |||||||||
CPF IV, LLC, CP EF Asset Securitization, LLC, Series 2026-1A, Class E (c) |
6.200 | % | 01/17/34 | 300,000 | 280,980 | |||||||||||
NMEF Funding, LLC, Series 2022-B, Class C (c) |
8.540 | % | 06/15/29 | 220,000 | 221,032 | |||||||||||
| 602,196 | ||||||||||||||||
HECM — 4.8% |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM10, Class A2 (c) |
5.000 | % | 01/25/65 | 100,000 | 98,350 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM12, Class M3 (c) |
4.500 | % | 07/25/65 | 130,173 | 108,010 | |||||||||||
Brean Asset Backed Securities Trust, Series 2025-RM13, Class M3 (c) |
4.250 | % | 10/25/65 | 205,786 | 170,446 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M2 (c) |
4.250 | % | 01/25/66 | 203,639 | 173,901 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM14, Class M3 (c) |
4.250 | % | 01/25/66 | 254,548 | 210,794 | |||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM15, Class M3 (c) |
4.250 | % | 04/25/66 | 252,070 | 197,232 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 89 |
Diamond
Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
HECM — 4.8% continued |
||||||||||||||||
Brean Asset Backed Securities Trust, Series 2026-RM16, Class M3 (c) |
4.250 | % | 05/25/66 | $ | 250,000 | $ | 202,801 | |||||||||
Brean Asset Backed Securities Trust, Series 2023-RM7, Class A2 (c) |
4.500 | % | 03/25/78 | 180,000 | 174,629 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-AB2, Class M3 (c) |
2.000 | % | 02/25/52 | 272,735 | 264,468 | |||||||||||
MOO Securitization Trust, Series 2026-RM1, Class M3 (a)(c) |
4.500 | % | 03/25/66 | 100,000 | 83,780 | |||||||||||
MOO Securitization Trust, Series 2026-RM2, Class M3 (a)(c) |
4.750 | % | 06/25/66 | 225,000 | 189,189 | |||||||||||
Ocwen Loan Investment Trust, Series 2025-HB2, Class M3 (a)(c) |
3.000 | % | 11/25/38 | 275,000 | 252,696 | |||||||||||
Ocwen Loan Investment Trust, Series 2026-HB3, Class M3 (a)(c) |
3.000 | % | 06/25/39 | 225,000 | 203,648 | |||||||||||
Onity Loan Investment Trust, Series 2025-HB1, Class M1 (c) |
3.000 | % | 06/25/38 | 200,000 | 189,890 | |||||||||||
Onity Loan Investment Trust, Series 2026-HB2, Class M3 (a)(c) |
3.000 | % | 05/25/39 | 200,000 | 181,675 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class AB (c) |
1.744 | % | 10/25/50 | 168,822 | 157,504 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M2 (c) |
3.630 | % | 10/25/50 | 500,000 | 435,169 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
HECM — 4.8% continued |
||||||||||||||||
RMF Proprietary Issuance Trust, Series 2021-1, Class A (c) |
1.968 | % | 05/25/61 | $ | 236,225 | $ | 225,154 | |||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class A (c) |
2.125 | % | 09/25/61 | 370,899 | 355,331 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class A (c) |
3.750 | % | 06/25/62 | 438,522 | 423,340 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M3 (c) |
4.000 | % | 08/25/62 | 150,000 | 138,013 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (c) |
3.000 | % | 01/25/62 | 400,000 | 377,210 | |||||||||||
| 4,813,230 | ||||||||||||||||
Hospitality — 0.3% |
||||||||||||||||
BHMS Commercial Mortgage Trust, Series 2025-ATLS, Class B (1* TSFR1M + 255) (a)(c) |
6.175 | % | 08/15/42 | 100,000 | 100,125 | |||||||||||
BX Trust, Series 2026-CSMO, Class A (1* TSFR1M + 140) (a)(c) |
5.025 | % | 02/15/42 | 100,000 | 100,219 | |||||||||||
INTOWN Mortgage Trust, Series 2025-STAY, Class D (1* TSFR1M + 285) (a)(c) |
6.475 | % | 03/15/42 | 100,000 | 100,000 | |||||||||||
| 300,344 | ||||||||||||||||
Industrial — 0.3% |
||||||||||||||||
BX Trust, Series VOLT-2025, Class A (1* SOFR30A + 2) (a)(c) |
5.700 | % | 12/15/44 | 250,000 | 250,234 | |||||||||||
90 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Laboratory — 3.2% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-BIO2, Class D (a)(c) |
7.713 | % | 08/13/41 | $ | 210,000 | $ | 197,546 | |||||||||
BX Trust, Series 2026-CLS, Class C (1* TSFR1M + 235) (a)(c) |
5.977 | % | 05/15/31 | 100,000 | 100,213 | |||||||||||
BX Trust, Series 2026-CLS, Class D (1* TSFR1M + 345) (a)(c) |
7.077 | % | 05/15/31 | 100,000 | 100,250 | |||||||||||
Commercial Mortgage Trust, Series 2020-CX, Class B (c) |
2.446 | % | 11/10/46 | 550,000 | 455,647 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class D (1* TSFR1M + 151) (a)(c) |
5.139 | % | 03/15/38 | 280,000 | 267,400 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class E (1* TSFR1M + 186) (a)(c) |
5.489 | % | 03/15/38 | 350,000 | 331,005 | |||||||||||
Life Financial Services Trust, Series 2021-BMR, Class F (1* TSFR1M + 246) (a)(c) |
6.090 | % | 03/15/38 | 192,500 | 174,640 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class A1 (1* TSFR1M + 130) (a)(c) |
4.921 | % | 05/15/39 | 500,000 | 476,250 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class B (1* TSFR1M + 179) (a)(c) |
5.419 | % | 05/15/39 | 400,000 | 350,000 | |||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class C (1* TSFR1M + 209) (a)(c) |
5.719 | % | 05/15/39 | 350,000 | 294,000 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Laboratory — 3.2% continued |
||||||||||||||||
Life Financial Services Trust, Series 2022-BMR2, Class D (1* TSFR1M + 254) (a)(c) |
6.167 | % | 05/15/39 | $ | 200,000 | $ | 156,000 | |||||||||
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A (c) |
2.130 | % | 10/10/42 | 300,000 | 255,709 | |||||||||||
| 3,158,660 | ||||||||||||||||
Multifamily — 1.5% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2024-AIRC, Class D (1* TSFR1M + 309) (a)(c) |
6.715 | % | 08/15/39 | 260,175 | 260,663 | |||||||||||
MultiFamily Connecticut Avenue, Series 2025-01, Class M1 (1* SOFR30A + 240) (a)(c) |
6.028 | % | 05/25/55 | 199,800 | 202,389 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN2, Class M2 (1* SOFR30A + 335) (a)(c) |
7.178 | % | 07/25/41 | 361,948 | 363,113 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2024-MN9, Class M1 (1* SOFR30A + 245) (a)(c) |
6.078 | % | 10/25/44 | 189,506 | 190,700 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2025-MN10, Class M-1 (1* SOFR30A + 205) (a)(c) |
5.678 | % | 02/25/45 | 247,013 | 244,623 | |||||||||||
MultiFamily Structured Credit Risk Notes, Series 2021-MN1, Class M-1 (1* SOFR + 200) (a)(c) |
5.628 | % | 01/25/51 | 9,249 | 9,238 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 91 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Multifamily — 1.5% continued |
||||||||||||||||
MultiFamily Structured Credit Risk Notes, Series 2022-MN4, Class M2 (1* SOFR30A + 650) (a)(c) |
10.128 | % | 05/25/52 | $ | 250,000 | $ | 274,231 | |||||||||
| 1,544,957 | ||||||||||||||||
Non-Agency MBS 2.0 — 0.8% |
||||||||||||||||
JP Morgan Mortgage Trust, Series 2018-3, Class B5 (c) |
3.698 | % | 09/25/48 | 397,440 | 273,938 | |||||||||||
Redwood Funding Trust, Series 2026-2, Class A (c) |
6.259 | % | 11/27/56 | 244,583 | 243,835 | |||||||||||
Redwood Funding Trust, Series 2025-3, Class B (c) |
7.749 | % | 12/27/56 | 275,000 | 277,435 | |||||||||||
| 795,208 | ||||||||||||||||
Non-Performing Loan — 0.3% |
||||||||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2025-NPL2, Class A1 (c) |
7.774 | % | 05/25/30 | 84,997 | 85,317 | |||||||||||
Saluda Grade Alternative Mortgage Trust, Series 2026-NPL1, Class A1 (c) |
6.595 | % | 04/25/31 | 184,908 | 184,090 | |||||||||||
| 269,407 | ||||||||||||||||
Office — 1.0% |
||||||||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class A (c) |
2.627 | % | 01/15/32 | 100,000 | 91,998 | |||||||||||
Banc of America Merrill Lynch Commercial Mortgage, Series 2020-BOC, Class D (c)(d) |
3.289 | % | 01/15/32 | 100,000 | 57,498 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Office — 1.0% continued |
||||||||||||||||
Bay Trust, Series 2026-MDWS, Class A (1* TSFR1M + 164) (a)(c) |
5.243 | % | 06/15/41 | $ | 250,000 | $ | 249,062 | |||||||||
COLEM Mortgage Trust, Series 2022-HLNE, Class B (a)(c) |
2.461 | % | 04/12/42 | 100,000 | 94,247 | |||||||||||
NYT Mortgage Trust, Series 2019-NYT, Class C (1* TSFR1M + 200) (a)(c) |
5.625 | % | 12/15/35 | 100,000 | 93,000 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class B (c) |
6.013 | % | 09/15/40 | 200,000 | 197,179 | |||||||||||
Wells Fargo Commercial Mortgage Trust, Series 2025-1918, Class D (c) |
8.623 | % | 09/15/40 | 200,000 | 197,075 | |||||||||||
| 980,059 | ||||||||||||||||
Residential Transition Loan — 1.9% |
||||||||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A1 (c) |
6.014 | % | 05/25/31 | 175,000 | 175,875 | |||||||||||
Builder Circle Mortgage Trust, Series 2026-RTL1, Class A2 (c) |
7.427 | % | 05/25/31 | 200,000 | 201,093 | |||||||||||
Colony American Finance Ltd., Series 2026-R1, Class A1 (c) |
6.773 | % | 03/25/36 | 145,073 | 144,732 | |||||||||||
Colony American Finance Ltd., Series 2026-R1, Class A2 (c) |
10.054 | % | 03/25/36 | 100,000 | 99,465 | |||||||||||
Easy STG Mortgage Loan Trust, Series 2025-RTL1, Class A2 (c) |
8.299 | % | 05/25/40 | 150,000 | 151,980 | |||||||||||
Fidelis Mortgage Trust, Series 2025-RTL1, Class A-2 (c) |
6.220 | % | 02/27/40 | 100,000 | 100,111 | |||||||||||
92 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Residential Transition Loan — 1.9% continued |
||||||||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class A2 (c) |
6.894 | % | 05/25/29 | $ | 500,000 | $ | 500,599 | |||||||||
LHOME Mortgage Trust, Series 2025-RTL1, Class A2 (c) |
5.952 | % | 01/25/40 | 100,000 | 100,024 | |||||||||||
LHOME Mortgage Trust, Series 2025-RTL2, Class A1 (c) |
5.612 | % | 04/25/40 | 300,000 | 300,909 | |||||||||||
ROC Mortgage Trust, Series 2025-RTL1, Class A2 (c) |
6.114 | % | 02/25/40 | 100,000 | 100,183 | |||||||||||
| 1,874,971 | ||||||||||||||||
Second Lien — 2.0% |
||||||||||||||||
Achieve Mortgage, Series 2025-HE1, Class A (c) |
5.920 | % | 03/25/55 | 74,210 | 74,601 | |||||||||||
HTAP Trust, Series 2024-1, Class A (c) |
7.000 | % | 04/25/37 | 181,423 | 181,129 | |||||||||||
HTAP Trust, Series 2024-2, Class A (c) |
6.500 | % | 04/25/42 | 167,442 | 166,626 | |||||||||||
Point Securitization Trust, Series 2025-1, Class A1 (c) |
6.250 | % | 06/25/55 | 92,207 | 92,395 | |||||||||||
Point Securitization Trust, Series 2025-2, Class A1 (c) |
5.750 | % | 09/25/55 | 249,271 | 247,474 | |||||||||||
Splitero Trust, Series 2025-1, Class A1 (c) |
5.750 | % | 12/25/55 | 249,992 | 247,571 | |||||||||||
Splitero Trust, Series 2026-1, Class A1 (c) |
5.750 | % | 06/25/56 | 250,000 | 247,145 | |||||||||||
Unlock HEA Trust, Series 2025-1, Class A (c) |
6.750 | % | 07/25/41 | 93,835 | 93,852 | |||||||||||
Unlock HEA Trust, Series 2025-2, Class C (c) |
6.000 | % | 11/25/41 | 150,000 | 116,590 | |||||||||||
Unlock HEA Trust, Series 2025-2, Class A (c) |
6.000 | % | 11/25/41 | 96,186 | 95,170 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Second Lien — 2.0% continued |
||||||||||||||||
Vista Point Securitization Trust, Series 2024-CES3, Class A1 (c) |
5.679 | % | 01/25/55 | $ | 64,998 | $ | 65,052 | |||||||||
Vista Point Securitization Trust, Series 2024-CES3, Class A2 (c) |
5.995 | % | 01/25/55 | 400,000 | 401,694 | |||||||||||
| 2,029,299 | ||||||||||||||||
Single Family Rental — 0.1% |
||||||||||||||||
Home Partners of America Trust, Series 2021-3, Class A (c) |
2.200 | % | 01/17/41 | 155,757 | 146,042 | |||||||||||
Small Business — 1.2% |
||||||||||||||||
FOR A Financial Asset Securitization, Series 2026-1A, Class A (c) |
5.850 | % | 06/15/32 | 135,000 | 134,869 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class A (c) |
5.490 | % | 09/10/31 | 150,000 | 150,283 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2024-4R, Class C (c) |
7.150 | % | 09/10/31 | 200,000 | 201,236 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2025-1A, Class C (c) |
7.400 | % | 04/10/32 | 225,000 | 226,732 | |||||||||||
Mulligan Asset Securitization, LLC, Series 2026-1A, Class D (c) |
10.170 | % | 05/15/33 | 250,000 | 249,872 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class A (c) |
5.720 | % | 06/26/51 | 130,855 | 129,230 | |||||||||||
Newtek Alternative Loan Program, Series 2026-1, Class B (c) |
7.180 | % | 06/26/51 | 130,855 | 130,694 | |||||||||||
| 1,222,916 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 93 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Student Loan — 0.7% |
||||||||||||||||
Bayview Opportunity Master Fund, Series 2025-EDU1, Class D (1* SOFR30A + 225) (a)(c) |
5.878 | % | 07/27/48 | $ | 188,582 | $ | 188,583 | |||||||||
College Ave Student Loans, Series 2018-A, Class B (c) |
4.750 | % | 12/26/47 | 122,314 | 120,422 | |||||||||||
Social Professional Loan Program, Series 2019-B, Class BFX (c) |
3.730 | % | 08/17/48 | 400,000 | 374,099 | |||||||||||
| 683,104 | ||||||||||||||||
Unsecured Consumer — 4.3% |
||||||||||||||||
ACHV ABS Trust, Series 2024-1PL, Class D (c) |
7.290 | % | 04/25/31 | 105,195 | 105,987 | |||||||||||
ACHV ABS Trust, Series 2024-3AL, Class D (c) |
6.750 | % | 12/26/31 | 51,083 | 51,663 | |||||||||||
Affirm, Inc., Series 2025-X1, Class D (c) |
6.110 | % | 04/15/30 | 250,000 | 251,085 | |||||||||||
AMCR ABS Trust, Series 2026-A, Class B (c) |
6.280 | % | 05/18/33 | 100,000 | 100,120 | |||||||||||
Cherry Securitization Trust, Series 2025-1A, Class A (c) |
6.130 | % | 11/15/32 | 200,000 | 201,907 | |||||||||||
Lendmark Funding Trust, Series 2026-1A, Class D (c) |
5.900 | % | 11/20/35 | 125,000 | 123,954 | |||||||||||
OneMain Financial Issuance Trust, Series 2026-1A, Class D (c) |
6.260 | % | 07/14/39 | 175,000 | 175,616 | |||||||||||
Oportun Funding, LLC, Series 2024-3, Class C (c) |
6.250 | % | 08/15/29 | 125,000 | 125,086 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class C (c) |
3.610 | % | 10/08/31 | 27,878 | 27,556 | |||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Unsecured Consumer — 4.3% continued |
||||||||||||||||
Oportun Funding, LLC, Series 2025-D, Class D (c) |
6.970 | % | 02/08/33 | $ | 340,000 | $ | 341,393 | |||||||||
Oportun Funding, LLC, Series 2025-C, Class D (c) |
5.910 | % | 07/08/33 | 200,000 | 198,136 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-1, Class D (c) |
6.282 | % | 07/15/32 | 50,705 | 50,744 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-11, Class D (c) |
6.307 | % | 07/15/32 | 67,781 | 67,959 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-6, Class B (c) |
4.883 | % | 04/15/33 | 349,968 | 348,022 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2025-8, Class B (c) |
5.409 | % | 07/15/33 | 99,966 | 99,379 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class A (c) |
5.715 | % | 01/20/34 | 200,000 | 200,094 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class D (c) |
6.739 | % | 01/20/34 | 150,000 | 150,376 | |||||||||||
Pagaya Point of Sale Holdings, Series 2025-1, Class E (c) |
11.276 | % | 01/20/34 | 100,000 | 101,371 | |||||||||||
Pagaya Point of Sale Holdings Grantor Trust, Series 2025-2, Class F (c) |
12.000 | % | 07/20/33 | 300,000 | 291,892 | |||||||||||
Reach Financial, LLC, Series 2025-1A, Class B (c) |
5.340 | % | 08/16/32 | 200,000 | 200,622 | |||||||||||
Reach Financial, LLC, Series 2025-1A, Class C (c) |
5.990 | % | 08/16/32 | 100,000 | 100,540 | |||||||||||
94 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Securitized — 61.7% continued |
||||||||||||||||
Unsecured Consumer — 4.3% continued |
||||||||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST2, Class NT (c) |
6.110 | % | 06/15/32 | $ | 108,053 | $ | 108,460 | |||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class B (c) |
5.254 | % | 09/15/32 | 200,000 | 199,160 | |||||||||||
Upgrade Master Pass-Thru Trust, Series 2025-ST5, Class C (c) |
5.923 | % | 09/15/32 | 300,000 | 298,416 | |||||||||||
Upgrade Receivables Trust, Series 2024-1A, Class C (c) |
6.470 | % | 01/15/31 | 79,467 | 79,674 | |||||||||||
Upstart Securitization Trust, Series 2025-3, Class C (c) |
5.430 | % | 09/20/35 | 225,000 | 223,453 | |||||||||||
Upstart Securitization Trust, Series 2026-2, Class C (c) |
5.830 | % | 05/20/36 | 125,000 | 124,723 | |||||||||||
| 4,347,388 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $61,282,968) |
$ | 61,918,974 | ||||||||||||||
|
Coupon |
Maturity |
Shares / |
Fair |
||||||||||||
Treasury — 15.3% |
||||||||||||||||
U.S. Treasury Notes |
0.625 | % | 08/15/30 | $ | 1,925,000 | $ | 1,667,080 | |||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/33 | 100,000 | 73,274 | |||||||||||
U.S. Treasury Notes (b) |
4.000 | % | 02/15/34 | 4,400,000 | 4,298,594 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/34 | 150,000 | 104,768 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/36 | 250,000 | 162,086 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/37 | 250,000 | 153,768 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/38 | 1,000,000 | 581,578 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/38 | 1,000,000 | 556,733 | |||||||||||
U.S. Treasury Bonds |
1.125 | % | 08/15/40 | 1,000,000 | 626,328 | |||||||||||
U.S. Treasury Bonds |
1.375 | % | 11/15/40 | 850,000 | 549,479 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/41 | 200,000 | 94,579 | |||||||||||
U.S. Treasury Inflation-Protected Notes |
0.625 | % | 02/15/43 | 506,825 | 369,395 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/43 | 300,000 | 125,898 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/44 | 500,000 | 197,866 | |||||||||||
U.S. Treasury Bonds |
2.250 | % | 08/15/46 | 1,000,000 | 652,227 | |||||||||||
U.S. Treasury Bonds |
3.000 | % | 02/15/48 | 5,700,000 | 4,196,402 | |||||||||||
U.S. Treasury Bonds |
1.250 | % | 05/15/50 | 400,000 | 190,344 | |||||||||||
U.S. Treasury Bonds |
1.625 | % | 11/15/50 | 1,500,000 | 784,043 | |||||||||||
Total Treasury |
||||||||||||||||
(Cost $15,715,563) |
$ | 15,384,442 | ||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 95 |
Diamond Hill Core Plus Bond Fund
Schedule of Investments (Continued)
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Registered Investment Companies — 2.7% |
||||||||
State Street Institutional US Government Money Market Fund — Premier Class, 3.58% (e) |
717,634 | $ | 717,634 | |||||
State Street Navigator Securities Lending Portfolio I, 3.34% (e)(f) |
1,971,240 | 1,971,240 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $2,688,874) |
$ | 2,688,874 | ||||||
Total Investment Securities — 101.8% |
||||||||
(Cost $101,787,733) |
$ | 102,192,604 | ||||||
Liabilities in Excess of Other Assets — (1.8)% |
(1,809,838 | ) | ||||||
Net Assets — 100.0% |
$ | 100,382,766 | ||||||
|
(a) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2026. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
|
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2026 was $6,740,876. |
|
(c) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2026 was $43,845,847, representing 43.7% of net assets. |
|
(d) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2026 was $282,410, representing 0.3% of net assets. |
|
(e) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
|
(f) |
This security was purchased using cash collateral held from securities on loan. |
IO — Interest Only
plc — Public Limited Company
PO — Principal Only
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
TSFR — CME Term SOFR
See accompanying Notes to Financial Statements.
96 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
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DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 97 |
Diamond Hill Funds
Statements of Assets & Liabilities
June 30, 2026 (Unaudited)
Small Cap |
Small-Mid |
Mid Cap |
Large Cap |
|||||||||||||
Assets |
||||||||||||||||
Investment in unaffiliated securities, at cost |
$ | 241,097,896 | $ | 642,192,733 | $ | 66,566,715 | $ | 2,648,822,126 | ||||||||
Investment in unaffiliated securities, at fair value* |
$ | 333,694,283 | $ | 715,518,134 | $ | 81,339,543 | $ | 3,034,634,522 | ||||||||
Cash |
1,157 | — | — | — | ||||||||||||
Cash denominated in foreign currency (Cost $—,$—, $—, $—, $—, $—, $1,061,531, $—, $—, $—, and $—) |
— | — | — | — | ||||||||||||
Cash deposits with custodian for securities sold short |
— | — | — | — | ||||||||||||
Receivable for investments sold |
— | — | — | — | ||||||||||||
Receivable for fund shares issued |
261,741 | 2,742,601 | 24,567 | 3,908,598 | ||||||||||||
Receivable for dividends and interest |
447,698 | 724,580 | 73,666 | 2,701,895 | ||||||||||||
Tax reclaims receivable |
5,411 | — | — | — | ||||||||||||
Total Assets |
334,410,290 | 718,985,315 | 81,437,776 | 3,041,245,015 | ||||||||||||
Liabilities |
||||||||||||||||
Investments sold short, at fair value (proceeds $—, $—, $—, $—, $—, $—, $614,204,638, $—, $—, $—, and $—) |
— | — | — | — | ||||||||||||
Payable for investments purchased |
— | — | 268,772 | — | ||||||||||||
Payable for fund shares redeemed |
322,314 | 875,446 | 232,284 | 4,915,233 | ||||||||||||
Payable for dividend expense on securities sold short |
— | — | — | — | ||||||||||||
Payable for return of collateral received for securities on loan |
26,158,780 | 88,020,675 | 7,325,006 | 153,550,595 | ||||||||||||
Payable to Investment Adviser |
193,848 | 378,725 | 35,685 | 1,227,895 | ||||||||||||
Payable to Administrator |
42,524 | 74,560 | 10,538 | 309,154 | ||||||||||||
Accrued distribution fees |
10,563 | 6,354 | 660 | 42,468 | ||||||||||||
Other accrued expenses |
6,544 | 12,682 | 2,383 | 119,655 | ||||||||||||
Total Liabilities |
26,734,573 | 89,368,442 | 7,875,328 | 160,165,000 | ||||||||||||
Contingencies and Commitments |
— | — | — | — | ||||||||||||
Net Assets |
$ | 307,675,717 | $ | 629,616,873 | $ | 73,562,448 | $ | 2,881,080,015 | ||||||||
Components of Net Assets |
||||||||||||||||
Paid-in capital |
$ | 215,927,962 | $ | 576,061,315 | $ | 59,449,197 | $ | 2,346,260,426 | ||||||||
Accumulated earnings (deficit) |
91,747,755 | 53,555,558 | 14,113,251 | 534,819,589 | ||||||||||||
Net Assets |
$ | 307,675,717 | $ | 629,616,873 | $ | 73,562,448 | $ | 2,881,080,015 | ||||||||
Net Assets |
||||||||||||||||
Investor Shares |
$ | 54,487,139 | $ | 31,310,041 | $ | 3,273,117 | $ | 204,316,768 | ||||||||
Class I Shares |
$ | 225,546,900 | $ | 432,254,149 | $ | 67,923,967 | $ | 1,419,790,188 | ||||||||
Class Y Shares |
$ | 27,641,678 | $ | 166,052,683 | $ | 2,365,364 | $ | 1,256,973,059 | ||||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) |
||||||||||||||||
Investor Shares |
1,754,588 | 1,130,222 | 195,130 | 6,334,533 | ||||||||||||
Class I Shares |
6,965,303 | 15,432,369 | 4,052,298 | 43,860,081 | ||||||||||||
Class Y Shares |
850,065 | 5,900,952 | 140,343 | 38,787,427 | ||||||||||||
Net Asset Value, offering and redemption price per share: |
||||||||||||||||
Investor Shares |
$ | 31.05 | $ | 27.70 | $ | 16.77 | $ | 32.25 | ||||||||
Class I Shares |
$ | 32.38 | $ | 28.01 | $ | 16.76 | $ | 32.37 | ||||||||
Class Y Shares |
$ | 32.52 | $ | 28.14 | $ | 16.85 | $ | 32.41 | ||||||||
* Includes value of securities on loan |
$ | 69,127,871 | $ | 162,921,284 | $ | 13,087,640 | $ | 161,334,175 | ||||||||
See accompanying Notes to Financial Statements.
98 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Select |
Long-Short |
International |
Short Duration |
Securitized |
Core Bond |
Core Plus |
||||||||||||||||||||||
| $ | 554,544,635 | $ | 1,617,758,072 | $ | 138,134,304 | $ | 5,557,434,685 | $ | 31,662,812 | $ | 3,315,411,643 | $ | 101,787,733 | |||||||||||||||
| $ | 617,198,469 | $ | 2,125,974,276 | $ | 184,414,820 | $ | 5,548,243,786 | $ | 31,766,507 | $ | 3,259,312,217 | $ | 102,192,604 | |||||||||||||||
| — | — | — | — | 178,540 | — | 1,786 | ||||||||||||||||||||||
| — | — | 1,005,973 | — | — | — | — | ||||||||||||||||||||||
| — | 779,670,807 | — | — | — | — | — | ||||||||||||||||||||||
| — | 4,627,178 | — | 7,916,454 | — | 4,562,521 | 272,222 | ||||||||||||||||||||||
| 1,652,228 | 2,493,013 | 65,820 | 17,063,957 | — | 4,513,632 | 26,848 | ||||||||||||||||||||||
| 371,902 | 3,479,611 | 375,341 | 19,751,474 | 76,582 | 17,567,176 | 650,716 | ||||||||||||||||||||||
| — | — | 253,677 | — | — | — | — | ||||||||||||||||||||||
| 619,222,599 | 2,916,244,885 | 186,115,631 | 5,592,975,671 | 32,021,629 | 3,285,955,546 | 103,144,176 | ||||||||||||||||||||||
| — | 762,902,836 | — | — | — | — | — | ||||||||||||||||||||||
| — | 2,026,283 | — | — | 27,751 | 20,371,034 | 738,220 | ||||||||||||||||||||||
| 6,624,243 | 33,728,255 | 616,002 | 19,893,628 | — | 1,811,597 | 7,729 | ||||||||||||||||||||||
| — | 1,410,427 | — | — | — | — | — | ||||||||||||||||||||||
| 68,594,981 | 3,265,455 | 14,411,935 | 11,193 | — | 12,449,455 | 1,971,240 | ||||||||||||||||||||||
| 312,982 | 1,602,448 | 90,877 | 1,580,398 | 18,337 | 792,668 | 32,853 | ||||||||||||||||||||||
| 76,807 | 312,870 | 19,914 | 790,842 | 1,315 | 402,347 | 10,563 | ||||||||||||||||||||||
| 6,833 | 21,815 | 268 | 25,081 | 3 | 1,215 | 5 | ||||||||||||||||||||||
| 3,663 | 21,489 | 49,815 | 800 | 800 | 800 | 800 | ||||||||||||||||||||||
| 75,619,509 | 805,291,878 | 15,188,811 | 22,301,942 | 48,206 | 35,829,116 | 2,761,410 | ||||||||||||||||||||||
| — | — | — | — | — | — | — | ||||||||||||||||||||||
| $ | 543,603,090 | $ | 2,110,953,007 | $ | 170,926,820 | $ | 5,570,673,729 | $ | 31,973,423 | $ | 3,250,126,430 | $ | 100,382,766 | |||||||||||||||
| $ | 470,676,294 | $ | 1,694,083,810 | $ | 113,715,685 | $ | 5,602,269,854 | $ | 31,839,472 | $ | 3,326,403,134 | $ | 99,966,339 | |||||||||||||||
| 72,926,796 | 416,869,197 | 57,211,135 | (31,596,125 | ) | 133,951 | (76,276,704 | ) | 416,427 | ||||||||||||||||||||
| $ | 543,603,090 | $ | 2,110,953,007 | $ | 170,926,820 | $ | 5,570,673,729 | $ | 31,973,423 | $ | 3,250,126,430 | $ | 100,382,766 | |||||||||||||||
| $ | 34,037,999 | $ | 104,189,921 | $ | 1,302,669 | $ | 121,762,011 | $ | 15,849 | $ | 6,179,319 | $ | 27,601 | |||||||||||||||
| $ | 462,020,047 | $ | 1,906,404,841 | $ | 120,771,327 | $ | 5,200,370,389 | $ | 24,798 | $ | 2,547,115,186 | $ | 60,756,330 | |||||||||||||||
| $ | 47,545,044 | $ | 100,358,245 | $ | 48,852,824 | $ | 248,541,329 | $ | 31,932,776 | $ | 696,831,925 | $ | 39,598,835 | |||||||||||||||
| 1,328,761 | 3,671,859 | 56,063 | 12,302,979 | 1,561 | 683,836 | 2,744 | ||||||||||||||||||||||
| 17,691,399 | 64,469,592 | 5,177,562 | 525,116,525 | 2,444 | 283,341,218 | 6,050,367 | ||||||||||||||||||||||
| 1,810,257 | 3,368,812 | 2,088,009 | 25,059,562 | 3,147,226 | 77,464,025 | 3,939,773 | ||||||||||||||||||||||
| $ | 25.62 | $ | 28.38 | $ | 23.24 | $ | 9.90 | $ | 10.15 | $ | 9.04 | $ | 10.06 | |||||||||||||||
| $ | 26.12 | $ | 29.57 | $ | 23.33 | $ | 9.90 | $ | 10.15 | $ | 8.99 | $ | 10.04 | |||||||||||||||
| $ | 26.26 | $ | 29.79 | $ | 23.40 | $ | 9.92 | $ | 10.15 | $ | 9.00 | $ | 10.05 | |||||||||||||||
| $ | 93,850,022 | $ | 3,310,057 | $ | 18,651,989 | $ | 19,659,820 | — | $ | 80,481,945 | $ | 6,740,876 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 99 |
Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2026 (Unaudited)
Small Cap |
Small-Mid |
Mid Cap |
Large Cap |
|||||||||||||
Investment Income |
||||||||||||||||
Dividends |
$ | 2,631,720 | $ | 6,512,947 | $ | 662,254 | $ | 41,139,297 | ||||||||
Securities lending income |
66,362 | 118,150 | 7,445 | 146,789 | ||||||||||||
Foreign taxes withheld (net of reclaims received) |
(1,106 | ) | (8,562 | ) | (778 | ) | — | |||||||||
Total Investment Income |
2,696,976 | 6,622,535 | 668,921 | 41,286,086 | ||||||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
1,027,131 | 2,920,738 | 224,043 | 10,540,170 | ||||||||||||
Administration fees |
220,040 | 497,282 | 64,679 | 2,567,826 | ||||||||||||
Distribution and service fees — Investor |
58,685 | 39,440 | 4,197 | 271,301 | ||||||||||||
Reflow fees |
19,339 | 181,179 | 9,793 | 1,097,506 | ||||||||||||
Other fees |
1,190 | 2,370 | 760 | 9,347 | ||||||||||||
Total Expenses |
1,326,385 | 3,641,009 | 303,472 | 14,486,150 | ||||||||||||
Net Investment Income |
1,370,591 | 2,981,526 | 365,449 | 26,799,936 | ||||||||||||
Realized and Unrealized Gains (Losses) on Investments |
||||||||||||||||
Net realized gains (losses) on investment transactions |
(1,760,815 | ) | (22,475,439 | ) | (534,399 | ) | 135,026,570 | |||||||||
Net realized gains from in-kind redemptions |
32,749,278 | 198,009,371 | 12,659,958 | 499,321,409 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
35,767,158 | (131,579,575 | ) | (8,752,417 | ) | (591,166,346 | ) | |||||||||
Net Realized and Unrealized Gains on Investments |
66,755,621 | 43,954,357 | 3,373,142 | 43,181,633 | ||||||||||||
Change in Net Assets from Operations |
$ | 68,126,212 | $ | 46,935,883 | $ | 3,738,591 | $ | 69,981,569 | ||||||||
See accompanying Notes to Financial Statements.
100 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2026 (Unaudited)
Select |
Long-Short |
International |
||||||||||
Investment Income |
||||||||||||
Dividends |
$ | 4,767,982 | $ | 18,803,122 | $ | 2,570,605 | ||||||
Securities lending income |
64,692 | 9,158 | 80,409 | |||||||||
Rebates on short sales, net of fees |
— | 12,458,855 | — | |||||||||
Foreign taxes withheld (net of reclaims received) |
— | (105,672 | ) | (198,806 | ) | |||||||
Total Investment Income |
4,832,674 | 31,165,463 | 2,452,208 | |||||||||
Expenses |
||||||||||||
Investment advisory fees |
1,990,120 | 10,009,260 | 555,396 | |||||||||
Administration fees |
472,173 | 1,913,770 | 117,381 | |||||||||
Distribution and service fees — Investor |
44,770 | 139,874 | 1,705 | |||||||||
Reflow fees |
85,058 | 100,241 | — | |||||||||
Other fees |
1,826 | 5,431 | 43,732 | |||||||||
Dividend expense |
— | 5,571,954 | — | |||||||||
Total Expenses |
2,593,947 | 17,740,530 | 718,214 | |||||||||
Net Investment Income |
2,238,727 | 13,424,933 | 1,733,994 | |||||||||
Realized and Unrealized Gains (Losses) on Investments |
||||||||||||
Net realized gains on investment transactions |
12,940,714 | 20,971,652 | 7,239,007 | |||||||||
Net realized gains from in-kind redemptions |
43,109,063 | 203,338,918 | — | |||||||||
Net realized gains on closed short positions |
— | 28,173,737 | — | |||||||||
Net realized losses on foreign currency transactions |
— | — | (73,714 | ) | ||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
(33,965,416 | ) | (292,172,564 | ) | 9,501,217 | |||||||
Net change in unrealized appreciation (depreciation) on short positions |
— | (135,163,260 | ) | — | ||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
22,084,361 | (174,851,517 | ) | 16,666,510 | ||||||||
Change in Net Assets from Operations |
$ | 24,323,088 | ($ | 161,426,584 | ) | $ | 18,400,504 | |||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 101 |
Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2026 (Unaudited)
Short Duration |
Securitized |
Core Bond |
Core Plus |
|||||||||||||
Investment Income |
||||||||||||||||
Dividends |
$ | 6,400,523 | $ | 12,877 | $ | 1,189,951 | $ | 24,660 | ||||||||
Securities lending income |
34,775 | — | 70,712 | 7,663 | ||||||||||||
Interest |
144,647,437 | 720,331 | 76,796,796 | 2,407,006 | ||||||||||||
Total Investment Income |
151,082,735 | 733,208 | 78,057,459 | 2,439,329 | ||||||||||||
Expenses |
||||||||||||||||
Investment advisory fees |
8,990,111 | 110,910 | 4,758,980 | 190,963 | ||||||||||||
Administration fees |
4,416,267 | 7,951 | 2,378,791 | 59,303 | ||||||||||||
Distribution and service fees — Investor |
143,653 | 20 | 6,100 | 31 | ||||||||||||
Other fees |
13,041 | 670 | 8,669 | 891 | ||||||||||||
Total Expenses |
13,563,072 | 119,551 | 7,152,540 | 251,188 | ||||||||||||
Net Investment Income |
137,519,663 | 613,657 | 70,904,919 | 2,188,141 | ||||||||||||
Realized and Unrealized Gains (Losses) on Investments |
||||||||||||||||
Net realized gains on investment transactions |
14,658,292 | 107,864 | 6,207,348 | 285,070 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(43,983,445 | ) | (420,553 | ) | (45,338,873 | ) | (1,199,099 | ) | ||||||||
Net Realized and Unrealized Losses on Investments |
(29,325,153 | ) | (312,689 | ) | (39,131,525 | ) | (914,029 | ) | ||||||||
Change in Net Assets from Operations |
$ | 108,194,510 | $ | 300,968 | $ | 31,773,394 | $ | 1,274,112 | ||||||||
See accompanying Notes to Financial Statements.
102 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 1,370,591 | $ | 1,758,147 | $ | 2,981,526 | $ | 8,124,687 | |||||||||
Net realized gains on investment transactions |
30,988,463 | 46,426,856 | 175,533,932 | 177,827,739 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
35,767,158 | (27,152,866 | ) | (131,579,575 | ) | (122,109,475 | ) | ||||||||||
Change in Net Assets from Operations |
68,126,212 | 21,032,137 | 46,935,883 | 63,842,951 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (2,424,643 | ) | — | (1,923,125 | ) | |||||||||||
Class I |
— | (8,374,683 | ) | — | (26,440,827 | ) | |||||||||||
Class Y |
— | (1,302,778 | ) | — | (22,471,287 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (12,102,104 | ) | — | (50,835,239 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
21,657,784 | (18,470,484 | ) | (268,188,273 | ) | (287,356,265 | ) | ||||||||||
Total Change in Net Assets |
89,783,996 | (9,540,451 | ) | (221,252,390 | ) | (274,348,553 | ) | ||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
217,891,721 | 227,432,172 | 850,869,263 | 1,125,217,816 | |||||||||||||
End of period |
$ | 307,675,717 | $ | 217,891,721 | $ | 629,616,873 | $ | 850,869,263 | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 103 |
Diamond Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 3,640,703 | $ | 5,875,649 | $ | 321,041 | $ | 1,348,514 | |||||||||
Reinvested distributions |
— | 2,143,319 | — | 1,825,498 | |||||||||||||
Payments for shares redeemed |
(4,540,232 | ) | (28,240,124 | ) | (3,636,356 | ) | (7,912,417 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(899,529 | ) | (20,221,156 | ) | (3,315,315 | ) | (4,738,405 | ) | |||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
46,197,793 | 42,996,258 | 12,872,117 | 26,306,907 | |||||||||||||
Reinvested distributions |
— | 7,843,655 | — | 18,574,771 | |||||||||||||
Payments for shares redeemed |
(21,488,905 | ) | (50,663,997 | ) | (56,178,985 | ) | (80,426,792 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
24,708,888 | 175,916 | (43,306,868 | ) | (35,545,114 | ) | |||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
60,737,653 | 55,272,681 | 314,284,066 | 230,972,307 | |||||||||||||
Reinvested distributions |
— | 1,163,202 | — | 22,310,659 | |||||||||||||
Payments for shares redeemed |
(62,889,228 | ) | (54,861,127 | ) | (535,850,156 | ) | (500,355,712 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(2,151,575 | ) | 1,574,756 | (221,566,090 | ) | (247,072,746 | ) | ||||||||||
Change in Net Assets from Capital Transactions |
$ | 21,657,784 | $ | (18,470,484 | ) | $ | (268,188,273 | ) | $ | (287,356,265 | ) | ||||||
See accompanying Notes to Financial Statements.
104 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
131,721 | 252,985 | 12,093 | 52,701 | |||||||||||||
Reinvested |
— | 87,411 | — | 69,543 | |||||||||||||
Redeemed |
(168,958 | ) | (1,242,073 | ) | (135,896 | ) | (309,793 | ) | |||||||||
Change in Shares Outstanding |
(37,237 | ) | (901,677 | ) | (123,803 | ) | (187,549 | ) | |||||||||
Class I |
|||||||||||||||||
Issued |
1,698,419 | 1,807,660 | 480,707 | 1,032,564 | |||||||||||||
Reinvested |
— | 306,887 | — | 700,934 | |||||||||||||
Redeemed |
(742,213 | ) | (2,219,106 | ) | (2,119,998 | ) | (3,151,831 | ) | |||||||||
Change in Shares Outstanding |
956,206 | (104,559 | ) | (1,639,291 | ) | (1,418,333 | ) | ||||||||||
Class Y |
|||||||||||||||||
Issued |
2,217,726 | 2,214,541 | 11,843,509 | 8,619,352 | |||||||||||||
Reinvested |
— | 45,302 | — | 838,746 | |||||||||||||
Redeemed |
(2,260,528 | ) | (2,181,343 | ) | (20,029,287 | ) | (19,367,782 | ) | |||||||||
Change in Shares Outstanding |
(42,802 | ) | 78,500 | (8,185,778 | ) | (9,909,684 | ) | ||||||||||
Change in Total Shares Outstanding |
876,167 | (927,736 | ) | (9,948,872 | ) | (11,515,566 | ) | ||||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 105 |
Diamond Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 365,449 | $ | 1,032,746 | $ | 26,799,936 | $ | 104,426,089 | |||||||||
Net realized gains on investment transactions |
12,125,559 | 42,694,935 | 634,347,979 | 1,175,954,445 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(8,752,417 | ) | (31,464,666 | ) | (591,166,346 | ) | (861,677,841 | ) | |||||||||
Change in Net Assets from Operations |
3,738,591 | 12,263,015 | 69,981,569 | 418,702,693 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (541,313 | ) | — | (13,863,956 | ) | |||||||||||
Class I |
— | (11,337,473 | ) | — | (238,632,955 | ) | |||||||||||
Class Y |
— | (641,772 | ) | — | (134,197,868 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (12,520,558 | ) | — | (386,694,779 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
(6,840,389 | ) | (69,765,415 | ) | (3,474,602,641 | ) | (2,369,854,303 | ) | |||||||||
Total Change in Net Assets |
(3,101,798 | ) | (70,022,958 | ) | (3,404,621,072 | ) | (2,337,846,389 | ) | |||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
76,664,246 | 146,687,204 | 6,285,701,087 | 8,623,547,476 | |||||||||||||
End of period |
$ | 73,562,448 | $ | 76,664,246 | $ | 2,881,080,015 | $ | 6,285,701,087 | |||||||||
See accompanying Notes to Financial Statements.
106 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 18,549 | $ | 61,173 | $ | 4,853,705 | $ | 31,766,687 | |||||||||
Reinvested distributions |
— | 522,279 | — | 11,116,434 | |||||||||||||
Payments for shares redeemed |
(357,742 | ) | (1,029,705 | ) | (35,061,044 | ) | (103,856,212 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(339,193 | ) | (446,253 | ) | (30,207,339 | ) | (60,973,091 | ) | |||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
3,893,702 | 10,920,261 | 74,276,152 | 896,575,790 | |||||||||||||
Reinvested distributions |
— | 11,013,636 | — | 205,392,068 | |||||||||||||
Payments for shares redeemed |
(9,451,678 | ) | (86,495,799 | ) | (2,604,999,394 | ) | (2,720,081,380 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
(5,557,976 | ) | (64,561,902 | ) | (2,530,723,242 | ) | (1,618,113,522 | ) | |||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
21,007,034 | 24,139,862 | 1,137,418,844 | 1,531,745,078 | |||||||||||||
Shares issued for in-kind subscriptions |
— | — | 260,901,350 | — | |||||||||||||
Reinvested distributions |
— | 472,008 | — | 126,469,876 | |||||||||||||
Payments for shares redeemed |
(21,950,254 | ) | (29,369,130 | ) | (2,311,992,254 | ) | (2,348,982,644 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(943,220 | ) | (4,757,260 | ) | (913,672,060 | ) | (690,767,690 | ) | |||||||||
Change in Net Assets from Capital Transactions |
$ | (6,840,389 | ) | $ | (69,765,415 | ) | $ | (3,474,602,641 | ) | $ | (2,369,854,303 | ) | |||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 107 |
Diamond Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
1,126 | 3,640 | 151,066 | 967,693 | |||||||||||||
Reinvested |
— | 32,194 | — | 344,489 | |||||||||||||
Redeemed |
(22,101 | ) | (59,630 | ) | (1,091,104 | ) | (3,158,255 | ) | |||||||||
Change in Shares Outstanding |
(20,975 | ) | (23,796 | ) | (940,038 | ) | (1,846,073 | ) | |||||||||
Class I |
|||||||||||||||||
Issued |
239,630 | 650,318 | 2,288,506 | 27,314,046 | |||||||||||||
Reinvested |
— | 679,061 | — | 6,333,216 | |||||||||||||
Redeemed |
(584,180 | ) | (5,023,416 | ) | (80,060,499 | ) | (82,302,133 | ) | |||||||||
Change in Shares Outstanding |
(344,550 | ) | (3,694,037 | ) | (77,771,993 | ) | (48,654,871 | ) | |||||||||
Class Y |
|||||||||||||||||
Issued |
1,299,724 | 1,369,603 | 35,147,128 | 46,013,877 | |||||||||||||
Issued for in-kind subscriptions |
— | — | 7,981,075 | — | |||||||||||||
Reinvested |
— | 28,914 | — | 3,892,197 | |||||||||||||
Redeemed |
(1,353,344 | ) | (1,691,776 | ) | (71,249,549 | ) | (70,519,295 | ) | |||||||||
Change in Shares Outstanding |
(53,620 | ) | (293,259 | ) | (28,121,346 | ) | (20,613,221 | ) | |||||||||
Change in Total Shares Outstanding |
(419,145 | ) | (4,011,092 | ) | (106,833,377 | ) | (71,114,165 | ) | |||||||||
See accompanying Notes to Financial Statements.
108 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Select Fund |
Long-Short Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 2,238,727 | $ | 5,371,859 | $ | 13,424,933 | $ | 35,763,165 | |||||||||
Net realized gains on investment transactions |
56,049,777 | 121,433,563 | 224,310,570 | 176,968,659 | |||||||||||||
Net realized gains (losses) on closed short positions |
— | — | 28,173,737 | (45,963,903 | ) | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(33,965,416 | ) | (54,632,874 | ) | (292,172,564 | ) | 118,506,803 | ||||||||||
Net change in unrealized appreciation (depreciation) on short positions |
— | — | (135,163,260 | ) | 64,787,458 | ||||||||||||
Change in Net Assets from Operations |
24,323,088 | 72,172,548 | (161,426,584 | ) | 350,062,182 | ||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (2,786,181 | ) | — | (1,653,388 | ) | |||||||||||
Class I |
— | (37,420,704 | ) | — | (33,554,132 | ) | |||||||||||
Class Y |
— | (5,655,351 | ) | — | (2,036,984 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (45,862,236 | ) | — | (37,244,504 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
(59,867,419 | ) | (27,958,526 | ) | (72,102,522 | ) | 347,843,988 | ||||||||||
Total Change in Net Assets |
(35,544,331 | ) | (1,648,214 | ) | (233,529,106 | ) | 660,661,666 | ||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
579,147,421 | 580,795,635 | 2,344,482,113 | 1,683,820,447 | |||||||||||||
End of period |
$ | 543,603,090 | $ | 579,147,421 | $ | 2,110,953,007 | $ | 2,344,482,113 | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 109 |
Diamond Hill Funds
Statements of Changes in Net Assets
Select Fund |
Long-Short Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 7,494,855 | $ | 6,991,759 | $ | 4,912,863 | $ | 9,420,638 | |||||||||
Reinvested distributions |
— | 2,227,587 | — | 1,479,902 | |||||||||||||
Payments for shares redeemed |
(10,684,429 | ) | (18,543,323 | ) | (12,074,561 | ) | (25,177,509 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(3,189,574 | ) | (9,323,977 | ) | (7,161,698 | ) | (14,276,969 | ) | |||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
53,340,568 | 83,974,574 | 170,521,779 | 732,378,134 | |||||||||||||
Reinvested distributions |
— | 34,888,339 | — | 29,150,803 | |||||||||||||
Payments for shares redeemed |
(80,142,046 | ) | (142,207,001 | ) | (200,741,375 | ) | (424,963,864 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
(26,801,478 | ) | (23,344,088 | ) | (30,219,596 | ) | 336,565,073 | ||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
94,357,197 | 122,793,364 | 236,787,592 | 186,969,856 | |||||||||||||
Reinvested distributions |
— | 5,579,491 | — | 1,262,907 | |||||||||||||
Payments for shares redeemed |
(124,233,564 | ) | (123,663,316 | ) | (271,508,820 | ) | (162,676,879 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(29,876,367 | ) | 4,709,539 | (34,721,228 | ) | 25,555,884 | |||||||||||
Change in Net Assets from Capital Transactions |
$ | (59,867,419 | ) | $ | (27,958,526 | ) | $ | (72,102,522 | ) | $ | 347,843,988 | ||||||
See accompanying Notes to Financial Statements.
110 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Select Fund |
Long-Short Fund |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
299,319 | 290,222 | 164,777 | 332,164 | |||||||||||||
Reinvested |
— | 89,268 | — | 48,280 | |||||||||||||
Redeemed |
(426,686 | ) | (789,153 | ) | (407,236 | ) | (908,071 | ) | |||||||||
Change in Shares Outstanding |
(127,367 | ) | (409,663 | ) | (242,459 | ) | (527,627 | ) | |||||||||
Class I |
|||||||||||||||||
Issued |
2,060,314 | 3,479,368 | 5,550,280 | 25,043,275 | |||||||||||||
Reinvested |
— | 1,370,347 | — | 913,962 | |||||||||||||
Redeemed |
(3,150,186 | ) | (5,820,405 | ) | (6,541,635 | ) | (14,575,652 | ) | |||||||||
Change in Shares Outstanding |
(1,089,872 | ) | (970,690 | ) | (991,355 | ) | 11,381,585 | ||||||||||
Class Y |
|||||||||||||||||
Issued |
3,688,832 | 4,791,845 | 7,619,319 | 6,007,381 | |||||||||||||
Reinvested |
— | 217,663 | — | 39,312 | |||||||||||||
Redeemed |
(4,823,351 | ) | (4,846,829 | ) | (8,698,942 | ) | (5,273,660 | ) | |||||||||
Change in Shares Outstanding |
(1,134,519 | ) | 162,679 | (1,079,623 | ) | 773,033 | |||||||||||
Change in Total Shares Outstanding |
(2,351,758 | ) | (1,217,674 | ) | (2,313,437 | ) | 11,626,991 | ||||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 111 |
Diamond Hill Funds
Statements of Changes in Net Assets
International Fund |
Short Duration Securitized |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 1,733,994 | $ | 2,462,425 | $ | 137,519,663 | $ | 250,882,545 | |||||||||
Net realized gains (losses) on investment transactions |
7,239,007 | 10,394,950 | 14,658,292 | (5,814,451 | ) | ||||||||||||
Net realized losses on foreign currency transactions |
(73,714 | ) | (11,399 | ) | — | — | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
9,501,217 | 27,431,509 | (43,983,445 | ) | 13,883,446 | ||||||||||||
Change in Net Assets from Operations |
18,400,504 | 40,277,485 | 108,194,510 | 258,951,540 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (52,876 | ) | (3,234,077 | ) | (4,848,691 | ) | ||||||||||
Class I |
— | (4,996,005 | ) | (142,633,016 | ) | (238,249,395 | ) | ||||||||||
Class Y |
— | (2,422,605 | ) | (7,169,052 | ) | (11,145,359 | ) | ||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (7,471,486 | ) | (153,036,145 | ) | (254,243,445 | ) | ||||||||||
Change in Net Assets from Capital Transactions |
(8,753,640 | ) | (12,938,449 | ) | 748,908,310 | 1,419,970,209 | |||||||||||
Total Change in Net Assets |
9,646,864 | 19,867,550 | 704,066,675 | 1,424,678,304 | |||||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
161,279,956 | 141,412,406 | 4,866,607,054 | 3,441,928,750 | |||||||||||||
End of period |
$ | 170,926,820 | $ | 161,279,956 | $ | 5,570,673,729 | $ | 4,866,607,054 | |||||||||
See accompanying Notes to Financial Statements.
112 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
International Fund |
Short Duration Securitized |
||||||||||||||||
For the |
For the year |
For the |
For the year |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 130,410 | $ | 249,647 | $ | 45,385,074 | $ | 99,428,554 | |||||||||
Reinvested distributions |
— | 52,876 | 3,102,172 | 4,593,730 | |||||||||||||
Payments for shares redeemed |
(185,210 | ) | (500,028 | ) | (29,854,741 | ) | (55,180,533 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(54,800 | ) | (197,505 | ) | 18,632,505 | 48,841,751 | |||||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
8,274,680 | 33,325,446 | 1,431,115,505 | 2,506,149,263 | |||||||||||||
Reinvested distributions |
— | 4,918,770 | 120,582,315 | 198,963,722 | |||||||||||||
Payments for shares redeemed |
(8,143,965 | ) | (15,633,844 | ) | (820,637,159 | ) | (1,473,062,659 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
130,715 | 22,610,372 | 731,060,661 | 1,232,050,326 | |||||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
1,984,954 | 4,919,054 | 85,469,530 | 154,971,515 | |||||||||||||
Reinvested distributions |
— | 2,214,801 | 4,455,391 | 6,861,589 | |||||||||||||
Payments for shares redeemed |
(10,814,509 | ) | (42,485,171 | ) | (90,709,777 | ) | (22,754,972 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(8,829,555 | ) | (35,351,316 | ) | (784,856 | ) | 139,078,132 | ||||||||||
Change in Net Assets from Capital Transactions |
$ | (8,753,640 | ) | $ | (12,938,449 | ) | $ | 748,908,310 | $ | 1,419,970,209 | |||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 113 |
Diamond Hill Funds
Statements of Changes in Net Assets
International Fund |
Short Duration Securitized |
|||||||||||||||
For the |
For the year |
For the |
For the year |
|||||||||||||
Share Transactions: |
||||||||||||||||
Investor |
||||||||||||||||
Issued |
5,862 | 12,737 | 4,552,440 | 9,921,550 | ||||||||||||
Reinvested |
— | 2,519 | 312,357 | 459,166 | ||||||||||||
Redeemed |
(7,970 | ) | (27,178 | ) | (2,996,523 | ) | (5,507,195 | ) | ||||||||
Change in Shares Outstanding |
(2,108 | ) | (11,922 | ) | 1,868,274 | 4,873,521 | ||||||||||
Class I |
||||||||||||||||
Issued |
368,749 | 1,790,613 | 143,538,081 | 249,917,620 | ||||||||||||
Reinvested |
— | 233,740 | 12,131,083 | 19,880,261 | ||||||||||||
Redeemed |
(363,350 | ) | (799,615 | ) | (82,307,422 | ) | (146,998,755 | ) | ||||||||
Change in Shares Outstanding |
5,399 | 1,224,738 | 73,361,742 | 122,799,126 | ||||||||||||
Class Y |
||||||||||||||||
Issued |
86,944 | 258,734 | 8,570,730 | 15,409,514 | ||||||||||||
Reinvested |
— | 104,982 | 447,526 | 684,457 | ||||||||||||
Redeemed |
(472,117 | ) | (2,138,455 | ) | (9,087,521 | ) | (2,266,667 | ) | ||||||||
Change in Shares Outstanding |
(385,173 | ) | (1,774,739 | ) | (69,265 | ) | 13,827,304 | |||||||||
Change in Total Shares Outstanding |
(381,882 | ) | (561,923 | ) | 75,160,751 | 141,499,951 | ||||||||||
See accompanying Notes to Financial Statements.
114 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Securitized Total Return Fund |
Core Bond Fund |
||||||||||||||||
For the |
For the period |
For the |
For the year |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 613,657 | $ | 664,810 | $ | 70,904,919 | $ | 125,259,007 | |||||||||
Net realized gains on investment transactions |
107,864 | 37,838 | 6,207,348 | 1,608,646 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(420,553 | ) | 524,248 | (45,338,873 | ) | 51,763,970 | |||||||||||
Change in Net Assets from Operations |
300,968 | 1,226,896 | 31,773,394 | 178,631,623 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
(321 | ) | (309 | ) | (110,994 | ) | (225,252 | ) | |||||||||
Class I |
(534 | ) | (409 | ) | (59,906,472 | ) | (103,133,275 | ) | |||||||||
Class Y |
(722,517 | ) | (669,823 | ) | (16,626,687 | ) | (23,298,131 | ) | |||||||||
Change in Net Assets from Distributions to Shareholders |
(723,372 | ) | (670,541 | ) | (76,644,153 | ) | (126,656,658 | ) | |||||||||
Change in Net Assets from Capital Transactions |
1,163,494 | 30,675,978 | 216,242,137 | 1,022,332,631 | |||||||||||||
Total Change in Net Assets |
741,090 | 31,232,333 | 171,371,378 | 1,074,307,596 | |||||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
31,232,333 | — | 3,078,755,052 | 2,004,447,456 | |||||||||||||
End of period |
$ | 31,973,423 | $ | 31,232,333 | $ | 3,250,126,430 | $ | 3,078,755,052 | |||||||||
|
(A) |
Fund commenced operations on June 30, 2025. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 115 |
Diamond Hill Funds
Statements of Changes in Net Assets
Securitized Total Return Fund |
Core Bond Fund |
||||||||||||||||
For the |
For the period |
For the |
For the year |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | — | $ | 15,000 | $ | 2,631,018 | $ | 1,858,466 | |||||||||
Reinvested distributions |
321 | 309 | 106,875 | 216,575 | |||||||||||||
Payments for shares redeemed |
— | — | (1,568,473 | ) | (1,644,860 | ) | |||||||||||
Change in Net Assets from Investor Share Transactions |
321 | 15,309 | 1,169,420 | 430,181 | |||||||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
3,337 | 20,437 | 475,142,248 | 1,026,400,114 | |||||||||||||
Reinvested distributions |
534 | 409 | 52,793,752 | 90,793,070 | |||||||||||||
Payments for shares redeemed |
— | — | (345,855,810 | ) | (485,956,857 | ) | |||||||||||
Change in Net Assets from Class I Share Transactions |
3,871 | 20,846 | 182,080,190 | 631,236,327 | |||||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
1,122,601 | 29,970,000 | 91,739,662 | 517,826,094 | |||||||||||||
Reinvested distributions |
722,517 | 669,823 | 8,966,520 | 12,728,111 | |||||||||||||
Payments for shares redeemed |
(685,816 | ) | — | (67,713,655 | ) | (139,888,082 | ) | ||||||||||
Change in Net Assets from Class Y Share Transactions |
1,159,302 | 30,639,823 | 32,992,527 | 390,666,123 | |||||||||||||
Change in Net Assets from Capital Transactions |
$ | 1,163,494 | $ | 30,675,978 | $ | 216,242,137 | $ | 1,022,332,631 | |||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
— | 1,500 | 289,693 | 204,815 | |||||||||||||
Reinvested |
31 | 30 | 11,748 | 23,759 | |||||||||||||
Redeemed |
— | — | (171,677 | ) | (180,167 | ) | |||||||||||
Change in Shares Outstanding |
31 | 1,530 | 129,764 | 48,407 | |||||||||||||
Class I |
|||||||||||||||||
Issued |
322 | 2,030 | 52,231,373 | 113,181,887 | |||||||||||||
Reinvested |
52 | 40 | 5,828,687 | 9,998,798 | |||||||||||||
Redeemed |
— | — | (38,095,445 | ) | (53,585,746 | ) | |||||||||||
Change in Shares Outstanding |
374 | 2,070 | 19,964,615 | 69,594,939 | |||||||||||||
Class Y |
|||||||||||||||||
Issued |
108,449 | 2,970,643 | 10,095,717 | 57,355,599 | |||||||||||||
Reinvested |
70,680 | 65,223 | 989,492 | 1,399,107 | |||||||||||||
Redeemed |
(67,769 | ) | — | (7,423,245 | ) | (15,462,082 | ) | ||||||||||
Change in Shares Outstanding |
111,360 | 3,035,866 | 3,661,964 | 43,292,624 | |||||||||||||
Change in Total Shares Outstanding |
111,765 | 3,039,466 | 23,756,343 | 112,935,970 | |||||||||||||
|
(A) |
Fund commenced operations on June 30, 2025. |
See accompanying Notes to Financial Statements.
116 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Statements of Changes in Net Assets
Core Plus Bond Fund |
||||||||
For the |
For the year |
|||||||
From Operations |
||||||||
Net investment income |
$ | 2,188,141 | $ | 3,190,237 | ||||
Net realized gains (losses) on investment transactions |
285,070 | (41,373 | ) | |||||
Net change in unrealized appreciation (depreciation) on investments |
(1,199,099 | ) | 2,077,663 | |||||
Change in Net Assets from Operations |
1,274,112 | 5,226,527 | ||||||
Distributions to Shareholders |
||||||||
Investor |
(574 | ) | (1,011 | ) | ||||
Class I |
(1,371,890 | ) | (1,431,713 | ) | ||||
Class Y |
(995,168 | ) | (1,777,108 | ) | ||||
Change in Net Assets from Distributions to Shareholders |
(2,367,632 | ) | (3,209,832 | ) | ||||
Change in Net Assets from Capital Transactions |
4,263,274 | 59,531,740 | ||||||
Total Change in Net Assets |
3,169,754 | 61,548,435 | ||||||
Net Assets: |
||||||||
Beginning of period |
97,213,012 | 35,664,577 | ||||||
End of period |
$ | 100,382,766 | $ | 97,213,012 | ||||
Capital Transactions |
||||||||
Investor |
||||||||
Proceeds from shares sold |
$ | 2,500 | $ | 2,402 | ||||
Reinvested distributions |
574 | 1,011 | ||||||
Payments for shares redeemed |
(1 | ) | — | |||||
Change in Net Assets from Investor Share Transactions |
3,073 | 3,413 | ||||||
Class I |
||||||||
Proceeds from shares sold |
10,485,918 | 57,968,997 | ||||||
Reinvested distributions |
857,291 | 639,199 | ||||||
Payments for shares redeemed |
(7,376,025 | ) | (2,292,839 | ) | ||||
Change in Net Assets from Class I Share Transactions |
3,967,184 | 56,315,357 | ||||||
Class Y |
||||||||
Proceeds from shares sold |
405,723 | 1,635,538 | ||||||
Reinvested distributions |
995,168 | 1,777,108 | ||||||
Payments for shares redeemed |
(1,107,874 | ) | (199,676 | ) | ||||
Change in Net Assets from Class Y Share Transactions |
293,017 | 3,212,970 | ||||||
Change in Net Assets from Capital Transactions |
$ | 4,263,274 | $ | 59,531,740 | ||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 117 |
Diamond Hill Funds
Statements of Changes in Net Assets
Core Plus Bond Fund |
||||||||
For the |
For the year |
|||||||
Share Transactions: |
||||||||
Investor |
||||||||
Issued |
248 | 240 | ||||||
Reinvested |
57 | 101 | ||||||
Redeemed |
— | — | ||||||
Change in Shares Outstanding |
305 | 341 | ||||||
Class I |
||||||||
Issued |
1,039,751 | 5,790,791 | ||||||
Reinvested |
84,925 | 62,873 | ||||||
Redeemed |
(726,795 | ) | (225,977 | ) | ||||
Change in Shares Outstanding |
397,881 | 5,627,687 | ||||||
Class Y |
||||||||
Issued |
40,117 | 160,939 | ||||||
Reinvested |
98,450 | 176,519 | ||||||
Redeemed |
(110,414 | ) | (19,615 | ) | ||||
Change in Shares Outstanding |
28,153 | 317,843 | ||||||
Change in Total Shares Outstanding |
426,339 | 5,945,871 | ||||||
See accompanying Notes to Financial Statements.
118 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
(Page intentionally left blank)
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 119 |
Small Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Small Cap Fund |
Net asset |
Net |
Net realized |
Total from |
Dividends |
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 24.26 | 0.11 | 6.68 | 6.79 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 23.01 | 0.14 | 2.52 | 2.66 | — | ||||||||||||||
For the year ended December 31, 2024 |
$ | 23.55 | 0.09 | 3.07 | 3.16 | (1.18 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 25.06 | 0.24 | 5.49 | 5.73 | (0.63 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 34.73 | 0.11 | (5.23 | ) | (5.12 | ) | (0.15 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 30.96 | 0.07 | 9.75 | 9.82 | (0.07 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 25.26 | 0.15 | 6.97 | 7.12 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 23.87 | 0.21 | 2.63 | 2.84 | (0.04 | ) | |||||||||||||
For the year ended December 31, 2024 |
$ | 24.30 | 0.17 | 3.17 | 3.34 | (1.25 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 25.67 | 0.33 | 5.61 | 5.94 | (0.70 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 35.44 | 0.18 | (5.31 | ) | (5.13 | ) | (0.24 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 31.49 | 0.19 | 9.92 | 10.11 | (0.18 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 25.35 | 0.17 | 7.00 | 7.17 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 23.95 | 0.23 | 2.65 | 2.88 | (0.07 | ) | |||||||||||||
For the year ended December 31, 2024 |
$ | 24.38 | 0.20 | 3.17 | 3.37 | (1.28 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 25.72 | 0.36 | 5.65 | 6.01 | (0.74 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 35.49 | 0.22 | (5.32 | ) | (5.10 | ) | (0.27 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 31.52 | 0.22 | 9.95 | 10.17 | (0.22 | ) | |||||||||||||
|
||||||||||||||||||||
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(C) Not annualized.
120 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
||||||||||||||||||||||||
| — | — | $ | 31.05 | 27.99 | %(C) | $ | 54,487 | 1.28 | %(D) | 0.84 | %(D) | 7 | %(C)(E) | ||||||||||||||||||
| (1.41 | ) | (1.41 | ) | $ | 24.26 | 11.48 | % | $ | 43,472 | 1.28 | % | 0.61 | % | 57 | %(E) | ||||||||||||||||
| (2.52 | ) | (3.70 | ) | $ | 23.01 | 12.88 | % | $ | 61,972 | 1.26 | % | 0.38 | % | 43 | % | ||||||||||||||||
| (6.61 | ) | (7.24 | ) | $ | 23.55 | 22.94 | % | $ | 62,642 | 1.26 | % | 0.88 | % | 41 | % | ||||||||||||||||
| (4.40 | ) | (4.55 | ) | $ | 25.06 | (15.02 | )% | $ | 79,634 | 1.26 | % | 0.34 | % | 37 | %(E) | ||||||||||||||||
| (5.98 | ) | (6.05 | ) | $ | 34.73 | 32.45 | % | $ | 123,975 | 1.26 | % | 0.20 | % | 20 | % | ||||||||||||||||
|
|||||||||||||||||||||||||||||||
| — | — | $ | 32.38 | 28.19 | %(C) | $ | 225,547 | 0.99 | %(D) | 1.10 | %(D) | 7 | %(C)(E) | ||||||||||||||||||
| (1.41 | ) | (1.45 | ) | $ | 25.26 | 11.84 | % | $ | 151,786 | 0.99 | % | 0.87 | % | 57 | %(E) | ||||||||||||||||
| (2.52 | ) | (3.77 | ) | $ | 23.87 | 13.22 | % | $ | 145,953 | 0.97 | % | 0.67 | % | 43 | % | ||||||||||||||||
| (6.61 | ) | (7.31 | ) | $ | 24.30 | 23.22 | % | $ | 149,790 | 0.97 | % | 1.19 | % | 41 | % | ||||||||||||||||
| (4.40 | ) | (4.64 | ) | $ | 25.67 | (14.77 | )% | $ | 187,656 | 0.97 | % | 0.57 | % | 37 | %(E) | ||||||||||||||||
| (5.98 | ) | (6.16 | ) | $ | 35.44 | 32.83 | % | $ | 391,856 | 0.97 | % | 0.52 | % | 20 | % | ||||||||||||||||
|
|||||||||||||||||||||||||||||||
| — | — | $ | 32.52 | 28.28 | %(C) | $ | 27,642 | 0.86 | %(D) | 1.23 | %(D) | 7 | %(C)(E) | ||||||||||||||||||
| (1.41 | ) | (1.48 | ) | $ | 25.35 | 11.96 | % | $ | 22,633 | 0.87 | % | 0.94 | % | 57 | %(E) | ||||||||||||||||
| (2.52 | ) | (3.80 | ) | $ | 23.95 | 13.31 | % | $ | 19,507 | 0.85 | % | 0.78 | % | 43 | % | ||||||||||||||||
| (6.61 | ) | (7.35 | ) | $ | 24.38 | 23.47 | % | $ | 18,448 | 0.85 | % | 1.29 | % | 41 | % | ||||||||||||||||
| (4.40 | ) | (4.67 | ) | $ | 25.72 | (14.64 | )% | $ | 18,592 | 0.85 | % | 0.69 | % | 37 | %(E) | ||||||||||||||||
| (5.98 | ) | (6.20 | ) | $ | 35.49 | 32.98 | % | $ | 52,704 | 0.85 | % | 0.59 | % | 20 | % | ||||||||||||||||
|
|||||||||||||||||||||||||||||||
(D) Annualized.
(E) Portfolio turnover does not include redemptions in-kind.
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 121 |
Small-Mid Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Small-Mid Cap Fund |
Net asset |
Net |
Net realized |
Total from |
Dividends |
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 25.97 | 0.06 | 1.67 | 1.73 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 25.43 | 0.14 | 1.99 | 2.13 | — | ||||||||||||||
For the year ended December 31, 2024 |
$ | 25.35 | 0.18 | 1.87 | 2.05 | (0.25 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 23.04 | 0.15 | 2.42 | 2.57 | (0.07 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.06 | 0.12 | (3.99 | ) | (3.87 | ) | (0.12 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.69 | 0.05 | 6.87 | 6.92 | (0.05 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 26.22 | 0.10 | 1.69 | 1.79 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 25.59 | 0.21 | 2.01 | 2.22 | — | ||||||||||||||
For the year ended December 31, 2024 |
$ | 25.48 | 0.26 | 1.89 | 2.15 | (0.32 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 23.31 | 0.26 | 2.42 | 2.68 | (0.32 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.38 | 0.19 | (4.04 | ) | (3.85 | ) | (0.19 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.93 | 0.12 | 6.96 | 7.08 | (0.13 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 26.32 | 0.11 | 1.71 | 1.82 | — | ||||||||||||||
For the year ended December 31, 2025 |
$ | 25.65 | 0.24 | 2.02 | 2.26 | — | ||||||||||||||
For the year ended December 31, 2024 |
$ | 25.55 | 0.30 | 1.88 | 2.18 | (0.36 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 23.37 | 0.29 | 2.43 | 2.72 | (0.35 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.45 | 0.23 | (4.06 | ) | (3.83 | ) | (0.22 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.99 | 0.16 | 6.96 | 7.12 | (0.16 | ) | |||||||||||||
|
||||||||||||||||||||
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2024 through 2021.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
122 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of |
Ratio of |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | $ | 27.70 | 6.66 | %(D) | $ | 31,310 | 1.27 | %(E) | 1.27 | %(E) | 0.44 | %(E) | 33 | %(D)(F) | ||||||||||||||||||||
| (1.59 | ) | (1.59 | ) | $ | 25.97 | 8.33 | % | $ | 32,561 | 1.22 | % | 1.22 | % | 0.55 | % | 44 | %(F) | ||||||||||||||||||
| (1.72 | ) | (1.97 | ) | $ | 25.43 | 7.78 | % | $ | 36,660 | 1.21 | % | 1.21 | % | 0.69 | % | 22 | %(F) | ||||||||||||||||||
| (0.19 | ) | (0.26 | ) | $ | 25.35 | 11.12 | % | $ | 44,270 | 1.21 | % | 1.21 | % | 0.63 | % | 16 | %(F) | ||||||||||||||||||
| (1.03 | ) | (1.15 | ) | $ | 23.04 | (13.86 | )% | $ | 163,974 | 1.21 | % | 1.21 | % | 0.45 | % | 25 | %(F) | ||||||||||||||||||
| (1.50 | ) | (1.55 | ) | $ | 28.06 | 30.78 | % | $ | 208,110 | 1.20 | % | 1.21 | % | 0.18 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 28.01 | 6.83 | %(D) | $ | 432,254 | 0.98 | %(E) | 0.98 | %(E) | 0.74 | %(E) | 33 | %(D)(F) | ||||||||||||||||||||
| (1.59 | ) | (1.59 | ) | $ | 26.22 | 8.63 | % | $ | 447,534 | 0.93 | % | 0.93 | % | 0.84 | % | 44 | %(F) | ||||||||||||||||||
| (1.72 | ) | (2.04 | ) | $ | 25.59 | 8.11 | % | $ | 473,097 | 0.92 | % | 0.92 | % | 0.98 | % | 22 | %(F) | ||||||||||||||||||
| (0.19 | ) | (0.51 | ) | $ | 25.48 | 11.47 | % | $ | 758,160 | 0.92 | % | 0.92 | % | 1.07 | % | 16 | %(F) | ||||||||||||||||||
| (1.03 | ) | (1.22 | ) | $ | 23.31 | (13.62 | )% | $ | 813,600 | 0.92 | % | 0.92 | % | 0.74 | % | 25 | %(F) | ||||||||||||||||||
| (1.50 | ) | (1.63 | ) | $ | 28.38 | 31.14 | % | $ | 1,059,287 | 0.91 | % | 0.92 | % | 0.45 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 28.14 | 6.91 | %(D) | $ | 166,053 | 0.85 | %(E) | 0.85 | %(E) | 0.84 | %(E) | 33 | %(D)(F) | ||||||||||||||||||||
| (1.59 | ) | (1.59 | ) | $ | 26.32 | 8.76 | % | $ | 370,775 | 0.81 | % | 0.81 | % | 0.93 | % | 44 | %(F) | ||||||||||||||||||
| (1.72 | ) | (2.08 | ) | $ | 25.65 | 8.23 | % | $ | 615,460 | 0.80 | % | 0.80 | % | 1.11 | % | 22 | %(F) | ||||||||||||||||||
| (0.19 | ) | (0.54 | ) | $ | 25.55 | 11.62 | % | $ | 815,252 | 0.80 | % | 0.80 | % | 1.21 | % | 16 | %(F) | ||||||||||||||||||
| (1.03 | ) | (1.25 | ) | $ | 23.37 | (13.51 | )% | $ | 924,744 | 0.80 | % | 0.80 | % | 0.87 | % | 25 | %(F) | ||||||||||||||||||
| (1.50 | ) | (1.66 | ) | $ | 28.45 | 31.24 | % | $ | 1,011,010 | 0.79 | % | 0.80 | % | 0.59 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) Not annualized.
(E) Annualized.
(F) Portfolio turnover does not include redemptions in-kind.
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 123 |
Mid Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Mid Cap Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 15.98 | 0.06 | 0.73 | 0.79 | |||||||||||
For the year ended December 31, 2025 |
$ | 16.67 | 0.12 | 2.08 | 2.20 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.37 | 0.14 | 1.63 | 1.77 | |||||||||||
For the year ended December 31, 2023 |
$ | 15.33 | 0.08 | 1.32 | 1.40 | |||||||||||
For the year ended December 31, 2022 |
$ | 18.62 | 0.07 | (2.60 | ) | (2.53 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 14.27 | 0.05 | 4.36 | 4.41 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 15.94 | 0.08 | 0.74 | 0.82 | |||||||||||
For the year ended December 31, 2025 |
$ | 16.63 | 0.17 | 2.07 | 2.24 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.33 | 0.19 | 1.63 | 1.82 | |||||||||||
For the year ended December 31, 2023 |
$ | 15.39 | 0.14 | 1.31 | 1.45 | |||||||||||
For the year ended December 31, 2022 |
$ | 18.69 | 0.12 | (2.61 | ) | (2.49 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 14.32 | 0.10 | 4.38 | 4.48 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 16.02 | 0.09 | 0.74 | 0.83 | |||||||||||
For the year ended December 31, 2025 |
$ | 16.69 | 0.18 | 2.11 | 2.29 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.39 | 0.21 | 1.64 | 1.85 | |||||||||||
For the year ended December 31, 2023 |
$ | 15.43 | 0.16 | 1.33 | 1.49 | |||||||||||
For the year ended December 31, 2022 |
$ | 18.74 | 0.14 | (2.62 | ) | (2.48 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 14.36 | 0.11 | 4.40 | 4.51 | |||||||||||
|
||||||||||||||||
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(C) Not annualized.
124 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | — | $ | 16.77 | 4.94 | %(C) | $ | 3,273 | 1.10 | %(D) | 0.70 | %(D) | 18 | %(C)(E) | |||||||||||||||||||||
| (0.18 | ) | (2.71 | ) | (2.89 | ) | $ | 15.98 | 13.10 | % | $ | 3,453 | 1.08 | % | 0.67 | % | 33 | %(E) | ||||||||||||||||||
| (0.15 | ) | (1.32 | ) | (1.47 | ) | $ | 16.67 | 10.50 | % | $ | 3,998 | 1.06 | % | 0.81 | % | 19 | % | ||||||||||||||||||
| (0.04 | ) | (0.32 | ) | (0.36 | ) | $ | 16.37 | 9.14 | % | $ | 4,435 | 1.06 | % | 0.48 | % | 22 | % | ||||||||||||||||||
| (0.10 | ) | (0.66 | ) | (0.76 | ) | $ | 15.33 | (13.66 | )% | $ | 23,932 | 1.06 | % | 0.46 | % | 19 | %(E) | ||||||||||||||||||
| (0.06 | ) | — | (0.06 | ) | $ | 18.62 | 30.87 | % | $ | 33,006 | 1.06 | % | 0.30 | % | 12 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 16.76 | 5.14 | %(C) | $ | 67,924 | 0.81 | %(D) | 0.99 | %(D) | 18 | %(C)(E) | |||||||||||||||||||||
| (0.22 | ) | (2.71 | ) | (2.93 | ) | $ | 15.94 | 13.37 | % | $ | 70,105 | 0.79 | % | 0.98 | % | 33 | %(E) | ||||||||||||||||||
| (0.20 | ) | (1.32 | ) | (1.52 | ) | $ | 16.63 | 10.83 | % | $ | 134,555 | 0.77 | % | 1.10 | % | 19 | % | ||||||||||||||||||
| (0.19 | ) | (0.32 | ) | (0.51 | ) | $ | 16.33 | 9.44 | % | $ | 149,820 | 0.77 | % | 0.90 | % | 22 | % | ||||||||||||||||||
| (0.15 | ) | (0.66 | ) | (0.81 | ) | $ | 15.39 | (13.39 | )% | $ | 150,772 | 0.77 | % | 0.75 | % | 19 | %(E) | ||||||||||||||||||
| (0.11 | ) | — | (0.11 | ) | $ | 18.69 | 31.29 | % | $ | 229,696 | 0.77 | % | 0.60 | % | 12 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 16.85 | 5.18 | %(C) | $ | 2,365 | 0.68 | %(D) | 1.06 | %(D) | 18 | %(C)(E) | |||||||||||||||||||||
| (0.25 | ) | (2.71 | ) | (2.96 | ) | $ | 16.02 | 13.63 | % | $ | 3,106 | 0.67 | % | 1.00 | % | 33 | %(E) | ||||||||||||||||||
| (0.23 | ) | (1.32 | ) | (1.55 | ) | $ | 16.69 | 10.93 | % | $ | 8,134 | 0.65 | % | 1.21 | % | 19 | % | ||||||||||||||||||
| (0.21 | ) | (0.32 | ) | (0.53 | ) | $ | 16.39 | 9.65 | % | $ | 8,263 | 0.65 | % | 0.99 | % | 22 | % | ||||||||||||||||||
| (0.17 | ) | (0.66 | ) | (0.83 | ) | $ | 15.43 | (13.31 | )% | $ | 12,528 | 0.65 | % | 0.86 | % | 19 | %(E) | ||||||||||||||||||
| (0.13 | ) | — | (0.13 | ) | $ | 18.74 | 31.41 | % | $ | 23,739 | 0.65 | % | 0.69 | % | 12 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) Annualized.
(E) Portfolio turnover does not include redemptions in-kind.
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 125 |
Large Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Large Cap Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 32.02 | 0.15 | 0.08 | 0.23 | |||||||||||
For the year ended December 31, 2025 |
$ | 32.23 | 0.33 | 1.39 | 1.72 | |||||||||||
For the year ended December 31, 2024 |
$ | 31.72 | 0.40 | 3.44 | 3.84 | |||||||||||
For the year ended December 31, 2023 |
$ | 28.86 | 0.35 | 3.49 | 3.84 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.50 | 0.28 | (5.09 | ) | (4.81 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.42 | 0.23 | 7.43 | 7.66 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 32.10 | 0.20 | 0.07 | 0.27 | |||||||||||
For the year ended December 31, 2025 |
$ | 32.30 | 0.42 | 1.41 | 1.83 | |||||||||||
For the year ended December 31, 2024 |
$ | 31.80 | 0.51 | 3.43 | 3.94 | |||||||||||
For the year ended December 31, 2023 |
$ | 29.04 | 0.44 | 3.52 | 3.96 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.69 | 0.37 | (5.10 | ) | (4.73 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.57 | 0.34 | 7.46 | 7.80 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 32.11 | 0.22 | 0.08 | 0.30 | |||||||||||
For the year ended December 31, 2025 |
$ | 32.33 | 0.46 | 1.40 | 1.86 | |||||||||||
For the year ended December 31, 2024 |
$ | 31.82 | 0.55 | 3.44 | 3.99 | |||||||||||
For the year ended December 31, 2023 |
$ | 29.06 | 0.48 | 3.52 | 4.00 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.72 | 0.41 | (5.10 | ) | (4.69 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.59 | 0.38 | 7.47 | 7.85 | |||||||||||
|
||||||||||||||||
|
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
126 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | — | $ | 32.25 | 0.72 | %(C) | $ | 204 | 1.02 | %(D) | 0.96 | %(D) | 16 | %(C)(E)(F) | |||||||||||||||||||||
| (0.06 | ) | (1.87 | ) | (1.93 | ) | $ | 32.02 | 5.33 | % | $ | 233 | 0.97 | % | 1.00 | % | 45 | %(F) | ||||||||||||||||||
| (0.38 | ) | (2.95 | ) | (3.33 | ) | $ | 32.23 | 11.83 | % | $ | 294 | 0.96 | % | 1.16 | % | 36 | %(F) | ||||||||||||||||||
| (0.24 | ) | (0.74 | ) | (0.98 | ) | $ | 31.72 | 13.31 | % | $ | 332 | 0.96 | % | 1.16 | % | 22 | % | ||||||||||||||||||
| (0.33 | ) | (1.50 | ) | (1.83 | ) | $ | 28.86 | (13.66 | )% | $ | 777 | 0.96 | % | 0.87 | % | 38 | %(F) | ||||||||||||||||||
| (0.21 | ) | (2.37 | ) | (2.58 | ) | $ | 35.50 | 25.42 | % | $ | 987 | 0.96 | % | 0.68 | % | 22 | %(F) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 32.37 | 0.84 | %(C) | $ | 1,420 | 0.73 | %(D) | 1.25 | %(D) | 16 | %(C)(E)(F) | |||||||||||||||||||||
| (0.16 | ) | (1.87 | ) | (2.03 | ) | $ | 32.10 | 5.65 | % | $ | 3,904 | 0.68 | % | 1.28 | % | 45 | %(F) | ||||||||||||||||||
| (0.49 | ) | (2.95 | ) | (3.44 | ) | $ | 32.30 | 12.11 | % | $ | 5,500 | 0.67 | % | 1.46 | % | 36 | %(F) | ||||||||||||||||||
| (0.46 | ) | (0.74 | ) | (1.20 | ) | $ | 31.80 | 13.66 | % | $ | 5,228 | 0.67 | % | 1.47 | % | 22 | % | ||||||||||||||||||
| (0.42 | ) | (1.50 | ) | (1.92 | ) | $ | 29.04 | (13.38 | )% | $ | 5,417 | 0.67 | % | 1.16 | % | 38 | %(F) | ||||||||||||||||||
| (0.31 | ) | (2.37 | ) | (2.68 | ) | $ | 35.69 | 25.75 | % | $ | 8,168 | 0.67 | % | 0.97 | % | 22 | %(F) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 32.41 | 0.93 | %(C) | $ | 1,257 | 0.60 | %(D) | 1.35 | %(D) | 16 | %(C)(E)(F) | |||||||||||||||||||||
| (0.21 | ) | (1.87 | ) | (2.08 | ) | $ | 32.11 | 5.74 | % | $ | 2,149 | 0.56 | % | 1.41 | % | 45 | %(F) | ||||||||||||||||||
| (0.53 | ) | (2.95 | ) | (3.48 | ) | $ | 32.33 | 12.26 | % | $ | 2,829 | 0.55 | % | 1.57 | % | 36 | %(F) | ||||||||||||||||||
| (0.50 | ) | (0.74 | ) | (1.24 | ) | $ | 31.82 | 13.78 | % | $ | 2,852 | 0.55 | % | 1.60 | % | 22 | % | ||||||||||||||||||
| (0.47 | ) | (1.50 | ) | (1.97 | ) | $ | 29.06 | (13.27 | )% | $ | 2,296 | 0.55 | % | 1.28 | % | 38 | %(F) | ||||||||||||||||||
| (0.35 | ) | (2.37 | ) | (2.72 | ) | $ | 35.72 | 25.89 | % | $ | 3,205 | 0.55 | % | 1.09 | % | 22 | %(F) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(C) |
Not annualized. |
|
(D) |
Annualized. |
|
(E) |
Portfolio turnover does not include in-kind subscriptions. |
|
(F) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 127 |
Select Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Select Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 24.55 | 0.06 | 1.01 | 1.07 | |||||||||||
For the year ended December 31, 2025 |
$ | 23.43 | 0.16 | 2.97 | 3.13 | |||||||||||
For the year ended December 31, 2024 |
$ | 22.11 | 0.14 | 2.74 | 2.88 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.03 | 0.05 | 5.09 | 5.14 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.44 | (0.02 | ) | (3.70 | ) | (3.72 | ) | ||||||||
For the year ended December 31, 2021 |
$ | 18.43 | 0.10 | 5.85 | 5.95 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 24.99 | 0.10 | 1.03 | 1.13 | |||||||||||
For the year ended December 31, 2025 |
$ | 23.82 | 0.23 | 3.02 | 3.25 | |||||||||||
For the year ended December 31, 2024 |
$ | 22.44 | 0.22 | 2.78 | 3.00 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.28 | 0.11 | 5.17 | 5.28 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.73 | 0.04 | (3.76 | ) | (3.72 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 18.60 | 0.14 | 5.96 | 6.10 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 25.14 | 0.11 | 1.01 | 1.12 | |||||||||||
For the year ended December 31, 2025 |
$ | 23.95 | 0.26 | 3.04 | 3.30 | |||||||||||
For the year ended December 31, 2024 |
$ | 22.55 | 0.25 | 2.80 | 3.05 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.36 | 0.12 | 5.20 | 5.32 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.82 | 0.05 | (3.76 | ) | (3.71 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 18.66 | 0.14 | 6.01 | 6.15 | |||||||||||
|
||||||||||||||||
|
(A) |
Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
128 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | — | $ | 25.62 | 4.36 | %(C) | $ | 34,038 | 1.20 | %(D) | 0.51 | %(D) | 24 | %(C)(E) | |||||||||||||||||||||
| (0.16 | ) | (1.85 | ) | (2.01 | ) | $ | 24.55 | 13.29 | % | $ | 35,749 | 1.17 | % | 0.65 | % | 50 | %(E) | ||||||||||||||||||
| (0.14 | ) | (1.42 | ) | (1.56 | ) | $ | 23.43 | 12.79 | % | $ | 43,724 | 1.16 | % | 0.61 | % | 44 | % | ||||||||||||||||||
| (0.05 | ) | (0.01 | ) | (0.06 | ) | $ | 22.11 | 30.19 | % | $ | 31,797 | 1.16 | % | 0.26 | % | 60 | % | ||||||||||||||||||
| — | (0.69 | ) | (0.69 | ) | $ | 17.03 | (17.44 | )% | $ | 28,808 | 1.16 | % | (0.09 | )% | 78 | %(E) | |||||||||||||||||||
| (0.17 | ) | (2.77 | ) | (2.94 | ) | $ | 21.44 | 32.91 | % | $ | 31,064 | 1.16 | % | 0.44 | % | 55 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 26.12 | 4.52 | %(C) | $ | 462,020 | 0.91 | %(D) | 0.80 | %(D) | 24 | %(C)(E) | |||||||||||||||||||||
| (0.23 | ) | (1.85 | ) | (2.08 | ) | $ | 24.99 | 13.58 | % | $ | 469,376 | 0.88 | % | 0.95 | % | 50 | %(E) | ||||||||||||||||||
| (0.20 | ) | (1.42 | ) | (1.62 | ) | $ | 23.82 | 13.13 | % | $ | 470,437 | 0.87 | % | 0.90 | % | 44 | % | ||||||||||||||||||
| (0.11 | ) | (0.01 | ) | (0.12 | ) | $ | 22.44 | 30.56 | % | $ | 389,017 | 0.87 | % | 0.59 | % | 60 | % | ||||||||||||||||||
| (0.04 | ) | (0.69 | ) | (0.73 | ) | $ | 17.28 | (17.20 | )% | $ | 238,051 | 0.87 | % | 0.21 | % | 78 | %(E) | ||||||||||||||||||
| (0.20 | ) | (2.77 | ) | (2.97 | ) | $ | 21.73 | 33.39 | % | $ | 232,051 | 0.87 | % | 0.61 | % | 55 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 26.26 | 4.45 | %(C) | $ | 47,545 | 0.78 | %(D) | 0.88 | %(D) | 24 | %(C)(E) | |||||||||||||||||||||
| (0.26 | ) | (1.85 | ) | (2.11 | ) | $ | 25.14 | 13.72 | % | $ | 74,022 | 0.76 | % | 1.05 | % | 50 | %(E) | ||||||||||||||||||
| (0.23 | ) | (1.42 | ) | (1.65 | ) | $ | 23.95 | 13.28 | % | $ | 66,634 | 0.75 | % | 1.02 | % | 44 | % | ||||||||||||||||||
| (0.12 | ) | (0.01 | ) | (0.13 | ) | $ | 22.55 | 30.69 | % | $ | 48,858 | 0.75 | % | 0.66 | % | 60 | % | ||||||||||||||||||
| (0.06 | ) | (0.69 | ) | (0.75 | ) | $ | 17.36 | (17.10 | )% | $ | 57,091 | 0.75 | % | 0.27 | % | 78 | %(E) | ||||||||||||||||||
| (0.22 | ) | (2.77 | ) | (2.99 | ) | $ | 21.82 | 33.55 | % | $ | 120,283 | 0.75 | % | 0.64 | % | 55 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(C) |
Not annualized. |
|
(D) |
Annualized. |
|
(E) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 129 |
Long-Short Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Long-Short Fund |
Net asset |
Net |
Net realized |
Total from |
Dividends |
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 30.57 | 0.14 | (2.33 | ) | (2.19 | ) | — | ||||||||||||
For the year ended December 31, 2025 |
$ | 26.10 | 0.43 | 4.47 | 4.90 | (0.41 | ) | |||||||||||||
For the year ended December 31, 2024 |
$ | 25.99 | 0.55 | 2.04 | 2.59 | (0.58 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 24.12 | 0.47 | 2.44 | 2.91 | (0.53 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 27.76 | 0.08 | (2.50 | ) | (2.42 | ) | (0.09 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 25.89 | (0.11 | ) | 4.98 | 4.87 | — | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 31.81 | 0.19 | (2.43 | ) | (2.24 | ) | — | ||||||||||||
For the year ended December 31, 2025 |
$ | 27.14 | 0.53 | 4.66 | 5.19 | (0.50 | ) | |||||||||||||
For the year ended December 31, 2024 |
$ | 26.93 | 0.66 | 2.11 | 2.77 | (0.66 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 24.96 | 0.57 | 2.52 | 3.09 | (0.61 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.68 | 0.17 | (2.59 | ) | (2.42 | ) | (0.17 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 26.58 | (0.03 | ) | 5.13 | 5.10 | — | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 32.03 | 0.21 | (2.45 | ) | (2.24 | ) | — | ||||||||||||
For the year ended December 31, 2025 |
$ | 27.32 | 0.57 | 4.69 | 5.26 | (0.53 | ) | |||||||||||||
For the year ended December 31, 2024 |
$ | 27.10 | 0.69 | 2.13 | 2.82 | (0.70 | ) | |||||||||||||
For the year ended December 31, 2023 |
$ | 25.11 | 0.61 | 2.53 | 3.14 | (0.64 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.85 | 0.19 | (2.60 | ) | (2.41 | ) | (0.20 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 26.69 | 0.02 | 5.14 | 5.16 | — | ||||||||||||||
|
||||||||||||||||||||
|
(A) |
Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
This Fund invests in short positions and as such incurs certain expenses and fees. If such expenses and fees had not occurred, the ratios of total expenses to average net assets would have been 1.38%(G) for Investor, 1.09%(G) for Class I, and 0.96%(G) for Class Y for the six months ended June 30, 2026. |
|
(C) |
The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2022 and 2021. |
130 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of |
Ratio of |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | $ | 28.38 | (7.16 | )%(F) | $ | 104 | 1.88 | %(G) | 1.88 | %(G) | 0.93 | %(G) | 24 | %(F)(H) | ||||||||||||||||||||
| (0.02 | ) | (0.43 | ) | $ | 30.57 | 18.76 | % | $ | 120 | 1.68 | % | 1.68 | % | 1.52 | % | 67 | %(H) | ||||||||||||||||||
| (1.90 | ) | (2.48 | ) | $ | 26.10 | 9.94 | % | $ | 116 | 1.75 | % | 1.75 | % | 1.96 | % | 46 | % | ||||||||||||||||||
| (0.51 | ) | (1.04 | ) | $ | 25.99 | 12.12 | % | $ | 123 | 1.78 | % | 1.78 | % | 1.89 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.22 | ) | $ | 24.12 | (8.74 | )% | $ | 127 | 1.78 | % | 1.78 | % | 0.30 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 27.76 | 19.03 | % | $ | 168 | 1.92 | % | 1.93 | % | (0.38 | )% | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 29.57 | (7.04 | )%(F) | $ | 1,906 | 1.59 | %(G) | 1.59 | %(G) | 1.21 | %(G) | 24 | %(F)(H) | ||||||||||||||||||||
| (0.02 | ) | (0.52 | ) | $ | 31.81 | 19.10 | % | $ | 2,082 | 1.39 | % | 1.39 | % | 1.81 | % | 67 | %(H) | ||||||||||||||||||
| (1.90 | ) | (2.56 | ) | $ | 27.14 | 10.26 | % | $ | 1,468 | 1.46 | % | 1.46 | % | 2.26 | % | 46 | % | ||||||||||||||||||
| (0.51 | ) | (1.12 | ) | $ | 26.93 | 12.40 | % | $ | 1,544 | 1.49 | % | 1.49 | % | 2.18 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.30 | ) | $ | 24.96 | (8.45 | )% | $ | 1,604 | 1.49 | % | 1.49 | % | 0.61 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 28.68 | 19.40 | % | $ | 1,792 | 1.63 | % | 1.64 | % | (0.08 | )% | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 29.79 | (6.99 | )%(F) | $ | 100 | 1.46 | %(G) | 1.46 | %(G) | 1.36 | %(G) | 24 | %(F)(H) | ||||||||||||||||||||
| (0.02 | ) | (0.55 | ) | $ | 32.03 | 19.24 | % | $ | 142 | 1.27 | % | 1.27 | % | 1.93 | % | 67 | %(H) | ||||||||||||||||||
| (1.90 | ) | (2.60 | ) | $ | 27.32 | 10.38 | % | $ | 100 | 1.34 | % | 1.34 | % | 2.34 | % | 46 | % | ||||||||||||||||||
| (0.51 | ) | (1.15 | ) | $ | 27.10 | 12.55 | % | $ | 59 | 1.37 | % | 1.37 | % | 2.34 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.33 | ) | $ | 25.11 | (8.36 | )% | $ | 22 | 1.37 | % | 1.37 | % | 0.68 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 28.85 | 19.55 | % | $ | 37 | 1.51 | % | 1.52 | % | 0.08 | % | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(D) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
|
(E) |
The portfolio turnover rate for 2026, 2025, 2024, 2023, 2022 and 2021 would have been 17%(F)(H), 49%(H), 34%, 40%, 46% and 30%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation. |
|
(F) |
Not annualized. |
|
(G) |
Annualized. |
|
(H) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 131 |
International Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
International Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 20.87 | 0.19 | 2.18 | 2.37 | |||||||||||
For the year ended December 31, 2025 |
$ | 17.06 | 0.22 | 4.53 | 4.75 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.68 | 0.22 | 0.37 | 0.59 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.28 | 0.21 | 2.34 | 2.55 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.76 | 0.17 | (2.49 | ) | (2.32 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.48 | 0.38 | 1.52 | 1.90 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 20.92 | 0.22 | 2.19 | 2.41 | |||||||||||
For the year ended December 31, 2025 |
$ | 17.09 | 0.28 | 4.55 | 4.83 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.70 | 0.27 | 0.38 | 0.65 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.29 | 0.26 | 2.33 | 2.59 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.79 | 0.20 | (2.46 | ) | (2.26 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.51 | 0.42 | 1.53 | 1.95 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 20.97 | 0.24 | 2.19 | 2.43 | |||||||||||
For the year ended December 31, 2025 |
$ | 17.12 | 0.33 | 4.53 | 4.86 | |||||||||||
For the year ended December 31, 2024 |
$ | 16.73 | 0.29 | 0.38 | 0.67 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.30 | 0.29 | 2.33 | 2.62 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.80 | 0.22 | (2.47 | ) | (2.25 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.51 | 0.47 | 1.51 | 1.98 | |||||||||||
|
||||||||||||||||
|
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
132 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| — | — | — | $ | 23.24 | 11.36 | %(C) | $ | 1,303 | 1.17 | %(D) | 1.72 | %(D) | 18 | %(C) | |||||||||||||||||||||
| (0.71 | ) | (0.23 | ) | (0.94 | ) | $ | 20.87 | 27.87 | % | $ | 1,214 | 1.15 | % | 1.15 | % | 51 | % | ||||||||||||||||||
| (0.21 | ) | — | (0.21 | ) | $ | 17.06 | 3.56 | % | $ | 1,196 | 1.14 | % | 1.23 | % | 29 | % | |||||||||||||||||||
| (0.15 | ) | — | (0.15 | ) | $ | 16.68 | 17.88 | % | $ | 1,022 | 1.14 | % | 1.30 | % | 21 | % | |||||||||||||||||||
| (0.12 | ) | (0.04 | ) | (0.16 | ) | $ | 14.28 | (13.84 | )% | $ | 267 | 1.15 | % | 1.13 | % | 21 | % | ||||||||||||||||||
| (0.15 | ) | (0.47 | ) | (0.62 | ) | $ | 16.76 | 12.43 | % | $ | 449 | 1.13 | % | 2.20 | % | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 23.33 | 11.52 | %(C) | $ | 120,771 | 0.88 | %(D) | 1.99 | %(D) | 18 | %(C) | |||||||||||||||||||||
| (0.77 | ) | (0.23 | ) | (1.00 | ) | $ | 20.92 | 28.27 | % | $ | 108,204 | 0.86 | % | 1.43 | % | 51 | % | ||||||||||||||||||
| (0.26 | ) | — | (0.26 | ) | $ | 17.09 | 3.92 | % | $ | 67,472 | 0.85 | % | 1.53 | % | 29 | % | |||||||||||||||||||
| (0.18 | ) | — | (0.18 | ) | $ | 16.70 | 18.12 | % | $ | 43,664 | 0.85 | % | 1.64 | % | 21 | % | |||||||||||||||||||
| (0.20 | ) | (0.04 | ) | (0.24 | ) | $ | 14.29 | (13.51 | )% | $ | 10,729 | 0.86 | % | 1.35 | % | 21 | % | ||||||||||||||||||
| (0.20 | ) | (0.47 | ) | (0.67 | ) | $ | 16.79 | 12.74 | % | $ | 9,010 | 0.84 | % | 2.43 | % | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 23.40 | 11.59 | %(C) | $ | 48,853 | 0.75 | %(D) | 2.11 | %(D) | 18 | %(C) | |||||||||||||||||||||
| (0.78 | ) | (0.23 | ) | (1.01 | ) | $ | 20.97 | 28.44 | % | $ | 51,862 | 0.74 | % | 1.71 | % | 51 | % | ||||||||||||||||||
| (0.28 | ) | — | (0.28 | ) | $ | 17.12 | 4.03 | % | $ | 72,744 | 0.73 | % | 1.64 | % | 29 | % | |||||||||||||||||||
| (0.19 | ) | — | (0.19 | ) | $ | 16.73 | 18.30 | % | $ | 64,543 | 0.73 | % | 1.81 | % | 21 | % | |||||||||||||||||||
| (0.21 | ) | (0.04 | ) | (0.25 | ) | $ | 14.30 | (13.41 | )% | $ | 40,603 | 0.74 | % | 1.48 | % | 21 | % | ||||||||||||||||||
| (0.22 | ) | (0.47 | ) | (0.69 | ) | $ | 16.80 | 12.88 | % | $ | 46,129 | 0.72 | % | 2.74 | % | 33 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(C) |
Not annualized. |
|
(D) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 133 |
Short Duration Securitized Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Short Duration Securitized Bond Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 9.98 | 0.25 | (0.05 | ) | 0.20 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.95 | 0.57 | 0.04 | 0.61 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.68 | 0.60 | 0.26 | 0.86 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.42 | 0.51 | 0.26 | 0.77 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.10 | 0.31 | (0.67 | ) | (0.36 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.09 | 0.23 | 0.01 | 0.24 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 9.99 | 0.26 | (0.06 | ) | 0.20 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.95 | 0.60 | 0.04 | 0.64 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.69 | 0.63 | 0.25 | 0.88 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.41 | 0.54 | 0.28 | 0.82 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.10 | 0.34 | (0.68 | ) | (0.34 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.09 | 0.25 | 0.02 | 0.27 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.00 | 0.27 | (0.05 | ) | 0.22 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.97 | 0.62 | 0.02 | 0.64 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.70 | 0.64 | 0.26 | 0.90 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.42 | 0.55 | 0.28 | 0.83 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.11 | 0.34 | (0.67 | ) | (0.33 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.10 | 0.27 | 0.01 | 0.28 | |||||||||||
|
||||||||||||||||
|
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
134 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| (0.28 | ) | — | (0.28 | ) | $ | 9.90 | 1.99 | %(C) | $ | 122 | 0.82 | %(D) | 5.06 | %(D) | 26 | %(C) | |||||||||||||||||||
| (0.58 | ) | — | (0.58 | ) | $ | 9.98 | 6.22 | % | $ | 104 | 0.81 | % | 5.69 | % | 37 | % | |||||||||||||||||||
| (0.59 | ) | — | (0.59 | ) | $ | 9.95 | 9.14 | % | $ | 55 | 0.81 | % | 6.09 | % | 49 | % | |||||||||||||||||||
| (0.51 | ) | — | (0.51 | ) | $ | 9.68 | 8.38 | % | $ | 25 | 0.81 | % | 5.32 | % | 38 | % | |||||||||||||||||||
| (0.32 | ) | — | (0.32 | ) | $ | 9.42 | (3.57 | )% | $ | 29 | 0.81 | % | 3.23 | % | 41 | % | |||||||||||||||||||
| (0.23 | ) | (0.00 | )(E) | (0.23 | ) | $ | 10.10 | 2.42 | % | $ | 40 | 0.81 | % | 2.26 | % | 48 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.29 | ) | — | (0.29 | ) | $ | 9.90 | 2.04 | %(C) | $ | 5,200 | 0.53 | %(D) | 5.35 | %(D) | 26 | %(C) | |||||||||||||||||||
| (0.60 | ) | — | (0.60 | ) | $ | 9.99 | 6.60 | % | $ | 4,511 | 0.52 | % | 5.98 | % | 37 | % | |||||||||||||||||||
| (0.62 | ) | — | (0.62 | ) | $ | 9.95 | 9.33 | % | $ | 3,274 | 0.52 | % | 6.38 | % | 49 | % | |||||||||||||||||||
| (0.54 | ) | — | (0.54 | ) | $ | 9.69 | 8.91 | % | $ | 1,541 | 0.52 | % | 5.63 | % | 38 | % | |||||||||||||||||||
| (0.35 | ) | — | (0.35 | ) | $ | 9.41 | (3.38 | )% | $ | 1,054 | 0.52 | % | 3.55 | % | 41 | % | |||||||||||||||||||
| (0.26 | ) | (0.00 | )(E) | (0.26 | ) | $ | 10.10 | 2.74 | % | $ | 1,314 | 0.52 | % | 2.50 | % | 48 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.30 | ) | — | (0.30 | ) | $ | 9.92 | 2.20 | %(C) | $ | 249 | 0.40 | %(D) | 5.48 | %(D) | 26 | %(C) | |||||||||||||||||||
| (0.61 | ) | — | (0.61 | ) | $ | 10.00 | 6.62 | % | $ | 251 | 0.40 | % | 6.08 | % | 37 | % | |||||||||||||||||||
| (0.63 | ) | — | (0.63 | ) | $ | 9.97 | 9.56 | % | $ | 113 | 0.40 | % | 6.50 | % | 49 | % | |||||||||||||||||||
| (0.55 | ) | — | (0.55 | ) | $ | 9.70 | 9.03 | % | $ | 48 | 0.40 | % | 5.68 | % | 38 | % | |||||||||||||||||||
| (0.36 | ) | — | (0.36 | ) | $ | 9.42 | (3.27 | )% | $ | 65 | 0.40 | % | 3.54 | % | 41 | % | |||||||||||||||||||
| (0.27 | ) | (0.00 | )(E) | (0.27 | ) | $ | 10.11 | 2.85 | % | $ | 145 | 0.40 | % | 2.68 | % | 48 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(C) |
Not annualized. |
|
(D) |
Annualized. |
|
(E) |
Amount is less than $0.005. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 135 |
Securitized Total Return Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Securitized Total Return Fund(A) |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.28 | 0.18 | (0.10 | ) | 0.08 | ||||||||||
For the period ended December 31, 2025 |
$ | 10.00 | 0.21 | 0.27 | 0.48 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.28 | 0.19 | (0.09 | ) | 0.10 | ||||||||||
For the period ended December 31, 2025 |
$ | 10.00 | 0.23 | 0.27 | 0.50 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.28 | 0.20 | (0.10 | ) | 0.10 | ||||||||||
For the period ended December 31, 2025 |
$ | 10.00 | 0.23 | 0.28 | 0.51 | |||||||||||
|
||||||||||||||||
|
(A) |
Inception date of the Fund is June 30, 2025. Fund commenced public offering on July 1, 2025. |
|
(B) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
136 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| (0.21 | ) | — | (0.21 | ) | $ | 10.15 | 0.76 | %(D) | $ | 16 | 1.17 | %(E) | 3.46 | %(E) | 10 | %(D) | |||||||||||||||||||
| (0.20 | ) | — | (0.20 | ) | $ | 10.28 | 4.86 | %(D) | $ | 16 | 1.16 | %(E) | 4.14 | %(E) | 12 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 10.15 | 0.94 | %(D) | $ | 25 | 0.88 | %(E) | 3.75 | %(E) | 10 | %(D) | |||||||||||||||||||
| (0.22 | ) | — | (0.22 | ) | $ | 10.28 | 5.03 | %(D) | $ | 21 | 0.87 | %(E) | 4.44 | %(E) | 12 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 10.15 | 1.00 | %(D) | $ | 31,933 | 0.75 | %(E) | 3.87 | %(E) | 10 | %(D) | |||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 10.28 | 5.08 | %(D) | $ | 31,195 | 0.75 | %(E) | 4.57 | %(E) | 12 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(D) |
Not annualized. |
|
(E) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 137 |
Core Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Core Bond Fund |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 9.16 | 0.19 | (0.11 | ) | 0.08 | ||||||||||
For the year ended December 31, 2025 |
$ | 8.95 | 0.42 | 0.19 | 0.61 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.09 | 0.42 | (0.14 | ) | 0.28 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.92 | 0.38 | 0.16 | 0.54 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.40 | 0.22 | (1.46 | ) | (1.24 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.74 | 0.19 | (0.32 | ) | (0.13 | ) | |||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 9.11 | 0.20 | (0.10 | ) | 0.10 | ||||||||||
For the year ended December 31, 2025 |
$ | 8.92 | 0.44 | 0.19 | 0.63 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.07 | 0.45 | (0.15 | ) | 0.30 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.90 | 0.41 | 0.16 | 0.57 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.39 | 0.27 | (1.49 | ) | (1.22 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.74 | 0.22 | (0.33 | ) | (0.11 | ) | |||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 9.12 | 0.21 | (0.11 | ) | 0.10 | ||||||||||
For the year ended December 31, 2025 |
$ | 8.92 | 0.45 | 0.20 | 0.65 | |||||||||||
For the year ended December 31, 2024 |
$ | 9.07 | 0.46 | (0.15 | ) | 0.31 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.91 | 0.42 | 0.15 | 0.57 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.39 | 0.28 | (1.48 | ) | (1.20 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.75 | 0.23 | (0.33 | ) | (0.10 | ) | |||||||||
|
||||||||||||||||
|
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(B) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
138 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| (0.20 | ) | — | (0.20 | ) | $ | 9.04 | 0.88 | %(C) | $ | 6,179 | 0.77 | %(D) | 4.16 | %(D) | 11 | %(C) | |||||||||||||||||||
| (0.40 | ) | — | (0.40 | ) | $ | 9.16 | 6.95 | % | $ | 5,075 | 0.76 | % | 4.55 | % | 18 | % | |||||||||||||||||||
| (0.42 | ) | — | (0.42 | ) | $ | 8.95 | 3.17 | % | $ | 4,525 | 0.76 | % | 4.70 | % | 24 | % | |||||||||||||||||||
| (0.37 | ) | — | (0.37 | ) | $ | 9.09 | 6.20 | % | $ | 1,910 | 0.76 | % | 4.25 | % | 20 | % | |||||||||||||||||||
| (0.24 | ) | — | (0.24 | ) | $ | 8.92 | (12.05 | )% | $ | 3,572 | 0.76 | % | 2.36 | % | 40 | % | |||||||||||||||||||
| (0.21 | ) | — | (0.21 | ) | $ | 10.40 | (1.24 | )% | $ | 10,091 | 0.76 | % | 1.78 | % | 37 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.22 | ) | — | (0.22 | ) | $ | 8.99 | 1.06 | %(C) | $ | 2,547,115 | 0.48 | %(D) | 4.44 | %(D) | 11 | %(C) | |||||||||||||||||||
| (0.44 | ) | — | (0.44 | ) | $ | 9.11 | 7.16 | % | $ | 2,400,558 | 0.47 | % | 4.83 | % | 18 | % | |||||||||||||||||||
| (0.45 | ) | — | (0.45 | ) | $ | 8.92 | 3.40 | % | $ | 1,727,776 | 0.47 | % | 5.00 | % | 24 | % | |||||||||||||||||||
| (0.40 | ) | — | (0.40 | ) | $ | 9.07 | 6.62 | % | $ | 1,369,268 | 0.47 | % | 4.64 | % | 20 | % | |||||||||||||||||||
| (0.27 | ) | — | (0.27 | ) | $ | 8.90 | (11.84 | )% | $ | 526,372 | 0.47 | % | 2.93 | % | 40 | % | |||||||||||||||||||
| (0.24 | ) | — | (0.24 | ) | $ | 10.39 | (0.99 | )% | $ | 330,666 | 0.47 | % | 2.08 | % | 37 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.22 | ) | — | (0.22 | ) | $ | 9.00 | 1.13 | %(C) | $ | 696,832 | 0.35 | %(D) | 4.57 | %(D) | 11 | %(C) | |||||||||||||||||||
| (0.45 | ) | — | (0.45 | ) | $ | 9.12 | 7.39 | % | $ | 673,122 | 0.35 | % | 4.92 | % | 18 | % | |||||||||||||||||||
| (0.46 | ) | — | (0.46 | ) | $ | 8.92 | 3.53 | % | $ | 272,146 | 0.35 | % | 5.12 | % | 24 | % | |||||||||||||||||||
| (0.41 | ) | — | (0.41 | ) | $ | 9.07 | 6.62 | % | $ | 147,956 | 0.35 | % | 4.77 | % | 20 | % | |||||||||||||||||||
| (0.28 | ) | — | (0.28 | ) | $ | 8.91 | (11.63 | )% | $ | 58,932 | 0.35 | % | 2.94 | % | 40 | % | |||||||||||||||||||
| (0.26 | ) | — | (0.26 | ) | $ | 10.39 | (0.95 | )% | $ | 58,668 | 0.35 | % | 2.21 | % | 37 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(C) |
Not annualized. |
|
(D) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 139 |
Core Plus Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Core Plus Bond Fund(A) |
Net asset |
Net |
Net realized |
Total from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.17 | 0.21 | (0.09 | ) | 0.12 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.85 | 0.46 | 0.29 | 0.75 | |||||||||||
For the period ended December 31, 2024 |
$ | 10.00 | 0.08 | (0.15 | ) | (0.07 | ) | |||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.16 | 0.23 | (0.10 | ) | 0.13 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.85 | 0.48 | 0.30 | 0.78 | |||||||||||
For the period ended December 31, 2024 |
$ | 10.00 | 0.09 | (0.15 | ) | (0.06 | ) | |||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2026 (Unaudited) |
$ | 10.17 | 0.23 | (0.10 | ) | 0.13 | ||||||||||
For the year ended December 31, 2025 |
$ | 9.85 | 0.50 | 0.30 | 0.80 | |||||||||||
For the period ended December 31, 2024 |
$ | 10.00 | 0.09 | (0.15 | ) | (0.06 | ) | |||||||||
|
||||||||||||||||
|
(A) |
Inception date and public offering date of the Fund is October 15, 2024. |
|
(B) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
|
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
|
(D) |
Not annualized. |
140 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Dividends |
Distributions |
Total |
Net asset |
Total return |
Net assets, |
Ratio of total |
Ratio of net |
Portfolio |
|||||||||||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 10.06 | 1.18 | %(D) | $ | 28 | 0.87 | %(E) | 4.25 | %(E) | 23 | %(D) | |||||||||||||||||||
| (0.43 | ) | — | (0.43 | ) | $ | 10.17 | 7.77 | % | $ | 25 | 0.86 | % | 4.49 | % | 50 | % | |||||||||||||||||||
| (0.08 | ) | — | (0.08 | ) | $ | 9.85 | (0.69 | )%(D) | $ | 21 | 0.86 | %(E) | 4.05 | %(E) | 13 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.25 | ) | — | (0.25 | ) | $ | 10.04 | 1.25 | %(D) | $ | 60,756 | 0.58 | %(E) | 4.53 | %(E) | 23 | %(D) | |||||||||||||||||||
| (0.47 | ) | — | (0.47 | ) | $ | 10.16 | 8.03 | % | $ | 57,416 | 0.57 | % | 4.71 | % | 50 | % | |||||||||||||||||||
| (0.09 | ) | — | (0.09 | ) | $ | 9.85 | (0.62 | )%(D) | $ | 244 | 0.57 | %(E) | 4.36 | %(E) | 13 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.25 | ) | — | (0.25 | ) | $ | 10.05 | 1.32 | %(D) | $ | 39,599 | 0.45 | %(E) | 4.66 | %(E) | 23 | %(D) | |||||||||||||||||||
| (0.48 | ) | — | (0.48 | ) | $ | 10.17 | 8.25 | % | $ | 39,772 | 0.45 | % | 4.89 | % | 50 | % | |||||||||||||||||||
| (0.09 | ) | — | (0.09 | ) | $ | 9.85 | (0.61 | )%(D) | $ | 35,400 | 0.45 | %(E) | 4.50 | %(E) | 13 | %(D) | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
(E) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 141 |
Diamond Hill Funds
Notes to Financial Statements
June 30, 2026 (Unaudited)
Organization
The Diamond Hill Small Cap Fund (“Small Cap Fund”), Diamond Hill Small-Mid Cap Fund (“Small-Mid Cap Fund”), Diamond Hill Mid Cap Fund (“Mid Cap Fund”), Diamond Hill Large Cap Fund (“Large Cap Fund”), Diamond Hill Select Fund (“Select Fund”), Diamond Hill Long-Short Fund (“Long-Short Fund”), Diamond Hill International Fund (“International Fund”), Diamond Hill Short Duration Securitized Bond Fund (“Short Duration Fund”), Diamond Hill Securitized Total Return Fund (“Total Return Fund”), Diamond Hill Core Bond Fund (“Core Bond Fund”) and Diamond Hill Core Plus Bond Fund (“Core Plus Bond Fund”) are each a diversified series, except for Select Fund which is non-diversified, of the Diamond Hill Funds (the “Trust”) (each a “Fund” and collectively the “Funds”). The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. Other series of the Trust are not included in this report.
All Funds currently offer three classes of shares: Investor, Class I and Class Y. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, and exchange privileges of each class of shares.
On April 22, 2026, First Eagle Investment Management, LLC (“First Eagle”) acquired Diamond Hill Investment Group, LLC (“DHIG”), the parent company of Diamond Hill Capital Management, LLC (“DHCM” or the “Adviser”), the investment adviser to the Funds (the “Transaction”). The Adviser, now operating as a wholly-owned subsidiary of DHIG, which in turn, is a wholly-owned subsidiary of First Eagle, continues to provide investment advisory services as the investment adviser to the Funds without interruption. The Transaction did not result in any change of the portfolio management of the Funds or in any Fund’s investment objectives or policies.
Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”):
Segment Reporting — Each Fund operates as a single operating segment which is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ CODM is represented by the Fund Operating Committee. Each Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.
142 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Security valuation — Each Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value (“NAV”) per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.
The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used by the Funds maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
|
● |
Level 1 — quoted prices in active markets for identical securities |
|
● |
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 — other significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales price is not readily available are valued at the closing bid (long positions) or ask (short positions) price in the principal market where such securities are normally traded. Investments in other open-end investment companies are valued at their reported NAV per share. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a price becomes stale, or an event occurs that materially affects the furnished price) are determined in good faith by the Valuation & Liquidity Committee of the Adviser as “valuation designee” under the oversight of the Board of Trustees of the Trust (the “Board”). In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Valuation & Liquidity Committee the “valuation designee” to perform the Funds’ fair value determinations. The Valuation & Liquidity Committee’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 143 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or analysts of the situation at issue, transactions implicitly valuing the security (such as a merger, tender offer, etc.), the value of other securities or contracts which derive their value from the security at issue, and the implications (whether negative or positive) of the circumstances which have caused trading in the security to halt. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities may be classified as Level 2 or Level 3 in the fair value hierarchy.
In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign equity securities occur between the time the exchange on which they are traded closes and the time the Funds’ NAVs are calculated. The Funds use a systematic valuation model, provided daily by an independent third party, to fair value their international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. The following is a summary of the Funds’ investments and the inputs used to value the investments as of June 30, 2026:
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
|||||||||||||
Investments in Securities (Assets) |
||||||||||||||||
Small Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 306,698,698 | $ | — | $ | — | $ | 306,698,698 | ||||||||
Registered Investment Companies |
26,955,585 | — | — | 26,955,585 | ||||||||||||
Total |
$ | 333,654,283 | $ | — | $ | — | $ | 333,654,283 | ||||||||
Small-Mid Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 603,897,019 | $ | — | $ | — | $ | 603,897,019 | ||||||||
Registered Investment Companies |
111,621,115 | — | — | 111,621,115 | ||||||||||||
Total |
$ | 715,518,134 | $ | — | $ | — | $ | 715,518,134 | ||||||||
Mid Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 71,116,183 | $ | — | $ | — | $ | 71,116,183 | ||||||||
Registered Investment Companies |
10,223,360 | — | — | 10,223,360 | ||||||||||||
Total |
$ | 81,339,543 | $ | — | $ | — | $ | 81,339,543 | ||||||||
Large Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 2,870,842,763 | $ | — | $ | — | $ | 2,870,842,763 | ||||||||
Registered Investment Companies |
163,791,759 | — | — | 163,791,759 | ||||||||||||
Total |
$ | 3,034,634,522 | $ | — | $ | — | $ | 3,034,634,522 | ||||||||
144 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
|||||||||||||
Select Fund |
||||||||||||||||
Common Stocks* |
$ | 521,180,362 | $ | — | $ | — | $ | 521,180,362 | ||||||||
Registered Investment Companies |
96,018,107 | — | — | 96,018,107 | ||||||||||||
Total |
$ | 617,198,469 | $ | — | $ | — | $ | 617,198,469 | ||||||||
Long-Short Fund |
||||||||||||||||
Common Stocks* |
$ | 1,989,352,516 | $ | — | $ | — | $ | 1,989,352,516 | ||||||||
Registered Investment Companies |
136,621,760 | — | — | 136,621,760 | ||||||||||||
Total |
$ | 2,125,974,276 | $ | — | $ | — | $ | 2,125,974,276 | ||||||||
International Fund |
||||||||||||||||
Common Stocks |
$ | 47,206,406 | $ | 114,449,139 | $ | — | $ | 161,655,545 | ||||||||
Preferred Stocks |
4,265,604 | — | — | 4,265,604 | ||||||||||||
Registered Investment Companies |
18,493,671 | — | — | 18,493,671 | ||||||||||||
Total |
$ | 69,965,681 | $ | 114,449,139 | $ | — | $ | 184,414,820 | ||||||||
Short Duration Fund |
||||||||||||||||
Corporate Credit* |
$ | — | $ | 324,269,601 | $ | — | $ | 324,269,601 | ||||||||
Securitized* |
— | 4,613,513,463 | — | 4,613,513,463 | ||||||||||||
Treasury |
— | 270,742,091 | — | 270,742,091 | ||||||||||||
Registered Investment Companies |
339,718,631 | — | — | 339,718,631 | ||||||||||||
Total |
$ | 339,718,631 | $ | 5,208,525,155 | $ | — | $ | 5,548,243,786 | ||||||||
Total Return Fund |
||||||||||||||||
Securitized* |
$ | — | $ | 31,439,894 | $ | — | $ | 31,439,894 | ||||||||
Registered Investment Companies |
326,613 | — | — | 326,613 | ||||||||||||
Total |
$ | 326,613 | $ | 31,439,894 | $ | — | $ | 31,766,507 | ||||||||
Core Bond Fund |
||||||||||||||||
Corporate Credit* |
$ | — | $ | 521,096,779 | $ | — | $ | 521,096,779 | ||||||||
Government Related* |
— | 887,418 | — | 887,418 | ||||||||||||
Securitized* |
— | 2,016,335,224 | — | 2,016,335,224 | ||||||||||||
Treasury |
— | 671,708,510 | — | 671,708,510 | ||||||||||||
Registered Investment Companies |
49,284,286 | — | — | 49,284,286 | ||||||||||||
Total |
$ | 49,284,286 | $ | 3,210,027,931 | $ | — | $ | 3,259,312,217 | ||||||||
Core Plus Bond Fund |
||||||||||||||||
Corporate Credit* |
$ | — | $ | 22,200,314 | $ | — | $ | 22,200,314 | ||||||||
Securitized* |
— | 61,918,974 | — | 61,918,974 | ||||||||||||
Treasury |
— | 15,384,442 | — | 15,384,442 | ||||||||||||
Registered Investment Companies |
2,688,874 | — | — | 2,688,874 | ||||||||||||
Total |
$ | 2,688,874 | $ | 99,503,730 | $ | — | $ | 102,192,604 | ||||||||
Investments in Securities Sold Short: (Liabilities) |
||||||||||||||||
Long-Short Fund |
||||||||||||||||
Common Stocks* |
$ | (762,902,836 | ) | $ | — | $ | — | $ | (762,902,836 | ) | ||||||
Total |
$ | (762,902,836 | ) | $ | — | $ | — | $ | (762,902,836 | ) | ||||||
|
* |
See Schedule of Investments and Schedule of Investments Sold Short for industry classification. |
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 145 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
There were no transfers into or out of Level 3 for the six months ended June 30, 2026.
Short sales — The Long-Short Fund and International Fund are permitted to make short sales of securities. Short sales are effective when it is believed that the price of a particular security will decline and involves the sale of a security that a Fund does not own in hope of purchasing the same security at a later date at a lower price. To make delivery to the buyer, a Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Cash received from short sales and other liquid securities are maintained by the custodian and are used as collateral. Cash collateral is shown as “Cash deposits with custodian for securities sold short” on the Statements of Assets & Liabilities and “Segregated Cash With Custodian” on the Schedules of Investments. Liquid securities pledged as collateral are noted on the Schedules of Investments.
A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is not limited. The use of short sales may cause a Fund to have higher expenses (specifically dividend expenses) than those of other equity mutual funds. Short sales are speculative transactions and involve special risks, including greater reliance on the ability of DHCM to accurately anticipate the future value of a security.
A Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.
Securities lending — Under the terms of the securities lending agreement with State Street Bank and Trust Company (“State Street”), State Street is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions is on an overnight and continuous basis. In exchange, the Funds receive cash and/or U.S. Treasury and government agency securities as collateral in the amount of at least 100% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in short-term instruments as noted in each Fund’s Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement indemnifies the Funds from losses incurred in the event of a borrower’s material default of the terms and conditions of the borrower agreement. The agreement provides that after predetermined rebates to borrowers, the Funds each retain a portion of their respective net securities lending income and pay State Street the remaining portion. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into a master netting agreement and collateral agreement with State Street that
146 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
provide the Funds, in the event of default (such as bankruptcy or borrower’s failure to pay or perform), the right to net rights and obligations under such agreements and liquidate and set off collateral against the net amount owed to the Funds.
As of June 30, 2026, the fair value of securities on loan and the collateral held were as follows:
Fair Value of Collateral |
||||||||||||||||
Fair Value of |
Cash Collateral |
Non-Cash |
Total Collateral |
|||||||||||||
Small Cap Fund |
$ | 69,127,871 | $ | 26,158,780 | $ | 44,178,693 | $ | 70,337,473 | ||||||||
Small-Mid Cap Fund |
162,921,284 | 88,020,675 | 76,862,746 | 164,883,421 | ||||||||||||
Mid Cap Fund |
13,087,640 | 7,325,006 | 5,910,825 | 13,235,831 | ||||||||||||
Large Cap Fund |
161,334,175 | 153,550,595 | 12,585,709 | 166,136,304 | ||||||||||||
Select Fund |
93,850,022 | 68,594,981 | 24,975,159 | 93,570,140 | ||||||||||||
Long-Short Fund |
3,310,057 | 3,265,455 | — | 3,265,455 | ||||||||||||
International Fund |
18,651,989 | 14,411,935 | 5,303,160 | 19,715,095 | ||||||||||||
Short Duration Fund |
19,659,820 | 11,193 | 20,236,384 | 20,247,577 | ||||||||||||
Total Return Fund |
— | — | — | — | ||||||||||||
Core Bond Fund |
80,481,945 | 12,449,455 | 71,081,153 | 83,530,608 | ||||||||||||
Core Plus Bond Fund |
6,740,876 | 1,971,240 | 5,046,313 | 7,017,553 | ||||||||||||
|
* |
These securities are held for the benefit of the Funds at the Funds’ custodian. The Funds cannot repledge or resell this collateral. As such, collateral is excluded from the Statements of Assets and Liabilities. |
Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income and expense are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Taxes on foreign dividends and/or capital gains have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. The Funds record distributions received from investments in real estate investment trusts (also known as “REITs”) and partnerships in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts once the issuers provide information about the actual composition of the distributions. Interest only stripped mortgage-backed securities (“IO Strips”) are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 147 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Income taxes — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned. Where available, the Funds will file for claims on foreign taxes withheld. Tax reclaims receivable, if any, are recorded based upon the Funds’ interpretation of country specific taxation of accrued income and interest income, which may be subject to change due to changes in country-specific tax regulations regarding amounts reclaimable or the Funds’ interpretation of country-specific taxation of dividend income and related amounts reclaimable.
Each Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and any net realized capital gains to its shareholders.
The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable), and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2026, the Funds did not incur any interest or penalties and there were no federal, state, or local income taxes or any material income taxes in foreign jurisdictions paid by the Funds.
Distributions to shareholders — Dividends from net investment income are declared and paid monthly for the Short Duration Fund, Total Return Fund, Core Bond Fund and Core Plus Bond Fund. Dividends from net investment income are declared and paid on an annual basis for the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Select Fund, Long-Short Fund, and International Fund. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in the expenses of each class. Net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for paydown gains and losses on mortgage-backed securities and deferrals of certain losses. Permanent book and tax basis differences are reclassified among the components of net assets. Certain Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.
Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its
148 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measure.
Foreign securities risk — Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns.
Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains (losses) on investments on the Statements of Operations. Net realized and unrealized gains (losses) on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Investment Transactions
For the six months ended June 30, 2026, purchases and sales (including maturities) of investment securities (excluding short-term securities, U.S. government obligations, and in-kind transactions) were as follows:
Purchases |
Sales |
|||||||
Small Cap Fund |
$ | 99,265,129 | $ | 17,185,495 | ||||
Small-Mid Cap Fund |
364,618,712 | 246,913,608 | ||||||
Mid Cap Fund |
27,442,725 | 13,141,448 | ||||||
Large Cap Fund |
675,857,732 | 3,174,956,421 | ||||||
Select Fund |
157,570,179 | 134,726,232 | ||||||
Long-Short Fund |
790,387,954 | 481,095,356 | ||||||
International Fund |
30,542,977 | 39,504,559 | ||||||
Short Duration Fund |
1,894,220,770 | 1,203,540,230 | ||||||
Total Return Fund |
4,778,357 | 3,254,488 | ||||||
Core Bond Fund |
559,494,870 | 333,129,802 | ||||||
Core Plus Bond Fund |
25,536,440 | 17,279,744 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 149 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
For the six months ended June 30, 2026, purchases and sales (including maturities) of U.S. government long-term securities were as follows:
Purchases |
Sales |
|||||||
Short Duration Fund |
$ | 94,893,359 | $ | 47,138,400 | ||||
Core Bond Fund |
30,259,176 | 13,293,940 | ||||||
Core Plus Bond Fund |
972,132 | 4,591,002 | ||||||
The Funds pay commissions on the purchase and sale of investment securities. The commissions are treated as transaction costs and, therefore, are included as part of the cost of purchases or net proceeds on the sale of investment securities and are not included in the presentation of Fund expenses on the Statements of Operations. The Funds paid the following commissions during the six months ended June 30, 2026:
Total |
Commissions |
|||||||
Small Cap Fund |
$ | 104,695 | 0.04 | % | ||||
Small-Mid Cap Fund |
322,255 | 0.04 | % | |||||
Mid Cap Fund |
17,120 | 0.02 | % | |||||
Large Cap Fund |
817,452 | 0.02 | % | |||||
Select Fund |
118,599 | 0.02 | % | |||||
Long-Short Fund |
468,992 | 0.02 | % | |||||
International Fund |
100,703 | 0.06 | % | |||||
Investment Advisory Fees and Other Transactions with Affiliates
At special meetings of shareholders of the Trust held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement (“Management Agreement”) and elected nine new Trustees to serve as the Board of the Trust. The newly elected Trustees began serving, and the new Management Agreement, which is substantially similar to the prior agreement, became effective, as of the Transaction closing date; the agreement provides for continuation of each Fund’s investment program without interruption. The Board also approved the appointment of Trustee Emeritus positions, the election of committee chairs and the election of officers.
As of June 30, 2026, the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund, Total Return Fund, Core Bond Fund and Core Plus Bond Fund each receive investment management and advisory services from DHCM under the Management Agreement that provides for fees to be paid monthly at an annual rate of 0.80%, 0.75%, 0.60%, 0.50%, 0.70%, 0.90%, 0.65%, 0.35%, 0.70%, 0.30% and 0.40%, respectively, of each Fund’s average daily net assets. The Management Agreement is subject to annual approval by the Board. In addition, effective February 28, 2026, the Trust has entered into the amended and restated Administrative and Transfer Agency Services Agreement (the “Administrative Agreement”) pursuant to which
150 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
DHCM renders administrative, transfer agency, fund accounting and supervisory services to the Funds, and whereby DHCM is paid a fee monthly at an annual rate of 0.22% of each Fund’s average daily net assets of Investor shares, 0.18% of each Fund’s average daily net assets of Class I shares, and 0.05% of each Fund’s average daily net assets of Class Y shares. These administrative fees are used to pay most of the Funds’ operating expenses except advisory fees, fees and expenses of the custodian, brokerage fees and commissions, taxes, borrowing costs (such as interest and dividend expenses on securities sold short), expenses related to conducting shareholders’ meetings and proxy solicitations, extraordinary or non-recurring expenses, and expenses that the Funds are authorized to pay pursuant to Rule 12b-1 under the 1940 Act. Prior to February 28, 2026, DHCM was paid a fee monthly at an annual rate of 0.21% of each Fund’s average daily net assets of Investor shares, 0.17% of each Fund’s average daily net assets of Class I shares, and 0.05% of each Fund’s average daily net assets of Class Y shares.
Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a distribution plan on behalf of each Fund’s Investor shares (the “Plan”). Under the Plan, Investor shares pay a distribution fee monthly at an annual rate of 0.25% of Investor shares’ average daily net assets. Class I and Class Y shares are not subject to any distribution fees. The Trust has entered into a Distribution Agreement on behalf of the Funds with Foreside Financial Services, LLC (“Distributor”). Pursuant to the Distribution Agreement, the Distributor acts as principal underwriter of each Fund’s shares.
The Funds may invest in one or more Diamond Hill Funds. Prior to April 22, 2026, the Adviser had contractually agreed to permanently waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Funds. Effective April 22, 2026, this fee waiver was discontinued. During the six months ended June 30, 2026, none of the Funds reduced investment advisory fees or invested in other Diamond Hill Funds.
DHCM is a beneficial shareholder of the Total Return Fund at 98.55% and Core Plus Bond Fund at 38.52%.
The Officers of the Trust are affiliated with DHCM and First Eagle. Such Officers receive no compensation from the Funds for serving in their respective roles.
Trustee Fees
The Independent and Emeritus Trustees are compensated for their services to the Funds by DHCM as part of the Administrative Agreement. The Independent Trustees were paid $378,028 in fees during the six months ended June 30, 2026 for the Fund Family consisting of the Trust and the Diamond Hill Securitized Credit Fund. In addition, DHCM reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.
Commitments and Contingencies
The Funds indemnify the Trust’s Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 151 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
warranties and provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
Federal Tax Information
The amount and character of income and capital gain distributions paid by the Funds are determined in accordance with Federal income tax regulations, which may differ from GAAP.
The tax character of distributions paid during the year or period ended December 31, 2025:
Small Cap |
Small-Mid |
Mid Cap |
||||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 319,309 | $ | — | $ | 1,034,770 | ||||||
Long-term capital gains |
11,782,795 | 50,835,239 | 11,485,788 | |||||||||
Total distributions |
$ | 12,102,104 | $ | 50,835,239 | $ | 12,520,558 | ||||||
Large Cap |
Select Fund |
Long-Short |
||||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 34,788,157 | $ | 5,373,597 | $ | 35,815,362 | ||||||
Long-term capital gains |
351,906,622 | 40,488,639 | 1,429,142 | |||||||||
Total distributions |
$ | 386,694,779 | $ | 45,862,236 | $ | 37,244,504 | ||||||
International |
Short |
Total Return |
||||||||||
Distributions paid from: |
||||||||||||
Ordinary income |
$ | 5,761,705 | $ | 254,243,445 | $ | 670,541 | ||||||
Long-term capital gains |
1,709,781 | — | — | |||||||||
Total distributions |
$ | 7,471,486 | $ | 254,243,445 | $ | 670,541 | ||||||
Core Bond |
Core Plus |
|||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 126,656,658 | $ | 3,209,832 | ||||
Long-term capital gains |
— | — | ||||||
Total distributions |
$ | 126,656,658 | $ | 3,209,832 | ||||
152 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
The following information was computed on a tax basis for each item as of December 31, 2025:
Small Cap |
Small-Mid |
Mid Cap |
Large Cap |
|||||||||||||
Net unrealized appreciation on investments |
$ | 56,596,829 | $ | 204,858,626 | $ | 23,093,576 | $ | 945,606,889 | ||||||||
Undistributed ordinary income |
— | — | — | 18,552,540 | ||||||||||||
Post October capital losses |
(226,008 | ) | (229,580 | ) | (58,958 | ) | — | |||||||||
Distributable earnings |
$ | 56,370,821 | $ | 204,629,046 | $ | 23,034,618 | $ | 964,159,429 | ||||||||
Select |
Long-Short |
International |
Short |
|||||||||||||
Net unrealized appreciation on investments |
$ | 91,208,266 | $ | 780,273,682 | $ | 36,167,968 | $ | 33,822,968 | ||||||||
Undistributed ordinary income |
343,584 | — | — | 126,517 | ||||||||||||
Undistributed capital gains |
160,921 | 1,361,017 | 4,037,486 | — | ||||||||||||
Accumulated capital and other losses |
— | — | (1,394,823 | ) | (20,703,975 | ) | ||||||||||
Distributable earnings |
$ | 91,712,771 | $ | 781,634,699 | $ | 38,810,631 | $ | 13,245,510 | ||||||||
Total Return |
Core Bond |
Core Plus |
||||||||||
Net unrealized appreciation (depreciation) on investments |
$ | 524,248 | $ | (14,496,417 | ) | $ | 1,543,591 | |||||
Undistributed ordinary income |
32,107 | — | — | |||||||||
Accumulated capital and other losses |
— | (16,909,528 | ) | (33,644 | ) | |||||||
Distributable earnings (accumulated deficit) |
$ | 556,355 | $ | (31,405,945 | ) | $ | 1,509,947 | |||||
As of June 30, 2026, the Funds’ federal tax cost of investments and net unrealized appreciation (depreciation) on investments including short sales, where applicable, were as follows:
Small Cap |
Small-Mid |
Mid Cap |
Large Cap |
|||||||||||||
Tax cost of investments |
$ | 241,331,338 | $ | 646,338,525 | $ | 66,987,860 | $ | 2,700,069,378 | ||||||||
Gross unrealized appreciation |
99,023,248 | 99,271,444 | 17,101,820 | 563,051,795 | ||||||||||||
Gross unrealized depreciation |
(6,660,303 | ) | (30,091,835 | ) | (2,750,137 | ) | (228,486,651 | ) | ||||||||
Net unrealized appreciation on investments |
$ | 92,362,945 | $ | 69,179,609 | $ | 14,351,683 | $ | 334,565,144 | ||||||||
Select |
Long-Short |
International |
Short |
|||||||||||||
Tax cost of investments |
$ | 559,476,658 | $ | 1,009,430,398 | $ | 138,718,469 | $ | 5,558,398,262 | ||||||||
Gross unrealized appreciation |
96,093,399 | 701,116,931 | 51,192,050 | 42,990,179 | ||||||||||||
Gross unrealized depreciation |
(38,371,588 | ) | (347,475,889 | ) | (5,495,699 | ) | (53,144,655 | ) | ||||||||
Net unrealized appreciation (depreciation) on investments |
$ | 57,721,811 | $ | 353,641,042 | $ | 45,696,351 | $ | (10,154,476 | ) | |||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 153 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Total Return |
Core Bond |
Core Plus |
||||||||||
Tax cost of investments |
$ | 31,662,812 | $ | 3,319,147,508 | $ | 101,850,674 | ||||||
Gross unrealized appreciation |
319,483 | 15,877,307 | 1,037,626 | |||||||||
Gross unrealized depreciation |
(215,788 | ) | (75,712,598 | ) | (695,696 | ) | ||||||
Net unrealized appreciation (depreciation) on investments |
$ | 103,695 | $ | (59,835,291 | ) | $ | 341,930 | |||||
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales, defaulted bond income accruals, and Passive Foreign Investment Companies.
For the latest tax year ended December 31, 2025, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.
CLCFs not subject to expiration:
Short |
Core Bond |
Core Plus |
||||||||||
No expiration - short-term |
$ | 10,605,874 | $ | 2,732,666 | $ | 30,257 | ||||||
No expiration - long-term |
10,098,101 | 14,176,862 | 3,387 | |||||||||
| $ | 20,703,975 | $ | 16,909,528 | $ | 33,644 | |||||||
In-Kind Redemption Transactions
The Funds recognize a gain on in-kind redemptions (redemptions in which shareholders who redeemed Fund shares received investment securities held by a Fund rather than cash) to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and income tax reporting requirements, had no effect on each Fund’s net assets or NAV per share. During the six months ended June 30, 2026, the following Funds realized net capital gains resulting from in-kind redemptions:
Fund |
Net capital |
|||
Small Cap Fund |
$ | 32,749,278 | ||
Small-Mid Cap Fund |
198,009,371 | |||
Mid Cap Fund |
12,659,958 | |||
Large Cap Fund |
499,321,409 | |||
Select Fund |
43,109,063 | |||
Long-Short Fund |
203,338,918 | |||
154 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
In-Kind Subscription Transactions
During the six months ended June 30, 2026, the Large Cap Fund, Class Y received securities in lieu of cash for a shareholder purchase. The purchase was as follows:
Fund |
Date |
Amount |
Securities |
Cash Received |
Shares |
|||||||||||||||
Large Cap Fund |
01/30/26 |
$ | 260,901,350 | $ | 251,767,376 | $ | 9,133,974 | 7,981,075 | ||||||||||||
Borrowings
The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund, Total Return Fund, Core Bond Fund and Core Plus Bond Fund each has an unsecured line of credit up to 20.0%, 20.0%, 20.0%, 33.3%, 25.0%, 15.0%, 20.0%, 20.0%, 20.0%, 20.0% and 20.0%, respectively, of its net assets, with a total maximum of $40,000,000.
Borrowings under the agreement bear interest at the sum of 0.10% plus the higher of Federal Funds Effective Rate or the Overnight Bank Funding Rate plus 1.25%. The line of credit is available until April 15, 2027, unless extended, when any advances are to be repaid. During the six months ended June 30, 2026, no amounts were drawn from the available line.
In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), the Funds may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. A lending fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. The Funds had no outstanding interfund loans as of June 30, 2026. During the six months ended June 30, 2026, none of the Funds participated as lenders/borrowers in the Interfund Lending Program.
Reflow Redemption Services
The Funds may participate in the ReFlow Fund, LLC (“ReFlow”) liquidity program, which is designed to provide an alternative liquidity source on days when redemptions of Fund shares exceed purchases. Under the program, ReFlow is available to provide cash to the Fund to meet all, or a portion, of daily net shareholder redemptions. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales,
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 155 |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
at the end of a maximum holding period determined by ReFlow (currently 8 days) or at other times at ReFlow’s discretion. For use of the ReFlow service, the Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily “Dutch auction” among other participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.14% of the value of the Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will periodically redeem its entire share position in the Fund and request that such redemption be met in kind in accordance with the Fund’s in-kind redemption policies. There is no assurance that ReFlow will have sufficient funds available to meet the Funds’ liquidity needs on a particular day. During the six months ended June 30, 2026, the fees associated with ReFlow are disclosed on the Statements of Operations.
Other Matters
The value of a Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries, or overall securities markets. When the value of a Fund’s investments goes down, your investment in the Fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, trade barriers, staff shortages, and widespread public health issues affect the securities markets. Pandemics and other wide-spread public health events can result in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings, and investor sentiment. The duration and extent of such events over the long-term cannot be reasonably estimated at this time. Governmental responses to these events may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations. These events may result in substantial market volatility and adversely impact the prices and liquidity of the Funds’ investments.
156 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Subsequent Events
The Funds evaluated events from June 30, 2026 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements, except for the following:
On August 6, 2026, the Board approved a plan of liquidation for the Diamond Hill International Fund. The Diamond Hill International Fund closed to new investors effective August 7, 2026 and will close to subsequent investments by existing shareholders effective September 8, 2026. The Diamond Hill International Fund will liquidate on or about September 10, 2026.
Effective on or about October 30, 2026, the Investor Shares of the Diamond Hill Short Duration Securitized Bond Fund and Diamond Hill Core Bond Fund will be redesignated as Class A shares, and each of the Diamond Hill Short Duration Securitized Bond Fund and Diamond Hill Core Bond Fund will begin offering Class C shares.
Effective on or about October 30, 2026, the Diamond Hill Short Duration Securitized Bond Fund is expected to change its principal investment strategy to, among other things, remove the requirement to invest a minimum percentage of the Fund’s assets in securitized bond investments, and be renamed the Diamond Hill Short Duration Income Fund.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 157 |
Diamond Hill Funds
Additional Information (Unaudited)
June 30, 2026 (Unaudited)
Proxy Voting
A description of the policies and procedures that the Adviser uses to determine how to vote proxies and information regarding how the Funds voted proxies for the twelve-month period ended June 30 are available without charge, upon request, by (i) calling 1-888-226-5595; (ii) visiting the Funds’ website at https://www.diamond-hill.com/investment-strategies/documents/funds/; or (iii) referring to the SEC’s website at www.sec.gov.
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Results of Special Meetings of Shareholders
On December 10, 2025, Diamond Hill Investment Group, Inc. (“Diamond Hill”), First Eagle Investment Management, LLC (“First Eagle”) and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill would become a wholly owned subsidiary of First Eagle. Diamond Hill is the parent of DHCM. Special Meetings of Shareholders of the Diamond Hill Funds (the “Trust”) were held on April 17, 2026 and April 21, 2026, for the purpose of voting on the following:
Proposal 1: To approve a new investment management agreement between the Trust and DHCM, the Trust’s current investment adviser, and
Proposal 2: To elect nine Trustees to serve on the Board.
The voting results were as follows for Proposal 1:
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
|
Total Shares Outstanding |
8,825,334 |
32,416,252 |
4,795,863 |
175,885,014 |
4,951,310 |
Total Shares Vote/% of Total |
5,918,583/67.06% |
22,331,593/68.89% |
4,243,085/88.47% |
122,747,205/69.79% |
4,773,503/96.41% |
Shares Voted For/% of Voted |
4,041,492/68.28% |
17,232,425/77.17% |
2,589,141/61.02% |
101,910,170/83.02% |
3,652,818/76.52% |
Shares Voted Against/% of Voted |
80,779/1.36% |
187,501/0.84% |
10,917/0.26% |
601,068/0.49% |
2,501/0.05% |
Shares Abstained/% of Voted |
192,901/3.26% |
137,577/0.62% |
40,634/0.96% |
862,820/0.70% |
3,893/0.08% |
158 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Funds
Additional Information (Unaudited) (Continued)
June 30, 2026 (Unaudited)
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
|
Total Shares Outstanding |
23,073,445 |
72,593,370 |
7,746,903 |
502,799,569 |
3,050,395 |
Total Shares Vote/% of Total |
16,676,106/72.27% |
64,970,271/89.50% |
7,180,801/92.69% |
378,027,442/75.18% |
3,050,394/100% |
Shares Voted For/% of Voted |
12,149,710/72.86% |
52,863,224/81.37% |
4,959,438/69.07% |
291,753,641/77.18% |
3,050,394/100% |
Shares Voted Against/% of Voted |
69,250/0.42% |
87,282/0.13% |
16,705/0.23% |
2,315,913/0.61% |
0 |
Shares Abstained/% of Voted |
396,932/2.38% |
148,715/0.23% |
44,722/0.62% |
6,470,403/1.71% |
0 |
Diamond Hill |
Diamond Hill |
|
Total Shares Outstanding |
348,378,894 |
9,334,842 |
Total Shares Vote/% of Total |
254,915,906/73.17% |
7,291,757/78.11% |
Shares Voted For/% of Voted |
196,521,871/77.09% |
7,188,759/98.59% |
Shares Voted Against/% of Voted |
1,429,205/0.56% |
10,606/0.15% |
Shares Abstained/% of Voted |
4,633,241/1.82% |
85,920/1.18% |
The voting results were as follows for Proposal 2:
Total Shares |
Total Shares |
Shares Voted |
Shares Voted |
|
Candace K. Beinecke |
1,193,851,191 |
892,080,292 |
872,031,531/97.75% |
20,048,761/2.25% |
Peter W. Davidson |
1,193,851,191 |
892,080,292 |
873,276,350/97.89% |
18,803,942/2.11% |
Jean D. Hamilton |
1,193,851,191 |
892,080,292 |
873,340,167/97.90% |
18,740,125/2.10% |
William M. Kelly |
1,193,851,191 |
892,080,292 |
846,695,317/94.91% |
45,384,974/5.09% |
Paul J. Lawler |
1,193,851,191 |
892,080,292 |
846,792,862/94.92% |
45,287,430/5.08% |
Mandakini Puri |
1,193,851,191 |
892,080,292 |
872,058,388/97.76% |
20,021,904/2.24% |
Scott Sleyster |
1,193,851,191 |
892,080,292 |
873,338,650/97.90% |
18,741,642/2.10% |
John P. Arnhold |
1,193,851,191 |
892,080,292 |
873,201,636/97.88% |
18,878,656/2.12% |
Mehdi Mahmud |
1,193,851,191 |
892,080,292 |
870,353,589/97.56% |
21,726,703/2.44% |
Accordingly, on April 22, 2026, the transaction was completed. The new Investment Management Agreement and the newly elected Trustees were put in place.
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Trustee Approval of Investment Advisory Agreement
Not applicable.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 159 |
INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, LLC
DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)
DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO | 43215
DH-SAR063026
Semi-Annual Financial Statements and
Additional Information
June 30, 2026
Diamond Hill Large Cap Concentrated ETF |
This material must be preceded or accompanied by a current prospectus.
Not FDIC insured | No bank guarantee | May lose value
Table of Contents |
Our Shared Investment Principles |
1 |
Financial Statements |
|
Schedule of Investments |
2 |
Statement of Assets & Liabilities |
3 |
Statement of Operations |
4 |
Statements of Changes in Net Assets |
5 |
Financial Highlights |
7 |
Notes to Financial Statements |
8 |
Additional Information |
17 |
Cautionary Statement: At Diamond Hill, we pledge that, “we will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust.” Our views and opinions regarding the investment prospects of our portfolio holdings and Fund are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for our opinions, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.
You can identify forward looking statements by words like “believe,” “expect,” “anticipate,” or similar expressions when discussing prospects for particular portfolio holdings and/or the Fund. We cannot assure future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a Prospectus. Carefully consider the Fund’s investment objectives, risks, and expenses. This and other important information are contained in the Fund’s prospectus and summary prospectus, which are available at diamond-hill.com or by calling 888.226.5595. Read carefully before investing. The Fund is distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, LLC, a registered investment adviser, serves as Investment Adviser to the Fund and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value
Our shared investment principles
Active, fundamental approach
An active, research-driven approach that capitalizes on our intellectual curiosity and unique insights is essential to deliver better returns than benchmarks or peers.
Ownership
Investing with an ownership mentality requires deep due diligence to build the conviction needed to invest over the long term.
Long term
Focusing on the long term allows us to look beyond near-term noise, allowing clients to realize the benefits of our deep, disciplined research process.
Valuation discipline
We believe the best way to compound returns is to take an ownership stake in an investment at a discount to its underlying value and have the discipline to wait for that value to be realized.
Strategic capacity management
Prudent capacity management protects our ability to generate competitive long-term investment results for our clients.
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 1 |
Diamond Hill Large Cap Concentrated ETF
Schedule of Investments
June 30, 2026 (Unaudited)
|
Shares |
Fair |
||||||
Common Stocks — 99.0% |
||||||||
Communication Services — 4.3% |
||||||||
Walt Disney Co. (The) |
39,065 | $ | 3,760,006 | |||||
Consumer Discretionary — 4.2% |
||||||||
Amazon.com, Inc. (a) |
15,448 | 3,681,876 | ||||||
Consumer Staples — 10.8% |
||||||||
Colgate-Palmolive Co. |
59,970 | 5,498,050 | ||||||
Sysco Corp. |
46,582 | 3,893,324 | ||||||
| 9,391,374 | ||||||||
Energy — 5.2% |
||||||||
ConocoPhillips |
43,309 | 4,502,404 | ||||||
Financials — 24.2% |
||||||||
American International Group, Inc. |
78,965 | 5,885,261 | ||||||
Aon plc, Class A |
15,379 | 5,101,060 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
12,213 | 6,111,263 | ||||||
Capital One Financial Corp. |
19,967 | 4,005,779 | ||||||
| 21,103,363 | ||||||||
Health Care — 13.9% |
||||||||
Abbott Laboratories |
56,996 | 5,171,817 | ||||||
Labcorp Holdings, Inc. |
14,961 | 4,189,080 | ||||||
Zoetis, Inc. |
37,826 | 2,718,176 | ||||||
| 12,079,073 | ||||||||
Industrials — 14.6% |
||||||||
Ferguson Enterprises, Inc. |
14,615 | 3,468,578 | ||||||
Union Pacific Corp. |
15,134 | 4,116,448 | ||||||
Waste Management, Inc. |
23,187 | 5,167,919 | ||||||
| 12,752,945 | ||||||||
Information Technology — 13.7% |
||||||||
Microsoft Corp. |
10,388 | 3,874,932 | ||||||
Salesforce, Inc. |
20,535 | 3,217,013 | ||||||
Texas Instruments, Inc. |
16,140 | 4,810,850 | ||||||
| 11,902,795 | ||||||||
Materials — 4.0% |
||||||||
Martin Marietta Materials, Inc. |
5,979 | 3,448,089 | ||||||
|
Shares |
Fair |
||||||
Real Estate — 4.1% |
||||||||
SBA Communications Corp., Class A |
20,163 | $ | 3,557,963 | |||||
Total Common Stocks (Cost $87,624,015) |
$ | 86,179,888 | ||||||
Registered Investment Companies — 1.3% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 3.58% (b) (Cost $1,160,736) |
1,160,736 | $ | 1,160,736 | |||||
Total Investment Securities — 100.3% |
||||||||
(Cost $88,784,751) |
$ | 87,340,624 | ||||||
Liabilities in Excess of Other Assets — (0.3)% |
(246,988 | ) | ||||||
Net Assets — 100.0% |
$ | 87,093,636 | ||||||
|
(a) |
Non-income producing security. |
|
(b) |
The rate shown is the 7-day effective yield as of June 30, 2026. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
2 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Statement of Assets & Liabilities
June 30, 2026 (Unaudited)
Assets |
||||
Investment in securities, at cost |
$ | 88,784,751 | ||
Investment in securities, at fair value |
$ | 87,340,624 | ||
Cash |
2,000 | |||
Receivable for dividends and interest |
55,788 | |||
Total Assets |
87,398,412 | |||
Liabilities |
||||
Distributions Payable |
236,025 | |||
Payable for fund shares redeemed |
27,231 | |||
Payable to Investment Adviser |
37,018 | |||
Payable to Administrator |
3,702 | |||
Other accrued expenses |
800 | |||
Total Liabilities |
304,776 | |||
Contingencies and Commitments |
— | |||
Net Assets |
$ | 87,093,636 | ||
Components of Net Assets |
||||
Paid-in capital |
$ | 86,079,652 | ||
Accumulated earnings |
1,013,984 | |||
Net Assets |
$ | 87,093,636 | ||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) |
6,726,310 | |||
Net Asset Value, offering and redemption price per share: |
$ | 12.95 |
See accompanying Notes to Financial Statements.
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 3 |
Diamond Hill Large Cap Concentrated ETF
Statement of Operations
For the six months ended June 30, 2026 (Unaudited)
Investment Income |
||||
Dividends |
$ | 666,387 | ||
Expenses |
||||
Investment advisory fees |
190,517 | |||
Administration fees |
19,052 | |||
Other fees |
600 | |||
Total Expenses |
210,169 | |||
Net Investment Income |
456,218 | |||
Realized and Unrealized Gains (Losses) on Investments |
||||
Net realized gains on investment transactions |
101,104 | |||
Net realized gains from in-kind redemptions |
2,348,013 | |||
Net change in unrealized appreciation (depreciation) on unaffiliated investments |
(4,569,722 | ) | ||
Net Realized and Unrealized Losses on Investments |
(2,120,605 | ) | ||
Change in Net Assets from Operations |
$ | (1,664,387 | ) |
See accompanying Notes to Financial Statements.
4 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Statements of Changes in Net Assets
For the |
For the |
|||||||
From Operations |
||||||||
Net investment income |
$ | 456,218 | $ | 481,734 | ||||
Net realized gains on investment transactions |
2,449,117 | 3,703,978 | ||||||
Net change in unrealized appreciation (depreciation) on investments |
(4,569,722 | ) | (797,646 | ) | ||||
Change in Net Assets from Operations |
(1,664,387 | ) | 3,388,066 | |||||
Distributions to Shareholders |
||||||||
ETF (Formerly Class Y) |
(425,046 | ) | (1,767,863 | ) | ||||
Change in Net Assets from Capital Transactions |
27,247,332 | 26,095,753 | ||||||
Total Change in Net Assets |
25,157,899 | 27,715,956 | ||||||
Net Assets: |
||||||||
Beginning of period |
61,935,737 | 34,219,781 | ||||||
End of period |
$ | 87,093,636 | $ | 61,935,737 | ||||
Capital Transactions |
||||||||
ETF (Formerly Class Y) |
||||||||
Proceeds from shares sold |
$ | 38,801,044 | $ | 33,847,938 | ||||
Reinvested distributions |
— | 1,672,466 | ||||||
Payments for shares redeemed |
(11,553,712 | ) | (11,782,328 | ) | ||||
Exchanged from Investor Class |
— | 117,136 | ||||||
Exchanged from Class I |
— | 18,749,075 | ||||||
Change in Net Assets from ETF (Formerly Class Y) Share Transactions |
27,247,332 | 42,604,287 | ||||||
Investor |
||||||||
Proceeds from shares sold |
— | 12,763 | ||||||
Payments for shares redeemed |
— | (295,279 | ) | |||||
Exchanged to ETF (Formerly Class Y) |
— | (117,136 | ) | |||||
Change in Net Assets from Investor Share Transactions |
— | (399,652 | ) | |||||
Class I |
||||||||
Proceeds from shares sold |
— | 3,680,569 | ||||||
Payments for shares redeemed |
— | (1,040,376 | ) | |||||
Exchanged to ETF (Formerly Class Y) |
— | (18,749,075 | ) | |||||
Change in Net Assets from Class I Share Transactions |
— | (16,108,882 | ) | |||||
Change in Net Assets from Capital Transactions |
$ | 27,247,332 | $ | 26,095,753 | ||||
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 5 |
Diamond Hill Large Cap Concentrated ETF
Statements of Changes in Net Assets (Continued)
For the |
For the |
|||||||
Share Transactions: |
||||||||
ETF (Formerly Class Y) |
||||||||
Issued |
2,925,000 | 2,558,354 | ||||||
Reinvested |
— | 127,767 | ||||||
Redeemed |
(875,000 | ) | (877,674 | ) | ||||
Exchanged from Investor Class |
— | 8,461 | ||||||
Exchanged from Class I |
— | 1,354,321 | ||||||
Change in Shares Outstanding |
2,050,000 | 3,171,229 | ||||||
Investor |
||||||||
Issued |
— | 958 | ||||||
Redeemed |
— | (22,403 | ) | |||||
Exchanged to ETF (Formerly Class Y) |
— | (8,463 | ) | |||||
Change in Shares Outstanding |
— | (29,908 | ) | |||||
Class I |
||||||||
Issued |
— | 279,356 | ||||||
Redeemed |
— | (76,631 | ) | |||||
Exchanged to ETF (Formerly Class Y) |
— | (1,356,731 | ) | |||||
Change in Shares Outstanding |
— | (1,154,006 | ) | |||||
Change in Total Shares Outstanding |
2,050,000 | 1,987,315 | ||||||
See accompanying Notes to Financial Statements.
6 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Financial Highlights
Per Share Data for a Share Outstanding Throughout Each Period:
|
Six Months |
Year Ended |
Year Ended |
Year Ended |
Year Ended |
Period |
||||||||||||||||||
Net asset value at beginning of period |
$ | 13.24 | $ | 12.73 | $ | 11.90 | $ | 10.29 | $ | 11.92 | $ | 10.00 | ||||||||||||
Income (loss) from investment operations: |
||||||||||||||||||||||||
Net investment income (B) |
0.08 | 0.16 | 0.21 | 0.17 | 0.14 | 0.09 | ||||||||||||||||||
Net realized and unrealized gains (losses) on investments |
(0.30 | ) | 0.97 | 1.51 | 1.61 | (1.64 | ) | 2.01 | ||||||||||||||||
Total from investment operations |
(0.22 | ) | 1.13 | 1.72 | 1.78 | (1.50 | ) | 2.10 | ||||||||||||||||
Variable transaction fees (B) |
— | — | — | — | — | — | ||||||||||||||||||
Less distributions to shareholders from: |
||||||||||||||||||||||||
Net investment income |
(0.07 | ) | (0.16 | ) | (0.19 | ) | (0.17 | ) | (0.13 | ) | (0.08 | ) | ||||||||||||
Net realized gains |
— | (0.46 | ) | (0.70 | ) | — | — | (0.10 | ) | |||||||||||||||
Total distributions from shareholders |
(0.07 | ) | (0.62 | ) | (0.89 | ) | (0.17 | ) | (0.13 | ) | (0.18 | ) | ||||||||||||
Net asset value at end of period |
$ | 12.95 | $ | 13.24 | $ | 12.73 | $ | 11.90 | $ | 10.29 | $ | 11.92 | ||||||||||||
Market price at end of period |
$ | 12.94 | $ | 13.25 | $ | 12.73 | $ | 11.90 | $ | 10.29 | $ | 11.92 | ||||||||||||
Total return (C) |
(1.67 | %)(D) | 8.97 | % | 14.34 | % | 17.32 | % | (12.62 | %) | 20.98 | %(D) | ||||||||||||
Total return at market (E) |
(1.82 | %)(D) | 1.22 | %(D)(F) | NA | NA | NA | NA | ||||||||||||||||
Net assets at end of period (000’s) |
$ | 87,094 | $ | 61,936 | $ | 19,164 | $ | 16,706 | $ | 14,017 | $ | 15,898 | ||||||||||||
Ratios/supplementary data: |
||||||||||||||||||||||||
Ratio of total expenses to average net assets |
0.55 | %(G) | 0.57 | % | 0.55 | % | 0.56 | % | 0.56 | % | 0.55 | %(G) | ||||||||||||
Ratio of net investment income to average net assets |
1.20 | %(G) | 1.22 | % | 1.60 | % | 1.57 | % | 1.32 | % | 1.00 | %(G) | ||||||||||||
Portfolio turnover rate (H) |
9 | %(D) | 56 | % | 40 | % | 34 | % | 41 | % | 18 | %(D) | ||||||||||||
|
(A) |
Inception date of the Fund is February 26, 2021. Fund commenced public offering on May 3, 2021. |
|
(B) |
Per share net investment income and variable transaction fees have been calculated using the average daily shares outstanding during the period. |
|
(C) |
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at net asset value. This percentage is not an indication of the performance of a shareholder’s investment in the Fund based on market value due to differences between the market price of the shares and the net asset value per share of the Fund. |
|
(D) |
Not annualized. |
|
(E) |
Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period, if any, and redemption on the last day of the period at market value. Market value is determined by the composite closing price. Composite closing security price is defined as the last reported sale price from any primary listing market (e.g., NYSE Arca, Inc.) or participating regional exchanges or markets. The composite closing price is the last reported sale price from any of the eligible sources, regardless of volume and not an average price and may have occurred on a date prior to the close of the reporting period. Market value may be greater or less than net asset value, depending on the Fund’s closing price on the listing market. |
|
(F) |
Based on the commencement of the ETF through December 31, 2025. |
|
(G) |
Annualized. |
|
(H) |
Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 7 |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements
June 30, 2026 (Unaudited)
Organization
The Diamond Hill Large Cap Concentrated ETF (the “Fund”) is a non-diversified series of the Diamond Hill Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. Other series of the Trust are not included in this report.
On April 22, 2026, First Eagle Investment Management, LLC (“First Eagle”) acquired Diamond Hill Investment Group, LLC (“DHIG”), the parent company of Diamond Hill Capital Management, LLC (“DHCM” or the “Adviser”), the investment adviser to the Fund (the “Transaction”). The Adviser, now operating as a wholly-owned subsidiary of DHIG, which in turn, is a wholly-owned subsidiary of First Eagle, continues to provide investment advisory services as the investment adviser to the Fund without interruption. The Transaction did not result in any change of the portfolio management of the Fund or in investment objectives or policies.
The Fund is the successor in interest to the Diamond Hill Large Cap Concentrated Fund (the “Predecessor Fund”). The Predecessor Fund was previously organized as a series of the Trust and advised by the Adviser. The Board of Trustees of the Trust (the “Board”) approved the reorganization of the Predecessor Fund with and into the Fund, a “shell” series of the Trust, and effective as of the close of business on September 26, 2025, the Fund acquired all or substantially all of the assets and all of the stated liabilities included in the financial statements of the Predecessor Fund (the “Reorganization”). The Predecessor Fund offered three classes of shares, Investor Class, Class I and Class Y. The Fund only offers one class of shares. As part of the Reorganization, all issued and outstanding Investor Class and Class I shares of the Predecessor Fund converted to Class Y shares of the Predecessor Fund. The Fund succeeded to the accounting of the Predecessor Fund and performance history of the Predecessor Fund’s Class Y shares. Any such historical information provided in these financial statements for the Fund that relates to periods prior to September 26, 2025, is therefore that of the Predecessor Fund. The Predecessor Fund had the same investment objectives and substantially similar investment strategies as the Fund. The Predecessor Fund commenced operations in 2021.
The Reorganization was accomplished by a tax-free exchange for 2,576,312 shares at a net asset value per share (“NAV”) of $13.11 of the Fund to the shareholders of the Predecessor Fund. The net assets contributed resulting from this tax-free transaction on the close of business September 26, 2025, after the reorganization, were $33,772,486, including net unrealized appreciation (depreciation) of $3,658,052, undistributed net investment income of $262 and undistributed realized gains of $2,693,489. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Shares of the Fund are listed and traded on the New York Stock Exchange Arca, Inc. (“NYSE Arca”). Market prices for the shares may be different from the net asset value (“NAV”). The Fund issues and redeems shares solely to certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund’s distributor (“Authorized Participants” or “APs”) on a continuous basis at the NAV per
8 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
share in aggregations of a specified number of shares called “Creation Units”. Creation Units generally are issued in exchange for a basket of securities (“Deposit Securities”), together with the deposit of a specified cash payment (“Balancing Amount”). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund consists of a block of shares.
Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”):
Segment Reporting — The Fund operates as a single operating segment which is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s CODM is represented by the Fund Operating Committee. The Fund’s income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.
Use of Estimates — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Security valuation — The Fund computes its net asset value once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The NAV per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation.
The Fund records its investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used by the Fund maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
|
● |
Level 1 — quoted prices in active markets for identical securities |
|
● |
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
|
● |
Level 3 — other significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 9 |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales price is not readily available are valued at the closing bid price in the principal market where such securities are normally traded. Investments in other open-end investment companies are valued at their reported NAV per share. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt securities, if any, are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a price becomes stale, or an event occurs that materially affects the furnished price) are determined in good faith by the Valuation & Liquidity Committee of the Adviser as “valuation designee” under the oversight of the Board of Trustees of the Trust (the “Board”). In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Valuation & Liquidity Committee the “valuation designee” to perform the Fund’s fair value determinations. The Valuation & Liquidity Committee’s fair valuation process is subject to Board oversight and certain reporting and other requirements. When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or analysts of the situation at issue, transactions implicitly valuing the security (such as a merger, tender offer, etc.), the value of other securities or contracts which derive their value from the security at issue, and the implications (whether negative or positive) of the circumstances which have caused trading in the security to halt. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities may be classified as Level 2 or Level 3 in the fair value hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
10 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s investments and the inputs used to value the investments as of June 30, 2026:
Level 1 - |
Level 2 - Other |
Level 3 - Other |
Total |
|||||||||||||
Investments in Securities (Assets) |
||||||||||||||||
Common Stocks* |
$ | 86,179,888 | $ | — | $ | — | $ | 86,179,888 | ||||||||
Registered Investment Companies |
1,160,736 | — | — | 1,160,736 | ||||||||||||
Total |
$ | 87,340,624 | $ | — | $ | — | $ | 87,340,624 | ||||||||
|
* |
See Schedule of Investments for industry classification. |
There were no transfers into or out of Level 3 for the six months ended June 30, 2026.
Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income and expense are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Taxes on foreign dividends and/or capital gains have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. The Fund records distributions received from investments in real estate investment trusts (also known as “REITs”) and partnerships in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts once the issuers provide information about the actual composition of the distributions.
Income taxes — The Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.
The Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and any net realized capital gains to its shareholders.
The Fund recognizes tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable), and has concluded that no
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 11 |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the six months ended June 30, 2026, the Fund did not incur any interest or penalties and there were no federal, state, or local income taxes or any income taxes in foreign jurisdictions paid by the Fund.
Distributions to shareholders — Dividends from net investment income are declared and paid quarterly by the Fund. Net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. These differences are primarily due to deferrals of certain losses. Permanent book and tax basis differences are reclassified among the components of net assets. The Fund may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.
Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation were allocated daily to each class of shares of the Predecessor Fund based upon its proportionate share of total net assets of the Predecessor Fund. Class specific expenses were charged directly to the class incurring the expense. Common expenses, which were not attributable to a specific class, were allocated daily to each class of shares based upon its proportionate share of total net assets of the Predecessor Fund. Expenses not directly billed to a fund are allocated proportionally among all funds in the Trust daily in relation to net assets of each fund in the Trust or another reasonable measure.
Investment Transactions
For the six months ended June 30, 2026, purchases and sales of investment securities (excluding short-term securities and in-kind transactions) were as follows:
| Purchases of investment securities (excluding in-kind transactions) | $ | 6,669,454 | ||
| Proceeds from sales of investment securities (excluding in-kind transactions) | $ | 7,495,220 |
Purchases and sales of securities through in-kind transactions for the six months ended June 30, 2026 were as follows:
| Purchases of in-kind transactions | $ | 38,529,614 | ||
| Sales of in-kind transactions | $ | 11,309,112 |
There were realized gains of $2,348,013 from in-kind transactions during the six months ended June 30, 2026.
The Fund pays commissions on the purchase and sale of investment securities. The commissions are treated as transaction costs and, therefore, are included as part of the cost of purchases or net proceeds on the sale of investment securities and are not included in the presentation of Fund expenses on the Statement of Operations. The Fund paid $2,069 in commissions during the six months ended June 30, 2026.
12 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Investment Advisory Fees and Other Transactions with Affiliates
At special meetings of shareholders of the Trust held on April 17, 2026 and April 21, 2026, shareholders approved a new investment management agreement (“Management Agreement”) and elected nine new Trustees to serve as the Board of the Trust. The newly elected Trustees began serving, and the new Management Agreement, which is substantially similar to the prior agreement, became effective, as of the Transaction closing date; the agreement provides for continuation of the Fund’s investment program without interruption. The Board also approved the appointment of Trustee Emeritus positions, the election of committee chairs and the election of officers.
As of June 30, 2026, the Fund receives investment management and advisory services from DHCM under the Management Agreement that provides for fees to be paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets. The Management Agreement is subject to annual approval by the Board. In addition, the Trust has entered into the Administrative Services Agreement pursuant to which DHCM renders administrative, fund accounting and supervisory services to the Fund, and whereby DHCM is paid a fee monthly at an annual rate of 0.05% of the Fund’s average daily net assets. These administrative fees are used to pay most of the Fund’s operating expenses except advisory fees, fees and expenses of the custodian, brokerage fees and commissions, taxes, borrowing costs (such as interest and dividend expense on securities sold short), expenses related to conducting shareholders’ meetings and proxy solicitations, and extraordinary or non-recurring expenses.
The Officers of the Trust are affiliated with DHCM and First Eagle. Such Officers receive no compensation from the Fund for serving in their respective roles.
Trustee Fees
The Independent and Emeritus Trustees are compensated for their services to the Fund by DHCM as part of the Administrative Services Agreement. The Independent Trustees were paid $378,028 in fees during the six months ended June 30, 2026 for the Fund Family consisting of the Trust and the Diamond Hill Securitized Credit Fund. In addition, DHCM reimburses Independent Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.
Commitments and Contingencies
The Fund indemnifies the Trust’s Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties and provides general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 13 |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Federal Tax Information
The amount and character of income and capital gain distributions paid by the Fund is determined in accordance with Federal income tax regulations, which may differ from GAAP.
The tax character of distributions paid during the periods ended June 30, 2026 and December 31, 2025 was as follows:
June 30, |
December 31, |
|||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 425,046 | $ | 386,167 | ||||
Long-term capital gains |
— | 1,286,299 | ||||||
Total distributions |
$ | 425,046 | $ | 1,672,466 | ||||
The following information was computed on a tax basis for each item as of December 31, 2025:
Net unrealized appreciation on investments |
$ | 3,104,354 | ||
Undistributed ordinary income |
94,460 | |||
Distributions payable |
(95,397 | ) | ||
Distributable earnings |
$ | 3,103,417 |
As of June 30, 2026, the Fund’s federal tax cost of investments and net unrealized appreciation (depreciation) on investments were as follows:
Tax cost of investments |
$ | 88,805,171 | ||
Gross unrealized appreciation |
5,353,963 | |||
Gross unrealized depreciation |
(6,818,510 | ) | ||
Net unrealized depreciation on investments |
$ | (1,464,547 | ) |
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.
Capital Share Transactions
Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the APs may acquire shares directly from the Fund and tender their shares for redemption directly to the Fund. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Fund must follow the Fund’s procedures, which are described in the Fund’s Statement of Additional Information (“SAI”).
A creation transaction, which is subject to acceptance by the Fund’s Distributor and the Fund, generally takes place when an AP deposits into the Fund a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Fund in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata
14 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
to the holdings of the Fund. However, the Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Fund and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the AP agreement. Realized gains (losses) resulting from in-kind redemption of shares, if any, are reflected separately on the Statement of Operations.
The Fund charges APs standard creation and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation and redemption transaction fees are set forth in the table below. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs).
The Transaction Fees for the Fund are listed in the table below:
Fee for In-Kind and |
Maximum Additional |
||||||
| $ | 150 In-Kind, $100 Cash | 2.00 | % | ||||
|
* |
As a percentage of the amount invested. |
In-Kind Redemption Transactions
The Predecessor Fund recognized a gain on in-kind redemptions (redemptions in which shareholders who redeemed Predecessor Fund shares received investment securities held by the Predecessor Fund rather than cash) to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains were not taxable to the Predecessor Fund and were not required to be distributed to shareholders. The Predecessor Fund reclassified these amounts against paid-in capital on the Statement of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statements and income tax reporting requirements, had no effect on the Predecessor Fund’s net assets or NAV per share. During the year ended December 31, 2025, the Predecessor Fund realized net capital gains resulting from in-kind redemptions in the amount of $915,533.
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 15 |
Diamond Hill Large Cap Concentrated ETF
Notes to Financial Statements (Continued)
June 30, 2026 (Unaudited)
Other Matters
The value of the Fund’s investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the Fund, particular industries, or overall securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, trade barriers, staff shortages, and widespread public health issues affect the securities markets. 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 adversely impact the prices and liquidity of the Fund’s investments.
Subsequent Events
The Fund evaluated events from June 30, 2026 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Fund’s financial statements.
16 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Additional Information (Unaudited)
June 30, 2026
Proxy Voting
A description of the policies and procedures that the Adviser uses to determine how to vote proxies and information regarding how the Fund voted proxies for the twelve-month period ended June 30 are available without charge, upon request, by (i) calling 1-888-226-5595; (ii) visiting the Fund’s website at https://www.diamond-hill.com/investment-strategies/documents/funds/; or (iii) referring to the SEC’s website at www.sec.gov.
Changes in and/or Disagreements with Accountants
There were no changes in and/or disagreements with accountants during the period covered by this report.
Proxy Disclosures
Not applicable.
Results of Special Meetings of Shareholders
On December 10, 2025, Diamond Hill Investment Group, Inc. (“Diamond Hill”), First Eagle Investment Management, LLC (“First Eagle”) and Soar Christopher Holding, Inc., entered into an Agreement and Plan of Merger pursuant to which Diamond Hill would become a wholly owned subsidiary of First Eagle. Diamond Hill is the parent of DHCM. Special Meetings of Shareholders of the Diamond Hill Funds (the “Trust”) were held on April 17, 2026 and April 21, 2026, for the purpose of voting on the following:
Proposal 1:
To approve a new investment management agreement between the Trust and DHCM, the Trust’s current investment adviser, and
Proposal 2:
To elect nine Trustees to serve on the Board.
The voting results were as follows for Proposal 1:
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
||||||||||||||||
Total Shares Outstanding |
8,825,334 | 32,416,252 | 4,795,863 | 175,885,014 | 4,951,310 | |||||||||||||||
Total Shares Vote/% of Total |
5,918,583/ 67.06% |
22,331,593/ 68.89% |
4,243,085/ 88.47% |
122,747,205/ 69.79% |
4,773,503/ 96.41% |
|||||||||||||||
Shares Voted For/% of Voted |
4,041,492/ 68.28% |
17,232,425/ 77.17% |
2,589,141 /61.02% |
101,910,170/ 83.02% |
3,652,818/ 76.52% |
|||||||||||||||
Shares Voted Against/% of Voted |
80,779/1.36% | 187,501/0.84% | 10,917/0.26% | 601,068/0.49% | 2,501/0.05% | |||||||||||||||
Shares Abstained/% of Voted |
192,901/3.26% | 137,577/0.62% | 40,634/0.96% | 862,820/0.70% | 3,893/0.08% | |||||||||||||||
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 17 |
Diamond Hill Large Cap Concentrated ETF
Additional Information (Unaudited)
June 30, 2026 (Continued)
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
Diamond Hill |
||||||||||||||||
Total Shares Outstanding |
23,073,445 | 72,593,370 | 7,746,903 | 502,799,569 | 3,050,395 | |||||||||||||||
Total Shares Vote/% of Total |
16,676,106/ 72.27% |
64,970,271/ 89.50% |
7,180,801/ 92.69% |
378,027,442/7 5.18% |
3,050,394/ 100% |
|||||||||||||||
Shares Voted For/% of Voted |
12,149,710/ 72.86% |
52,863,224/ 81.37% |
4,959,438/ 69.07% |
291,753,641/ 77.18% |
3,050,394/ 100% |
|||||||||||||||
Shares Voted Against/% of Voted |
69,250/0.42% | 87,282/0.13% | 16,705/0.23% | 2,315,913/0.61% | 0 | |||||||||||||||
Shares Abstained/% of Voted |
396,932/2.38% | 148,715/0.23% | 44,722/0.62% | 6,470,403/1.71% | 0 | |||||||||||||||
Diamond Hill |
Diamond Hill |
|||||||
Total Shares Outstanding |
348,378,894 | 9,334,842 | ||||||
Total Shares Vote/% of Total |
254,915,906/ 73.17% |
7,291,757/ 78.11% |
||||||
Shares Voted For/% of Voted |
196,521,871/ 77.09% |
7,188,759/ 98.59% |
||||||
Shares Voted Against/% of Voted |
1,429,205/0.56% | 10,606/0.15% | ||||||
Shares Abstained/% of Voted |
4,633,241/1.82% | 85,920/1.18% | ||||||
The voting results were as follows for Proposal 2:
Total Shares |
Total Shares |
Shares |
Shares |
|||||||||||||
Candace K. Beinecke |
1,193,851,191 | 892,080,292 | 872,031,531/97.75 | % | 20,048,761/2.25 | % | ||||||||||
Peter W. Davidson |
1,193,851,191 | 892,080,292 | 873,276,350/97.89 | % | 18,803,942/2.11 | % | ||||||||||
Jean D. Hamilton |
1,193,851,191 | 892,080,292 | 873,340,167/97.90 | % | 18,740,125/2.10 | % | ||||||||||
William M. Kelly |
1,193,851,191 | 892,080,292 | 846,695,317/94.91 | % | 45,384,974/5.09 | % | ||||||||||
Paul J. Lawler |
1,193,851,191 | 892,080,292 | 846,792,862/94.92 | % | 45,287,430/5.08 | % | ||||||||||
Mandakini Puri |
1,193,851,191 | 892,080,292 | 872,058,388/97.76 | % | 20,021,904/2.24 | % | ||||||||||
Scott Sleyster |
1,193,851,191 | 892,080,292 | 873,338,650/97.90 | % | 18,741,642/2.10 | % | ||||||||||
John P. Arnhold |
1,193,851,191 | 892,080,292 | 873,201,636/97.88 | % | 18,878,656/2.12 | % | ||||||||||
Mehdi Mahmud |
1,193,851,191 | 892,080,292 | 870,353,589/97.56 | % | 21,726,703/2.44 | % | ||||||||||
Accordingly, on April 22, 2026, the transaction was completed. The new Investment Management Agreement and the newly elected Trustees were put in place.
18 Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM |
Diamond Hill Large Cap Concentrated ETF
Additional Information (Unaudited)
June 30, 2026 (Continued)
Remuneration Paid to Directors, Officers and Others
Refer to the financial statements included herein.
Trustee Approval of Investment Advisory Agreement
Not applicable.
Diamond Hill Large Cap Concentrated ETF | FINANCIAL STATEMENTS | JUNE 30, 2026 | DIAMOND-HILL.COM 19 |
INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, LLC
DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)
DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO | 43215
DHETF-063026
(b) Included with (a)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included under Item 7
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 16. Controls and Procedures.
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable
(b) Not applicable
Item 19. Exhibits.
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required
(a)(2) Not applicable
(a)(4) Not applicable
(a)(5) Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
Exhibit 99.CERT Certifications required by Rule 30a-2(a) under the Act
Exhibit 99.906CERT Certifications required by Rule 30a-2(b) under the Act
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant | Diamond Hill Funds | |
| By (Signature and Title) | /s/ Mehdi Mahmud | |
| Mehdi Mahmud, Principal Executive Officer | ||
| Date: | August 26, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Mehdi Mahmud | |
| Mehdi Mahmud, Principal Executive Officer | ||
| Date: | August 26, 2026 | |
| By (Signature and Title) | /s/ Brandon Webster | |
| Brandon Webster, Principal Financial Officer | ||
| Date: | August 26, 2026 |