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N-CSRS 2026-06-30 N-1A 0001032423 Diamond Hill Funds Diamond Hill Small Cap Fund Investor DHSCX This <span id="xdx_907_eoef--ShareholderReportAnnualOrSemiAnnual_c20260101__20260630_zH3oZ4aZVbg">semi-annual shareholder report</span> contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. semi-annual shareholder report You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zCTAbBFcQLnP">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zL1VDMvGZadQ">888-226-5595</span> or <span id="xdx_905_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zMojqA79mfoC">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_z9e2NAtvD11w">$72</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zCvDROzRoUug">1.28%¹</span></td> </tr></table></div> 72 0.0128 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11335 11850 12460 12386 13602 14649 11702 14824 14164 9424 15792 13226 15244 22766 21429 13524 19610 16029 16052 23326 18002 18053 28721 19812 19467 33114 21334 28156 40671 30034 <img alt="Ad2 Performance Graph" src="fp0099214-6_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>One Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Five Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Ten Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008530Member_zOEbYT9Uvk1s">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_z16CcFMUiBZY">27.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008530Member_zhs2KwF9TFoN">44.64%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008530Member_z1gZx5UA1JdI">13.06%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008530Member_z7FP2e5Voqkc">10.91%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell3000IndexMember_zEJAWavuoOd6">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell3000IndexMember_zVPUMMJemEoP">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell3000IndexMember_zUv7nMvOuObo">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell3000IndexMember_z4M3Dryg12pe">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell3000IndexMember_z1tq9V2LtWKV">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell2000IndexMember_zEgo52L0doIw">Russell 2000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell2000IndexMember_zGnRrdSXOky2">22.57</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell2000IndexMember_zFMpomJkWtKx">40.78</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell2000IndexMember_z3PX1STqXyBy">6.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundInvestorRussell2000IndexMember_zWEDLtg8RGXo">11.62</span></td></tr></table></div> Investor 0.2799 0.4464 0.1306 0.1091 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2000 Index 0.2257 0.4078 0.0698 0.1162 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008530Member_zXtDJmR4OKar">$307,675,717</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008530Member_zNEQ7SE60jwm">60</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_z6w7TofSel2j">7%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zHNHxobiDwON">$1,027,131</span></td> </tr> </table> </div> 307675717 60 0.07 1027131 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zIjFORY1PGmj">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--FinancialsMember_zNfYcjks3IKo">16.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--HealthCareMember_zAwJDylVfLV2">15.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--RealEstateMember_zBUMRNICTRqp">11.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zCqfU18S7Aci">8.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zelw3hqX3nzT">8.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z39aLSVboNgm">8.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--MaterialsMember_zGO6EYwwh7be">7.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--EnergyMember_zlJlIG2KrIdb">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zuyS5P8z6gGZ">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zJDIUFayzJI7">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008530Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zY8vJWcePQOe">-8.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-6_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zdNsxXOUYfoF"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_zhxL8XXpVQxS">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zeR31j7wL6BQ">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zx1Ris4PP2NE">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zOrlhSfTgfwI">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_zkvAmKb6cxvR">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_z9zWUmRMcmNh">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zZlCAEYEAVY5">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_zeQPQadiZRv2">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zHo5v6nIRVRB">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zuj05gOSsNlo">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.169 0.154 0.118 0.088 0.084 0.080 0.075 0.039 0.015 0.012 -0.085 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_zhxL8XXpVQxS">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zeR31j7wL6BQ">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zx1Ris4PP2NE">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zOrlhSfTgfwI">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_zkvAmKb6cxvR">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_z9zWUmRMcmNh">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zZlCAEYEAVY5">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_zeQPQadiZRv2">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zHo5v6nIRVRB">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008530Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zuj05gOSsNlo">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.062 0.052 0.051 0.050 0.048 0.041 0.040 0.035 0.035 0.034 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_900_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_z0OCzT09POd2">This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zzHcOBgVBerw">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zUoZse2rGJzU">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zBmSnBHcwdUy">888-226-5595</span>.</span></p><p><span id="xdx_907_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zzeOSTf8uE87">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zzHcOBgVBerw">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zUoZse2rGJzU">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008530Member_zBmSnBHcwdUy">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Small Cap Fund Class I DHSIX This semi-annual shareholder report contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_z35mEXvfUHWm">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zh0dVBC5XNOm">888-226-5595</span> or <span id="xdx_908_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zM7xG9XuHEEs">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zPDrt6ORdbCN">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zYUpeSGUmaJh">0.99%¹</span></td> </tr></table></div> 56 0.0099 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11365 11850 12460 12461 13602 14649 11804 14824 14164 9538 15792 13226 15469 22766 21429 13763 19610 16029 16381 23326 18002 18473 28721 19812 19979 33114 21334 28982 40671 30034 <img alt="Ad2 Performance Graph" src="fp0099214-7_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>One Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Five Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Ten Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008532Member_zVOf2snS7Y4H">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zFQwhE7H7xzf">28.19%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008532Member_zyNSuf01qNno">45.06%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008532Member_zQVsUHDsheDe">13.38%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008532Member_zltU3S1xM8aM">11.23%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_904_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassIRussell3000IndexMember_zPsdXAZBz06S">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassIRussell3000IndexMember_zWoOK3urOHQN">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassIRussell3000IndexMember_zOWhq7bFlJho">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassIRussell3000IndexMember_zkmMPE7X5DWC">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassIRussell3000IndexMember_zf10H1meHBuB">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassIRussell2000IndexMember_zmld3U8GrHjk">Russell 2000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassIRussell2000IndexMember_zO9EysGyOnwh">22.57</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassIRussell2000IndexMember_zpj6yLeacUMn">40.78</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassIRussell2000IndexMember_zS8lcp6br1d6">6.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassIRussell2000IndexMember_z5n9rYArQoft">11.62</span></td></tr></table></div> Class I 0.2819 0.4506 0.1338 0.1123 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2000 Index 0.2257 0.4078 0.0698 0.1162 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008532Member_z1L3OzyjN2q3">$307,675,717</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008532Member_zNrjS4FLPOsc">60</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zORoyPxFZQi6">7%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zniixrO2z5kF">$1,027,131</span></td> </tr> </table> </div> 307675717 60 0.07 1027131 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zK3ApCzoyOQH">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--FinancialsMember_zY8oMYOavic2">16.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--HealthCareMember_zbehU28e6xOO">15.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--RealEstateMember_zSIXTOM1i2sz">11.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zlyjAkZBUuBV">8.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z6UcPbyM1WxO">8.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z3keRABxn9Xm">8.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--MaterialsMember_zPat0dCHtqWa">7.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--EnergyMember_zptdhLd4OJpL">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zswXgMvY9ZON">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zinOAuN7iOkr">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008532Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_z0gbnBVFwr4K">-8.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-7_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98C_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zz69cIplVQf5"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_ziAlR7RBvyAG">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zpBooIOiCToI">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zlhVWEk1zy2C">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zJ9in58q5qJ9">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_z9sANYyhfmAB">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_ztStjdkfbOd2">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zUfcO5nzPRNw">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_zqdug7ItCLXN">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zWjsF3tMmbDl">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zFnFe0rMUGlb">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.169 0.154 0.118 0.088 0.084 0.080 0.075 0.039 0.015 0.012 -0.085 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_ziAlR7RBvyAG">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zpBooIOiCToI">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zlhVWEk1zy2C">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zJ9in58q5qJ9">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_z9sANYyhfmAB">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_ztStjdkfbOd2">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zUfcO5nzPRNw">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_zqdug7ItCLXN">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zWjsF3tMmbDl">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008532Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zFnFe0rMUGlb">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.062 0.052 0.051 0.050 0.048 0.041 0.040 0.035 0.035 0.034 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_903_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zvOwoZtt3co5">This is a summary of certain changes to the Fund since <span id="xdx_90C_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zgEKg8j33OwT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90E_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zle9aCzvafo8">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_905_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zIiTdUF6UCZg">888-226-5595</span>.</span></p><p><span id="xdx_907_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zX58o4CdpACI">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90C_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zgEKg8j33OwT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90E_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zle9aCzvafo8">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_905_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008532Member_zIiTdUF6UCZg">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Small Cap Fund Class Y DHSYX This semi-annual shareholder report contains important information about Diamond Hill Small Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zoazdCLrp9DX">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zXe7EWMjhT0I">888-226-5595</span> or <span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zzVHEPxHutKo">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_z9N4NNSrbeFR">$49</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zzsVM1PokGHP">0.86%¹</span></td> </tr></table></div> 49 0.0086 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 568955 592525 623004 624247 680106 732440 592162 741197 708201 478908 789594 661282 777778 1138313 1071446 692818 980479 801468 825698 1166316 900103 932457 1436028 990618 1009838 1655680 1066710 1466915 2033565 1501703 <img alt="Ad2 Performance Graph" src="fp0099214-8_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>One Year</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Five Years</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Ten Years</strong></th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000108463Member_zycv5ram6yWy">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zb8Vow4PtgZO">28.28%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000108463Member_zdgftkWV2OXg">45.26%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000108463Member_zJ8t1gtMsGTz">13.53%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000108463Member_zda946Jv64xb">11.36%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassYRussell3000IndexMember_zq45eIlz1y1k">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassYRussell3000IndexMember_zouoLGa3JCE8">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassYRussell3000IndexMember_z3sHDA3P4NNa">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassYRussell3000IndexMember_zrLoJO2HTUtH">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallCapFundClassYRussell3000IndexMember_zyxQJip705NQ">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassYRussell2000IndexMember_zIUOyZ94aV4m">Russell 2000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassYRussell2000IndexMember_zdnO4NN2A0gg">22.57</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassYRussell2000IndexMember_zsvEzJVyPgip">40.78</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassYRussell2000IndexMember_zgA4OvLvsL9N">6.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallCapFundClassYRussell2000IndexMember_zwGn943war9q">11.62</span></td></tr></table></div> Class Y 0.2828 0.4526 0.1353 0.1136 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2000 Index 0.2257 0.4078 0.0698 0.1162 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000108463Member_zogLARdZYkaV">$307,675,717</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000108463Member_zV5GxYymRpDR">60</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zROAEWmkAzjy">7%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zAIjpTnjfBI0">$1,027,131</span></td> </tr> </table> </div> 307675717 60 0.07 1027131 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zxcFvMlnNK7O">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--FinancialsMember_z3o7GuDVOVAb">16.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--HealthCareMember_z3fBDhedrrOr">15.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--RealEstateMember_zgx7ZkC2t4o4">11.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zoyj4rkpmiKw">8.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zzImVAyttVVG">8.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zwgv2K8Tr3ZL">8.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--MaterialsMember_zlqEmbeDUbcm">7.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--EnergyMember_zy3XzDP8xbeY">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zRFgRerfEIv4">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_ziaXMYTeNdLb">1.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108463Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zgQN0ow1tyJd">-8.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-8_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_986_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zsdfoGnbh36a"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_z47UgjEiLlFF">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zdN4fdO4ilbE">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zGhaOgvxGIjI">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zHk4EiDkLfju">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_zmJrrubK1NlL">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_zDCn5OP2Dxp8">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zOnV6Ea6JFfa">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_z8KAc4NsvJFG">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zXsxQXlTLblq">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zk4a4JQnIm8q">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.169 0.154 0.118 0.088 0.084 0.080 0.075 0.039 0.015 0.012 -0.085 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong> % of Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Astrana Health, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--AstranaHealthIncMember_z47UgjEiLlFF">6.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Triumph Financial, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--TriumphFinancialIncMember_zdN4fdO4ilbE">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ducommun, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--DucommunIncMember_zGhaOgvxGIjI">5.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zHk4EiDkLfju">5.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Ryman Hospitality Properties, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--RymanHospitalityPropertiesIncMember_zmJrrubK1NlL">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> UFP Technologies, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--UFPTechnologiesIncMember_zDCn5OP2Dxp8">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank OZK </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--BankOZKMember_zOnV6Ea6JFfa">4.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Mesa Laboratories, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--MesaLaboratoriesIncMember_z8KAc4NsvJFG">3.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utz Brands, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--UtzBrandsIncMember_zXsxQXlTLblq">3.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Magnolia Oil &amp; Gas Corp., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108463Member__us-gaap--InvestmentTypeAxis__custom--MagnoliaOilampGasCorpClassAMember_zk4a4JQnIm8q">3.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.062 0.052 0.051 0.050 0.048 0.041 0.040 0.035 0.035 0.034 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_909_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zTvajf44Lp6e">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zypOEyGyLG3s">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_906_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zXYox09WQgsp">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_ziC1PrWZAkaM">888-226-5595</span>.</span></p><p><span id="xdx_903_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zjK1gn2BapJX">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zypOEyGyLG3s">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_906_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_zXYox09WQgsp">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108463Member_ziC1PrWZAkaM">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Small-Mid Cap Fund Investor DHMAX This semi-annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zppZvKeE63Pn">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zhsmuoPZlbt2">888-226-5595</span> or <span id="xdx_906_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zQ1r3wJz1Mkc">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z4D9sGqGQtiz">$65</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_ziTFuRfiEL2g">1.27%¹</span></td> </tr></table></div> 65 0.0127 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallmidcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11592 11850 11984 12321 13602 13931 12454 14824 14177 10404 15792 13511 16463 22766 21319 14788 19610 16843 16281 23326 19130 17142 28721 21132 18547 33114 23226 21230 40671 31755 <img alt="Ad2 Performance Graph" src="fp0099214-15_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_904_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000033256Member_zdqRqn2rWw0f">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zKqz5joIWOoW">6.66%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000033256Member_z7kUDWsoLmvN">14.46%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000033256Member_zo5KWiqwndHQ">5.22%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000033256Member_z7EJHxK5UxF0">7.82%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell3000IndexMember_zE5OMZ9MfLo8">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell3000IndexMember_zpeOUiK2N2ay">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell3000IndexMember_z9QjgjOeGvv3">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell3000IndexMember_znTSPWDdAVvO">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell3000IndexMember_zbYVDHClX3Fo">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell2500IndexMember_zWQWvTb08sLz">Russell 2500 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell2500IndexMember_zgQbuuMF5Wsu">22.71</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell2500IndexMember_zlTLSQl4o2SP">36.72</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell2500IndexMember_zNJ0pbbSno37">8.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundInvestorRussell2500IndexMember_z17Q29QZF3RE">12.25</span></td></tr></table></div> Investor 0.0666 0.1446 0.0522 0.0782 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2500 Index 0.2271 0.3672 0.0830 0.1225 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000033256Member_zDPfObOuKRxO">$629,616,873</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000033256Member_z5UQkhkpNvtz">61</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z1UzAAdDUguL">33%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zOzbAygKO6aD">$2,920,738</span></td> </tr> </table> </div> 629616873 61 0.33 2920738 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zcCEMbHacchP">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--HealthCareMember_zToNWm5LewDZ">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z1QGYKPi74i6">17.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--RealEstateMember_zgDXr21RLsCd">12.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--FinancialsMember_zefLnTvQol1h">12.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--EnergyMember_z1NCOu6oONTB">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--MaterialsMember_z1ojSVfxXJ0u">4.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zOC0MB3BOPHu">4.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z84EKHrfeHbM">3.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zJoYSJuGGskk">3.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z40zS49Is9x2">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zUZEtUUM4TOH">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033256Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zzOlXEgOOr7Q">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-15_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zXnarzCfhwqB"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zeogjFSTOoPG">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zDkGq5GoP52S">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zwUMRtJWPrER">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zophY1PknBUl">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zuYb2oL7usZh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zQ51nDy1yQ2T">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zXIyCvsPCZYW">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zdILFy49hIhz">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zSuH9unITSiJ">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zs5sfZFGBFvR">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.194 0.177 0.127 0.125 0.056 0.046 0.042 0.038 0.038 0.027 0.015 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zeogjFSTOoPG">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zDkGq5GoP52S">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zwUMRtJWPrER">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zophY1PknBUl">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zuYb2oL7usZh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zQ51nDy1yQ2T">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zXIyCvsPCZYW">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zdILFy49hIhz">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zSuH9unITSiJ">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033256Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zs5sfZFGBFvR">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.042 0.038 0.034 0.032 0.029 0.027 0.026 0.024 0.024 0.023 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_904_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zDgChaLzDuEO">This is a summary of certain changes to the Fund since <span id="xdx_909_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zHuYyOYg5wdB">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90A_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z0bWifxEt2vR">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z2aU4g3yaHHu">888-226-5595</span>.</span></p><p><span id="xdx_903_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z0fGeoMLQEOE">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_909_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_zHuYyOYg5wdB">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90A_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z0bWifxEt2vR">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033256Member_z2aU4g3yaHHu">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Small-Mid Cap Fund Class I DHMIX This semi-annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90D_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zrguzmF5Alfj">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zhOXFoSjDYw1">888-226-5595</span> or <span id="xdx_90F_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zC4NE4c2qv81">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zCOfunEn0DIg">$50</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zLZroyIZxdXG">0.98%¹</span></td> </tr></table></div> 50 0.0098 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallmidcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11632 11850 11984 12404 13602 13931 12576 14824 14177 10540 15792 13511 16717 22766 21319 15058 19610 16843 16621 23326 19130 17559 28721 21132 19056 33114 23226 21874 40671 31755 <img alt="Ad2 Performance Graph" src="fp0099214-16_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_907_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000033258Member_zztOjFDdhDQN">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zehKfDmCg7fs">6.83%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000033258Member_z1P7a7bBDPBF">14.79%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000033258Member_zh4TIMoQbR8H">5.52%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000033258Member_zIUI8c0hcQ2J">8.14%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell3000IndexMember_ze8x2oGRDdoo">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell3000IndexMember_ztrj4pnN5UGS">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell3000IndexMember_zIL0dSyIbrbO">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell3000IndexMember_zs5k2Gdc2DY0">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell3000IndexMember_zzQd0feCxZPo">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell2500IndexMember_zkMxztaaidwg">Russell 2500 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell2500IndexMember_zEi7YeLQdcXM">22.71</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell2500IndexMember_z53S80wosUMp">36.72</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell2500IndexMember_zPBnvEykgP3J">8.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassIRussell2500IndexMember_zYXcOvbORWsR">12.25</span></td></tr></table></div> Class I 0.0683 0.1479 0.0552 0.0814 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2500 Index 0.2271 0.3672 0.0830 0.1225 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000033258Member_zanwgEvoiOxH">$629,616,873</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000033258Member_zB2NAgAKfE2c">61</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zaYbe5OUyIbg">33%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zkE6xr5tNUWC">$2,920,738</span></td> </tr> </table> </div> 629616873 61 0.33 2920738 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--IndustrialsMember_znO2ONVJ44eM">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--HealthCareMember_zShTldyAkXmi">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zyosAl9qvIvF">17.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--RealEstateMember_z1W9WN3pJ5vM">12.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--FinancialsMember_zzMgVWceOH1U">12.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--EnergyMember_zcVmTEJrpQId">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--MaterialsMember_zOeNSJQ9FWKg">4.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zozQpkhP9OvX">4.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zt8WnlLYmLsV">3.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zWi8Xu60weby">3.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z99wc8U3mnOo">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--UtilitiesMember_z8XQs3WYYlla">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033258Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zgg8FrCnDj89">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-16_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_982_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_znDLTLauRd4O"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zatFzfSIGm8S">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zJrp1Ua1V1tl">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zgXJx3yyIhTz">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_z46wbCZxEm61">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zXOM4t9lEOO3">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zPHrMz0dRic1">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zjgHBl041njk">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zEz0StUjoQra">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zQ6FGHFj8brd">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zsC1z46sfUDL">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.194 0.177 0.127 0.125 0.056 0.046 0.042 0.038 0.038 0.027 0.015 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zatFzfSIGm8S">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zJrp1Ua1V1tl">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zgXJx3yyIhTz">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_z46wbCZxEm61">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zXOM4t9lEOO3">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zPHrMz0dRic1">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zjgHBl041njk">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zEz0StUjoQra">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zQ6FGHFj8brd">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033258Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zsC1z46sfUDL">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.042 0.038 0.034 0.032 0.029 0.027 0.026 0.024 0.024 0.023 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_901_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zpeCOcLCI8M3">This is a summary of certain changes to the Fund since <span id="xdx_90E_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zlJXlkIRkrWC">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zz3eGu1gtQLT">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zr3Qw7C6utJn">888-226-5595</span>.</span></p><p><span id="xdx_905_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zpYtyfG3cCdk">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90E_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zlJXlkIRkrWC">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zz3eGu1gtQLT">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033258Member_zr3Qw7C6utJn">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Small-Mid Cap Fund Class Y DHMYX This semi-annual shareholder report contains important information about Diamond Hill Small-Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zqPvF0LXLrHg">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zJRhAOibOi6L">888-226-5595</span> or <span id="xdx_900_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zawDejC8jegF">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zUNrPnv83X3G">$44</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zpba45sCPOCT">0.85%¹</span></td> </tr></table></div> 44 0.0085 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="smallmidcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 582123 592525 599206 621508 680106 696534 630688 741197 708846 529094 789594 675544 840638 1138313 1065949 757968 980479 842128 837829 1166316 956492 886348 1436028 1056624 963000 1655680 1161296 1106872 2033565 1587750 <img alt="Ad2 Performance Graph" src="fp0099214-17_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000108467Member_zTwxnovn9Mq5">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zGpGdD2VDdyY">6.91%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000108467Member_zkioMgIUXRs8">14.94%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000108467Member_zuaavPvGbRxa">5.66%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000108467Member_z57acO4n0xoy">8.27%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell3000IndexMember_zzrWSj2KexRT">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell3000IndexMember_zf9mBaR6hnsi">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell3000IndexMember_zXSy1JxJHauf">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell3000IndexMember_zo33Odhb0Jcs">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell3000IndexMember_zxcmYoIOHbhg">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell2500IndexMember_z5hUuazKOrZM">Russell 2500 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell2500IndexMember_zu3FyBTSAIfm">22.71</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell2500IndexMember_zLqFsHkmnjas">36.72</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell2500IndexMember_z7BTFdIP7OJk">8.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSmallMidCapFundClassYRussell2500IndexMember_zUXKROxViWWQ">12.25</span></td></tr></table></div> Class Y 0.0691 0.1494 0.0566 0.0827 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 2500 Index 0.2271 0.3672 0.0830 0.1225 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000108467Member_zklduoYZ5Q5k">$629,616,873</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000108467Member_zvjWWHOgYrV4">61</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zAPY8XQtlWvi">33%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_z1yi16WTfUQZ">$2,920,738</span></td> </tr> </table> </div> 629616873 61 0.33 2920738 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zNV4IjORoM2I">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--HealthCareMember_z7fpfMRDnXmE">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zTEs67mBnTBg">17.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--RealEstateMember_zBvzXra0VVJI">12.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--FinancialsMember_zZLSmpJ2XUBE">12.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--EnergyMember_zo9RjvDPCm4o">5.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--MaterialsMember_zPeGSKoHaMSh">4.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zhPQvao9pECJ">4.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zR4999ILPuAK">3.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zqNQHtrjloHn">3.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zo8YHZ0gM1oe">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zenkSvpWi2no">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108467Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zElje2QACMNb">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-17_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_984_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_z8OqS56GE3b3"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zJ1K64x1dxom">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zaaiMA3LGiso">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zZTcHbbCJnBt">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zIOaf6RgwgfJ">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zzoNwzU5RTX7">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zRZvFErJx1vO">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zIUT8d2RIUvd">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zuzcuOgG0P7g">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zcuzUjXZTDeO">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zDQXVOGkq5kf">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.194 0.177 0.127 0.125 0.056 0.046 0.042 0.038 0.038 0.027 0.015 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zJ1K64x1dxom">4.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zaaiMA3LGiso">3.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zZTcHbbCJnBt">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zIOaf6RgwgfJ">3.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zzoNwzU5RTX7">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Post Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--PostHoldingsIncMember_zRZvFErJx1vO">2.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zIUT8d2RIUvd">2.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zuzcuOgG0P7g">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Illumina, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--IlluminaIncMember_zcuzUjXZTDeO">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> TransUnion </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108467Member__us-gaap--InvestmentTypeAxis__custom--TransUnionMember_zDQXVOGkq5kf">2.3</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.042 0.038 0.034 0.032 0.029 0.027 0.026 0.024 0.024 0.023 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_908_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zoBOGNQzxagL">This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_z1XLtYdlkFw5">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_ztGktbLQLmZd">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zhHbdxvR7AVv">888-226-5595</span>.</span></p><p><span id="xdx_90C_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zMQnZjgO1x5x">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_z1XLtYdlkFw5">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_ztGktbLQLmZd">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108467Member_zhHbdxvR7AVv">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Mid Cap Fund Investor DHPAX This semi-annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zWQwnBFUwsld">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zCcxAZMAOhH6">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_z5IQTG5qarQ2">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zR89syQA8Xz4">$56</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zULGLwT9tPXk">1.10%¹</span></td> </tr></table></div> 56 0.0110 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="midcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11669 11850 11648 12542 13602 13084 13027 14824 14108 10468 15792 13792 16333 22766 20660 14633 19610 17087 15736 23326 19637 17495 28721 22165 19418 33114 25536 21980 40671 31060 <img alt="Ad2 Performance Graph" src="fp0099214-21_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000134907Member_zwhsM3X6ODz5">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zUy9arg9oR5M">4.94%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000134907Member_zsox8R2hKeGw">13.19%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000134907Member_zKroXaHAL2wz">6.12%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000134907Member_zWGNGOxyEA6S">8.19%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundInvestorRussell3000IndexMember_zOq1WLajZJYX">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundInvestorRussell3000IndexMember_zuELu9MYWIt3">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundInvestorRussell3000IndexMember_z5TaojRTXcZa">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundInvestorRussell3000IndexMember_zzP3WhqFqEpr">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundInvestorRussell3000IndexMember_zJVjqt1dROdw">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundInvestorRussellMidcapIndexMember_zpOoV04GzpyI">Russell Midcap Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundInvestorRussellMidcapIndexMember_zRBtQdOmTmci">15.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundInvestorRussellMidcapIndexMember_zrJaHwYSZGQ0">21.63</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundInvestorRussellMidcapIndexMember_zXO9H2xZJUGR">8.50</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundInvestorRussellMidcapIndexMember_zcOYEOWjjR5A">12.00</span></td></tr></table></div> Investor 0.0494 0.1319 0.0612 0.0819 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell Midcap Index 0.1530 0.2163 0.0850 0.1200 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000134907Member_zd8ET19haiq2">$73,562,448</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000134907Member_zbJwjsRtfvtG">59</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zqO7iW8vqdlO">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_ziFtUKqA8ZQr">$224,043</span></td> </tr> </table> </div> 73562448 59 0.18 224043 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zbSryD5heXzb">26.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--HealthCareMember_zV1PatKhXoQi">19.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z7R5V6PsMlWx">13.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--FinancialsMember_zzpW6MUT8NCP">12.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--RealEstateMember_zaxoWHSAypi0">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zo5O90RFQH0X">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--EnergyMember_zukhH4kdChEt">5.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--MaterialsMember_zBe5dYa6vljU">5.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zKu26dBwjW4k">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zeuueKJtGVCb">3.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zjinejYAcaLa">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zWHgUoh7DW2l">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134907Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zgTYZsLBOD5R">-10.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-21_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zJAKka4kyUlF"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zCm6UfpkbKYF">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zshDOECuo389">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zsOoSzLS1EYc">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zr7fC7YDFxqI">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zzGGu6MNOsRN">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zonPSKKLvYKa">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zJ9cxQXPyMQE">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_zxYUo4OWDGzF">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zORZJN7RWRCV">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zIWdcebhfB7o">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.262 0.195 0.139 0.122 0.104 0.067 0.059 0.052 0.039 0.039 0.015 0.013 -0.106 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_zCm6UfpkbKYF">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zshDOECuo389">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zsOoSzLS1EYc">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zr7fC7YDFxqI">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zzGGu6MNOsRN">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zonPSKKLvYKa">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zJ9cxQXPyMQE">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_zxYUo4OWDGzF">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zORZJN7RWRCV">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134907Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zIWdcebhfB7o">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.047 0.040 0.034 0.033 0.028 0.025 0.025 0.024 0.024 0.024 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_902_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zMzsXAEmUhnV">This is a summary of certain changes to the Fund since <span id="xdx_902_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zq2DqenLwoSs">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_909_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zFIlXky8d8By">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_908_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zQiJX5wVnrWi">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zOO60558jOHH">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_902_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zq2DqenLwoSs">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_909_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zFIlXky8d8By">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_908_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134907Member_zQiJX5wVnrWi">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Mid Cap Fund Class I DHPIX This semi-annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_904_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zzK3lyiVwfuS">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zmhktYKfS5FM">888-226-5595</span> or <span id="xdx_90C_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zyDcj4VCJriN">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zNUo5akt5QQA">$41</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zRabuZtDwKeS">0.81%¹</span></td> </tr></table></div> 41 0.0081 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="midcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 11712 11850 11648 12617 13602 13084 13156 14824 14108 10596 15792 13792 16584 22766 20660 14902 19610 17087 16071 23326 19637 17918 28721 22165 19946 33114 25536 22646 40671 31060 <img alt="Ad2 Performance Graph" src="fp0099214-23_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000134909Member_zvAf5R8DGhds">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_z2xCtgCGmKjX">5.14%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000134909Member_zodN0WSFoycZ">13.54%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000134909Member_zOMShAwOvLOU">6.43%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000134909Member_zbhnqNJxnz8s">8.52%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassIRussell3000IndexMember_ziTwUecdkutD">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassIRussell3000IndexMember_zBofCOkr7ino">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassIRussell3000IndexMember_zO5TZ5cOo6bV">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassIRussell3000IndexMember_zN5KxdCqqKxk">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassIRussell3000IndexMember_zPLJLq8sFE9Y">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassIRussellMidcapIndexMember_zOenoUwPeBrf">Russell Midcap Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassIRussellMidcapIndexMember_zmT9DeH5ZoEP">15.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassIRussellMidcapIndexMember_zunZDdaIrki8">21.63</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassIRussellMidcapIndexMember_z99PFEEYJB3Y">8.50</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassIRussellMidcapIndexMember_z1KalYe8kOKO">12.00</span></td></tr></table></div> Class I 0.0514 0.1354 0.0643 0.0852 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell Midcap Index 0.1530 0.2163 0.0850 0.1200 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000134909Member_zyDoINpiyXTL">$73,562,448</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000134909Member_zjJLRpt7kxbz">59</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zMRh1ycrMoXa">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_z6VermwT4UlZ">$224,043</span></td> </tr> </table> </div> 73562448 59 0.18 224043 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zd6qjPF3hOoc">26.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--HealthCareMember_zsdQrEWCMxHs">19.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zeJLJjAnv2j6">13.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--FinancialsMember_zVq8zoTFjvP0">12.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--RealEstateMember_zAcekXMQgg8b">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zxSNrjCkt2TG">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--EnergyMember_zI51O798YDRq">5.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--MaterialsMember_zvMSH34OX5dw">5.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zEo68DJpggoy">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zO92PBOQZRol">3.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zLIiU0DYR9o9">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zh74qhdYmiRy">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134909Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zvOiwXwFICxV">-10.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-23_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_986_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zKK4hzXxA233"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_z67FGyC5eXSG">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_z0ODhJbYyGxu">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zIuT5Zc7e6qY">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zHLqH1Lv58dK">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zsRbCkN38AIJ">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zS6Zz6LlObNF">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zWOgYsbaoW2T">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_z85yEIFxKSUH">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zoAMJ5I52SK2">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zhPOhitGw5vy">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.262 0.195 0.139 0.122 0.104 0.067 0.059 0.052 0.039 0.039 0.015 0.013 -0.106 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_z67FGyC5eXSG">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_z0ODhJbYyGxu">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zIuT5Zc7e6qY">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zHLqH1Lv58dK">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zsRbCkN38AIJ">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zS6Zz6LlObNF">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zWOgYsbaoW2T">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_z85yEIFxKSUH">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zoAMJ5I52SK2">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134909Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zhPOhitGw5vy">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.047 0.040 0.034 0.033 0.028 0.025 0.025 0.024 0.024 0.024 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90F_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_z1YmSkySMokM">This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_z2jPRPImMpcT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zYRGqXC00GUw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zadA0vc18Col">888-226-5595</span>.</span></p><p><span id="xdx_909_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zf472EyHFoz0">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_z2jPRPImMpcT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zYRGqXC00GUw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134909Member_zadA0vc18Col">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Mid Cap Fund Class Y DHPYX This semi-annual shareholder report contains important information about Diamond Hill Mid Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zbo7Zf0bhiUL">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zNPVy6WPGjks">888-226-5595</span> or <span id="xdx_908_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zhzlarnuj2WR">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zdTBL47K2WLd">$35</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zMP6Iyd6nXSw">0.68%¹</span></td> </tr></table></div> 35 0.0068 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="midcap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 585524 592525 582420 631954 680106 654207 659288 741197 705401 531696 789594 689601 832918 1138313 1033013 749029 980479 854341 809531 1166316 981847 903639 1436028 1108265 1007351 1655680 1276781 1144913 2033565 1552999 <img alt="Ad2 Performance Graph" src="fp0099214-22_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000134910Member_zI8QJzOauTOR">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zQuxpDHJX9sV">5.18%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000134910Member_z7oPqlFl97qP">13.66%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000134910Member_zthZ0n7grLU4">6.57%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000134910Member_z3TwsvO9721w">8.64%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassYRussell3000IndexMember_z2aOqgDfsfbH">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassYRussell3000IndexMember_zcka60oBoMDH">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassYRussell3000IndexMember_zApNOB6OkPfC">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassYRussell3000IndexMember_zERQO2vsTIVN">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillMidCapFundClassYRussell3000IndexMember_zeKD0DjeftuD">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassYRussellMidcapIndexMember_zfJnZCg2M9TH">Russell Midcap Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassYRussellMidcapIndexMember_zbg0iaoxd5uU">15.30</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassYRussellMidcapIndexMember_zRarkscq7m0O">21.63</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassYRussellMidcapIndexMember_zLmxpoHpVrFK">8.50</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillMidCapFundClassYRussellMidcapIndexMember_z9wKVHU9gtGY">12.00</span></td></tr></table></div> Class Y 0.0518 0.1366 0.0657 0.0864 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell Midcap Index 0.1530 0.2163 0.0850 0.1200 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000134910Member_zNx1WrQWEp4e">$73,562,448</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000134910Member_zzOcox4e1Tro">59</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_znelU3wdMniO">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zDOvrgdbro1s">$224,043</span></td> </tr> </table> </div> 73562448 59 0.18 224043 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zT79GoeuIobv">26.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--HealthCareMember_zktxPIV1zuHZ">19.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zHSDy4kkxebZ">13.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--FinancialsMember_zvOOIE5YODON">12.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--RealEstateMember_zwt4NBxdeTDV">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zYioi4nJNshx">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--EnergyMember_zzAjV6U7SS27">5.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--MaterialsMember_zgMU1NnLt2dg">5.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zJOesfcxc3vs">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zDlUAr1uToAZ">3.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zVKaWYnmqiF3">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zDe645ZOKjcM">1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000134910Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zCgJS9l7zoUy">-10.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-22_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zAdOHVRQOcro"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_znbsLSWzVjm3">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zAvKNAj93W7H">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zJa4f1IrJ273">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zjiFO5LcTOfl">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zbCS0dCfJG99">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zM4RrIbwxz1D">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zPrdtAY5Ujvj">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_z8GbRG2BXlq5">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zKN95rHpkCOp">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zfBlvCfHpHeL">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.262 0.195 0.139 0.122 0.104 0.067 0.059 0.052 0.039 0.039 0.015 0.013 -0.106 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Humana, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--HumanaIncMember_znbsLSWzVjm3">4.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zAvKNAj93W7H">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Antero Resources Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--AnteroResourcesCorpMember_zJa4f1IrJ273">3.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Regal Rexnord Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RegalRexnordCorpMember_zjiFO5LcTOfl">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zbCS0dCfJG99">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> CubeSmart </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--CubeSmartMember_zM4RrIbwxz1D">2.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Diamondback Energy, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--DiamondbackEnergyIncMember_zPrdtAY5Ujvj">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Rocket Companies, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--RocketCompaniesIncClassAMember_z8GbRG2BXlq5">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Fortune Brands Innovations, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--FortuneBrandsInnovationsIncMember_zKN95rHpkCOp">2.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Huntington Ingalls Industries, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000134910Member__us-gaap--InvestmentTypeAxis__custom--HuntingtonIngallsIndustriesIncMember_zfBlvCfHpHeL">2.4</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.047 0.040 0.034 0.033 0.028 0.025 0.025 0.024 0.024 0.024 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90C_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zLb9mC83HGtP">This is a summary of certain changes to the Fund since <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zn935yxL0jHJ">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zjy4lGedA2MF">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_901_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zX6Td6BHsgIn">888-226-5595</span>.</span></p><p><span id="xdx_90C_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_z3ymSUtKf9AT">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zn935yxL0jHJ">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zjy4lGedA2MF">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_901_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000134910Member_zX6Td6BHsgIn">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Large Cap Fund Investor DHLAX This semi-annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zcb1GygJuzju">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zUfDb9gLLl3w">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zOvROk42cxUR">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_z9z6SUvgYFEZ">$51</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_ziOY8ZMFAnb6">1.02%¹</span></td> </tr></table></div> 51 0.0102 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Bar Chart" src="largecap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10000 12244 11850 11553 11803 13022 13602 12335 13519 14619 14824 13379 14873 13756 15792 12197 15986 19943 22766 17525 22871 17871 19610 16330 19890 19713 23326 18214 23741 22562 28721 20592 29410 24743 33114 23414 34017 25215 40671 29763 41509 <img alt="Ad2 Performance Graph" src="fp0099214-9_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008533Member_zbBfJzyJAilF">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zsgOrl0OvobG">0.72%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008533Member_zCOHvsOvFonx">1.91%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008533Member_z5UT9tqfin5N">4.80%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008533Member_zMUAQB7ohSff">9.69%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell3000IndexMember_zh6EVxZO8NAq">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell3000IndexMember_zvHIMZonvTsH">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell3000IndexMember_zcdi9xfKpoYN">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell3000IndexMember_zZX8wJegXDqK">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell3000IndexMember_zKhe74dXeUMS">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000ValueIndexMember_z1ObgfFdrlAh">Russell 1000 Value Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000ValueIndexMember_zxW9anCSVwOg">16.26</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000ValueIndexMember_zGuKrP5JeoMO">27.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000ValueIndexMember_zSVgvvOUrEOC">11.17</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000ValueIndexMember_zbONO3WnnY77">11.52</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000IndexMember_zRTOOivIYkOO">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000IndexMember_zHWCpOkjIKBK">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000IndexMember_zj2tE3m41PYt">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000IndexMember_zuAjLqjccmOM">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundInvestorRussell1000IndexMember_zf5HVnRzrX7z">15.30</span></td></tr></table></div> Investor 0.0072 0.0191 0.0480 0.0969 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Value Index 0.1626 0.2712 0.1117 0.1152 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008533Member_zILlIP8PoyAb">$2,881,080,015</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008533Member_zSTDJa2As6jq">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zyfx1efkXuaQ">16%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zmoFb7nDuZ2G">$10,540,170</span></td> </tr> </table> </div> 2881080015 51 0.16 10540170 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--FinancialsMember_zhSqj3fo5Bwi">23.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--HealthCareMember_zVibawwjLcH9">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zSdgOVV2GLRJ">15.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_znHCjQUlJx1f">10.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zokMWmWtYed5">9.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--EnergyMember_z5qJrOoejn0m">7.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zxWEH5EO3Tre">5.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--RealEstateMember_z6vYDSa95sdR">4.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z15F2k5KQonU">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zgwBSpFEhdcc">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--MaterialsMember_zQUzcQCOtzMP">2.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008533Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zHfdo51Dx2l6">-5.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-9_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_983_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zAd3eJVVZuj1"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zczBxo8OFJ9j">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zTzrB2u3kNto">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zabVkonzgsQo">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_z7PWTo0B30JC">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zF44CTuUC2Qh">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zCa1S0kmCzjZ">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zvYYoiCOCzGp">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zr5Vr7YPWJgo">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zkygOKOuxfhh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zL9MX8USsO4s">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.239 0.194 0.152 0.107 0.096 0.070 0.057 0.048 0.039 0.027 0.024 -0.053 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zczBxo8OFJ9j">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zTzrB2u3kNto">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zabVkonzgsQo">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_z7PWTo0B30JC">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zF44CTuUC2Qh">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zCa1S0kmCzjZ">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zvYYoiCOCzGp">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zr5Vr7YPWJgo">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zkygOKOuxfhh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008533Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zL9MX8USsO4s">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.049 0.047 0.044 0.040 0.038 0.034 0.029 0.029 0.029 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_905_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zQbuMoQ96klu">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zBLgBonLD1AU">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90D_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zGfHokJiKdOP">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zxg7IV1CHqX7">888-226-5595</span>.</span></p><p><span id="xdx_900_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zbYAQSqHNYVL">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zBLgBonLD1AU">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90D_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zGfHokJiKdOP">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90F_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008533Member_zxg7IV1CHqX7">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Large Cap Fund Class I DHLRX This semi-annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zOIYFrfU7fjo">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zuxl2XK52Ooj">888-226-5595</span> or <span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zRjljSYFRI4P">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zOgoCpR5GZKy">$36</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zceEk7aN3nWD">0.73%¹</span></td> </tr></table></div> 36 0.0073 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Bar Chart" src="largecap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10000 12276 11850 11553 11803 13099 13602 12335 13519 14746 14824 13379 14873 13916 15792 12197 15986 20237 22766 17525 22871 18180 19610 16330 19890 20118 23326 18214 23741 23095 28721 20592 29410 25402 33114 23414 34017 25953 40671 29763 41509 <img alt="Ad2 Performance Graph" src="fp0099214-10_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008535Member_zxATIT5w0wfz">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zZJLgcMZKKI7">0.84%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008535Member_z1zoENhjauHc">2.17%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008535Member_zosNoQ045oi1">5.10%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008535Member_zT2PAmAtvbI7">10.01%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassIRussell3000IndexMember_zbOXsppgxGtd">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassIRussell3000IndexMember_zlheGWVDudVl">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassIRussell3000IndexMember_zY9XyR2CCYqS">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassIRussell3000IndexMember_zEbiTFhA2ag4">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassIRussell3000IndexMember_zWDgyaZLylVO">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000ValueIndexMember_zzhhWXjnbCJy">Russell 1000 Value Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000ValueIndexMember_zb7yIYx6NfpX">16.26</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000ValueIndexMember_zRIrcSwWsYoO">27.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000ValueIndexMember_zq1tFeAcLUOa">11.17</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000ValueIndexMember_z3ya5QArozdL">11.52</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000IndexMember_zpri1rvnOCAk">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000IndexMember_z480aohCcY8o">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000IndexMember_zMw924B6IE3c">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000IndexMember_zyfZQ6RQ3SjQ">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassIRussell1000IndexMember_zOmEmHwZQUvB">15.30</span></td></tr></table></div> Class I 0.0084 0.0217 0.0510 0.1001 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Value Index 0.1626 0.2712 0.1117 0.1152 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008535Member_zvbOOFNWeheA">$2,881,080,015</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008535Member_z7TOrKzsLF9d">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zolgtnESFBCM">16%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zLs0jRj3nWNx">$10,540,170</span></td> </tr> </table> </div> 2881080015 51 0.16 10540170 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--FinancialsMember_zZzL6flSmuu8">23.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--HealthCareMember_zSwGitQ277OG">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zdaVscJaEPfC">15.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zdr4WAmOUvUh">10.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zYxgd0OYRa40">9.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--EnergyMember_z7CjiQRKQZBm">7.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zAyPSORdQUsV">5.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--RealEstateMember_zhOrmXE9o9I2">4.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zdPCoyWVOW5M">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zwODdRYoBEop">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--MaterialsMember_zBIrXySVoILJ">2.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008535Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zYiokPRa8lRf">-5.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-10_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_987_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_z996MsacKwuJ"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_z0ftQfedwN1e">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zj3dJJHvXtMQ">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_z7WtLL3AGEJJ">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zoYuXoypQtEs">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_z72qxOv2ihAn">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_z6oVOG120Nkv">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_z0MsizcBT1jN">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zLrLoYHpe6nh">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zO9OG6hc15eH">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zXKXUbWPot71">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.239 0.194 0.152 0.107 0.096 0.070 0.057 0.048 0.039 0.027 0.024 -0.053 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_z0ftQfedwN1e">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zj3dJJHvXtMQ">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_z7WtLL3AGEJJ">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zoYuXoypQtEs">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_z72qxOv2ihAn">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_z6oVOG120Nkv">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_z0MsizcBT1jN">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zLrLoYHpe6nh">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zO9OG6hc15eH">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008535Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zXKXUbWPot71">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.049 0.047 0.044 0.040 0.038 0.034 0.029 0.029 0.029 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90D_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zGptw6atoxM4">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_z50krNvOoRoj">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zxWvUk6SrpO5">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90B_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_z1to5swohzOu">888-226-5595</span>.</span></p><p><span id="xdx_903_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zbyayEaK98nU">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_z50krNvOoRoj">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_zxWvUk6SrpO5">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90B_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008535Member_z1to5swohzOu">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Large Cap Fund Class Y DHLYX This semi-annual shareholder report contains important information about Diamond Hill Large Cap Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zp4olqJHg5cu">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_908_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zS8Bq7PkZCKv">888-226-5595</span> or <span id="xdx_901_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z10nN46o6Ol4">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zxiUjwpeBvxH">$30</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z0xP1E9pvebK">0.60%¹</span></td> </tr></table></div> 30 0.0060 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Bar Chart" src="largecap-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 500000 614575 592525 577651 590148 656420 680106 616760 675938 739701 741197 668952 743662 698574 789594 609840 799293 1017179 1138313 876240 1143569 915174 980479 816485 994503 1013766 1166316 910705 1187074 1164976 1436028 1029613 1470516 1283027 1655680 1170691 1700865 1312514 2033565 1488169 2075459 <img alt="Ad2 Performance Graph" src="fp0099214-11_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000108464Member_zXKuCE7CxUNf">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zfmA5r0vcaFC">0.93%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000108464Member_ziy6OkTR6Vr8">2.30%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000108464Member_zgWJiQsAcOl1">5.23%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000108464Member_z3HGSKAH3rA5">10.13%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassYRussell3000IndexMember_znRcFVOyBZAw">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassYRussell3000IndexMember_zROqbOt3T5GL">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassYRussell3000IndexMember_zV9QOytp6QEu">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassYRussell3000IndexMember_zAlqfvg2VjSN">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapFundClassYRussell3000IndexMember_zpOEjUo4dQAw">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000ValueIndexMember_zF2RO08OxW1L">Russell 1000 Value Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000ValueIndexMember_zUbEQBI4DOyE">16.26</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000ValueIndexMember_zPT1IIjeRJmS">27.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000ValueIndexMember_z50esaphDcgS">11.17</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000ValueIndexMember_zJHSFKTuX7J2">11.52</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000IndexMember_zKU9MCjEARB8">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000IndexMember_zYqLgjOA3ZRc">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000IndexMember_zGCoyjJD1Erf">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000IndexMember_zJ2mfebprb5k">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapFundClassYRussell1000IndexMember_z2qVPJmopzzU">15.30</span></td></tr></table></div> Class Y 0.0093 0.0230 0.0523 0.1013 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Value Index 0.1626 0.2712 0.1117 0.1152 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000108464Member_zGOTEo6R48s9">$2,881,080,015</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000108464Member_zmljj7QdgheO">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zORr9L7OKAqq">16%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zx5QwqGl7E9c">$10,540,170</span></td> </tr> </table> </div> 2881080015 51 0.16 10540170 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--FinancialsMember_zpoJCOSlhapM">23.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--HealthCareMember_zAgYdFNY1K84">19.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zSQ06AngJ1Lo">15.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zGYrZfzT990z">10.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zbybldhoiq4x">9.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--EnergyMember_zJMaJ01WmxjQ">7.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zP0OdkGqSk2K">5.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--RealEstateMember_zKk1ebVAOTx7">4.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z60L7EkeaVGU">3.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zUDSN7Z5huOC">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--MaterialsMember_zBWa9FF7Ob7z">2.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108464Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zqidi54qeBDw">-5.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-11_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zN7SehedsL7p"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zEYhAQHjEMNS">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zt5L2aPhCVaX">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_z7lmols0me7i">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zQfK7VxsT1sB">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zTKPtmOsgOi6">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zTi4ChHMwJ3l">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_z3BwyQaYmkU3">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zOAJLJLniYm4">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zjBGmPf7xUqP">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zdcEeMjZDhoM">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.239 0.194 0.152 0.107 0.096 0.070 0.057 0.048 0.039 0.027 0.024 -0.053 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zEYhAQHjEMNS">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zt5L2aPhCVaX">4.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_z7lmols0me7i">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zQfK7VxsT1sB">4.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zTKPtmOsgOi6">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zTi4ChHMwJ3l">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_z3BwyQaYmkU3">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zOAJLJLniYm4">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zjBGmPf7xUqP">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Walt Disney Co. (The) </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108464Member__us-gaap--InvestmentTypeAxis__custom--WaltDisneyCoTheMember_zdcEeMjZDhoM">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.049 0.047 0.044 0.040 0.038 0.034 0.029 0.029 0.029 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90C_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zoVtVnEtGUz1">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z0KoX0TTlmRm">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zt5eIoWx3IAy">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z3HfaabNesNI">888-226-5595</span>.</span></p><p><span id="xdx_905_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zW94BoV83sAF">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z0KoX0TTlmRm">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_zt5eIoWx3IAy">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108464Member_z3HfaabNesNI">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Select Fund Investor DHTAX This semi-annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zEXsNwta4NtA">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zFR8c1Ee4tvx">888-226-5595</span> or <span id="xdx_905_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zwCw87VdfP85">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zUWqrPCBpih1">$61</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_znI6bAO4PpnO">1.20%¹</span></td> </tr></table></div> 61 0.0120 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="select-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 12484 11850 14182 13602 14394 14824 13199 15792 22516 22766 19732 19610 23736 23326 28059 28721 30712 33114 35067 40671 <img alt="Ad2 Performance Graph" src="fp0099214-18_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000033259Member_zAjiWMtqBRr2">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zoFeuUmEOw7Q">4.36%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000033259Member_zWGVYHmg1oDj">14.18%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000033259Member_zekKrpIuGqbZ">9.27%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000033259Member_zxoYKYTQKG3b">13.37%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundInvestorRussell3000IndexMember_z6bYagQDRgco">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundInvestorRussell3000IndexMember_zoi30B2SZen3">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundInvestorRussell3000IndexMember_zX5PJsIUMYIK">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundInvestorRussell3000IndexMember_zvQa7Aby0rhY">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundInvestorRussell3000IndexMember_zOWfeaRUAVMO">15.06</span></td></tr></table></div> Investor 0.0436 0.1418 0.0927 0.1337 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000033259Member_zJcqy4KOhN3J">$543,603,090</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000033259Member_zo6tt9TMZSb4">28</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zK1tOYVxuoIl">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zRvvgH1PTPLo">$1,990,120</span></td> </tr> </table> </div> 543603090 28 0.24 1990120 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--FinancialsMember_zNTowfukC9vO">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z0QhCzLNEXSZ">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z8LRURp7f5P5">17.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--HealthCareMember_zNsoEoQjvHoH">15.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zijpZ9eeHd9O">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zMvrJ7wD7UP5">7.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zSzHHGGoiyMz">6.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--EnergyMember_zGJWyuVGDriO">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--MaterialsMember_zsR4pPOJfpJD">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--RealEstateMember_zyZmRRqZiywd">2.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033259Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zJ5MQdLru7NL">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-18_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98B_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_z8J1OndHiC17"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zscycsJvFlqb">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zA53CULzDqc3">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zOVoVIDTwLVd">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zwdwclHtgEZr">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zI81SeuxdVca">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zfPConOA2QnA">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zIAdUgQbN0ss">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_ztSsrdQ81jQm">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zqowJI8v7evd">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zB9A4wfTYWQt">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.177 0.172 0.152 0.108 0.079 0.068 0.067 0.041 0.021 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zscycsJvFlqb">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zA53CULzDqc3">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zOVoVIDTwLVd">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zwdwclHtgEZr">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zI81SeuxdVca">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zfPConOA2QnA">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zIAdUgQbN0ss">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_ztSsrdQ81jQm">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zqowJI8v7evd">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033259Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zB9A4wfTYWQt">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.072 0.064 0.063 0.061 0.055 0.053 0.048 0.041 0.038 0.036 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_906_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zx9F1bc8YaYO">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_ziOLaHLoWbQO">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zTH95d4ZBDl3">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zzg6652gCJBr">888-226-5595</span>.</span></p><p><span id="xdx_90C_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zbIprI2XAoyJ">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_ziOLaHLoWbQO">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zTH95d4ZBDl3">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033259Member_zzg6652gCJBr">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Select Fund Class I DHLTX This semi-annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zpddQSI1MYG9">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zJLxNKEAZwEB">888-226-5595</span> or <span id="xdx_90E_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_z4V898DUgrNm">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zoaPyB90To3j">$46</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zPuKRr5WDPlR">0.91%¹</span></td> </tr></table></div> 46 0.0091 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="select-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 12522 11850 14264 13602 14523 14824 13356 15792 22852 22766 20080 19610 24234 23326 28740 28721 31538 33114 36122 40671 <img alt="Ad2 Performance Graph" src="fp0099214-19_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000033261Member_zKGlYDWuquz8">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_z2vcz3nqHScR">4.52%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000033261Member_z17FFqcVFDQo">14.54%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000033261Member_zTXoJCtzqMWO">9.59%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000033261Member_zaIuHd4lpCsA">13.70%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassIRussell3000IndexMember_zcqt2lySiZ8p">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassIRussell3000IndexMember_zrVKiwt56q7Y">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassIRussell3000IndexMember_zKMtdsFUPoPl">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassIRussell3000IndexMember_zJQ77zNDb9Ga">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassIRussell3000IndexMember_z0D04PFRFagz">15.06</span></td></tr></table></div> Class I 0.0452 0.1454 0.0959 0.1370 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000033261Member_zCruVKufIpgH">$543,603,090</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000033261Member_zzOsALt5S32o">28</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zVO9lV7CaSBZ">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zhTlEqY5J3NU">$1,990,120</span></td> </tr> </table> </div> 543603090 28 0.24 1990120 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--FinancialsMember_z7zCmisUEg1Q">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z09xBm8zHhI9">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zRjDhi14cFKh">17.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--HealthCareMember_zxTGbm1XcJ9P">15.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_z62XmJhiWxIg">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_znEY7RsdV1jk">7.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zB1xtdrfvZ54">6.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--EnergyMember_ztFPVTI5Jtvb">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--MaterialsMember_zMmqOOld065C">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--RealEstateMember_zLpe4eplA1OK">2.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000033261Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zOjJy3RikE06">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-19_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_988_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_z9BFKqE1y46c"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zWRM1TJhor6F">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_z8D08u5b6KOQ">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zllBZTddxw6b">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zzTJBtbCosT7">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zSG9T4vDZhXA">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zaPirmRS7uXh">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zOttzk4du45m">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_z3LbmJdFByJI">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zVjUkURMeTUi">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zgeyhppscMOX">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.177 0.172 0.152 0.108 0.079 0.068 0.067 0.041 0.021 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zWRM1TJhor6F">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_z8D08u5b6KOQ">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zllBZTddxw6b">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zzTJBtbCosT7">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zSG9T4vDZhXA">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zaPirmRS7uXh">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zOttzk4du45m">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_z3LbmJdFByJI">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zVjUkURMeTUi">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000033261Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zgeyhppscMOX">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.072 0.064 0.063 0.061 0.055 0.053 0.048 0.041 0.038 0.036 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_904_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zlBR5W8IPdKk">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zm6Rus3yhzNj">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_905_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_z1IEHSxLiBAI">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_907_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zVQguOcrM4sX">888-226-5595</span>.</span></p><p><span id="xdx_904_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zTRvZou9xk5E">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zm6Rus3yhzNj">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_905_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_z1IEHSxLiBAI">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_907_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000033261Member_zVQguOcrM4sX">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Select Fund Class Y DHTYX This semi-annual shareholder report contains important information about Diamond Hill Select Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_z9cLRYtf1zi7">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_904_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zViO1tdnBWWp">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zDghYqBcdelj">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zosQhnbji1TM">$40</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zjB1pk5MEnlb">0.78%¹</span></td> </tr></table></div> 40 0.0078 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="select-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 626017 592525 714287 680106 727807 741197 670439 789594 1148468 1138313 1010691 980479 1221044 1166316 1449053 1436028 1593014 1655680 1823778 2033565 <img alt="Ad2 Performance Graph" src="fp0099214-20_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000108468Member_zY9Mbjr04pdA">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zQ8aWgTuGLQZ">4.45%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000108468Member_zky3YVYMmRT2">14.49%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000108468Member_zoPtlsUCPrCT">9.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000108468Member_zs7G1rTE2voC">13.82%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassYRussell3000IndexMember_zlD6Daf9RHb0">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassYRussell3000IndexMember_znxiZfw7sU7w">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassYRussell3000IndexMember_zN6kaFYRBgWI">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassYRussell3000IndexMember_z2HM3pWhGO2A">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSelectFundClassYRussell3000IndexMember_zzPKeISp9SFC">15.06</span></td></tr></table></div> Class Y 0.0445 0.1449 0.0969 0.1382 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000108468Member_zGE46Rwb5iAR">$543,603,090</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000108468Member_z3OalwYECLUO">28</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zwXxFnaNBScL">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zOshubcgjdy6">$1,990,120</span></td> </tr> </table> </div> 543603090 28 0.24 1990120 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--FinancialsMember_znOK3TzEuQoj">25.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zgNFmt86Mnzu">17.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zuDPobOjKohN">17.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--HealthCareMember_zzZMdbakIXxJ">15.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zIhpzgYmfj7Y">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zFhjQgw8ROKi">7.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zYTWooOwM98a">6.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--EnergyMember_zPF71t6NEZTu">6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--MaterialsMember_z7XD8yiI06S6">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--RealEstateMember_zJPozDTU1lZO">2.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108468Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_z8FYBRIkLIlo">-13.6%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-20_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_983_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zDLF4T2plVcl"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zqhWNwlsOsNj">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zYpwoKaO4t0K">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zImfOnkHLd5s">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zOliBc6VXaBo">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zH6ayYniYxF4">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zibuQmGScq3z">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zH0ahJdOUZc9">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_zNCufK2kBOqk">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_znyNSTiiFIlg">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zUnxZRJC7Z7x">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.251 0.177 0.172 0.152 0.108 0.079 0.068 0.067 0.041 0.021 -0.136 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Cimpress plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--CimpressplcMember_zqhWNwlsOsNj">7.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zYpwoKaO4t0K">6.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zImfOnkHLd5s">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zOliBc6VXaBo">6.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Red Rock Resorts, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--RedRockResortsIncClassAMember_zH6ayYniYxF4">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Salesforce, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--SalesforceIncMember_zibuQmGScq3z">5.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Capital One Financial Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--CapitalOneFinancialCorpMember_zH0ahJdOUZc9">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Ashland, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AshlandIncMember_zNCufK2kBOqk">4.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_znyNSTiiFIlg">3.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Adobe, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108468Member__us-gaap--InvestmentTypeAxis__custom--AdobeIncMember_zUnxZRJC7Z7x">3.6</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.072 0.064 0.063 0.061 0.055 0.053 0.048 0.041 0.038 0.036 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_902_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zOk2ASFPLTpe">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zN4IWfMGl414">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zSxTLwZ3f5kU">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zZ6oWVwS4BN3">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zawC6rPEpssR">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zN4IWfMGl414">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zSxTLwZ3f5kU">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108468Member_zZ6oWVwS4BN3">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Long-Short Fund Investor DIAMX This semi-annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zTD1jLUkMYfw">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_z6ovUcix2XFi">888-226-5595</span> or <span id="xdx_90F_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zG689y5yKZyU">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zzCPoOFnJS19">$90</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_z2OFRXd2UGrg">1.88%¹</span></td> </tr></table></div> 90 0.0188 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="longshort-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10000 11556 11850 11803 11075 11590 13602 13519 12090 12722 14824 14873 12976 11665 15792 15986 13720 15118 22766 22871 17077 14457 19610 19890 15775 15053 23326 23741 17888 17904 28721 29410 20835 19435 33114 34017 23207 19719 40671 41509 26611 <img alt="Ad2 Performance Graph" src="fp0099214-12_sa161.jpg" style="width: 348px; height: 185px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008536Member_z9Qoj8GYxTVJ">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zv661rkFbD3o">-7.16%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008536Member_ziMMbhHJSlnm">1.46%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008536Member_zPsFQx8LXRKO">5.46%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008536Member_z8FJC9X6TVRy">7.03%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundInvestorRussell3000IndexMember_zN3P8ee2ynQ8">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundInvestorRussell3000IndexMember_zbZpIpzNpLjb">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundInvestorRussell3000IndexMember_zsHcPHoBAABE">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundInvestorRussell3000IndexMember_zdicuLOQsEQW">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundInvestorRussell3000IndexMember_zdNVcRmxjADt">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestorRussell1000IndexMember_zoVkdTZLHMea">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestorRussell1000IndexMember_zEdp3eIOHgJy">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestorRussell1000IndexMember_zrUXTR8JW8eI">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestorRussell1000IndexMember_zx6GLcV0gHgY">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestorRussell1000IndexMember_zUMcGfo081Sz">15.30</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestor60Russell100040BloombergUSTBills13MonthIndexMember_zE7VMoUbYbDg">60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestor60Russell100040BloombergUSTBills13MonthIndexMember_zUvm6G83D43m">7.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestor60Russell100040BloombergUSTBills13MonthIndexMember_zgVgivjI5COx">14.67</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestor60Russell100040BloombergUSTBills13MonthIndexMember_zSly1954Iabt">9.28</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundInvestor60Russell100040BloombergUSTBills13MonthIndexMember_z6f0o84D0QCO">10.27</span></td></tr></table></div> Investor -0.0716 0.0146 0.0546 0.0703 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index 0.0702 0.1467 0.0928 0.1027 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008536Member_zoPhl6XCBnHR">$2,110,953,007</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008536Member_zZIDxfkBJvaM">91</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zwAS13ocaoQi">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zeXfEuJWF9in">$10,009,260</span></td> </tr> </table> </div> 2110953007 91 0.24 10009260 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <p style="margin: 0"> </p> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Long Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zlNnJJ08MHY6">21.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--FinancialsMember_zhHbbTLpHmOO">18.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--HealthCareMember_zc552sobR1Dg">13.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z28ml9ZTWyNl">11.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zcFelvPgkBsq">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zqzbpEfHQN5c">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z7PRy17rhZ9K">5.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zpE1xvQvOiXK">5.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--EnergyMember_zMAKFNCPg9OK">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--MaterialsMember_zXLCEhJsp6iQ">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--RealEstateMember_zhajUHFC9dAC">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zMuekaoEb5ab">0.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-12_sa162.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"> </div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Short Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Other</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionary2Member_zKhwndxA7uQM">-12.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--Industrials2Member_zL7Opqo4cZem">-6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--InformationTechnology2Member_zK1jadba7K7W">-5.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--Financials2Member_zvGGnFK3VaKM">-3.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--RealEstate2Member_zJoBTorrIIYX">-2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--HealthCare2Member_zouFSmZqE4Js">-1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--Materials2Member_zziN40WYbthA">-1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--Energy2Member_z5esp2dZrGcz">-1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--Utilities2Member_z3pnc4WxNblM">-0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--ConsumerStaples2Member_zPRuJVAV4dgN">-0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Segregated Cash with Custodian </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--SegregatedCashwithCustodian2Member_zGR3wz4AygY4">36.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008536Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssets2Member_z9dirbsisVZj">-1.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-12_sa163.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_989_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zbE7T8NOu2TP"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zdchBr8ZCMeg">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zBs8wSKWYFmQ">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zuKZhr08tZNG">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zeVEnQXbwUVK">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zu0gnXISvcZ9">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ztAqmFW9OXKh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_ziPhdOeFIRyo">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_zD8U7TJJORV3">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_z4NzBlKrHWO4">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_zDP4ADmxSGrn">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zXt5eQhVCxxJ">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_zTGGz3LqnWtz">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_z4iVRA90QScs">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zU4MGGsZv6J3">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_z7VoRUJx2dPK">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_z9VPJ2AQou1h">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zMKWhjlFGDB1">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zuFYJsi0dZgN">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zWvFK3EA70EE">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_zgLyc9DG2vpm">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.218 0.185 0.131 0.111 0.104 0.065 0.055 0.050 0.041 0.024 0.015 0.008 -0.126 -0.067 -0.053 -0.031 -0.025 -0.019 -0.016 -0.013 -0.006 -0.005 0.369 -0.015 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zdchBr8ZCMeg">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zBs8wSKWYFmQ">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zuKZhr08tZNG">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zeVEnQXbwUVK">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zu0gnXISvcZ9">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ztAqmFW9OXKh">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_ziPhdOeFIRyo">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_zD8U7TJJORV3">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_z4NzBlKrHWO4">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_zDP4ADmxSGrn">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zXt5eQhVCxxJ">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_zTGGz3LqnWtz">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_z4iVRA90QScs">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zU4MGGsZv6J3">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_z7VoRUJx2dPK">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_z9VPJ2AQou1h">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zMKWhjlFGDB1">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zuFYJsi0dZgN">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zWvFK3EA70EE">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008536Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_zgLyc9DG2vpm">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.054 0.049 0.045 0.044 0.039 0.029 0.029 0.028 0.028 0.025 -0.015 -0.015 -0.016 -0.017 -0.017 -0.017 -0.018 -0.018 -0.019 -0.019 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_901_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_z6Mgn7G0quK5">This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_z9OFYgPfiFoq">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_ztkmn6n2gn6O">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zxw4Vcjg6pri">888-226-5595</span>.</span></p><p><span id="xdx_90B_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zDFbZ6USg3j5">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_z9OFYgPfiFoq">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_ztkmn6n2gn6O">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008536Member_zxw4Vcjg6pri">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Long-Short Fund Class I DHLSX This semi-annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_z68jUzg6W2k3">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zkhnASzztQTc">888-226-5595</span> or <span id="xdx_904_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zj2o7LVM0FEw">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zNHoPo8FNeuc">$76</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_z3C9PhKygSVi">1.59%¹</span></td> </tr></table></div> 76 0.0159 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="longshort-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10000 11592 11850 11803 11075 11664 13602 13519 12090 12838 14824 14873 12976 11804 15792 15986 13720 15342 22766 22871 17077 14717 19610 19890 15775 15368 23326 23741 17888 18334 28721 29410 20835 19963 33114 34017 23207 20306 40671 41509 26611 <img alt="Ad2 Performance Graph" src="fp0099214-13_sa161.jpg" style="width: 348px; height: 185px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000008538Member_zRXoVQei6xpR">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_z0Hin4MXxiBb">-7.04%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000008538Member_zQNEutp7VZ6T">1.72%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000008538Member_zmnGs09XNpT0">5.77%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000008538Member_z4aWOgKaoDyS">7.34%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassIRussell3000IndexMember_zdgaDCAMUwHh">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassIRussell3000IndexMember_z7AOFSoA61Ya">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassIRussell3000IndexMember_zcHzyyOOC6ja">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassIRussell3000IndexMember_z0qKh1RHgFvb">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassIRussell3000IndexMember_z5lkGGt5Lrd6">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassIRussell1000IndexMember_zERJjj0Dqojy">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassIRussell1000IndexMember_z5Umdy9p26x0">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassIRussell1000IndexMember_zd9BOu7LcLRG">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassIRussell1000IndexMember_zFjzUyPvIRIJ">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassIRussell1000IndexMember_zVSevxEXnMui">15.30</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassI60Russell100040BloombergUSTBills13MonthIndexMember_zQrWmjE96ofG">60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassI60Russell100040BloombergUSTBills13MonthIndexMember_zv3QgQPFog5p">7.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassI60Russell100040BloombergUSTBills13MonthIndexMember_zF1xqrUQfyFC">14.67</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassI60Russell100040BloombergUSTBills13MonthIndexMember_zhfWotwGqmDH">9.28</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassI60Russell100040BloombergUSTBills13MonthIndexMember_z8IqkFOxmc6O">10.27</span></td></tr></table></div> Class I -0.0704 0.0172 0.0577 0.0734 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index 0.0702 0.1467 0.0928 0.1027 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000008538Member_zYwEukh2QF3L">$2,110,953,007</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000008538Member_zdocqJixZOuw">91</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zwnEWOkrs7SG">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zlhSX1UVNKUQ">$10,009,260</span></td> </tr> </table> </div> 2110953007 91 0.24 10009260 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <p style="margin: 0"> </p> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Long Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zani4oDV4y3l">21.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--FinancialsMember_zzjru8rG07f7">18.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--HealthCareMember_zjGUBX442fbt">13.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z3Eko1mmT0wN">11.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_ztkigoNtOtKs">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zCMkviGouQCi">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zfSW7sOeuU7O">5.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zsclQpcSGiJT">5.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--EnergyMember_zrmjMG4TMQ8b">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--MaterialsMember_ziwlOmNGSFzw">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--RealEstateMember_z5z8Z3aNEDwB">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zEteDiGjOELe">0.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-13_sa162.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"> </div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Short Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Other</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionary2Member_zfHoOv8cize2">-12.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--Industrials2Member_zx5iYcTYv1hv">-6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--InformationTechnology2Member_zXfNK2kIi0J6">-5.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--Financials2Member_ztYvWBSAQvdS">-3.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--RealEstate2Member_zjTj82IjOZiC">-2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--HealthCare2Member_z0imqOJvpCju">-1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--Materials2Member_zrLF41Tq6ujA">-1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--Energy2Member_zgFFvMiuphWL">-1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--Utilities2Member_z17YOm7xsv4E">-0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--ConsumerStaples2Member_ztiGspORRht1">-0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Segregated Cash with Custodian </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--SegregatedCashwithCustodian2Member_zVWdi3LLtPlq">36.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000008538Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssets2Member_zBYRlcT8G4rC">-1.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-13_sa163.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98A_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zrocvQYJKbho"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_ze8gtkoqmeUK">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zhMUeKYVwibn">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zxwAWoHSBhft">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zCwgPk9P41mu">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zgO3o7f2nOQP">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zZLzERQdJK67">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zOwoZCTkLYeS">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_z3EsOJyLemK7">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zlUrBm12UJ9v">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_z7ONCufi4JCt">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zD969Qbmu41i">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_zBS38ZFgYorh">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_zsOsHXoH2w4v">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zeymmTXNTcl3">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_zvnW0QL6pc3J">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_zsP2qejmewmr">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zhlObU5N2IfO">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zeszjCCNDKC5">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zFApcI5499VP">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_zlYQP5rLzvl1">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.218 0.185 0.131 0.111 0.104 0.065 0.055 0.050 0.041 0.024 0.015 0.008 -0.126 -0.067 -0.053 -0.031 -0.025 -0.019 -0.016 -0.013 -0.006 -0.005 0.369 -0.015 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_ze8gtkoqmeUK">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_zhMUeKYVwibn">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zxwAWoHSBhft">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zCwgPk9P41mu">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zgO3o7f2nOQP">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_zZLzERQdJK67">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zOwoZCTkLYeS">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_z3EsOJyLemK7">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zlUrBm12UJ9v">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_z7ONCufi4JCt">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zD969Qbmu41i">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_zBS38ZFgYorh">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_zsOsHXoH2w4v">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zeymmTXNTcl3">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_zvnW0QL6pc3J">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_zsP2qejmewmr">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zhlObU5N2IfO">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zeszjCCNDKC5">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zFApcI5499VP">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000008538Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_zlYQP5rLzvl1">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.054 0.049 0.045 0.044 0.039 0.029 0.029 0.028 0.028 0.025 -0.015 -0.015 -0.016 -0.017 -0.017 -0.017 -0.018 -0.018 -0.019 -0.019 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_907_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_znXvErnS7UkL">This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zcbvAZoFojqc">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zIp8LO9oTTpw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zuS49NeiN2MF">888-226-5595</span>.</span></p><p><span id="xdx_90B_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zCIusD4jogI6">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zcbvAZoFojqc">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_903_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zIp8LO9oTTpw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000008538Member_zuS49NeiN2MF">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Long-Short Fund Class Y DIAYX This semi-annual shareholder report contains important information about Diamond Hill Long-Short Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_905_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zt86XDfLNEyL">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zxVXijCbrKpy">888-226-5595</span> or <span id="xdx_907_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zd0KRLgbqlmy">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zy6Gq81zzVEX">$70</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z7oEaFk2aqVv">1.46%¹</span></td> </tr></table></div> 70 0.0146 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="longshort-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 500000 579970 592525 590148 553734 584352 680106 675938 604525 643710 741197 743662 648796 592523 789594 799293 686012 771157 1138313 1143569 853850 740752 980479 994503 788749 774277 1166316 1187074 894385 924392 1436028 1470516 1041751 1007737 1655680 1700865 1160334 1026287 2033565 2075459 1330543 <img alt="Ad2 Performance Graph" src="fp0099214-14_sa161.jpg" style="width: 348px; height: 185px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Ten Years</th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000108465Member_z7QpBx2WlQai">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zrsPJkXJ1JDq">-6.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000108465Member_z11jYmpqOrUJ">1.84%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000108465Member_zQuhCO9WV5D4">5.88%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20160701__20260630__oef--ClassAxis__custom--C000108465Member_zvmdvjWH2GLi">7.46%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_904_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassYRussell3000IndexMember_zvD73wfwrvuV">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassYRussell3000IndexMember_zho0fhk5DWB9">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassYRussell3000IndexMember_zGfPWFfVopIY">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassYRussell3000IndexMember_zma1ip5eOfRW">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLongShortFundClassYRussell3000IndexMember_z95OTJuMrbsr">15.06</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassYRussell1000IndexMember_zLwkT8DO1uA9">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassYRussell1000IndexMember_z8PFjNk3G9gm">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassYRussell1000IndexMember_zoUd4KUmcXnH">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassYRussell1000IndexMember_zaoPGfO9oIxM">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassYRussell1000IndexMember_zV9fHjDelmnX">15.30</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_904_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassY60Russell100040BloombergUSTBills13MonthIndexMember_z0P8jpX4wQmS">60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassY60Russell100040BloombergUSTBills13MonthIndexMember_zZ2ODW8Bg1VI">7.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassY60Russell100040BloombergUSTBills13MonthIndexMember_zVMNybx4hPpW">14.67</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassY60Russell100040BloombergUSTBills13MonthIndexMember_zpiHqHlu7yx6">9.28</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20160701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLongShortFundClassY60Russell100040BloombergUSTBills13MonthIndexMember_z3FoL1oymxNp">10.27</span></td></tr></table></div> Class Y -0.0699 0.0184 0.0588 0.0746 Russell 3000 Index 0.1088 0.2282 0.1231 0.1506 Russell 1000 Index 0.1033 0.2202 0.1266 0.1530 60% Russell 1000/40% Bloomberg US T-Bills 1-3 Month Index 0.0702 0.1467 0.0928 0.1027 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000108465Member_zcGDAeGzWQKe">$2,110,953,007</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000108465Member_zdtKo7EIX6nb">91</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zYAr5L4zqL6A">24%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z1XSLrFzo4vB">$10,009,260</span></td> </tr> </table> </div> 2110953007 91 0.24 10009260 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <p style="margin: 0"> </p> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Long Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zshjVXn4A62d">21.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--FinancialsMember_zouJMucHDsVz">18.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--HealthCareMember_zcSIe6N6ivMD">13.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zNaWc0tH5fIZ">11.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zOkT9QpTAJUk">10.4%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zkuG6NZ0fz5o">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zhddHd3ivN6C">5.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zpDYiXetF41a">5.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--EnergyMember_z5bLVq01WCys">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--MaterialsMember_zhIdJWa821hi">2.4%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--RealEstateMember_z5cbLFCq1Dcc">1.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zFfxp7xr27ro">0.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-14_sa162.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"> </div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>Short Portfolio</strong></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Other</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionary2Member_zX23Wlo3if5T">-12.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--Industrials2Member_z3HpEY81mnOC">-6.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--InformationTechnology2Member_z0dzdSPgblqG">-5.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--Financials2Member_zLRUXsWnVBRX">-3.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--RealEstate2Member_zY5tPo0q0BIG">-2.5%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--HealthCare2Member_zbRlXieUYHj2">-1.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--Materials2Member_zibPNLvEysd7">-1.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--Energy2Member_z9UDZbvOY1oa">-1.3%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--Utilities2Member_zfFU11oVt5s1">-0.6%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--ConsumerStaples2Member_z7k1xNhgyiSb">-0.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Segregated Cash with Custodian </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--SegregatedCashwithCustodian2Member_zzHuZO9csknT">36.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000108465Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssets2Member_zelLVqKTTvMi">-1.5%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-14_sa163.jpg" style="width: 368px; height: 230px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z6jLxxiJjfy2"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zqGGxkABypQC">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_ziGl395yDyyO">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zvGB7GoQponS">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zbKFS8JzuOE4">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zLe2Lzo6mkKz">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ze3qpCfNszcD">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zAjVj6tYVATb">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_zbHnmMgaotiV">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zbkFi9hjqbUd">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_zx6thIzmJ5sZ">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zqRJxfYlbplr">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_ziNFzwcuzA16">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_z5PtzgWNAl2t">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zHeOH6fj2xyy">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_zoB7Yx89iC0L">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_zJ7kgG49oOiC">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zkYOvZIRDZQs">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zGJ3K7nyjGSb">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zoyRqQjwuTDb">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_z0W8lGt0ed1I">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.218 0.185 0.131 0.111 0.104 0.065 0.055 0.050 0.041 0.024 0.015 0.008 -0.126 -0.067 -0.053 -0.031 -0.025 -0.019 -0.016 -0.013 -0.006 -0.005 0.369 -0.015 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Long:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zqGGxkABypQC">5.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Microsoft Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MicrosoftCorpMember_ziGl395yDyyO">4.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Alphabet, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AlphabetIncClassAMember_zvGB7GoQponS">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Meta Platforms, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MetaPlatformsIncClassAMember_zbKFS8JzuOE4">4.4</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zLe2Lzo6mkKz">3.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ze3qpCfNszcD">2.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zAjVj6tYVATb">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> SentinelOne, Inc., Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--SentinelOneIncClassAMember_zbHnmMgaotiV">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Amazon.com, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AmazoncomIncMember_zbkFi9hjqbUd">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Citigroup, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--CitigroupIncMember_zx6thIzmJ5sZ">2.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <strong>Short:</strong> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> NewMarket Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--NewMarketCorpMember_zqRJxfYlbplr">-1.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Federal Signal Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--FederalSignalCorpMember_ziNFzwcuzA16">-1.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Medpace Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MedpaceHoldingsIncMember_z5PtzgWNAl2t">-1.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Acushnet Holdings Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--AcushnetHoldingsCorpMember_zHeOH6fj2xyy">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Bank of Hawaii Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--BankofHawaiiCorpMember_zoB7Yx89iC0L">-1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Blue Bird Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--BlueBirdCorpMember_zJ7kgG49oOiC">-1.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> eBay, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--EBayIncMember_zkYOvZIRDZQs">-1.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> International Business Machines Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--InternationalBusinessMachinesCorpMember_zGJ3K7nyjGSb">-1.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Matson, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--MatsonIncMember_zoyRqQjwuTDb">-1.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Williams-Sonoma, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000108465Member__us-gaap--InvestmentTypeAxis__custom--WilliamsSonomaIncMember_z0W8lGt0ed1I">-1.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.054 0.049 0.045 0.044 0.039 0.029 0.029 0.028 0.028 0.025 -0.015 -0.015 -0.016 -0.017 -0.017 -0.017 -0.018 -0.018 -0.019 -0.019 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90E_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zoEerUEFARTB">This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z99YRoUxcscu">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zteOoVKmpKnw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z4CYnKe1IzNd">888-226-5595</span>.</span></p><p><span id="xdx_909_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z6DYTVzjX5mn">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_901_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z99YRoUxcscu">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_zteOoVKmpKnw">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000108465Member_z4CYnKe1IzNd">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill International Fund Investor DHIAX This semi-annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_z0oWvhONiQot">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zJZ0xYKQICbr">888-226-5595</span> or <span id="xdx_901_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_ztRNy3Ljl2y9">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zW8RIlgr3I1y">$61</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zCRJNUWoViD0">1.17%¹</span></td> </tr></table></div> 61 0.0117 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="International Bar Chart" src="international-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 11623 11409 12884 12240 13162 12398 11989 11802 17459 16018 14278 12907 16732 14549 18449 16240 20855 19118 25638 24405 <img alt="Ad2 Performance Graph" src="fp0099214-28_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_ztFNOojyhNvV">12/30/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_905_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000210482Member_znYoEmLU2Dih">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zHoHpBHt5eRT">11.36%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000210482Member_z3kMmtSC3n9Y">22.93%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000210482Member_z0HRcGWoiJnh">7.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20161230__20260630__oef--ClassAxis__custom--C000210482Member_zBZUX718F2rQ">10.42%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundInvestorMSCIACWIexUSAIndexMember_zujKcopUnRo1">MSCI ACWI ex USA Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundInvestorMSCIACWIexUSAIndexMember_zOzIA937wETr">13.68</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundInvestorMSCIACWIexUSAIndexMember_zmzoPsenBwbG">27.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundInvestorMSCIACWIexUSAIndexMember_zpmbXEgsz5cF">8.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20161230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundInvestorMSCIACWIexUSAIndexMember_zWnOp5thS7OI">9.85</span></td></tr></table></div> 2016-12-30 Investor 0.1136 0.2293 0.0799 0.1042 MSCI ACWI ex USA Index 0.1368 0.2766 0.0879 0.0985 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000210482Member_zrIi0n1aajVw">$170,926,820</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000210482Member_zp8q1ZX5eDzz">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zq9D4eX2qq1a">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zJrWba8axuoz">$555,396</span></td> </tr> </table> </div> 170926820 51 0.18 555396 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--IndustrialsMember_z2WmU2zvfItB">23.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zJiPsAxpy6mJ">14.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_z2grg5qFkbMU">14.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--FinancialsMember_zSdwsho7g4Zp">12.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z9YEkvBORmGS">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--HealthCareMember_ztwqC1e1LZwu">7.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zAE4qZ8OjWaf">6.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--EnergyMember_zg3OwuMr4ReC">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--MaterialsMember_ziY95KV02qjE">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zo79cOS4gr18">2.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--UtilitiesMember_z7WnCZolEPcT">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210482Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_z0ZK3E4f2mUE">-7.9%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-28_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zOoTlSYXOoyO"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zY88xF2kOia1">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_zzoE3z8LZdm6">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zzoztLveSkHr">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_zzDuroO6cPJ5">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zTBFeK4OdEWI">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_zKemRt3HKgwD">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_zZcR9e5IzRwU">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_zg6rkB8LeRrw">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zvY2bYob3jPy">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z9OorHETE5O6">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.230 0.145 0.141 0.129 0.108 0.078 0.067 0.065 0.061 0.028 0.027 -0.079 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zY88xF2kOia1">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_zzoE3z8LZdm6">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zzoztLveSkHr">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_zzDuroO6cPJ5">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zTBFeK4OdEWI">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_zKemRt3HKgwD">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_zZcR9e5IzRwU">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_zg6rkB8LeRrw">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zvY2bYob3jPy">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210482Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z9OorHETE5O6">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.081 0.034 0.032 0.031 0.031 0.030 0.030 0.029 0.028 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_901_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zUgCbPh1o4Pv">This is a summary of certain changes to the Fund since <span id="xdx_904_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zhuAIcQ94BI9">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zNzbeDesPoOH">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zYcPlkghItxz">888-226-5595</span>.</span></p><p><span id="xdx_90E_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zcRpSiOYSYzQ">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_904_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zhuAIcQ94BI9">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zNzbeDesPoOH">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90A_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210482Member_zYcPlkghItxz">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill International Fund Class I DHIIX This semi-annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_909_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zOUFoSQLbCbO">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_903_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zY6kG2Zpb3YO">888-226-5595</span> or <span id="xdx_90A_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zgG85jZgqPot">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zixEqAZCDJnG">$46</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zB0FsTkLnFkc">0.88%¹</span></td> </tr></table></div> 46 0.0088 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="International Bar Chart" src="international-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 11639 11409 12940 12240 13258 12398 12107 11802 17680 16018 14504 12907 17050 14549 18848 16240 21382 19118 26360 24405 <img alt="Ad2 Performance Graph" src="fp0099214-29_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zRLfUnK99DUI">12/30/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000210483Member_zr8ZGvBVplto">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zriU9PrUZQf4">11.52%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000210483Member_zxR0o8lxAxiL">23.28%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000210483Member_z0S5JMZxmCzF">8.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20161230__20260630__oef--ClassAxis__custom--C000210483Member_zR0u5M6D1N7e">10.75%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassIMSCIACWIexUSAIndexMember_z8ghiVJkGaOB">MSCI ACWI ex USA Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassIMSCIACWIexUSAIndexMember_zyNVLeODnEot">13.68</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassIMSCIACWIexUSAIndexMember_zIkqox0ckb6a">27.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassIMSCIACWIexUSAIndexMember_zRNJnws9bxPx">8.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20161230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassIMSCIACWIexUSAIndexMember_zWyOKShc609x">9.85</span></td></tr></table></div> 2016-12-30 Class I 0.1152 0.2328 0.0832 0.1075 MSCI ACWI ex USA Index 0.1368 0.2766 0.0879 0.0985 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000210483Member_zstToJc0zLwv">$170,926,820</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000210483Member_zN1OohhHZuNs">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zJzLZvwLjW9S">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zObbexfv6JOO">$555,396</span></td> </tr> </table> </div> 170926820 51 0.18 555396 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zRj411V31Adg">23.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zThlCPvp724j">14.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zPJViI80FghC">14.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--FinancialsMember_zzoIXWTjIwzw">12.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zvl4Vw1slcuS">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--HealthCareMember_zAKO6cbqPoys">7.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z0ifJgxjatMO">6.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--EnergyMember_z0gejVWmRapo">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--MaterialsMember_zodOMacqnKLw">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zOufnKNJEOIH">2.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zpZ3qKKMJVy9">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210483Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zOiXJGzooRhv">-7.9%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-29_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98C_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zQBloz6TJPvu"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_z0bxprJ61w3G">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_z1B3DYYSRItP">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zdnTtW1OVAPd">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_z5ZoFOc8dPS7">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zNGe3kOHMFhL">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z1cFaIguUTSt">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_z2DVcYOE769s">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_z3jo18aI34DM">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zt6gdogKJ8Rl">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z4i3xXogoRsw">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.230 0.145 0.141 0.129 0.108 0.078 0.067 0.065 0.061 0.028 0.027 -0.079 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_z0bxprJ61w3G">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_z1B3DYYSRItP">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zdnTtW1OVAPd">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_z5ZoFOc8dPS7">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zNGe3kOHMFhL">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z1cFaIguUTSt">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_z2DVcYOE769s">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_z3jo18aI34DM">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zt6gdogKJ8Rl">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210483Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z4i3xXogoRsw">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.081 0.034 0.032 0.031 0.031 0.030 0.030 0.029 0.028 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_908_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zinGov4oSyeG">This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zjxBMAvFZn6T">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zOKNhNyTvLbI">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zfHybiXrFtjv">888-226-5595</span>.</span></p><p><span id="xdx_90E_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zN3MY8EwTsx2">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zjxBMAvFZn6T">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zOKNhNyTvLbI">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90C_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210483Member_zfHybiXrFtjv">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill International Fund Class Y DHIYX This semi-annual shareholder report contains important information about Diamond Hill International Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zjFrq6Do7ide">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_909_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zwHfweZidoqn">888-226-5595</span> or <span id="xdx_908_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_z18GNVNKkTQo">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zoqJ3hwWUtBs">$39</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zToNjNBONBdo">0.75%¹</span></td> </tr></table></div> 39 0.0075 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="International Bar Chart" src="international-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 582319 570472 648161 611993 664907 619879 607976 590108 888701 800889 729770 645364 858614 727427 950495 811978 1079744 955886 1332645 1220261 <img alt="Ad2 Performance Graph" src="fp0099214-27_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_908_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zCuvbyj78PPo">12/30/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000210481Member_zqAkhSdG1ypx">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zzWLB788zTWd">11.59%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000210481Member_z3zYADfmVKel">23.42%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000210481Member_zBYuRNZKDosU">8.44%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_c20161230__20260630__oef--ClassAxis__custom--C000210481Member_zqBtsj4pZGOq">10.88%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassYMSCIACWIexUSAIndexMember_ztPMPtln9Ph2">MSCI ACWI ex USA Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassYMSCIACWIexUSAIndexMember_zQKMLrVcMOiL">13.68</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassYMSCIACWIexUSAIndexMember_z8vJMEPzeb31">27.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassYMSCIACWIexUSAIndexMember_z6sJftw0huZG">8.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20161230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillInternationalFundClassYMSCIACWIexUSAIndexMember_zJFSy1L1gBnA">9.85</span></td></tr></table></div> 2016-12-30 Class Y 0.1159 0.2342 0.0844 0.1088 MSCI ACWI ex USA Index 0.1368 0.2766 0.0879 0.0985 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000210481Member_ziHkAgKFJp1m">$170,926,820</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000210481Member_z8SmI2DEdziv">51</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zPKsz4W7F0aF">18%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zMtx6uSqoPRz">$555,396</span></td> </tr> </table> </div> 170926820 51 0.18 555396 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zXxN9HIm8LFy">23.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_znoQq3qJYnyr">14.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_znx3S724Ii5O">14.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--FinancialsMember_zpGjSX4igVSL">12.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z6WzV8j87KD6">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--HealthCareMember_zG45dV8y8WQ3">7.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_zyIetQevIq29">6.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--EnergyMember_z9lW74uMRJWs">6.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--MaterialsMember_ztjGZsFOs453">6.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_z3aiJ1sSzq3o">2.8%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Utilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--UtilitiesMember_zwUpnECCfqeU">2.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000210481Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zOZ8h6ZTtkuN">-7.9%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-27_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98F_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zMRGD6aopvjX"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zoa3yoeYv46R">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_ziWNliI6K47V">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zogoPpTi2rel">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_zDS93toI986C">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zpPckmHlv5A7">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z8ORoK8y3v5m">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_zbXHyUUY7Qxr">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_zekFS0Cl1WM3">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zi5htphO3CcC">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z4sMQwSv3c9S">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.230 0.145 0.141 0.129 0.108 0.078 0.067 0.065 0.061 0.028 0.027 -0.079 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Taiwan Semiconductor Manufacturing Co. Ltd. - ADR </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--TaiwanSemiconductorManufacturingCoLtdADRMember_zoa3yoeYv46R">8.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> SK hynix, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SKhynixIncMember_ziWNliI6K47V">3.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> AIB Group plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--AIBGroupplcMember_zogoPpTi2rel">3.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Glencore plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--GlencoreplcMember_zDS93toI986C">3.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> British American Tobacco plc </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--BritishAmericanTobaccoplcMember_zpPckmHlv5A7">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Samsung Electronics Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SamsungElectronicsCoLtdMember_z8ORoK8y3v5m">3.0</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Singapore Exchange Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--SingaporeExchangeLtdMember_zbXHyUUY7Qxr">3.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Compagnie Financiere Richemont SA, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--CompagnieFinanciereRichemontSAClassAMember_zekFS0Cl1WM3">2.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Veolia Environment SA </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--VeoliaEnvironmentSAMember_zi5htphO3CcC">2.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Max Co. Ltd. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000210481Member__us-gaap--InvestmentTypeAxis__custom--MaxCoLtdMember_z4sMQwSv3c9S">2.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.081 0.034 0.032 0.031 0.031 0.030 0.030 0.029 0.028 0.027 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90F_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zdpCzCMqbgF0">This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zUxCOZLLqQid">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90A_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_ziycWgNCQjwq">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_901_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zuOLUFCDzDlk">888-226-5595</span>.</span></p><p><span id="xdx_903_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zOMZs6NgVX2B">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90D_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zUxCOZLLqQid">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90A_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_ziycWgNCQjwq">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_901_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000210481Member_zuOLUFCDzDlk">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Short Duration Securitized Bond Fund Investor DHEAX This semi-annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_908_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zlA7IzdRIVmc">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90B_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zrtOoG0KeQMN">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_z33r0mxZpZwp">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_z1tr5m6Qojtl">$41</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_znovh1cPDpFl">0.82%¹</span></td> </tr></table></div> 41 0.0082 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="shortduration-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10343 9899 10026 10650 9860 10047 11150 10636 10476 10985 11565 10916 11879 11527 10964 11498 10340 10573 11792 10243 10629 12991 10513 11146 14073 11152 11808 14718 11574 12180 <img alt="Ad2 Performance Graph" src="fp0099214-24_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zUZtc5qZEKMO">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173083Member_zNuHJUwmwYZo">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zYhCobxPztBp">1.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173083Member_zY2MmZhWhfOy">4.58%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173083Member_zsKKpgQio7iG">4.38%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173083Member_zVoo4TvOVRWq">3.95%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloombergUSAggregateBondIndexMember_zTOLoMOX6b0O">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloombergUSAggregateBondIndexMember_zqj6bzyAxL0G">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloombergUSAggregateBondIndexMember_zv2v0b29kYv7">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloombergUSAggregateBondIndexMember_zq6pVeO6D6rM">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloombergUSAggregateBondIndexMember_z4RaZKPoOvMY">1.48</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloomberg13YearUSGovernmentCreditIndexMember_zHd2VPxPO68b">Bloomberg 1-3 Year US Government/Credit Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloomberg13YearUSGovernmentCreditIndexMember_zNT6t2AOqJod">0.77</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloomberg13YearUSGovernmentCreditIndexMember_zeO0GPXg6U12">3.14</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloomberg13YearUSGovernmentCreditIndexMember_zo5LzoSOJDRk">2.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundInvestorBloomberg13YearUSGovernmentCreditIndexMember_zJMWtV9oGg48">1.99</span></td></tr></table></div> 2016-07-05 Investor 0.0199 0.0458 0.0438 0.0395 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 Bloomberg 1-3 Year US Government/Credit Index 0.0077 0.0314 0.0212 0.0199 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173083Member_zkzQVR4jHo7W">$5,570,673,729</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173083Member_zXglmIub6cpi">624</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zfsR7vmR9FoN">26%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zygYdnM7rgzJ">$8,990,111</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 1.38 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 2.24 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 196 </td> </tr> </table> </div> 5570673729 624 0.26 8990111 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173083Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zC41CsiHQyfj">82.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173083Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_ze1oUVS4igPU">6.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173083Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_ziPOWMk0qQZG">5.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173083Member__oef--IndustrySectorAxis__custom--TreasuryMember_zfBPfQjjkQJI">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173083Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_zPxeM8N22sag">0.4%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-24_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_982_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zz5rjw9W0szO"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_zeF9HVMEKbox">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_znZOAcGB9jF0">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_ze7L53aGDjIE">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_zBPYXWfgTYZd">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zODtDIxr31k1">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zRAiuH5E4yWu">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_z8BxBeMJTYJR">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_zUnurNoSJzvC">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_zi4kXBJ4My3G">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zQan1Vo3ILgW">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.828 0.061 0.058 0.049 0.004 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_zeF9HVMEKbox">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_znZOAcGB9jF0">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_ze7L53aGDjIE">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_zBPYXWfgTYZd">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zODtDIxr31k1">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zRAiuH5E4yWu">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_z8BxBeMJTYJR">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_zUnurNoSJzvC">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_zi4kXBJ4My3G">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173083Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zQan1Vo3ILgW">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.013 0.009 0.009 0.009 0.009 0.009 0.007 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_907_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zDhbuPcrasM9">This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_z1NCBa7ltEO7">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90C_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zqVWBSGJGE0z">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zBQmj6Cb4O5H">888-226-5595</span>.</span></p><p><span id="xdx_90A_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zwbdZCWDduKd">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_z1NCBa7ltEO7">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90C_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zqVWBSGJGE0z">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173083Member_zBQmj6Cb4O5H">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Short Duration Securitized Bond Fund Class I DHEIX This semi-annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90B_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zwfeFc1LKmZz">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zwgoCWCQRPJM">888-226-5595</span> or <span id="xdx_902_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zhNExsUPC9Wd">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_z1cLfB6nUVsx">$27</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_z8pi8p5fjh67">0.53%¹</span></td> </tr></table></div> 27 0.0053 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="shortduration-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10371 9899 10026 10710 9860 10047 11248 10636 10476 11111 11565 10916 12053 11527 10964 11704 10340 10573 12035 10243 10629 13312 10513 11146 14457 11152 11808 15146 11574 12180 <img alt="Ad2 Performance Graph" src="fp0099214-25_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zFqsqnB1o4ho">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173084Member_zrkuOUMgN8oe">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zUclWzkIj2lu">2.04%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173084Member_zs6btAvEorcH">4.76%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173084Member_za8mVKnDeQU5">4.67%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173084Member_zicBkE1cxAeL">4.24%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloombergUSAggregateBondIndexMember_zjTN6BdzigCY">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloombergUSAggregateBondIndexMember_zJAOBzJxoQIy">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloombergUSAggregateBondIndexMember_zXbJJ3d0WPML">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloombergUSAggregateBondIndexMember_zwR8Pfm28M1z">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloombergUSAggregateBondIndexMember_z1tED34eQM46">1.48</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90D_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloomberg13YearUSGovernmentCreditIndexMember_z19hsYqScc9p">Bloomberg 1-3 Year US Government/Credit Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloomberg13YearUSGovernmentCreditIndexMember_zz2BD0UH0zjK">0.77</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloomberg13YearUSGovernmentCreditIndexMember_zSPEODCo1eyj">3.14</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloomberg13YearUSGovernmentCreditIndexMember_zCe7OX9ESboW">2.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassIBloomberg13YearUSGovernmentCreditIndexMember_zMJ50R3J60ZZ">1.99</span></td></tr></table></div> 2016-07-05 Class I 0.0204 0.0476 0.0467 0.0424 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 Bloomberg 1-3 Year US Government/Credit Index 0.0077 0.0314 0.0212 0.0199 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173084Member_zx3fdCSeCC3d">$5,570,673,729</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173084Member_zJ1yd9CJ81qs">624</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_z407vZatSdh9">26%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zyODKZgTGOSo">$8,990,111</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 1.38 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 2.24 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 196 </td> </tr> </table> </div> 5570673729 624 0.26 8990111 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173084Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zf15m9slWckv">82.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173084Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zjLEbo9WQ8Qk">6.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173084Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zL3Fplu6ab4s">5.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173084Member__oef--IndustrySectorAxis__custom--TreasuryMember_zsAenMcVc0eZ">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173084Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_zgtwGUNV1IJf">0.4%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-25_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zBxHGumMYFdE"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_zPdYcsubSBNq">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_zTFMyolGTNO0">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_zElVM0dJ8bnK">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_zhYqzx9oTcij">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zVTvSwp7DRXL">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zjIxFiblWQrb">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_z3hSQ3EOVBGl">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_z04ceCZRAaYJ">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_zmobdFT3bgPn">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zB51BYvnNAtW">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.828 0.061 0.058 0.049 0.004 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_zPdYcsubSBNq">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_zTFMyolGTNO0">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_zElVM0dJ8bnK">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_zhYqzx9oTcij">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zVTvSwp7DRXL">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zjIxFiblWQrb">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_z3hSQ3EOVBGl">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_z04ceCZRAaYJ">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_zmobdFT3bgPn">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173084Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zB51BYvnNAtW">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.013 0.009 0.009 0.009 0.009 0.009 0.007 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_908_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zEua9yPR6sG7">This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zIop0GZ3Fhs6">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zsG5uI2I4CDS">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zr2vbilD2imd">888-226-5595</span>.</span></p><p><span id="xdx_90E_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zHHSdYVS8Igx">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zIop0GZ3Fhs6">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zsG5uI2I4CDS">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_900_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173084Member_zr2vbilD2imd">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Short Duration Securitized Bond Fund Class Y DHEYX This semi-annual shareholder report contains important information about Diamond Hill Short Duration Securitized Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zFP8AiCzl8dl">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90C_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zHr7UiRiLQO5">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zJ684oQKEpBR">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zn6OYEyeb4jN">$20</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zCRC2HB4bnMb">0.40%¹</span></td> </tr></table></div> 20 0.0040 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="" src="shortduration-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 519521 494958 501314 536986 492992 502349 564414 531786 523783 558203 578263 545800 605552 576335 548214 589220 517018 528674 606627 512170 531451 671668 525645 557312 730346 557583 590410 766764 578721 608977 <img alt="Ad2 Performance Graph" src="fp0099214-26_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_908_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zujy8876hrjj">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173085Member_zSLeAFnshoor">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zbNQBjfHMy8b">2.20%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173085Member_zJEWPCE4lDLe">4.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173085Member_zpKQalVgM1c2">4.83%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173085Member_zI6bgOaOgYTe">4.37%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_907_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloombergUSAggregateBondIndexMember_zono4vpAljsD">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloombergUSAggregateBondIndexMember_z4NyShoMT6ap">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloombergUSAggregateBondIndexMember_zPMK1JKb3E4n">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloombergUSAggregateBondIndexMember_zfe0S6sSTpRc">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloombergUSAggregateBondIndexMember_zpO8Qqr3TUOT">1.48</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloomberg13YearUSGovernmentCreditIndexMember_z8PS2mvwICwF">Bloomberg 1-3 Year US Government/Credit Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloomberg13YearUSGovernmentCreditIndexMember_zDuD8qicJ4Kd">0.77</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloomberg13YearUSGovernmentCreditIndexMember_z3fqTZBFZI42">3.14</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloomberg13YearUSGovernmentCreditIndexMember_zKZjLEsBX5Xr">2.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--AdditionalIndexAxis__custom--DiamondHillShortDurationSecuritizedBondFundClassYBloomberg13YearUSGovernmentCreditIndexMember_zhrRxxrD7l6D">1.99</span></td></tr></table></div> 2016-07-05 Class Y 0.0220 0.0499 0.0483 0.0437 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 Bloomberg 1-3 Year US Government/Credit Index 0.0077 0.0314 0.0212 0.0199 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173085Member_zzdvAlcuCHuj">$5,570,673,729</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173085Member_zrShMj0vbTNz">624</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zhOuKGF9zx32">26%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zxLfHxnRipgI">$8,990,111</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 1.38 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 2.24 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 196 </td> </tr> </table> </div> 5570673729 624 0.26 8990111 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173085Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zCCCLvhFKvVZ">82.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173085Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zk2HOmszEMiy">6.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173085Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zJoO4VJPfxg1">5.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173085Member__oef--IndustrySectorAxis__custom--TreasuryMember_zPs7rOocXdEb">4.9%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173085Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_zraCkclz6Ti7">0.4%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-26_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal; font-weight: bold"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98E_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zOPMsoph3FEw"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_z80rNDbIwvfA">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_zs36JR8wyk3U">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_zgg9eCouk1R1">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_znYG4xlb7vPn">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zmhwB18DMugO">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zlz5jUoGThxk">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_zmX1dgRMq0U3">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_zkd7aPKPwOTr">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_z6BQmZxWslpZ">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zJu4TT8Ccpab">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.828 0.061 0.058 0.049 0.004 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> US Bank NA, Series 2026-SUP1, Class B1 5.500% 06/27/33 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USBankNASeries2026SUP1ClassB15500062733Member_z80rNDbIwvfA">1.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 3.625% 05/31/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes3625053128Member_zs36JR8wyk3U">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--MultiFamilyStructuredCreditRiskSeries2021MN2ClassM28685072541Member_zgg9eCouk1R1">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 2.250% 08/15/27 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes2250081527Member_znYG4xlb7vPn">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class A 5.960% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassA5960061636Member_zmhwB18DMugO">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Life Financial Services Trust, Series 2022-BMR2, Class A1 5.692% 05/15/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--LifeFinancialServicesTrustSeries2022BMR2ClassA15692051539Member_zlz5jUoGThxk">0.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> HTAP Trust, Series 2024-2, Class A 6.500% 04/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--HTAPTrustSeries20242ClassA6500042542Member_zmX1dgRMq0U3">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Pool #MA6009 5.500% 03/01/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--FNMAPoolMA60095500030146Member_zkd7aPKPwOTr">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GPCC Amortizing Receivables, Series 2026-1A, Class D 9.260% 06/16/36 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--GPCCAmortizingReceivablesSeries20261AClassD9260061636Member_z6BQmZxWslpZ">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173085Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zJu4TT8Ccpab">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.013 0.009 0.009 0.009 0.009 0.009 0.007 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_907_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_z3BGcH8bL37s">This is a summary of certain changes to the Fund since <span id="xdx_90C_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zbjBiJ4QozWD">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90D_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_z8KtMOm52wsS">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_907_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_z5oICxi5BQiS">888-226-5595</span>.</span></p><p><span id="xdx_907_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zS87hSVEuaIX">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90C_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_zbjBiJ4QozWD">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90D_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_z8KtMOm52wsS">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_907_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173085Member_z5oICxi5BQiS">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Securitized Total Return Fund Investor DHWAX This semi-annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zx3ZzOXoIpo5">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zZK6nCJR2riO">888-226-5595</span> or <span id="xdx_907_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_ztnyYVTonKVH">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zd9ku1myQgg1">$58</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zWj4KhIfZAsi">1.17%¹</span></td> </tr></table></div> 58 0.0117 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Concentrated Bar Chart" src="securitizedtotalbar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10383 10203 10238 10486 10315 10410 10503 10310 10451 10566 10379 10512 <img alt="Ad2 Performance Graph" src="fp0099214-31_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zk7csPjhzlC6">06/30/2025</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000261343Member_zVZoQ2RZQvXm">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zBK5ckbQDaSr">0.76%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000261343Member_zjqaFbLiBG2r">5.66%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_c20250629__20260630__oef--ClassAxis__custom--C000261343Member_zpmyB47y3xiq">5.66%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSAggregateBondIndexMember_zaou502CGyed">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSAggregateBondIndexMember_zad2M7rY5yhF">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSAggregateBondIndexMember_zftI78SK3Ooy">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSAggregateBondIndexMember_z4VqCTYKEl4g">3.79</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90C_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSSecuritizedMBSABSandCMBSIndexMember_zf9Mv9fOTi4h">Bloomberg US Securitized: MBS, ABS and CMBS Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSSecuritizedMBSABSandCMBSIndexMember_zdJ85rTCiWUo">0.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSSecuritizedMBSABSandCMBSIndexMember_zcvgddUrbomb">5.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundInvestorBloombergUSSecuritizedMBSABSandCMBSIndexMember_zSnEDax6pbgw">5.12</span></td></tr></table></div> 2025-06-30 Investor 0.0076 0.0566 0.0566 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0379 Bloomberg US Securitized: MBS, ABS and CMBS Index 0.0098 0.0512 0.0512 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000261343Member_zNloZYv7yyuJ">$31,973,423</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000261343Member_zOpK1pjethVk">134</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_znftA76Ob3B4">10%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_901_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zyTEXl0PAFMg">$110,910</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.28 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 5.85 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 199 </td> </tr> </table> </div> 31973423 134 0.10 110910 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261343Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zMQTOFw4C47B">98.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261343Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z6epotPhMu6K">1.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261343Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_z43f7D0wZ8hk">0.7%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-31_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zRUzYKC5oCgV"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zU93HCkxsFE0">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_zKebRWZCesZo">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zpAn9uSoCB83">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_za5HOnsul5iE">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zUf6yFAt9HFg">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_zWe7j2CKdxlU">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_zogrydNxN95F">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zhOQ0KoOkFtm">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zedJycU4R56O">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zr92a5CiRok6">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.983 0.010 0.007 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zU93HCkxsFE0">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_zKebRWZCesZo">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zpAn9uSoCB83">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_za5HOnsul5iE">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zUf6yFAt9HFg">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_zWe7j2CKdxlU">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_zogrydNxN95F">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zhOQ0KoOkFtm">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zedJycU4R56O">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261343Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zr92a5CiRok6">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.050 0.045 0.033 0.033 0.031 0.028 0.027 0.022 0.022 0.022 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_905_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_za3Uw98WvXQ4">This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_ziANX1nf7DY0">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zS9WQBkDNCo8">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zmGnsWOqoD9S">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_ztGVGnnviyrv">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_ziANX1nf7DY0">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_901_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zS9WQBkDNCo8">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261343Member_zmGnsWOqoD9S">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Securitized Total Return Fund Class I DHWIX This semi-annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_902_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zTKw5w1qOW3K">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_905_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zw9bR6ShtZ01">888-226-5595</span> or <span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zF2LRXpz8tLS">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zCEGVCjSvgFK">$44</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_z9U36F4owcDx">0.88%¹</span></td> </tr></table></div> 44 0.0088 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Concentrated Bar Chart" src="securitizedtotalbar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10392 10203 10238 10503 10315 10410 10529 10310 10451 10602 10379 10512 <img alt="Ad2 Performance Graph" src="fp0099214-32_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_904_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zhgjKo48XEyi">06/30/2025</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000261344Member_zATjNfDoFrCe">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zKWSKl9ZKHb6">0.94%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000261344Member_zEMwyQgxXURf">6.02%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250629__20260630__oef--ClassAxis__custom--C000261344Member_z05YwNvsoWno">6.02%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSAggregateBondIndexMember_z0vLTtOYOnSn">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSAggregateBondIndexMember_z1osty3y3Vso">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSAggregateBondIndexMember_zzJJ4cj0Uknx">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSAggregateBondIndexMember_zkzDVioXBoLH">3.79</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90E_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSSecuritizedMBSABSandCMBSIndexMember_zTiDQJJOlfoX">Bloomberg US Securitized: MBS, ABS and CMBS Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSSecuritizedMBSABSandCMBSIndexMember_zIizZUlkO8eP">0.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSSecuritizedMBSABSandCMBSIndexMember_zzwBvLwJpP7T">5.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassIBloombergUSSecuritizedMBSABSandCMBSIndexMember_zzowDSOXqmul">5.12</span></td></tr></table></div> 2025-06-30 Class I 0.0094 0.0602 0.0602 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0379 Bloomberg US Securitized: MBS, ABS and CMBS Index 0.0098 0.0512 0.0512 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000261344Member_zTehGh3yJrUB">$31,973,423</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_907_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000261344Member_zCWzKu6jPkLn">134</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zBTP5WcHJmy5">10%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zXi9obVWotot">$110,910</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.28 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 5.85 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 199 </td> </tr> </table> </div> 31973423 134 0.10 110910 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261344Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zAkSoeekFwt7">98.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261344Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zGS0SMQ2Maex">1.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261344Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_z2NYbxGKj6Zl">0.7%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-32_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_989_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zoWtmFY3nY4P"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zmW8mXUDMgpx">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_z7pwei6svatU">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zAyNI2WL4xh7">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_zjobdpY3jdjs">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zQlAcgpjpXE5">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_zUCrPTeAqnON">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_za4OsM3G2kkv">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zTYrbahKWLoz">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zkWT7fYi4FT6">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zBVFmLQpZsMK">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.983 0.010 0.007 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zmW8mXUDMgpx">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_z7pwei6svatU">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zAyNI2WL4xh7">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_zjobdpY3jdjs">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zQlAcgpjpXE5">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_zUCrPTeAqnON">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_za4OsM3G2kkv">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zTYrbahKWLoz">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zkWT7fYi4FT6">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261344Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zBVFmLQpZsMK">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.050 0.045 0.033 0.033 0.031 0.028 0.027 0.022 0.022 0.022 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90D_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zPFrJDk96qIq">This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zlhMtq4bbXiE">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zuKREbgNpYS5">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_903_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zPWoipJMMGPH">888-226-5595</span>.</span></p><p><span id="xdx_909_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_z1t3wJToy5lO">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zlhMtq4bbXiE">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zuKREbgNpYS5">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_903_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261344Member_zPWoipJMMGPH">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Securitized Total Return Fund Class Y DHWYX This semi-annual shareholder report contains important information about Diamond Hill Securitized Total Return Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zs2wZmcorkEC">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_906_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zMCMluApq6DL">888-226-5595</span> or <span id="xdx_900_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zWSgYhsXtmdq">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z5rorWwmVEUb">$37</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z0JDROqZ2gw5">0.75%¹</span></td> </tr></table></div> 37 0.0075 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Concentrated Bar Chart" src="securitizedtotalbar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 500000 519199 510151 511896 525418 515764 520493 526869 515522 522573 530658 518956 525586 <img alt="Ad2 Performance Graph" src="fp0099214-30_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zOW83gBBfXk0">06/30/2025</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_904_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000261342Member_z2pEs5CvahOX">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zEzWrOgfzPRJ">1.00%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000261342Member_z6eacndtf4h0">6.13%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_c20250629__20260630__oef--ClassAxis__custom--C000261342Member_zqhM5nzAe0Ce">6.13%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_906_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSAggregateBondIndexMember_z5e4yCnd7qhR">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSAggregateBondIndexMember_zmpplzY8RwCo">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSAggregateBondIndexMember_zSEjtaqCorPP">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSAggregateBondIndexMember_zt5iMEmS42no">3.79</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSSecuritizedMBSABSandCMBSIndexMember_zOAGM4waxnAx">Bloomberg US Securitized: MBS, ABS and CMBS Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSSecuritizedMBSABSandCMBSIndexMember_zC1RYO1J7hIT">0.98</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSSecuritizedMBSABSandCMBSIndexMember_ztzMS95bWzeL">5.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250629__20260630__oef--AdditionalIndexAxis__custom--DiamondHillSecuritizedTotalReturnFundClassYBloombergUSSecuritizedMBSABSandCMBSIndexMember_ziaT2pOooKud">5.12</span></td></tr></table></div> 2025-06-30 Class Y 0.0100 0.0613 0.0613 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0379 Bloomberg US Securitized: MBS, ABS and CMBS Index 0.0098 0.0512 0.0512 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000261342Member_znhVa665jzNf">$31,973,423</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000261342Member_z8fHhk0CTAXq">134</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90F_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zjq2kwamYUoH">10%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_904_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zT2AQ3HSvf0c">$110,910</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.28 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 5.85 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 199 </td> </tr> </table> </div> 31973423 134 0.10 110910 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261342Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zHZqbvI9rtPp">98.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261342Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z4b64dgKB6O1">1.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Other Assets in Excess of Liabilities </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000261342Member__oef--IndustrySectorAxis__custom--OtherAssetsinExcessofLiabilitiesMember_zZgy2ms2UioX">0.7%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-30_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_987_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zDZk5gxyxAUf"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zRoW1MYiFbQU">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_zI03ObsF5voY">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zw0EOOpFiIWr">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_z2oUs4QPugiy">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zNza9uBaRXfM">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_ztFzHOOvbzUo">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_z8vV36O59PpZ">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zIOq9lLyRTBN">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zJPFADJS5mUi">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zcEUVuF5OcP9">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.983 0.010 0.007 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2018-95, Class B 3.500% 01/25/49 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201895ClassB3500012549Member_zRoW1MYiFbQU">5.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2017-87, Class EA 3.000% 04/25/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries201787ClassEA3000042544Member_zI03ObsF5voY">4.5</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2012-103, Class ZP 3.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries2012103ClassZP3000092542Member_zw0EOOpFiIWr">3.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4425, Class TA 2.000% 01/15/45 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4425ClassTA2000011545Member_z2oUs4QPugiy">3.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2009-54, Class Z 6.000% 07/16/39 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries200954ClassZ6000071639Member_zNza9uBaRXfM">3.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FNMA, Series 2020-44, Class EG 2.000% 09/25/42 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FNMASeries202044ClassEG2000092542Member_ztFzHOOvbzUo">2.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> RMF Buyout Issuance Trust 4.704% 11/25/31 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--RMFBuyoutIssuanceTrust4704112531Member_z8vV36O59PpZ">2.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 4152, Class GW 2.500% 01/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries4152ClassGW2500011543Member_zIOq9lLyRTBN">2.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2011-7, Class LS (IO) 2.183% 12/20/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries20117ClassLSIO2183122040Member_zJPFADJS5mUi">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> FHLMC, Series 5071, Class ZT 1.500% 02/25/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000261342Member__us-gaap--InvestmentTypeAxis__custom--FHLMCSeries5071ClassZT1500022551Member_zcEUVuF5OcP9">2.2</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.050 0.045 0.033 0.033 0.031 0.028 0.027 0.022 0.022 0.022 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_902_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zl8DN4Mewugo">This is a summary of certain changes to the Fund since <span id="xdx_908_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z6fMBRzRwxM8">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_905_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zZFrRghTo1jg">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z9OsMCAKCwuQ">888-226-5595</span>.</span></p><p><span id="xdx_90E_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zo1DOJMGf5LO">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_908_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z6fMBRzRwxM8">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_905_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_zZFrRghTo1jg">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_90E_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000261342Member_z9OsMCAKCwuQ">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Bond Fund Investor DHRAX This semi-annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zU1FQVcZ68TQ">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zxw5NFslzbWN">888-226-5595</span> or <span id="xdx_900_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zwU2GAbjuo9x">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zoxU21se1Pug">$38</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zhkOTMhCaWDo">0.77%¹</span></td> </tr></table></div> 38 0.0077 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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).</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Bond Bar Chart" src="corebond-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10033 9899 10061 9860 10873 10636 11743 11565 11770 11527 10713 10340 10611 10243 11059 10513 11788 11152 12222 11574 <img alt="Ad2 Performance Graph" src="fp0099214-33_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zfOcbLUdccfk">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_903_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173086Member_znpz1ojMJruQ">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zlNnqLj45VeE">0.88%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173086Member_zW3pWEf2O6po">3.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173086Member_znhnFo42Ecy5">0.76%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173086Member_zh16CfPWHP2A">2.03%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_907_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundInvestorBloombergUSAggregateBondIndexMember_zqpVmu7qOjlA">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundInvestorBloombergUSAggregateBondIndexMember_zi4bevAI9V5U">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundInvestorBloombergUSAggregateBondIndexMember_zaqwVYBaKOw3">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundInvestorBloombergUSAggregateBondIndexMember_ztgfgtRmwFuU">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundInvestorBloombergUSAggregateBondIndexMember_zRPlYcykqJzC">1.48</span></td></tr></table></div> 2016-07-05 Investor 0.0088 0.0369 0.0076 0.0203 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173086Member_zOMHtRbUcnum">$3,250,126,430</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173086Member_zmJJ0hbJ6EYK">1,086</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zRiLZYctwdfY">11%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_z71XzgppdzQO">$4,758,980</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.62 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.09 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 112 </td> </tr> </table> </div> 3250126430 1086 0.11 4758980 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zCTunMvEx721">62.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--TreasuryMember_zGj2ZF6TOCFs">20.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zbIHsjG3RLOU">16.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zUkA8CsxOV1O">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Government Related </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--GovernmentRelatedMember_zO40zeN1VoOQ">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173086Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zPXn6Hv7pwpO">-0.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-33_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_985_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zgOUaWGOQ8qW"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zLwZldN9ThKC">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zheopJt0zg8j">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zOjGLST0PyDn">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zCHT1o9Z9dTv">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_ztYD8MFxQiM2">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_znNtpBHE3oWS">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_z4DQdR858Q58">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zPynk9qvQ4Fz">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_ztzx5U5uZqOz">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zHlhnOg4U8qV">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.620 0.207 0.161 0.015 0.000 -0.003 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zLwZldN9ThKC">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zheopJt0zg8j">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zOjGLST0PyDn">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zCHT1o9Z9dTv">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_ztYD8MFxQiM2">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_znNtpBHE3oWS">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_z4DQdR858Q58">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zPynk9qvQ4Fz">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_ztzx5U5uZqOz">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173086Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zHlhnOg4U8qV">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.036 0.024 0.022 0.014 0.012 0.012 0.011 0.011 0.011 0.009 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_902_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zImc1hZV9FuA">This is a summary of certain changes to the Fund since <span id="xdx_902_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zAO77jlnPgAn">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zw66QLHp8Khe">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_905_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zRJCOuV4P53i">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zxSStbfBoWg9">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_902_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zAO77jlnPgAn">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_908_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zw66QLHp8Khe">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_905_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173086Member_zRJCOuV4P53i">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Bond Fund Class I DHRIX This semi-annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_z2yyiEAPOfHn">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90F_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_z3EXzE68tnpW">888-226-5595</span> or <span id="xdx_90D_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_ztnNkeozv8o6">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zdqXFkogELnT">$24</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zpICotZm8E7e">0.48%¹</span></td> </tr></table></div> 24 0.0048 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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).</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Bond Bar Chart" src="corebond-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10071 9899 10120 9860 10969 10636 11881 11565 11944 11527 10896 10340 10826 10243 11312 10513 12090 11152 12570 11574 <img alt="Ad2 Performance Graph" src="fp0099214-34_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_903_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zOxLJBKHw7J0">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173087Member_zxuGqlLFC7LV">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zI8YQz25XJCs">1.06%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173087Member_z9Ze5PBfRvBm">3.97%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173087Member_zDpWLMlQaoBf">1.03%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173087Member_z1PRIQSOH7gQ">2.32%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassIBloombergUSAggregateBondIndexMember_zmBZihPZX8Eq">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassIBloombergUSAggregateBondIndexMember_zALkgAXLj1We">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassIBloombergUSAggregateBondIndexMember_znao72kEtWeC">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassIBloombergUSAggregateBondIndexMember_zVFC0YeSUuGX">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassIBloombergUSAggregateBondIndexMember_z4jb8wpaJUNl">1.48</span></td></tr></table></div> 2016-07-05 Class I 0.0106 0.0397 0.0103 0.0232 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_906_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173087Member_zXvovptngl2H">$3,250,126,430</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173087Member_zD23pzeJK6bT">1,086</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zD98WNdVVMca">11%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zeTQgw5jZoeV">$4,758,980</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.62 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.09 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 112 </td> </tr> </table> </div> 3250126430 1086 0.11 4758980 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zoRRWDyOXgrB">62.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--TreasuryMember_zOKCTLPddLja">20.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zEOLoki0Fh4w">16.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_znnGeWLmOmo7">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Government Related </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--GovernmentRelatedMember_zF8cAewIvvTi">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173087Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zEaNk9wzslK8">-0.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-34_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98A_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zj9qzd2K0RtB"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zUexlBZdZMPp">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zcxCJE8NdjN2">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zrIShcBwESaR">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zCToXGKOU3I3">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_zqY9Hh6tyoeL">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_zH2vw3L6bZkC">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_zVH5CDw4ZNQu">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zizIblAQjwUT">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_zDOtmY4sABda">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zpO8exK0eWXi">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.620 0.207 0.161 0.015 0.000 -0.003 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zUexlBZdZMPp">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zcxCJE8NdjN2">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zrIShcBwESaR">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zCToXGKOU3I3">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_zqY9Hh6tyoeL">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_zH2vw3L6bZkC">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_zVH5CDw4ZNQu">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zizIblAQjwUT">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_zDOtmY4sABda">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173087Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zpO8exK0eWXi">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.036 0.024 0.022 0.014 0.012 0.012 0.011 0.011 0.011 0.009 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_906_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zLWW0LqnxQKe">This is a summary of certain changes to the Fund since <span id="xdx_90A_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zsdPooIyelwh">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zDG7oWceRO3P">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_z0dKg7OQ5WTU">888-226-5595</span>.</span></p><p><span id="xdx_906_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zCSRWMoviDTA">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90A_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zsdPooIyelwh">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90F_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_zDG7oWceRO3P">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173087Member_z0dKg7OQ5WTU">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Bond Fund Class Y DHRYX This semi-annual shareholder report contains important information about Diamond Hill Core Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90A_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_z78sR96k8j4R">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zs2tR97ojJRD">888-226-5595</span> or <span id="xdx_909_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zN3OjWuchf34">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zp18NwXktHYS">$17</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zwUHZNo5oB4U">0.35%¹</span></td> </tr></table></div> 17 0.0035 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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).</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Bond Bar Chart" src="corebond-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 503883 494958 507166 492992 549742 531786 596642 578263 599934 576335 547979 517018 545190 512170 570977 525645 610891 557583 635943 578721 <img alt="Ad2 Performance Graph" src="fp0099214-35_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_z7L2BJVYqpwq">07/05/2016</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_909_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000173088Member_z93x0XRThJRh">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zn370GbkCloY">1.13%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000173088Member_zdG2XttyE6zG">4.10%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000173088Member_znqAD2jsWLE6">1.17%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_c20160705__20260630__oef--ClassAxis__custom--C000173088Member_zjhpmT29HMsT">2.44%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassYBloombergUSAggregateBondIndexMember_zj4BPhm6OvHD">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassYBloombergUSAggregateBondIndexMember_zGyKSfnXxphj">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassYBloombergUSAggregateBondIndexMember_z5QAlfqjyJyR">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassYBloombergUSAggregateBondIndexMember_zsv7pA54ZBqW">0.08</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20160705__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCoreBondFundClassYBloombergUSAggregateBondIndexMember_zQ1GAxaqvrtZ">1.48</span></td></tr></table></div> 2016-07-05 Class Y 0.0113 0.0410 0.0117 0.0244 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0008 0.0148 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90B_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000173088Member_zdySaf6PEFOf">$3,250,126,430</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_903_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000173088Member_zIM92qB5T3V2">1,086</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zFHVvQCWpFlJ">11%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_z58Q5vbev9iW">$4,758,980</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.62 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.09 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 112 </td> </tr> </table> </div> 3250126430 1086 0.11 4758980 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zZUpZPhD62g6">62.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--TreasuryMember_zYu3j8NDT4Yw">20.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zlJ4gc0O0fl3">16.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zo4qsfN8eF1A">1.5%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Government Related </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--GovernmentRelatedMember_zD7hrA47KCHv">0.0%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000173088Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zT5vAv07sBii">-0.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-35_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_z52WE0q88q0y"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_ziOzy9LIH5B5">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_z9dJCiT8DQo2">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_z5DVKpHgl1JB">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zBODEgFeRkJu">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_zJMMT8Pgmcko">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_znswR9Gb4GDX">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_zcloXhbIVxoT">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zKgnUVs1oWSq">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_zJCGeJf5iq62">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zslK3bvl5mFs">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.620 0.207 0.161 0.015 0.000 -0.003 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_ziOzy9LIH5B5">3.6</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_z9dJCiT8DQo2">2.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_z5DVKpHgl1JB">2.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zBODEgFeRkJu">1.4</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 2.250% 08/15/46 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds2250081546Member_zJMMT8Pgmcko">1.2</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.125% 08/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1125081540Member_znswR9Gb4GDX">1.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.000% 11/15/38 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_906_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS111538Member_zcloXhbIVxoT">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury STRIPS 0.625% 02/15/43 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasurySTRIPS0625021543Member_zKgnUVs1oWSq">1.1</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.375% 11/15/40 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1375111540Member_zJCGeJf5iq62">1.1</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 1.250% 09/30/28 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000173088Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes1250093028Member_zslK3bvl5mFs">0.9</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.036 0.024 0.022 0.014 0.012 0.012 0.011 0.011 0.011 0.009 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_901_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_z3upUPsbY9uo">This is a summary of certain changes to the Fund since <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zyPbw857eTFo">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zpW3eOROENNz">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_903_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zjcd9ecgk4zh">888-226-5595</span>.</span></p><p><span id="xdx_900_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zRROwlF0QFoE">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90B_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zyPbw857eTFo">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_907_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zpW3eOROENNz">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_903_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000173088Member_zjcd9ecgk4zh">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Plus Bond Fund Investor DHNAX This semi-annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_906_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zqHVO7PtuOeH">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_901_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zypQOdJXgV10">888-226-5595</span> or <span id="xdx_903_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zqUytb4ZtJoH">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Investor</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zKvfpzLC7U0o">$43</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zPHFvEsu8PIm">0.87%¹</span></td> </tr></table></div> 43 0.0087 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Plus Bar Chart" src="coreplus-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 9931 9806 10219 10078 10350 10200 10592 10407 10702 10521 10713 10516 10828 10587 <img alt="Ad2 Performance Graph" src="fp0099214-36_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zkHpLdxofbil">10/15/2024</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90A_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000254400Member_zboQ9yBgMsoy">Investor</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zRBPpGRj6S4K">1.18%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000254400Member_zkZil1lRwuV4">4.61%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20241015__20260630__oef--ClassAxis__custom--C000254400Member_zIzYdAsEHHOu">4.77%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundInvestorBloombergUSAggregateBondIndexMember_zNxOHXROAC87">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundInvestorBloombergUSAggregateBondIndexMember_zZHZnyd7At5b">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundInvestorBloombergUSAggregateBondIndexMember_zWggjumJSO9l">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20241015__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundInvestorBloombergUSAggregateBondIndexMember_zGoiVwWj0VTp">3.40</span></td></tr></table></div> 2024-10-15 Investor 0.0118 0.0461 0.0477 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0340 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000254400Member_zdNdP1O6lrjX">$100,382,766</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000254400Member_z0igPsOjXRjn">489</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zWg7lz81gOrD">23%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_ztYObsgOiLzm">$190,963</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.71 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.15 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 160 </td> </tr> </table> </div> 100382766 489 0.23 190963 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254400Member__oef--IndustrySectorAxis__custom--SecuritizedMember_z7y5wT6RZ6ez">61.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254400Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_ztZxRg2ufJLE">22.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254400Member__oef--IndustrySectorAxis__custom--TreasuryMember_zU0hZLDPyGUz">15.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254400Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zk5OerBJ7ZoF">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254400Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zRwHPt9LbNu6">-1.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-36_sa162.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_980_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zOrQgv9giGOy"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zrAmSyQIk8pS">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_z0kJSqrqBdoc">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zOo7oWod2Y2i">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_zbAFo7KtUfSm">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_zpGqNqCfltfN">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_zw6kAptb1VXR">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zg1MCbC0Ods5">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zCfmG6ObwLlD">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_z40SxgftBqjB">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_zgfFOgrsn5CT">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.617 0.221 0.153 0.027 -0.018 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zrAmSyQIk8pS">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_z0kJSqrqBdoc">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zOo7oWod2Y2i">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_zbAFo7KtUfSm">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_zpGqNqCfltfN">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_zw6kAptb1VXR">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zg1MCbC0Ods5">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zCfmG6ObwLlD">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_z40SxgftBqjB">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254400Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_zgfFOgrsn5CT">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.043 0.042 0.017 0.013 0.009 0.008 0.008 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90E_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zmtTx0uAWGzA">This is a summary of certain changes to the Fund since <span id="xdx_90E_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zfiCqh9R0mPl">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zQ6WGCAOnkja">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zNzzZ1YfuNo4">888-226-5595</span>.</span></p><p><span id="xdx_90E_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_z6UkqOCayJUY">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_90E_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zfiCqh9R0mPl">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_902_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zQ6WGCAOnkja">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_906_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254400Member_zNzzZ1YfuNo4">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Plus Bond Fund Class I DHNIX This semi-annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_907_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_z2td91WeChO0">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_902_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zhVpkWmpyN5z">888-226-5595</span> or <span id="xdx_90B_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zDRLg4bWCXk8">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class I</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zhdmgEqrQLBJ">$29</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zK9mx6G6vZba">0.58%¹</span></td> </tr></table></div> 29 0.0058 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Plus Bar Chart" src="coreplus-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 9938 9806 10234 10078 10366 10200 10618 10407 10736 10521 10745 10516 10870 10587 <img alt="Ad2 Performance Graph" src="fp0099214-37_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_90B_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zp3TRJHwGJ1j">10/15/2024</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000254401Member_zQuHMzMTZtOQ">Class I</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_z81MSvOocZJo">1.25%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000254401Member_zv6xCjK6z3xX">4.86%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_c20241015__20260630__oef--ClassAxis__custom--C000254401Member_zO9z0jeRBWqX">5.01%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90B_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassIBloombergUSAggregateBondIndexMember_z7cQa98YSVaX">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassIBloombergUSAggregateBondIndexMember_zq0q4RDNylq7">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassIBloombergUSAggregateBondIndexMember_zqRtLOzUUlBa">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20241015__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassIBloombergUSAggregateBondIndexMember_z8Heo1PGaGrD">3.40</span></td></tr></table></div> 2024-10-15 Class I 0.0125 0.0486 0.0501 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0340 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_905_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000254401Member_zlxCBmqubwmX">$100,382,766</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000254401Member_zGZLTF8RFcOk">489</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zgT483sEYXfL">23%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90E_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_z0mW7POSxjXE">$190,963</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.71 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.15 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 160 </td> </tr> </table> </div> 100382766 489 0.23 190963 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254401Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zUFl7OnvN9MN">61.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254401Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zyoKNnvI1ZgZ">22.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254401Member__oef--IndustrySectorAxis__custom--TreasuryMember_z5nZoHop4TwS">15.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254401Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zx30M50WhEsj">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254401Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zZguDPBpz5cO">-1.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-37_sa162.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_98D_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zeGvkOR0GGQH"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zwCuXtLqWlvH">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zbQe4p7vhEoT">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zwoP2cTUEo4O">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_z4sHtVJoMgTv">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_z2naTCKlN2NF">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_z4LRlaXmNjhO">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zY7GjBJrsOpB">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zHfUQpjJPBEE">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_zQGDv63R12ZS">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_zsNIe8C04nPB">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.617 0.221 0.153 0.027 -0.018 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zwCuXtLqWlvH">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_zbQe4p7vhEoT">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_zwoP2cTUEo4O">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_z4sHtVJoMgTv">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_z2naTCKlN2NF">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_z4LRlaXmNjhO">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zY7GjBJrsOpB">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zHfUQpjJPBEE">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_zQGDv63R12ZS">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254401Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_zsNIe8C04nPB">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.043 0.042 0.017 0.013 0.009 0.008 0.008 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_903_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zrx8c3Cb5XW6">This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zQGKx3UZqxJT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_900_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zNe336MXXO5i">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zdOVIPgIecmo">888-226-5595</span>.</span></p><p><span id="xdx_90C_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_z2MEZLHTiwyD">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_903_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zQGKx3UZqxJT">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_900_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zNe336MXXO5i">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254401Member_zdOVIPgIecmo">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Core Plus Bond Fund Class Y DHNYX This semi-annual shareholder report contains important information about Diamond Hill Core Plus Bond Fund (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_90F_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zZnmdMKGeW24">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_900_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zlkToSUvdoIs">888-226-5595</span> or <span id="xdx_906_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zuBLB9hPohZk">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Class Y</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z3P3wo12e1RU">$22</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zgMQpzmoc3Av">0.45%¹</span></td> </tr></table></div> 22 0.0045 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Core Plus Bar Chart" src="coreplus-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 500000 500000 496929 490276 511917 503911 519131 509991 531859 520345 537924 526070 538574 525824 545021 529326 <img alt="Ad2 Performance Graph" src="fp0099214-38_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_900_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z9R1yKJpQGBn">10/15/2024</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_902_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000254402Member_z6cL9TsSnb8D">Class Y</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zlprMxQZRxJ1">1.32%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000254402Member_z6bizOIhCbDt">4.99%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_c20241015__20260630__oef--ClassAxis__custom--C000254402Member_zxqEgbQFJeZ0">5.18%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_901_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassYBloombergUSAggregateBondIndexMember_zJ2G1TA5o0lS">Bloomberg US Aggregate Bond Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassYBloombergUSAggregateBondIndexMember_zTN8ej6u4yio">0.62</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassYBloombergUSAggregateBondIndexMember_zpZTqA6hCFSk">3.79</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20241015__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillCorePlusBondFundClassYBloombergUSAggregateBondIndexMember_zcaJHrQoRdS5">3.40</span></td></tr></table></div> 2024-10-15 Class Y 0.0132 0.0499 0.0518 Bloomberg US Aggregate Bond Index 0.0062 0.0379 0.0340 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90C_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000254402Member_z3kgwAzSQrQq">$100,382,766</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90D_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000254402Member_z1SWsKxsoztZ">489</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_902_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zektdqhDxdwr">23%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_900_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zkkhAjesvabC">$190,963</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Effective Duration </th> <td class="table-value" style="text-align: center; width: 15%"> 5.71 </td> </tr> <tr> <th class="table-label" style="text-align: left"> Weighted Average Life </th> <td class="table-value" style="text-align: center; width: 15%"> 7.15 </td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left"> Option-Adjusted Spread </th> <td class="table-value" style="text-align: center; width: 15%"> 160 </td> </tr> </table> </div> 100382766 489 0.23 190963 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Securitized </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254402Member__oef--IndustrySectorAxis__custom--SecuritizedMember_zvlR35OIXw4q">61.7%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Corporate Credit </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254402Member__oef--IndustrySectorAxis__custom--CorporateCreditMember_zi4KsntEjvM5">22.1%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Treasury </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254402Member__oef--IndustrySectorAxis__custom--TreasuryMember_zlAkqyvYWqMS">15.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254402Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_z36D7629K0n0">2.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000254402Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zB2mpN6gfbey">-1.8%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-38_sa162.jpg" style="width: 348px; height: 200px"/></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_982_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z9NVPOI3tKmu"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zzSVFI1hYPCL">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_z6x9mcT4fXWU">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_znBMqOoMoBIq">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_zcoI80KgOb9z">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_zEnZ6GRfxOiQ">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_zhx0YyI5BwVH">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zdakpvfIO3dK">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zVQEKZlkulcr">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_zsyJVTsBqSxX">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_z4Ow23oWRqhq">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.617 0.221 0.153 0.027 -0.018 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>% of<br/>Net Assets</strong></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 4.000% 02/15/34 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes4000021534Member_zzSVFI1hYPCL">4.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 3.000% 02/15/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds3000021548Member_z6x9mcT4fXWU">4.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Notes 0.625% 08/15/30 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryNotes0625081530Member_znBMqOoMoBIq">1.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2018-27, Class KY 3.5000% 02/20/48 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries201827ClassKY35000022048Member_zcoI80KgOb9z">1.3</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-29, Class AG 5.000% 02/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202129ClassAG5000022051Member_zEnZ6GRfxOiQ">0.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2020-95, Class EA 1.500% 07/20/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202095ClassEA1500072050Member_zhx0YyI5BwVH">0.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> U.S. Treasury Bonds 1.625% 11/15/50 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--USTreasuryBonds1625111550Member_zdakpvfIO3dK">0.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2022-64, Class MA 2.500% 11/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries202264ClassMA2500112051Member_zVQEKZlkulcr">0.7</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2014-118, Class ZD 2.500% 08/16/44 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_900_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2014118ClassZD2500081644Member_zsyJVTsBqSxX">0.7</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> GNMA, Series 2021-136, Class TC 1.500% 08/20/51 </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000254402Member__us-gaap--InvestmentTypeAxis__custom--GNMASeries2021136ClassTC1500082051Member_z4Ow23oWRqhq">0.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.043 0.042 0.017 0.013 0.009 0.008 0.008 0.007 0.007 0.007 <div class="section-header"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_90E_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zE253zKeyjkP">This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zO4xNoJpxVPl">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_909_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z6KGxwrx2VMP">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zEpM60elIAFw">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z30kqO2XnHBJ">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_906_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zO4xNoJpxVPl">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_909_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_z6KGxwrx2VMP">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_904_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000254402Member_zEpM60elIAFw">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies. Diamond Hill Large Cap Concentrated ETF Diamond Hill Large Cap Concentrated ETF DHLX This semi-annual shareholder report contains important information about Diamond Hill Large Cap Concentrated ETF (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at <span id="xdx_903_eoef--AddlInfoWebsite_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zU4bmSuPJL0z">https://diamond-hill.com/documents</span>. You can also request this information by contacting us at <span id="xdx_90D_eoef--AddlInfoPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zUg13S3rdQUF">888-226-5595</span> or <span id="xdx_90F_eoef--AddlInfoEmail_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_z4ZLUELjjOBj">info@diamond-hill.com</span> or by contacting your financial advisor. https://diamond-hill.com/documents 888-226-5595 info@diamond-hill.com This report describes material changes to the Fund that occurred during the reporting period. <div class="section-header"><strong>What were the Fund's costs for the last six months?</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"><strong>(Based On a Hypothetical $10,000 Investment)</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left">Class</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs of a $10,000 Investment </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"> Costs Paid as a Percentage of a $10,000 Investment </th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left">Diamond Hill Large Cap Concentrated ETF</td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90F_eoef--ExpensesPaidAmt_pp2d_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_z17uojyQr9DO">$27</span></td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--ExpenseRatioPct_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zA1hbD7X2fdH">0.55%¹</span></td> </tr></table></div> 27 0.0055 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>How did the Fund perform the last six months, and what affected its performance?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left">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.</p></div> <div class="section-body" style="margin-bottom: 8px"><img alt="Large Cap Concentrated Bar Chart" src="largecapconcentrated-bar.jpg" style="width: 50%; display: block; margin-left: auto; margin-right: auto; margin-bottom: 0.125in"/></div> 10000 10000 10000 10000 10990 11212 11140 11264 9713 9657 10380 9796 11178 11488 11578 11693 13414 14144 13090 14485 15317 16308 14883 16754 15194 20030 18920 20444 <img alt="Ad2 Performance Graph" src="fp0099214-39_sa161.jpg" style="width: 348px; height: 250px"/> The performance of the above Fund does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not indicative of future results. <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal !important"><strong>Average Annual Total Returns as of June 30, 2026</strong></div> <div class="section-body" style="border-top: black 0.5pt solid; border-bottom: black 0.5pt solid; margin-bottom: 8px; vertical-align: bottom"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"><strong>Six Months</strong></th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">One Year</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Five Years</th><th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">Since Inception<br/> (<span id="xdx_905_eoef--PerfInceptionDate_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_z2il0Ha0GGnR">02/26/2021</span>) </th></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--ClassAxis__custom--C000262826Member_zotoeQHZhoJV">Diamond Hill Large Cap Concentrated ETF</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--AvgAnnlRtrPct_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zvwqpojCuTRq">-1.67%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--AvgAnnlRtrPct_c20250701__20260630__oef--ClassAxis__custom--C000262826Member_zxh6o4H0VZ34">-0.81%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_c20210701__20260630__oef--ClassAxis__custom--C000262826Member_zKkQbyPjsSR3">6.69%</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--AvgAnnlRtrPct_c20210226__20260630__oef--ClassAxis__custom--C000262826Member_zXeusWIXz8oj">8.15%</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_90F_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000IndexMember_z36SwcyWC8El">Russell 1000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000IndexMember_zM8mEY7DUO62">10.33</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000IndexMember_zqDZ06DeCg6l">22.02</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000IndexMember_zcUNiEEI8kA3">12.66</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--AvgAnnlRtrPct_dp_c20210226__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000IndexMember_zCrLbkWkz9Mf">14.33</span></td></tr><tr> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_908_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000ValueIndexMember_zcIXMbgrdoOt">Russell 1000 Value Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000ValueIndexMember_zV1gowOCbM13">16.26</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000ValueIndexMember_z0fMfXv90don">27.12</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000ValueIndexMember_zMxO2jiMpv5f">11.17</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20210226__20260630__oef--AdditionalIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell1000ValueIndexMember_zQXdGlAewkPg">12.69</span></td></tr><tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> <span id="xdx_900_eoef--LineGraphAndTableMeasureName_c20251230__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell3000IndexMember_zPkXCALlOQef">Russell 3000 Index</span> </td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20260101__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell3000IndexMember_zAg7F6QgLG85">10.88</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_902_eoef--AvgAnnlRtrPct_dp_c20250701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell3000IndexMember_zH1FCTuTZ7S">22.82</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--AvgAnnlRtrPct_dp_c20210701__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell3000IndexMember_zg4d2UCInmBi">12.31</span></td><td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--AvgAnnlRtrPct_dp_c20210226__20260630__oef--BroadBasedIndexAxis__custom--DiamondHillLargeCapConcentratedETFDiamondHillLargeCapConcentratedETFRussell3000IndexMember_ztTTa1xMyPtf">13.89</span></td></tr></table></div> 2021-02-26 Diamond Hill Large Cap Concentrated ETF -0.0167 -0.0081 0.0669 0.0815 Russell 1000 Index 0.1033 0.2202 0.1266 0.1433 Russell 1000 Value Index 0.1626 0.2712 0.1117 0.1269 Russell 3000 Index 0.1088 0.2282 0.1231 0.1389 <div class="section-header"><strong>Key Fund Statistics</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"> <table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; border-top-color: black; border-top-style: solid; border-top-width: 0.5pt"> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Net Assets</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_909_eus-gaap--AssetsNet_iI_uUSD_c20260630__oef--ClassAxis__custom--C000262826Member_z7JbinByzMQr">$87,093,636</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Number of Portfolio Holdings</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eoef--HoldingsCount_iI_uShares_c20260630__oef--ClassAxis__custom--C000262826Member_z6GYtgcHb89g">21</span></td> </tr> <tr style="background-color: Gainsboro"> <th class="table-label" style="text-align: left">Portfolio Turnover Rate</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_908_eus-gaap--InvestmentCompanyPortfolioTurnover_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zEPApoErf1s1">9%</span></td> </tr> <tr> <th class="table-label" style="text-align: left">Total Advisory Fees Paid</th> <td class="table-value" style="text-align: center; width: 15%"><span id="xdx_90A_eoef--AdvisoryFeesPaidAmt_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zSGHeCFTUsHV">$190,517</span></td> </tr> </table> </div> 87093636 21 0.09 190517 <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>What Did the Fund Invest In?</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"><strong>Sector Allocation (% of Net Assets)</strong></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> Sector</th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Financials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90B_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--FinancialsMember_zrYl4yboltkM">24.2%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Industrials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_907_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--IndustrialsMember_zAmADSTjt6So">14.6%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Health Care </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_903_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--HealthCareMember_zRx93jSfgbe1">13.9%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Information Technology </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--InformationTechnologyMember_zw5hLqwrQmRN">13.7%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Staples </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_908_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--ConsumerStaplesMember_zSYXZCWXh9OG">10.8%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Energy </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--EnergyMember_zV0ASYB6xiWl">5.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Communication Services </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--CommunicationServicesMember_zh8yNZEuIxIp">4.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Consumer Discretionary </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--ConsumerDiscretionaryMember_z4nLa6NBTW9z">4.2%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Real Estate </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--RealEstateMember_zfqC9UBV55lO">4.1%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Materials </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_901_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--MaterialsMember_zAh3phK0mMgB">4.0%</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Registered Investment Companies </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--RegisteredInvestmentCompaniesMember_zA0FqmhjI52R">1.3%</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Liabilities in Excess of Other Assets </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90A_eoef--PctOfNav_iI_c20260630__oef--ClassAxis__custom--C000262826Member__oef--IndustrySectorAxis__custom--LiabilitiesinExcessofOtherAssetsMember_zvoDZ7fbsf7M">-0.3%</span></td> </tr> </table><img alt="Af Image" src="fp0099214-39_sa162.jpg" style="width: 368px; height: 360px"/></div> <div class="section-body" style="margin-bottom: 8px"><p style="text-align: left"></p></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px; font-style: normal"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div id="xdx_981_eoef--LargestHoldingsTableTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zre5WlsNKVSn"> <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zD3OeP7mjnVr">7.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zFM4H9O93OHo">6.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zVdEQdoAPpWi">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ziDLVoBkCcAf">5.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zMTWEgKAOrbi">5.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zjk8mg1i2zat">5.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncMember_zR15gvZZ3Uuo">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zKKELsx79uyi">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Labcorp Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--LabcorpHoldingsIncMember_zOktGUBOokuU">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorpMember_zuPWHXlOhsgB">4.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> <div class="section" style="break-inside: avoid; margin-bottom: 8px"> <div class="section-header"></div> <div class="section-subheader" style="margin-bottom: 8px"> </div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid; display: none"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> </th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px"></th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> </div> 0.242 0.146 0.139 0.137 0.108 0.052 0.043 0.042 0.041 0.040 0.013 -0.003 <div class="section-header centered" style="display: flex; align-items: center; justify-content: center; text-align: center"> </div> <div class="section-subheader centered" style="margin-bottom: 8px; display: flex; align-items: center; justify-content: center; text-align: center"></div> <div class="section-body graph" style="margin-bottom: 8px"><table class="table" style="border: #000000 0px none; width: 100%; border-collapse: collapse; margin-bottom: 0px; margin-top: 0px; font-size: 8pt; break-inside: avoid"> <tr class="header-row" style="background-color: Gainsboro"> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px; text-align: left"> <strong>Top Ten Holdings</strong></th> <th class="table-column-header" style="border-bottom: black 1px solid; padding: 4px; font-weight: bold; margin-bottom: 8px">% of Net Assets</th> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Berkshire Hathaway, Inc., Class B </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--BerkshireHathawayIncClassBMember_zD3OeP7mjnVr">7.0</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> American International Group, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AmericanInternationalGroupIncMember_zFM4H9O93OHo">6.8</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Colgate-Palmolive Co. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--ColgatePalmoliveCoMember_zVdEQdoAPpWi">6.3</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Abbott Laboratories </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90D_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AbbottLaboratoriesMember_ziDLVoBkCcAf">5.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Waste Management, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_909_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--WasteManagementIncMember_zMTWEgKAOrbi">5.9</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Aon plc, Class A </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_904_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--AonplcClassAMember_zjk8mg1i2zat">5.9</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Texas Instruments, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--TexasInstrumentsIncMember_zR15gvZZ3Uuo">5.5</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> ConocoPhillips </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_905_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--ConocoPhillipsMember_zKKELsx79uyi">5.2</span></td> </tr> <tr> <td class="table-column-value" style="padding: 4px; text-align: left"> Labcorp Holdings, Inc. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90C_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--LabcorpHoldingsIncMember_zOktGUBOokuU">4.8</span></td> </tr> <tr style="background-color: Gainsboro"> <td class="table-column-value" style="padding: 4px; text-align: left"> Union Pacific Corp. </td> <td class="table-column-value" style="padding: 4px; text-align: center; width: 15%"><span id="xdx_90E_eoef--PctOfNav_iI_dp_c20260630__oef--ClassAxis__custom--C000262826Member__us-gaap--InvestmentTypeAxis__custom--UnionPacificCorpMember_zuPWHXlOhsgB">4.7</span></td> </tr> </table></div> <div class="section-body" style="margin-bottom: 8px"></div> 0.070 0.068 0.063 0.059 0.059 0.059 0.055 0.052 0.048 0.047 <div class="section-header" style="border-bottom: black 0.5pt solid"><strong>Material Fund Changes</strong></div> <div class="section-subheader" style="margin-bottom: 8px"></div> <div class="section-body" style="margin-bottom: 8px"><p><span id="xdx_903_eoef--SummaryOfChngLegendTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zeplOqOpjcot">This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zMZHKrDEqZzo">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90C_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_z1DFI6oshYOq">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zTBiGSthowwS">888-226-5595</span>.</span></p><p><span id="xdx_902_eoef--MaterialFundChngAdviserTextBlock_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zOPZPrYmHm2N">On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.</span></p><p>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").</p><p>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.</p></div> This is a summary of certain changes to the Fund since <span id="xdx_907_eoef--MaterialChngDate_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zMZHKrDEqZzo">April 22, 2026</span>. For more complete information, you may review the Fund's prospectus dated February 28, 2026, as supplemented, at <span id="xdx_90C_eoef--UpdProspectusWebAddress_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_z1DFI6oshYOq">https://www.diamond-hill.com/documents</span> or upon request at <span id="xdx_902_eoef--UpdProspectusPhoneNumber_c20260101__20260630__oef--ClassAxis__custom--C000262826Member_zTBiGSthowwS">888-226-5595</span>. 2026-04-22 https://www.diamond-hill.com/documents 888-226-5595 On April 22, 2026, First Eagle Investment Management, LLC ("First Eagle") acquired Diamond Hill Investment Group, Inc. ("DHIG"), the parent company of Diamond Hill Capital Management, Inc. (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 is not expected to result in any change of the portfolio management of the Fund or in the Fund's investment objectives or policies.