Semi-Annual Shareholder Report
June 30, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-08061
Diamond Hill Funds
(Exact name of registrant as specified in charter)
325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Address of principal executive offices) (Zip code)
Thomas E. Line
325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215
(Name and address of agent for service)
Registrant’s telephone number, including area code: 614-255-3333
Date of fiscal year end: December 31
Date of reporting
period:
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a)
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHSCX) returned 3.27% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2000 Index returned 1.73%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| First Advantage Corp. | |
| FTAI Aviation Ltd. | |
| Ashland, Inc. | |
| Triumph Financial, Inc. | |
| Live Oak Bancshares, Inc. | |
| Mr. Cooper Group, Inc. | |
| Bank OZK | |
| Enovis Corp. | |
| Civitas Resources, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHSIX) returned 3.46% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2000 Index returned 1.73%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| First Advantage Corp. | |
| FTAI Aviation Ltd. | |
| Ashland, Inc. | |
| Triumph Financial, Inc. | |
| Live Oak Bancshares, Inc. | |
| Mr. Cooper Group, Inc. | |
| Bank OZK | |
| Enovis Corp. | |
| Civitas Resources, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHSYX) returned 3.45% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2000 Index returned 1.73%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| First Advantage Corp. | |
| FTAI Aviation Ltd. | |
| Ashland, Inc. | |
| Triumph Financial, Inc. | |
| Live Oak Bancshares, Inc. | |
| Mr. Cooper Group, Inc. | |
| Bank OZK | |
| Enovis Corp. | |
| Civitas Resources, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHMAX) returned 0.55% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2500 Index returned 2.35%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2500 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| Ashland, Inc. | |
| Mr. Cooper Group, Inc. | |
| CubeSmart | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Webster Financial Corp. | |
| Lancaster Colony Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHMIX) returned 0.71% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2500 Index returned 2.35%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2500 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| Ashland, Inc. | |
| Mr. Cooper Group, Inc. | |
| CubeSmart | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Webster Financial Corp. | |
| Lancaster Colony Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHMYX) returned 0.78% for the 6-month period ended June 30, 2024. Over that same period, the Russell 2500 Index returned 2.35%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 2500 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| Ashland, Inc. | |
| Mr. Cooper Group, Inc. | |
| CubeSmart | |
| Regal Rexnord Corp. | |
| Gates Industrial Corp. plc | |
| Webster Financial Corp. | |
| Lancaster Colony Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHPAX) returned 4.40% for the 6-month period ended June 30, 2024. Over that same period, the Russell Midcap Index returned 4.96%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell Midcap Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Ashland, Inc. | |
| Parker-Hannifin Corp. | |
| Freeport-McMoRan, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHPIX) returned 4.53% for the 6-month period ended June 30, 2024. Over that same period, the Russell Midcap Index returned 4.96%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell Midcap Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Ashland, Inc. | |
| Parker-Hannifin Corp. | |
| Freeport-McMoRan, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHPYX) returned 4.64% for the 6-month period ended June 30, 2024. Over that same period, the Russell Midcap Index returned 4.96%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell Midcap Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Red Rock Resorts, Inc. Class A | |
| WESCO International, Inc. | |
| Post Holdings, Inc. | |
| American International Group, Inc. | |
| Regal Rexnord Corp. | |
| Ashland, Inc. | |
| Parker-Hannifin Corp. | |
| Freeport-McMoRan, Inc. | |
| CubeSmart | |
| SS&C Technologies Holdings, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHLAX) returned 6.15% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Bank of America Corp. | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHLRX) returned 6.29% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Bank of America Corp. | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHLYX) returned 6.35% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Bank of America Corp. | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHFAX) returned 7.96% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Since Inception ( | |
|---|---|---|---|
| Investor |
|
|
|
| Russell 3000 Index |
|
|
|
| Russell 1000 Index |
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| Bank of America Corp. | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| Union Pacific Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHFIX) returned 8.07% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Since Inception ( | |
|---|---|---|---|
| Class I |
|
|
|
| Russell 3000 Index |
|
|
|
| Russell 1000 Index |
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| Bank of America Corp. | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| Union Pacific Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHFYX) returned 8.15% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24%. 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.
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.
Six Months | One Year | Since Inception ( | |
|---|---|---|---|
| Class Y |
|
|
|
| Russell 3000 Index |
|
|
|
| Russell 1000 Index |
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| American International Group, Inc. | |
| ConocoPhillips | |
| Abbott Laboratories | |
| PepsiCo, Inc. | |
| Texas Instruments, Inc. | |
| Allstate Corp. (The) | |
| Bank of America Corp. | |
| General Motors Co. | |
| HCA Healthcare, Inc. | |
| Union Pacific Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHTAX) returned 6.69% for the 6-month period ended June 30, 2024. Over that same period, the Russell 3000 Index returned 13.56%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Cimpress plc | |
| Ashland, Inc. | |
| Regal Rexnord Corp. | |
| WESCO International, Inc. | |
| Allstate Corp. (The) | |
| Enovis Corp. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHLTX) returned 6.86% for the 6-month period ended June 30, 2024. Over that same period, the Russell 3000 Index returned 13.56%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Cimpress plc | |
| Ashland, Inc. | |
| Regal Rexnord Corp. | |
| WESCO International, Inc. | |
| Allstate Corp. (The) | |
| Enovis Corp. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHTYX) returned 6.92% for the 6-month period ended June 30, 2024. Over that same period, the Russell 3000 Index returned 13.56%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Mr. Cooper Group, Inc. | |
| Red Rock Resorts, Inc. Class A | |
| American International Group, Inc. | |
| Cimpress plc | |
| Ashland, Inc. | |
| Regal Rexnord Corp. | |
| WESCO International, Inc. | |
| Allstate Corp. (The) | |
| Enovis Corp. | |
| CarMax, Inc. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DIAMX) returned 10.04% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24% and the 60%/40% Blended Index returned 9.57%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| 60% Russell 1000/40% Bloomberg U.S. T-Bill 1-3 Month Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Number of Long/(Short) Holdings in Portfolio | 57 / (42) |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Long: | |
| Alphabet, Inc., Class A | |
| Microsoft Corp. | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Meta Platforms, Inc., Class A | |
| Chevron Corp. | |
| WNS Holdings Ltd. | |
| Parker-Hannifin Corp. | |
| HCA Healthcare, Inc. | |
| SS&C Technologies Holdings, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| WD-40 Co. | |
| Garmin Ltd. | |
| Mueller Industries, Inc. | |
| Alarm.com Holdings, Inc. | |
| Ormat Technologies, Inc. | |
| Acushnet Holdings Corp. | |
| Doximity, Inc. Class A | |
| GameStop Corp., Class A | |
| Teradata Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHLSX) returned 10.21% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24% and the 60%/40% Blended Index returned 9.57%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| 60% Russell 1000/40% Bloomberg U.S. T-Bill 1-3 Month Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Number of Long/(Short) Holdings in Portfolio | 57 / (42) |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Long: | |
| Alphabet, Inc., Class A | |
| Microsoft Corp. | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Meta Platforms, Inc., Class A | |
| Chevron Corp. | |
| WNS Holdings Ltd. | |
| Parker-Hannifin Corp. | |
| HCA Healthcare, Inc. | |
| SS&C Technologies Holdings, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| WD-40 Co. | |
| Garmin Ltd. | |
| Mueller Industries, Inc. | |
| Alarm.com Holdings, Inc. | |
| Ormat Technologies, Inc. | |
| Acushnet Holdings Corp. | |
| Doximity, Inc. Class A | |
| GameStop Corp., Class A | |
| Teradata Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DIAYX) returned 10.26% for the 6-month period ended June 30, 2024. Over that same period, the Russell 1000 Index returned 14.24% and the 60%/40% Blended Index returned 9.57%. 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.
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.
Six Months | One Year | Five Years | Ten Years | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Russell 3000 Index |
|
|
|
|
| Russell 1000 Index |
|
|
|
|
| 60% Russell 1000/40% Bloomberg U.S. T-Bill 1-3 Month Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Number of Long/(Short) Holdings in Portfolio | 57 / (42) |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Long: | |
| Alphabet, Inc., Class A | |
| Microsoft Corp. | |
| Citigroup, Inc. | |
| American International Group, Inc. | |
| Meta Platforms, Inc., Class A | |
| Chevron Corp. | |
| WNS Holdings Ltd. | |
| Parker-Hannifin Corp. | |
| HCA Healthcare, Inc. | |
| SS&C Technologies Holdings, Inc. | |
| Short: | |
| International Business Machines Corp. | |
| WD-40 Co. | |
| Garmin Ltd. | |
| Mueller Industries, Inc. | |
| Alarm.com Holdings, Inc. | |
| Ormat Technologies, Inc. | |
| Acushnet Holdings Corp. | |
| Doximity, Inc. Class A | |
| GameStop Corp., Class A | |
| Teradata Corp. |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHIAX) returned 6.12% for the 6-month period ended June 30, 2024. Over that same period, the MSCI ACWI ex USA Index returned 5.69%. 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.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| MSCI ACWI ex USA Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Unilever plc | |
| Samsung Electronics Co. Ltd. | |
| EXOR NV | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Tesco plc | |
| Canadian Natural Resources Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Spotify Technology SA | |
| Howden Joinery Group plc |
| Geographic Region | % of Net Assets |
|---|---|
| United Kingdom | |
| Switzerland | |
| Canada | |
| Japan | |
| United States |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHIIX) returned 6.29% for the 6-month period ended June 30, 2024. Over that same period, the MSCI ACWI ex USA Index returned 5.69%. 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.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| MSCI ACWI ex USA Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Unilever plc | |
| Samsung Electronics Co. Ltd. | |
| EXOR NV | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Tesco plc | |
| Canadian Natural Resources Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Spotify Technology SA | |
| Howden Joinery Group plc |
| Geographic Region | % of Net Assets |
|---|---|
| United Kingdom | |
| Switzerland | |
| Canada | |
| Japan | |
| United States |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHIYX) returned 6.34% for the 6-month period ended June 30, 2024. Over that same period, the MSCI ACWI ex USA Index returned 5.69%. 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.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| MSCI ACWI ex USA Index |
|
|
|
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| Unilever plc | |
| Samsung Electronics Co. Ltd. | |
| EXOR NV | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | |
| HDFC Bank Ltd. - ADR | |
| Tesco plc | |
| Canadian Natural Resources Ltd. | |
| Compagnie Financiere Richemont SA, Class A | |
| Spotify Technology SA | |
| Howden Joinery Group plc |
| Geographic Region | % of Net Assets |
|---|---|
| United Kingdom | |
| Switzerland | |
| Canada | |
| Japan | |
| United States |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHEAX) returned 4.37% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 1.38%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency commercial mortgage-backed securities (CMBS) and non-Agency mortgage-backed securities sectors. While all sectors contributed positively to the Fund's performance over the period, the Treasury, Agency mortgage-backed securities (MBS) and corporate credit sectors were only modestly positive.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Bloomberg US 1-3 Year Government/Credit Index |
|
|
|
|
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 1.40 |
| Weighted Average Life | 2.15 |
| Option-Adjusted Spread | 310 |
| Top 10 | % of Net Assets |
|---|---|
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 6.894% 05/25/29 | |
| Freedom Financial Trust, Series 2022-4FP, Class D 7.400% 12/18/29 | |
| U.S. Treasury Notes 2.250% 10/31/24 | |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class A 3.000% 06/25/34 | |
| GNMA, Series 2023-112, Class ET 7.000% 08/20/63 | |
| Kapitus Asset Securitization, LLC, Series 2022-2A, Class A 3.382% 07/10/28 | |
| U.S. Treasury Notes 1.875% 08/31/24 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHEIX) returned 4.51% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 1.38%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency commercial mortgage-backed securities (CMBS) and non-Agency mortgage-backed securities sectors. While all sectors contributed positively to the Fund's performance over the period, the Treasury, Agency mortgage-backed securities (MBS) and corporate credit sectors were only modestly positive.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Bloomberg US 1-3 Year Government/Credit Index |
|
|
|
|
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 1.40 |
| Weighted Average Life | 2.15 |
| Option-Adjusted Spread | 310 |
| Top 10 | % of Net Assets |
|---|---|
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 6.894% 05/25/29 | |
| Freedom Financial Trust, Series 2022-4FP, Class D 7.400% 12/18/29 | |
| U.S. Treasury Notes 2.250% 10/31/24 | |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class A 3.000% 06/25/34 | |
| GNMA, Series 2023-112, Class ET 7.000% 08/20/63 | |
| Kapitus Asset Securitization, LLC, Series 2022-2A, Class A 3.382% 07/10/28 | |
| U.S. Treasury Notes 1.875% 08/31/24 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHEYX) returned 4.57% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US 1-3 Year Government/Credit Index returned 1.38%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency commercial mortgage-backed securities (CMBS) and non-Agency mortgage-backed securities sectors. While all sectors contributed positively to the Fund's performance over the period, the Treasury, Agency mortgage-backed securities (MBS) and corporate credit sectors were only modestly positive.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Bloomberg US 1-3 Year Government/Credit Index |
|
|
|
|
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 1.40 |
| Weighted Average Life | 2.15 |
| Option-Adjusted Spread | 310 |
| Top 10 | % of Net Assets |
|---|---|
| MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 8.685% 07/25/41 | |
| Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 7.120% 07/25/29 | |
| Firstkey Homes Trust, Series 2020-SFR1, Class A 1.339% 08/17/37 | |
| LHOME Mortgage Trust, Series 2024-RTL3, Class A2 6.894% 05/25/29 | |
| Freedom Financial Trust, Series 2022-4FP, Class D 7.400% 12/18/29 | |
| U.S. Treasury Notes 2.250% 10/31/24 | |
| Cascade Funding Mortgage Trust, Series 2024-HB14, Class A 3.000% 06/25/34 | |
| GNMA, Series 2023-112, Class ET 7.000% 08/20/63 | |
| Kapitus Asset Securitization, LLC, Series 2022-2A, Class A 3.382% 07/10/28 | |
| U.S. Treasury Notes 1.875% 08/31/24 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Investor | $ |
The Fund (Ticker: DHRAX) returned 0.72% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US Aggregate Bond Index returned -0.71%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency mortgage-back securities (MBS) and non-Agency commercial mortgage-backed securities (CMBS) sectors. Hampering performance was the Fund's Agency Collateralized Mortgage Obligations (CMOs) and Treasury securities.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Investor |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.60 |
| Option-Adjusted Spread | 164 |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 | |
| FARM Mortgage Trust, Series 2021-1, Class A 2.180% 01/25/51 | |
| FNMA, Pool #BM6732 4.000% 11/01/48 | |
| U.S. Treasury Bonds 1.625% 11/15/50 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class I | $ |
The Fund (Ticker: DHRIX) returned 0.77% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US Aggregate Bond Index returned -0.71%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency mortgage-back securities (MBS) and non-Agency commercial mortgage-backed securities (CMBS) sectors. Hampering performance was the Fund's Agency Collateralized Mortgage Obligations (CMOs) and Treasury securities.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class I |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.60 |
| Option-Adjusted Spread | 164 |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 | |
| FARM Mortgage Trust, Series 2021-1, Class A 2.180% 01/25/51 | |
| FNMA, Pool #BM6732 4.000% 11/01/48 | |
| U.S. Treasury Bonds 1.625% 11/15/50 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
Semi-Annual Shareholder Report
June 30, 2024
| Class | Costs of a $10,000 Investment | Costs Paid as a Percentage of a $10,000 Investment |
|---|---|---|
| Class Y | $ |
The Fund (Ticker: DHRYX) returned 0.95% for the 6-month period ended June 30, 2024. Over that same period, the Bloomberg US Aggregate Bond Index returned -0.71%. The Fund's performance was driven by strength in the asset-backed securities (ABS), non-Agency mortgage-back securities (MBS) and non-Agency commercial mortgage-backed securities (CMBS) sectors. Hampering performance was the Fund's Agency Collateralized Mortgage Obligations (CMOs) and Treasury securities.
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.
Six Months | One Year | Five Years | Since Inception ( | |
|---|---|---|---|---|
| Class Y |
|
|
|
|
| Bloomberg US Aggregate Bond Index |
- |
|
- |
|
| Net Assets ($) | $ |
| Number of Portfolio Holdings | |
| Portfolio Turnover Rate (%) | |
| Total Advisory Fees Paid ($) | $ |
| Effective Duration | 5.77 |
| Weighted Average Life | 7.60 |
| Option-Adjusted Spread | 164 |
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
| Top 10 | % of Net Assets |
|---|---|
| U.S. Treasury Bonds 2.250% 08/15/46 | |
| U.S. Treasury Bonds 3.000% 02/15/48 | |
| U.S. Treasury Notes 0.625% 08/15/30 | |
| U.S. Treasury Bonds 1.375% 11/15/40 | |
| U.S. Treasury Bonds 1.125% 08/15/40 | |
| U.S. Treasury Notes 1.250% 09/30/28 | |
| U.S. Treasury STRIPS 0.625% 2/15/43 | |
| FARM Mortgage Trust, Series 2021-1, Class A 2.180% 01/25/51 | |
| FNMA, Pool #BM6732 4.000% 11/01/48 | |
| U.S. Treasury Bonds 1.625% 11/15/50 |
Additional information is available on the Fund's website, https://diamond-hill.com/documents, including its:
prospectus
financial information
holdings
proxy voting information
updated performance information
Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at 888-226-5595.
| DIAMOND HILL FUNDS | semi-annual shareholder report | June 30, 2024 | DIAMOND-HILL.COM |
(b) Included with (a)
Item 2. Code of Ethics.
Not required
Item 3. Audit Committee Financial Expert.
Not required
Item 4. Principal Accountant Fees and Services.
Not required
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) The Registrant’s schedule(s) of investments is included in the Financial Statements under Item 7 of this form.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a)
Financial Statements
June 30, 2024
Small Cap Fund |
Select Fund |
Small-Mid Cap Fund |
Long-Short Fund |
Mid Cap Fund |
International Fund |
Large Cap Fund |
Short Duration Securitized Bond Fund |
Large Cap Concentrated Fund |
Core Bond Fund |
This
material must be preceded or accompanied by a current prospectus.
Not FDIC insured | No bank guarantee | May lose value
Table of Contents |
Our Shared Investment Principles |
1 |
Financial Statements |
|
Schedules of Investments |
2 |
Statements of Assets & Liabilities |
68 |
Statements of Operations |
70 |
Statements of Changes in Net Assets |
72 |
Financial Highlights |
86 |
Notes to Financial Statements |
106 |
Other Items |
120 |
Cautionary Statement: At Diamond Hill, we pledge that, “we will communicate with our clients about our investment performance in a manner that will allow them to properly assess whether we are deserving of their trust.” Our views and opinions regarding the investment prospects of our portfolio holdings and Funds are “forward looking statements” which may or may not be accurate over the long term. While we believe we have a reasonable basis for our opinions, actual results may differ materially from those we anticipate. Information provided in this report should not be considered a recommendation to purchase or sell any particular security.
You can identify forward looking statements by words like “believe,” “expect,” “anticipate,” or similar expressions when discussing prospects for particular portfolio holdings and/or one of the Funds. We cannot assure future results. You should not place undue reliance on forward-looking statements, which speak only as of the date of this report. We disclaim any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a Prospectus. Carefully consider the Funds’ investment objectives, risks, and expenses. This and other important information are contained in the Funds’ prospectus and summary prospectus, which are available at diamond-hill.com or by calling 888.226.5595. Read carefully before investing. The Diamond Hill Funds are distributed by Foreside Financial Services, LLC (Member FINRA). Diamond Hill Capital Management, Inc., a registered investment adviser, serves as Investment Adviser to the Diamond Hill Funds and is paid a fee for its services. Not FDIC insured | No bank guarantee | May lose value
Our Shared Investment Principles
Active, fundamental approach
An active, research-driven approach that capitalizes on our intellectual curiosity and unique insights is essential to deliver better returns than benchmarks or peers.
Ownership
Investing with an ownership mentality requires deep due diligence to build the conviction needed to invest over the long term.
Long term
Focusing on the long term allows us to look beyond near-term noise, allowing clients to realize the benefits of our deep, disciplined research process.
Valuation discipline
We believe the best way to compound returns is to take an ownership stake in an investment at a discount to its underlying value and have the discipline to wait for that value to be realized.
Strategic capacity management
Prudent capacity management protects our ability to generate competitive long-term investment results for our clients.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 1 |
Diamond
Hill Small Cap Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 98.3% |
||||||||
Consumer Discretionary — 9.3% |
||||||||
Century Communities, Inc. (a) |
15,363 | $ | 1,254,543 | |||||
Green Brick Partners, Inc. (b) |
14,822 | 848,411 | ||||||
Johnson Outdoors, Inc., Class A (a) |
21,436 | 749,831 | ||||||
Red Rock Resorts, Inc., Class A |
253,288 | 13,913,110 | ||||||
Rocky Brands, Inc. (a) |
93,595 | 3,459,271 | ||||||
Vail Resorts, Inc. (a) |
4,757 | 856,878 | ||||||
| 21,082,044 | ||||||||
Consumer Staples — 10.3% |
||||||||
Cal-Maine Foods, Inc. |
61,290 | 3,745,432 | ||||||
Lancaster Colony Corp. |
36,283 | 6,856,399 | ||||||
Mama’s Creations, Inc. (b) |
261,234 | 1,760,717 | ||||||
Oil-Dri Corp. of America (a) |
75,079 | 4,811,813 | ||||||
Post Holdings, Inc. (b) |
46,621 | 4,856,043 | ||||||
Seaboard Corp. |
358 | 1,131,545 | ||||||
| 23,161,949 | ||||||||
Energy — 5.3% |
||||||||
Centrus Energy Corp., Class A (a)(b) |
80,269 | 3,431,500 | ||||||
Civitas Resources, Inc. |
101,628 | 7,012,332 | ||||||
Magnolia Oil & Gas Corp., Class A (a) |
55,414 | 1,404,191 | ||||||
| 11,848,023 | ||||||||
Financials — 20.4% |
||||||||
Bank OZK |
182,290 | 7,473,890 | ||||||
BOK Financial Corp. |
43,815 | 4,015,207 | ||||||
Enstar Group Ltd. (b) |
20,085 | 6,139,984 | ||||||
First Western Financial, Inc. (b) |
79,658 | 1,354,186 | ||||||
Live Oak Bancshares, Inc. |
230,358 | 8,076,351 | ||||||
Mr. Cooper Group, Inc. (b) |
95,659 | 7,770,381 | ||||||
Silvercrest Asset Management Group, Inc., Class A |
89,967 | 1,402,586 | ||||||
Triumph Financial, Inc. (b) |
103,069 | 8,425,891 | ||||||
Webster Financial Corp. |
29,814 | 1,299,592 | ||||||
| 45,958,068 | ||||||||
Shares |
Fair |
|||||||
Health Care — 7.4% |
||||||||
Astrana Health, Inc. (a)(b) |
93,521 | $ | 3,793,212 | |||||
Enovis Corp. (b) |
160,641 | 7,260,973 | ||||||
UFP Technologies, Inc. (b) |
21,455 | 5,661,331 | ||||||
| 16,715,516 | ||||||||
Industrials — 28.2% |
||||||||
Allegiant Travel Co. (a) |
136,591 | 6,860,966 | ||||||
Allient, Inc. |
125,577 | 3,173,331 | ||||||
Concrete Pumping Holdings, Inc. (b) |
500,000 | 3,005,000 | ||||||
Douglas Dynamics, Inc. |
124,616 | 2,916,014 | ||||||
Ducommun, Inc. (b) |
86,893 | 5,045,008 | ||||||
Energy Recovery, Inc. (b) |
240,345 | 3,194,185 | ||||||
ESAB Corp. |
16,741 | 1,580,853 | ||||||
First Advantage Corp. |
589,123 | 9,467,207 | ||||||
FTAI Aviation Ltd. (a) |
88,063 | 9,090,743 | ||||||
Gates Industrial Corp. plc (b) |
220,179 | 3,481,030 | ||||||
Graham Corp. (b) |
114,765 | 3,231,782 | ||||||
Miller Industries, Inc. |
55,775 | 3,068,740 | ||||||
Thermon Group Holdings, Inc. (b) |
43,496 | 1,337,937 | ||||||
WESCO International, Inc. |
12,071 | 1,913,495 | ||||||
WNS Holdings Ltd. (b) |
118,952 | 6,244,980 | ||||||
| 63,611,271 | ||||||||
Information Technology — 2.2% |
||||||||
Progress Software Corp. |
21,800 | 1,182,868 | ||||||
Rimini Street, Inc. (a)(b) |
1,023,187 | 3,141,184 | ||||||
Sanmina Corp. (b) |
11,342 | 751,408 | ||||||
| 5,075,460 | ||||||||
Materials — 10.4% |
||||||||
Ashland, Inc. |
95,343 | 9,008,960 | ||||||
Core Molding Technologies, Inc. (b) |
80,774 | 1,287,538 | ||||||
Haynes International, Inc. |
28,332 | 1,663,088 | ||||||
Orion SA (a) |
78,499 | 1,722,268 | ||||||
Taseko Mines Ltd. (a)(b) |
1,479,263 | 3,624,194 | ||||||
United States Lime & Minerals, Inc. |
16,979 | 6,183,412 | ||||||
| 23,489,460 | ||||||||
2 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Small Cap Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 98.3% continued |
||||||||
Real Estate — 3.8% |
||||||||
CubeSmart |
17,671 | $ | 798,199 | |||||
Douglas Emmett, Inc. (a) |
159,874 | 2,127,923 | ||||||
Jones Lang LaSalle, Inc. (b) |
4,850 | 995,608 | ||||||
Ryman Hospitality Properties, Inc. |
47,691 | 4,762,423 | ||||||
| 8,684,153 | ||||||||
Utilities — 1.0% |
||||||||
UGI Corp. |
99,223 | 2,272,207 | ||||||
Total Common Stocks |
||||||||
(Cost $142,275,011) |
$ | 221,898,151 | ||||||
Registered Investment Companies — 6.9% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (c) |
4,259,562 | $ | 4,259,562 | |||||
State Street Navigator Securities Lending Portfolio I, 5.22% (c)(d) |
11,377,374 | 11,377,374 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $15,636,936) |
$ | 15,636,936 | ||||||
Total Investment Securities — 105.2% |
||||||||
(Cost $157,911,947) |
$ | 237,535,087 | ||||||
Liabilities in Excess of Other Assets — (5.2)% |
(11,822,725 | ) | ||||||
Net Assets — 100.0% |
$ | 225,712,362 | ||||||
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $23,623,934. |
(b) |
Non-income producing security. |
(c) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
SA — Societe Anonyme
See accompanying Notes to Financial Statements.
Diamond
Hill Small-Mid Cap Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 95.9% |
||||||||
Communication Services — 1.3% |
||||||||
Liberty Media Corp. - Liberty Formula One - Series C (a) |
237,842 | $ | 17,086,569 | |||||
Consumer Discretionary — 10.5% |
||||||||
CarMax, Inc. (a) |
183,376 | 13,448,796 | ||||||
Lear Corp. |
110,763 | 12,650,242 | ||||||
NVR, Inc. (a) |
3,492 | 26,499,252 | ||||||
Red Rock Resorts, Inc., Class A (b) |
1,316,522 | 72,316,553 | ||||||
Vail Resorts, Inc. (b) |
39,719 | 7,154,583 | ||||||
Wolverine World Wide, Inc. (b) |
620,977 | 8,395,609 | ||||||
| 140,465,035 | ||||||||
Consumer Staples — 7.7% |
||||||||
Cal-Maine Foods, Inc. (b) |
197,146 | 12,047,592 | ||||||
Lancaster Colony Corp. |
178,109 | 33,657,258 | ||||||
Post Holdings, Inc. (a) |
558,813 | 58,205,962 | ||||||
| 103,910,812 | ||||||||
Energy — 4.4% |
||||||||
Civitas Resources, Inc. |
429,032 | 29,603,208 | ||||||
Coterra Energy, Inc. |
865,283 | 23,077,098 | ||||||
Magnolia Oil & Gas Corp., Class A (b) |
279,675 | 7,086,965 | ||||||
| 59,767,271 | ||||||||
Financials — 17.6% |
||||||||
Bank OZK |
346,913 | 14,223,433 | ||||||
BOK Financial Corp. (b) |
247,634 | 22,693,180 | ||||||
Brown & Brown, Inc. |
81,240 | 7,263,668 | ||||||
Enstar Group Ltd. (a) |
49,501 | 15,132,456 | ||||||
First Horizon Corp. |
594,430 | 9,374,161 | ||||||
Live Oak Bancshares, Inc. (b) |
862,804 | 30,249,908 | ||||||
Loews Corp. |
128,702 | 9,619,187 | ||||||
Mr. Cooper Group, Inc. (a) |
580,499 | 47,153,934 | ||||||
RenaissanceRe Holdings Ltd. |
104,724 | 23,406,861 | ||||||
Stifel Financial Corp. |
157,740 | 13,273,821 | ||||||
Synovus Financial Corp. |
270,823 | 10,884,376 | ||||||
Webster Financial Corp. |
778,179 | 33,920,823 | ||||||
| 237,195,808 | ||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 3 |
Diamond
Hill Small-Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 95.9% continued |
||||||||
Health Care — 7.2% |
||||||||
Boston Scientific Corp. (a) |
95,944 | $ | 7,388,647 | |||||
Enovis Corp. (a) |
610,575 | 27,597,990 | ||||||
Envista Holdings Corp. (a) |
520,147 | 8,650,045 | ||||||
Fortrea Holdings, Inc. (a)(b) |
556,809 | 12,995,922 | ||||||
Labcorp Holdings, Inc. |
102,931 | 20,947,488 | ||||||
Perrigo Co. plc |
733,672 | 18,840,697 | ||||||
| 96,420,789 | ||||||||
Industrials — 24.0% |
||||||||
Alaska Air Group, Inc. (a)(b) |
293,740 | 11,867,096 | ||||||
Allegiant Travel Co. (b) |
373,706 | 18,771,252 | ||||||
Broadridge Financial Solutions, Inc. |
28,087 | 5,533,139 | ||||||
Energy Recovery, Inc. (a) |
1,032,155 | 13,717,340 | ||||||
ESAB Corp. |
135,433 | 12,788,938 | ||||||
First Advantage Corp. |
1,336,137 | 21,471,722 | ||||||
Fortune Brands Innovations, Inc. |
152,494 | 9,902,960 | ||||||
Gates Industrial Corp. plc (a) |
2,290,997 | 36,220,663 | ||||||
Insperity, Inc. |
177,811 | 16,218,141 | ||||||
Regal Rexnord Corp. |
318,371 | 43,050,127 | ||||||
Sensata Technologies Holding plc |
325,973 | 12,188,130 | ||||||
SS&C Technologies Holdings, Inc. |
470,494 | 29,485,859 | ||||||
WESCO International, Inc. |
424,988 | 67,369,098 | ||||||
WNS Holdings Ltd. (a) |
447,121 | 23,473,853 | ||||||
| 322,058,318 | ||||||||
Information Technology — 6.0% |
||||||||
Arrow Electronics, Inc. (a) |
133,523 | 16,124,237 | ||||||
Ciena Corp. (a) |
502,816 | 24,225,675 | ||||||
GoDaddy, Inc., Class A (a) |
90,348 | 12,622,519 | ||||||
Progress Software Corp. (b) |
174,161 | 9,449,976 | ||||||
VeriSign, Inc. (a) |
99,459 | 17,683,810 | ||||||
| 80,106,217 | ||||||||
Materials — 3.6% |
||||||||
Ashland, Inc. |
516,643 | 48,817,597 | ||||||
Shares |
Fair |
|||||||
Real Estate — 12.6% |
||||||||
CubeSmart |
1,003,197 | $ | 45,314,408 | |||||
Douglas Emmett, Inc. (b) |
764,429 | 10,174,550 | ||||||
Jones Lang LaSalle, Inc. (a) |
58,777 | 12,065,743 | ||||||
Mid-America Apartment Communities, Inc. |
220,481 | 31,442,795 | ||||||
Rayonier, Inc. |
805,055 | 23,419,050 | ||||||
Ryman Hospitality Properties, Inc. |
231,425 | 23,110,101 | ||||||
UDR, Inc. |
590,261 | 24,289,240 | ||||||
| 169,815,887 | ||||||||
Utilities — 1.0% |
||||||||
UGI Corp. |
561,405 | 12,856,175 | ||||||
Total Common Stocks |
||||||||
(Cost $1,009,332,691) |
$ | 1,288,500,478 | ||||||
Registered Investment Companies — 5.8% |
||||||||
Diamond Hill Short Duration Securitized Bond Fund — Class Y (c) |
1,020,982 | 10,026,042 | ||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (d) |
46,234,534 | 46,234,534 | ||||||
State Street Navigator Securities Lending Portfolio I, 5.22% (d)(e) |
21,210,433 | 21,210,433 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $77,625,561) |
$ | 77,471,009 | ||||||
Total Investment Securities — 101.7% |
||||||||
(Cost $1,086,958,252) |
$ | 1,365,971,487 | ||||||
Liabilities in Excess of Other Assets — (1.7)% |
(22,055,900 | ) | ||||||
Net Assets — 100.0% |
$ | 1,343,915,587 | ||||||
(a) |
Non-income producing security. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $54,627,883. |
(c) |
Affiliated fund. |
(d) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(e) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
4 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Mid Cap Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 96.7% |
||||||||
Communication Services — 1.3% |
||||||||
Liberty Media Corp. - Liberty Formula One - Series C (a) |
29,207 | $ | 2,098,231 | |||||
Consumer Discretionary — 9.6% |
||||||||
CarMax, Inc. (a) |
22,160 | 1,625,214 | ||||||
Lear Corp. |
13,117 | 1,498,093 | ||||||
NVR, Inc. (a) |
410 | 3,111,310 | ||||||
Red Rock Resorts, Inc., Class A |
146,449 | 8,044,444 | ||||||
Vail Resorts, Inc. (b) |
4,579 | 824,815 | ||||||
| 15,103,876 | ||||||||
Consumer Staples — 7.7% |
||||||||
Lancaster Colony Corp. |
19,238 | 3,635,405 | ||||||
Post Holdings, Inc. (a) |
64,469 | 6,715,091 | ||||||
Sysco Corp. |
23,542 | 1,680,663 | ||||||
| 12,031,159 | ||||||||
Energy — 3.0% |
||||||||
Civitas Resources, Inc. |
17,951 | 1,238,619 | ||||||
Coterra Energy, Inc. |
87,147 | 2,324,210 | ||||||
Diamondback Energy, Inc. |
5,269 | 1,054,801 | ||||||
| 4,617,630 | ||||||||
Financials — 17.9% |
||||||||
Allstate Corp. (The) |
21,218 | 3,387,666 | ||||||
American International Group, Inc. |
82,360 | 6,114,406 | ||||||
Bank OZK |
35,244 | 1,445,004 | ||||||
BOK Financial Corp. |
15,191 | 1,392,103 | ||||||
Fidelity National Information Services, Inc. |
30,400 | 2,290,944 | ||||||
Hartford Financial Services Group, Inc. (The) |
24,496 | 2,462,828 | ||||||
Loews Corp. |
10,953 | 818,627 | ||||||
Mr. Cooper Group, Inc. (a) |
46,057 | 3,741,210 | ||||||
Stifel Financial Corp. |
11,767 | 990,193 | ||||||
Webster Financial Corp. |
63,527 | 2,769,142 | ||||||
Willis Towers Watson plc |
9,893 | 2,593,351 | ||||||
| 28,005,474 | ||||||||
Shares |
Fair |
|||||||
Health Care — 8.0% |
||||||||
Boston Scientific Corp. (a) |
48,032 | $ | 3,698,944 | |||||
Enovis Corp. (a) |
57,223 | 2,586,480 | ||||||
Envista Holdings Corp. (a) |
48,822 | 811,910 | ||||||
Humana, Inc. |
7,853 | 2,934,273 | ||||||
Labcorp Holdings, Inc. |
12,090 | 2,460,436 | ||||||
| 12,492,043 | ||||||||
Industrials — 22.9% |
||||||||
Alaska Air Group, Inc. (a) |
41,078 | 1,659,551 | ||||||
Allegiant Travel Co. |
19,361 | 972,503 | ||||||
ESAB Corp. |
11,712 | 1,105,964 | ||||||
Ferguson plc |
9,718 | 1,881,891 | ||||||
Fortune Brands Innovations, Inc. |
18,374 | 1,193,208 | ||||||
Insperity, Inc. |
15,407 | 1,405,272 | ||||||
Johnson Controls International plc |
29,783 | 1,979,676 | ||||||
L3Harris Technologies, Inc. |
13,166 | 2,956,820 | ||||||
Parker-Hannifin Corp. |
9,587 | 4,849,200 | ||||||
Regal Rexnord Corp. |
37,207 | 5,031,131 | ||||||
Sensata Technologies Holding plc |
37,622 | 1,406,687 | ||||||
SS&C Technologies Holdings, Inc. |
60,786 | 3,809,459 | ||||||
WESCO International, Inc. |
47,515 | 7,532,078 | ||||||
| 35,783,440 | ||||||||
Information Technology — 5.5% |
||||||||
Arrow Electronics, Inc. (a) |
9,449 | 1,141,061 | ||||||
Check Point Software Technologies Ltd. (a) |
7,293 | 1,203,345 | ||||||
Ciena Corp. (a) |
58,170 | 2,802,631 | ||||||
GoDaddy, Inc., Class A (a) |
10,555 | 1,474,639 | ||||||
VeriSign, Inc. (a) |
11,510 | 2,046,478 | ||||||
| 8,668,154 | ||||||||
Materials — 6.2% |
||||||||
Ashland, Inc. |
52,471 | 4,957,985 | ||||||
Freeport-McMoRan, Inc. |
98,673 | 4,795,508 | ||||||
| 9,753,493 | ||||||||
Real Estate — 13.6% |
||||||||
CubeSmart |
105,187 | 4,751,297 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 5 |
Diamond
Hill Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 96.7% continued |
||||||||
Real Estate — 13.6% continued |
||||||||
Douglas Emmett, Inc. (b) |
56,493 | $ | 751,922 | |||||
Extra Space Storage, Inc. |
10,995 | 1,708,733 | ||||||
Jones Lang LaSalle, Inc. (a) |
6,897 | 1,415,816 | ||||||
Mid-America Apartment Communities, Inc. |
23,649 | 3,372,584 | ||||||
Rayonier, Inc. |
59,460 | 1,729,691 | ||||||
Ryman Hospitality Properties, Inc. |
26,829 | 2,679,144 | ||||||
SBA Communications Corp., Class A |
10,764 | 2,112,973 | ||||||
UDR, Inc. |
68,393 | 2,814,372 | ||||||
| 21,336,532 | ||||||||
Utilities — 1.0% |
||||||||
UGI Corp. |
67,970 | 1,556,513 | ||||||
Total Common Stocks |
||||||||
(Cost $98,757,729) |
$ | 151,446,545 | ||||||
Registered Investment Companies — 3.8% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (c) |
5,130,800 | 5,130,800 | ||||||
State Street Navigator Securities Lending Portfolio I, 5.22% (c)(d) |
776,779 | 776,779 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $5,907,579) |
$ | 5,907,579 | ||||||
Total Investment Securities — 100.5% |
||||||||
(Cost $104,665,308) |
$ | 157,354,124 | ||||||
Liabilities in Excess of Other Assets — (0.5)% |
(722,891 | ) | ||||||
Net Assets — 100.0% |
$ | 156,631,233 | ||||||
(a) |
Non-income producing security. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $1,576,737. |
(c) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
Diamond
Hill Large Cap Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 97.3% |
||||||||
Communication Services — 1.4% |
||||||||
Alphabet, Inc., Class A |
635,459 | $ | 115,748,857 | |||||
Consumer Discretionary — 14.1% |
||||||||
Amazon.com, Inc. (a) |
1,065,731 | 205,952,516 | ||||||
CarMax, Inc. (a)(b) |
2,822,524 | 207,003,910 | ||||||
General Motors Co. |
4,821,704 | 224,016,368 | ||||||
Home Depot, Inc. (The) |
482,921 | 166,240,725 | ||||||
Lear Corp. |
986,965 | 112,721,273 | ||||||
NVR, Inc. (a) |
22,618 | 171,638,050 | ||||||
Starbucks Corp. |
1,406,661 | 109,508,559 | ||||||
| 1,197,081,401 | ||||||||
Consumer Staples — 7.4% |
||||||||
PepsiCo, Inc. |
1,575,632 | 259,868,986 | ||||||
Sysco Corp. |
2,520,972 | 179,972,191 | ||||||
Target Corp. |
1,283,022 | 189,938,577 | ||||||
| 629,779,754 | ||||||||
Energy — 7.2% |
||||||||
Chevron Corp. |
918,625 | 143,691,322 | ||||||
ConocoPhillips |
2,769,163 | 316,736,864 | ||||||
Diamondback Energy, Inc. |
775,386 | 155,224,523 | ||||||
| 615,652,709 | ||||||||
Financials — 20.0% |
||||||||
Allstate Corp. (The) |
1,499,268 | 239,373,129 | ||||||
American International Group, Inc. |
4,950,484 | 367,523,932 | ||||||
Bank of America Corp. |
7,355,118 | 292,513,043 | ||||||
Berkshire Hathaway, Inc., Class B (a) |
266,877 | 108,565,564 | ||||||
Hartford Financial Services Group, Inc. (The) |
1,312,809 | 131,989,817 | ||||||
KeyCorp |
8,986,295 | 127,695,252 | ||||||
Nasdaq, Inc. |
2,322,396 | 139,947,583 | ||||||
Visa, Inc., Class A |
450,768 | 118,313,077 | ||||||
Wells Fargo & Co. |
2,879,709 | 171,025,917 | ||||||
| 1,696,947,314 | ||||||||
Health Care — 17.3% |
||||||||
Abbott Laboratories |
2,759,549 | 286,744,737 | ||||||
AbbVie, Inc. |
675,554 | 115,871,022 | ||||||
Becton, Dickinson and Co. |
653,983 | 152,842,367 | ||||||
HCA Healthcare, Inc. |
662,792 | 212,941,814 | ||||||
Humana, Inc. |
308,517 | 115,277,377 | ||||||
6 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Large Cap Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 97.3% continued |
||||||||
Health Care — 17.3% continued |
||||||||
Labcorp Holdings, Inc. |
761,605 | $ | 154,994,233 | |||||
Medtronic plc |
1,645,707 | 129,533,598 | ||||||
Pfizer, Inc. |
6,979,989 | 195,300,092 | ||||||
Stryker Corp. |
316,634 | 107,734,718 | ||||||
| 1,471,239,958 | ||||||||
Industrials — 18.1% |
||||||||
Caterpillar, Inc. |
616,878 | 205,482,062 | ||||||
Deere & Co. |
385,840 | 144,161,399 | ||||||
Ferguson plc |
598,645 | 115,927,604 | ||||||
Honeywell International, Inc. |
594,902 | 127,035,373 | ||||||
L3Harris Technologies, Inc. |
654,353 | 146,954,597 | ||||||
Parker-Hannifin Corp. |
319,864 | 161,790,410 | ||||||
Regal Rexnord Corp. |
1,018,612 | 137,736,715 | ||||||
SS&C Technologies Holdings, Inc. |
2,798,423 | 175,377,169 | ||||||
Union Pacific Corp. |
829,592 | 187,703,486 | ||||||
Waste Management, Inc. |
628,852 | 134,159,286 | ||||||
| 1,536,328,101 | ||||||||
Information Technology — 3.0% |
||||||||
Texas Instruments, Inc. |
1,311,135 | 255,055,091 | ||||||
Materials — 3.0% |
||||||||
Freeport-McMoRan, Inc. |
2,941,710 | 142,967,106 | ||||||
International Paper Co. (b) |
838,049 | 36,161,814 | ||||||
Martin Marietta Materials, Inc. |
143,217 | 77,594,971 | ||||||
| 256,723,891 | ||||||||
Real Estate — 4.3% |
||||||||
Extra Space Storage, Inc. |
1,256,567 | 195,283,077 | ||||||
SBA Communications Corp., Class A |
872,557 | 171,282,939 | ||||||
| 366,566,016 | ||||||||
Shares |
Fair |
|||||||
Utilities — 1.5% |
||||||||
Dominion Energy, Inc. |
2,598,113 | $ | 127,307,537 | |||||
Total Common Stocks |
||||||||
(Cost $6,234,201,005) |
$ | 8,268,430,629 | ||||||
Registered Investment Companies — 2.9% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (c) |
225,718,138 | 225,718,138 | ||||||
State Street Navigator Securities Lending Portfolio I, 5.22% (c)(d) |
19,138,525 | 19,138,525 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $244,856,663) |
$ | 244,856,663 | ||||||
Total Investment Securities — 100.2% |
||||||||
(Cost $6,479,057,668) |
$ | 8,513,287,292 | ||||||
Liabilities in Excess of Other Assets — (0.2)% |
(16,840,164 | ) | ||||||
Net Assets — 100.0% |
$ | 8,496,447,128 | ||||||
(a) |
Non-income producing security. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $129,765,876. |
(c) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 7 |
Diamond
Hill Large Cap Concentrated Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 97.1% |
||||||||
Consumer Discretionary — 13.3% |
||||||||
Amazon.com, Inc. (a) |
7,315 | $ | 1,413,624 | |||||
General Motors Co. |
32,163 | 1,494,293 | ||||||
Home Depot, Inc. (The) |
3,577 | 1,231,347 | ||||||
| 4,139,264 | ||||||||
Consumer Staples — 9.7% |
||||||||
PepsiCo, Inc. |
10,799 | 1,781,079 | ||||||
Sysco Corp. |
17,417 | 1,243,400 | ||||||
| 3,024,479 | ||||||||
Energy — 7.0% |
||||||||
ConocoPhillips |
19,017 | 2,175,164 | ||||||
Financials — 18.8% |
||||||||
Allstate Corp. (The) |
10,631 | 1,697,345 | ||||||
American International Group, Inc. |
35,334 | 2,623,196 | ||||||
Bank of America Corp. |
38,857 | 1,545,343 | ||||||
| 5,865,884 | ||||||||
Health Care — 18.6% |
||||||||
Abbott Laboratories |
17,938 | 1,863,938 | ||||||
HCA Healthcare, Inc. |
4,605 | 1,479,494 | ||||||
Labcorp Holdings, Inc. |
5,559 | 1,131,312 | ||||||
Pfizer, Inc. |
47,022 | 1,315,676 | ||||||
| 5,790,420 | ||||||||
Industrials — 16.8% |
||||||||
Caterpillar, Inc. |
4,258 | 1,418,340 | ||||||
Parker-Hannifin Corp. |
2,298 | 1,162,351 | ||||||
SS&C Technologies Holdings, Inc. |
19,729 | 1,236,416 | ||||||
Union Pacific Corp. |
6,289 | 1,422,949 | ||||||
| 5,240,056 | ||||||||
Information Technology — 5.6% |
||||||||
Texas Instruments, Inc. |
8,905 | 1,732,290 | ||||||
Materials — 3.4% |
||||||||
Freeport-McMoRan, Inc. |
21,790 | 1,058,994 | ||||||
Real Estate — 3.9% |
||||||||
Extra Space Storage, Inc. |
7,769 | 1,207,380 | ||||||
Total Common Stocks |
||||||||
(Cost $25,389,474) |
$ | 30,233,931 | ||||||
Shares |
Fair |
|||||||
Registered Investment Companies — 2.8% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (b) (Cost $863,669) |
863,669 | $ | 863,669 | |||||
Total Investment Securities — 99.9% |
||||||||
(Cost $26,253,143) |
$ | 31,097,600 | ||||||
Other Assets in Excess of Liabilities — 0.1% |
26,772 | |||||||
Net Assets — 100.0% |
$ | 31,124,372 | ||||||
(a) |
Non-income producing security. |
(b) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
See accompanying Notes to Financial Statements.
8 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Select Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 97.3% |
||||||||
Consumer Discretionary — 21.7% |
||||||||
Amazon.com, Inc. (a) |
71,636 | $ | 13,843,657 | |||||
CarMax, Inc. (a) |
291,685 | 21,392,178 | ||||||
General Motors Co. |
448,014 | 20,814,730 | ||||||
Lear Corp. |
135,847 | 15,515,086 | ||||||
Red Rock Resorts, Inc., Class A |
602,962 | 33,120,703 | ||||||
Starbucks Corp. |
141,081 | 10,983,156 | ||||||
| 115,669,510 | ||||||||
Consumer Staples — 3.7% |
||||||||
Target Corp. |
131,969 | 19,536,691 | ||||||
Energy — 1.7% |
||||||||
Diamondback Energy, Inc. |
46,017 | 9,212,143 | ||||||
Financials — 23.6% |
||||||||
Allstate Corp. (The) |
143,935 | 22,980,662 | ||||||
American International Group, Inc. |
445,698 | 33,088,620 | ||||||
Bank of America Corp. |
301,577 | 11,993,717 | ||||||
KeyCorp |
1,072,088 | 15,234,370 | ||||||
Mr. Cooper Group, Inc. (a) |
527,493 | 42,848,256 | ||||||
| 126,145,625 | ||||||||
Health Care — 10.2% |
||||||||
Abbott Laboratories |
102,817 | 10,683,714 | ||||||
Enovis Corp. (a) |
486,477 | 21,988,760 | ||||||
HCA Healthcare, Inc. |
33,832 | 10,869,545 | ||||||
Pfizer, Inc. |
395,432 | 11,064,187 | ||||||
| 54,606,206 | ||||||||
Industrials — 21.1% |
||||||||
Cimpress plc (a)(b) |
328,109 | 28,745,630 | ||||||
Regal Rexnord Corp. |
189,298 | 25,596,876 | ||||||
SS&C Technologies Holdings, Inc. |
273,082 | 17,114,049 | ||||||
Union Pacific Corp. |
73,902 | 16,721,067 | ||||||
WESCO International, Inc. |
155,870 | 24,708,512 | ||||||
| 112,886,134 | ||||||||
Information Technology — 4.9% |
||||||||
Coherent Corp. (a)(b) |
156,734 | 11,356,946 | ||||||
Texas Instruments, Inc. |
74,804 | 14,551,622 | ||||||
| 25,908,568 | ||||||||
Shares |
Fair |
|||||||
Materials — 6.1% |
||||||||
Ashland, Inc. |
275,523 | $ | 26,034,168 | |||||
International Paper Co. |
146,386 | 6,316,556 | ||||||
| 32,350,724 | ||||||||
Real Estate — 4.3% |
||||||||
Extra Space Storage, Inc. |
75,676 | 11,760,807 | ||||||
SBA Communications Corp., Class A |
55,729 | 10,939,603 | ||||||
| 22,700,410 | ||||||||
Total Common Stocks |
||||||||
(Cost $367,848,614) |
$ | 519,016,011 | ||||||
Registered Investment Companies — 2.9% |
||||||||
State Street Institutional US Government Money Market Fund - Premier Class, 5.25% (c) |
14,746,053 | 14,746,053 | ||||||
State Street Navigator Securities Lending Portfolio I, 5.22% (c)(d) |
926,625 | 926,625 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $15,672,678) |
$ | 15,672,678 | ||||||
Total Investment Securities — 100.2% |
||||||||
(Cost $383,521,292) |
$ | 534,688,689 | ||||||
Liabilities in Excess of Other Assets — (0.2)% |
(957,092 | ) | ||||||
Net Assets — 100.0% |
$ | 533,731,597 | ||||||
(a) |
Non-income producing security. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $12,276,851. |
(c) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(d) |
This security was purchased using cash collateral held from securities on loan. |
plc — Public Limited Company
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 9 |
Diamond
Hill Long-Short Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 88.3% |
||||||||
Communication Services — 11.8% |
||||||||
Alphabet, Inc., Class A (a) |
446,060 | $ | 81,249,829 | |||||
Comcast Corp., Class A (a) |
363,204 | 14,223,069 | ||||||
Meta Platforms, Inc., Class A (a) |
141,369 | 71,281,077 | ||||||
Verizon Communications, Inc. (a) |
585,435 | 24,143,339 | ||||||
Walt Disney Co. (The) |
250,874 | 24,909,279 | ||||||
| 215,806,593 | ||||||||
Consumer Discretionary — 3.7% |
||||||||
Lear Corp. |
224,060 | 25,589,893 | ||||||
TJX Cos., Inc. (The) (a) |
134,416 | 14,799,202 | ||||||
Ulta Beauty, Inc. (a)(b) |
71,490 | 27,585,846 | ||||||
| 67,974,941 | ||||||||
Consumer Staples — 6.4% |
||||||||
Archer-Daniels-Midland Co. (a) |
137,076 | 8,286,244 | ||||||
Constellation Brands, Inc., Class A (a) |
98,429 | 25,323,813 | ||||||
Lamb Weston Holdings, Inc. (a) |
211,038 | 17,744,075 | ||||||
Sysco Corp. (a) |
465,535 | 33,234,544 | ||||||
Target Corp. |
223,455 | 33,080,278 | ||||||
| 117,668,954 | ||||||||
Energy — 4.3% |
||||||||
Chevron Corp. (a) |
306,639 | 47,964,472 | ||||||
Coterra Energy, Inc. |
1,151,653 | 30,714,586 | ||||||
| 78,679,058 | ||||||||
Financials — 21.7% |
||||||||
Allstate Corp. (The) (a) |
130,798 | 20,883,209 | ||||||
American International Group, Inc. (a) |
1,010,130 | 74,992,051 | ||||||
Bank of America Corp. (a) |
734,130 | 29,196,350 | ||||||
Berkshire Hathaway, Inc., Class B (a)(b) |
60,884 | 24,767,611 | ||||||
Citigroup, Inc. (a) |
1,201,291 | 76,233,927 | ||||||
Fidelity National Information Services, Inc. (a) |
474,706 | 35,773,844 | ||||||
Hartford Financial Services Group, Inc. (The) (a) |
230,691 | 23,193,673 | ||||||
Shares |
Fair |
|||||||
Financials — 21.7% continued |
||||||||
KKR & Co., Inc. (a) |
163,198 | $ | 17,174,958 | |||||
Morgan Stanley (a) |
202,252 | 19,656,872 | ||||||
Truist Financial Corp. (a) |
785,474 | 30,515,665 | ||||||
Visa, Inc., Class A (a) |
105,637 | 27,726,543 | ||||||
Wells Fargo & Co. (a) |
292,032 | 17,343,780 | ||||||
| 397,458,483 | ||||||||
Health Care — 14.0% |
||||||||
Abbott Laboratories (a) |
269,012 | 27,953,037 | ||||||
Becton, Dickinson and Co. (a) |
99,456 | 23,243,862 | ||||||
CVS Health Corp. (a) |
185,449 | 10,952,618 | ||||||
Enovis Corp. (b) |
508,362 | 22,977,962 | ||||||
HCA Healthcare, Inc. (a) |
123,461 | 39,665,550 | ||||||
Humana, Inc. (a) |
83,029 | 31,023,786 | ||||||
Labcorp Holdings, Inc. (a) |
162,799 | 33,131,225 | ||||||
Medtronic plc |
266,771 | 20,997,545 | ||||||
Perrigo Co. plc (a) |
627,730 | 16,120,106 | ||||||
Pfizer, Inc. |
1,075,085 | 30,080,878 | ||||||
| 256,146,569 | ||||||||
Industrials — 11.3% |
||||||||
ESAB Corp. (a)(c) |
116,455 | 10,996,846 | ||||||
Johnson Controls International plc (a)(c) |
235,920 | 15,681,602 | ||||||
Kirby Corp. (b) |
69,593 | 8,332,370 | ||||||
L3Harris Technologies, Inc. (c) |
121,935 | 27,384,162 | ||||||
Parker-Hannifin Corp. (a)(c) |
84,596 | 42,789,503 | ||||||
Sensata Technologies Holding plc (c) |
499,568 | 18,678,848 | ||||||
SS&C Technologies Holdings, Inc. |
611,189 | 38,303,215 | ||||||
WNS Holdings Ltd. (b) |
850,080 | 44,629,200 | ||||||
| 206,795,746 | ||||||||
Information Technology — 10.5% |
||||||||
Ciena Corp. (a)(b) |
682,863 | 32,900,339 | ||||||
Microsoft Corp. (a)(c) |
172,477 | 77,088,595 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR (a) |
213,390 | 37,089,316 | ||||||
Texas Instruments, Inc. (a) |
123,441 | 24,012,978 | ||||||
VeriSign, Inc. (a)(b)(c) |
124,550 | 22,144,990 | ||||||
| 193,236,218 | ||||||||
10 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Long-Short Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 88.3% continued |
||||||||
Materials — 2.3% |
||||||||
Ashland, Inc. (a) |
185,274 | $ | 17,506,540 | |||||
Freeport-McMoRan, Inc. (a) |
500,224 | 24,310,886 | ||||||
| 41,817,426 | ||||||||
Real Estate — 1.1% |
||||||||
Extra Space Storage, Inc. (a) |
135,510 | 21,059,609 | ||||||
Utilities — 1.2% |
||||||||
Dominion Energy, Inc. (a) |
453,350 | 22,214,150 | ||||||
Total Common Stocks |
||||||||
(Cost $979,557,106) |
$ | 1,618,857,747 | ||||||
Coupon |
Maturity |
Shares
/ |
Fair |
|||||||||||||
Treasury — 2.2% |
||||||||||||||||
U.S. Treasury Notes (c) (Cost $39,964,602) |
3.000 | % | 07/31/24 | $ | 40,000,000 | $ | 39,921,104 | |||||||||
Shares |
Fair |
|||||||
Registered Investment Companies — 29.8% |
||||||||
State Street Institutional Liquid Reserves Fund - Premier Class, 5.36% (d) |
80,177,136 | $ | 80,201,190 | |||||
State Street Navigator Securities Lending Portfolio I, 5.22% (d)(e) |
467,138,692 | 467,138,692 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $547,331,836) |
$ | 547,339,882 | ||||||
Total Investment Securities — 120.3% |
||||||||
(Cost $1,566,853,544) |
$ | 2,206,118,733 | ||||||
Segregated Cash With Custodian — 32.1% |
588,928,307 | |||||||
Investments Sold Short — (31.4)% |
||||||||
(Proceeds $573,400,185) |
(575,630,145 | ) | ||||||
Liabilities in Excess of Other Assets — (21.0)% |
(385,141,757 | ) | ||||||
Net Assets — 100.0% |
$ | 1,834,275,138 | ||||||
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $455,276,360. |
(b) |
Non-income producing security. |
(c) |
All or a portion of the shares have been pledged as collateral for open short positions. |
(d) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(e) |
This security was purchased using cash collateral held from securities on loan. |
ADR — American Depositary Receipt
plc — Public Limited Company
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 11 |
Diamond
Hill Long-Short Fund
Schedule of Investments Sold Short
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 31.4% |
||||||||
Consumer Discretionary — 9.9% |
||||||||
Acushnet Holdings Corp. |
357,960 | $ | 22,723,301 | |||||
Canada Goose Holdings, Inc. |
1,074,770 | 13,896,776 | ||||||
Choice Hotels International, Inc. |
155,420 | 18,494,980 | ||||||
Deckers Outdoor Corp. |
13,015 | 12,597,869 | ||||||
Dick’s Sporting Goods, Inc. |
13,236 | 2,843,755 | ||||||
Etsy, Inc. |
77,075 | 4,545,883 | ||||||
GameStop Corp., Class A |
819,475 | 20,232,838 | ||||||
Garmin Ltd. |
183,100 | 29,830,652 | ||||||
Royal Caribbean Cruises Ltd. |
90,575 | 14,440,372 | ||||||
Shake Shack, Inc., Class A |
158,452 | 14,260,680 | ||||||
Tesla, Inc. |
39,657 | 7,847,327 | ||||||
United Parks and Resorts, Inc. |
196,184 | 10,654,753 | ||||||
YETI Holdings, Inc. |
251,105 | 9,579,656 | ||||||
| 181,948,842 | ||||||||
Consumer Staples — 3.2% |
||||||||
Clorox Co. (The) |
68,255 | 9,314,760 | ||||||
e.l.f. Beauty, Inc. |
62,125 | 13,090,980 | ||||||
J.M. Smucker Co. (The) |
42,315 | 4,614,028 | ||||||
WD-40 Co. |
146,028 | 32,073,590 | ||||||
| 59,093,358 | ||||||||
Financials — 2.9% |
||||||||
Bank of Hawaii Corp. |
273,960 | 15,673,252 | ||||||
Blackstone Mortgage Trust, Inc., Class A |
172,600 | 3,006,692 | ||||||
Commerce Bancshares, Inc. |
288,500 | 16,092,530 | ||||||
First Financial Bankshares, Inc. |
159,581 | 4,712,427 | ||||||
Palomar Holdings, Inc. |
176,935 | 14,358,275 | ||||||
| 53,843,176 | ||||||||
Health Care — 1.6% |
||||||||
Doximity, Inc., Class A |
766,940 | 21,451,312 | ||||||
Penumbra, Inc. |
45,935 | 8,266,922 | ||||||
| 29,718,234 | ||||||||
Shares |
Fair |
|||||||
Industrials — 4.2% |
||||||||
CBIZ, Inc. |
136,385 | $ | 10,106,128 | |||||
Cintas Corp. |
9,384 | 6,571,240 | ||||||
Mueller Industries, Inc. |
522,495 | 29,750,865 | ||||||
Powell Industries, Inc. |
58,495 | 8,388,183 | ||||||
Robert Half, Inc. |
96,675 | 6,185,266 | ||||||
United Parcel Service, Inc., Class B |
47,445 | 6,492,848 | ||||||
W.W. Grainger, Inc. |
9,925 | 8,954,732 | ||||||
| 76,449,262 | ||||||||
Information Technology — 7.3% |
||||||||
Akamai Technologies, Inc. |
109,535 | 9,866,913 | ||||||
Alarm.com Holdings, Inc. |
409,050 | 25,991,037 | ||||||
Asana, Inc., Class A |
753,825 | 10,546,012 | ||||||
Badger Meter, Inc. |
91,359 | 17,024,750 | ||||||
F5, Inc. |
34,682 | 5,973,281 | ||||||
International Business Machines Corp. |
223,080 | 38,581,686 | ||||||
Oracle Corp. |
43,155 | 6,093,486 | ||||||
Teradata Corp. |
544,085 | 18,803,578 | ||||||
| 132,880,743 | ||||||||
Materials — 0.3% |
||||||||
Silgan Holdings, Inc. |
127,370 | 5,391,572 | ||||||
Real Estate — 0.7% |
||||||||
eXp World Holdings, Inc. |
1,082,205 | 12,212,683 | ||||||
Utilities — 1.3% |
||||||||
Ormat Technologies, Inc. |
336,015 | 24,092,275 | ||||||
Total Investments Sold Short — 31.4% |
||||||||
(Proceeds $573,400,185) |
$ | 575,630,145 | ||||||
Percentages disclosed are based on total net assets of the Fund as of June 30, 2024
See accompanying Notes to Financial Statements.
12 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill International Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 92.4% |
||||||||
Australia — 1.6% |
||||||||
Whitehaven Coal Ltd. |
420,614 | $ | 2,140,013 | |||||
Belgium — 2.1% |
||||||||
UCB SA |
19,106 | 2,837,751 | ||||||
Brazil — 0.8% |
||||||||
Ambev SA |
507,147 | 1,035,994 | ||||||
Canada — 6.9% |
||||||||
Canadian Natural Resources Ltd. (a) |
100,252 | 3,570,563 | ||||||
Capstone Copper Corp. (a)(b) |
278,041 | 1,971,187 | ||||||
Fairfax Financial Holdings Ltd. |
1,197 | 1,361,580 | ||||||
Imperial Oil Ltd. (a) |
33,052 | 2,253,375 | ||||||
| 9,156,705 | ||||||||
China — 3.6% |
||||||||
Alibaba Group Holding Ltd. |
206,900 | 1,864,764 | ||||||
Tencent Holdings Ltd. |
61,500 | 2,917,591 | ||||||
| 4,782,355 | ||||||||
Finland — 1.9% |
||||||||
Konecranes OYJ |
44,767 | 2,537,230 | ||||||
France — 2.8% |
||||||||
Safran SA |
14,998 | 3,161,803 | ||||||
Ubisoft Entertainment SA (b) |
27,174 | 594,814 | ||||||
| 3,756,617 | ||||||||
Germany — 1.6% |
||||||||
Evotec SE (b) |
116,206 | 1,114,253 | ||||||
Gerresheimer AG |
8,895 | 956,142 | ||||||
| 2,070,395 | ||||||||
India — 4.7% |
||||||||
Arvind Ltd. |
218,346 | 965,771 | ||||||
Fusion Micro Finance Ltd. (b) |
186,205 | 999,315 | ||||||
HDFC Bank Ltd. — ADR |
67,301 | 4,329,473 | ||||||
| 6,294,559 | ||||||||
Ireland — 1.8% |
||||||||
ICON plc (b) |
7,803 | 2,446,006 | ||||||
Shares |
Fair |
|||||||
Japan — 5.6% |
||||||||
Japan Petroleum Exploration Co. Ltd. |
69,500 | $ | 2,815,935 | |||||
Mitsubishi Corp. |
145,600 | 2,862,616 | ||||||
Mitsubishi Shokuhin Co. Ltd. |
54,200 | 1,845,105 | ||||||
| 7,523,656 | ||||||||
Korea (Republic of) — 3.8% |
||||||||
Samsung Electronics Co. Ltd. |
85,585 | 5,026,487 | ||||||
Mexico — 2.5% |
||||||||
Wal-Mart de Mexico SAB de CV (b) |
976,369 | 3,334,880 | ||||||
Netherlands — 4.5% |
||||||||
EXOR NV |
43,017 | 4,494,631 | ||||||
uniQure NV (a)(b) |
76,630 | 343,302 | ||||||
Universal Music Group NV (a) |
40,963 | 1,218,905 | ||||||
| 6,056,838 | ||||||||
Peru — 0.9% |
||||||||
Credicorp Ltd. |
7,353 | 1,186,259 | ||||||
Sweden — 2.8% |
||||||||
Assa Abloy AB, Class B |
36,443 | 1,032,290 | ||||||
Epiroc AB, Class B |
150,568 | 2,764,347 | ||||||
| 3,796,637 | ||||||||
Switzerland — 12.9% |
||||||||
Compagnie Financiere Richemont SA, Class A |
22,666 | 3,542,783 | ||||||
Julius Baer Group Ltd. |
16,721 | 935,367 | ||||||
Nestlé SA |
23,094 | 2,357,619 | ||||||
Novartis AG — ADR (a) |
27,000 | 2,874,420 | ||||||
Roche Holdings AG |
8,197 | 2,271,355 | ||||||
Sandoz Group AG |
88,304 | 3,201,274 | ||||||
Swatch Group AG (The) |
10,137 | 2,077,120 | ||||||
| 17,259,938 | ||||||||
Taiwan Province of China — 3.3% |
||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. — ADR |
25,190 | 4,378,274 | ||||||
United Kingdom — 23.3% |
||||||||
Ashmore Group plc |
635,122 | 1,361,585 | ||||||
Beazley plc |
267,229 | 2,386,788 | ||||||
Bunzl plc |
79,497 | 3,020,443 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 13 |
Diamond
Hill International Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Common Stocks — 92.4% continued |
||||||||
United Kingdom — 23.3% continued |
||||||||
Compass Group plc |
115,313 | $ | 3,141,537 | |||||
Glencore plc |
603,896 | 3,436,363 | ||||||
GSK plc |
112,840 | 2,170,407 | ||||||
Howden Joinery Group plc |
317,238 | 3,508,664 | ||||||
Smith & Nephew plc |
216,194 | 2,679,167 | ||||||
Tesco plc |
1,110,465 | 4,289,510 | ||||||
Unilever plc |
92,221 | 5,060,255 | ||||||
| 31,054,719 | ||||||||
United States — 5.0% |
||||||||
Aurinia Pharmaceuticals, Inc. (a)(b) |
70,099 | 400,265 | ||||||
CNH Industrial NV |
104,750 | 1,061,118 | ||||||
Ferguson plc |
9,052 | 1,736,070 | ||||||
Spotify Technology SA (b) |
11,269 | 3,536,100 | ||||||
| 6,733,553 | ||||||||
Total Common Stocks |
||||||||
(Cost $110,726,099) |
$ | 123,408,866 | ||||||
Shares |
Fair |
|||||||
Registered Investment Companies — 13.3% |
||||||||
State Street Institutional Liquid Reserves Fund - Premier Class, 5.36% (c) |
9,652,293 | $ | 9,655,189 | |||||
State Street Navigator Securities Lending Portfolio I, 5.22% (c)(d) |
8,104,734 | 8,104,734 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $17,759,163) |
$ | 17,759,923 | ||||||
Total Investment Securities — 105.7% |
||||||||
(Cost $128,485,262) |
$ | 141,168,789 | ||||||
Liabilities in Excess of Other Assets — (5.7)% |
(7,623,112 | ) | ||||||
Net Assets — 100.0% |
$ | 133,545,677 | ||||||
(a) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $8,078,968. |
(b) |
Non-income producing security. |
(c) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(d) |
This security was purchased using cash collateral held from securities on loan. |
AB — Aktiebolag
ADR — American Depositary Receipt
AG — Aktiengesellschaft
NV — Naamloze Vennootschap
OYJ — Julkinen Osakeyhito
plc — Public Limited Company
SA — Societe Anonyme
SAB de CV — Societe Anonima Bursatil de Capital Variable
SE — Societe Europaea
See accompanying Notes to Financial Statements.
14 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 3.2% |
||||||||||||||||
Banking — 1.7% |
||||||||||||||||
American Express Co. |
6.338 | % | 10/30/26 | $ | 1,000,000 | $ | 1,009,820 | |||||||||
American Express Co. |
2.550 | % | 03/04/27 | 500,000 | 467,320 | |||||||||||
Bank of America Corp. (1* TSFR3M + 90) (a) |
2.015 | % | 02/13/26 | 6,600,000 | 6,448,944 | |||||||||||
Bank of America Corp. (1* SOFR + 115) (a)(b) |
1.319 | % | 06/19/26 | 776,000 | 743,570 | |||||||||||
Capital One Financial Corp. (a) |
2.636 | % | 03/03/26 | 1,000,000 | 978,588 | |||||||||||
Citigroup, Inc. (1* SOFR + 53) (a) |
1.281 | % | 11/03/25 | 2,750,000 | 2,707,052 | |||||||||||
Discover Bank |
3.450 | % | 07/27/26 | 801,000 | 764,998 | |||||||||||
Discover Financial Services |
3.750 | % | 03/04/25 | 1,949,000 | 1,923,241 | |||||||||||
Fifth Third Bancorp |
1.707 | % | 11/01/27 | 1,200,000 | 1,100,343 | |||||||||||
Goldman Sachs Group, Inc. (1* SOFR + 49) (a) |
5.831 | % | 10/21/24 | 5,000,000 | 5,000,550 | |||||||||||
Huntington National Bank (b) |
5.699 | % | 11/18/25 | 1,300,000 | 1,298,017 | |||||||||||
JPMorgan Chase & Co. (a) |
1.561 | % | 12/10/25 | 3,700,000 | 3,631,230 | |||||||||||
JPMorgan Chase & Co. (b) |
1.470 | % | 09/22/27 | 1,600,000 | 1,469,586 | |||||||||||
JPMorgan Chase Bank NA |
5.110 | % | 12/08/26 | 500,000 | 499,920 | |||||||||||
Key Bank NA |
4.390 | % | 12/14/27 | 1,600,000 | 1,515,504 | |||||||||||
Morgan Stanley (1* SOFR + 51) (a) |
5.857 | % | 01/22/25 | 3,800,000 | 3,801,866 | |||||||||||
Royal Bank of Canada |
0.750 | % | 10/07/24 | 2,000,000 | 1,973,763 | |||||||||||
Royal Bank of Canada |
4.950 | % | 04/25/25 | 900,000 | 895,696 | |||||||||||
Toronto-Dominion Bank (The) |
0.700 | % | 09/10/24 | 900,000 | 891,323 | |||||||||||
Toronto-Dominion Bank (The) |
1.250 | % | 12/13/24 | 500,000 | 490,031 | |||||||||||
US Bancorp |
6.787 | % | 10/26/27 | 900,000 | 926,649 | |||||||||||
Wells Fargo & Co. (1* SOFR + 200) (a) |
2.188 | % | 04/30/26 | 1,675,000 | 1,626,498 | |||||||||||
Wells Fargo Bank NA |
5.254 | % | 12/11/26 | 1,500,000 | 1,501,552 | |||||||||||
| 41,666,061 | ||||||||||||||||
Communications — 0.2% |
||||||||||||||||
Netflix, Inc. (c) |
3.625 | % | 06/15/25 | 3,750,000 | 3,682,108 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Consumer Cyclical — 0.5% |
||||||||||||||||
Dollar Tree, Inc. |
4.000 | % | 05/15/25 | $ | 1,600,000 | $ | 1,576,669 | |||||||||
Ford Motor Credit Co., LLC |
5.850 | % | 05/17/27 | 5,000,000 | 4,999,390 | |||||||||||
General Motors Financial Co. |
1.250 | % | 01/08/26 | 3,700,000 | 3,463,642 | |||||||||||
Honda Motor Co. |
2.271 | % | 03/10/25 | 900,000 | 880,166 | |||||||||||
Hyundai Capital America (c) |
6.250 | % | 11/03/25 | 900,000 | 906,756 | |||||||||||
Hyundai Capital America (c) |
5.650 | % | 06/26/26 | 900,000 | 902,002 | |||||||||||
| 12,728,625 | ||||||||||||||||
Consumer Non-Cyclical — 0.1% |
||||||||||||||||
Mondelez International, Inc. (c) |
0.750 | % | 09/24/24 | 300,000 | 296,497 | |||||||||||
Pfizer, Inc. |
4.450 | % | 05/19/26 | 900,000 | 888,503 | |||||||||||
| 1,185,000 | ||||||||||||||||
Electric — 0.0% (d) |
||||||||||||||||
DTE Energy Co. (b) |
1.050 | % | 06/01/25 | 500,000 | 479,411 | |||||||||||
Energy — 0.1% |
||||||||||||||||
Devon Energy Corp. |
5.250 | % | 09/15/24 | 1,000,000 | 999,360 | |||||||||||
Energy Transfer Operating, LP |
5.500 | % | 06/01/27 | 1,000,000 | 1,002,841 | |||||||||||
Energy Transfer, LP |
6.050 | % | 12/01/26 | 500,000 | 506,381 | |||||||||||
TransCanada Pipeline Ltd. |
1.000 | % | 10/12/24 | 750,000 | 739,756 | |||||||||||
| 3,248,338 | ||||||||||||||||
Insurance — 0.5% |
||||||||||||||||
Athene Global Funding (c) |
2.500 | % | 01/14/25 | 1,450,000 | 1,423,998 | |||||||||||
Equitable Financial Life (c) |
1.100 | % | 11/12/24 | 3,050,000 | 2,999,123 | |||||||||||
Jackson National Life Global Funding (c) |
5.550 | % | 07/02/27 | 3,150,000 | 3,141,009 | |||||||||||
Met Life Global Funding I (c) |
0.700 | % | 09/27/24 | 1,200,000 | 1,185,875 | |||||||||||
New York Life Global Funding (c) |
0.900 | % | 10/29/24 | 800,000 | 787,570 | |||||||||||
Principal Life Global Funding II (c) |
0.750 | % | 08/23/24 | 1,265,000 | 1,255,687 | |||||||||||
Protective Life Global Funding (c) |
0.781 | % | 07/05/24 | 1,700,000 | 1,699,058 | |||||||||||
RGA Global Funding (c) |
2.000 | % | 11/30/26 | 800,000 | 737,373 | |||||||||||
| 13,229,693 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 15 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 3.2% continued |
||||||||||||||||
Technology — 0.0% (d) |
||||||||||||||||
Dell International, LLC / EMC Corp. |
4.900 | % | 10/01/26 | $ | 300,000 | $ | 297,064 | |||||||||
Transportation — 0.1% |
||||||||||||||||
Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A (c) |
4.800 | % | 02/15/29 | 362,813 | 355,769 | |||||||||||
American Airlines Pass-Through Trust, Series 2016-2, Class AA |
3.200 | % | 12/15/29 | 1,304,000 | 1,209,175 | |||||||||||
United Airlines Pass-Through Trust, Series 2020-1, Class A |
5.875 | % | 04/15/29 | 661,150 | 663,025 | |||||||||||
| 2,227,969 | ||||||||||||||||
Total Corporate Credit |
||||||||||||||||
(Cost $79,194,790) |
78,744,269 | |||||||||||||||
Securitized — 82.1% |
||||||||||||||||
ABS-Other — 4.1% |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B (c) |
1.830 | % | 03/20/41 | 3,588,000 | 3,226,718 | |||||||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class B (c) |
2.050 | % | 11/21/33 | 808,430 | 761,801 | |||||||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class D (c) |
3.830 | % | 11/21/33 | 230,980 | 213,005 | |||||||||||
FMC GMSR Issuer Trust, Series 2020-GT1, Class A (a)(c) |
4.450 | % | 01/25/26 | 8,850,000 | 8,228,380 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT1, Class A (a)(c) |
3.620 | % | 07/25/26 | 9,900,000 | 8,860,934 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT2, Class A (c) |
3.850 | % | 10/25/26 | 14,280,000 | 12,793,035 | |||||||||||
FMC GMSR Issuer Trust, Series 2022-GT2, Class A (c) |
7.900 | % | 07/25/27 | 4,850,000 | 4,902,153 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
ABS-Other — 4.1% continued |
||||||||||||||||
Helios Issuer, LLC, Series 2020-4, Class A (c) |
2.980 | % | 06/20/47 | $ | 1,421,170 | $ | 1,252,873 | |||||||||
Helios Issuer, LLC, Series 2021-A, Class A (c) |
1.800 | % | 02/20/48 | 1,005,017 | 801,689 | |||||||||||
Helios Issuer, LLC, Series 2022-C, Class C (c) |
6.000 | % | 11/22/49 | 4,229,272 | 3,338,416 | |||||||||||
Hero Funding Trust, Series 2016-4B, Class B (c) |
4.990 | % | 09/20/47 | 97,722 | 96,849 | |||||||||||
Holiday Inn Timeshare Trust, Series 2020-A, Class C (c) |
3.420 | % | 10/09/39 | 642,865 | 601,573 | |||||||||||
Holiday Inn Timeshare Trust, Series 2020-A, Class D (c) |
5.500 | % | 10/09/39 | 299,007 | 281,150 | |||||||||||
Holiday Inn Timeshare Trust, Series 2020-A, Class E (c) |
6.500 | % | 10/09/39 | 1,704,339 | 1,589,900 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A (c) |
2.290 | % | 01/20/48 | 2,262,173 | 1,816,045 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A (c) |
2.220 | % | 03/20/48 | 1,745,849 | 1,368,688 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-2, Class B (c) |
4.770 | % | 06/22/43 | 329,454 | 288,253 | |||||||||||
Mosaic Solar Loans, LLC, Series 2020-1A, Class B (c) |
3.100 | % | 04/20/46 | 979,209 | 835,514 | |||||||||||
Mosaic Solar Loans, LLC, Series 2021-1, Class D (c) |
3.710 | % | 12/20/46 | 529,182 | 451,669 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-2A, Class C (c) |
8.180 | % | 09/22/53 | 11,000,000 | 9,842,370 | |||||||||||
MVW Own Trust, Series 2021-1W, Class D (c) |
3.170 | % | 01/22/41 | 1,429,754 | 1,315,740 | |||||||||||
16 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
ABS-Other — 4.1% continued |
||||||||||||||||
PNMAC GMSR Issuer Trust, Series 2022-GT1, Class A (1* SOFR + 425) (a)(c) |
9.585 | % | 05/25/27 | $ | 3,625,000 | $ | 3,673,286 | |||||||||
PowerPay Issuance Trust, Series 2024-1A, Class A (c) |
6.530 | % | 02/18/39 | 5,044,699 | 5,050,816 | |||||||||||
Renew Financial, LLC, Series 2017-1, Class A (c) |
3.670 | % | 09/20/52 | 909,422 | 831,049 | |||||||||||
Renew Financial, LLC, Series 2017-1, Class B (c) |
5.750 | % | 09/20/52 | 214,217 | 206,777 | |||||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class A (c) |
1.830 | % | 11/15/55 | 11,300,000 | 10,672,874 | |||||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class B (c) |
2.130 | % | 11/15/55 | 2,213,000 | 2,086,071 | |||||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class C (c) |
2.420 | % | 11/15/55 | 1,000,000 | 939,512 | |||||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class D (c) |
3.160 | % | 11/15/55 | 4,118,000 | 3,878,222 | |||||||||||
Stream Innovations Issuer Trust, Series 2024-1A, Class A (c) |
6.270 | % | 07/15/44 | 8,500,000 | 8,498,501 | |||||||||||
Stream Innovations Issuer Trust, Series 2024-1A, Class C (c) |
11.400 | % | 07/15/44 | 2,500,000 | 2,499,915 | |||||||||||
| 101,203,778 | ||||||||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 2.7% |
||||||||||||||||
FHLMC, Series 2979, Class FP (1* SOFR + 45) (a) |
5.898 | % | 05/15/35 | $ | 234,640 | $ | 232,111 | |||||||||
FHLMC, Series 3121, Class FM (1* SOFR + 40) (a) |
5.848 | % | 03/15/36 | 202,408 | 200,126 | |||||||||||
FHLMC, Series 4613, Class AF (1* SOFR + 110) (a) |
6.538 | % | 11/15/37 | 381,283 | 373,987 | |||||||||||
FHLMC, Series 3925, Class FL (1* SOFR + 45) (a) |
5.898 | % | 01/15/41 | 32,324 | 32,241 | |||||||||||
FHLMC, Series 3895, Class BF (1* SOFR + 50) (a) |
5.948 | % | 07/15/41 | 160,458 | 159,079 | |||||||||||
FHLMC, Series 4314, Class PF (1* SOFR + 40) (a) |
5.848 | % | 07/15/43 | 62,352 | 61,999 | |||||||||||
FHLMC, Series 5171, Class UK |
2.000 | % | 12/25/51 | 1,163,171 | 589,407 | |||||||||||
FNMA, Series 2013-97, Class ZB |
3.500 | % | 09/25/33 | 10,306,150 | 9,803,222 | |||||||||||
FNMA, Series 2006-56, Class DC (1* SOFR + 65) (a) |
6.100 | % | 07/25/36 | 387,242 | 384,506 | |||||||||||
FNMA, Series 2006-108, Class FD (1* SOFR + 38) (a) |
5.830 | % | 11/25/36 | 182,631 | 180,533 | |||||||||||
FNMA, Series 2010-136, Class FA (1* SOFR + 50) (a) |
5.950 | % | 12/25/40 | 176,853 | 174,268 | |||||||||||
FNMA, Series 2011-86, Class KF (1* SOFR + 55) (a) |
6.000 | % | 09/25/41 | 287,115 | 283,981 | |||||||||||
FNMA, Series 2011-127, Class ZU |
3.500 | % | 12/25/41 | 4,101,339 | 3,748,332 | |||||||||||
FNMA, Series 2012-33, Class F (1* SOFR + 52) (a) |
5.970 | % | 04/25/42 | 86,588 | 85,914 | |||||||||||
FNMA, Series 2013-34, Class GP |
3.000 | % | 05/25/42 | 1,985,268 | 1,840,053 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 17 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Agency MBS CMO — 2.7% continued |
||||||||||||||||
FNMA, Series 2017-28, Class LK |
4.000 | % | 03/25/53 | $ | 828,520 | $ | 812,948 | |||||||||
GNMA, Series 2023-81, Class MV |
5.500 | % | 05/20/34 | 9,367,603 | 9,270,120 | |||||||||||
GNMA, Series 2023-81, Class QV |
5.500 | % | 05/20/34 | 6,408,302 | 6,360,903 | |||||||||||
GNMA, Series 2023-133, Class GV |
6.000 | % | 07/20/34 | 3,795,732 | 3,864,228 | |||||||||||
GNMA, Series 2023-167, Class VC |
6.500 | % | 08/20/34 | 8,654,395 | 8,814,400 | |||||||||||
GNMA, Series 2024-20, Class KV |
6.000 | % | 12/20/34 | 9,342,039 | 9,391,448 | |||||||||||
GNMA, Series 2023-67, Class AC |
6.000 | % | 05/20/53 | 8,349,928 | 8,387,058 | |||||||||||
GNMA, Series 2012-H29, Class SA (1* TSFR1M + 63) (a) |
5.952 | % | 10/20/62 | 271,858 | 271,499 | |||||||||||
GNMA, Series 2012-H23, Class SA (1* TSFR1M + 64) (a) |
5.967 | % | 10/20/62 | 1,757,141 | 1,755,984 | |||||||||||
GNMA, Series 2016-H11, Class FD (1* TSFR12M + 112) (a) |
6.142 | % | 05/20/66 | 61,238 | 61,244 | |||||||||||
| 67,139,591 | ||||||||||||||||
Agency MBS CMO Derivatives — 0.0% (d) |
||||||||||||||||
FHLMC, Series 237, Class S14 (IO) (-1* SOFR + 660) (a) |
1.162 | % | 05/15/36 | 385,473 | 38,120 | |||||||||||
FNMA, Series 2012-148, Class IA (IO) |
4.000 | % | 01/25/28 | 768,235 | 24,678 | |||||||||||
FNMA, Series 301, Class (PO) |
0.000 | % | 04/25/29 | 113,600 | 101,758 | |||||||||||
FNMA, Series 2010-44, Class CS (IO) (-1* SOFR + 655) (a) |
1.100 | % | 05/25/40 | 254,266 | 20,988 | |||||||||||
FNMA, Series 2014-45, Class IO (IO) |
4.000 | % | 08/25/44 | 369,791 | 40,153 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO Derivatives — 0.0% (d) continued |
||||||||||||||||
GNMA, Series 2015-16, Class IL (IO) |
4.000 | % | 03/20/42 | $ | 469,351 | $ | 7,661 | |||||||||
| 233,358 | ||||||||||||||||
Agency MBS Passthrough — 3.4% |
||||||||||||||||
FHLMC, Pool #SC-0118 |
2.500 | % | 01/01/41 | 2,026,289 | 1,761,110 | |||||||||||
FHLMC, Pool #G6-0257 |
5.500 | % | 06/01/41 | 322,625 | 324,219 | |||||||||||
FHLMC, Pool #84-1354 |
3.480 | % | 11/01/48 | 3,865,678 | 3,877,314 | |||||||||||
FHLMC, Pool #QG-9457 |
6.500 | % | 08/01/53 | 12,837,182 | 13,248,301 | |||||||||||
FNMA, Pool #CA8542 |
2.500 | % | 01/01/41 | 2,228,286 | 1,942,193 | |||||||||||
FNMA, Pool #BP6608 |
2.205 | % | 08/01/50 | 2,041,116 | 1,884,428 | |||||||||||
FNMA, Pool #BM7138 |
1.694 | % | 10/01/51 | 7,314,962 | 6,536,183 | |||||||||||
GNMA, Pool #CM7497C |
5.000 | % | 08/20/52 | 5,939,040 | 5,691,639 | |||||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 16,106,323 | 16,729,161 | |||||||||||
GNMA, Pool #CW0334C |
7.000 | % | 07/20/63 | 3,170,267 | 3,211,665 | |||||||||||
GNMA, Pool #CW0526C |
7.000 | % | 08/20/63 | 5,231,919 | 5,300,239 | |||||||||||
GNMA, Series 2023-112, Class ET |
7.000 | % | 08/20/63 | 22,022,580 | 23,257,153 | |||||||||||
| 83,763,605 | ||||||||||||||||
Auto Loan — 7.4% |
||||||||||||||||
ACM Auto Trust, Series 2023-1A, Class C (c) |
8.590 | % | 01/22/30 | 4,000,000 | 4,023,458 | |||||||||||
ACM Auto Trust, Series 2023-2A, Class A (c) |
7.970 | % | 06/20/30 | 1,340,484 | 1,347,535 | |||||||||||
ACM Auto Trust, Series 2024-1A, Class A (c) |
7.710 | % | 01/21/31 | 8,189,496 | 8,220,616 | |||||||||||
ACM Auto Trust, Series 2024-1A, Class B (c) |
11.400 | % | 01/21/31 | 4,750,000 | 4,878,282 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class A (c) |
1.190 | % | 01/15/27 | 268,174 | 267,052 | |||||||||||
18 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Auto Loan — 7.4% continued |
||||||||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class B (c) |
2.020 | % | 02/16/27 | $ | 2,223,000 | $ | 2,180,515 | |||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class A (c) |
6.460 | % | 04/17/28 | 10,271,220 | 10,284,086 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C (c) |
9.840 | % | 03/15/29 | 5,700,000 | 5,473,323 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B (c) |
6.870 | % | 06/17/30 | 2,200,000 | 2,204,463 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class D (c) |
12.550 | % | 08/15/30 | 4,340,000 | 4,341,503 | |||||||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class D (c) |
3.640 | % | 02/17/26 | 492,573 | 491,856 | |||||||||||
CarNow Auto Receivables Trust, Series 2023-1A, Class B (c) |
6.950 | % | 03/16/26 | 944,231 | 944,337 | |||||||||||
CarNow Auto Receivables Trust, Series 2021-1A, Class E (c) |
5.120 | % | 07/15/27 | 2,500,000 | 2,493,073 | |||||||||||
CarNow Auto Receivables Trust, Series 2023-1A, Class D (c) |
7.990 | % | 02/15/28 | 3,500,000 | 3,502,611 | |||||||||||
Chase Auto Credit Linked Notes, Series 2021-3, Class D (c) |
1.009 | % | 02/26/29 | 409,101 | 399,825 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Auto Loan — 7.4% continued |
||||||||||||||||
Chase Auto Credit Linked Notes, Series 2021-3, Class E (c) |
2.102 | % | 02/26/29 | $ | 340,917 | $ | 334,672 | |||||||||
Credit Acceptance Auto Loan Trust, Series 2023-3A, Class C (c) |
7.620 | % | 12/15/33 | 7,000,000 | 7,228,963 | |||||||||||
Credit Acceptance Auto Loan Trust, Series 2023-5A, Class C (c) |
7.300 | % | 04/17/34 | 2,000,000 | 2,051,147 | |||||||||||
FHF Trust, Series 2021-2A, Class B (c) |
1.630 | % | 09/15/27 | 10,900,000 | 10,341,242 | |||||||||||
First Help Financial, LLC, Series 2023-1A, Class C (c) |
7.880 | % | 07/15/30 | 12,907,000 | 13,146,178 | |||||||||||
First Help Financial, LLC, Series 2023-2, Class D (c) |
9.503 | % | 10/15/30 | 4,500,000 | 4,734,306 | |||||||||||
First Help Financial, LLC, Series 2024-1A, Class C (c) |
7.420 | % | 05/15/31 | 2,500,000 | 2,543,889 | |||||||||||
JPMorgan Chase Bank NA, Series 2021-2, Class E (c) |
2.280 | % | 12/26/28 | 123,191 | 122,123 | |||||||||||
Lendbuzz Securitization Trust, Series 24-2A, Class B (c) |
6.520 | % | 07/16/29 | 2,000,000 | 2,019,185 | |||||||||||
Lendbuzz Securitization Trust, Series 24-2A, Class C (c) |
7.450 | % | 05/15/31 | 2,500,000 | 2,530,594 | |||||||||||
Lobel Automobile Receivables Trust, Series 2023-1, Class A (c) |
6.970 | % | 07/15/26 | 1,164,446 | 1,166,324 | |||||||||||
Lobel Automobile Receivables Trust, Series 2023-2, Class A (c) |
7.590 | % | 04/16/29 | 3,732,792 | 3,756,944 | |||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class D (c) |
8.200 | % | 05/20/36 | 5,700,000 | 5,791,097 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 19 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Auto Loan — 7.4% continued |
||||||||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class E (c) |
10.800 | % | 05/20/36 | $ | 9,640,000 | $ | 9,633,881 | |||||||||
Merchants Fleet Funding, LLC, Series 2024-1A, Class E (c) |
9.350 | % | 04/02/37 | 3,000,000 | 3,005,176 | |||||||||||
Research-Drive Pagaya Motor Asset Trust I, Series 2024-1A, Class A (c) |
7.090 | % | 06/25/32 | 9,920,376 | 9,968,676 | |||||||||||
Research-Drive Pagaya Motor Asset Trust I, Series 2024-1A, Class B (c) |
7.960 | % | 06/25/32 | 4,000,000 | 4,060,185 | |||||||||||
Research-Drive Pagaya Motor Asset Trust I, Series 2024-1A, Class C (c) |
10.000 | % | 06/25/32 | 5,000,000 | 4,753,230 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-1A, Class A (c) |
6.610 | % | 10/15/27 | 6,906,717 | 6,919,529 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class A (c) |
6.360 | % | 12/15/27 | 6,950,695 | 6,954,945 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class B (c) |
6.570 | % | 02/15/28 | 5,750,000 | 5,764,419 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class C (c) |
6.930 | % | 04/17/28 | 2,500,000 | 2,511,557 | |||||||||||
Tricolor Auto Securitization Trust, Series 2024-2A, Class D (c) |
7.610 | % | 08/15/28 | 6,000,000 | 6,027,375 | |||||||||||
US Bank NA, Series 2023-1, Class B (c) |
6.789 | % | 08/25/32 | 1,846,992 | 1,854,589 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Auto Loan — 7.4% continued |
||||||||||||||||
Veros Auto Receivables Trust, Series 2021-1, Class B (c) |
1.490 | % | 10/15/26 | $ | 380,877 | $ | 380,041 | |||||||||
Veros Auto Receivables Trust, Series 2024-1, Class B (c) |
6.600 | % | 06/15/28 | 4,150,000 | 4,161,324 | |||||||||||
Veros Auto Receivables Trust, Series 2021-1, Class C (c) |
3.640 | % | 08/15/28 | 5,000,000 | 4,979,989 | |||||||||||
Veros Auto Receivables Trust, Series 2023-1, Class A (c) |
7.120 | % | 11/15/28 | 2,457,362 | 2,465,020 | |||||||||||
Veros Auto Receivables Trust, Series 2024-1, Class C (c) |
7.570 | % | 12/15/28 | 1,500,000 | 1,504,780 | |||||||||||
Veros Auto Receivables Trust, Series 2024-1, Class D (c) |
9.870 | % | 05/15/31 | 1,500,000 | 1,504,887 | |||||||||||
| 183,268,802 | ||||||||||||||||
CRE/CLO — 5.1% |
||||||||||||||||
A10 Securitization, Series 2021-D, Class D (c) |
4.409 | % | 10/01/38 | 7,546,818 | 6,807,992 | |||||||||||
A10 Securitization, Series 2021-D, Class E (c) |
4.937 | % | 10/01/38 | 3,575,985 | 3,133,364 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class C (c) |
7.196 | % | 12/18/37 | 3,000,000 | 2,902,845 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class D (1* TSFR1M + 271) (a)(c) |
8.046 | % | 12/18/37 | 6,000,000 | 5,772,204 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class E (1* TSFR1M + 321) (a)(c) |
8.546 | % | 12/18/37 | 2,000,000 | 1,902,982 | |||||||||||
20 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
CRE/CLO — 5.1% continued |
||||||||||||||||
Arbor Realty Collateralized Loan, Series 2022-FL2, Class A (1* TSFR1M + 185) (a)(c) |
7.179 | % | 05/15/37 | $ | 15,261,921 | $ | 15,261,814 | |||||||||
Bancorp Commercial Mortgage Trust (The), Series 2017-CRE2, Class D (1* Prime + 375) (a)(c) |
9.193 | % | 08/15/32 | 126,460 | 123,330 | |||||||||||
BXMT Ltd., Series 2020-FL3, Class A (1* TSFR1M + 151) (a)(c) |
6.843 | % | 11/15/37 | 3,863,178 | 3,760,170 | |||||||||||
BXMT Ltd., Series 2020-FL3, Class AS (1* TSFR1M + 186) (a)(c) |
7.193 | % | 11/15/37 | 2,500,000 | 2,367,335 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class A (1* TSFR1M + 101) (c) |
6.335 | % | 02/15/38 | 6,697,009 | 6,438,330 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class B (1* TSFR1M + 151) (c) |
6.835 | % | 02/15/38 | 5,250,000 | 4,812,906 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class D (1* TSFR1M + 206) (a)(c)(e) |
7.385 | % | 02/15/38 | 5,825,000 | 4,903,811 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class E (1* TSFR1M + 216) (a)(c)(e) |
7.485 | % | 02/15/38 | 3,500,000 | 2,485,381 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class D (1* TSFR1M + 236) (a)(c)(e) |
7.693 | % | 05/15/38 | 8,250,000 | 6,497,296 | |||||||||||
HERA Commercial Mortgage Ltd., Series 2021-FL1, Class C (1* TSFR1M + 206) (a)(c) |
7.385 | % | 02/18/38 | 10,000,000 | 9,591,840 | |||||||||||
KKR Financial Management, Series 2021-FL2, Class A (1* TSFR1M + 118) (a)(c) |
6.513 | % | 02/15/39 | 9,979,768 | 9,825,521 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
CRE/CLO — 5.1% continued |
||||||||||||||||
KKR Real Estate Finance Trust, Series 2021-FL2, Class A-S (1* TSFR1M + 141) (a)(c) |
6.743 | % | 02/15/39 | $ | 3,250,000 | $ | 3,141,340 | |||||||||
KKR Real Estate Finance Trust, Series 2021-FL2, Class B (1* TSFR1M + 176) (a)(c) |
7.093 | % | 02/15/39 | 2,100,000 | 2,015,210 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class AS (1* TSFR1M + 131) (a)(c) |
6.643 | % | 07/15/36 | 3,575,000 | 3,553,622 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2021-FL6, Class C (1* TSFR1M + 196) (a)(c) |
7.296 | % | 07/16/36 | 3,750,000 | 3,632,531 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class D (1* TSFR1M + 573) (a)(c) |
11.068 | % | 09/17/37 | 1,250,000 | 1,259,116 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class B (1* TSFR1M + 249) (a)(c) |
0.000 | % | 08/18/41 | 4,500,000 | 4,488,750 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class C (1* TSFR1M + 294) (a)(c) |
0.000 | % | 08/18/41 | 7,500,000 | 7,481,250 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 21 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
CRE/CLO — 5.1% continued |
||||||||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2024-FL15, Class D (1* TSFR1M + 404) (a)(c) |
0.000 | % | 08/18/41 | $ | 6,500,000 | $ | 6,483,750 | |||||||||
PFP III, Series 2021-8, Class E (1* TSFR1M + 261) (a)(c) |
7.944 | % | 08/09/37 | 2,250,000 | 2,155,430 | |||||||||||
PFP Ltd., Series 2021-8, Class A (1* TFSR1M + 111) (a)(c) |
6.444 | % | 08/09/37 | 786,527 | 782,664 | |||||||||||
PFP Ltd., Series 2021-8, Class C (1* TFSR1M + 191) (a)(c) |
7.244 | % | 08/09/37 | 2,000,000 | 1,978,214 | |||||||||||
Shelter Growth Capital Partners, LLC, Series 2021-FL3, Class A (1* TSFR1M + 119) (a)(c) |
6.523 | % | 09/15/36 | 301,301 | 301,177 | |||||||||||
Shelter Growth Capital Partners, LLC, Series 2021-FL3, Class C (1* TSFR1M + 226) (a)(c) |
7.593 | % | 09/15/36 | 2,000,000 | 1,947,906 | |||||||||||
Starwood Commercial Mortgage Trust, Series 2019-FL1, Class AS (1* TSFR1M + 151) (a)(c) |
6.843 | % | 07/15/38 | 1,367,000 | 1,349,455 | |||||||||||
TPG Real Estate Finance, Series 2019-FL3, Class C (1* TSFR1M + 221) (a)(c) |
7.543 | % | 10/15/34 | 1,178,203 | 1,155,096 | |||||||||||
| 128,312,632 | ||||||||||||||||
Credit Cards — 6.5% |
||||||||||||||||
Continental Credit Card, LLC, Series 2020-A, Class A (c) |
2.240 | % | 12/15/28 | 700,691 | 697,426 | |||||||||||
Continental Credit Card, LLC, Series 2020-A, Class B (c) |
3.660 | % | 12/15/28 | 9,200,000 | 9,044,595 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Credit Cards — 6.5% continued |
||||||||||||||||
Continental Credit Card, LLC, Series 2020-1A, Class C (c) |
5.750 | % | 12/15/28 | $ | 850,000 | $ | 814,766 | |||||||||
Continental Credit Card, LLC, Series 2021-A, Class B (c) |
3.490 | % | 12/17/29 | 6,700,000 | 6,499,812 | |||||||||||
Continental Credit Card, LLC, Series 2021-A, Class C (c) |
4.020 | % | 12/17/29 | 6,900,000 | 6,563,479 | |||||||||||
Continental Credit Card, LLC, Series 2021-A, Class D (c) |
6.010 | % | 12/17/29 | 16,210,000 | 15,082,363 | |||||||||||
Continental Credit Card, LLC, Series 2022-A, Class C (c) |
9.330 | % | 10/15/30 | 4,100,000 | 4,159,794 | |||||||||||
Continental Credit Card, LLC, Series 2022-A, Class D (c) |
12.420 | % | 10/15/30 | 5,000,000 | 4,981,309 | |||||||||||
Genesis Private Label Amortization Trust, Series 2020-1, Class D (c) |
6.630 | % | 07/20/30 | 3,085,500 | 3,079,971 | |||||||||||
Genesis Private Label Amortization Trust, Series 2020-1, Class E (c) |
9.760 | % | 07/20/30 | 2,625,000 | 2,613,817 | |||||||||||
Genesis Sales Finance Master Trust, Series 2021-AA, Class D (c) |
2.090 | % | 12/21/26 | 2,350,000 | 2,185,108 | |||||||||||
Genesis Sales Finance Master Trust, Series 2021-AA, Class E (c) |
3.770 | % | 12/21/26 | 8,000,000 | 7,153,265 | |||||||||||
Genesis Sales Finance Master Trust, Series 2021-AA, Class F (c) |
5.590 | % | 12/21/26 | 6,000,000 | 5,212,232 | |||||||||||
22 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Credit Cards — 6.5% continued |
||||||||||||||||
Genesis Sales Finance Master Trust, Series 2022-B, Class C (c) |
9.530 | % | 09/20/27 | $ | 5,000,000 | $ | 4,996,385 | |||||||||
Genesis Sales Finance Master Trust, Series 2022-A, Class D (c) |
10.970 | % | 09/20/27 | 4,350,000 | 4,339,505 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2022-3A, Class B (c) |
10.680 | % | 06/21/27 | 3,500,000 | 3,497,906 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2022-3A, Class D (c) |
17.760 | % | 06/21/27 | 4,000,000 | 4,012,242 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class B (c) |
8.040 | % | 09/20/27 | 7,000,000 | 7,049,239 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class D (c) |
17.070 | % | 09/20/27 | 10,000,000 | 10,110,237 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B (c) |
7.430 | % | 07/20/29 | 5,250,000 | 5,278,326 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2024-2A, Class C (c) |
10.420 | % | 07/20/29 | 11,000,000 | 11,012,365 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2024-2A, Class D (c) |
14.130 | % | 07/20/29 | 16,000,000 | 16,006,200 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class D (c) |
11.950 | % | 07/17/28 | 5,500,000 | 5,530,984 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Credit Cards — 6.5% continued |
||||||||||||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class E (c) |
15.730 | % | 07/17/28 | $ | 5,500,000 | $ | 5,521,560 | |||||||||
Mission Lane Credit Card Master Trust, Series 2024-A, Class C (c) |
7.320 | % | 08/15/29 | 11,000,000 | 10,989,536 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2024-A, Class E (c) |
13.690 | % | 08/15/29 | 5,000,000 | 4,995,680 | |||||||||||
| 161,428,102 | ||||||||||||||||
Equipment — 1.8% |
||||||||||||||||
Business Jet Securities, LLC, Series 2021-1A, Class B (c) |
2.918 | % | 04/15/36 | 679,959 | 643,236 | |||||||||||
Business Jet Securities, LLC, Series 2021-1A, Class C (c) |
5.067 | % | 04/15/36 | 824,192 | 802,623 | |||||||||||
Business Jet Securities, LLC, Series 2024-1A, Class A (c) |
6.197 | % | 05/15/39 | 7,778,555 | 7,804,477 | |||||||||||
Business Jet Securities, LLC, Series 2024-1A, Class B (c) |
6.924 | % | 05/15/39 | 1,944,639 | 1,974,389 | |||||||||||
Business Jet Securities, LLC, Series 2024-1A, Class C (c) |
9.132 | % | 05/15/39 | 1,226,253 | 1,242,713 | |||||||||||
CPF IV, LLC, Series 2023-2, Class A (c) |
7.480 | % | 03/15/32 | 10,445,022 | 10,528,263 | |||||||||||
CPF IV, LLC, Series 2023-2, Class C (c) |
7.560 | % | 03/15/32 | 7,000,000 | 6,581,394 | |||||||||||
Dext ABS, Series 2023-2, Class D (c) |
8.300 | % | 05/15/34 | 2,120,000 | 2,118,243 | |||||||||||
NMEF Funding, LLC, Series 2023-A, Class C (c) |
8.040 | % | 06/17/30 | 4,500,000 | 4,466,423 | |||||||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A (c) |
3.967 | % | 10/15/41 | 2,628,537 | 2,424,708 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 23 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Equipment — 1.8% continued |
||||||||||||||||
Stellar Jay Ireland DAC, Series 2021-1, Class B (c) |
5.926 | % | 10/15/41 | $ | 6,028,165 | $ | 5,004,462 | |||||||||
| 43,590,931 | ||||||||||||||||
HECM — 8.0% |
||||||||||||||||
Boston Lending Trust, Series 2022-1, Class M2 (c)(e) |
2.750 | % | 02/25/62 | 1,067,979 | 756,036 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM4, Class M1 (c)(e) |
3.000 | % | 07/25/62 | 1,478,720 | 1,121,137 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM5, Class A (c) |
4.500 | % | 09/25/62 | 7,347,121 | 6,818,786 | |||||||||||
Brean Asset Backed Securities, Series 2023-SRM1, Class M2 (c) |
4.000 | % | 09/25/63 | 4,892,789 | 4,168,654 | |||||||||||
Brean Asset Backed Securities, Series 2023-SRM1, Class M3 (c) |
4.000 | % | 09/25/63 | 4,120,243 | 3,282,389 | |||||||||||
Brean Asset Backed Securities, Series 2024-RM8, Class A1 (c) |
4.500 | % | 05/25/64 | 12,423,010 | 11,526,060 | |||||||||||
Brean Asset Backed Securities, Series 2024-RM8, Class M1 (c) |
4.500 | % | 05/25/64 | 1,504,688 | 1,213,502 | |||||||||||
Brean Asset Backed Securities, Series 2024-RM8, Class M2 (c) |
4.500 | % | 05/25/64 | 1,504,688 | 1,157,944 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
HECM — 8.0% continued |
||||||||||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class A1 (c) |
4.500 | % | 03/25/78 | $ | 7,872,218 | $ | 7,369,641 | |||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class A2 (c) |
4.500 | % | 03/25/78 | 2,000,000 | 1,756,715 | |||||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class M1 (c) |
4.500 | % | 03/25/78 | 3,975,131 | 3,227,405 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-HB8, Class M3 (c) |
3.750 | % | 04/25/25 | 3,000,000 | 2,818,539 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-HB8, Class A (c) |
3.750 | % | 04/25/25 | 3,334,000 | 3,286,054 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M4 (c) |
3.000 | % | 05/25/34 | 15,000,000 | 11,283,351 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M3 (c) |
3.000 | % | 05/25/34 | 1,500,000 | 1,238,002 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M1 (c) |
3.000 | % | 05/25/34 | 7,850,000 | 7,102,708 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class A (c) |
3.000 | % | 05/25/34 | 19,149,459 | 18,341,892 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M2 (c) |
3.000 | % | 05/25/34 | 2,000,000 | 1,742,969 | |||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class M1 (c) |
3.000 | % | 06/25/34 | 7,500,000 | 6,801,679 | |||||||||||
24 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
HECM — 8.0% continued |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class A (c) |
3.000 | % | 06/25/34 | $ | 25,000,000 | $ | 23,774,445 | |||||||||
Cascade Funding Mortgage Trust, Series 2024-HB14, Class M4 (c) |
3.000 | % | 06/25/34 | 8,500,000 | 6,383,971 | |||||||||||
Finance of America HECM Buyout Trust, Series 2022-HB1, Class M3 (c) |
5.084 | % | 02/25/32 | 1,600,000 | 1,547,015 | |||||||||||
Finance of America HECM Buyout Trust, Series 2022-HB1, Class M5 (c) |
7.870 | % | 02/25/32 | 8,000,000 | 7,261,653 | |||||||||||
Finance of America HECM Buyout Trust, Series 2022-HB2, Class M3 (a)(c) |
6.000 | % | 08/01/32 | 6,500,000 | 6,253,755 | |||||||||||
Ocwen Loan Investment Trust, Series 2023-HB1, Class M3 (c) |
3.000 | % | 06/25/36 | 9,000,000 | 7,869,057 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M1 (c) |
3.000 | % | 02/25/37 | 2,500,000 | 2,259,616 | |||||||||||
Ocwen Loan Investment Trust, Series 24-HB1, Class M4 (c) |
3.000 | % | 02/25/37 | 5,700,000 | 4,334,722 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class A (c) |
1.259 | % | 11/25/31 | 868,215 | 851,847 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 (c) |
3.690 | % | 11/25/31 | 3,000,000 | 2,641,267 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M4 (c) |
4.704 | % | 11/25/31 | 6,350,000 | 5,425,282 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
HECM — 8.0% continued |
||||||||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M2 (c) |
3.630 | % | 10/25/50 | $ | 1,000,000 | $ | 890,030 | |||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class A (c) |
2.125 | % | 09/25/61 | 9,341,520 | 8,044,433 | |||||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class M2 (c) |
2.125 | % | 09/25/61 | 2,649,841 | 1,828,145 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-1, Class A (a)(c) |
3.000 | % | 01/25/62 | 1,944,987 | 1,678,793 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class A (c) |
3.750 | % | 06/25/62 | 8,000,000 | 6,896,887 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M1 (c) |
3.750 | % | 06/25/62 | 3,400,000 | 2,546,392 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M3 (a)(c) |
3.750 | % | 06/25/62 | 2,600,000 | 1,576,665 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class A (a)(c) |
4.000 | % | 08/25/62 | 4,500,000 | 4,094,600 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M1 (c) |
4.000 | % | 08/25/62 | 5,900,000 | 4,792,505 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (a)(c) |
3.000 | % | 01/25/62 | 1,600,000 | 1,190,197 | |||||||||||
RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 (c) |
3.000 | % | 01/25/62 | 4,000,000 | 2,621,700 | |||||||||||
| 199,776,440 | ||||||||||||||||
Hospitality — 2.3% |
||||||||||||||||
Extended Stay America Trust, Series 2021-ESH, Class A (1* TSFR1M + 119) (a)(c) |
6.523 | % | 07/15/38 | 4,416,420 | 4,399,859 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 25 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Hospitality — 2.3% continued |
||||||||||||||||
Extended Stay America Trust, Series 2021-ESH, Class B (1* TSFR1M + 149) (a)(c) |
6.823 | % | 07/15/38 | $ | 13,084,950 | $ | 13,031,986 | |||||||||
FontaineBleau Miami Beach Trust, Series 2019-FBLU, Class A (c) |
3.144 | % | 12/10/36 | 17,253,831 | 17,007,258 | |||||||||||
FontaineBleau Miami Beach Trust, Series 2019-FBLU, Class B (c) |
3.447 | % | 12/10/36 | 10,000,000 | 9,826,308 | |||||||||||
Hawaii Hotel Trust, Series 2019-MAUI, Class E (1* TSFR1M + 221) (a)(c) |
7.774 | % | 05/15/38 | 4,000,000 | 3,980,352 | |||||||||||
MCR Mortgage Trust, Series 2024-TWA, Class D (c) |
7.402 | % | 06/12/39 | 9,000,000 | 8,984,093 | |||||||||||
| 57,229,856 | ||||||||||||||||
Industrial — 0.3% |
||||||||||||||||
BX Trust, Series 2021-VOLT, Class C (1* TSFR1M + 121) (a)(c) |
6.543 | % | 09/15/36 | 5,735,000 | 5,616,796 | |||||||||||
BX Trust, Series 2021-VOLT, Class D (1* TSFR1M + 176) (a)(c) |
7.093 | % | 09/15/36 | 3,000,000 | 2,954,223 | |||||||||||
| 8,571,019 | ||||||||||||||||
Manufactured Housing — 0.0% (d) |
||||||||||||||||
Cascade Manufactured Housing Asset Trust, Series 2019-MH1, Class M (a)(c) |
5.985 | % | 11/25/44 | 1,100,000 | 1,027,734 | |||||||||||
Multifamily — 5.9% |
||||||||||||||||
FREMF Mortgage Trust, Series 2017-KF39, Class B (1* SOFR + 250) (a)(c) |
7.939 | % | 11/25/24 | 5,498,458 | 5,462,290 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Multifamily — 5.9% continued |
||||||||||||||||
FREMF Mortgage Trust, Series 2018-KF42, Class B (1* SOFR + 220) (a)(c) |
7.642 | % | 12/25/24 | $ | 968,352 | $ | 959,327 | |||||||||
FREMF Mortgage Trust, Series 2018-KF44, Class B (1* SOFR + 215) (a)(c) |
7.589 | % | 02/25/25 | 1,494,342 | 1,478,080 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF45, Class B (1* SOFR + 195) (a)(c) |
7.392 | % | 03/25/25 | 1,125,038 | 1,101,858 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF53, Class B (1* SOFR + 205) (a)(c) |
7.489 | % | 10/25/25 | 2,133,604 | 2,083,933 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF62, Class B (1* SOFR + 205) (a)(c) |
7.489 | % | 04/25/26 | 3,247,844 | 3,085,392 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF43, Class B (1* SOFR + 215) (a)(c) |
7.589 | % | 01/25/28 | 2,254,710 | 2,156,285 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF48, Class B (1* SOFR + 205) (a)(c) |
7.489 | % | 06/25/28 | 4,142,895 | 3,873,920 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF50, Class B (1* SOFR + 190) (a)(c) |
7.342 | % | 07/25/28 | 2,503,081 | 2,380,627 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF57, Class B (1* SOFR + 225) (a)(c) |
7.689 | % | 01/25/29 | 3,924,357 | 3,713,606 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF59, Class B (1* SOFR + 235) (a)(c) |
7.789 | % | 02/25/29 | 2,045,713 | 1,946,448 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF67, Class B (1* SOFR + 225) (a)(c) |
7.689 | % | 08/25/29 | 4,745,863 | 4,477,517 | |||||||||||
26 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Multifamily — 5.9% continued |
||||||||||||||||
MultiFamily Connecticut Avenue, Series 2020-01, Class CE (1* SOFR + 750) (a)(c) |
12.950 | % | 03/25/50 | $ | 13,063,000 | $ | 12,983,197 | |||||||||
MultiFamily Structured Credit Risk, Series 2021-MN2, Class M-1 (1* SOFR + 180) (a)(c) |
7.135 | % | 07/25/41 | 15,498,185 | 14,630,523 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN2, Class M2 (1* SOFR30A + 335) (a)(c) |
8.685 | % | 07/25/41 | 39,250,000 | 36,552,312 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN2, Class B1 (1* SOFR30A + 550) (a)(c) |
10.835 | % | 07/25/41 | 6,154,000 | 5,139,338 | |||||||||||
MultiFamily Structured Credit Risk, Series 2024-MN8, Class M1 (1* SOFR30A + 285) (a)(c) |
8.174 | % | 05/25/44 | 7,750,000 | 7,787,106 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN1, Class M-1 (1* SOFR + 200) (a)(c) |
7.335 | % | 01/25/51 | 5,777,784 | 5,742,073 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN3, Class M-1 (1* SOFR + 230) (a)(c) |
7.635 | % | 11/25/51 | 17,543,273 | 17,238,220 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN3, Class B1 (1* SOFR + 685) (a)(c) |
12.185 | % | 11/25/51 | 7,500,000 | 7,268,805 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Multifamily — 5.9% continued |
||||||||||||||||
MultiFamily Structured Credit Risk, Series 2022-MN4, Class M-1 (1* SOFR + 425) (a)(c) |
9.585 | % | 05/25/52 | $ | 6,577,212 | $ | 6,717,649 | |||||||||
| 146,778,506 | ||||||||||||||||
Non-Agency MBS 2.0 — 0.3% |
||||||||||||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1* SOFR + 155) (a) |
6.885 | % | 02/25/50 | 2,074,884 | 1,886,439 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1* SOFR + 130) (a)(c) |
6.635 | % | 03/25/51 | 4,050,562 | 3,940,808 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1* SOFR + 180) (a)(c) |
7.135 | % | 03/25/51 | 1,337,935 | 1,332,795 | |||||||||||
| 7,160,042 | ||||||||||||||||
Non-Performing Loan — 0.1% |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class M3 (a)(c) |
3.086 | % | 11/25/50 | 1,662,000 | 1,550,284 | |||||||||||
Non-QM — 0.6% |
||||||||||||||||
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A3 (a) |
6.098 | % | 08/25/34 | 3,526 | 3,351 | |||||||||||
GCAT, Series 2023-NQM4, Class A1 (c) |
4.250 | % | 05/25/67 | 16,705,744 | 15,432,813 | |||||||||||
| 15,436,164 | ||||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 27 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Office — 1.0% |
||||||||||||||||
Drop Mortgage Trust, Series 2021-FILE, Class A (1* TSFR1M + 126) (a)(c) |
6.581 | % | 10/15/43 | $ | 7,225,000 | $ | 6,882,172 | |||||||||
Drop Mortgage Trust, Series 2021-FILE, Class B (1* TSFR1M + 181) (a)(c) |
7.131 | % | 10/15/43 | 14,385,000 | 13,019,806 | |||||||||||
Drop Mortgage Trust, Series 2021-FILE, Class C (1* TSFR1M + 236) (a)(c) |
7.681 | % | 10/15/43 | 7,000,000 | 6,138,147 | |||||||||||
| 26,040,125 | ||||||||||||||||
Residential Transition Loan — 7.4% |
||||||||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 (c) |
3.280 | % | 01/25/26 | 4,031,699 | 3,927,237 | |||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A2 (c) |
5.610 | % | 01/25/26 | 3,057,975 | 2,993,874 | |||||||||||
Corevest American Finance Ltd., Series 2021-RTL1, Class A2 (c) |
3.104 | % | 03/28/29 | 6,225,490 | 6,055,400 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A1 (c) |
7.120 | % | 07/25/29 | 36,000,000 | 35,988,930 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A-2 (c) |
8.570 | % | 07/25/29 | 5,000,000 | 4,999,794 | |||||||||||
LHOME Mortgage Trust, Series 2021-RTL2, Class A2 (c) |
2.783 | % | 06/25/26 | 1,500,000 | 1,485,707 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Residential Transition Loan — 7.4% continued |
||||||||||||||||
LHOME Mortgage Trust, Series 2021-RTL2, Class M (c) |
4.458 | % | 06/25/26 | $ | 4,350,000 | $ | 4,300,468 | |||||||||
LHOME Mortgage Trust, Series 2021-RTL3, Class A2 (c) |
3.228 | % | 09/25/26 | 8,250,000 | 7,896,042 | |||||||||||
LHOME Mortgage Trust, Series 2021-RTL3, Class M (c) |
5.193 | % | 09/25/26 | 5,000,000 | 4,718,388 | |||||||||||
LHOME Mortgage Trust, Series 2022-RTL1, Class M (c) |
6.900 | % | 02/25/27 | 7,927,500 | 7,555,724 | |||||||||||
LHOME Mortgage Trust, Series 2023-RTL1, Class A1 (c) |
7.869 | % | 01/25/28 | 5,000,000 | 5,034,011 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL1, Class A1 (c) |
7.017 | % | 01/25/29 | 7,050,000 | 7,066,848 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL1, Class A2 (c) |
9.165 | % | 01/25/29 | 2,500,000 | 2,493,211 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL1, Class M (c) |
11.949 | % | 01/25/29 | 2,250,000 | 2,244,482 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL2, Class A1 (c) |
7.390 | % | 03/25/29 | 15,000,000 | 15,067,782 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL2, Class M (c) |
12.404 | % | 03/25/29 | 1,800,000 | 1,810,915 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class A2 (c) |
6.894 | % | 05/25/29 | 26,000,000 | 26,018,369 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class M (c) |
10.728 | % | 05/25/29 | 1,750,000 | 1,751,017 | |||||||||||
New York Mortgage Trust, Series 2022-BPL1, Class A2 (c) |
4.948 | % | 11/25/27 | 3,821,253 | 3,751,664 | |||||||||||
28 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Residential Transition Loan — 7.4% continued |
||||||||||||||||
New York Mortgage Trust, Series 2024-BPL1, Class A2 (c) |
8.617 | % | 02/25/29 | $ | 2,500,000 | $ | 2,498,526 | |||||||||
ROC Securities Trust, Series 2021-RTL1, Class A2 (c) |
3.351 | % | 08/25/26 | 7,900,000 | 7,595,645 | |||||||||||
ROC Securities Trust, Series 2021-RTL1, Class M (c) |
5.682 | % | 08/25/26 | 6,745,000 | 6,268,734 | |||||||||||
Toorak Mortgage Corp., Series 2022-1, Class A2 (c) |
4.948 | % | 03/25/29 | 8,000,000 | 7,773,174 | |||||||||||
TVC Mortgage Trust, Series 2023-RTL1, Class A2 (c) |
9.500 | % | 11/25/27 | 15,000,000 | 14,931,023 | |||||||||||
| 184,226,965 | ||||||||||||||||
Retail — 0.6% |
||||||||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class B (1* SOFR + 145) (a)(c) |
6.881 | % | 02/15/40 | 4,552,000 | 4,506,526 | |||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class C (1* SOFR + 180) (a)(c) |
7.231 | % | 02/15/40 | 3,040,000 | 3,002,026 | |||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class D (1* SOFR + 250) (a)(c) |
7.931 | % | 02/15/40 | 2,083,200 | 2,073,285 | |||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class E (1* SOFR + 365) (a)(c) |
9.081 | % | 02/15/40 | 5,680,000 | 5,661,731 | |||||||||||
| 15,243,568 | ||||||||||||||||
Second Lien — 2.0% |
||||||||||||||||
HTAP, Series 2024-1, Class A (c) |
7.000 | % | 04/25/37 | 8,000,000 | 7,823,326 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Second Lien — 2.0% continued |
||||||||||||||||
Point Securitization Trust, Series 2024-1, Class A1 (c) |
6.500 | % | 06/25/54 | $ | 6,450,213 | $ | 6,330,092 | |||||||||
Unlock HEA Trust, Series 24-1, Class A (c) |
7.000 | % | 04/25/39 | 12,405,260 | 12,217,819 | |||||||||||
Vista Point Securitization Trust, Series 2024-CES1, Class A1 (c) |
6.676 | % | 05/25/54 | 7,767,999 | 7,812,789 | |||||||||||
Woodward Capital Management, Series 24-CES3, Class A1A (c) |
6.591 | % | 05/25/44 | 16,704,915 | 16,859,616 | |||||||||||
| 51,043,642 | ||||||||||||||||
Single Family Rental — 7.3% |
||||||||||||||||
American Homes 4 Rent, Series 2014-SFR2, Class D (c) |
3.678 | % | 12/17/36 | 4,088,101 | 4,046,026 | |||||||||||
American Homes 4 Rent, Series 2015-SFR1, Class A (c) |
3.467 | % | 04/17/52 | 4,125,621 | 4,048,478 | |||||||||||
AMSR Trust, Series 2020-SFR2, Class G (c) |
4.000 | % | 07/17/37 | 500,000 | 483,041 | |||||||||||
AMSR Trust, Series 2024-SFR1, Class A (c) |
4.290 | % | 07/17/41 | 14,000,000 | 13,247,256 | |||||||||||
AMSR Trust, Series 2024-SFR1, Class D (c) |
4.290 | % | 07/17/41 | 20,000,000 | 18,353,304 | |||||||||||
AMSR Trust, Series 2024-SFR1, Class E (c) |
4.290 | % | 07/17/41 | 4,293,000 | 3,863,008 | |||||||||||
Firstkey Homes Trust, Series 2020-SFR1, Class A (c) |
1.339 | % | 08/17/37 | 35,339,415 | 33,623,888 | |||||||||||
Firstkey Homes Trust, Series 2020-SFR2, Class A (c) |
1.266 | % | 10/19/37 | 20,525,745 | 19,440,348 | |||||||||||
Home Partners of America Trust, Series 2021-2, Class A (c) |
1.901 | % | 12/17/26 | 8,735,727 | 8,022,999 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 29 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Single Family Rental — 7.3% continued |
||||||||||||||||
Home Partners of America Trust, Series 2021-2, Class D (c) |
2.652 | % | 12/17/26 | $ | 6,246,576 | $ | 5,696,773 | |||||||||
Home Partners of America Trust, Series 2019-1, Class A (c) |
2.908 | % | 09/17/39 | 2,229,234 | 2,072,288 | |||||||||||
Home Partners of America Trust, Series 2019-1, Class B (c) |
3.157 | % | 09/17/39 | 2,288,519 | 2,121,759 | |||||||||||
Home Partners of America Trust, Series 2019-2, Class A (c) |
2.703 | % | 10/19/39 | 1,624,559 | 1,492,417 | |||||||||||
Progress Residential Trust, Series 2020-SFR3, Class C (c) |
1.695 | % | 10/17/27 | 1,500,000 | 1,421,436 | |||||||||||
Progress Residential Trust, Series 2024-SFR4, Class E2 (c) |
3.400 | % | 07/09/29 | 4,500,000 | 3,843,000 | |||||||||||
Progress Residential Trust, Series 2024-SFR4, Class D (c) |
3.400 | % | 07/09/29 | 15,000,000 | 13,246,725 | |||||||||||
Progress Residential Trust, Series 2024-SFR4, Class E1 (c) |
3.400 | % | 07/09/29 | 12,500,000 | 10,775,000 | |||||||||||
Progress Residential Trust, Series 20-SFR2, Class C (c) |
3.077 | % | 06/17/37 | 2,100,000 | 2,082,508 | |||||||||||
Progress Residential Trust, Series 2023-SFR2, Class E1 (c) |
4.750 | % | 10/17/40 | 3,141,000 | 2,883,103 | |||||||||||
Progress Residential Trust, Series 2024-SFR2, Class E1 (c) |
3.400 | % | 04/17/41 | 2,500,000 | 2,165,952 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Single Family Rental — 7.3% continued |
||||||||||||||||
Progress Residential Trust, Series 2024-SFR2, Class E2 (c) |
3.650 | % | 04/17/41 | $ | 1,500,000 | $ | 1,289,964 | |||||||||
Progress Residential Trust, Series 2024-SFR3, Class C (c) |
3.500 | % | 06/17/41 | 8,500,000 | 7,585,552 | |||||||||||
Progress Residential Trust, Series 2024-SFR3, Class D (c) |
3.500 | % | 06/17/41 | 11,500,000 | 10,195,133 | |||||||||||
Progress Residential Trust, Series 2024-SFR3, Class E1 (c) |
4.000 | % | 06/17/41 | 5,000,000 | 4,440,766 | |||||||||||
Progress Residential Trust, Series 2024-SFR3, Class E2 (c) |
4.000 | % | 06/17/41 | 2,000,000 | 1,743,494 | |||||||||||
Tricon American Homes, Series 2019-SFR1, Class F (c) |
3.745 | % | 03/17/38 | 3,000,000 | 2,874,107 | |||||||||||
| 181,058,325 | ||||||||||||||||
Small Business — 3.8% |
||||||||||||||||
Credibility Asset Securitization, Series 2024-1A, Class A (c) |
6.440 | % | 11/15/29 | 9,000,000 | 8,990,392 | |||||||||||
Credibility Asset Securitization, Series 2024-1A, Class D (c) |
12.450 | % | 11/15/29 | 4,000,000 | 4,025,407 | |||||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class A (c) |
2.620 | % | 05/15/27 | 13,250,000 | 12,844,725 | |||||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class B (c) |
2.970 | % | 05/15/27 | 2,600,000 | 2,478,432 | |||||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class C (c) |
3.850 | % | 05/15/27 | 3,000,000 | 2,835,500 | |||||||||||
30 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Small Business — 3.8% continued |
||||||||||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class D (c) |
5.810 | % | 05/15/27 | $ | 2,843,000 | $ | 2,644,712 | |||||||||
Kapitus Asset Securitization, LLC, Series 2022-1A, Class A (c) |
3.382 | % | 07/10/28 | 4,500,000 | 4,394,240 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2022-2A, Class A (c) |
3.382 | % | 07/10/28 | 21,761,000 | 21,249,523 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2022-1A, Class C (c) |
4.464 | % | 07/10/28 | 2,500,000 | 2,399,561 | |||||||||||
Newtek Small Business Loan Trust, Series 2018-1, Class A (1* Prime — 55) (a)(c) |
7.950 | % | 02/25/44 | 325,485 | 323,081 | |||||||||||
Newtek Small Business Loan Trust, Series 2018-1, Class B (1* Prime + 75) (a)(c) |
9.250 | % | 02/25/44 | 716,067 | 711,964 | |||||||||||
Newtek Small Business Loan Trust, Series 2019-01, Class A (1* Prime — 90) (a)(c) |
7.600 | % | 12/25/44 | 648,834 | 643,640 | |||||||||||
Newtek Small Business Loan Trust, Series 2022-1, Class B (1* SOFR + 375) (a)(c) |
8.750 | % | 10/25/49 | 2,108,660 | 2,082,188 | |||||||||||
Newtek Small Business Loan Trust, Series 2023-1, Class B (1* Prime + 75) (a)(c) |
9.250 | % | 07/25/50 | 5,459,714 | 5,424,967 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Small Business — 3.8% continued |
||||||||||||||||
OnDeck Asset Securitization Trust, Series 2023-1, Class C (c) |
9.930 | % | 08/19/30 | $ | 5,000,000 | $ | 5,144,863 | |||||||||
OnDeck Asset Securitization Trust, Series 2024-1A, Class B (c) |
7.150 | % | 06/17/31 | 7,000,000 | 7,061,667 | |||||||||||
OnDeck Asset Securitization Trust, Series 2024-1A, Class C (c) |
8.990 | % | 06/17/31 | 2,500,000 | 2,544,448 | |||||||||||
RFS Asset Securitization, LLC, Series 2022-1, Class E (c) |
5.891 | % | 07/15/26 | 1,750,000 | 1,743,068 | |||||||||||
RFS Asset Securitization, LLC, Series 2021-1, Class E (c) |
5.891 | % | 07/15/26 | 3,500,000 | 3,486,136 | |||||||||||
RFS Asset Securitization, LLC, Series 2022-2, Class E (c) |
12.366 | % | 10/15/27 | 4,787,000 | 4,682,061 | |||||||||||
| 95,710,575 | ||||||||||||||||
Student Loan — 0.3% |
||||||||||||||||
College Ave Student Loans, Series 2018-A, Class B (c) |
4.750 | % | 12/26/47 | 679,937 | 648,514 | |||||||||||
College Ave Student Loans, Series 2018-A, Class C (c) |
5.500 | % | 12/26/47 | 414,580 | 394,380 | |||||||||||
College Ave Student Loans, Series 2019-A, Class C (c) |
4.460 | % | 12/28/48 | 2,179,196 | 2,045,922 | |||||||||||
College Ave Student Loans, Series 2021-A, Class B (c) |
2.320 | % | 07/25/51 | 1,412,741 | 1,257,199 | |||||||||||
College Ave Student Loans, Series 2021-A, Class D (c) |
4.120 | % | 07/25/51 | 724,295 | 651,357 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 31 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Student Loan — 0.3% continued |
||||||||||||||||
CommonBond Student Loan Trust, Series 2017-BGS, Class C (c) |
4.440 | % | 09/25/42 | $ | 227,751 | $ | 196,939 | |||||||||
Laurel Road Prime Student Loan, Series 2019-A, Class BFX (c) |
3.000 | % | 10/25/48 | 2,646,909 | 2,478,417 | |||||||||||
Prodigy Finance, Series 2021-1A, Class A (1* TSFR1M + 136) (a)(c) |
6.710 | % | 07/25/51 | 599,776 | 595,370 | |||||||||||
| 8,268,098 | ||||||||||||||||
Unsecured Consumer — 11.2% |
||||||||||||||||
ACHV ABS Trust, Series 2023-1PL, Class B (c) |
6.800 | % | 03/18/30 | 371,283 | 371,498 | |||||||||||
ACHV ABS Trust, Series 2023-2PL, Class C (c) |
7.270 | % | 05/20/30 | 1,450,000 | 1,456,405 | |||||||||||
ACHV ABS Trust, Series 2023-3PL, Class D (c) |
8.360 | % | 08/19/30 | 1,750,000 | 1,789,198 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class B (c) |
7.240 | % | 11/25/30 | 5,000,000 | 5,026,521 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class C (c) |
7.710 | % | 11/25/30 | 3,000,000 | 3,042,214 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class D (c) |
8.600 | % | 11/25/30 | 2,000,000 | 2,048,337 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class E (c) |
10.500 | % | 11/25/30 | 5,500,000 | 5,571,375 | |||||||||||
Affirm, Inc., Series 2022-Z1, Class B (c) |
6.490 | % | 06/15/27 | 2,500,000 | 2,476,355 | |||||||||||
Affirm, Inc., Series 2023-B, Class B (c) |
7.440 | % | 09/15/28 | 5,000,000 | 5,090,088 | |||||||||||
Affirm, Inc., Series 2023-X1, Class D (c) |
9.550 | % | 11/15/28 | 2,000,000 | 2,051,919 | |||||||||||
Affirm, Inc., Series 2024-A, Class C (c) |
6.160 | % | 02/15/29 | 1,600,000 | 1,594,655 | |||||||||||
Affirm, Inc., Series 2024-A, Class D (c) |
6.890 | % | 02/15/29 | 1,175,000 | 1,176,059 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Unsecured Consumer — 11.2% continued |
||||||||||||||||
AMCR ABS Trust, Series 2023-1, Class A (c) |
7.660 | % | 01/21/31 | $ | 2,085,830 | $ | 2,095,522 | |||||||||
AMCR ABS Trust, Series 2023-1, Class B (c) |
8.700 | % | 01/21/31 | 9,228,000 | 9,356,965 | |||||||||||
Avant Loans Funding Trust, Series 2021-REV1, Class C (c) |
2.300 | % | 07/15/30 | 9,114,378 | 9,015,759 | |||||||||||
Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C (c) |
8.150 | % | 12/17/36 | 3,500,000 | 3,628,295 | |||||||||||
Freedom Financial Trust, Series 2022-3FP, Class D (c) |
7.360 | % | 08/20/29 | 13,025,000 | 13,093,570 | |||||||||||
Freedom Financial Trust, Series 2022-4FP, Class D (c) |
7.400 | % | 12/18/29 | 25,420,000 | 25,603,667 | |||||||||||
LendingPoint Asset Securitization, Series 22-C, Class C (c) |
8.680 | % | 02/15/30 | 2,500,000 | 2,351,221 | |||||||||||
LendingPoint Asset Securitization, Series 2022-C, Class D (c) |
10.730 | % | 02/15/30 | 4,920,000 | 1,983,842 | |||||||||||
Lendmark Funding Trust, Series 2020-2, Class B (c) |
3.540 | % | 04/21/31 | 2,000,000 | 1,857,655 | |||||||||||
Lendmark Funding Trust, Series 2020-2A, Class C (c) |
4.690 | % | 04/21/31 | 1,000,000 | 922,625 | |||||||||||
Mariner Finance Issuance Trust, Series 2020-A, Class D (c) |
5.750 | % | 08/21/34 | 8,230,000 | 7,838,498 | |||||||||||
Mariner Finance Issuance Trust, Series 2021-AA, Class D (c) |
4.340 | % | 03/20/36 | 1,850,000 | 1,642,689 | |||||||||||
Oportun Funding XIV, LLC, Series 2021-A, Class C (c) |
3.440 | % | 03/08/28 | 1,950,020 | 1,888,795 | |||||||||||
32 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Unsecured Consumer — 11.2% continued |
||||||||||||||||
Oportun Funding, LLC, Series 2021-A, Class D (c) |
5.400 | % | 03/08/28 | $ | 3,060,728 | $ | 2,926,213 | |||||||||
Oportun Funding, LLC, Series 2022-1, Class C (c) |
6.000 | % | 06/15/29 | 9,000,000 | 8,892,351 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class A (c) |
6.334 | % | 04/08/31 | 5,293,627 | 5,295,850 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class C (c) |
7.421 | % | 04/08/31 | 1,000,000 | 1,000,223 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class D (c) |
12.072 | % | 04/08/31 | 12,250,000 | 12,219,131 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class A (c) |
1.470 | % | 05/08/31 | 5,508,161 | 5,213,597 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class D (c) |
5.410 | % | 05/08/31 | 11,066,907 | 10,263,453 | |||||||||||
Oportun Funding, LLC, Series 2022-A, Class C (c) |
7.400 | % | 06/09/31 | 7,600,000 | 7,511,528 | |||||||||||
Oportun Funding, LLC, Series 2022-A, Class D (c) |
8.500 | % | 06/09/31 | 2,500,000 | 2,239,178 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class A (c) |
2.180 | % | 10/08/31 | 12,500,000 | 11,880,148 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class B (c) |
2.670 | % | 10/08/31 | 13,000,000 | 12,296,752 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class C (c) |
3.610 | % | 10/08/31 | 3,750,000 | 3,548,806 | |||||||||||
Oportun Funding, LLC, Series 2021-C, Class D (c) |
5.570 | % | 10/08/31 | 6,275,000 | 5,719,337 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Unsecured Consumer — 11.2% continued |
||||||||||||||||
Pagaya AI Debt Selection Trust, Series 2024-1, Class A (c) |
6.660 | % | 07/15/31 | $ | 1,446,278 | $ | 1,452,717 | |||||||||
Pagaya AI Debt Selection Trust, Series 2024-2, Class A (c) |
6.319 | % | 08/15/31 | 5,258,067 | 5,263,018 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-2, Class B (c) |
6.611 | % | 08/15/31 | 11,994,665 | 12,032,298 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-2, Class C (c) |
7.573 | % | 08/15/31 | 2,249,000 | 2,262,580 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-2, Class D (c) |
9.000 | % | 08/15/31 | 3,248,555 | 3,192,942 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-3, Class C (c) |
7.297 | % | 10/15/31 | 8,000,000 | 8,032,645 | |||||||||||
Prosper Marketplace Issuance Trust, Series 2019-3A, Class CFT (a)(c) |
0.000 | % | 07/15/25 | 81,061,702 | 27,000 | |||||||||||
Prosper Marketplace Issuance Trust, Series 2023-1, Class D (c) |
11.240 | % | 07/16/29 | 1,900,000 | 1,933,050 | |||||||||||
Purchasing Power Funding, Series 2024-A, Class C (c) |
6.800 | % | 08/15/28 | 8,820,000 | 8,829,307 | |||||||||||
Purchasing Power Funding, Series 2024-A, Class E (c) |
10.180 | % | 08/15/28 | 2,200,000 | 2,212,620 | |||||||||||
Reach Financial, LLC, Series 2021-1A, Class B (c) |
2.170 | % | 05/15/29 | 2,626,353 | 2,602,033 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class B (c) |
6.290 | % | 02/18/31 | 3,500,000 | 3,497,333 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class C (c) |
6.900 | % | 02/18/31 | 1,150,000 | 1,157,026 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 33 |
Diamond
Hill Short Duration Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 82.1% continued |
||||||||||||||||
Unsecured Consumer — 11.2% continued |
||||||||||||||||
Regional Management Issuance Trust, Series 2020-1, Class A (c) |
2.340 | % | 10/15/30 | $ | 574,957 | $ | 568,562 | |||||||||
Regional Management Issuance Trust, Series 2020-1, Class B (c) |
3.230 | % | 10/15/30 | 2,500,000 | 2,428,319 | |||||||||||
Regional Management Issuance Trust, Series 2021-1, Class B (c) |
2.420 | % | 03/17/31 | 895,000 | 842,412 | |||||||||||
Regional Management Issuance Trust, Series 2021-1, Class C (c) |
3.040 | % | 03/17/31 | 4,650,000 | 4,304,299 | |||||||||||
Regional Management Issuance Trust, Class D, Pool #2024-1 (c) |
7.460 | % | 07/15/36 | 3,000,000 | 3,015,412 | |||||||||||
Upstart Pass-Through Trust, Series 2021-ST4, Class A (c) |
2.000 | % | 07/20/27 | 2,608,224 | 2,538,177 | |||||||||||
Upstart Pass-Through Trust, Series 2022-ST1, Class A (c) |
2.600 | % | 03/20/30 | 719,475 | 709,524 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-1A, Class A (c) |
3.400 | % | 04/15/30 | 3,702,123 | 3,642,733 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A (c) |
4.250 | % | 06/17/30 | 1,917,520 | 1,874,280 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-4A, Class A (c) |
7.010 | % | 11/15/30 | 704,851 | 706,102 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Unsecured Consumer — 11.2% continued |
||||||||||||||||
Upstart Structured Pass-Through Trust, Series 2022-4A, Class B (c) |
8.540 | % | 11/15/30 | $ | 5,000,000 | $ | 5,080,901 | |||||||||
| 280,185,584 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $2,062,307,370) |
$ | 2,048,247,726 | ||||||||||||||
Treasury — 5.0% |
||||||||||||||||
U.S. Treasury Notes (b) |
1.875 | % | 08/31/24 | $ | 20,000,000 | $ | 19,878,646 | |||||||||
U.S. Treasury Notes (b) |
0.375 | % | 09/15/24 | 10,000,000 | 9,898,438 | |||||||||||
U.S. Treasury Notes (b) |
0.625 | % | 10/15/24 | 10,000,000 | 9,863,281 | |||||||||||
U.S. Treasury Notes (b) |
2.250 | % | 10/31/24 | 25,000,000 | 24,741,455 | |||||||||||
U.S. Treasury Notes (b) |
0.750 | % | 11/15/24 | 5,000,000 | 4,915,332 | |||||||||||
U.S. Treasury Notes (b) |
2.250 | % | 11/15/24 | 15,000,000 | 14,826,563 | |||||||||||
U.S. Treasury Notes (b) |
1.125 | % | 01/15/25 | 10,000,000 | 9,779,981 | |||||||||||
U.S. Treasury Notes |
3.875 | % | 03/31/25 | 10,000,000 | 9,901,856 | |||||||||||
U.S. Treasury Notes |
1.625 | % | 02/15/26 | 10,000,000 | 9,498,828 | |||||||||||
U.S. Treasury STRIPS |
0.125 | % | 04/15/26 | 11,949,900 | 11,415,304 | |||||||||||
Total Treasury |
||||||||||||||||
(Cost $125,028,113) |
$ | 124,719,684 | ||||||||||||||
34 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Short Duration
Securitized Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Registered Investment Companies — 15.4% |
||||||||
State Street Institutional Liquid Reserves Fund - Premier Class, 5.36% (f) |
297,014,703 | $ | 297,103,807 | |||||
State Street Navigator Securities Lending Portfolio I, 5.22% (f)(g) |
86,921,925 | 86,921,925 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $383,994,972) |
$ | 384,025,732 | ||||||
Total Investment Securities — 105.7% |
||||||||
(Cost $2,650,525,245) |
$ | 2,635,737,411 | ||||||
Liabilities in Excess of Other Assets — (5.7)% |
(141,116,620 | ) | ||||||
Net Assets — 100.0% |
$ | 2,494,620,791 | ||||||
(a) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2024. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $95,168,743. |
(c) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2024 was $1,914,594,207, representing 76.7% of net assets. |
(d) |
Percentage rounds to less than 0.1%. |
(e) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2024 was $15,763,661 representing 0.6% of net assets. |
(f) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(g) |
This security was purchased using cash collateral held from securities on loan. |
IO — Interest Only
NA — National Association
PO — Principal Only
Prime — Short-term interest rate in the banking system of the U.S.
SOFR — Secured Overnight Financing Rate
TSFR— CME Term SOFR
See accompanying Notes to Financial Statements.
Diamond
Hill Core Bond Fund
Schedule of Investments
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% |
||||||||||||||||
Banking — 6.4% |
||||||||||||||||
American Express Co. |
2.250 | % | 03/04/25 | $ | 1,050,000 | $ | 1,027,159 | |||||||||
American Express Co. |
5.282 | % | 07/27/29 | 400,000 | 400,796 | |||||||||||
American Express Co. |
5.532 | % | 04/25/30 | 325,000 | 328,744 | |||||||||||
American Express Co. |
5.043 | % | 05/01/34 | 825,000 | 806,798 | |||||||||||
Bank of America Corp. (1* TSFR3M + 90) (a) |
2.015 | % | 02/13/26 | 400,000 | 390,845 | |||||||||||
Bank of America Corp. (1* SOFR + 115) (a) |
1.319 | % | 06/19/26 | 3,125,000 | 2,994,404 | |||||||||||
Bank of America Corp. |
3.194 | % | 07/23/30 | 2,500,000 | 2,270,061 | |||||||||||
Bank of America Corp. (1* TSFR3M + 145) (a) |
2.884 | % | 10/22/30 | 2,300,000 | 2,046,969 | |||||||||||
Bank of America Corp. (1* SOFR + 215) (a) |
2.592 | % | 04/29/31 | 450,000 | 389,077 | |||||||||||
Bank of America Corp., Class B (SOFR + 153) (a) |
1.898 | % | 07/23/31 | 3,000,000 | 2,471,071 | |||||||||||
Bank of America Corp. (a) |
2.687 | % | 04/22/32 | 1,225,000 | 1,035,274 | |||||||||||
Bank of America Corp. (a) |
4.571 | % | 04/27/33 | 1,700,000 | 1,603,205 | |||||||||||
Bank of America Corp. (a) |
5.468 | % | 01/23/35 | 250,000 | 249,747 | |||||||||||
Bank of Montreal France |
0.949 | % | 01/22/27 | 630,000 | 588,280 | |||||||||||
Bank of New York Mellon Corp. (The) |
6.317 | % | 10/25/29 | 2,150,000 | 2,247,191 | |||||||||||
Bank of New York Mellon Corp. (The) (1* SOFR + 207) (a) |
5.834 | % | 10/25/33 | 500,000 | 517,650 | |||||||||||
Bank of Nova Scotia |
3.450 | % | 04/11/25 | 200,000 | 196,703 | |||||||||||
Capital One Financial Corp. |
1.878 | % | 11/02/27 | 1,000,000 | 916,898 | |||||||||||
Capital One Financial Corp. (b) |
5.468 | % | 02/01/29 | 500,000 | 497,688 | |||||||||||
Capital One Financial Corp. |
6.377 | % | 06/08/34 | 500,000 | 512,980 | |||||||||||
Citigroup, Inc. (1* SOFR + 125) (a) |
6.814 | % | 07/01/26 | 100,000 | 101,046 | |||||||||||
Citigroup, Inc. |
4.125 | % | 07/25/28 | 150,000 | 143,988 | |||||||||||
Citigroup, Inc. (a) |
5.174 | % | 02/13/30 | 500,000 | 497,087 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 35 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Banking — 6.4% continued |
||||||||||||||||
Citigroup, Inc. (1* SOFR + 142) (a) |
2.976 | % | 11/05/30 | $ | 3,380,000 | $ | 3,010,445 | |||||||||
Citigroup, Inc. (a) |
2.666 | % | 01/29/31 | 2,062,000 | 1,795,596 | |||||||||||
Citigroup, Inc. (1* SOFR + 211) (a) |
2.572 | % | 06/03/31 | 4,175,000 | 3,583,501 | |||||||||||
Citizens Bank NA (b) |
4.575 | % | 08/09/28 | 1,350,000 | 1,303,446 | |||||||||||
Comerica Bank, Series BKNT |
2.500 | % | 07/23/24 | 250,000 | 249,248 | |||||||||||
Comerica, Inc. |
5.982 | % | 01/30/30 | 2,850,000 | 2,808,221 | |||||||||||
Cooperative Rabobank UA (c) |
2.625 | % | 07/22/24 | 250,000 | 249,560 | |||||||||||
Discover Bank |
3.450 | % | 07/27/26 | 1,500,000 | 1,432,580 | |||||||||||
Discover Bank |
4.650 | % | 09/13/28 | 1,683,000 | 1,616,179 | |||||||||||
Fifth Third Bancorp |
2.375 | % | 01/28/25 | 275,000 | 269,645 | |||||||||||
Fifth Third Bancorp |
1.707 | % | 11/01/27 | 450,000 | 412,628 | |||||||||||
Fifth Third Bancorp |
6.361 | % | 10/27/28 | 500,000 | 510,899 | |||||||||||
Fifth Third Bancorp (1* SOFR + 234) (a)(b) |
6.339 | % | 07/27/29 | 750,000 | 768,816 | |||||||||||
First Horizon Bank (b) |
5.750 | % | 05/01/30 | 250,000 | 238,309 | |||||||||||
Goldman Sachs Group, Inc. (1* SOFR + 51) (a) |
5.857 | % | 09/10/24 | 375,000 | 375,000 | |||||||||||
Goldman Sachs Group, Inc. (1* SOFR + 79) (a) |
1.093 | % | 12/09/26 | 950,000 | 888,054 | |||||||||||
Goldman Sachs Group, Inc. |
1.948 | % | 10/21/27 | 1,000,000 | 923,431 | |||||||||||
Goldman Sachs Group, Inc. (1* TSFR3M + 156) (a) |
4.223 | % | 05/01/29 | 2,650,000 | 2,550,955 | |||||||||||
Goldman Sachs Group, Inc. |
2.600 | % | 02/07/30 | 500,000 | 438,151 | |||||||||||
Goldman Sachs Group, Inc. (a) |
1.992 | % | 01/27/32 | 1,000,000 | 811,548 | |||||||||||
Goldman Sachs Group, Inc. (1* SOFR + 128) (a) |
2.615 | % | 04/22/32 | 3,700,000 | 3,110,804 | |||||||||||
HSBC Holdings plc (a) |
5.597 | % | 05/17/28 | 2,100,000 | 2,108,211 | |||||||||||
Huntington Bancshares, Inc. |
2.625 | % | 08/06/24 | 125,000 | 124,572 | |||||||||||
Huntington Bancshares, Inc. |
6.208 | % | 08/21/29 | 750,000 | 765,775 | |||||||||||
Huntington Bancshares, Inc. |
5.023 | % | 05/17/33 | 400,000 | 378,362 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Banking — 6.4% continued |
||||||||||||||||
Huntington National Bank |
5.699 | % | 11/18/25 | $ | 1,250,000 | $ | 1,248,093 | |||||||||
JPMorgan Chase & Co. (a) |
1.561 | % | 12/10/25 | 200,000 | 196,283 | |||||||||||
JPMorgan Chase & Co. (a) |
2.083 | % | 04/22/26 | 2,000,000 | 1,942,121 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 80) (a) |
1.045 | % | 11/19/26 | 500,000 | 469,735 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 89) (a) |
1.578 | % | 04/22/27 | 400,000 | 373,283 | |||||||||||
JPMorgan Chase & Co. |
1.470 | % | 09/22/27 | 1,350,000 | 1,239,963 | |||||||||||
JPMorgan Chase & Co. |
5.040 | % | 01/23/28 | 1,000,000 | 994,588 | |||||||||||
JPMorgan Chase & Co. (1* TSFR3M + 121) (a) |
3.509 | % | 01/23/29 | 1,425,000 | 1,347,569 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 115) (a) |
2.069 | % | 06/01/29 | 1,250,000 | 1,111,946 | |||||||||||
JPMorgan Chase & Co. (a) |
3.702 | % | 05/06/30 | 1,500,000 | 1,402,546 | |||||||||||
JPMorgan Chase & Co. (1* SOFR + 151) (a) |
2.739 | % | 10/15/30 | 1,850,000 | 1,636,860 | |||||||||||
JPMorgan Chase & Co. (a) |
2.545 | % | 11/08/32 | 475,000 | 395,525 | |||||||||||
KeyBank NA |
4.700 | % | 01/26/26 | 250,000 | 245,026 | |||||||||||
KeyBank NA |
5.000 | % | 01/26/33 | 2,500,000 | 2,305,848 | |||||||||||
Keycorp (a)(b) |
6.401 | % | 03/06/35 | 1,000,000 | 1,013,838 | |||||||||||
KeyCorp (b) |
2.550 | % | 10/01/29 | 385,000 | 326,339 | |||||||||||
KeyCorp |
4.789 | % | 06/01/33 | 300,000 | 273,895 | |||||||||||
M&T Bank Trust Co. |
5.400 | % | 11/21/25 | 600,000 | 597,209 | |||||||||||
Morgan Stanley |
3.875 | % | 01/27/26 | 700,000 | 684,275 | |||||||||||
Morgan Stanley |
3.625 | % | 01/20/27 | 100,000 | 96,415 | |||||||||||
Morgan Stanley, Series GMTN (1* SOFR + 114) (a) |
2.699 | % | 01/22/31 | 2,675,000 | 2,344,852 | |||||||||||
Morgan Stanley (SOFR + 312) (a) |
3.622 | % | 04/01/31 | 2,500,000 | 2,294,036 | |||||||||||
Morgan Stanley (1* SOFR + 103) (a) |
1.794 | % | 02/13/32 | 3,750,000 | 3,009,549 | |||||||||||
Morgan Stanley (a) |
1.928 | % | 04/28/32 | 750,000 | 602,599 | |||||||||||
Morgan Stanley (a) |
4.889 | % | 07/20/33 | 1,000,000 | 964,009 | |||||||||||
PNC Bank NA |
2.700 | % | 10/22/29 | 250,000 | 218,062 | |||||||||||
PNC Financial Services |
5.300 | % | 01/21/28 | 1,000,000 | 998,624 | |||||||||||
36 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Banking — 6.4% continued |
||||||||||||||||
PNC Financial Services Group, Inc. (The) |
2.600 | % | 07/23/26 | $ | 250,000 | $ | 236,704 | |||||||||
PNC Financial Services Group, Inc. (The) |
5.582 | % | 06/12/29 | 500,000 | 505,469 | |||||||||||
PNC Financial Services Group, Inc. (The) |
6.037 | % | 10/28/33 | 850,000 | 875,728 | |||||||||||
PNC Financial Services Group, Inc. (The) (a) |
5.939 | % | 08/18/34 | 1,000,000 | 1,024,969 | |||||||||||
Regions Financial Corp. |
2.250 | % | 05/18/25 | 275,000 | 266,694 | |||||||||||
Royal Bank of Canada |
4.950 | % | 04/25/25 | 375,000 | 373,207 | |||||||||||
Royal Bank of Canada, Series H |
1.150 | % | 07/14/26 | 200,000 | 184,343 | |||||||||||
Royal Bank of Canada |
4.900 | % | 01/12/28 | 500,000 | 496,049 | |||||||||||
Royal Bank of Canada |
3.875 | % | 05/04/32 | 300,000 | 274,794 | |||||||||||
Royal Bank of Canada (b) |
5.150 | % | 02/01/34 | 1,500,000 | 1,488,464 | |||||||||||
State Street Corp. (1* SOFR + 94) (a) |
2.354 | % | 11/01/25 | 175,000 | 172,884 | |||||||||||
State Street Corp. |
5.272 | % | 08/03/26 | 700,000 | 701,334 | |||||||||||
State Street Corp. (a) |
4.164 | % | 08/04/33 | 300,000 | 278,081 | |||||||||||
Toronto-Dominion Bank (The) |
1.200 | % | 06/03/26 | 1,050,000 | 972,493 | |||||||||||
Toronto-Dominion Bank (The) (b) |
5.156 | % | 01/10/28 | 500,000 | 499,399 | |||||||||||
Toronto-Dominion Bank (The), Series C |
5.523 | % | 07/17/28 | 500,000 | 506,212 | |||||||||||
Toronto-Dominion Bank (The) |
4.994 | % | 04/05/29 | 1,000,000 | 991,461 | |||||||||||
Toronto-Dominion Bank (The) |
3.200 | % | 03/10/32 | 236,000 | 204,225 | |||||||||||
Truist Financial Corp. |
5.900 | % | 10/28/26 | 250,000 | 250,626 | |||||||||||
Truist Financial Corp. (b) |
6.047 | % | 06/08/27 | 500,000 | 503,502 | |||||||||||
Truist Financial Corp. (a) |
4.873 | % | 01/26/29 | 500,000 | 490,377 | |||||||||||
Truist Financial Corp. |
1.887 | % | 06/07/29 | 1,000,000 | 875,437 | |||||||||||
Truist Financial Corp. (a) |
7.161 | % | 10/30/29 | 500,000 | 530,932 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Banking — 6.4% continued |
||||||||||||||||
Truist Financial Corp. (a) |
5.711 | % | 01/24/35 | $ | 500,000 | $ | 497,817 | |||||||||
US Bancorp |
2.400 | % | 07/30/24 | 100,000 | 99,722 | |||||||||||
US Bancorp |
2.215 | % | 01/27/28 | 800,000 | 739,662 | |||||||||||
US Bancorp |
4.548 | % | 07/22/28 | 300,000 | 293,262 | |||||||||||
US Bancorp |
5.775 | % | 06/12/29 | 1,450,000 | 1,471,955 | |||||||||||
US Bancorp |
4.839 | % | 02/01/34 | 1,000,000 | 948,039 | |||||||||||
Wells Fargo & Co. (1* SOFR + 200) (a) |
2.188 | % | 04/30/26 | 500,000 | 485,522 | |||||||||||
Wells Fargo & Co. (1* SOFR + 210) (a) |
2.393 | % | 06/02/28 | 650,000 | 598,642 | |||||||||||
Wells Fargo & Co., Series W (1* SOFR + 174) (a) |
5.574 | % | 07/25/29 | 900,000 | 908,165 | |||||||||||
Wells Fargo & Co. (a) |
2.879 | % | 10/30/30 | 4,000,000 | 3,548,223 | |||||||||||
Wells Fargo & Co. (a) |
2.572 | % | 02/11/31 | 1,050,000 | 908,744 | |||||||||||
Wells Fargo & Co. (a) |
3.350 | % | 03/02/33 | 2,700,000 | 2,341,455 | |||||||||||
Wells Fargo & Co. (a) |
5.499 | % | 01/23/35 | 1,000,000 | 996,493 | |||||||||||
| 107,831,770 | ||||||||||||||||
Basic Industry — 0.1% |
||||||||||||||||
FMC Corp. |
3.450 | % | 10/01/29 | 300,000 | 269,766 | |||||||||||
Nucor Corp., CV |
2.000 | % | 06/01/25 | 250,000 | 241,936 | |||||||||||
Nucor Corp. |
3.125 | % | 04/01/32 | 250,000 | 216,366 | |||||||||||
PPG Industries, Inc. |
2.400 | % | 08/15/24 | 110,000 | 109,513 | |||||||||||
PPG Industries, Inc. |
2.550 | % | 06/15/30 | 300,000 | 261,450 | |||||||||||
Sherwin Williams Co. |
3.300 | % | 02/01/25 | 350,000 | 344,760 | |||||||||||
Sherwin-Williams Co. |
2.300 | % | 05/15/30 | 250,000 | 214,468 | |||||||||||
| 1,658,259 | ||||||||||||||||
Brokerage Asset Managers Exchanges — 0.4% |
||||||||||||||||
Ameriprise Financial, Inc. |
3.000 | % | 04/02/25 | 250,000 | 245,127 | |||||||||||
Ameriprise Financial, Inc. |
5.150 | % | 05/15/33 | 800,000 | 801,299 | |||||||||||
BlackRock Funding, Inc. |
5.000 | % | 03/14/34 | 500,000 | 496,116 | |||||||||||
BlackRock, Inc. |
2.100 | % | 02/25/32 | 1,625,000 | 1,322,897 | |||||||||||
Charles Schwab Corp. (The) (a) |
5.853 | % | 05/19/34 | 1,950,000 | 1,988,061 | |||||||||||
Charles Schwab Corp. (The) (a) |
6.136 | % | 08/24/34 | 450,000 | 468,602 | |||||||||||
Intercontinental Exchange, Inc. |
5.250 | % | 06/15/31 | 400,000 | 402,326 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 37 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Brokerage Asset Managers Exchanges — 0.4% continued |
||||||||||||||||
Intercontinental Exchange, Inc. (b) |
4.950 | % | 06/15/52 | $ | 875,000 | $ | 799,469 | |||||||||
| 6,523,897 | ||||||||||||||||
Capital Goods — 0.7% |
||||||||||||||||
Carrier Global Corp. |
2.722 | % | 02/15/30 | 250,000 | 220,862 | |||||||||||
Deere & Co. |
3.100 | % | 04/15/30 | 1,725,000 | 1,568,802 | |||||||||||
John Deere Capital Corp. |
5.100 | % | 04/11/34 | 750,000 | 747,862 | |||||||||||
Johnson Controls International plc |
5.500 | % | 04/19/29 | 450,000 | 455,270 | |||||||||||
Johnson Controls International plc |
2.000 | % | 09/16/31 | 500,000 | 404,481 | |||||||||||
L3Harris Technologies, Inc. |
4.400 | % | 06/15/28 | 1,710,000 | 1,660,725 | |||||||||||
Northrop Grumman Corp. |
4.900 | % | 06/01/34 | 900,000 | 875,196 | |||||||||||
Republic Services, Inc. |
2.500 | % | 08/15/24 | 200,000 | 199,149 | |||||||||||
RTX Corp. |
6.100 | % | 03/15/34 | 2,675,000 | 2,815,726 | |||||||||||
Waste Connections, Inc. |
5.000 | % | 03/01/34 | 1,800,000 | 1,759,444 | |||||||||||
Waste Management, Inc., Series 19-SFR4, Class A |
3.125 | % | 03/01/25 | 400,000 | 393,760 | |||||||||||
Waste Management, Inc. (b) |
1.150 | % | 03/15/28 | 300,000 | 261,991 | |||||||||||
Waste Management, Inc. (b) |
4.625 | % | 02/15/30 | 875,000 | 860,809 | |||||||||||
| 12,224,077 | ||||||||||||||||
Communications — 0.8% |
||||||||||||||||
American Tower Corp. |
3.125 | % | 01/15/27 | 300,000 | 284,259 | |||||||||||
American Tower Corp. |
5.800 | % | 11/15/28 | 250,000 | 254,848 | |||||||||||
American Tower Corp. |
5.200 | % | 02/15/29 | 500,000 | 498,273 | |||||||||||
American Tower Corp. |
2.100 | % | 06/15/30 | 200,000 | 167,573 | |||||||||||
AT&T, Inc. |
2.300 | % | 06/01/27 | 650,000 | 601,283 | |||||||||||
AT&T, Inc. (b) |
2.550 | % | 12/01/33 | 114,000 | 90,647 | |||||||||||
AT&T, Inc. |
4.500 | % | 05/15/35 | 700,000 | 644,634 | |||||||||||
AT&T, Inc., Class B |
3.500 | % | 06/01/41 | 400,000 | 305,600 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Communications — 0.8% continued |
||||||||||||||||
British Telecommunications plc (b)(c) |
3.250 | % | 11/08/29 | $ | 275,000 | $ | 250,534 | |||||||||
Comcast Corp. |
2.650 | % | 02/01/30 | 500,000 | 442,708 | |||||||||||
Comcast Corp. |
1.950 | % | 01/15/31 | 1,025,000 | 846,534 | |||||||||||
Comcast Corp. |
3.969 | % | 11/01/47 | 144,000 | 112,316 | |||||||||||
Comcast Corp. |
5.350 | % | 05/15/53 | 925,000 | 886,709 | |||||||||||
Deutsche Telekom International Finance BV (c) |
4.750 | % | 06/21/38 | 100,000 | 92,698 | |||||||||||
T Mobile USA, Inc. |
5.050 | % | 07/15/33 | 2,650,000 | 2,592,517 | |||||||||||
T-Mobile USA, Inc. |
3.375 | % | 04/15/29 | 700,000 | 646,431 | |||||||||||
Verizon Communications, Inc. |
1.750 | % | 01/20/31 | 700,000 | 566,490 | |||||||||||
Verizon Communications, Inc. |
2.550 | % | 03/21/31 | 1,400,000 | 1,189,451 | |||||||||||
Verizon Communications, Inc. |
2.355 | % | 03/15/32 | 1,237,000 | 1,011,218 | |||||||||||
WarnerMedia Holdings, Inc. (b) |
4.279 | % | 03/15/32 | 2,850,000 | 2,487,559 | |||||||||||
| 13,972,282 | ||||||||||||||||
Consumer Cyclical — 2.0% |
||||||||||||||||
American Honda Finance (b) |
4.900 | % | 01/10/34 | 400,000 | 388,173 | |||||||||||
BMW US Capital, LLC (c) |
3.900 | % | 04/09/25 | 300,000 | 296,365 | |||||||||||
CVS Health Corp. |
3.750 | % | 04/01/30 | 500,000 | 460,138 | |||||||||||
CVS Health Corp. |
5.050 | % | 03/25/48 | 2,550,000 | 2,197,098 | |||||||||||
CVS Health Corp. |
5.875 | % | 06/01/53 | 450,000 | 431,216 | |||||||||||
Dollar General Corp. (b) |
5.450 | % | 07/05/33 | 2,150,000 | 2,137,554 | |||||||||||
Dollar Tree, Inc. |
4.000 | % | 05/15/25 | 1,250,000 | 1,231,772 | |||||||||||
Expedia, Inc. |
3.800 | % | 02/15/28 | 1,250,000 | 1,189,693 | |||||||||||
Ford Motor Co., Class B |
3.250 | % | 02/12/32 | 1,000,000 | 826,434 | |||||||||||
Ford Motor Credit Co., LLC |
4.134 | % | 08/04/25 | 1,250,000 | 1,226,543 | |||||||||||
Ford Motor Credit Co., LLC |
5.850 | % | 05/17/27 | 2,000,000 | 1,999,756 | |||||||||||
General Motors Co. (b) |
5.400 | % | 10/15/29 | 1,125,000 | 1,119,241 | |||||||||||
General Motors Financial Co., Inc., Class B |
1.500 | % | 06/10/26 | 700,000 | 648,308 | |||||||||||
General Motors Financial Co., Inc. |
2.700 | % | 08/20/27 | 1,000,000 | 922,445 | |||||||||||
38 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Consumer Cyclical — 2.0% continued |
||||||||||||||||
General Motors Financial Co., Inc. |
5.750 | % | 02/08/31 | $ | 500,000 | $ | 501,334 | |||||||||
Home Depot, Inc. |
2.700 | % | 04/15/30 | 1,500,000 | 1,336,314 | |||||||||||
Home Depot, Inc. |
4.950 | % | 06/25/34 | 750,000 | 742,182 | |||||||||||
Home Depot, Inc. |
4.200 | % | 04/01/43 | 1,100,000 | 932,026 | |||||||||||
Hyundai Capital America (c) |
5.250 | % | 01/08/27 | 400,000 | 398,383 | |||||||||||
Hyundai Capital America (c) |
5.350 | % | 03/19/29 | 1,500,000 | 1,497,644 | |||||||||||
Hyundai Capital America (c) |
5.400 | % | 06/24/31 | 850,000 | 842,882 | |||||||||||
Lowes Cos., Inc. |
2.625 | % | 04/01/31 | 950,000 | 810,457 | |||||||||||
Lowes Cos., Inc. |
4.250 | % | 04/01/52 | 2,300,000 | 1,807,615 | |||||||||||
Mercedes-Benz Financing NA (c) |
4.800 | % | 03/30/28 | 500,000 | 496,329 | |||||||||||
Mercedes-Benz Financing NA (b)(c) |
5.000 | % | 01/11/34 | 2,000,000 | 1,954,608 | |||||||||||
PACCAR Financial Corp., Series Q |
5.000 | % | 05/13/27 | 750,000 | 751,715 | |||||||||||
Ross Stores, Inc. |
4.600 | % | 04/15/25 | 760,000 | 755,773 | |||||||||||
Ross Stores, Inc. |
4.800 | % | 04/15/30 | 1,050,000 | 1,015,560 | |||||||||||
Toyota Motor Credit Corp. |
4.550 | % | 05/17/30 | 1,450,000 | 1,416,726 | |||||||||||
Toyota Motor Credit Corp. (b) |
5.550 | % | 11/20/30 | 800,000 | 821,789 | |||||||||||
Volkswagen Group America (c) |
5.650 | % | 09/12/28 | 2,400,000 | 2,429,258 | |||||||||||
Walmart, Inc. |
4.500 | % | 04/15/53 | 450,000 | 398,301 | |||||||||||
| 33,983,632 | ||||||||||||||||
Consumer Non-Cyclical — 1.7% |
||||||||||||||||
Abbott Laboratories |
4.750 | % | 11/30/36 | 100,000 | 97,081 | |||||||||||
AbbVie, Inc. |
3.600 | % | 05/14/25 | 500,000 | 491,912 | |||||||||||
AbbVie, Inc. |
3.200 | % | 11/21/29 | 750,000 | 688,202 | |||||||||||
AbbVie, Inc. |
4.550 | % | 03/15/35 | 100,000 | 94,856 | |||||||||||
AbbVie, Inc. |
4.500 | % | 05/14/35 | 800,000 | 754,607 | |||||||||||
Amgen, Inc. |
1.900 | % | 02/21/25 | 310,000 | 302,807 | |||||||||||
Amgen, Inc. |
4.200 | % | 03/01/33 | 400,000 | 370,576 | |||||||||||
Amgen, Inc. |
5.250 | % | 03/02/33 | 500,000 | 498,543 | |||||||||||
Amgen, Inc. |
5.600 | % | 03/02/43 | 425,000 | 418,849 | |||||||||||
Anheuser-Busch InBev SA/NV |
4.700 | % | 02/01/36 | 2,625,000 | 2,502,609 | |||||||||||
Baxter International, Inc. |
1.915 | % | 02/01/27 | 300,000 | 274,983 | |||||||||||
Bristol-Myers Squibb Co. |
2.950 | % | 03/15/32 | 300,000 | 259,592 | |||||||||||
Bristol-Myers Squibb Co. (b) |
5.900 | % | 11/15/33 | 1,450,000 | 1,522,056 | |||||||||||
Coca-Cola Co. (The) |
5.000 | % | 05/13/34 | 800,000 | 802,651 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Consumer Non-Cyclical — 1.7% continued |
||||||||||||||||
Constellation Brands, Inc. |
2.250 | % | 08/01/31 | $ | 350,000 | $ | 287,283 | |||||||||
HCA, Inc. |
3.375 | % | 03/15/29 | 1,900,000 | 1,746,488 | |||||||||||
HCA, Inc. |
4.125 | % | 06/15/29 | 650,000 | 615,491 | |||||||||||
Johnson & Johnson |
4.900 | % | 06/01/31 | 4,150,000 | 4,190,746 | |||||||||||
Keurig Dr. Pepper, Inc. |
5.100 | % | 03/15/27 | 800,000 | 800,218 | |||||||||||
Kroger Co. (The) |
3.500 | % | 02/01/26 | 1,250,000 | 1,213,009 | |||||||||||
Kroger Co. (The) |
2.650 | % | 10/15/26 | 100,000 | 94,486 | |||||||||||
Kroger Co. (The) |
2.200 | % | 05/01/30 | 125,000 | 106,364 | |||||||||||
Kroger Co. (The) |
1.700 | % | 01/15/31 | 550,000 | 442,731 | |||||||||||
Laboratory Corp. of American Holdings |
1.550 | % | 06/01/26 | 375,000 | 348,385 | |||||||||||
Mondelez International, Inc. (c) |
1.250 | % | 09/24/26 | 1,600,000 | 1,462,808 | |||||||||||
Pfizer, Inc. |
7.200 | % | 03/15/39 | 1,100,000 | 1,297,765 | |||||||||||
Pfizer, Inc. |
5.340 | % | 05/19/63 | 1,800,000 | 1,699,033 | |||||||||||
Phillip Morris International, Inc. |
5.500 | % | 09/07/30 | 1,500,000 | 1,519,976 | |||||||||||
Phillip Morris International, Inc. |
5.375 | % | 02/15/33 | 900,000 | 893,632 | |||||||||||
Roche Holdings, Inc. (c) |
5.593 | % | 11/13/33 | 2,331,000 | 2,417,499 | |||||||||||
Zoetis, Inc., Series 4006 |
2.000 | % | 05/15/30 | 1,175,000 | 989,652 | |||||||||||
| 29,204,890 | ||||||||||||||||
Electric — 1.1% |
||||||||||||||||
Ameren Corp. |
2.500 | % | 09/15/24 | 130,000 | 129,049 | |||||||||||
American Electric Power, Inc. |
1.000 | % | 11/01/25 | 500,000 | 469,816 | |||||||||||
Berkshire Hathaway Energy Co. |
4.050 | % | 04/15/25 | 1,000,000 | 989,094 | |||||||||||
CMS Energy Corp. |
2.950 | % | 02/15/27 | 100,000 | 93,636 | |||||||||||
Commonwealth Edison Co. |
5.300 | % | 06/01/34 | 900,000 | 900,060 | |||||||||||
Dominion Energy South Carolina, Inc. |
6.250 | % | 10/15/53 | 450,000 | 484,475 | |||||||||||
Dominion Energy, Inc. |
1.450 | % | 04/15/26 | 750,000 | 698,450 | |||||||||||
DTE Electric Co. |
5.200 | % | 04/01/33 | 450,000 | 449,514 | |||||||||||
DTE Energy Co., Series C |
2.529 | % | 10/01/24 | 150,000 | 148,627 | |||||||||||
DTE Energy Co., Series E |
2.850 | % | 10/01/26 | 100,000 | 94,665 | |||||||||||
DTE Energy Co., Series H |
2.950 | % | 03/01/30 | 125,000 | 110,045 | |||||||||||
Duke Energy Corp. |
4.300 | % | 03/15/28 | 825,000 | 800,378 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 39 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Electric — 1.1% continued |
||||||||||||||||
Duke Energy Florida, LLC |
6.200 | % | 11/15/53 | $ | 1,000,000 | $ | 1,059,306 | |||||||||
Duke Energy Indiana, LLC |
2.750 | % | 04/01/50 | 370,000 | 223,846 | |||||||||||
Duke Energy Ohio, Inc. (b) |
5.250 | % | 04/01/33 | 250,000 | 247,827 | |||||||||||
Duke Energy Progress, Inc. |
2.000 | % | 08/15/31 | 600,000 | 489,241 | |||||||||||
Florida Power & Light Co. |
5.100 | % | 04/01/33 | 500,000 | 497,667 | |||||||||||
Idaho Power Co. |
5.500 | % | 03/15/53 | 900,000 | 857,878 | |||||||||||
Idaho Power Co. |
5.800 | % | 04/01/54 | 1,850,000 | 1,834,232 | |||||||||||
MidAmerican Energy Co. (b) |
3.650 | % | 04/15/29 | 350,000 | 330,957 | |||||||||||
Nevada Power Co., Series 2023A |
6.000 | % | 03/15/54 | 450,000 | 457,230 | |||||||||||
NextEra Energy Capital Holdings, Inc. (b) |
5.250 | % | 03/15/34 | 500,000 | 491,272 | |||||||||||
NextEra Energy Capital Holdings, Inc. |
4.625 | % | 07/15/27 | 1,535,000 | 1,509,904 | |||||||||||
Northern States Power Co. (b) |
2.250 | % | 04/01/31 | 500,000 | 421,571 | |||||||||||
Northern States Power Co. |
5.100 | % | 05/15/53 | 900,000 | 829,490 | |||||||||||
Oncor Electric Delivery Co., LLC |
3.750 | % | 04/01/45 | 490,000 | 379,930 | |||||||||||
Oncor Electric Delivery Co., LLC |
4.950 | % | 09/15/52 | 500,000 | 452,361 | |||||||||||
PacifiCorp |
5.500 | % | 05/15/54 | 450,000 | 418,061 | |||||||||||
PECO Energy Co. |
3.000 | % | 09/15/49 | 200,000 | 131,609 | |||||||||||
PPL Electric Utilities Corp. |
5.000 | % | 05/15/33 | 900,000 | 887,562 | |||||||||||
PPL Electric Utilities Corp. |
3.000 | % | 10/01/49 | 160,000 | 105,844 | |||||||||||
Progress Energy, Inc. |
7.750 | % | 03/01/31 | 1,000,000 | 1,122,222 | |||||||||||
Public Service Co. of Colorado |
4.500 | % | 06/01/52 | 400,000 | 324,234 | |||||||||||
Public Service Electric & Gas Co. |
2.250 | % | 09/15/26 | 100,000 | 94,051 | |||||||||||
Southwestern Electric Power Co. |
2.750 | % | 10/01/26 | 100,000 | 94,421 | |||||||||||
Wisconsin Power & Light Co. |
1.950 | % | 09/16/31 | 800,000 | 639,572 | |||||||||||
| 19,268,097 | ||||||||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Energy — 0.9% |
||||||||||||||||
BP Capital Markets America |
4.812 | % | 02/13/33 | $ | 800,000 | $ | 775,561 | |||||||||
BP Capital Markets America (b) |
4.893 | % | 09/11/33 | 500,000 | 486,203 | |||||||||||
BP Capital Markets America (b) |
4.989 | % | 04/10/34 | 500,000 | 489,149 | |||||||||||
ConocoPhillips Co. |
6.950 | % | 04/15/29 | 1,100,000 | 1,192,302 | |||||||||||
ConocoPhillips Co. |
5.550 | % | 03/15/54 | 450,000 | 442,832 | |||||||||||
Coterra Energy, Inc. |
3.900 | % | 05/15/27 | 100,000 | 96,193 | |||||||||||
Diamondback Energy, Inc. |
3.250 | % | 12/01/26 | 200,000 | 191,119 | |||||||||||
Diamondback Energy, Inc. |
6.250 | % | 03/15/53 | 500,000 | 514,569 | |||||||||||
Energy Transfer, LP (c) |
5.625 | % | 05/01/27 | 500,000 | 497,764 | |||||||||||
Energy Transfer, LP |
4.950 | % | 05/15/28 | 1,850,000 | 1,821,962 | |||||||||||
Energy Transfer, LP |
5.550 | % | 05/15/34 | 500,000 | 494,841 | |||||||||||
Helmerich & Payne, Inc. |
2.900 | % | 09/29/31 | 1,650,000 | 1,375,346 | |||||||||||
MPLX, LP |
5.000 | % | 03/01/33 | 3,400,000 | 3,248,318 | |||||||||||
Occidental Petroleum Corp. |
3.000 | % | 02/15/27 | 1,475,000 | 1,380,728 | |||||||||||
Phillips 66 |
2.450 | % | 12/15/24 | 100,000 | 98,579 | |||||||||||
Phillips 66 |
3.550 | % | 10/01/26 | 100,000 | 96,561 | |||||||||||
Phillips 66 |
5.300 | % | 06/30/33 | 875,000 | 864,622 | |||||||||||
Shell International Finance BV (b) |
2.375 | % | 11/07/29 | 645,000 | 569,047 | |||||||||||
Shell International Finance BV |
6.375 | % | 12/15/38 | 73,000 | 80,449 | |||||||||||
Total Capital International SA |
2.829 | % | 01/10/30 | 120,000 | 107,597 | |||||||||||
| 14,823,742 | ||||||||||||||||
Insurance — 1.9% |
||||||||||||||||
Athene Global Funding (c) |
2.500 | % | 01/14/25 | 225,000 | 220,965 | |||||||||||
Berkshire Hathaway Financial Corp. |
3.850 | % | 03/15/52 | 900,000 | 695,681 | |||||||||||
Equitable Financial Life (c) |
1.800 | % | 03/08/28 | 609,000 | 539,158 | |||||||||||
Jackson National Life Global Funding (c) |
5.500 | % | 01/09/26 | 800,000 | 796,453 | |||||||||||
Jackson National Life Global Funding (c) |
5.550 | % | 07/02/27 | 2,200,000 | 2,193,721 | |||||||||||
40 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Insurance — 1.9% continued |
||||||||||||||||
Lincoln National Corp. |
3.625 | % | 12/12/26 | $ | 100,000 | $ | 95,676 | |||||||||
MassMutual Global Funding (c) |
4.150 | % | 08/26/25 | 500,000 | 493,708 | |||||||||||
MassMutual Global Funding (c) |
1.200 | % | 07/16/26 | 400,000 | 368,961 | |||||||||||
MassMutual Global Funding (c) |
5.150 | % | 05/30/29 | 500,000 | 500,887 | |||||||||||
MassMutual Global Funding (c) |
2.150 | % | 03/09/31 | 2,500,000 | 2,096,776 | |||||||||||
Met Life Global Funding I (c) |
5.400 | % | 09/12/28 | 1,850,000 | 1,878,636 | |||||||||||
Met Life Global Funding I (c) |
4.300 | % | 08/25/29 | 1,000,000 | 962,272 | |||||||||||
Met Life Global Funding I (c) |
1.550 | % | 01/07/31 | 1,950,000 | 1,554,152 | |||||||||||
Met Life Global Funding I (c) |
5.150 | % | 03/28/33 | 500,000 | 493,789 | |||||||||||
Met Tower Global Funding (c) |
3.700 | % | 06/13/25 | 350,000 | 344,262 | |||||||||||
New York Life Global Funding (c) |
1.150 | % | 06/09/26 | 50,000 | 46,241 | |||||||||||
New York Life Global Funding (b)(c) |
4.900 | % | 06/13/28 | 1,000,000 | 995,189 | |||||||||||
New York Life Global Funding (c) |
4.700 | % | 01/29/29 | 1,000,000 | 992,349 | |||||||||||
New York Life Global Funding (c) |
1.200 | % | 08/07/30 | 2,000,000 | 1,601,604 | |||||||||||
New York Life Global Funding (c) |
5.000 | % | 01/09/34 | 1,000,000 | 983,038 | |||||||||||
Northwestern Mutual Global Funding (c) |
4.000 | % | 07/01/25 | 400,000 | 394,963 | |||||||||||
Northwestern Mutual Global Funding (c) |
5.070 | % | 03/25/27 | 3,000,000 | 3,004,600 | |||||||||||
Northwestern Mutual Global Funding (c) |
4.350 | % | 09/15/27 | 400,000 | 391,134 | |||||||||||
Pacific Life Global Fund II (c) |
1.450 | % | 01/20/28 | 500,000 | 441,628 | |||||||||||
Pricoa Global Funding I (c) |
5.550 | % | 08/28/26 | 700,000 | 705,043 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Insurance — 1.9% continued |
||||||||||||||||
Pricoa Global Funding I (c) |
5.100 | % | 05/30/28 | $ | 500,000 | $ | 500,568 | |||||||||
Principal Life Global Funding (c) |
5.000 | % | 01/16/27 | 500,000 | 498,270 | |||||||||||
Principal Life Global Funding II (c) |
1.250 | % | 06/23/25 | 525,000 | 503,878 | |||||||||||
Principal Life Global Funding II (c) |
0.875 | % | 01/12/26 | 500,000 | 467,194 | |||||||||||
Progressive Corp. |
3.200 | % | 03/26/30 | 240,000 | 218,572 | |||||||||||
Protective Life Global Funding (c) |
3.218 | % | 03/28/25 | 285,000 | 280,124 | |||||||||||
Protective Life Global Funding (c) |
5.209 | % | 04/14/26 | 1,000,000 | 996,996 | |||||||||||
Protective Life Global Funding (c) |
1.618 | % | 04/15/26 | 800,000 | 748,871 | |||||||||||
Protective Life Global Funding (c) |
4.992 | % | 01/12/27 | 500,000 | 498,288 | |||||||||||
Protective Life Global Funding (c) |
1.900 | % | 07/06/28 | 650,000 | 579,340 | |||||||||||
Protective Life Global Funding (c) |
5.467 | % | 12/08/28 | 500,000 | 505,532 | |||||||||||
Protective Life Global Funding (c) |
1.737 | % | 09/21/30 | 1,500,000 | 1,226,715 | |||||||||||
RGA Global Funding (c) |
2.000 | % | 11/30/26 | 660,000 | 608,333 | |||||||||||
UnitedHealth Group, Inc. |
4.200 | % | 05/15/32 | 1,150,000 | 1,082,272 | |||||||||||
UnitedHealth Group, Inc. |
4.250 | % | 06/15/48 | 500,000 | 413,200 | |||||||||||
UnitedHealth Group, Inc. |
5.200 | % | 04/15/63 | 500,000 | 462,843 | |||||||||||
| 32,381,882 | ||||||||||||||||
Natural Gas — 0.1% |
||||||||||||||||
Atmos Energy Corp. |
2.625 | % | 09/15/29 | 310,000 | 276,969 | |||||||||||
Atmos Energy Corp. |
5.900 | % | 11/15/33 | 850,000 | 887,597 | |||||||||||
Atmos Energy Corp. |
4.125 | % | 03/15/49 | 885,000 | 696,890 | |||||||||||
| 1,861,456 | ||||||||||||||||
Other Utility — 0.2% |
||||||||||||||||
American Water Capital Corp. (b) |
2.800 | % | 05/01/30 | 300,000 | 264,115 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 41 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Other Utility — 0.2% continued |
||||||||||||||||
American Water Capital Corp. |
2.300 | % | 06/01/31 | $ | 825,000 | $ | 682,461 | |||||||||
American Water Capital Corp. |
5.150 | % | 03/01/34 | 2,000,000 | 1,982,429 | |||||||||||
| 2,929,005 | ||||||||||||||||
REITS — 0.7% |
||||||||||||||||
Alexandria Real Estate Equities, Inc. |
3.950 | % | 01/15/28 | 100,000 | 95,726 | |||||||||||
American Homes 4 Rent |
4.250 | % | 02/15/28 | 100,000 | 95,789 | |||||||||||
Boston Properties, LP |
2.750 | % | 10/01/26 | 50,000 | 46,656 | |||||||||||
CubeSmart, LP |
2.250 | % | 12/15/28 | 4,200,000 | 3,698,173 | |||||||||||
ERP Operating, LP |
2.850 | % | 11/01/26 | 100,000 | 94,814 | |||||||||||
ERP Operating, LP |
2.500 | % | 02/15/30 | 1,850,000 | 1,614,048 | |||||||||||
Extra Space Storage, LP |
3.875 | % | 12/15/27 | 100,000 | 95,416 | |||||||||||
Extra Space Storage, LP |
2.200 | % | 10/15/30 | 1,399,000 | 1,161,178 | |||||||||||
Public Storage |
1.850 | % | 05/01/28 | 800,000 | 711,587 | |||||||||||
Realty Income Corp. |
0.750 | % | 03/15/26 | 1,375,000 | 1,270,249 | |||||||||||
Realty Income Corp. |
4.450 | % | 09/15/26 | 413,000 | 402,962 | |||||||||||
Realty Income Corp. |
3.000 | % | 01/15/27 | 100,000 | 94,727 | |||||||||||
Realty Income Corp. |
2.100 | % | 03/15/28 | 250,000 | 224,017 | |||||||||||
Realty Income Corp. |
2.200 | % | 06/15/28 | 151,000 | 135,101 | |||||||||||
Realty Income Corp. |
4.000 | % | 07/15/29 | 60,000 | 56,805 | |||||||||||
Realty Income Corp. |
3.200 | % | 02/15/31 | 250,000 | 219,233 | |||||||||||
Realty Income Corp. |
5.125 | % | 02/15/34 | 1,000,000 | 970,682 | |||||||||||
Sun Communities Operations LP |
5.500 | % | 01/15/29 | 250,000 | 250,067 | |||||||||||
| 11,237,230 | ||||||||||||||||
Technology — 0.9% |
||||||||||||||||
Apple, Inc. (b) |
1.650 | % | 02/08/31 | 3,025,000 | 2,501,455 | |||||||||||
Broadcom, Inc. (c) |
4.150 | % | 04/15/32 | 2,700,000 | 2,491,104 | |||||||||||
Dell International, LLC / EMC Corp. |
4.900 | % | 10/01/26 | 1,488,000 | 1,473,439 | |||||||||||
Fidelity National Information Services, Inc. |
1.650 | % | 03/01/28 | 300,000 | 264,239 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Technology — 0.9% continued |
||||||||||||||||
Foundry JV Holdco, LLC (c) |
6.150 | % | 01/25/32 | $ | 500,000 | $ | 509,682 | |||||||||
Mastercard, Inc. |
2.000 | % | 11/18/31 | 2,300,000 | 1,890,437 | |||||||||||
Mastercard, Inc. |
4.875 | % | 05/09/34 | 750,000 | 741,538 | |||||||||||
Oracle Corp. |
2.875 | % | 03/25/31 | 500,000 | 431,737 | |||||||||||
Oracle Corp. |
4.300 | % | 07/08/34 | 1,500,000 | 1,366,060 | |||||||||||
Oracle Corp. |
3.600 | % | 04/01/40 | 3,000,000 | 2,305,847 | |||||||||||
Xilinx, Inc. |
2.375 | % | 06/01/30 | 2,125,000 | 1,839,349 | |||||||||||
| 15,814,887 | ||||||||||||||||
Transportation — 0.7% |
||||||||||||||||
Alaska Airlines Pass-Through Trust, Series 2020-1B, Class A (c) |
4.800 | % | 02/15/29 | 108,844 | 106,731 | |||||||||||
American Airlines Pass-Through Trust, Series 2016-2, Class AA |
3.200 | % | 12/15/29 | 293,400 | 272,064 | |||||||||||
Burlington North Santa Fe, LLC |
5.050 | % | 03/01/41 | 500,000 | 473,139 | |||||||||||
Burlington North Santa Fe, LLC |
2.875 | % | 06/15/52 | 1,523,000 | 961,766 | |||||||||||
CSX Corp. |
4.250 | % | 11/01/66 | 100,000 | 77,747 | |||||||||||
FedEx Corp. (b) |
2.400 | % | 05/15/31 | 500,000 | 423,385 | |||||||||||
FedEx Corp., Series 2020-1, Class AA, CV |
1.875 | % | 08/20/35 | 3,044,921 | 2,526,009 | |||||||||||
Kirby Corp. |
4.200 | % | 03/01/28 | 600,000 | 580,018 | |||||||||||
Norfolk Southern Corp. |
3.000 | % | 03/15/32 | 600,000 | 516,870 | |||||||||||
Norfolk Southern Corp. |
5.950 | % | 03/15/64 | 500,000 | 509,031 | |||||||||||
Penske Trust Leasing Co. / PTL Finance Corp. (c) |
5.350 | % | 03/30/29 | 1,350,000 | 1,349,329 | |||||||||||
Ryder System, Inc. |
2.850 | % | 03/01/27 | 500,000 | 471,089 | |||||||||||
Ryder System, Inc. |
5.300 | % | 03/15/27 | 1,000,000 | 1,001,217 | |||||||||||
Ryder System, Inc. |
5.650 | % | 03/01/28 | 500,000 | 507,339 | |||||||||||
Southwest Airlines Co. (b) |
2.625 | % | 02/10/30 | 1,300,000 | 1,125,741 | |||||||||||
United Airlines Pass-Through Trust, Series 2020-1B, Class B |
4.875 | % | 07/15/27 | 252,000 | 248,282 | |||||||||||
42 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Corporate Credit — 18.6% continued |
||||||||||||||||
Transportation — 0.7% continued |
||||||||||||||||
United Airlines Pass-Through Trust, Series 2020-1, Class A |
5.875 | % | 04/15/29 | $ | 165,288 | $ | 165,756 | |||||||||
United Parcel Service, Inc. |
4.875 | % | 03/03/33 | 900,000 | 886,169 | |||||||||||
| 12,201,682 | ||||||||||||||||
Total Corporate Credit |
||||||||||||||||
(Cost $321,413,964) |
$ | 315,916,788 | ||||||||||||||
Government Related — 0.1% |
||||||||||||||||
Government Owned, No Guarantee — 0.1% |
||||||||||||||||
Tennessee Valley Authority |
4.250 | % | 09/15/52 | 500,000 | 437,691 | |||||||||||
Tennessee Valley Authority |
4.625 | % | 09/15/60 | 525,000 | 485,631 | |||||||||||
Total Government Related |
||||||||||||||||
(Cost $1,245,104) |
$ | 923,322 | ||||||||||||||
Securitized — 65.2% |
||||||||||||||||
ABS-Other — 2.4% |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2021-GRN1, Class B (c) |
1.830 | % | 03/20/41 | 1,000,000 | 899,308 | |||||||||||
Diamond Resorts Owner Trust, Series 2021-1A, Class B (c) |
2.050 | % | 11/21/33 | 519,705 | 489,729 | |||||||||||
FMC GMSR Issuer Trust, Series 2020-GT1, Class A (a)(c) |
4.450 | % | 01/25/26 | 2,000,000 | 1,859,521 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT1, Class A (a)(c) |
3.620 | % | 07/25/26 | 3,300,000 | 2,953,645 | |||||||||||
FMC GMSR Issuer Trust, Series 2021-GT2, Class A (c) |
3.850 | % | 10/25/26 | 3,900,000 | 3,493,896 | |||||||||||
FMC GMSR Issuer Trust, Series 2022-GT2, Class A (c) |
7.900 | % | 07/25/27 | 2,350,000 | 2,375,270 | |||||||||||
GoodGreen Trust, Series 2017-1A, Class A (c) |
3.740 | % | 10/15/52 | 149,717 | 135,134 | |||||||||||
GoodGreen Trust, Series 2020-1A, Class A (c) |
2.630 | % | 04/15/55 | 241,839 | 201,097 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
ABS-Other — 2.4% continued |
||||||||||||||||
Helios Issuer, LLC, Series 2019-AA, Class A (c) |
3.750 | % | 06/20/46 | $ | 82,350 | $ | 74,767 | |||||||||
Helios Issuer, LLC, Series 2020-4, Class A (c) |
2.980 | % | 06/20/47 | 284,234 | 250,575 | |||||||||||
Helios Issuer, LLC, Series 2021-A, Class A (c) |
1.800 | % | 02/20/48 | 483,181 | 385,427 | |||||||||||
Helios Issuer, LLC, Series 2022-C, Class C (c) |
6.000 | % | 11/22/49 | 2,725,632 | 2,151,503 | |||||||||||
Hero Funding Trust, Series 2016-2A, Class A (c) |
3.750 | % | 09/20/41 | 75,016 | 68,659 | |||||||||||
Hero Funding Trust, Series 2016-3A, Class A1 (c) |
3.080 | % | 09/20/42 | 1,162,832 | 1,040,554 | |||||||||||
Hero Funding Trust, Series 2016-4A, Class A1 (c) |
3.570 | % | 09/20/47 | 104,963 | 94,976 | |||||||||||
Hero Funding Trust, Series 2016-4B, Class B (c) |
4.990 | % | 09/20/47 | 22,387 | 22,187 | |||||||||||
Hero Funding Trust, Series 2017-3A, Class A1 (c) |
3.190 | % | 09/20/48 | 95,276 | 82,083 | |||||||||||
Hero Funding Trust, Series 2017-3A, Class A2 (c) |
3.950 | % | 09/20/48 | 348,570 | 308,148 | |||||||||||
Hero Funding Trust, Series 2018-1A, Class A2 (c) |
4.670 | % | 09/20/48 | 37,038 | 34,409 | |||||||||||
Holiday Inn Timeshare Trust, Series 2020-A, Class C (c) |
3.420 | % | 10/09/39 | 216,780 | 202,856 | |||||||||||
Loanpal Solar Loan Ltd., Series 2020-3GS, Class B (c) |
3.450 | % | 12/20/47 | 476,073 | 351,681 | |||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class A (c) |
2.290 | % | 01/20/48 | 446,482 | 358,430 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 43 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
ABS-Other — 2.4% continued |
||||||||||||||||
Loanpal Solar Loan Ltd., Series 2021-1GS, Class B (c) |
2.840 | % | 01/20/48 | $ | 718,401 | $ | 522,364 | |||||||||
Loanpal Solar Loan Ltd., Series 2021-2GS, Class A (c) |
2.220 | % | 03/20/48 | 671,480 | 526,419 | |||||||||||
Mill City Solar Loan Ltd., Series 2019-2GS, Class A (c) |
3.690 | % | 07/20/43 | 110,402 | 97,887 | |||||||||||
Mosaic Solar Loans, LLC, Series 2018-1, Class A (c) |
4.010 | % | 06/22/43 | 57,082 | 52,514 | |||||||||||
Mosaic Solar Loans, LLC, Series 2017-2, Class B (c) |
4.770 | % | 06/22/43 | 32,945 | 28,825 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-1A, Class B (c) |
6.920 | % | 06/20/53 | 2,372,831 | 2,352,318 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-2A, Class C (c) |
8.180 | % | 09/22/53 | 4,500,000 | 4,026,424 | |||||||||||
Mosaic Solar Loans, LLC, Series 2023-3A, Class A (c) |
5.910 | % | 11/20/53 | 1,998,074 | 1,974,965 | |||||||||||
PNMAC GMSR Issuer Trust, Series 2022-GT1, Class A (1* SOFR + 425) (a)(c) |
9.585 | % | 05/25/27 | 2,200,000 | 2,229,304 | |||||||||||
PowerPay Issuance Trust, Series 2024-1A, Class A (c) |
6.530 | % | 02/18/39 | 3,210,263 | 3,214,156 | |||||||||||
Renew Financial, LLC, Series 2017-1, Class A (c) |
3.670 | % | 09/20/52 | 255,743 | 233,703 | |||||||||||
Renew Financial, LLC, Series 2017-1, Class B (c) |
5.750 | % | 09/20/52 | 15,579 | 15,038 | |||||||||||
Renew Financial, LLC, Series 2017-2, Class A (c) |
3.220 | % | 09/22/53 | 27,837 | 24,757 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
ABS-Other — 2.4% continued |
||||||||||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class B (c) |
2.130 | % | 11/15/55 | $ | 1,000,000 | $ | 942,644 | |||||||||
SPS Servicer Advance Receivables Trust, Series 2020-T2, Class D (c) |
3.160 | % | 11/15/55 | 994,000 | 936,123 | |||||||||||
Sunnova Hestia I Issuer, LLC, Series 2023-GRIDI, Class A-1 (c) |
5.750 | % | 12/20/50 | 2,151,149 | 2,165,062 | |||||||||||
Sunnova Solar Issuer, LLC, Series 2020-2A, Class A (c) |
2.730 | % | 11/01/55 | 3,684,734 | 2,988,255 | |||||||||||
| 40,164,613 | ||||||||||||||||
Agency CMBS — 3.6% |
||||||||||||||||
FARM Mortgage Trust, Series 2021-1, Class A (c) |
2.180 | % | 01/25/51 | 23,235,000 | 18,114,703 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2022-1, Class A (c) |
2.540 | % | 07/25/51 | 3,233,144 | 2,569,923 | |||||||||||
Farmer Mac Agricultural Real Estate, Series 2023-1, Class A (c) |
2.631 | % | 01/25/52 | 9,110,483 | 7,311,108 | |||||||||||
FNMA, Pool #AN3598 |
2.550 | % | 12/01/28 | 254,633 | 232,966 | |||||||||||
FNMA, Pool #BL4548 |
2.430 | % | 10/01/29 | 180,740 | 162,507 | |||||||||||
FNMA, Pool #BL9861 |
1.640 | % | 12/01/30 | 2,085,000 | 1,720,584 | |||||||||||
FNMA, Pool #BS0602 |
1.590 | % | 01/01/31 | 12,186,000 | 10,053,328 | |||||||||||
FNMA, Pool #BS0038 |
1.650 | % | 01/01/31 | 2,000,000 | 1,645,545 | |||||||||||
FNMA, Pool #BS0915 |
1.620 | % | 03/01/31 | 3,200,000 | 2,585,746 | |||||||||||
FNMA, Pool #AN6149 |
3.140 | % | 07/01/32 | 750,000 | 665,876 | |||||||||||
FNMA, Pool #AN7612 |
3.280 | % | 12/01/32 | 244,424 | 220,219 | |||||||||||
44 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency CMBS — 3.6% continued |
||||||||||||||||
FNMA, Pool #FN0035 |
3.290 | % | 12/01/32 | $ | 5,762,382 | $ | 5,221,826 | |||||||||
FNMA, Pool #BS3369 |
2.310 | % | 10/01/41 | 7,768,000 | 5,395,971 | |||||||||||
FNMA, Pool #BS3542 |
2.415 | % | 10/01/41 | 2,850,000 | 1,976,919 | |||||||||||
FNMA, Pool #AM5015 |
4.940 | % | 12/01/43 | 714,260 | 696,054 | |||||||||||
FRESB Multifamily Mortgage Pass-Through Trust, Series 2018-SB57, Class A-10F |
3.710 | % | 07/25/28 | 2,195,290 | 2,079,241 | |||||||||||
| 60,652,516 | ||||||||||||||||
Agency MBS CMO — 24.8% |
||||||||||||||||
FHLMC, Series 306, Class F3, Pool #S2-0432 (1* SOFR + 30) (a) |
5.738 | % | 05/15/28 | 25,527 | 25,491 | |||||||||||
FHLMC, Series 4847, Class CV |
3.500 | % | 02/15/30 | 303,842 | 292,842 | |||||||||||
FHLMC, Series 2646, Class ZH |
5.000 | % | 07/15/33 | 141,980 | 136,312 | |||||||||||
FHLMC, Series 4265, Class FD (1* SOFR + 40) (a) |
5.848 | % | 01/15/35 | 164,448 | 162,527 | |||||||||||
FHLMC, Series 4613, Class AF (1* SOFR + 110) (a) |
6.538 | % | 11/15/37 | 272,345 | 267,134 | |||||||||||
FHLMC, Series 3605, Class PB |
4.500 | % | 11/15/39 | 47,972 | 45,853 | |||||||||||
FHLMC, Series 3617, Class PC |
4.500 | % | 12/15/39 | 65,511 | 63,970 | |||||||||||
FHLMC, Series 3740, Class FC (1* SOFR + 50) (a) |
5.948 | % | 10/15/40 | 63,722 | 62,761 | |||||||||||
FHLMC, Series 3759, Class ME |
4.000 | % | 11/15/40 | 505,358 | 461,576 | |||||||||||
FHLMC, Series 3811, Class TA |
5.000 | % | 02/15/41 | 254,049 | 254,299 | |||||||||||
FHLMC, Series 5115, Class AZ |
2.000 | % | 06/25/41 | 11,061,076 | 7,107,748 | |||||||||||
FHLMC, Series 3895, Class BF (1* SOFR + 50) (a) |
5.948 | % | 07/15/41 | 56,365 | 55,880 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FHLMC, Series 3923, Class CZ |
5.000 | % | 09/15/41 | $ | 865,001 | $ | 850,011 | |||||||||
FHLMC, Series 3959, Class PZ |
4.500 | % | 11/15/41 | 3,717,118 | 3,521,952 | |||||||||||
FHLMC, Series 4074, Class JY |
2.500 | % | 07/15/42 | 654,000 | 542,185 | |||||||||||
FHLMC, Series 4180, Class BU |
2.500 | % | 10/15/42 | 2,758,494 | 2,273,092 | |||||||||||
FHLMC, Series 4116, Class YC |
2.500 | % | 10/15/42 | 1,335,000 | 982,485 | |||||||||||
FHLMC, Series 5149, Class CA |
2.000 | % | 01/15/43 | 1,049,335 | 709,852 | |||||||||||
FHLMC, Series 4165, Class ZT |
3.000 | % | 02/15/43 | 7,005,445 | 5,543,044 | |||||||||||
FHLMC, Series 4180, Class ZB |
3.000 | % | 03/15/43 | 175,974 | 134,423 | |||||||||||
FHLMC, Series 4183, Class NQ |
3.000 | % | 03/15/43 | 2,920,000 | 2,554,881 | |||||||||||
FHLMC, Series 4210, Class Z |
3.000 | % | 05/15/43 | 892,411 | 702,334 | |||||||||||
FHLMC, Series 4204, Class QZ |
3.000 | % | 05/15/43 | 695,070 | 463,103 | |||||||||||
FHLMC, Series 4447, Class YZ |
4.000 | % | 08/15/43 | 1,032,397 | 977,470 | |||||||||||
FHLMC, Series 4333, Class GL |
3.500 | % | 04/15/44 | 250,000 | 208,870 | |||||||||||
FHLMC, Series 4408, Class BC |
3.000 | % | 11/15/44 | 1,020,410 | 814,513 | |||||||||||
FHLMC, Series 4448, Class GZ |
2.500 | % | 03/15/45 | 2,838,490 | 2,150,810 | |||||||||||
FHLMC, Series 4473, Class Z |
3.000 | % | 05/15/45 | 420,095 | 330,528 | |||||||||||
FHLMC, Series 4531, Class PZ |
3.500 | % | 11/15/45 | 1,475,633 | 1,332,481 | |||||||||||
FHLMC, Series 4623, Class BZ |
3.500 | % | 10/15/46 | 3,705,913 | 3,353,237 | |||||||||||
FHLMC, Series 4738, Class TW |
3.000 | % | 11/15/46 | 1,476,000 | 1,295,489 | |||||||||||
FHLMC, Series 4857, Class H |
4.000 | % | 11/15/46 | 105,611 | 103,455 | |||||||||||
FHLMC, Series 4710, Class GZ |
3.000 | % | 01/15/47 | 4,540,681 | 3,658,861 | |||||||||||
FHLMC, Series 5099, Class CM |
2.000 | % | 07/25/47 | 3,750,000 | 2,410,434 | |||||||||||
FHLMC, Series 4736, Class CL |
3.000 | % | 12/15/47 | 441,240 | 367,365 | |||||||||||
FHLMC, Series 4738, Class LZ |
3.000 | % | 12/15/47 | 4,214,307 | 3,557,136 | |||||||||||
FHLMC, Series 4753, Class EZ |
3.500 | % | 12/15/47 | 1,884,116 | 1,681,312 | |||||||||||
FHLMC, Series 4745, Class CZ |
3.500 | % | 01/15/48 | 1,255,042 | 1,095,933 | |||||||||||
FHLMC, Series 4768, Class ZH |
3.000 | % | 03/15/48 | 1,418,036 | 1,216,102 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 45 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FHLMC, Series 4801, Class ZN |
4.000 | % | 05/15/48 | $ | 773,482 | $ | 703,825 | |||||||||
FHLMC, Series 4941, Class NW |
2.500 | % | 05/25/49 | 758,520 | 469,355 | |||||||||||
FHLMC, Series 4892, Class PZ |
3.000 | % | 07/15/49 | 1,397,399 | 875,626 | |||||||||||
FHLMC, Series 4911, Class JM |
3.500 | % | 09/25/49 | 1,000,000 | 769,246 | |||||||||||
FHLMC, Series 5159, Class WZ |
2.000 | % | 01/25/50 | 677,139 | 375,438 | |||||||||||
FHLMC, Series 5103, Class LH |
1.500 | % | 03/25/50 | 2,192,814 | 1,758,835 | |||||||||||
FHLMC, Series 5057, Class DN |
2.000 | % | 03/25/50 | 913,693 | 721,599 | |||||||||||
FHLMC, Series 4968, Class NP |
6.500 | % | 04/25/50 | 1,433,503 | 1,482,197 | |||||||||||
FHLMC, Series 5129, Class DM |
1.000 | % | 08/25/50 | 1,342,275 | 966,558 | |||||||||||
FHLMC, Series 5017, Class CB |
1.500 | % | 09/25/50 | 1,165,563 | 851,216 | |||||||||||
FHLMC, Series 5011, Class DB |
2.000 | % | 09/25/50 | 262,000 | 142,384 | |||||||||||
FHLMC, Series 5038, Class QP |
0.750 | % | 10/25/50 | 2,825,810 | 1,898,516 | |||||||||||
FHLMC, Series 5019, Class PL |
1.000 | % | 10/25/50 | 2,289,130 | 1,668,052 | |||||||||||
FHLMC, Series 5028, Class PW |
1.500 | % | 10/25/50 | 684,000 | 396,159 | |||||||||||
FHLMC, Series 5039, Class JL |
1.250 | % | 11/25/50 | 1,344,249 | 966,974 | |||||||||||
FHLMC, Series 5223, Class MZ |
4.500 | % | 12/25/50 | 3,541,402 | 3,013,119 | |||||||||||
FHLMC, Series 5085, Class TY |
1.000 | % | 01/25/51 | 1,263,612 | 694,166 | |||||||||||
FHLMC, Series 5072, Class DG |
1.000 | % | 02/25/51 | 756,518 | 561,136 | |||||||||||
FHLMC, Series 5146, Class ZW |
2.000 | % | 07/25/51 | 1,665,690 | 801,448 | |||||||||||
FHLMC, Series 5202, Class DZ |
3.000 | % | 07/25/51 | 2,671,854 | 1,551,313 | |||||||||||
FHLMC, Series 5155, Class MG |
1.500 | % | 10/25/51 | 994,366 | 795,502 | |||||||||||
FHLMC, Series 5159, Class PL |
1.250 | % | 11/25/51 | 1,421,171 | 1,119,878 | |||||||||||
FHLMC, Series 5173, Class BZ |
2.500 | % | 12/25/51 | 1,066,643 | 603,911 | |||||||||||
FHLMC, Series 4377, Class KZ |
3.500 | % | 02/15/52 | 879,145 | 752,259 | |||||||||||
FHLMC, Series 5210, Class BZ |
3.000 | % | 02/25/52 | 8,731,015 | 5,657,043 | |||||||||||
FHLMC, Series 5189, Class ZP |
3.000 | % | 02/25/52 | 1,029,942 | 780,730 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FHLMC, Series 5232, Class HL |
4.000 | % | 06/25/52 | $ | 4,120,792 | $ | 3,445,865 | |||||||||
FHLMC, Series 5249, Class PL |
4.000 | % | 08/25/52 | 2,904,186 | 2,432,758 | |||||||||||
FHLMC, Series 5297, Class DB |
5.000 | % | 03/25/53 | 1,239,531 | 1,131,321 | |||||||||||
FHLMC, Series 5318, Class AZ |
5.500 | % | 06/25/53 | 4,809,254 | 4,355,075 | |||||||||||
FHLMC, Series 5332, Class CZ |
6.000 | % | 08/25/53 | 4,169,983 | 4,032,037 | |||||||||||
FNMA, Series 2010-155, Class JH |
4.000 | % | 12/25/28 | 105,644 | 102,681 | |||||||||||
FNMA, Series 2013-35, Class YT |
6.500 | % | 09/25/32 | 110,526 | 111,739 | |||||||||||
FNMA, Series 2012-129, Class HT |
2.000 | % | 12/25/32 | 47,313 | 40,640 | |||||||||||
FNMA, Series 2002-86, Class PG |
6.000 | % | 12/25/32 | 36,576 | 37,274 | |||||||||||
FNMA, Series 2004-56, Class Z |
7.500 | % | 03/25/34 | 75,510 | 79,361 | |||||||||||
FNMA, Series 2004-17, Class BA |
6.000 | % | 04/25/34 | 293,929 | 301,611 | |||||||||||
FNMA, Series 2005-3, Class CG |
5.500 | % | 02/25/35 | 125,015 | 127,811 | |||||||||||
FNMA, Series 2005-62, Class ZL |
5.500 | % | 07/25/35 | 186,066 | 189,794 | |||||||||||
FNMA, Series 2006-71, Class ZH |
6.000 | % | 07/25/36 | 200,986 | 207,325 | |||||||||||
FNMA, Series 2006-56, Class DC (1* SOFR + 65) (a) |
6.100 | % | 07/25/36 | 297,878 | 295,774 | |||||||||||
FNMA, Series 2009-19, Class TD |
5.000 | % | 08/25/36 | 59,383 | 58,928 | |||||||||||
FNMA, Series 2007-95, Class A3 (1* SOFR + 25) (a) |
5.236 | % | 08/27/36 | 1,600,000 | 1,450,875 | |||||||||||
FNMA, Series 2006-108, Class FD (1* SOFR + 38) (a) |
5.830 | % | 11/25/36 | 83,624 | 82,663 | |||||||||||
FNMA, Series 2007-39, Class NB |
4.250 | % | 05/25/37 | 79,650 | 78,212 | |||||||||||
46 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FNMA, Series 2008-60, Class JC |
5.000 | % | 07/25/38 | $ | 131,795 | $ | 131,465 | |||||||||
FNMA, Series 2009-103, Class MB (a) |
6.869 | % | 12/25/39 | 95,654 | 95,751 | |||||||||||
FNMA, Series 2010-118, Class DZ |
4.750 | % | 10/25/40 | 1,440,482 | 1,353,732 | |||||||||||
FNMA, Series 2011-8, Class ZA |
4.000 | % | 02/25/41 | 1,260,386 | 1,182,375 | |||||||||||
FNMA, Series 2011-14, Class PB |
5.000 | % | 03/25/41 | 415,325 | 415,886 | |||||||||||
FNMA, Series 2011-57, Class PD |
4.000 | % | 07/25/41 | 321,407 | 299,806 | |||||||||||
FNMA, Series 2011-62, Class UA |
4.500 | % | 07/25/41 | 619,301 | 586,433 | |||||||||||
FNMA, Series 2012-40, Class GY |
4.000 | % | 04/25/42 | 824,090 | 772,256 | |||||||||||
FNMA, Series 2013-34, Class GP |
3.000 | % | 05/25/42 | 270,718 | 250,916 | |||||||||||
FNMA, Series 2012-52, Class PQ |
3.500 | % | 05/25/42 | 683,221 | 563,171 | |||||||||||
FNMA, Series 2012-56, Class WC |
3.500 | % | 05/25/42 | 1,251,000 | 1,081,686 | |||||||||||
FNMA, Series 2012-79, Class QB |
2.000 | % | 07/25/42 | 94,407 | 82,771 | |||||||||||
FNMA, Series 2003-W2, Class 1-1A |
6.500 | % | 07/25/42 | 513,096 | 528,046 | |||||||||||
FNMA, Series 2012-92, Class Z |
3.500 | % | 08/25/42 | 4,850,871 | 4,198,358 | |||||||||||
FNMA, Series 2012-99, Class UY |
2.500 | % | 09/25/42 | 479,000 | 368,277 | |||||||||||
FNMA, Series 2013-35, Class LP |
3.000 | % | 01/25/43 | 419,000 | 390,360 | |||||||||||
FNMA, Series 2013-35, Class CV |
3.000 | % | 02/25/43 | 350,000 | 313,475 | |||||||||||
FNMA, Series 2013-13, Class WH |
3.500 | % | 03/25/43 | 1,072,000 | 854,430 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FNMA, Series 2013-31, Class NT |
3.000 | % | 04/25/43 | $ | 30,871 | $ | 28,370 | |||||||||
FNMA, Series 2003-W10, Class 3A-5 |
4.299 | % | 06/25/43 | 2,718,859 | 2,480,535 | |||||||||||
FNMA, Series 2013-84, Class B |
4.000 | % | 08/25/43 | 1,500,000 | 1,271,569 | |||||||||||
FNMA, Series 2013-104, Class CY |
5.000 | % | 10/25/43 | 300,000 | 283,873 | |||||||||||
FNMA, Series 2013-115, Class PB |
4.500 | % | 11/25/43 | 300,000 | 276,344 | |||||||||||
FNMA, Series 2015-11, Class MZ |
4.000 | % | 12/25/43 | 5,282,616 | 4,856,261 | |||||||||||
FNMA, Series 2014-2, Class PB |
4.000 | % | 02/25/44 | 479,672 | 447,856 | |||||||||||
FNMA, Series 2015-24, Class ZA |
3.000 | % | 04/25/45 | 2,250,020 | 1,931,554 | |||||||||||
FNMA, Series 2017-16, Class UW |
3.000 | % | 07/25/45 | 2,044,494 | 1,752,910 | |||||||||||
FNMA, Series 2016-68, Class AL |
3.000 | % | 10/25/46 | 1,040,209 | 907,795 | |||||||||||
FNMA, Series 2016-80, Class CZ |
3.000 | % | 11/25/46 | 635,411 | 406,170 | |||||||||||
FNMA, Series 2017-77, Class HZ |
3.500 | % | 10/25/47 | 3,986,949 | 3,553,578 | |||||||||||
FNMA, Series 2018-08, Class DZ |
3.500 | % | 02/25/48 | 577,693 | 514,223 | |||||||||||
FNMA, Series 2022-4, Class QM |
2.000 | % | 03/25/48 | 1,602,020 | 1,061,966 | |||||||||||
FNMA, Series 2018-31, Class KB |
3.500 | % | 05/25/48 | 189,698 | 169,253 | |||||||||||
FNMA, Series 2018-31, Class KQ |
3.500 | % | 05/25/48 | 600,000 | 523,159 | |||||||||||
FNMA, Series 2018-37, Class CL |
4.000 | % | 06/25/48 | 622,735 | 503,328 | |||||||||||
FNMA, Series 2018-69, Class PZ |
3.500 | % | 09/25/48 | 1,738,617 | 1,538,154 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 47 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FNMA, Series 2018-66, Class PZ |
4.000 | % | 09/25/48 | $ | 605,098 | $ | 468,153 | |||||||||
FNMA, Series 2018-77, Class BY |
3.000 | % | 10/25/48 | 2,504,377 | 2,173,594 | |||||||||||
FNMA, Series 2019-01, Class MH |
3.000 | % | 02/25/49 | 189,924 | 167,157 | |||||||||||
FNMA, Series 2019-8, Class ZD |
3.500 | % | 03/25/49 | 602,449 | 521,464 | |||||||||||
FNMA, Series 2019-038, Class MT |
3.000 | % | 07/25/49 | 810,712 | 689,194 | |||||||||||
FNMA, Series 2019-40, Class PL |
4.000 | % | 07/25/49 | 318,000 | 252,264 | |||||||||||
FNMA, Series 2019-42, Class DZ |
2.750 | % | 08/25/49 | 1,733,650 | 1,134,967 | |||||||||||
FNMA, Series 2019-60, Class DZ |
2.500 | % | 10/25/49 | 1,670,909 | 926,857 | |||||||||||
FNMA, Series 2019-60, Class WZ |
2.750 | % | 10/25/49 | 596,727 | 370,562 | |||||||||||
FNMA, Series 2020-22, Class CA |
3.000 | % | 10/25/49 | 1,443,431 | 1,276,593 | |||||||||||
FNMA, Series 2019-83, Class EB |
2.000 | % | 01/25/50 | 171,000 | 92,426 | |||||||||||
FNMA, Series 2020-15, Class KY |
3.000 | % | 03/25/50 | 2,077,414 | 1,441,092 | |||||||||||
FNMA, Series 2020-22, Class AY |
2.000 | % | 04/25/50 | 1,254,000 | 712,434 | |||||||||||
FNMA, Series 2020-42, Class BY |
2.000 | % | 06/25/50 | 935,000 | 558,616 | |||||||||||
FNMA, Series 2020-55, Class EY |
2.000 | % | 08/25/50 | 2,300,000 | 1,567,615 | |||||||||||
FNMA, Series 2020-81, Class MA |
1.000 | % | 10/25/50 | 3,828,330 | 2,801,722 | |||||||||||
FNMA, Series 2020-95, Class KY |
1.500 | % | 01/25/51 | 2,060,000 | 1,143,733 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
FNMA, Series 2021-34, Class KC |
1.000 | % | 03/25/51 | $ | 465,313 | $ | 271,653 | |||||||||
FNMA, Series 2021-15, Class HD |
1.000 | % | 04/25/51 | 926,263 | 646,851 | |||||||||||
FNMA, Series 2021-25, Class JB |
1.000 | % | 05/25/51 | 1,533,563 | 1,134,061 | |||||||||||
FNMA, Series 2021-43, Class CJ |
1.000 | % | 07/25/51 | 2,973,221 | 2,105,748 | |||||||||||
FNMA, Series 2021-43, Class ME |
1.500 | % | 07/25/51 | 2,581,445 | 1,915,117 | |||||||||||
FNMA, Series 2021-66, Class NP |
1.000 | % | 10/25/51 | 3,716,023 | 2,632,685 | |||||||||||
FNMA, Series 2021-73, Class ZD |
2.000 | % | 11/25/51 | 1,458,489 | 628,373 | |||||||||||
FNMA, Series 2022-1, Class GE |
1.500 | % | 02/25/52 | 3,821,183 | 3,174,234 | |||||||||||
FNMA, Series 2022-49, Class GZ |
4.000 | % | 08/25/52 | 4,922,702 | 4,146,951 | |||||||||||
FNMA, Series 2023-21, Class MY |
5.000 | % | 04/25/53 | 2,047,000 | 1,889,212 | |||||||||||
FNMA, Series 2023-67, Class LA |
6.000 | % | 01/25/54 | 8,560,967 | 8,510,664 | |||||||||||
GNMA, Series 2015-161, Class AV |
3.000 | % | 01/20/29 | 246,230 | 232,237 | |||||||||||
GNMA, Series 2018-091, Class VL |
3.500 | % | 10/20/29 | 1,071,362 | 1,009,723 | |||||||||||
GNMA, Series 2023-004, Class BV |
5.500 | % | 12/20/33 | 1,119,757 | 1,106,051 | |||||||||||
GNMA, Series 2023-115, Class VL |
6.000 | % | 06/20/34 | 3,159,882 | 3,168,555 | |||||||||||
GNMA, Series 2004-49, Class MZ |
6.000 | % | 06/20/34 | 374,936 | 378,146 | |||||||||||
GNMA, Series 2023-167, Class CV |
6.500 | % | 08/20/34 | 7,598,783 | 7,832,145 | |||||||||||
GNMA, Series 2023-167, Class VC |
6.500 | % | 08/20/34 | 9,615,994 | 9,793,778 | |||||||||||
48 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2024-24, Class NV |
6.000 | % | 12/20/34 | $ | 3,126,074 | $ | 3,149,855 | |||||||||
GNMA, Series 2005-13, Class BG |
5.000 | % | 02/20/35 | 145,525 | 143,752 | |||||||||||
GNMA, Series 2015-123, Class VB |
3.500 | % | 09/20/35 | 367,154 | 360,520 | |||||||||||
GNMA, Series 2006-17, Class JN |
6.000 | % | 04/20/36 | 115,593 | 117,302 | |||||||||||
GNMA, Series 2008-51, Class PH |
5.250 | % | 06/20/38 | 71,426 | 71,502 | |||||||||||
GNMA, Series 2009-2, Class PA |
5.000 | % | 12/20/38 | 38,143 | 37,611 | |||||||||||
GNMA, Series 2014-79, Class HU |
3.000 | % | 02/16/40 | 443,238 | 375,896 | |||||||||||
GNMA, Series 2018-124, Class Z |
4.000 | % | 03/20/41 | 3,878,425 | 3,350,039 | |||||||||||
GNMA, Series 2011-34, Class MB |
4.000 | % | 03/20/41 | 2,083,517 | 1,949,740 | |||||||||||
GNMA, Series 2012-74, Class LY |
2.500 | % | 06/20/42 | 932,000 | 659,805 | |||||||||||
GNMA, Series 2012-134, Class KM |
2.000 | % | 09/20/42 | 342,000 | 257,057 | |||||||||||
GNMA, Series 2012-113, Class NZ |
4.500 | % | 09/20/42 | 308,514 | 275,948 | |||||||||||
GNMA, Series 2013-186, Class PY |
2.000 | % | 11/20/42 | 4,500,000 | 3,704,333 | |||||||||||
GNMA, Series 2013-6, Class PE |
2.000 | % | 01/20/43 | 100,000 | 75,229 | |||||||||||
GNMA, Series 2013-5, Class GY |
3.000 | % | 01/20/43 | 746,000 | 583,284 | |||||||||||
GNMA, Series 2015-179, Class ZB |
2.500 | % | 02/20/45 | 60,953 | 46,957 | |||||||||||
GNMA, Series 2015-76, Class MZ |
3.000 | % | 05/20/45 | 3,174,680 | 2,748,380 | |||||||||||
GNMA, Series 2016-37, Class YA |
3.000 | % | 12/20/45 | 1,052,809 | 876,402 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2016-38, Class ZP |
3.500 | % | 03/20/46 | $ | 80,052 | $ | 57,249 | |||||||||
GNMA, Series 2016-74, Class PL |
3.000 | % | 05/20/46 | 1,139,743 | 997,382 | |||||||||||
GNMA, Series 2016-77, Class GY |
3.000 | % | 06/20/46 | 1,110,000 | 957,233 | |||||||||||
GNMA, Series 2016-116, Class AB |
3.000 | % | 09/20/46 | 1,337,137 | 1,074,005 | |||||||||||
GNMA, Series 2016-120, Class YZ |
3.000 | % | 09/20/46 | 500,000 | 411,782 | |||||||||||
GNMA, Series 2016-118, Class LB |
3.000 | % | 09/20/46 | 500,000 | 418,471 | |||||||||||
GNMA, Series 2017-080, Class BZ |
3.500 | % | 05/20/47 | 448,312 | 327,546 | |||||||||||
GNMA, Series 2017-120, Class JZ |
4.000 | % | 08/20/47 | 688,557 | 554,468 | |||||||||||
GNMA, Series 2019-092, Class DB |
2.250 | % | 01/20/48 | 1,555,600 | 1,318,941 | |||||||||||
GNMA, Series 2018-006, Class JY |
2.750 | % | 01/20/48 | 284,000 | 238,650 | |||||||||||
GNMA, Series 2018-14, Class MZ |
3.000 | % | 01/20/48 | 418,135 | 293,995 | |||||||||||
GNMA, Series 2018-024, Class DL |
3.500 | % | 02/20/48 | 1,863,439 | 1,655,489 | |||||||||||
GNMA, Series 2018-097, Class GY |
4.000 | % | 07/20/48 | 1,162,000 | 1,081,364 | |||||||||||
GNMA, Series 2018-105, Class ZK |
4.000 | % | 08/20/48 | 504,925 | 432,604 | |||||||||||
GNMA, Series 2018-120, Class PY |
3.500 | % | 09/20/48 | 621,594 | 544,323 | |||||||||||
GNMA, Series 2018-154, Class ZU |
4.000 | % | 11/20/48 | 538,652 | 428,955 | |||||||||||
GNMA, Series 2018-166, Class Z |
4.000 | % | 12/20/48 | 515,260 | 407,783 | |||||||||||
GNMA, Series 2019-20, Class JK |
3.500 | % | 02/20/49 | 137,668 | 123,923 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 49 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2019-031, Class AZ |
5.000 | % | 03/20/49 | $ | 183,240 | $ | 177,022 | |||||||||
GNMA, Series 2019-042, Class AB |
3.250 | % | 04/20/49 | 6,922,637 | 6,041,656 | |||||||||||
GNMA, Series 2019-052, Class HL |
4.000 | % | 04/20/49 | 490,565 | 423,091 | |||||||||||
GNMA, Series 2019-085, Class MC |
2.500 | % | 06/20/49 | 958,992 | 828,916 | |||||||||||
GNMA, Series 2019-99, Class EW |
3.000 | % | 08/20/49 | 540,446 | 408,876 | |||||||||||
GNMA, Series 2019-99, Class GP |
3.500 | % | 08/20/49 | 517,000 | 394,139 | |||||||||||
GNMA, Series 2021-66, Class YM |
3.500 | % | 09/20/49 | 1,660,960 | 1,404,401 | |||||||||||
GNMA, Series 2019-152, Class LC |
3.500 | % | 10/20/49 | 2,957,550 | 2,663,391 | |||||||||||
GNMA, Series 2020-015, Class EH |
2.500 | % | 02/20/50 | 1,763,444 | 1,452,946 | |||||||||||
GNMA, Series 2020-093, Class AZ |
3.000 | % | 04/20/50 | 875,934 | 579,252 | |||||||||||
GNMA, Series 2020-065, Class YC |
2.000 | % | 05/20/50 | 1,240,495 | 984,952 | |||||||||||
GNMA, Series 2020-84, Class LB |
1.250 | % | 06/20/50 | 4,677,919 | 3,552,529 | |||||||||||
GNMA, Series 2021-58, Class NA |
1.000 | % | 07/20/50 | 530,887 | 394,868 | |||||||||||
GNMA, Series 2020-097, Class ML |
2.500 | % | 07/20/50 | 1,975,000 | 1,228,254 | |||||||||||
GNMA, Series 2020-133, Class ZM |
1.000 | % | 09/20/50 | 499,320 | 168,564 | |||||||||||
GNMA, Series 2020-160, Class QD |
1.000 | % | 10/20/50 | 63,621 | 30,182 | |||||||||||
GNMA, Series 2020-165, Class BP |
1.000 | % | 11/20/50 | 498,177 | 404,015 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2020-183, Class AE |
1.250 | % | 12/20/50 | $ | 598,103 | $ | 299,518 | |||||||||
GNMA, Series 2021-089, Class JY |
1.250 | % | 03/20/51 | 1,524,647 | 837,804 | |||||||||||
GNMA, Series 2021-86, Class MB |
1.000 | % | 05/20/51 | 573,837 | 426,361 | |||||||||||
GNMA, Series 2021-081, Class KE |
1.500 | % | 05/20/51 | 4,082,666 | 2,192,337 | |||||||||||
GNMA, Series 2021-121, Class JW |
1.500 | % | 07/20/51 | 1,708,699 | 913,809 | |||||||||||
GNMA, Series 2021-149, Class ZB |
3.000 | % | 08/20/51 | 309,829 | 183,843 | |||||||||||
GNMA, Series 2022-69, Class BY |
2.000 | % | 10/20/51 | 1,000,000 | 743,521 | |||||||||||
GNMA, Series 2022-206, Class GZ |
4.500 | % | 10/20/51 | 1,121,062 | 959,854 | |||||||||||
GNMA, Series 2021-196, Class YZ |
1.500 | % | 11/20/51 | 1,118,569 | 495,488 | |||||||||||
GNMA, Series 2021-205, Class ZL |
1.500 | % | 11/20/51 | 4,659,423 | 2,017,966 | |||||||||||
GNMA, Series 2021-216, Class Z |
1.500 | % | 12/20/51 | 5,876,502 | 3,130,526 | |||||||||||
GNMA, Series 2021-216, Class QM |
1.500 | % | 12/20/51 | 1,133,749 | 613,658 | |||||||||||
GNMA, Series 2022-160, Class GZ |
1.750 | % | 01/20/52 | 14,594,493 | 8,216,665 | |||||||||||
GNMA, Series 2022-10, Class QJ |
1.750 | % | 01/20/52 | 1,178,625 | 666,172 | |||||||||||
GNMA, Series 2023-152, Class JL |
6.000 | % | 01/20/52 | 2,362,155 | 2,367,897 | |||||||||||
GNMA, Series 2022-84, Class AL |
3.500 | % | 05/20/52 | 2,812,353 | 2,235,032 | |||||||||||
GNMA, Series 2022-101, Class PL |
4.500 | % | 06/20/52 | 9,199,000 | 8,504,549 | |||||||||||
GNMA, Series 2022-205, Class CH |
5.000 | % | 06/20/52 | 3,242,719 | 3,058,535 | |||||||||||
50 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2022-129, Class PL |
4.000 | % | 07/20/52 | $ | 3,595,000 | $ | 3,067,712 | |||||||||
GNMA, Series 2022-125, Class JW |
5.000 | % | 07/20/52 | 2,000,000 | 1,863,444 | |||||||||||
GNMA, Series 2022-136, Class PB |
4.000 | % | 08/20/52 | 1,585,000 | 1,384,538 | |||||||||||
GNMA, Series 2022-160, Class QL |
4.500 | % | 09/20/52 | 5,500,000 | 5,096,623 | |||||||||||
GNMA, Series 2022-172, Class MZ |
5.500 | % | 10/20/52 | 2,042,411 | 1,936,876 | |||||||||||
GNMA, Series 2022-190, Class DZ |
5.750 | % | 11/20/52 | 2,140,950 | 2,071,103 | |||||||||||
GNMA, Series 2022-197, Class JB |
6.000 | % | 11/20/52 | 1,500,715 | 1,572,705 | |||||||||||
GNMA, Series 2022-205, Class CE |
5.000 | % | 12/20/52 | 2,180,598 | 2,005,198 | |||||||||||
GNMA, Series 2022-209, Class JW |
5.500 | % | 12/20/52 | 2,038,000 | 1,935,298 | |||||||||||
GNMA, Series 2023-13, Class JB |
5.250 | % | 01/20/53 | 505,050 | 452,078 | |||||||||||
GNMA, Series 2023-058, Class PZ |
5.500 | % | 01/20/53 | 6,108,832 | 5,731,086 | |||||||||||
GNMA, Series 2023-004, Class PB |
5.500 | % | 01/20/53 | 3,932,000 | 3,756,004 | |||||||||||
GNMA, Series 2023-4, Class BZ |
5.500 | % | 01/20/53 | 1,647,773 | 1,545,698 | |||||||||||
GNMA, Series 2023-070, Class BZ |
6.000 | % | 01/20/53 | 4,836,404 | 4,829,457 | |||||||||||
GNMA, Series 2023-35, Class DB |
4.500 | % | 02/20/53 | 1,233,954 | 1,064,894 | |||||||||||
GNMA, Series 2023-018, Class ZA |
5.000 | % | 02/20/53 | 1,751,286 | 1,569,766 | |||||||||||
GNMA, Series 2023-45, Class HZ |
5.000 | % | 03/20/53 | 3,193,605 | 2,810,744 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2023-45, Class EZ |
6.000 | % | 03/20/53 | $ | 1,957,350 | $ | 1,927,962 | |||||||||
GNMA, Series 2023-065, Class LZ |
5.500 | % | 05/20/53 | 1,243,231 | 1,149,978 | |||||||||||
GNMA, Series 2023-066, Class ZE |
6.500 | % | 05/20/53 | 3,013,276 | 3,170,838 | |||||||||||
GNMA, Series 2023-082, Class GZ |
6.000 | % | 06/20/53 | 2,493,975 | 2,447,089 | |||||||||||
GNMA, Series 2023-081, Class KB |
6.500 | % | 06/20/53 | 4,407,508 | 4,491,015 | |||||||||||
GNMA, Series 2023-096, Class CB |
6.500 | % | 07/20/53 | 3,295,569 | 3,382,700 | |||||||||||
GNMA, Series 2023-113, Class QC |
6.000 | % | 08/20/53 | 6,188,700 | 6,273,674 | |||||||||||
GNMA, Series 2023-128, Class LZ |
6.000 | % | 08/20/53 | 6,662,271 | 6,672,087 | |||||||||||
GNMA, Series 2023-152, Class GX |
6.000 | % | 10/20/53 | 6,587,217 | 6,655,383 | |||||||||||
GNMA, Series 2023-152, Class MY |
6.000 | % | 10/20/53 | 1,592,333 | 1,603,636 | |||||||||||
GNMA, Series 2023-167, Class CZ |
6.500 | % | 11/20/53 | 8,177,428 | 8,348,071 | |||||||||||
GNMA, Series 2023-171, Class BZ |
6.500 | % | 11/20/53 | 4,422,731 | 4,516,074 | |||||||||||
GNMA, Series 2023-169, Class MB |
6.500 | % | 11/20/53 | 2,150,480 | 2,237,992 | |||||||||||
GNMA, Series 2023-165, Class AZ |
7.000 | % | 11/20/53 | 5,035,918 | 5,457,698 | |||||||||||
GNMA, Series 2024-28, Class GM |
6.500 | % | 02/20/54 | 7,078,537 | 7,203,073 | |||||||||||
GNMA, Series 2024-23, Class AZ |
6.500 | % | 02/20/54 | 8,061,322 | 8,192,964 | |||||||||||
GNMA, Series 2017-H18, Class EB (a) |
4.919 | % | 06/20/63 | 46,486 | 45,572 | |||||||||||
GNMA, Series 2023-152, Class TW |
6.500 | % | 10/20/63 | 10,605,596 | 10,900,928 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 51 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO — 24.8% continued |
||||||||||||||||
GNMA, Series 2014-H14, Class FA (1* TSFR1M + 61) (a) |
5.939 | % | 07/20/64 | $ | 186,044 | $ | 185,821 | |||||||||
GNMA, Series 2016-H11, Class FD (1* TSFR12M + 112) (a) |
6.142 | % | 05/20/66 | 180,040 | 180,058 | |||||||||||
GNMA, Series 2017-H16, Class DB (a) |
4.418 | % | 08/20/67 | 16,795 | 16,322 | |||||||||||
| 420,417,222 | ||||||||||||||||
Agency MBS CMO Derivatives — 0.3% |
||||||||||||||||
FHLMC, Series 3919, Class QS (IO) (-1* SOFR + 670) (a) |
1.252 | % | 08/15/30 | 808,550 | 40,551 | |||||||||||
FHLMC, Series 4114, Class IM (IO) |
3.500 | % | 07/15/31 | 23,598 | 28 | |||||||||||
FHLMC, Series 226, Class (PO), Pool #S0-3651 |
0.000 | % | 02/01/34 | 85,853 | 70,664 | |||||||||||
FHLMC, Series 3102, Class TA (IO) (-7.5* SOFR30A + 64) (a) |
7.500 | % | 01/15/36 | 171,613 | 166,897 | |||||||||||
FHLMC, Series 3607, Class AO (PO) |
0.000 | % | 04/15/36 | 58,377 | 48,306 | |||||||||||
FHLMC, Series 237, Class S14 (IO) (-1* SOFR + 660) (a) |
1.162 | % | 05/15/36 | 238,993 | 23,634 | |||||||||||
FHLMC, Series 3199, Class OC (PO) |
0.000 | % | 08/15/36 | 77,114 | 67,212 | |||||||||||
FHLMC, Series 3607, Class OP (PO) |
0.000 | % | 07/15/37 | 219,950 | 179,579 | |||||||||||
FHLMC, Series 4422, Class DO (PO) |
0.000 | % | 10/15/41 | 869,088 | 652,461 | |||||||||||
FHLMC, Series 4074, Class SJ (IO) (-1* SOFR + 662) (a) |
1.172 | % | 07/15/42 | 626,661 | 90,290 | |||||||||||
FHLMC, Class (PO), Pool #S0-6050 |
0.000 | % | 08/15/42 | 129,983 | 97,122 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO Derivatives — 0.3% continued |
||||||||||||||||
FHLMC, Class (PO), Pool #S0-6829 |
0.000 | % | 09/15/43 | $ | 236,714 | $ | 175,804 | |||||||||
FNMA, Series 2012-148, Class IA (IO) |
4.000 | % | 01/25/28 | 69,086 | 2,219 | |||||||||||
FNMA, Series 2004-91, Class SP (IO) (-2.4* SOFR + 1680) (a) |
3.720 | % | 10/25/31 | 113,709 | 117,811 | |||||||||||
FNMA, Series 2004-61, Class GO (PO) |
0.000 | % | 11/25/32 | 256,637 | 225,350 | |||||||||||
FNMA, Series 2013-89, Class DI (IO) |
4.000 | % | 08/25/33 | 831,970 | 66,296 | |||||||||||
FNMA, Series 2015-82, Class AI (IO) |
3.500 | % | 06/25/34 | 455,224 | 30,658 | |||||||||||
FNMA, Series 2016-28, Class DI (IO) |
3.500 | % | 03/25/35 | 417,934 | 33,552 | |||||||||||
FNMA, Series 384, Class 11 (IO) |
5.000 | % | 03/25/35 | 386,184 | 54,533 | |||||||||||
FNMA, Series 2005-52, Class JH (IO) (-1* SOFR + 660) (a) |
1.150 | % | 05/25/35 | 208,859 | 10,709 | |||||||||||
FNMA, Class (IO) (a) |
5.000 | % | 06/25/35 | 455,693 | 66,576 | |||||||||||
FNMA, Series 2016-24, Class KI (IO) |
3.500 | % | 07/25/35 | 268,269 | 21,917 | |||||||||||
FNMA, Class (IO) |
5.000 | % | 02/25/36 | 330,978 | 42,757 | |||||||||||
FNMA, Series 2006-96, Class MO (PO) |
0.000 | % | 10/25/36 | 17,931 | 15,816 | |||||||||||
FNMA, Series 398, Class C5 (IO) |
5.000 | % | 05/25/39 | 516,080 | 93,325 | |||||||||||
FNMA, Series 2010-44, Class CS (IO) (-1* SOFR + 655) (a) |
1.100 | % | 05/25/40 | 36,324 | 2,998 | |||||||||||
FNMA, Series 409, Class C1 (IO) |
4.000 | % | 04/01/42 | 798,105 | 147,232 | |||||||||||
FNMA, Series 2012-99, Class QS (IO) (-1* SOFR + 660) (a) |
1.150 | % | 09/25/42 | 1,611,634 | 162,115 | |||||||||||
52 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS CMO Derivatives — 0.3% continued |
||||||||||||||||
FNMA, Series 2012-128, Class WS (IO) (-1* SOFR + 400) (a) |
0.000 | % | 11/25/42 | $ | 980,829 | $ | 597,541 | |||||||||
FNMA, Series 2012-128, Class SH (IO) (-1* SOFR + 400) (a) |
0.000 | % | 11/25/42 | 464,337 | 290,761 | |||||||||||
FNMA, Series 2016-32, Class GO (PO) |
0.000 | % | 01/25/43 | 11,453 | 6,659 | |||||||||||
FNMA, Series 2016-30, Class IN (IO) |
3.500 | % | 02/25/43 | 614,105 | 26,861 | |||||||||||
FNMA, Series 2003-W10, Class 3IO (IO) (a)(d) |
0.034 | % | 06/25/43 | 7,639,471 | 318 | |||||||||||
FNMA, Series 2014-42, Class SN (IO) (-1* SOFR + 605) (a) |
0.600 | % | 07/25/44 | 324,783 | 34,181 | |||||||||||
FNMA, Series 2019-31, Class CI (IO) |
4.000 | % | 02/25/47 | 617,439 | 38,618 | |||||||||||
GNMA, Series 2011-139, Class LS (IO) (-1* TSFR1M + 511) (a) |
0.000 | % | 03/16/38 | 1,704,118 | 68,994 | |||||||||||
GNMA, Series 2013-147, Class SD (IO) (-1* TSFR1M + 676) (a) |
1.197 | % | 12/20/39 | 1,139,070 | 106,662 | |||||||||||
GNMA, Series 2011-21, Class SA (IO) (-1* TSFR1M + 611) (a) |
0.557 | % | 02/16/41 | 1,291,621 | 125,747 | |||||||||||
GNMA, Series 2013-113, Class QS (IO) (-1* TSFR1M + 631) (a) |
0.747 | % | 02/20/42 | 194,573 | 10,477 | |||||||||||
GNMA, Series 2013-82, Class NS (IO) (-1* TSFR1M + 411) (a) |
0.000 | % | 05/20/43 | 1,294,967 | 816,513 | |||||||||||
GNMA, Series 2017-004, Class WI (IO) |
4.000 | % | 02/20/44 | 591,147 | 35,943 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS CMO Derivatives — 0.3% continued |
||||||||||||||||
GNMA, Series 2016-32, Class MS (IO) (-1* TSFR1M + 616) (a) |
0.597 | % | 03/20/46 | $ | 1,582,697 | $ | 173,273 | |||||||||
GNMA, Series 2019-098, Class BI (IO) |
3.000 | % | 06/20/49 | 847,484 | 211,091 | |||||||||||
| 5,250,051 | ||||||||||||||||
Agency MBS Passthrough — 7.7% |
||||||||||||||||
FHLMC, Pool #U5-9010 |
4.000 | % | 11/01/34 | 219,650 | 212,699 | |||||||||||
FHLMC, Pool #G6-1909 |
4.500 | % | 12/01/37 | 284,266 | 275,235 | |||||||||||
FHLMC, Pool #G0-6085 |
6.500 | % | 09/01/38 | 35,262 | 36,495 | |||||||||||
FHLMC, Pool #RB-5090 |
2.000 | % | 12/01/40 | 15,305,397 | 12,861,459 | |||||||||||
FHLMC, Pool #2B-7995 |
2.523 | % | 10/01/50 | 4,012,878 | 3,579,315 | |||||||||||
FHLMC, Pool #RE-6080 |
1.500 | % | 11/01/50 | 1,494,265 | 1,099,938 | |||||||||||
FHLMC, Pool #RE-0015 |
3.000 | % | 11/01/50 | 5,455,328 | 4,777,482 | |||||||||||
FHLMC, Pool #RE-6085 |
1.500 | % | 02/01/51 | 813,666 | 598,941 | |||||||||||
FHLMC, Pool #RE-6093 |
1.500 | % | 04/01/51 | 1,243,333 | 905,983 | |||||||||||
FHLMC, Series 4839, Class AL |
4.000 | % | 04/15/51 | 2,326,401 | 1,937,929 | |||||||||||
FHLMC, Pool #8C-0205 |
1.854 | % | 02/01/52 | 3,724,049 | 3,304,896 | |||||||||||
FNMA, Pool #252409 |
6.500 | % | 03/01/29 | 38,532 | 38,711 | |||||||||||
FNMA, Pool #AL5850 |
3.500 | % | 10/01/29 | 136,203 | 131,985 | |||||||||||
FNMA, Pool #AS7287 |
3.500 | % | 06/01/31 | 228,145 | 219,933 | |||||||||||
FNMA, Pool #AL3200 |
3.500 | % | 02/01/33 | 201,587 | 190,977 | |||||||||||
FNMA, Pool #AT7120 |
3.500 | % | 06/01/33 | 322,178 | 305,724 | |||||||||||
FNMA, Pool #AL5166 |
3.000 | % | 11/01/33 | 198,272 | 184,249 | |||||||||||
FNMA, Pool #AL6685 |
4.000 | % | 01/01/35 | 327,241 | 314,907 | |||||||||||
FNMA, Pool #MA2198 |
3.500 | % | 03/01/35 | 216,240 | 204,522 | |||||||||||
FNMA, Pool #MA3050 |
4.500 | % | 06/01/37 | 331,123 | 324,023 | |||||||||||
FNMA, Pool #FS7218 |
1.500 | % | 02/01/42 | 3,102,391 | 2,500,330 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 53 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Agency MBS Passthrough — 7.7% continued |
||||||||||||||||
FNMA, Pool #AS4073 |
4.000 | % | 12/01/44 | $ | 162,610 | $ | 152,259 | |||||||||
FNMA, Pool #AS5236 |
4.000 | % | 05/01/45 | 1,062,590 | 996,517 | |||||||||||
FNMA, Pool #MA2778 |
3.500 | % | 10/01/46 | 81,893 | 72,098 | |||||||||||
FNMA, Pool #BM6530 |
3.000 | % | 10/01/48 | 301,203 | 264,435 | |||||||||||
FNMA, Pool #BM6732 |
4.000 | % | 11/01/48 | 15,819,719 | 14,795,278 | |||||||||||
FNMA, Pool #CA6940 |
2.247 | % | 09/01/50 | 2,456,193 | 2,175,304 | |||||||||||
FNMA, Pool #BP7449 |
2.041 | % | 10/01/50 | 864,446 | 792,431 | |||||||||||
FNMA, Pool #BM6452 |
2.114 | % | 10/01/50 | 3,357,357 | 2,952,545 | |||||||||||
FNMA, Pool #BQ5239 |
2.222 | % | 10/01/50 | 1,795,752 | 1,654,054 | |||||||||||
FNMA, Pool #MA4199 |
1.500 | % | 11/01/50 | 786,139 | 578,830 | |||||||||||
FNMA, Pool #CA8249 |
1.500 | % | 12/01/50 | 7,890,064 | 5,926,733 | |||||||||||
FNMA, Pool #BK8466 |
2.241 | % | 12/01/50 | 1,050,419 | 927,789 | |||||||||||
FNMA, Pool #MA4294 |
1.500 | % | 03/01/51 | 1,703,456 | 1,241,602 | |||||||||||
FNMA, Pool #BR9977 |
1.782 | % | 06/01/51 | 2,813,468 | 2,426,203 | |||||||||||
GNMA, Pool #MA5738M |
4.000 | % | 02/20/34 | 150,817 | 146,599 | |||||||||||
GNMA, Pool #MA7385M |
2.000 | % | 06/20/36 | 1,407,049 | 1,183,799 | |||||||||||
GNMA, Pool #784279 |
5.500 | % | 11/15/38 | 249,169 | 251,078 | |||||||||||
GNMA, Pool #711522X |
4.500 | % | 07/15/40 | 222,774 | 220,860 | |||||||||||
GNMA, Pool #784991 |
3.000 | % | 04/20/46 | 3,711,191 | 3,233,765 | |||||||||||
GNMA, Pool #78541 |
4.500 | % | 06/15/46 | 90,136 | 87,958 | |||||||||||
GNMA, Pool #784792 |
4.500 | % | 08/20/49 | 470,163 | 433,943 | |||||||||||
GNMA, Pool #MA7248 |
3.000 | % | 03/20/51 | 1,035,528 | 876,428 | |||||||||||
GNMA, Pool #CI6717 |
3.000 | % | 10/20/51 | 1,971,486 | 1,717,618 | |||||||||||
GNMA, Pool #MA7929M |
3.500 | % | 03/20/52 | 7,282,451 | 6,397,537 | |||||||||||
GNMA, Pool #787258 |
3.500 | % | 08/20/52 | 10,127,437 | 8,961,760 | |||||||||||
GNMA, Pool #CM7497C |
5.000 | % | 08/20/52 | 6,687,896 | 6,409,300 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Agency MBS Passthrough — 7.7% continued |
||||||||||||||||
GNMA, Pool #CX4361C |
8.000 | % | 11/20/53 | $ | 6,983,959 | $ | 7,155,276 | |||||||||
GNMA, Pool #MA9367 |
8.000 | % | 12/20/53 | 13,177,900 | 13,687,495 | |||||||||||
GNMA, Pool #CR2128 |
3.000 | % | 04/20/55 | 826,082 | 703,082 | |||||||||||
GNMA, Pool #CN5057 |
4.500 | % | 07/20/62 | 2,435,200 | 2,276,017 | |||||||||||
GNMA, Pool #CN5236C |
4.000 | % | 08/20/62 | 6,504,999 | 5,916,526 | |||||||||||
GNMA, Pool #CN5237 |
4.500 | % | 08/20/62 | 2,191,254 | 2,048,013 | |||||||||||
GNMA, Pool #CQ3549 |
3.000 | % | 10/20/62 | 224,255 | 190,846 | |||||||||||
GNMA, Pool #CS5780 |
3.000 | % | 02/20/63 | 329,910 | 280,762 | |||||||||||
| 131,140,473 | ||||||||||||||||
ARM — 0.0% (e) |
||||||||||||||||
Structured Asset Securities Corp., Series 2003-37A, Class 2-A (a) |
5.937 | % | 12/25/33 | 4,228 | 4,040 | |||||||||||
Auto Loan — 3.3% |
||||||||||||||||
ACM Auto Trust, Series 2023-1A, Class C (c) |
8.590 | % | 01/22/30 | 3,400,000 | 3,419,939 | |||||||||||
ACM Auto Trust, Series 2023-2A, Class A (c) |
7.970 | % | 06/20/30 | 837,802 | 842,209 | |||||||||||
ACM Auto Trust, Series 2024-1A, Class A (c) |
7.710 | % | 01/21/31 | 2,339,856 | 2,348,747 | |||||||||||
ACM Auto Trust, Series 2024-1A, Class B (c) |
11.400 | % | 01/21/31 | 2,485,000 | 2,552,112 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2021-1A, Class A (c) |
1.190 | % | 01/15/27 | 75,489 | 75,173 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2022-2A, Class C (c) |
9.840 | % | 03/15/29 | 2,700,000 | 2,592,627 | |||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class B (c) |
6.870 | % | 06/17/30 | 2,000,000 | 2,004,057 | |||||||||||
54 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Auto Loan — 3.3% continued |
||||||||||||||||
Arivo Acceptance Auto Loan Receivables Trust, Series 2024-1A, Class C (c) |
7.650 | % | 07/15/30 | $ | 2,870,000 | $ | 2,900,055 | |||||||||
CarNow Auto Receivables Trust, Series 2023-1A, Class B (c) |
6.950 | % | 03/16/26 | 786,860 | 786,947 | |||||||||||
CarNow Auto Receivables Trust, Series 2023-1A, Class D (c) |
7.990 | % | 02/15/28 | 2,500,000 | 2,501,865 | |||||||||||
Credit Acceptance Auto Loan Trust, Series 2023-3A, Class C (c) |
7.620 | % | 12/15/33 | 3,000,000 | 3,098,127 | |||||||||||
Credit Acceptance Auto Loan Trust, Series 2023-5A, Class C (c) |
7.300 | % | 04/17/34 | 1,500,000 | 1,538,360 | |||||||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class D |
1.400 | % | 04/15/27 | 8,060,000 | 7,737,813 | |||||||||||
FHF Trust, Series 2021-2A, Class B (c) |
1.630 | % | 09/15/27 | 5,590,000 | 5,303,444 | |||||||||||
First Help Financial, LLC, Series 2023-2, Class D (c) |
9.503 | % | 10/15/30 | 1,750,000 | 1,841,119 | |||||||||||
Lobel Automobile Receivables Trust, Series 2023-1, Class A (c) |
6.970 | % | 07/15/26 | 375,628 | 376,234 | |||||||||||
Lobel Automobile Receivables Trust, Series 2023-2, Class A (c) |
7.590 | % | 04/16/29 | 1,435,689 | 1,444,979 | |||||||||||
Merchants Fleet Funding, LLC, Series 2023-1A, Class D (c) |
8.200 | % | 05/20/36 | 4,000,000 | 4,063,928 | |||||||||||
Research-Drive Pagaya Motor Asset Trust I, Series 2024-1A, Class B (c) |
7.960 | % | 06/25/32 | 5,500,000 | 5,582,754 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Auto Loan — 3.3% continued |
||||||||||||||||
Tricolor Auto Securitization Trust, Series 2024-1A, Class B (c) |
6.530 | % | 12/15/27 | $ | 4,000,000 | $ | 4,003,679 | |||||||||
US Bank NA, Series 2023-1, Class B (c) |
6.789 | % | 08/25/32 | 886,556 | 890,203 | |||||||||||
Veros Auto Receivables Trust, Series 2021-1, Class B (c) |
1.490 | % | 10/15/26 | 84,639 | 84,453 | |||||||||||
Veros Auto Receivables Trust, Series 2023-1, Class A (c) |
7.120 | % | 11/15/28 | 945,139 | 948,085 | |||||||||||
| 56,936,909 | ||||||||||||||||
CRE/CLO — 1.9% |
||||||||||||||||
A10 Securitization, Series 2021-D, Class D (c) |
4.409 | % | 10/01/38 | 1,241,661 | 1,120,104 | |||||||||||
A10 Securitization, Series 2021-D, Class E (c) |
4.937 | % | 10/01/38 | 1,266,495 | 1,109,733 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class C (c) |
7.196 | % | 12/18/37 | 1,850,000 | 1,790,088 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class D (1* TSFR1M + 271) (a)(c) |
8.046 | % | 12/18/37 | 1,000,000 | 962,034 | |||||||||||
Acre Commercial Mortgage Trust, Series 2021-FL4, Class E (1* TSFR1M + 321) (a)(c) |
8.546 | % | 12/18/37 | 675,000 | 642,256 | |||||||||||
AREIT CRE Trust, Series 2022-CRE7, Class C (1* SOFR + 384) (a)(c) |
9.172 | % | 06/17/39 | 900,000 | 901,688 | |||||||||||
BXMT Ltd., Series 2020-FL3, Class A (1* TSFR1M + 151) (a)(c) |
6.843 | % | 11/15/37 | 1,931,589 | 1,880,085 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 55 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
CRE/CLO — 1.9% continued |
||||||||||||||||
BXMT Ltd., Series 2020-FL3, Class AS (1* TSFR1M + 186) (a)(c) |
7.193 | % | 11/15/37 | $ | 2,500,000 | $ | 2,367,335 | |||||||||
BXMT Ltd., Series 2020-FL2, Class A (1* TSFR1M + 101) (a)(c) |
6.335 | % | 02/15/38 | 3,812,494 | 3,665,232 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class B (1* TSFR1M + 151) (a)(c) |
6.835 | % | 02/15/38 | 2,240,000 | 2,053,507 | |||||||||||
BXMT Ltd., Series 2020-FL2, Class D (1* TSFR1M + 206) (a)(c)(d) |
7.385 | % | 02/15/38 | 2,270,000 | 1,911,013 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class C (1* TSFR1M + 186) (a)(c) |
7.193 | % | 05/15/38 | 1,600,000 | 1,362,966 | |||||||||||
BXMT Ltd., Series 2021-FL4, Class D (1* TSFR1M + 236) (a)(c)(d) |
7.693 | % | 05/15/38 | 2,250,000 | 1,771,990 | |||||||||||
HERA Commercial Mortgage Ltd., Series 2021-FL1, Class C (1* TSFR1M + 206) (a)(c) |
7.385 | % | 02/18/38 | 3,000,000 | 2,877,552 | |||||||||||
KKR Real Estate Finance Trust, Series 2021-FL2, Class A-S (1* TSFR1M + 141) (a)(c) |
6.743 | % | 02/15/39 | 2,350,000 | 2,271,430 | |||||||||||
MF1 Multifamily Housing Mortgage Loan Trust, Series 2022-FL10, Class D (1* TSFR1M + 573) (a)(c) |
11.068 | % | 09/17/37 | 750,000 | 755,470 | |||||||||||
PFP Ltd., Series 2021-8, Class A (1* TFSR1M + 111) (a)(c) |
6.444 | % | 08/09/37 | 401,289 | 399,318 | |||||||||||
PFP Ltd., Series 2021-8, Class C (1* TFSR1M + 191) (a)(c) |
7.244 | % | 08/09/37 | 1,700,000 | 1,681,482 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
CRE/CLO — 1.9% continued |
||||||||||||||||
Shelter Growth Capital Partners, LLC, Series 2021-FL3, Class A (1* TSFR1M + 119) (a)(c) |
6.523 | % | 09/15/36 | $ | 127,351 | $ | 127,299 | |||||||||
Shelter Growth Capital Partners, LLC, Series 2021-FL3, Class C (1* TSFR1M + 226) (a)(c) |
7.593 | % | 09/15/36 | 1,400,000 | 1,363,534 | |||||||||||
TPG Real Estate Finance, Series 2019-FL3, Class C (1* TSFR1M + 221) (a)(c) |
7.543 | % | 10/15/34 | 856,875 | 840,070 | |||||||||||
TPG Real Estate Finance, Series 2019-FL3, Class D (1* TSFR1M + 256) (a)(c) |
7.893 | % | 10/15/34 | 1,000,000 | 953,577 | |||||||||||
| 32,807,763 | ||||||||||||||||
Credit Cards — 2.1% |
||||||||||||||||
Continental Credit Card, LLC, Series 2020-A, Class A (c) |
2.240 | % | 12/15/28 | 311,418 | 309,967 | |||||||||||
Continental Credit Card, LLC, Series 2020-A, Class B (c) |
3.660 | % | 12/15/28 | 3,000,000 | 2,949,325 | |||||||||||
Continental Credit Card, LLC, Series 2021-A, Class B (c) |
3.490 | % | 12/17/29 | 2,500,000 | 2,425,303 | |||||||||||
Continental Credit Card, LLC, Series 2021-A, Class C (c) |
4.020 | % | 12/17/29 | 2,500,000 | 2,378,072 | |||||||||||
Continental Credit Card, LLC, Series 2022-A, Class C (c) |
9.330 | % | 10/15/30 | 2,300,000 | 2,333,543 | |||||||||||
Genesis Private Label Amortization Trust, Series 2020-1, Class D (c) |
6.630 | % | 07/20/30 | 243,592 | 243,156 | |||||||||||
Genesis Sales Finance Master Trust, Series 2021-AA, Class D (c) |
2.090 | % | 12/21/26 | 1,003,000 | 932,623 | |||||||||||
56 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Credit Cards — 2.1% continued |
||||||||||||||||
Genesis Sales Finance Master Trust, Series 2022-B, Class C (c) |
9.530 | % | 09/20/27 | $ | 1,500,000 | $ | 1,498,915 | |||||||||
Genesis Sales Finance Master Trust, Series 2022-A, Class D (c) |
10.970 | % | 09/20/27 | 1,500,000 | 1,496,381 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2022-3A, Class B (c) |
10.680 | % | 06/21/27 | 2,500,000 | 2,498,505 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class B (c) |
8.040 | % | 09/20/27 | 5,000,000 | 5,035,171 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2023-1A, Class B (c) |
9.590 | % | 09/20/27 | 3,500,000 | 3,522,983 | |||||||||||
Mercury Financial Credit Card Master Trust, Series 2024-2A, Class B (c) |
7.430 | % | 07/20/29 | 5,000,000 | 5,026,977 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class B (c) |
8.150 | % | 07/17/28 | 1,850,000 | 1,863,519 | |||||||||||
Mission Lane Credit Card Master Trust, Series 2024-A, Class C (c) |
7.320 | % | 08/15/29 | 3,000,000 | 2,997,146 | |||||||||||
| 35,511,586 | ||||||||||||||||
Equipment — 0.7% |
||||||||||||||||
Blue Bridge Funding, Inc., Series 2023-1, Class A (c) |
7.370 | % | 11/15/30 | 1,562,735 | 1,568,883 | |||||||||||
Business Jet Securities, LLC, Series 2021-1A, Class B (c) |
2.918 | % | 04/15/36 | 181,322 | 171,530 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Equipment — 0.7% continued |
||||||||||||||||
CLI Funding VI, LLC, Series 2020-1, Class B (c) |
3.620 | % | 09/18/45 | $ | 401,962 | $ | 366,157 | |||||||||
CPF IV, LLC, Series 2023-2, Class A (c) |
7.480 | % | 03/15/32 | 2,984,292 | 3,008,075 | |||||||||||
CPF IV, LLC, Series 2023-2, Class C (c) |
7.560 | % | 03/15/32 | 2,000,000 | 1,880,398 | |||||||||||
Dext ABS, Series 2023-2, Class D (c) |
8.300 | % | 05/15/34 | 1,500,000 | 1,498,757 | |||||||||||
NMEF Funding, LLC, Series 2023-A, Class C (c) |
8.040 | % | 06/17/30 | 3,500,000 | 3,473,884 | |||||||||||
Stellar Jay Ireland Dac, Series 2021-1, Class B (c) |
5.926 | % | 10/15/41 | 767,919 | 637,511 | |||||||||||
| 12,605,195 | ||||||||||||||||
HECM — 4.7% |
||||||||||||||||
Boston Lending Trust, Series 2022-1, Class M2 (c)(d) |
2.750 | % | 02/25/62 | 533,990 | 378,018 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM4, Class M1 (c)(d) |
3.000 | % | 07/25/62 | 1,060,610 | 804,133 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM5, Class A (c) |
4.500 | % | 09/25/62 | 5,066,980 | 4,702,611 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM5, Class M1 (c)(d) |
4.500 | % | 09/25/62 | 2,484,363 | 1,974,128 | |||||||||||
Brean Asset Backed Securities, Series 2022-RM5, Class M2 (c)(d) |
4.500 | % | 09/25/62 | 2,808,410 | 2,143,498 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 57 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
HECM — 4.7% continued |
||||||||||||||||
Brean Asset Backed Securities, Series 2023-RM6, Class M1 (c)(d) |
5.250 | % | 01/25/63 | $ | 2,898,708 | $ | 2,447,983 | |||||||||
Brean Asset Backed Securities, Series 2023-RM6, Class M2 (c)(d) |
5.250 | % | 01/25/63 | 2,898,708 | 2,366,270 | |||||||||||
Brean Asset Backed Securities, Series 2023-SRM1, Class M1 (c) |
4.000 | % | 09/25/63 | 3,090,182 | 2,759,690 | |||||||||||
Brean Asset Backed Securities, Series 2023-SRM1, Class M3 (c) |
4.000 | % | 09/25/63 | 2,935,673 | 2,338,702 | |||||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class A1 (c) |
4.500 | % | 03/25/78 | 9,840,273 | 9,212,051 | |||||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class A2 (c) |
4.500 | % | 03/25/78 | 6,039,000 | 5,304,401 | |||||||||||
Brean Asset Backed Securities, Series 2023-RM7, Class M1 (c) |
4.500 | % | 03/25/78 | 3,071,971 | 2,494,131 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-HB8, Class A (c) |
3.750 | % | 04/25/25 | 1,979,563 | 1,951,095 | |||||||||||
Cascade Funding Mortgage Trust, Series 2022-HB8, Class M3 (c) |
3.750 | % | 04/25/25 | $ | 1,500,000 | $ | 1,409,269 | |||||||||
Cascade Funding Mortgage Trust, Series 2024-HB13, Class M3 (c) |
3.000 | % | 05/25/34 | 2,000,000 | 1,650,670 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
HECM — 4.7% continued |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2024-2, Class M3 (c) |
3.000 | % | 06/25/34 | $ | 4,000,000 | $ | 3,322,868 | |||||||||
Cascade Funding Mortgage Trust, Series 2024-2, Class M2 (c) |
3.000 | % | 06/25/34 | 2,000,000 | 1,762,002 | |||||||||||
Finance of America HECM Buyout Trust, Series 2022-HB1, Class M3 (c) |
5.084 | % | 02/25/32 | 1,650,000 | 1,595,359 | |||||||||||
Finance of America HECM Buyout Trust, Series 2022-HB2, Class M3 (a)(c) |
6.000 | % | 08/01/32 | 2,475,000 | 2,381,238 | |||||||||||
Ocwen Loan Investment Trust, Series 2023-HB1, Class M3 (c) |
3.000 | % | 06/25/36 | 4,000,000 | 3,497,359 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M2 (c) |
3.000 | % | 02/25/37 | 1,500,000 | 1,302,649 | |||||||||||
Ocwen Loan Investment Trust, Series 2024-HB1, Class M3 (c) |
3.000 | % | 02/25/37 | 3,500,000 | 2,904,626 | |||||||||||
RMF Buyout Issuance Trust, Series 2021-HB1, Class M3 (c) |
3.690 | % | 11/25/31 | 1,550,000 | 1,364,655 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class AI (a)(c) |
1.719 | % | 10/25/50 | 2,066,005 | 1,946,762 | |||||||||||
RMF Buyout Issuance Trust, Series 2020-HB1, Class M1 (c) |
2.619 | % | 10/25/50 | 1,500,000 | 1,335,869 | |||||||||||
RMF Proprietary Issuance Trust, Series 2021-2, Class A (c) |
2.125 | % | 09/25/61 | 4,155,873 | 3,578,822 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-1, Class A (a)(c) |
3.000 | % | 01/25/62 | 2,035,452 | 1,756,877 | |||||||||||
58 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
HECM — 4.7% continued |
||||||||||||||||
RMF Proprietary Issuance Trust, Series 2022-2, Class M3 (a)(c) |
3.750 | % | 06/25/62 | $ | 1,100,000 | $ | 667,051 | |||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class A (a)(c) |
4.000 | % | 08/25/62 | 4,975,000 | 4,526,807 | |||||||||||
RMF Proprietary Issuance Trust, Series 2022-3, Class M1 (c) |
4.000 | % | 08/25/62 | 5,000,000 | 4,061,445 | |||||||||||
RMF Proprietary Issuance Trust II, Series 2022-1, Class M1 (a)(c) |
3.000 | % | 01/25/62 | 1,000,000 | 743,873 | |||||||||||
RMF Proprietary Issuance Trust III, Series 2022-1, Class M2 (c) |
3.000 | % | 01/25/62 | 1,000,000 | 655,425 | |||||||||||
| 79,340,337 | ||||||||||||||||
Hospitality — 0.4% |
||||||||||||||||
BX Commercial Mortgage Trust, Series 2020-VIV3, Class B (a)(c) |
3.544 | % | 03/09/44 | 1,870,000 | 1,650,419 | |||||||||||
Hawaii Hotel Trust, Series 2019-MAUI, Class E (1* TSFR1M + 221) (a)(c) |
7.774 | % | 05/15/38 | 1,500,000 | 1,492,632 | |||||||||||
MCR Mortgage Trust, Series 2024-TWA, Class D (c) |
7.402 | % | 06/12/39 | 3,500,000 | 3,493,814 | |||||||||||
| 6,636,865 | ||||||||||||||||
Laboratory — 0.1% |
||||||||||||||||
VLS Commercial Mortgage Trust, Series 2020-LAB, Class A (c) |
2.130 | % | 10/10/42 | 2,160,000 | 1,730,153 | |||||||||||
Manufactured Housing — 0.0% (e) |
||||||||||||||||
Cascade Manufactured Housing Asset Trust, Series 2019-MH1, Class M (a)(c) |
5.985 | % | 11/25/44 | 100,000 | 93,430 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Multifamily — 0.9% |
||||||||||||||||
FREMF Mortgage Trust, Series 2017-KF39, Class B (1* SOFR + 250) (a)(c) |
7.939 | % | 11/25/24 | $ | 827,035 | $ | 821,595 | |||||||||
FREMF Mortgage Trust, Series 2018-KF42, Class B (1* SOFR + 220) (a)(c) |
7.642 | % | 12/25/24 | 603,756 | 598,129 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF44, Class B (1* SOFR + 215) (a)(c) |
7.589 | % | 02/25/25 | 213,477 | 211,154 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF53, Class B (1* SOFR + 205) (a)(c) |
7.489 | % | 10/25/25 | 491,756 | 480,307 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF58, Class B (1* SOFR30A + 226) (a)(c) |
7.592 | % | 01/25/26 | 1,350,865 | 1,322,392 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF43, Class B (1* SOFR + 215) (a)(c) |
7.589 | % | 01/25/28 | 236,208 | 225,897 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF46, Class B (1* SOFR30A + 206) (a)(c) |
7.389 | % | 03/25/28 | 1,913,383 | 1,778,601 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF48, Class B (1* SOFR + 205) (a)(c) |
7.489 | % | 06/25/28 | 1,438,424 | 1,345,036 | |||||||||||
FREMF Mortgage Trust, Series 2018-KF50, Class B (1* SOFR + 190) (a)(c) |
7.342 | % | 07/25/28 | 338,254 | 321,706 | |||||||||||
FREMF Mortgage Trust, Series 2019-KF57, Class B (1* SOFR + 225) (a)(c) |
7.689 | % | 01/25/29 | 1,399,949 | 1,324,767 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 59 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Multifamily — 0.9% continued |
||||||||||||||||
FREMF Mortgage Trust, Series 2019-KF67, Class B (1* SOFR + 225) (a)(c) |
7.689 | % | 08/25/29 | $ | 333,361 | $ | 314,512 | |||||||||
MultiFamily Structured Credit Risk, Series 2021-MN2, Class M-1 (1* SOFR + 180) (a)(c) |
7.135 | % | 07/25/41 | 2,506,278 | 2,365,965 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN1, Class M-1 (1* SOFR + 200) (a)(c) |
7.335 | % | 01/25/51 | 1,354,272 | 1,345,902 | |||||||||||
MultiFamily Structured Credit Risk, Series 2021-MN3, Class M-1 (1* SOFR + 230) (a)(c) |
7.635 | % | 11/25/51 | 1,673,777 | 1,644,672 | |||||||||||
MultiFamily Structured Credit Risk, Series 2022-MN4, Class M-1 (1* SOFR + 425) (a)(c) |
9.585 | % | 05/25/52 | 1,929,367 | 1,970,563 | |||||||||||
| 16,071,198 | ||||||||||||||||
Non-Agency MBS 2.0 — 0.2% |
||||||||||||||||
Chase Mortgage Finance Corp., Series 2021-CL1, Class M3 (1* SOFR + 155) (a) |
6.885 | % | 02/25/50 | 636,298 | 578,508 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M1 (1* SOFR + 130) (a)(c) |
6.635 | % | 03/25/51 | 590,892 | 574,881 | |||||||||||
J.P. Morgan Wealth Management, Series 2021-CL1, Class M3 (1* SOFR + 180) (a)(c) |
7.135 | % | 03/25/51 | 1,635,254 | 1,628,971 | |||||||||||
| 2,782,360 | ||||||||||||||||
Non-Performing Loan — 0.1% |
||||||||||||||||
Cascade Funding Mortgage Trust, Series 2021-1, Class A (c) |
0.985 | % | 11/25/50 | $ | 553,310 | $ | 541,679 | |||||||||
Cascade Funding Mortgage Trust, Series 2021-EBO1, Class M3 (a)(c) |
3.086 | % | 11/25/50 | 700,000 | 652,947 | |||||||||||
| 1,194,626 | ||||||||||||||||
Office — 1.0% |
||||||||||||||||
Drop Mortgage Trust, Series 2021-FILE, Class A (1* TSFR1M + 126) (a)(c) |
6.581 | % | 10/15/43 | 3,500,000 | 3,333,924 | |||||||||||
Drop Mortgage Trust, Series 2021-FILE, Class B (1* TSFR1M + 181) (a)(c) |
7.131 | % | 10/15/43 | 10,750,000 | 9,729,782 | |||||||||||
Drop Mortgage Trust, Series 2021-FILE, Class C (1* TSFR1M + 236) (a)(c) |
7.681 | % | 10/15/43 | 4,000,000 | 3,507,513 | |||||||||||
| 16,571,219 | ||||||||||||||||
Residential Transition Loan — 2.1% |
||||||||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A1 (c) |
3.280 | % | 01/25/26 | 692,068 | 674,137 | |||||||||||
AlphaFlow Transitional Mortgage Co., Series 2021-WL1, Class A2 (c) |
5.610 | % | 01/25/26 | 160,946 | 157,572 | |||||||||||
Corevest American Finance Ltd., Series 2021-RTL1, Class A2 (c) |
3.104 | % | 03/28/29 | 830,065 | 807,387 | |||||||||||
Homeward Opportunities Funding Trust, Series 2024-RTL1, Class A-2 (c) |
8.570 | % | 07/25/29 | 2,300,000 | 2,299,905 | |||||||||||
60 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Residential Transition Loan — 2.1% continued |
||||||||||||||||
LHOME Mortgage Trust, Series 2021-RTL2, Class A2 (c) |
2.783 | % | 06/25/26 | $ | 700,000 | $ | 693,330 | |||||||||
LHOME Mortgage Trust, Series 2021-RTL2, Class M (c) |
4.458 | % | 06/25/26 | 1,981,000 | 1,958,443 | |||||||||||
LHOME Mortgage Trust, Series 2022-RTL1, Class A2 (c) |
4.948 | % | 02/25/27 | 1,355,000 | 1,311,794 | |||||||||||
LHOME Mortgage Trust, Series 2022-RTL1, Class M (c) |
6.900 | % | 02/25/27 | 1,250,000 | 1,191,379 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL1, Class A2 (c) |
9.165 | % | 01/25/29 | 2,500,000 | 2,493,211 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL1, Class M (c) |
11.949 | % | 01/25/29 | 2,000,000 | 1,995,095 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL2, Class A2 (c) |
9.537 | % | 03/25/29 | 1,500,000 | 1,509,474 | |||||||||||
LHOME Mortgage Trust, Series 2024-RTL3, Class A2 (c) |
8.373 | % | 05/25/29 | 4,000,000 | 4,002,425 | |||||||||||
New York Mortgage Trust, Series 2022-BPL1, Class A2 (c) |
4.948 | % | 11/25/27 | 833,728 | 818,545 | |||||||||||
New York Mortgage Trust, Series 2024-BPL1, Class A1 (c) |
7.154 | % | 02/25/29 | 2,000,000 | 2,000,370 | |||||||||||
New York Mortgage Trust, Series 2024-BPL1, Class A2 (c) |
8.617 | % | 02/25/29 | 2,500,000 | 2,498,526 | |||||||||||
ROC Securities Trust, Series 2021-RTL1, Class A1 (c) |
2.487 | % | 08/25/26 | 584,193 | 582,317 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Residential Transition Loan — 2.1% continued |
||||||||||||||||
ROC Securities Trust, Series 2021-RTL1, Class A2 (c) |
3.351 | % | 08/25/26 | $ | 3,500,000 | $ | 3,365,159 | |||||||||
Toorak Mortgage Corp., Series 2022-1, Class A2 (c) |
4.948 | % | 03/25/29 | 1,000,000 | 971,647 | |||||||||||
TVC Mortgage Trust, Series 2023-RTL1, Class A2 (c) |
9.500 | % | 11/25/27 | 6,000,000 | 5,972,409 | |||||||||||
| 35,303,125 | ||||||||||||||||
Retail — 0.3% |
||||||||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class B (1* SOFR + 145) (a)(c) |
6.881 | % | 02/15/40 | 2,123,200 | 2,101,989 | |||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class C (1* SOFR + 180) (a)(c) |
7.231 | % | 02/15/40 | 580,000 | 572,755 | |||||||||||
Wells Fargo Mortgage Trust, Series 2021-SAVE, Class D (1* SOFR + 250) (a)(c) |
7.931 | % | 02/15/40 | 2,324,000 | 2,312,939 | |||||||||||
| 4,987,683 | ||||||||||||||||
Second Lien — 1.0% |
||||||||||||||||
HTAP, Series 2024-1, Class A (c) |
7.000 | % | 04/25/37 | 5,000,000 | 4,889,579 | |||||||||||
HTAP, Series 2024-1, Class B (c) |
7.500 | % | 04/25/37 | 2,630,000 | 2,401,606 | |||||||||||
Unlock HEA Trust, Series 24-1, Class A (c) |
7.000 | % | 04/25/39 | 9,924,208 | 9,774,255 | |||||||||||
| 17,065,440 | ||||||||||||||||
Single Family Rental — 1.4% |
||||||||||||||||
American Homes 4 Rent, Series 2014-SFR2, Class D (c) |
3.678 | % | 12/17/36 | 1,790,588 | 1,772,159 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 61 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Single Family Rental — 1.4% continued |
||||||||||||||||
American Homes 4 Rent, Series 2015-SFR1, Class A (c) |
3.467 | % | 04/17/52 | $ | 2,606,567 | $ | 2,557,828 | |||||||||
American Homes 4 Rent, Series 2015-SFR2, Class A (c) |
3.732 | % | 10/17/52 | 3,836,289 | 3,744,384 | |||||||||||
Firstkey Homes Trust, Series 2020-SFR1, Class A (c) |
1.339 | % | 08/17/37 | 6,726,741 | 6,400,196 | |||||||||||
Home Partners of America Trust, Series 2021-2, Class D (c) |
2.652 | % | 12/17/26 | 961,012 | 876,427 | |||||||||||
Home Partners of America Trust, Series 2019-1, Class B (c) |
3.157 | % | 09/17/39 | 457,704 | 424,352 | |||||||||||
Home Partners of America Trust, Series 2019-2, Class B (c) |
2.922 | % | 10/19/39 | 4,036,168 | 3,700,508 | |||||||||||
Progress Residential Trust, Series 2023-SFR2, Class E1 (c) |
4.750 | % | 10/17/40 | 2,000,000 | 1,835,787 | |||||||||||
Progress Residential Trust, Series 2024-SFR2, Class E1 (c) |
3.400 | % | 04/17/41 | 2,000,000 | 1,732,761 | |||||||||||
Progress Residential Trust, Series 2024-SFR2, Class E2 (c) |
3.650 | % | 04/17/41 | 1,500,000 | 1,289,964 | |||||||||||
| 24,334,366 | ||||||||||||||||
Small Business — 1.3% |
||||||||||||||||
Credibility Asset Securitization, Series 2024-1A, Class A (c) |
6.440 | % | 11/15/29 | 4,000,000 | 3,995,730 | |||||||||||
Credibility Asset Securitization, Series 2024-1A, Class C (c) |
8.620 | % | 11/15/29 | 3,500,000 | 3,496,334 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Small Business — 1.3% continued |
||||||||||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class A (c) |
2.620 | % | 05/15/27 | $ | 1,850,000 | $ | 1,793,414 | |||||||||
FORA Financial Asset Securitization, Series 2021-1A, Class C (c) |
3.850 | % | 05/15/27 | 418,000 | 395,080 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2022-1A, Class A (c) |
3.382 | % | 07/10/28 | 3,000,000 | 2,929,493 | |||||||||||
Kapitus Asset Securitization, LLC, Series 2022-1A, Class C (c) |
4.464 | % | 07/10/28 | 3,000,000 | 2,879,474 | |||||||||||
Newtek Small Business Loan Trust, Series 2018-1, Class A (1* Prime — 55) (a)(c) |
7.950 | % | 02/25/44 | 185,526 | 184,156 | |||||||||||
Newtek Small Business Loan Trust, Series 2018-1, Class B (1* Prime + 75) (a)(c) |
9.250 | % | 02/25/44 | 48,823 | 48,543 | |||||||||||
Newtek Small Business Loan Trust, Series 2019-01, Class A (1* Prime — 90) (a)(c) |
7.600 | % | 12/25/44 | 162,566 | 161,265 | |||||||||||
Newtek Small Business Loan Trust, Series 2022-1, Class B (1* SOFR + 375) (a)(c) |
8.750 | % | 10/25/49 | 1,054,330 | 1,041,094 | |||||||||||
Newtek Small Business Loan Trust, Series 2023-1, Class B (1* Prime + 75) (a)(c) |
9.250 | % | 07/25/50 | 2,628,751 | 2,612,021 | |||||||||||
OnDeck Asset Securitization Trust, Series 2023-1, Class C (c) |
9.930 | % | 08/19/30 | 3,350,000 | 3,447,058 | |||||||||||
| 22,983,662 | ||||||||||||||||
62 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Student Loan — 0.4% |
||||||||||||||||
College Ave Student Loans, Series 2018-A, Class B (c) |
4.750 | % | 12/26/47 | $ | 50,101 | $ | 47,785 | |||||||||
College Ave Student Loans, Series 2018-A, Class C (c) |
5.500 | % | 12/26/47 | 46,065 | 43,820 | |||||||||||
College Ave Student Loans, Series 2019-A, Class C (c) |
4.460 | % | 12/28/48 | 136,200 | 127,870 | |||||||||||
College Ave Student Loans, Series 2019-A, Class A1 (1* SOFR + 140) (a)(c) |
6.860 | % | 12/28/48 | 79,117 | 79,123 | |||||||||||
College Ave Student Loans, Series 2021-A, Class B (c) |
2.320 | % | 07/25/51 | 381,440 | 339,444 | |||||||||||
College Ave Student Loans, Series 2021-A, Class D (c) |
4.120 | % | 07/25/51 | 289,718 | 260,543 | |||||||||||
Laurel Road Prime Student Loan, Series 2019-A, Class A2FX (c) |
2.730 | % | 10/25/48 | 868,913 | 851,348 | |||||||||||
Prodigy Finance, Series 2021-1A, Class A (1* TSFR1M + 136) (a)(c) |
6.710 | % | 07/25/51 | 221,917 | 220,287 | |||||||||||
SMB Private Education Loan Trust, Series 2018-C, Class B (c) |
4.000 | % | 11/17/42 | 200,000 | 188,032 | |||||||||||
Social Professional Loan Program, Series 2017-E, Class C (c) |
4.160 | % | 11/26/40 | 1,585,000 | 1,477,657 | |||||||||||
Social Professional Loan Program, Series 2020-A, Class BFX (c) |
3.120 | % | 05/15/46 | 425,000 | 353,916 | |||||||||||
Social Professional Loan Program, Series 2018-D, Class BFX (c) |
4.140 | % | 02/25/48 | 500,000 | 456,497 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Student Loan — 0.4% continued |
||||||||||||||||
Social Professional Loan Program, Series 2019-B, Class BFX (c) |
3.730 | % | 08/17/48 | $ | 750,000 | $ | 663,270 | |||||||||
Social Professional Loan Program, Series 2019-C, Class BFX (c) |
3.050 | % | 11/16/48 | 1,669,000 | 1,412,483 | |||||||||||
| 6,522,075 | ||||||||||||||||
Unsecured Consumer — 4.5% |
||||||||||||||||
ACHV ABS Trust, Series 2023-3PL, Class D (c) |
8.360 | % | 08/19/30 | 1,250,000 | 1,277,999 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class C (c) |
7.710 | % | 11/25/30 | 2,500,000 | 2,535,178 | |||||||||||
ACHV ABS Trust, Series 2023-4CP, Class D (c) |
8.600 | % | 11/25/30 | 2,000,000 | 2,048,337 | |||||||||||
Affirm, Inc., Series 2022-Z1, Class B (c) |
6.490 | % | 06/15/27 | 1,500,000 | 1,485,813 | |||||||||||
Affirm, Inc., Series 2023-B, Class B (c) |
7.440 | % | 09/15/28 | 5,000,000 | 5,090,088 | |||||||||||
Affirm, Inc., Series 2024-A, Class C (c) |
6.160 | % | 02/15/29 | 1,600,000 | 1,594,655 | |||||||||||
Affirm, Inc., Series 2024-A, Class D (c) |
6.890 | % | 02/15/29 | 1,055,000 | 1,055,951 | |||||||||||
AMCR ABS Trust, Series 2023-1, Class A (c) |
7.660 | % | 01/21/31 | 1,042,915 | 1,047,761 | |||||||||||
AMCR ABS Trust, Series 2023-1, Class B (c) |
8.700 | % | 01/21/31 | 2,000,000 | 2,027,951 | |||||||||||
Avant Loans Funding Trust, Series 2021-REV1, Class C (c) |
2.300 | % | 07/15/30 | 1,526,128 | 1,509,615 | |||||||||||
Bankers Healthcare Group Securitization Trust, Series 2023-B, Class C (c) |
8.150 | % | 12/17/36 | 1,000,000 | 1,036,656 | |||||||||||
Freedom Financial Trust, Series 2022-3FP, Class D (c) |
7.360 | % | 08/20/29 | 5,500,000 | 5,528,955 | |||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 63 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Unsecured Consumer — 4.5% continued |
||||||||||||||||
Lendmark Funding Trust, Series 2020-2, Class B (c) |
3.540 | % | 04/21/31 | $ | 1,195,000 | $ | 1,109,949 | |||||||||
Lendmark Funding Trust, Series 2020-2A, Class C (c) |
4.690 | % | 04/21/31 | 550,000 | 507,443 | |||||||||||
Lendmark Funding Trust, Series 2021-1A, Class C (c) |
3.410 | % | 11/20/31 | 750,000 | 660,387 | |||||||||||
Lendmark Funding Trust, Series 2023-1A, Class C (c) |
6.160 | % | 05/20/33 | 2,000,000 | 1,981,908 | |||||||||||
Mariner Finance Issuance Trust, Series 2021-AA, Class D (c) |
4.340 | % | 03/20/36 | 1,000,000 | 887,940 | |||||||||||
Oportun Funding XIV, LLC, Series 2021-A, Class C (c) |
3.440 | % | 03/08/28 | 1,022,482 | 990,379 | |||||||||||
Oportun Funding, LLC, Series 2022-1, Class C (c) |
6.000 | % | 06/15/29 | 1,000,000 | 988,039 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class A (c) |
6.334 | % | 04/08/31 | 5,955,330 | 5,957,831 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class B (c) |
6.546 | % | 04/08/31 | 3,750,000 | 3,751,263 | |||||||||||
Oportun Funding, LLC, Series 2024-1A, Class C (c) |
7.421 | % | 04/08/31 | 1,000,000 | 1,000,223 | |||||||||||
Oportun Funding, LLC, Series 2021-B, Class A (c) |
1.470 | % | 05/08/31 | $ | 3,025,742 | $ | 2,863,932 | |||||||||
Oportun Funding, LLC, Series 2021-B, Class C (c) |
3.650 | % | 05/08/31 | 2,536,752 | 2,432,635 | |||||||||||
Oportun Funding, LLC, Series 2022-A, Class C (c) |
7.400 | % | 06/09/31 | 2,500,000 | 2,470,897 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Unsecured Consumer — 4.5% continued |
||||||||||||||||
Oportun Funding, LLC, Series 2021-C, Class A (c) |
2.180 | % | 10/08/31 | $ | 2,260,000 | $ | 2,147,931 | |||||||||
Oportun Funding, LLC, Series 2021-C, Class B (c) |
2.670 | % | 10/08/31 | 3,750,000 | 3,547,140 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-1, Class A (c) |
6.660 | % | 07/15/31 | 1,446,278 | 1,452,717 | |||||||||||
Pagaya AI Debt Selection Trust, Series 2024-2, Class C (c) |
7.573 | % | 08/15/31 | 3,998,222 | 4,022,364 | |||||||||||
Purchasing Power Funding, Series 2024-A, Class D (c) |
7.260 | % | 08/15/28 | 2,230,000 | 2,236,214 | |||||||||||
Reach Financial, LLC, Series 2021-1A, Class B (c) |
2.170 | % | 05/15/29 | 1,036,718 | 1,027,118 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class B (c) |
6.290 | % | 02/18/31 | 3,000,000 | 2,997,714 | |||||||||||
Reach Financial, LLC, Series 2024-1A, Class C (c) |
6.900 | % | 02/18/31 | 1,150,000 | 1,157,026 | |||||||||||
Regional Management Issuance Trust, Series 2020-1, Class A (c) |
2.340 | % | 10/15/30 | 459,965 | 454,850 | |||||||||||
Regional Management Issuance Trust, Series 2021-1, Class C (c) |
3.040 | % | 03/17/31 | 1,191,000 | 1,102,456 | |||||||||||
Regional Management Issuance Trust, Series 2021-2, Class C (c) |
3.230 | % | 08/15/33 | 650,000 | 552,356 | |||||||||||
Republic Finance Issuance Trust, Series 2020-A, Class B (c) |
3.540 | % | 11/20/30 | 1,185,000 | 1,166,613 | |||||||||||
Upstart Pass-Through Trust, Series 2021-ST4, Class A (c) |
2.000 | % | 07/20/27 | 1,119,417 | 1,089,354 | |||||||||||
64 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Securitized — 65.2% continued |
||||||||||||||||
Unsecured Consumer — 4.5% continued |
||||||||||||||||
Upstart Pass-Through Trust, Series 2021-1A, Class C (c) |
1.750 | % | 10/20/29 | $ | 662,263 | $ | 657,419 | |||||||||
Upstart Pass-Through Trust, Series 2022-ST1, Class A (c) |
2.600 | % | 03/20/30 | 179,869 | 177,381 | |||||||||||
Upstart Securitization Trust, Series 2022-4, Class A (c) |
5.980 | % | 08/20/32 | 706,686 | 704,819 | |||||||||||
Upstart Structured Pass-Through Trust, Series 2022-2A, Class A (c) |
4.250 | % | 06/17/30 | 551,287 | 538,855 | |||||||||||
| 76,874,112 | ||||||||||||||||
Total Securitized |
||||||||||||||||
(Cost $1,141,353,048) |
$ | 1,107,981,019 | ||||||||||||||
Treasury — 14.9% |
||||||||||||||||
U.S. Treasury Notes |
1.625 | % | 02/15/26 | 5,000,000 | 4,749,414 | |||||||||||
U.S. Treasury STRIPS |
0.125 | % | 04/15/26 | 5,974,950 | 5,707,652 | |||||||||||
U.S. Treasury Notes (b) |
2.250 | % | 08/15/27 | 2,000,000 | 1,868,672 | |||||||||||
U.S. Treasury Notes |
0.500 | % | 10/31/27 | 11,000,000 | 9,655,508 | |||||||||||
U.S. Treasury Notes |
1.250 | % | 09/30/28 | 21,000,000 | 18,453,750 | |||||||||||
U.S. Treasury Notes (b) |
3.875 | % | 11/30/29 | 10,000,000 | 9,767,188 | |||||||||||
U.S. Treasury Notes |
0.625 | % | 08/15/30 | 25,000,000 | 20,035,156 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/31 | 2,000,000 | 1,446,602 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/33 | 2,000,000 | 1,365,829 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 05/15/33 | 2,100,000 | 1,418,874 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/33 | 4,000,000 | 2,671,217 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/34 | 10,000,000 | 6,366,268 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/34 | 5,000,000 | 3,145,684 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 05/15/35 | 5,000,000 | 3,071,155 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/36 | 15,000,000 | 8,880,647 | |||||||||||
Coupon |
Maturity |
Shares/
|
Fair
|
|||||||||||||
Treasury — 14.9% continued |
||||||||||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/37 | $ | 15,000,000 | $ | 8,445,654 | |||||||||
U.S. Treasury STRIPS |
0.000 | % | 02/15/38 | 10,000,000 | 5,338,702 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 11/15/38 | 10,000,000 | 5,138,430 | |||||||||||
U.S. Treasury Bonds |
1.125 | % | 08/15/40 | 31,000,000 | 18,876,094 | |||||||||||
U.S. Treasury Bonds |
1.375 | % | 11/15/40 | 30,000,000 | 18,929,297 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/41 | 15,000,000 | 6,617,472 | |||||||||||
U.S. Treasury STRIPS |
0.625 | % | 02/15/43 | 24,535,260 | 18,418,323 | |||||||||||
U.S. Treasury STRIPS |
0.000 | % | 08/15/43 | 10,000,000 | 3,977,723 | |||||||||||
U.S. Treasury Bonds |
2.250 | % | 08/15/46 | 35,000,000 | 23,331,055 | |||||||||||
U.S. Treasury Bonds |
3.000 | % | 02/15/48 | 27,000,000 | 20,544,258 | |||||||||||
U.S. Treasury Bonds |
1.250 | % | 05/15/50 | 20,000,000 | 9,912,500 | |||||||||||
U.S. Treasury Bonds |
1.625 | % | 11/15/50 | 26,000,000 | 14,235,000 | |||||||||||
Total Treasury |
||||||||||||||||
(Cost $268,713,887) |
$ | 252,368,124 | ||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 65 |
Diamond
Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2024 (Unaudited)
Shares |
Fair |
|||||||
Registered Investment Companies - 1.8% |
||||||||
State Street Institutional Liquid Reserves Fund - Premier Class, 5.36% (f) |
20,822,733 | $ | 20,828,980 | |||||
State Street Navigator Securities Lending Portfolio I, 5.22% (f)(g) |
10,092,048 | 10,092,048 | ||||||
Total Registered Investment Companies |
||||||||
(Cost $30,919,033) |
$ | 30,921,028 | ||||||
Total Investment Securities — 100.6% |
||||||||
(Cost $1,763,645,036) |
$ | 1,708,110,281 | ||||||
Liabilities in Excess of Other Assets — (0.6)% |
(10,077,924 | ) | ||||||
Net Assets — 100.0% |
$ | 1,698,032,357 | ||||||
(a) |
Variable rate security. The rate shown is the effective interest rate as of June 30, 2024. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prerepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above. |
(b) |
All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2024 was $22,056,804. |
(c) |
Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2024 was $556,952,946, representing 32.8% of net assets. |
(d) |
Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2024 was $13,797,352 representing 0.8% of net assets. |
(e) |
Percentage rounds to less than 0.1%. |
(f) |
The rate shown is the 7-day effective yield as of June 30, 2024. |
(g) |
This security was purchased using cash collateral held from securities on loan. |
BKNT — Bank Note
BV — Besloten Vennootschap
CV — Convertible Security
GMNT — Global Medium-Term Note
IO — Interest Only
NA — National Association
NV — Naamloze Vennootschap
plc — Public Limited Company
PO — Principal Only
SA — Societe Anonyme
Prime — Short-term interest rate in the banking system of the U.S.
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
TSFR— CME Term SOFR
UA — Uitgesloten Aansprakelijkheid
See accompanying Notes to Financial Statements.
66 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
(Page intentionally left blank)
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 67 |
Diamond
Hill Funds
Statements of Assets & Liabilities
June 30, 2024 (Unaudited)
Small
Cap |
Small-Mid |
Mid
Cap |
||||||||||
Assets |
||||||||||||
Investment in unaffiliated securities, at cost |
$ | 157,911,947 | $ | 1,076,777,658 | $ | 104,665,308 | ||||||
Investment in affiliated securities, at cost |
— | 10,180,594 | — | |||||||||
Investment in unaffiliated securities, at fair value* |
$ | 237,535,087 | $ | 1,355,945,445 | $ | 157,354,124 | ||||||
Investment affiliated securities, at fair value |
— | 10,026,042 | — | |||||||||
Cash |
— | — | — | |||||||||
Cash denominated in foreign currency (Cost $—,$—, $—, $—, $—, $—, $—, $114,052, $—, and $—) |
— | — | — | |||||||||
Cash deposits with custodian for securities sold short |
— | — | — | |||||||||
Receivable for investments sold |
— | 101,910,603 | 5,739 | |||||||||
Receivable for fund shares issued |
18,927 | 3,482,153 | 38,338 | |||||||||
Receivable for dividends and interest |
153,884 | 1,352,573 | 181,843 | |||||||||
Tax reclaims receivable |
— | — | — | |||||||||
Total Assets |
237,707,898 | 1,472,716,816 | 157,580,044 | |||||||||
Liabilities |
||||||||||||
Investments sold short, at fair value (proceeds $—, $—, $—, $—, $—, $—, $573,400,185, $—, $—, and $—) |
— | — | — | |||||||||
Due to custodian |
— | — | — | |||||||||
Payable for investments purchased |
— | — | — | |||||||||
Payable for fund shares redeemed |
426,259 | 106,556,193 | 72,115 | |||||||||
Payable for dividend expense on securities sold short |
— | — | — | |||||||||
Payable for return of collateral received for securities on loan |
11,377,374 | 21,210,433 | 776,779 | |||||||||
Payable to Investment Adviser |
147,426 | 895,882 | 77,484 | |||||||||
Payable to Administrator |
31,525 | 130,821 | 21,305 | |||||||||
Accrued distribution fees |
12,652 | 7,600 | 828 | |||||||||
Other accrued expenses |
300 | 300 | 300 | |||||||||
Total Liabilities |
11,995,536 | 128,801,229 | 948,811 | |||||||||
Net Assets |
$ | 225,712,362 | $ | 1,343,915,587 | $ | 156,631,233 | ||||||
Components of Net Assets |
||||||||||||
Paid-in capital |
$ | 115,995,569 | $ | 933,730,405 | $ | 93,804,428 | ||||||
Accumulated earnings (deficit) |
109,716,793 | 410,185,182 | 62,826,805 | |||||||||
Net Assets |
$ | 225,712,362 | $ | 1,343,915,587 | $ | 156,631,233 | ||||||
Net Assets |
||||||||||||
Investor Shares |
$ | 61,972,983 | $ | 36,618,641 | $ | 4,011,416 | ||||||
Class I Shares |
$ | 144,965,078 | $ | 656,316,619 | $ | 144,704,762 | ||||||
Class Y Shares |
$ | 18,774,301 | $ | 650,980,327 | $ | 7,915,055 | ||||||
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) |
||||||||||||
Investor Shares |
2,548,735 | 1,436,441 | 234,780 | |||||||||
Class I Shares |
5,767,405 | 25,576,571 | 8,474,996 | |||||||||
Class Y Shares |
744,340 | 25,284,852 | 461,625 | |||||||||
Net Asset Value, offering and redemption price per share: |
||||||||||||
Investor Shares |
$ | 24.32 | $ | 25.49 | $ | 17.09 | ||||||
Class I Shares |
$ | 25.14 | $ | 25.66 | $ | 17.07 | ||||||
Class Y Shares |
$ | 25.22 | $ | 25.75 | $ | 17.15 | ||||||
* Includes value of securities on loan |
$ | 23,623,934 | $ | 54,627,883 | $ | 1,576,737 | ||||||
See accompanying Notes to Financial Statements.
68 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Large
Cap |
Large
Cap |
Select |
Long-Short |
International
|
Short
Duration |
Core
Bond |
|||||||||||||||||||||
| $ | 6,479,057,668 | $ | 26,253,143 | $ | 383,521,292 | $ | 1,566,853,544 | $ | 128,485,262 | $ | 2,650,525,245 | $ | 1,763,645,036 | ||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||
| $ | 8,513,287,292 | $ | 31,097,600 | $ | 534,688,689 | $ | 2,206,118,733 | $ | 141,168,789 | $ | 2,635,737,411 | $ | 1,708,110,281 | ||||||||||||||
| — | — | — | — | — | — | — | |||||||||||||||||||||
| — | — | — | — | — | 19,267,973 | 111,691 | |||||||||||||||||||||
| — | — | — | — | 114,055 | — | — | |||||||||||||||||||||
| — | — | — | 588,928,307 | — | — | — | |||||||||||||||||||||
| — | — | 77,937 | 81,000,000 | — | 15,230,609 | 21,471 | |||||||||||||||||||||
| 9,809,131 | 28,539 | 713,415 | 490,993 | 34,872 | 8,617,158 | 1,834,777 | |||||||||||||||||||||
| 6,354,452 | 16,987 | 280,754 | 3,940,099 | 286,390 | 7,139,142 | 8,116,289 | |||||||||||||||||||||
| — | — | — | — | 142,492 | — | — | |||||||||||||||||||||
| 8,529,450,875 | 31,143,126 | 535,760,795 | 2,880,478,132 | 141,746,598 | 2,685,992,293 | 1,718,194,509 | |||||||||||||||||||||
| — | — | — | 575,630,145 | — | — | — | |||||||||||||||||||||
| 437,443 | 3,039 | 22,329 | 81,484 | — | — | — | |||||||||||||||||||||
| — | — | 531,590 | 602,598 | — | 102,660,479 | 8,752,724 | |||||||||||||||||||||
| 8,960,747 | 1 | 164,649 | 979,605 | 2,866 | 843,136 | 689,933 | |||||||||||||||||||||
| — | — | — | 135,737 | — | — | — | |||||||||||||||||||||
| 19,138,525 | — | 926,625 | 467,138,692 | 8,104,734 | 86,921,925 | 10,092,048 | |||||||||||||||||||||
| 3,485,091 | 12,749 | 306,187 | 1,354,314 | 71,613 | 634,622 | 412,448 | |||||||||||||||||||||
| 915,657 | 2,591 | 70,159 | 254,266 | 11,835 | 304,707 | 214,258 | |||||||||||||||||||||
| 65,984 | 74 | 7,359 | 25,853 | 240 | 6,333 | 441 | |||||||||||||||||||||
| 300 | 300 | 300 | 300 | 9,633 | 300 | 300 | |||||||||||||||||||||
| 33,003,747 | 18,754 | 2,029,198 | 1,046,202,994 | 8,200,921 | 191,371,502 | 20,162,152 | |||||||||||||||||||||
| $ | 8,496,447,128 | $ | 31,124,372 | $ | 533,731,597 | $ | 1,834,275,138 | $ | 133,545,677 | $ | 2,494,620,791 | $ | 1,698,032,357 | ||||||||||||||
| $ | 5,860,021,915 | $ | 25,474,614 | $ | 360,500,152 | $ | 1,071,660,022 | $ | 120,344,572 | $ | 2,524,261,783 | $ | 1,775,576,698 | ||||||||||||||
| 2,636,425,213 | 5,649,758 | 173,231,445 | 762,615,116 | 13,201,105 | (29,640,992 | ) | (77,544,341 | ) | |||||||||||||||||||
| $ | 8,496,447,128 | $ | 31,124,372 | $ | 533,731,597 | $ | 1,834,275,138 | $ | 133,545,677 | $ | 2,494,620,791 | $ | 1,698,032,357 | ||||||||||||||
| $ | 317,524,954 | $ | 360,079 | $ | 35,805,947 | $ | 125,460,695 | $ | 1,042,839 | $ | 32,092,014 | $ | 2,184,948 | ||||||||||||||
| $ | 5,321,841,228 | $ | 12,923,948 | $ | 445,421,362 | $ | 1,651,203,113 | $ | 62,466,218 | $ | 2,412,938,590 | $ | 1,491,317,691 | ||||||||||||||
| $ | 2,857,080,946 | $ | 17,840,345 | $ | 52,504,288 | $ | 57,611,330 | $ | 70,036,620 | $ | 49,590,187 | $ | 204,529,718 | ||||||||||||||
| 9,429,889 | 27,939 | 1,517,688 | 4,386,902 | 58,928 | 3,273,329 | 244,289 | |||||||||||||||||||||
| 157,456,939 | 1,005,603 | 18,577,858 | 55,637,579 | 3,519,436 | 246,061,171 | 167,300,532 | |||||||||||||||||||||
| 84,421,479 | 1,385,744 | 2,177,291 | 1,928,054 | 3,936,779 | 5,050,435 | 22,929,951 | |||||||||||||||||||||
| $ | 33.67 | $ | 12.89 | $ | 23.59 | $ | 28.60 | $ | 17.70 | $ | 9.80 | $ | 8.94 | ||||||||||||||
| $ | 33.80 | $ | 12.85 | $ | 23.98 | $ | 29.68 | $ | 17.75 | $ | 9.81 | $ | 8.91 | ||||||||||||||
| $ | 33.84 | $ | 12.87 | $ | 24.11 | $ | 29.88 | $ | 17.79 | $ | 9.82 | $ | 8.92 | ||||||||||||||
| $ | 129,765,876 | — | $ | 12,276,851 | $ | 455,276,360 | $ | 8,078,968 | $ | 95,168,743 | $ | 22,056,804 | |||||||||||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 69 |
Diamond
Hill Funds
Statements of Operations
For the Six Months ended June 30, 2024 (Unaudited)
Small
Cap |
Small-Mid |
Mid
Cap |
Large
Cap |
Large
Cap |
||||||||||||||||
Investment Income |
||||||||||||||||||||
Dividends |
$ | 2,095,044 | $ | 15,751,373 | $ | 1,656,425 | $ | 93,839,324 | $ | 328,803 | ||||||||||
Income distributions from affiliated investments |
— | 317,613 | — | — | — | |||||||||||||||
Securities lending income |
16,650 | 59,725 | 1,203 | 85,930 | 28 | |||||||||||||||
Foreign taxes withheld |
(407 | ) | — | (1,902 | ) | — | — | |||||||||||||
Total Investment Income |
2,111,287 | 16,128,711 | 1,655,726 | 93,925,254 | 328,831 | |||||||||||||||
Expenses |
||||||||||||||||||||
Investment advisory fees |
916,815 | 5,786,422 | 487,478 | 21,406,746 | 74,276 | |||||||||||||||
Administration fees |
196,175 | 855,751 | 134,117 | 5,600,628 | 14,954 | |||||||||||||||
Distribution and service fees — Investor |
77,353 | 50,420 | 5,323 | 414,482 | 415 | |||||||||||||||
Other fees |
989 | 3,577 | 921 | 17,574 | 647 | |||||||||||||||
Total Expenses |
1,191,332 | 6,696,170 | 627,839 | 27,439,430 | 90,292 | |||||||||||||||
Advisory fees waived by Adviser |
— | (17,091 | ) | — | — | — | ||||||||||||||
Net Expenses |
1,191,332 | 6,679,079 | 627,839 | 27,439,430 | 90,292 | |||||||||||||||
Net Investment Income |
919,955 | 9,449,632 | 1,027,887 | 66,485,824 | 238,539 | |||||||||||||||
Realized and Unrealized Gains (Losses) on Investments |
||||||||||||||||||||
Net realized gains on investment transactions |
25,495,803 | 125,697,358 | 13,016,877 | 511,493,143 | 1,415,990 | |||||||||||||||
Net realized gains from in-kind redemptions |
— | 33,942,468 | — | 11,927,744 | — | |||||||||||||||
Net change in unrealized appreciation (depreciation) on unaffiliated investments |
(18,671,198 | ) | (153,886,476 | ) | (6,627,878 | ) | (65,271,033 | ) | 609,154 | |||||||||||
Net change in unrealized appreciation (depreciation) on affiliated investments |
— | 120,608 | — | — | — | |||||||||||||||
Net Realized and Unrealized Gains on Investments |
6,824,605 | 5,873,958 | 6,388,999 | 458,149,854 | 2,025,144 | |||||||||||||||
Change in Net Assets from Operations |
$ | 7,744,560 | $ | 15,323,590 | $ | 7,416,886 | $ | 524,635,678 | $ | 2,263,683 | ||||||||||
See accompanying Notes to Financial Statements.
70 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Operations
For the Six Months ended June 30, 2024 (Unaudited)
Select |
Long-Short |
International
|
Short
Duration |
Core
Bond |
||||||||||||||||
Investment Income |
||||||||||||||||||||
Dividends |
$ | 4,818,681 | $ | 17,270,010 | $ | 2,100,035 | $ | 5,227,111 | $ | 1,013,692 | ||||||||||
Securities lending income |
8,964 | 245,867 | 14,964 | 27,762 | 30,505 | |||||||||||||||
Rebates on short sales, net of fees |
— | 13,852,082 | — | — | — | |||||||||||||||
Foreign taxes withheld |
— | (48,840 | ) | (158,646 | ) | — | — | |||||||||||||
Interest |
— | 2,385,373 | — | 55,537,157 | 40,877,942 | |||||||||||||||
Total Investment Income |
4,827,645 | 33,704,492 | 1,956,353 | 60,792,030 | 41,922,139 | |||||||||||||||
Expenses |
||||||||||||||||||||
Investment advisory fees |
1,759,672 | 8,097,386 | 414,437 | 3,283,609 | 2,444,808 | |||||||||||||||
Administration fees |
403,129 | 1,519,944 | 67,949 | 1,574,395 | 1,281,761 | |||||||||||||||
Distribution and service fees — Investor |
43,941 | 157,206 | 1,453 | 34,276 | 2,412 | |||||||||||||||
Other fees |
1,441 | 4,254 | 18,938 | 4,732 | 3,938 | |||||||||||||||
Dividend expense |
— | 3,619,237 | — | — | — | |||||||||||||||
Total Expenses |
2,208,183 | 13,398,027 | 502,777 | 4,897,012 | 3,732,919 | |||||||||||||||
Advisory fees waived by Adviser |
— | — | — | — | — | |||||||||||||||
Net Expenses |
2,208,183 | 13,398,027 | 502,777 | 4,897,012 | 3,732,919 | |||||||||||||||
Net Investment Income |
2,619,462 | 20,306,465 | 1,453,576 | 55,895,018 | 38,189,220 | |||||||||||||||
Realized and Unrealized Gains (Losses) on Investments |
||||||||||||||||||||
Net realized gains on investment transactions |
22,284,222 | 106,501,254 | 414,469 | 8,892,583 | 552,766 | |||||||||||||||
Net realized gains on closed short positions |
— | 1,312,826 | — | — | — | |||||||||||||||
Net realized losses on foreign currency transactions |
— | — | (14,594 | ) | — | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) on unaffiliated investments and foreign currency translations |
6,209,812 | 49,998,037 | 6,078,910 | 18,684,556 | (24,120,965 | ) | ||||||||||||||
Net changes in unrealized appreciation (depreciation) on short positions |
— | (4,504,675 | ) | — | — | — | ||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments |
28,494,034 | 153,307,442 | 6,478,785 | 27,577,139 | (23,568,199 | ) | ||||||||||||||
Change in Net Assets from Operations |
$ | 31,113,496 | $ | 173,613,907 | $ | 7,932,361 | $ | 83,472,157 | $ | 14,621,021 | ||||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 71 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 919,955 | $ | 3,125,370 | $ | 9,449,632 | $ | 20,315,588 | |||||||||
Net realized gains on investment transactions |
25,495,803 | 68,890,230 | 159,639,826 | 100,745,938 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(18,671,198 | ) | (16,670,042 | ) | (153,765,868 | ) | 50,432,415 | ||||||||||
Change in Net Assets from Operations |
7,744,560 | 55,345,558 | 15,323,590 | 171,493,941 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (17,793,658 | ) | — | (436,019 | ) | |||||||||||
Class I |
— | (38,439,736 | ) | — | (15,004,237 | ) | |||||||||||
Class Y |
— | (4,457,136 | ) | — | (17,087,711 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (60,690,530 | ) | — | (32,527,967 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
(12,912,177 | ) | (49,656,523 | ) | (289,090,102 | ) | (423,601,312 | ) | |||||||||
Total Change in Net Assets |
(5,167,617 | ) | (55,001,495 | ) | (273,766,512 | ) | (284,635,338 | ) | |||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
230,879,979 | 285,881,474 | 1,617,682,099 | 1,902,317,437 | |||||||||||||
End of period |
$ | 225,712,362 | $ | 230,879,979 | $ | 1,343,915,587 | $ | 1,617,682,099 | |||||||||
See accompanying Notes to Financial Statements.
72 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 6,153,133 | $ | 15,800,455 | $ | 740,833 | $ | 10,147,371 | |||||||||
Reinvested distributions |
— | 16,389,099 | — | 415,784 | |||||||||||||
Payments for shares redeemed |
(8,765,752 | ) | (46,867,970 | ) | (8,787,172 | ) | (144,105,451 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(2,612,619 | ) | (14,678,416 | ) | (8,046,339 | ) | (133,542,296 | ) | |||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
11,166,636 | 30,049,152 | 23,302,835 | 69,907,016 | |||||||||||||
Reinvested distributions |
— | 35,138,450 | — | 11,390,598 | |||||||||||||
Payments for shares redeemed |
(21,154,735 | ) | (100,706,565 | ) | (132,793,135 | ) | (201,856,543 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
(9,988,099 | ) | (35,518,963 | ) | (109,490,300 | ) | (120,558,929 | ) | |||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
948,273 | 1,467,274 | 68,335,663 | 230,283,137 | |||||||||||||
Reinvested distributions |
— | 4,457,136 | — | 16,347,339 | |||||||||||||
Payments for shares redeemed |
(1,259,732 | ) | (5,383,554 | ) | (239,889,126 | ) | (416,130,563 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(311,459 | ) | 540,856 | (171,553,463 | ) | (169,500,087 | ) | ||||||||||
Change in Net Assets from Capital Transactions |
$ | (12,912,177 | ) | $ | (49,656,523 | ) | $ | (289,090,102 | ) | $ | (423,601,312 | ) | |||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 73 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Small Cap Fund |
Small-Mid Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
253,928 | 581,740 | 28,837 | 420,432 | |||||||||||||
Reinvested |
— | 681,757 | — | 16,357 | |||||||||||||
Redeemed |
(365,652 | ) | (1,780,754 | ) | (338,857 | ) | (5,808,766 | ) | |||||||||
Change in Shares Outstanding |
(111,724 | ) | (517,257 | ) | (310,020 | ) | (5,371,977 | ) | |||||||||
Class I |
|||||||||||||||||
Issued |
460,642 | 1,090,792 | 903,647 | 2,866,071 | |||||||||||||
Reinvested |
— | 1,413,534 | — | 442,987 | |||||||||||||
Redeemed |
(856,200 | ) | (3,651,567 | ) | (5,083,069 | ) | (8,462,203 | ) | |||||||||
Change in Shares Outstanding |
(395,558 | ) | (1,147,241 | ) | (4,179,422 | ) | (5,153,145 | ) | |||||||||
Class Y |
|||||||||||||||||
Issued |
38,480 | 53,095 | 2,583,052 | 9,299,644 | |||||||||||||
Reinvested |
— | 178,631 | — | 633,849 | |||||||||||||
Redeemed |
(50,962 | ) | (197,825 | ) | (9,207,883 | ) | (17,600,745 | ) | |||||||||
Change in Shares Outstanding |
(12,482 | ) | 33,901 | (6,624,831 | ) | (7,667,252 | ) | ||||||||||
Change in Total Shares Outstanding |
(519,764 | ) | (1,630,597 | ) | (11,114,273 | ) | (18,192,374 | ) | |||||||||
See accompanying Notes to Financial Statements.
74 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 1,027,887 | $ | 436,647 | $ | 66,485,824 | $ | 122,591,297 | |||||||||
Net realized gains on investment transactions |
13,016,877 | 9,916,702 | 523,420,887 | 308,005,815 | |||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
(6,627,878 | ) | 2,833,924 | (65,271,033 | ) | 630,472,471 | |||||||||||
Change in Net Assets from Operations |
7,416,886 | 13,187,273 | 524,635,678 | 1,061,069,583 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (98,589 | ) | — | (10,067,995 | ) | |||||||||||
Class I |
— | (4,608,435 | ) | — | (193,440,234 | ) | |||||||||||
Class Y |
— | (257,199 | ) | — | (108,212,754 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (4,964,223 | ) | — | (311,720,983 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
(13,303,968 | ) | (33,937,687 | ) | (440,116,290 | ) | (827,413,517 | ) | |||||||||
Total Change in Net Assets |
(5,887,082 | ) | (25,714,637 | ) | 84,519,388 | (78,064,917 | ) | ||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
161,518,315 | 187,232,952 | 8,411,927,740 | 8,489,992,657 | |||||||||||||
End of period |
$ | 155,631,233 | $ | 161,518,315 | $ | 8,496,447,128 | $ | 8,411,927,740 | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 75 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 59,771 | $ | 1,029,195 | $ | 15,378,750 | $ | 74,713,186 | |||||||||
Reinvested distributions |
— | 93,772 | — | 8,454,785 | |||||||||||||
Payments for shares redeemed |
(676,425 | ) | (20,716,969 | ) | (49,663,735 | ) | (589,822,438 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(616,654 | ) | (19,594,002 | ) | (34,284,985 | ) | (506,654,467 | ) | |||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
6,177,509 | 25,681,855 | 389,865,314 | 758,842,787 | |||||||||||||
Reinvested distributions |
— | 4,476,580 | — | 162,911,099 | |||||||||||||
Payments for shares redeemed |
(18,139,090 | ) | (39,774,953 | ) | (619,491,016 | ) | (1,576,289,792 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
(11,961,581 | ) | (9,616,518 | ) | (229,625,702 | ) | (654,535,906 | ) | |||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
436,840 | 1,257,118 | 238,259,090 | 646,662,800 | |||||||||||||
Reinvested distributions |
— | 256,745 | — | 99,542,199 | |||||||||||||
Payments for shares redeemed |
(1,162,573 | ) | (6,241,030 | ) | (414,464,693 | ) | (412,428,143 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(725,733 | ) | (4,727,167 | ) | (176,205,603 | ) | 333,776,856 | ||||||||||
Change in Net Assets from Capital Transactions |
$ | (13,303,968 | ) | $ | (33,937,687 | ) | $ | (440,116,290 | ) | $ | (827,413,517 | ) | |||||
See accompanying Notes to Financial Statements.
76 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Mid Cap Fund |
Large Cap Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
3,469 | 65,994 | 465,842 | 2,540,886 | |||||||||||||
Reinvested |
— | 5,734 | — | 266,805 | |||||||||||||
Redeemed |
(39,631 | ) | (1,361,985 | ) | (1,493,787 | ) | (19,262,388 | ) | |||||||||
Change in Shares Outstanding |
(36,162 | ) | (1,290,257 | ) | (1,027,945 | ) | (16,454,697 | ) | |||||||||
Class I |
|||||||||||||||||
Issued |
362,681 | 1,692,539 | 11,734,565 | 25,373,487 | |||||||||||||
Reinvested |
— | 272,193 | — | 5,104,258 | |||||||||||||
Redeemed |
(1,059,399 | ) | (2,592,945 | ) | (18,711,250 | ) | (52,572,453 | ) | |||||||||
Change in Shares Outstanding |
(696,718 | ) | (628,213 | ) | (6,976,685 | ) | (22,094,708 | ) | |||||||||
Class Y |
|||||||||||||||||
Issued |
25,632 | 80,145 | 7,107,273 | 21,170,495 | |||||||||||||
Reinvested |
— | 15,543 | — | 3,114,246 | |||||||||||||
Redeemed |
(68,049 | ) | (403,347 | ) | (12,307,896 | ) | (13,694,916 | ) | |||||||||
Change in Shares Outstanding |
(42,417 | ) | (307,659 | ) | (5,200,623 | ) | 10,589,825 | ||||||||||
Change in Total Shares Outstanding |
(775,297 | ) | (2,226,129 | ) | (13,205,253 | ) | (27,959,580 | ) | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 77 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Large Cap Concentrated Fund |
Select Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 238,539 | $ | 384,679 | $ | 2,619,462 | $ | 2,207,498 | |||||||||
Net realized gains (losses) on investment transactions |
1,415,990 | (225,458 | ) | 22,284,222 | 3,416,850 | ||||||||||||
Net change in unrealized appreciation (depreciation) on investments |
609,154 | 3,980,986 | 6,209,812 | 99,562,501 | |||||||||||||
Change in Net Assets from Operations |
2,263,683 | 4,140,207 | 31,113,496 | 105,186,849 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (3,176 | ) | — | (88,231 | ) | |||||||||||
Class I |
— | (141,837 | ) | — | (2,113,285 | ) | |||||||||||
Class Y |
— | (239,374 | ) | — | (298,772 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (384,387 | ) | — | (2,500,288 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
1,224,161 | 733,474 | 32,946,579 | 43,034,594 | |||||||||||||
Total Change in Net Assets |
3,487,844 | 4,489,294 | 64,060,075 | 145,721,155 | |||||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
27,636,528 | 23,147,234 | 469,671,522 | 323,950,367 | |||||||||||||
End of period |
$ | 31,124,372 | $ | 27,636,528 | $ | 533,731,597 | $ | 469,671,522 | |||||||||
See accompanying Notes to Financial Statements.
78 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Large Cap Concentrated Fund |
Select Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 42,136 | $ | 251,746 | $ | 7,609,441 | $ | 4,950,053 | |||||||||
Reinvested distributions |
— | 3,176 | — | 80,577 | |||||||||||||
Payments for shares redeemed |
(174 | ) | (13,671 | ) | (5,770,755 | ) | (9,365,608 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
41,962 | 241,251 | 1,838,686 | (4,334,978 | ) | ||||||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
2,178,684 | 1,533,948 | 90,216,344 | 141,814,001 | |||||||||||||
Reinvested distributions |
— | 141,837 | — | 1,979,277 | |||||||||||||
Payments for shares redeemed |
(807,968 | ) | (1,610,701 | ) | (59,556,225 | ) | (73,692,896 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
1,370,716 | 65,084 | 30,660,119 | 70,100,382 | |||||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
474,629 | 1,603,184 | 9,893,007 | 5,442,044 | |||||||||||||
Reinvested distributions |
— | 239,374 | — | 266,191 | |||||||||||||
Payments for shares redeemed |
(663,146 | ) | (1,415,419 | ) | (9,445,233 | ) | (28,439,045 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(188,517 | ) | 427,139 | 447,774 | (22,730,810 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
$ | 1,224,161 | $ | 733,474 | $ | 32,946,579 | $ | 43,034,594 | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 79 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Large Cap Concentrated Fund |
Select Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
3,255 | 23,389 | 326,265 | 250,852 | |||||||||||||
Reinvested |
— | 265 | — | 3,622 | |||||||||||||
Redeemed |
(13 | ) | (1,215 | ) | (246,782 | ) | (507,929 | ) | |||||||||
Change in Shares Outstanding |
3,242 | 22,439 | 79,483 | (253,455 | ) | ||||||||||||
Class I |
|||||||||||||||||
Issued |
173,374 | 147,388 | 3,776,053 | 7,202,460 | |||||||||||||
Reinvested |
— | 11,899 | — | 87,580 | |||||||||||||
Redeemed |
(62,446 | ) | (150,883 | ) | (2,537,497 | ) | (3,729,114 | ) | |||||||||
Change in Shares Outstanding |
110,928 | 8,404 | 1,238,556 | 3,560,926 | |||||||||||||
Class Y |
|||||||||||||||||
Issued |
37,914 | 155,371 | 407,446 | 271,180 | |||||||||||||
Reinvested |
— | 20,048 | — | 11,716 | |||||||||||||
Redeemed |
(55,899 | ) | (134,407 | ) | (396,594 | ) | (1,405,374 | ) | |||||||||
Change in Shares Outstanding |
(17,985 | ) | 41,012 | 10,852 | (1,122,478 | ) | |||||||||||
Change in Total Shares Outstanding |
96,185 | 71,855 | 1,328,891 | 2,184,993 | |||||||||||||
See accompanying Notes to Financial Statements.
80 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Long-Short Fund |
International Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 20,306,465 | $ | 38,156,724 | $ | 1,453,576 | $ | 1,183,998 | |||||||||
Net realized gains (losses) on investment transactions |
106,501,254 | 39,004,424 | 414,469 | (5,533 | ) | ||||||||||||
Net realized gains on closed short positions |
1,312,826 | 13,002,068 | — | — | |||||||||||||
Net realized losses on foreign currency transactions |
— | — | (14,594 | ) | (10,983 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations |
49,998,037 | 161,159,820 | 6,078,910 | 11,027,004 | |||||||||||||
Net change in unrealized appreciation (depreciation) on short positions |
(4,504,675 | ) | (49,433,192 | ) | — | — | |||||||||||
Change in Net Assets from Operations |
173,613,907 | 201,889,844 | 7,932,361 | 12,194,486 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
— | (4,845,636 | ) | — | (7,467 | ) | |||||||||||
Class I |
— | (63,395,852 | ) | — | (466,186 | ) | |||||||||||
Class Y |
— | (2,498,805 | ) | — | (714,717 | ) | |||||||||||
Change in Net Assets from Distributions to Shareholders |
— | (70,740,293 | ) | — | (1,188,370 | ) | |||||||||||
Change in Net Assets from Capital Transactions |
(64,812,409 | ) | (158,132,898 | ) | 16,384,933 | 46,623,232 | |||||||||||
Total Change in Net Assets |
108,801,498 | (26,983,347 | ) | 24,317,294 | 57,629,348 | ||||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
1,725,473,640 | 1,752,456,987 | 109,228,383 | 51,599,035 | |||||||||||||
End of period |
$ | 1,834,275,138 | $ | 1,725,473,640 | $ | 133,545,677 | $ | 109,228,383 | |||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 81 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Long-Short Fund |
International Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 4,266,628 | $ | 6,005,940 | $ | 312,801 | $ | 745,059 | |||||||||
Reinvested distributions |
— | 4,387,393 | — | 7,467 | |||||||||||||
Payments for shares redeemed |
(13,714,190 | ) | (23,441,648 | ) | (364,269 | ) | (60,376 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
(9,447,562 | ) | (13,048,315 | ) | (51,468 | ) | 692,150 | ||||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
110,140,058 | 218,073,690 | 17,756,657 | 30,692,403 | |||||||||||||
Reinvested distributions |
— | 53,076,217 | — | 465,994 | |||||||||||||
Payments for shares redeemed |
(158,330,279 | ) | (448,196,872 | ) | (2,654,804 | ) | (2,221,609 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
(48,190,221 | ) | (177,046,965 | ) | 15,101,853 | 28,936,788 | |||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
1,465,677 | 46,340,274 | 1,915,652 | 17,143,392 | |||||||||||||
Reinvested distributions |
— | 836,880 | — | 669,646 | |||||||||||||
Payments for shares redeemed |
(8,640,303 | ) | (15,214,772 | ) | (581,104 | ) | (818,744 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
(7,174,626 | ) | 31,962,382 | 1,334,548 | 16,994,294 | ||||||||||||
Change in Net Assets from Capital Transactions |
$ | (64,812,409 | ) | $ | (158,132,898 | ) | $ | 16,384,933 | $ | 46,623,232 | |||||||
See accompanying Notes to Financial Statements.
82 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Long-Short Fund |
International Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
153,601 | 237,790 | 18,389 | 46,021 | |||||||||||||
Reinvested |
— | 168,082 | — | 448 | |||||||||||||
Redeemed |
(493,555 | ) | (934,396 | ) | (20,728 | ) | (3,882 | ) | |||||||||
Change in Shares Outstanding |
(339,954 | ) | (528,524 | ) | (2,339 | ) | 42,587 | ||||||||||
Class I |
|||||||||||||||||
Issued |
3,856,283 | 8,349,639 | 1,057,633 | 1,976,432 | |||||||||||||
Reinvested |
— | 1,961,101 | — | 27,887 | |||||||||||||
Redeemed |
(5,523,599 | ) | (17,281,093 | ) | (152,848 | ) | (140,673 | ) | |||||||||
Change in Shares Outstanding |
(1,667,316 | ) | (6,970,353 | ) | 904,785 | 1,863,646 | |||||||||||
Class Y |
|||||||||||||||||
Issued |
51,586 | 1,872,063 | 111,611 | 1,031,707 | |||||||||||||
Reinvested |
— | 30,719 | — | 40,003 | |||||||||||||
Redeemed |
(304,193 | ) | (584,241 | ) | (33,050 | ) | (52,688 | ) | |||||||||
Change in Shares Outstanding |
(252,607 | ) | 1,318,541 | 78,561 | 1,019,022 | ||||||||||||
Change in Total Shares Outstanding |
(2,259,877 | ) | (6,180,336 | ) | 981,007 | 2,925,255 | |||||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 83 |
Diamond
Hill Funds
Statements of Changes in Net Assets
Short
Duration |
Core Bond Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
From Operations |
|||||||||||||||||
Net investment income |
$ | 55,895,018 | $ | 78,046,665 | $ | 38,189,220 | $ | 45,922,513 | |||||||||
Net realized gains (losses) on investment transactions |
8,892,583 | (6,276,306 | ) | 552,766 | (3,635,873 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) on investments |
18,684,556 | 47,754,284 | (24,120,965 | ) | 29,247,584 | ||||||||||||
Change in Net Assets from Operations |
83,472,157 | 119,524,643 | 14,621,021 | 71,534,224 | |||||||||||||
Distributions to Shareholders |
|||||||||||||||||
Investor |
(853,870 | ) | (1,656,586 | ) | (47,099 | ) | (123,284 | ) | |||||||||
Class I |
(60,112,572 | ) | (74,008,010 | ) | (37,327,338 | ) | (41,394,498 | ) | |||||||||
Class Y |
(1,399,758 | ) | (3,517,623 | ) | (4,655,612 | ) | (4,991,535 | ) | |||||||||
Change in Net Assets from Distributions to Shareholders |
(62,366,200 | ) | (79,182,219 | ) | (42,030,049 | ) | (46,509,317 | ) | |||||||||
Change in Net Assets from Capital Transactions |
859,172,301 | 425,763,101 | 206,307,015 | 905,233,983 | |||||||||||||
Total Change in Net Assets |
880,278,258 | 466,105,525 | 178,897,987 | 930,258,890 | |||||||||||||
Net Assets: |
|||||||||||||||||
Beginning of period |
1,614,342,533 | 1,148,237,008 | 1,519,134,370 | 588,875,480 | |||||||||||||
End of period |
$ | 2,494,620,791 | $ | 1,614,342,533 | $ | 1,698,032,357 | $ | 1,519,134,370 | |||||||||
See accompanying Notes to Financial Statements.
84 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Statements of Changes in Net Assets
Short
Duration |
Core Bond Fund |
||||||||||||||||
For
the |
For
the |
For
the |
For
the |
||||||||||||||
Capital Transactions |
|||||||||||||||||
Investor |
|||||||||||||||||
Proceeds from shares sold |
$ | 12,331,306 | $ | 31,768,363 | $ | 637,067 | $ | 2,876,561 | |||||||||
Reinvested distributions |
799,279 | 1,563,714 | 43,928 | 118,172 | |||||||||||||
Payments for shares redeemed |
(6,624,124 | ) | (38,298,712 | ) | (373,663 | ) | (4,659,423 | ) | |||||||||
Change in Net Assets from Investor Share Transactions |
6,506,461 | (4,966,635 | ) | 307,332 | (1,664,690 | ) | |||||||||||
Class I |
|||||||||||||||||
Proceeds from shares sold |
993,535,999 | 974,421,830 | 351,363,147 | 966,581,977 | |||||||||||||
Reinvested distributions |
48,581,470 | 59,052,013 | 33,744,676 | 36,970,537 | |||||||||||||
Payments for shares redeemed |
(190,448,228 | ) | (584,410,542 | ) | (238,289,408 | ) | (182,107,153 | ) | |||||||||
Change in Net Assets from Class I Share Transactions |
851,669,241 | 449,063,301 | 146,818,415 | 821,445,361 | |||||||||||||
Class Y |
|||||||||||||||||
Proceeds from shares sold |
11,369,158 | 8,530,952 | 62,574,068 | 103,878,334 | |||||||||||||
Reinvested distributions |
1,286,181 | 3,449,501 | 2,854,228 | 3,811,616 | |||||||||||||
Payments for shares redeemed |
(11,658,740 | ) | (30,314,018 | ) | (6,247,028 | ) | (22,236,638 | ) | |||||||||
Change in Net Assets from Class Y Share Transactions |
996,599 | (18,333,565 | ) | 59,181,268 | 85,453,312 | ||||||||||||
Change in Net Assets from Capital Transactions |
$ | 859,172,301 | $ | 425,763,101 | $ | 206,307,015 | $ | 905,233,983 | |||||||||
Share Transactions: |
|||||||||||||||||
Investor |
|||||||||||||||||
Issued |
1,262,401 | 3,323,630 | 71,089 | 320,462 | |||||||||||||
Reinvested |
82,010 | 164,271 | 4,920 | 13,238 | |||||||||||||
Redeemed |
(679,175 | ) | (3,996,825 | ) | (41,712 | ) | (524,220 | ) | |||||||||
Change in Shares Outstanding |
665,236 | (508,924 | ) | 34,297 | (190,520 | ) | |||||||||||
Class I |
|||||||||||||||||
Issued |
101,504,945 | 102,154,114 | 39,305,083 | 108,373,751 | |||||||||||||
Reinvested |
4,984,212 | 6,198,938 | 3,792,412 | 4,168,350 | |||||||||||||
Redeemed |
(19,518,972 | ) | (61,227,102 | ) | (26,830,899 | ) | (20,640,333 | ) | |||||||||
Change in Shares Outstanding |
86,970,185 | 47,125,950 | 16,266,596 | 91,901,768 | |||||||||||||
Class Y |
|||||||||||||||||
Issued |
1,159,424 | 893,797 | 7,000,034 | 11,734,769 | |||||||||||||
Reinvested |
131,785 | 362,271 | 320,881 | 429,270 | |||||||||||||
Redeemed |
(1,194,531 | ) | (3,173,574 | ) | (699,326 | ) | (2,472,106 | ) | |||||||||
Change in Shares Outstanding |
96,678 | (1,917,506 | ) | 6,621,589 | 9,691,933 | ||||||||||||
Change in Total Shares Outstanding |
87,732,099 | 44,699,520 | 22,922,482 | 101,403,181 | |||||||||||||
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 85 |
Small
Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Small Cap Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
Dividends
|
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 23.55 | 0.07 | 0.70 | 0.77 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 25.06 | 0.24 | 5.49 | 5.73 | (0.63 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 34.73 | 0.11 | (5.23 | ) | (5.12 | ) | (0.15 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 30.96 | 0.07 | 9.75 | 9.82 | (0.07 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 31.23 | 0.01 | (0.18 | ) | (0.17 | ) | (0.10 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 27.54 | 0.06 | 5.80 | 5.86 | (0.34 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 24.30 | 0.11 | 0.73 | 0.84 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 25.67 | 0.33 | 5.61 | 5.94 | (0.70 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 35.44 | 0.18 | (5.31 | ) | (5.13 | ) | (0.24 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 31.49 | 0.19 | 9.92 | 10.11 | (0.18 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 31.77 | 0.09 | (0.18 | ) | (0.09 | ) | (0.19 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 27.98 | 0.16 | 5.90 | 6.06 | (0.44 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 24.38 | 0.12 | 0.72 | 0.84 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 25.72 | 0.36 | 5.65 | 6.01 | (0.74 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 35.49 | 0.22 | (5.32 | ) | (5.10 | ) | (0.27 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 31.52 | 0.22 | 9.95 | 10.17 | (0.22 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 31.80 | 0.12 | (0.17 | ) | (0.05 | ) | (0.23 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 28.01 | 0.19 | 5.91 | 6.10 | (0.48 | ) | |||||||||||||
|
||||||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the year ended December 31, 2019. |
86 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of |
Ratio
of |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | $ | 24.32 | 3.27 | %(E) | $ | 61,973 | 1.26 | %(F) | 1.26 | %(F) | 0.59 | %(F) | 20 | %(E) | ||||||||||||||||||||
| (6.61 | ) | (7.24 | ) | $ | 23.55 | 22.94 | % | $ | 62,642 | 1.26 | % | 1.26 | % | 0.88 | % | 41 | % | ||||||||||||||||||
| (4.40 | ) | (4.55 | ) | $ | 25.06 | (15.02 | )% | $ | 79,634 | 1.26 | % | 1.26 | % | 0.34 | % | 37 | %(G) | ||||||||||||||||||
| (5.98 | ) | (6.05 | ) | $ | 34.73 | 32.45 | % | $ | 123,975 | 1.26 | % | 1.26 | % | 0.20 | % | 20 | % | ||||||||||||||||||
| — | (0.10 | ) | $ | 30.96 | (0.55 | )% | $ | 117,491 | 1.26 | % | 1.26 | % | 0.05 | % | 34 | % | |||||||||||||||||||
| (1.83 | ) | (2.17 | ) | $ | 31.23 | 21.36 | % | $ | 165,339 | 1.27 | % | 1.27 | % | 0.23 | % | 22 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 25.14 | 3.46 | %(E) | $ | 144,965 | 0.97 | %(F) | 0.97 | %(F) | 0.87 | %(F) | 20 | %(E) | ||||||||||||||||||||
| (6.61 | ) | (7.31 | ) | $ | 24.30 | 23.22 | % | $ | 149,790 | 0.97 | % | 0.97 | % | 1.19 | % | 41 | % | ||||||||||||||||||
| (4.40 | ) | (4.64 | ) | $ | 25.67 | (14.77 | )% | $ | 187,656 | 0.97 | % | 0.97 | % | 0.57 | % | 37 | %(G) | ||||||||||||||||||
| (5.98 | ) | (6.16 | ) | $ | 35.44 | 32.83 | % | $ | 391,856 | 0.97 | % | 0.97 | % | 0.52 | % | 20 | % | ||||||||||||||||||
| — | (0.19 | ) | $ | 31.49 | (0.28 | )% | $ | 350,375 | 0.97 | % | 0.97 | % | 0.33 | % | 34 | % | |||||||||||||||||||
| (1.83 | ) | (2.27 | ) | $ | 31.77 | 21.75 | % | $ | 469,014 | 0.98 | % | 0.98 | % | 0.52 | % | 22 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 25.22 | 3.45 | %(E) | $ | 18,774 | 0.85 | %(F) | 0.85 | %(F) | 1.00 | %(F) | 20 | %(E) | ||||||||||||||||||||
| (6.61 | ) | (7.35 | ) | $ | 24.38 | 23.47 | % | $ | 18,478 | 0.85 | % | 0.85 | % | 1.29 | % | 41 | % | ||||||||||||||||||
| (4.40 | ) | (4.67 | ) | $ | 25.72 | (14.64 | )% | $ | 18,592 | 0.85 | % | 0.85 | % | 0.69 | % | 37 | %(G) | ||||||||||||||||||
| (5.98 | ) | (6.20 | ) | $ | 35.49 | 32.98 | % | $ | 52,704 | 0.85 | % | 0.85 | % | 0.59 | % | 20 | % | ||||||||||||||||||
| — | (0.23 | ) | $ | 31.52 | (0.17 | )% | $ | 56,417 | 0.85 | % | 0.85 | % | 0.46 | % | 34 | % | |||||||||||||||||||
| (1.83 | ) | (2.31 | ) | $ | 31.80 | 21.88 | % | $ | 105,030 | 0.86 | % | 0.86 | % | 0.62 | % | 22 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(E) |
Not annualized. |
(F) |
Annualized. |
(G) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 87 |
Small-Mid
Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Small-Mid Cap Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
Dividends
|
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 25.35 | 0.11 | 0.03 | 0.14 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 23.04 | 0.15 | 2.42 | 2.57 | (0.07 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.06 | 0.12 | (3.99 | ) | (3.87 | ) | (0.12 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.69 | 0.05 | 6.87 | 6.92 | (0.05 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 22.57 | 0.03 | 0.20 | 0.23 | (0.10 | ) | |||||||||||||
For the year ended December 31, 2019 |
$ | 18.59 | 0.04 | 5.02 | 5.06 | (0.14 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 25.48 | 0.15 | 0.03 | 0.18 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 23.31 | 0.26 | 2.42 | 2.68 | (0.32 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.38 | 0.19 | (4.04 | ) | (3.85 | ) | (0.19 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.93 | 0.12 | 6.96 | 7.08 | (0.13 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 22.80 | 0.09 | 0.21 | 0.30 | (0.16 | ) | |||||||||||||
For the year ended December 31, 2019 |
$ | 18.76 | 0.11 | 5.08 | 5.19 | (0.21 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 25.55 | 0.17 | 0.03 | 0.20 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 23.37 | 0.29 | 2.43 | 2.72 | (0.35 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.45 | 0.23 | (4.06 | ) | (3.83 | ) | (0.22 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 22.99 | 0.16 | 6.96 | 7.12 | (0.16 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 22.84 | 0.12 | 0.22 | 0.34 | (0.18 | ) | |||||||||||||
For the year ended December 31, 2019 |
$ | 18.80 | 0.13 | 5.08 | 5.21 | (0.23 | ) | |||||||||||||
|
||||||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated. |
88 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of |
Ratio
of |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | $ | 25.49 | 0.55 | %(E) | $ | 36,619 | 1.21 | %(F) | 1.21 | %(F) | 0.87 | %(F) | 11 | %(E)(G) | ||||||||||||||||||||
| (0.19 | ) | (0.26 | ) | $ | 25.35 | 11.12 | % | $ | 44,270 | 1.21 | % | 1.21 | % | 0.63 | % | 16 | %(G) | ||||||||||||||||||
| (1.03 | ) | (1.15 | ) | $ | 23.04 | (13.86 | )% | $ | 163,974 | 1.21 | % | 1.21 | % | 0.45 | % | 25 | %(G) | ||||||||||||||||||
| (1.50 | ) | (1.55 | ) | $ | 28.06 | 30.78 | % | $ | 208,110 | 1.20 | % | 1.21 | % | 0.18 | % | 14 | % | ||||||||||||||||||
| (0.01 | ) | (0.11 | ) | $ | 22.69 | 1.03 | % | $ | 162,637 | 1.20 | % | 1.21 | % | 0.19 | % | 31 | %(G) | ||||||||||||||||||
| (0.94 | ) | (1.08 | ) | $ | 22.57 | 27.33 | % | $ | 183,914 | 1.21 | % | 1.22 | % | 0.21 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 25.66 | 0.71 | %(E) | $ | 656,317 | 0.92 | %(F) | 0.92 | %(F) | 1.17 | %(F) | 11 | %(E)(G) | ||||||||||||||||||||
| (0.19 | ) | (0.51 | ) | $ | 25.48 | 11.47 | % | $ | 758,160 | 0.92 | % | 0.92 | % | 1.07 | % | 16 | %(G) | ||||||||||||||||||
| (1.03 | ) | (1.22 | ) | $ | 23.31 | (13.62 | )% | $ | 813,600 | 0.92 | % | 0.92 | % | 0.74 | % | 25 | %(G) | ||||||||||||||||||
| (1.50 | ) | (1.63 | ) | $ | 28.38 | 31.14 | % | $ | 1,059,287 | 0.91 | % | 0.92 | % | 0.45 | % | 14 | % | ||||||||||||||||||
| (0.01 | ) | (0.17 | ) | $ | 22.93 | 1.31 | % | $ | 889,148 | 0.91 | % | 0.92 | % | 0.49 | % | 31 | %(G) | ||||||||||||||||||
| (0.94 | ) | (1.15 | ) | $ | 22.80 | 27.74 | % | $ | 1,081,619 | 0.92 | % | 0.93 | % | 0.50 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 25.75 | 0.78 | %(E) | $ | 650,980 | 0.80 | %(F) | 0.80 | %(F) | 1.29 | %(F) | 11 | %(E)(G) | ||||||||||||||||||||
| (0.19 | ) | (0.54 | ) | $ | 25.55 | 11.62 | % | $ | 815,252 | 0.80 | % | 0.80 | % | 1.21 | % | 16 | %(G) | ||||||||||||||||||
| (1.03 | ) | (1.25 | ) | $ | 23.37 | (13.51 | )% | $ | 924,744 | 0.80 | % | 0.80 | % | 0.87 | % | 25 | %(G) | ||||||||||||||||||
| (1.50 | ) | (1.66 | ) | $ | 28.45 | 31.24 | % | $ | 1,011,010 | 0.79 | % | 0.80 | % | 0.59 | % | 14 | % | ||||||||||||||||||
| (0.01 | ) | (0.19 | ) | $ | 22.99 | 1.50 | % | $ | 888,375 | 0.79 | % | 0.80 | % | 0.61 | % | 31 | %(G) | ||||||||||||||||||
| (0.94 | ) | (1.17 | ) | $ | 22.84 | 27.82 | % | $ | 1,147,458 | 0.80 | % | 0.81 | % | 0.62 | % | 14 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(E) |
Not annualized. |
(F) |
Annualized. |
(G) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 89 |
Mid
Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Mid Cap Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
Dividends
|
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.37 | 0.08 | 0.64 | 0.72 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 15.33 | 0.08 | 1.32 | 1.40 | (0.04 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 18.62 | 0.07 | (2.60 | ) | (2.53 | ) | (0.10 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 14.27 | 0.05 | 4.36 | 4.41 | (0.06 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 14.64 | 0.05 | (0.34 | ) | (0.29 | ) | (0.06 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 11.89 | 0.05 | 2.96 | 3.01 | (0.05 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.33 | 0.11 | 0.63 | 0.74 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 15.39 | 0.14 | 1.31 | 1.45 | (0.19 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 18.69 | 0.12 | (2.61 | ) | (2.49 | ) | (0.15 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 14.32 | 0.10 | 4.38 | 4.48 | (0.11 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 14.69 | 0.09 | (0.35 | ) | (0.26 | ) | (0.09 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 11.92 | 0.10 | 2.97 | 3.07 | (0.09 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.39 | 0.12 | 0.64 | 0.76 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 15.43 | 0.16 | 1.33 | 1.49 | (0.21 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 18.74 | 0.14 | (2.62 | ) | (2.48 | ) | (0.17 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 14.36 | 0.11 | 4.40 | 4.51 | (0.13 | ) | |||||||||||||
For the year ended December 31, 2020 |
$ | 14.73 | 0.10 | (0.35 | ) | (0.25 | ) | (0.10 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 11.95 | 0.11 | 2.98 | 3.09 | (0.10 | ) | |||||||||||||
|
||||||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2022 through 2019. |
90 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of |
Ratio
of |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | $ | 17.09 | 4.40 | %(E) | $ | 4,011 | 1.06 | %(F) | 1.06 | %(F) | 0.97 | %(F) | 10 | %(E) | ||||||||||||||||||||
| (0.32 | ) | (0.36 | ) | $ | 16.37 | 9.14 | % | $ | 4,435 | 1.06 | % | 1.06 | % | 0.48 | % | 22 | % | ||||||||||||||||||
| (0.66 | ) | (0.76 | ) | $ | 15.33 | (13.66 | )% | $ | 23,932 | 1.06 | % | 1.06 | % | 0.46 | % | 19 | %(G) | ||||||||||||||||||
| — | (0.06 | ) | $ | 18.62 | 30.87 | % | $ | 33,006 | 1.06 | % | 1.06 | % | 0.30 | % | 12 | % | |||||||||||||||||||
| (0.02 | ) | (0.08 | ) | $ | 14.27 | (2.01 | )% | $ | 33,178 | 1.06 | % | 1.06 | % | 0.41 | % | 52 | % | ||||||||||||||||||
| (0.21 | ) | (0.26 | ) | $ | 14.64 | 25.36 | % | $ | 31,997 | 1.06 | % | 1.07 | % | 0.36 | % | 31 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 17.07 | 4.53 | %(E) | $ | 144,705 | 0.77 | %(F) | 0.77 | %(F) | 1.27 | %(F) | 10 | %(E) | ||||||||||||||||||||
| (0.32 | ) | (0.51 | ) | $ | 16.33 | 9.44 | % | $ | 149,820 | 0.77 | % | 0.77 | % | 0.90 | % | 22 | % | ||||||||||||||||||
| (0.66 | ) | (0.81 | ) | $ | 15.39 | (13.39 | )% | $ | 150,772 | 0.77 | % | 0.77 | % | 0.75 | % | 19 | %(G) | ||||||||||||||||||
| — | (0.11 | ) | $ | 18.69 | 31.29 | % | $ | 229,696 | 0.77 | % | 0.77 | % | 0.60 | % | 12 | % | |||||||||||||||||||
| (0.02 | ) | (0.11 | ) | $ | 14.32 | (1.76 | )% | $ | 194,354 | 0.77 | % | 0.77 | % | 0.71 | % | 52 | % | ||||||||||||||||||
| (0.21 | ) | (0.30 | ) | $ | 14.69 | 25.82 | % | $ | 177,536 | 0.77 | % | 0.78 | % | 0.68 | % | 31 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 17.15 | 4.64 | %(E) | $ | 7,915 | 0.65 | %(F) | 0.65 | %(F) | 1.39 | %(F) | 10 | %(E) | ||||||||||||||||||||
| (0.32 | ) | (0.53 | ) | $ | 16.39 | 9.65 | % | $ | 8,263 | 0.65 | % | 0.65 | % | 0.99 | % | 22 | % | ||||||||||||||||||
| (0.66 | ) | (0.83 | ) | $ | 15.43 | (13.31 | )% | $ | 12,528 | 0.65 | % | 0.65 | % | 0.86 | % | 19 | %(G) | ||||||||||||||||||
| — | (0.13 | ) | $ | 18.74 | 31.41 | % | $ | 23,739 | 0.65 | % | 0.65 | % | 0.69 | % | 12 | % | |||||||||||||||||||
| (0.02 | ) | (0.12 | ) | $ | 14.36 | (1.66 | )% | $ | 23,248 | 0.65 | % | 0.65 | % | 0.82 | % | 52 | % | ||||||||||||||||||
| (0.21 | ) | (0.31 | ) | $ | 14.73 | 25.91 | % | $ | 20,454 | 0.65 | % | 0.66 | % | 0.74 | % | 31 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(E) |
Not annualized. |
(F) |
Annualized. |
(G) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 91 |
Large
Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Large Cap Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 31.72 | 0.20 | 1.75 | 1.95 | |||||||||||
For the year ended December 31, 2023 |
$ | 28.86 | 0.35 | 3.49 | 3.84 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.50 | 0.28 | (5.09 | ) | (4.81 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.42 | 0.23 | 7.43 | 7.66 | |||||||||||
For the year ended December 31, 2020 |
$ | 28.86 | 0.28 | 2.19 | 2.47 | |||||||||||
For the year ended December 31, 2019 |
$ | 22.89 | 0.28 | 6.99 | 7.27 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 31.80 | 0.25 | 1.75 | 2.00 | |||||||||||
For the year ended December 31, 2023 |
$ | 29.04 | 0.44 | 3.52 | 3.96 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.69 | 0.37 | (5.10 | ) | (4.73 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.57 | 0.34 | 7.46 | 7.80 | |||||||||||
For the year ended December 31, 2020 |
$ | 29.05 | 0.36 | 2.22 | 2.58 | |||||||||||
For the year ended December 31, 2019 |
$ | 23.03 | 0.36 | 7.04 | 7.40 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 31.82 | 0.27 | 1.75 | 2.02 | |||||||||||
For the year ended December 31, 2023 |
$ | 29.06 | 0.48 | 3.52 | 4.00 | |||||||||||
For the year ended December 31, 2022 |
$ | 35.72 | 0.41 | (5.10 | ) | (4.69 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 30.59 | 0.38 | 7.47 | 7.85 | |||||||||||
For the year ended December 31, 2020 |
$ | 29.07 | 0.40 | 2.21 | 2.61 | |||||||||||
For the year ended December 31, 2019 |
$ | 23.04 | 0.40 | 7.05 | 7.45 | |||||||||||
|
||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(D) |
Not annualized. |
92 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of total |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | — | $ | 33.67 | 6.15 | %(D) | $ | 317 | 0.96 | %(E) | 1.23 | %(E) | 12 | %(D)(F) | |||||||||||||||||||||
| (0.24 | ) | (0.74 | ) | (0.98 | ) | $ | 31.72 | 13.31 | % | $ | 332 | 0.96 | % | 1.16 | % | 23 | % | ||||||||||||||||||
| (0.33 | ) | (1.50 | ) | (1.83 | ) | $ | 28.86 | (13.66 | )% | $ | 777 | 0.96 | % | 0.87 | % | 38 | %(F) | ||||||||||||||||||
| (0.21 | ) | (2.37 | ) | (2.58 | ) | $ | 35.50 | 25.42 | % | $ | 987 | 0.96 | % | 0.68 | % | 22 | %(F) | ||||||||||||||||||
| (0.18 | ) | (0.73 | ) | (0.91 | ) | $ | 30.42 | 8.65 | % | $ | 763 | 0.96 | % | 1.04 | % | 33 | % | ||||||||||||||||||
| (0.26 | ) | (1.04 | ) | (1.30 | ) | $ | 28.86 | 31.80 | % | $ | 1,243 | 0.97 | % | 1.03 | % | 22 | %(G) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 33.80 | 6.29 | %(D) | $ | 5,322 | 0.67 | %(E) | 1.52 | %(E) | 12 | %(D)(F) | |||||||||||||||||||||
| (0.46 | ) | (0.74 | ) | (1.20 | ) | $ | 31.80 | 13.66 | % | $ | 5,228 | 0.67 | % | 1.47 | % | 23 | % | ||||||||||||||||||
| (0.42 | ) | (1.50 | ) | (1.92 | ) | $ | 29.04 | (13.38 | )% | $ | 5,417 | 0.67 | % | 1.16 | % | 38 | %(F) | ||||||||||||||||||
| (0.31 | ) | (2.37 | ) | (2.68 | ) | $ | 35.69 | 25.75 | % | $ | 8,168 | 0.67 | % | 0.97 | % | 22 | %(F) | ||||||||||||||||||
| (0.33 | ) | (0.73 | ) | (1.06 | ) | $ | 30.57 | 8.97 | % | $ | 5,140 | 0.67 | % | 1.33 | % | 33 | % | ||||||||||||||||||
| (0.34 | ) | (1.04 | ) | (1.38 | ) | $ | 29.05 | 32.18 | % | $ | 3,878 | 0.68 | % | 1.32 | % | 22 | %(G) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 33.84 | 6.35 | %(D) | $ | 2,857 | 0.55 | %(E) | 1.64 | %(E) | 12 | %(D)(F) | |||||||||||||||||||||
| (0.50 | ) | (0.74 | ) | (1.24 | ) | $ | 31.82 | 13.78 | % | $ | 2,852 | 0.55 | % | 1.60 | % | 23 | % | ||||||||||||||||||
| (0.47 | ) | (1.50 | ) | (1.97 | ) | $ | 29.06 | (13.27 | )% | $ | 2,296 | 0.55 | % | 1.28 | % | 38 | %(F) | ||||||||||||||||||
| (0.35 | ) | (2.37 | ) | (2.72 | ) | $ | 35.72 | 25.89 | % | $ | 3,205 | 0.55 | % | 1.09 | % | 22 | %(F) | ||||||||||||||||||
| (0.36 | ) | (0.73 | ) | (1.09 | ) | $ | 30.59 | 9.07 | % | $ | 2,340 | 0.55 | % | 1.45 | % | 33 | % | ||||||||||||||||||
| (0.38 | ) | (1.04 | ) | (1.42 | ) | $ | 29.07 | 32.34 | % | $ | 1,568 | 0.56 | % | 1.44 | % | 22 | %(G) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(E) |
Annualized. |
(F) |
Portfolio turnover does not include redemptions in-kind. |
(G) |
Portfolio turnover does not include in-kind subscriptions. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 93 |
Large
Cap Concentrated Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Large Cap Concentrated Fund(A) |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 11.94 | 0.08 | 0.87 | 0.95 | |||||||||||
For the year ended December 31, 2023 |
$ | 10.33 | 0.13 | 1.61 | 1.74 | |||||||||||
For the year ended December 31, 2022 |
$ | 11.90 | 0.10 | (1.64 | ) | (1.54 | ) | |||||||||
For the period ended December 31, 2021 |
$ | 10.00 | 0.05 | 2.00 | 2.05 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 11.89 | 0.10 | 0.86 | 0.96 | |||||||||||
For the year ended December 31, 2023 |
$ | 10.28 | 0.16 | 1.61 | 1.77 | |||||||||||
For the year ended December 31, 2022 |
$ | 11.92 | 0.14 | (1.66 | ) | (1.52 | ) | |||||||||
For the period ended December 31, 2021 |
$ | 10.00 | 0.07 | 2.02 | 2.09 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 11.90 | 0.10 | 0.87 | 0.97 | |||||||||||
For the year ended December 31, 2023 |
$ | 10.29 | 0.17 | 1.61 | 1.78 | |||||||||||
For the year ended December 31, 2022 |
$ | 11.92 | 0.14 | (1.64 | ) | (1.50 | ) | |||||||||
For the period ended December 31, 2021 |
$ | 10.00 | 0.09 | 2.01 | 2.10 | |||||||||||
|
||||||||||||||||
(A) |
Inception date of the Fund is February 26, 2021. Fund commenced public offering on May 3, 2021. |
(B) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
94 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return |
Net
assets, |
Ratio
of total |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | — | $ | 12.89 | 7.96 | %(D) | $ | 360 | 0.96 | %(E) | 1.24 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.13 | ) | — | (0.13 | ) | $ | 11.94 | 16.84 | % | $ | 295 | 0.97 | % | 1.21 | % | 34 | % | |||||||||||||||||||
| (0.03 | ) | — | (0.03 | ) | $ | 10.33 | (12.93 | )% | $ | 23 | 0.97 | % | 0.96 | % | 41 | % | |||||||||||||||||||
| (0.05 | ) | (0.10 | ) | (0.15 | ) | $ | 11.90 | 20.53 | %(D) | $ | 33 | 0.96 | %(E) | 0.56 | %(E) | 18 | %(D) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 12.85 | 8.07 | %(D) | $ | 12,924 | 0.67 | %(E) | 1.54 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.16 | ) | — | (0.16 | ) | $ | 11.89 | 17.21 | % | $ | 10,635 | 0.68 | % | 1.45 | % | 34 | % | |||||||||||||||||||
| (0.12 | ) | — | (0.12 | ) | $ | 10.28 | (12.75 | )% | $ | 9,107 | 0.68 | % | 1.38 | % | 41 | % | |||||||||||||||||||
| (0.07 | ) | (0.10 | ) | (0.17 | ) | $ | 11.92 | 20.92 | %(D) | $ | 2,015 | 0.67 | %(E) | 0.77 | %(E) | 18 | %(D) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 12.87 | 8.15 | %(D) | $ | 17,840 | 0.55 | %(E) | 1.65 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.17 | ) | — | (0.17 | ) | $ | 11.90 | 17.32 | % | $ | 16,706 | 0.56 | % | 1.57 | % | 34 | % | |||||||||||||||||||
| (0.13 | ) | — | (0.13 | ) | $ | 10.29 | (12.62 | )% | $ | 14,017 | 0.56 | % | 1.32 | % | 41 | % | |||||||||||||||||||
| (0.08 | ) | (0.10 | ) | (0.18 | ) | $ | 11.92 | 20.98 | %(D) | $ | 15,898 | 0.55 | %(E) | 1.00 | %(E) | 18 | %(D) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Not annualized. |
(E) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 95 |
Select
Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Select Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 22.11 | 0.09 | 1.39 | 1.48 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.03 | 0.05 | 5.22 | 5.27 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.44 | (0.02 | ) | (3.70 | ) | (3.72 | ) | ||||||||
For the year ended December 31, 2021 |
$ | 18.43 | 0.10 | 5.85 | 5.95 | |||||||||||
For the year ended December 31, 2020 |
$ | 16.17 | 0.05 | 2.26 | 2.31 | |||||||||||
For the year ended December 31, 2019 |
$ | 12.64 | 0.06 | 3.78 | 3.84 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 22.44 | 0.12 | 1.42 | 1.54 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.28 | 0.11 | 5.30 | 5.41 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.73 | 0.04 | (3.76 | ) | (3.72 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 18.60 | 0.14 | 5.96 | 6.10 | |||||||||||
For the year ended December 31, 2020 |
$ | 16.32 | 0.09 | 2.29 | 2.38 | |||||||||||
For the year ended December 31, 2019 |
$ | 12.72 | 0.11 | 3.80 | 3.91 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 22.55 | 0.14 | 1.42 | 1.56 | |||||||||||
For the year ended December 31, 2023 |
$ | 17.36 | 0.12 | 5.33 | 5.45 | |||||||||||
For the year ended December 31, 2022 |
$ | 21.82 | 0.05 | (3.76 | ) | (3.71 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 18.66 | 0.14 | 6.01 | 6.15 | |||||||||||
For the year ended December 31, 2020 |
$ | 16.37 | 0.11 | 2.30 | 2.41 | |||||||||||
For the year ended December 31, 2019 |
$ | 12.74 | 0.13 | 3.81 | 3.94 | |||||||||||
|
||||||||||||||||
(A) |
Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
96 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | — | $ | 23.59 | 6.69 | %(D) | $ | 35,806 | 1.16 | %(E) | 0.75 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.05 | ) | (0.14 | ) | (0.19 | ) | $ | 22.11 | 30.19 | % | $ | 31,797 | 1.16 | % | 0.26 | % | 60 | % | ||||||||||||||||||
| — | (0.69 | ) | (0.69 | ) | $ | 17.03 | (17.44 | )% | $ | 28,808 | 1.16 | % | (0.09 | )% | 78 | %(F) | |||||||||||||||||||
| (0.17 | ) | (2.77 | ) | (2.94 | ) | $ | 21.44 | 32.91 | % | $ | 31,064 | 1.16 | % | 0.44 | % | 55 | % | ||||||||||||||||||
| (0.05 | ) | — | (0.05 | ) | $ | 18.43 | 14.30 | % | $ | 10,207 | 1.16 | % | 0.33 | % | 76 | % | |||||||||||||||||||
| — | (0.31 | ) | (0.31 | ) | $ | 16.17 | 30.41 | % | $ | 11,049 | 1.17 | % | 0.46 | % | 45 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 23.98 | 6.86 | %(D) | $ | 445,421 | 0.87 | %(E) | 1.05 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.11 | ) | (0.14 | ) | (0.25 | ) | $ | 22.44 | 30.56 | % | $ | 389,017 | 0.87 | % | 0.59 | % | 60 | % | ||||||||||||||||||
| (0.04 | ) | (0.69 | ) | (0.73 | ) | $ | 17.28 | (17.20 | )% | $ | 238,051 | 0.87 | % | 0.21 | % | 78 | %(F) | ||||||||||||||||||
| (0.20 | ) | (2.77 | ) | (2.97 | ) | $ | 21.73 | 33.39 | % | $ | 232,051 | 0.87 | % | 0.61 | % | 55 | % | ||||||||||||||||||
| (0.10 | ) | — | (0.10 | ) | $ | 18.60 | 14.57 | % | $ | 171,263 | 0.87 | % | 0.62 | % | 76 | % | |||||||||||||||||||
| — | (0.31 | ) | (0.31 | ) | $ | 16.32 | 30.77 | % | $ | 152,591 | 0.88 | % | 0.75 | % | 45 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 24.11 | 6.92 | %(D) | $ | 52,504 | 0.75 | %(E) | 1.17 | %(E) | 18 | %(D) | |||||||||||||||||||||
| (0.12 | ) | (0.14 | ) | (0.26 | ) | $ | 22.55 | 30.69 | % | $ | 48,858 | 0.75 | % | 0.66 | % | 60 | % | ||||||||||||||||||
| (0.06 | ) | (0.69 | ) | (0.75 | ) | $ | 17.36 | (17.10 | )% | $ | 57,091 | 0.75 | % | 0.27 | % | 78 | %(F) | ||||||||||||||||||
| (0.22 | ) | (2.77 | ) | (2.99 | ) | $ | 21.82 | 33.55 | % | $ | 120,283 | 0.75 | % | 0.64 | % | 55 | % | ||||||||||||||||||
| (0.12 | ) | — | (0.12 | ) | $ | 18.66 | 14.70 | % | $ | 141,244 | 0.75 | % | 0.74 | % | 76 | % | |||||||||||||||||||
| — | (0.31 | ) | (0.31 | ) | $ | 16.37 | 30.96 | % | $ | 103,963 | 0.76 | % | 0.86 | % | 45 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Not annualized. |
(E) |
Annualized. |
(F) |
Portfolio turnover does not include redemptions in-kind. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 97 |
Long-Short
Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Long-Short Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
Dividends
|
|||||||||||||||
Investor |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 25.99 | 0.27 | 2.34 | 2.61 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 24.12 | 0.47 | 2.44 | 2.91 | (0.53 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 27.76 | 0.08 | (2.50 | ) | (2.42 | ) | (0.09 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 25.89 | (0.11 | ) | 4.98 | 4.87 | — | |||||||||||||
For the year ended December 31, 2020 |
$ | 26.29 | 0.02 | (0.17 | ) | (0.15 | ) | (0.05 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 22.78 | 0.13 | 5.04 | 5.17 | (0.17 | ) | |||||||||||||
|
||||||||||||||||||||
Class I |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 26.93 | 0.33 | 2.42 | 2.75 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 24.96 | 0.57 | 2.52 | 3.09 | (0.61 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.68 | 0.17 | (2.59 | ) | (2.42 | ) | (0.17 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 26.58 | (0.03 | ) | 5.13 | 5.10 | — | |||||||||||||
For the year ended December 31, 2020 |
$ | 26.98 | 0.09 | (0.17 | ) | (0.08 | ) | (0.12 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 23.32 | 0.22 | 5.16 | 5.38 | (0.23 | ) | |||||||||||||
|
||||||||||||||||||||
Class Y |
||||||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 27.10 | 0.34 | 2.44 | 2.78 | — | ||||||||||||||
For the year ended December 31, 2023 |
$ | 25.11 | 0.61 | 2.53 | 3.14 | (0.64 | ) | |||||||||||||
For the year ended December 31, 2022 |
$ | 28.85 | 0.19 | (2.60 | ) | (2.41 | ) | (0.20 | ) | |||||||||||
For the year ended December 31, 2021 |
$ | 26.69 | 0.02 | 5.14 | 5.16 | — | ||||||||||||||
For the year ended December 31, 2020 |
$ | 27.10 | 0.14 | (0.20 | ) | (0.06 | ) | (0.15 | ) | |||||||||||
For the year ended December 31, 2019 |
$ | 23.42 | 0.25 | 5.18 | 5.43 | (0.26 | ) | |||||||||||||
|
||||||||||||||||||||
(A) |
Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
This Fund invests in short positions and as such incurs certain expenses and fees. If such expenses and fees had not occurred, the ratios of total expenses to average net assets would have been 1.36%(H) for Investor, 1.07%(H) for Class I, and 0.95%(H) for Class Y. |
(D) |
The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated for the years ended December 31, 2022 through 2018. |
98 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of |
Ratio
of |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | $ | 28.60 | 10.04 | %(G) | $ | 125 | 1.76 | %(H) | 1.76 | %(H) | 1.98 | %(H) | 18 | %(G) | ||||||||||||||||||||
| (0.51 | ) | (1.04 | ) | $ | 25.99 | 12.12 | % | $ | 123 | 1.78 | % | 1.78 | % | 1.30 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.22 | ) | $ | 24.12 | (8.74 | )% | $ | 127 | 1.78 | % | 1.78 | % | 0.30 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 27.76 | 19.03 | % | $ | 168 | 1.92 | % | 1.93 | % | (0.38 | )% | 33 | % | ||||||||||||||||||
| (0.20 | ) | (0.25 | ) | $ | 25.89 | (0.55 | )% | $ | 162 | 1.81 | % | 1.82 | % | 0.09 | % | 65 | % | ||||||||||||||||||
| (1.49 | ) | (1.66 | ) | $ | 26.29 | 22.74 | % | $ | 235 | 1.85 | % | 1.86 | % | 0.51 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 29.68 | 10.21 | %(G) | $ | 1,651 | 1.47 | %(H) | 1.47 | %(H) | 2.27 | %(H) | 18 | %(G) | ||||||||||||||||||||
| (0.51 | ) | (1.12 | ) | $ | 26.93 | 12.40 | % | $ | 1,544 | 1.49 | % | 1.49 | % | 1.64 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.30 | ) | $ | 24.96 | (8.45 | )% | $ | 1,604 | 1.49 | % | 1.49 | % | 0.61 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 28.68 | 19.40 | % | $ | 1,792 | 1.63 | % | 1.64 | % | (0.08 | )% | 33 | % | ||||||||||||||||||
| (0.20 | ) | (0.32 | ) | $ | 26.58 | (0.27 | )% | $ | 1,794 | 1.52 | % | 1.53 | % | 0.39 | % | 65 | % | ||||||||||||||||||
| (1.49 | ) | (1.72 | ) | $ | 26.98 | 23.11 | % | $ | 2,960 | 1.56 | % | 1.57 | % | 0.84 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | $ | 29.88 | 10.26 | %(G) | $ | 58 | 1.35 | %(H) | 1.35 | %(H) | 2.39 | %(H) | 18 | %(G) | ||||||||||||||||||||
| (0.51 | ) | (1.15 | ) | $ | 27.10 | 12.55 | % | $ | 59 | 1.37 | % | 1.37 | % | 1.81 | % | 41 | % | ||||||||||||||||||
| (1.13 | ) | (1.33 | ) | $ | 25.11 | (8.36 | )% | $ | 22 | 1.37 | % | 1.37 | % | 0.68 | % | 61 | % | ||||||||||||||||||
| (3.00 | ) | (3.00 | ) | $ | 28.85 | 19.55 | % | $ | 37 | 1.51 | % | 1.52 | % | 0.08 | % | 33 | % | ||||||||||||||||||
| (0.20 | ) | (0.35 | ) | $ | 26.69 | (0.19 | )% | $ | 75 | 1.40 | % | 1.41 | % | 0.57 | % | 65 | % | ||||||||||||||||||
| (1.49 | ) | (1.75 | ) | $ | 27.10 | 23.23 | % | $ | 292 | 1.44 | % | 1.45 | % | 0.93 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(E) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(F) |
The portfolio turnover rate for 2024, 2023, 2022, 2021, 2020 and 2019 would have been 17%(G), 40%, 46%, 30%, 47% and 42%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation. |
(G) |
Not annualized. |
(H) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 99 |
International
Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
International Fund(A) |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.68 | 0.16 | 0.86 | 1.02 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.28 | 0.21 | 2.34 | 2.55 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.76 | 0.17 | (2.49 | ) | (2.32 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.48 | 0.38 | 1.52 | 1.90 | |||||||||||
For the year ended December 31, 2020 |
$ | 14.67 | 0.05 | 0.90 | 0.95 | |||||||||||
For the period ended December 31, 2019 |
$ | 13.55 | 0.02 | 1.15 | 1.17 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.70 | 0.19 | 0.86 | 1.05 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.29 | 0.26 | 2.33 | 2.59 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.79 | 0.20 | (2.46 | ) | (2.26 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.51 | 0.42 | 1.53 | 1.95 | |||||||||||
For the year ended December 31, 2020 |
$ | 14.69 | 0.09 | 0.90 | 0.99 | |||||||||||
For the period ended December 31, 2019 |
$ | 13.55 | 0.04 | 1.15 | 1.19 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 16.73 | 0.20 | 0.86 | 1.06 | |||||||||||
For the year ended December 31, 2023 |
$ | 14.30 | 0.29 | 2.33 | 2.62 | |||||||||||
For the year ended December 31, 2022 |
$ | 16.80 | 0.22 | (2.47 | ) | (2.25 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 15.51 | 0.47 | 1.51 | 1.98 | |||||||||||
For the year ended December 31, 2020 |
$ | 14.69 | 0.11 | 0.89 | 1.00 | |||||||||||
For the period ended December 31, 2019 |
$ | 13.55 | 0.05 | 1.15 | 1.20 | |||||||||||
|
||||||||||||||||
(A) |
Inception date of the Fund is June 28, 2019. Fund commenced public offering and operations on July 1, 2019. |
(B) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(C) |
Total returns shown exclude the effect of applicable sales charges for periods prior to December 31, 2021. |
100 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return(C) |
Net
assets, |
Ratio
of total |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| — | — | — | $ | 17.70 | 6.12 | %(E) | $ | 1,043 | 1.14 | %(F) | 1.87 | %(F) | 18 | %(E) | |||||||||||||||||||||
| (0.15 | ) | — | (0.15 | ) | $ | 16.68 | 17.88 | % | $ | 1,022 | 1.14 | % | 1.30 | % | 24 | % | |||||||||||||||||||
| (0.12 | ) | (0.04 | ) | (0.16 | ) | $ | 14.28 | (13.84 | )% | $ | 267 | 1.15 | % | 1.13 | % | 21 | % | ||||||||||||||||||
| (0.15 | ) | (0.47 | ) | (0.62 | ) | $ | 16.76 | 12.43 | % | $ | 449 | 1.13 | % | 2.20 | % | 33 | % | ||||||||||||||||||
| (0.06 | ) | (0.08 | ) | (0.14 | ) | $ | 15.48 | 6.48 | % | $ | 338 | 1.14 | % | 0.43 | % | 49 | % | ||||||||||||||||||
| (0.04 | ) | (0.01 | ) | (0.05 | ) | $ | 14.67 | 8.64 | %(E) | $ | 45 | 1.21 | %(F) | 0.25 | %(F) | 8 | %(E) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 17.75 | 6.29 | %(E) | $ | 62,466 | 0.85 | %(F) | 2.25 | %(F) | 18 | %(E) | |||||||||||||||||||||
| (0.18 | ) | — | (0.18 | ) | $ | 16.70 | 18.12 | % | $ | 43,664 | 0.85 | % | 1.64 | % | 24 | % | |||||||||||||||||||
| (0.20 | ) | (0.04 | ) | (0.24 | ) | $ | 14.29 | (13.51 | )% | $ | 10,729 | 0.86 | % | 1.35 | % | 21 | % | ||||||||||||||||||
| (0.20 | ) | (0.47 | ) | (0.67 | ) | $ | 16.79 | 12.74 | % | $ | 9,010 | 0.84 | % | 2.43 | % | 33 | % | ||||||||||||||||||
| (0.09 | ) | (0.08 | ) | (0.17 | ) | $ | 15.51 | 6.74 | % | $ | 3,913 | 0.85 | % | 0.74 | % | 49 | % | ||||||||||||||||||
| (0.04 | ) | (0.01 | ) | (0.05 | ) | $ | 14.69 | 8.80 | %(E) | $ | 3,828 | 0.92 | %(F) | 0.61 | %(F) | 8 | %(E) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| — | — | — | $ | 17.79 | 6.34 | %(E) | $ | 70,037 | 0.73 | %(F) | 2.31 | %(F) | 18 | %(E) | |||||||||||||||||||||
| (0.19 | ) | — | (0.19 | ) | $ | 16.73 | 18.30 | % | $ | 64,543 | 0.73 | % | 1.81 | % | 24 | % | |||||||||||||||||||
| (0.21 | ) | (0.04 | ) | (0.25 | ) | $ | 14.30 | (13.41 | )% | $ | 40,603 | 0.74 | % | 1.48 | % | 21 | % | ||||||||||||||||||
| (0.22 | ) | (0.47 | ) | (0.69 | ) | $ | 16.80 | 12.88 | % | $ | 46,129 | 0.72 | % | 2.74 | % | 33 | % | ||||||||||||||||||
| (0.10 | ) | (0.08 | ) | (0.18 | ) | $ | 15.51 | 6.81 | % | $ | 12,616 | 0.73 | % | 0.87 | % | 49 | % | ||||||||||||||||||
| (0.05 | ) | (0.01 | ) | (0.06 | ) | $ | 14.69 | 8.85 | %(E) | $ | 9,616 | 0.80 | %(F) | 0.70 | %(F) | 8 | %(E) | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
(E) |
Not annualized. |
(F) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 101 |
Short
Duration Securitized Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Short Duration Securitized Bond Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.68 | 0.27 | 0.15 | 0.42 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.42 | 0.51 | 0.26 | 0.77 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.10 | 0.31 | (0.67 | ) | (0.36 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.09 | 0.23 | 0.01 | 0.24 | |||||||||||
For the year ended December 31, 2020 |
$ | 10.11 | 0.26 | 0.02 | 0.28 | |||||||||||
For the year ended December 31, 2019 |
$ | 10.05 | 0.38 | 0.06 | 0.44 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.69 | 0.29 | 0.14 | 0.43 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.41 | 0.54 | 0.28 | 0.82 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.10 | 0.34 | (0.68 | ) | (0.34 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.09 | 0.25 | 0.02 | 0.27 | |||||||||||
For the year ended December 31, 2020 |
$ | 10.12 | 0.28 | 0.02 | 0.30 | |||||||||||
For the year ended December 31, 2019 |
$ | 10.05 | 0.41 | 0.07 | 0.48 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.70 | 0.29 | 0.15 | 0.44 | |||||||||||
For the year ended December 31, 2023 |
$ | 9.42 | 0.55 | 0.28 | 0.83 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.11 | 0.34 | (0.67 | ) | (0.33 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.10 | 0.27 | 0.01 | 0.28 | |||||||||||
For the year ended December 31, 2020 |
$ | 10.12 | 0.30 | 0.02 | 0.32 | |||||||||||
For the year ended December 31, 2019 |
$ | 10.06 | 0.42 | 0.06 | 0.48 | |||||||||||
|
||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
102 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of total |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| (0.30 | ) | — | (0.30 | ) | $ | 9.80 | 4.37 | %(D) | $ | 32,092 | 0.81 | %(E) | 5.65 | %(E) | 27 | %(D) | |||||||||||||||||||
| (0.51 | ) | — | (0.51 | ) | $ | 9.68 | 8.38 | % | $ | 25,258 | 0.81 | % | 5.32 | % | 38 | % | |||||||||||||||||||
| (0.32 | ) | — | (0.32 | ) | $ | 9.42 | (3.57 | )% | $ | 29,352 | 0.81 | % | 3.23 | % | 41 | % | |||||||||||||||||||
| (0.23 | ) | (0.00 | )(F) | (0.23 | ) | $ | 10.10 | 2.42 | % | $ | 40,035 | 0.81 | % | 2.26 | % | 48 | % | ||||||||||||||||||
| (0.30 | ) | — | (0.30 | ) | $ | 10.09 | 2.87 | % | $ | 47,059 | 0.82 | % | 2.68 | % | 72 | % | |||||||||||||||||||
| (0.38 | ) | (0.00 | )(F) | (0.38 | ) | $ | 10.11 | 4.44 | % | $ | 55,727 | 0.82 | % | 3.72 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.31 | ) | — | (0.31 | ) | $ | 9.81 | 4.51 | %(D) | $ | 2,412,939 | 0.52 | %(E) | 5.94 | %(E) | 27 | %(D) | |||||||||||||||||||
| (0.54 | ) | — | (0.54 | ) | $ | 9.69 | 8.91 | % | $ | 1,541,039 | 0.52 | % | 5.63 | % | 38 | % | |||||||||||||||||||
| (0.35 | ) | — | (0.35 | ) | $ | 9.41 | (3.38 | )% | $ | 1,054,124 | 0.52 | % | 3.55 | % | 41 | % | |||||||||||||||||||
| (0.26 | ) | (0.00 | )(F) | (0.26 | ) | $ | 10.10 | 2.74 | % | $ | 1,313,888 | 0.52 | % | 2.50 | % | 48 | % | ||||||||||||||||||
| (0.33 | ) | — | (0.33 | ) | $ | 10.09 | 3.08 | % | $ | 897,232 | 0.53 | % | 2.93 | % | 72 | % | |||||||||||||||||||
| (0.41 | ) | (0.00 | )(F) | (0.41 | ) | $ | 10.12 | 4.85 | % | $ | 525,994 | 0.53 | % | 4.00 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.32 | ) | — | (0.32 | ) | $ | 9.82 | 4.57 | %(D) | $ | 49,590 | 0.40 | %(E) | 6.06 | %(E) | 27 | %(D) | |||||||||||||||||||
| (0.55 | ) | — | (0.55 | ) | $ | 9.70 | 9.03 | % | $ | 48,045 | 0.40 | % | 5.68 | % | 38 | % | |||||||||||||||||||
| (0.36 | ) | — | (0.36 | ) | $ | 9.42 | (3.27 | )% | $ | 64,761 | 0.40 | % | 3.54 | % | 41 | % | |||||||||||||||||||
| (0.27 | ) | (0.00 | )(F) | (0.27 | ) | $ | 10.11 | 2.85 | % | $ | 144,787 | 0.40 | % | 2.68 | % | 48 | % | ||||||||||||||||||
| (0.34 | ) | — | (0.34 | ) | $ | 10.10 | 3.29 | % | $ | 188,175 | 0.41 | % | 3.09 | % | 72 | % | |||||||||||||||||||
| (0.42 | ) | (0.00 | )(F) | (0.42 | ) | $ | 10.12 | 4.84 | % | $ | 226,938 | 0.41 | % | 4.09 | % | 54 | % | ||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Not annualized. |
(E) |
Annualized. |
(F) |
Amount is less than $0.005. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 103 |
Core
Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Core Bond Fund |
Net
asset |
Net
|
Net
realized |
Total
from |
||||||||||||
Investor |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.09 | 0.20 | (0.14 | ) | 0.06 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.92 | 0.38 | 0.16 | 0.54 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.40 | 0.22 | (1.46 | ) | (1.24 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.74 | 0.19 | (0.32 | ) | (0.13 | ) | |||||||||
For the year ended December 31, 2020 |
$ | 10.19 | 0.21 | 0.56 | 0.77 | |||||||||||
For the year ended December 31, 2019 |
$ | 9.71 | 0.24 | 0.49 | 0.73 | |||||||||||
|
||||||||||||||||
Class I |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.07 | 0.21 | (0.14 | ) | 0.07 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.90 | 0.41 | 0.16 | 0.57 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.39 | 0.27 | (1.49 | ) | (1.22 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.74 | 0.22 | (0.33 | ) | (0.11 | ) | |||||||||
For the year ended December 31, 2020 |
$ | 10.19 | 0.24 | 0.56 | 0.80 | |||||||||||
For the year ended December 31, 2019 |
$ | 9.71 | 0.26 | 0.50 | 0.76 | |||||||||||
|
||||||||||||||||
Class Y |
||||||||||||||||
For the six months ended June 30, 2024 (Unaudited) |
$ | 9.07 | 0.21 | (0.13 | ) | 0.08 | ||||||||||
For the year ended December 31, 2023 |
$ | 8.91 | 0.42 | 0.15 | 0.57 | |||||||||||
For the year ended December 31, 2022 |
$ | 10.39 | 0.28 | (1.48 | ) | (1.20 | ) | |||||||||
For the year ended December 31, 2021 |
$ | 10.75 | 0.23 | (0.33 | ) | (0.10 | ) | |||||||||
For the year ended December 31, 2020 |
$ | 10.20 | 0.26 | 0.55 | 0.81 | |||||||||||
For the year ended December 31, 2019 |
$ | 9.71 | 0.28 | 0.50 | 0.78 | |||||||||||
|
||||||||||||||||
(A) |
Net investment income per share has been calculated using the average daily shares outstanding during the period. |
(B) |
Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021. |
(C) |
Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. |
104 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Dividends
|
Distributions
|
Total
|
Net
asset |
Total return(B) |
Net
assets, |
Ratio
of total |
Ratio
of net |
Portfolio
|
|||||||||||||||||||||||||||
| (0.21 | ) | — | (0.21 | ) | $ | 8.94 | 0.72 | %(D) | $ | 2,185 | 0.76 | %(E) | 4.38 | %(E) | 14 | %(D) | |||||||||||||||||||
| (0.37 | ) | — | (0.37 | ) | $ | 9.09 | 6.20 | % | $ | 1,910 | 0.76 | % | 4.25 | % | 20 | % | |||||||||||||||||||
| (0.24 | ) | — | (0.24 | ) | $ | 8.92 | (12.05 | )% | $ | 3,572 | 0.76 | % | 2.36 | % | 40 | % | |||||||||||||||||||
| (0.21 | ) | — | (0.21 | ) | $ | 10.40 | (1.24 | )% | $ | 10,091 | 0.76 | % | 1.78 | % | 37 | % | |||||||||||||||||||
| (0.22 | ) | — | (0.22 | ) | $ | 10.74 | 7.60 | % | $ | 17,024 | 0.76 | % | 1.98 | % | 28 | % | |||||||||||||||||||
| (0.25 | ) | — | (0.25 | ) | $ | 10.19 | 7.63 | % | $ | 3,599 | 0.77 | % | 2.43 | % | 29 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 8.91 | 0.77 | %(D) | $ | 1,491,318 | 0.47 | %(E) | 4.67 | %(E) | 14 | %(D) | |||||||||||||||||||
| (0.40 | ) | — | (0.40 | ) | $ | 9.07 | 6.62 | % | $ | 1,369,268 | 0.47 | % | 4.64 | % | 20 | % | |||||||||||||||||||
| (0.27 | ) | — | (0.27 | ) | $ | 8.90 | (11.84 | )% | $ | 526,372 | 0.47 | % | 2.93 | % | 40 | % | |||||||||||||||||||
| (0.24 | ) | — | (0.24 | ) | $ | 10.39 | (0.99 | )% | $ | 330,666 | 0.47 | % | 2.08 | % | 37 | % | |||||||||||||||||||
| (0.25 | ) | — | (0.25 | ) | $ | 10.74 | 7.94 | % | $ | 260,365 | 0.47 | % | 2.28 | % | 28 | % | |||||||||||||||||||
| (0.28 | ) | — | (0.28 | ) | $ | 10.19 | 7.93 | % | $ | 66,174 | 0.48 | % | 2.61 | % | 29 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
| (0.23 | ) | — | (0.23 | ) | $ | 8.92 | 0.95 | %(D) | $ | 204,530 | 0.35 | %(E) | 4.80 | %(E) | 14 | %(D) | |||||||||||||||||||
| (0.41 | ) | — | (0.41 | ) | $ | 9.07 | 6.62 | % | $ | 147,956 | 0.35 | % | 4.77 | % | 20 | % | |||||||||||||||||||
| (0.28 | ) | — | (0.28 | ) | $ | 8.91 | (11.63 | )% | $ | 58,932 | 0.35 | % | 2.94 | % | 40 | % | |||||||||||||||||||
| (0.26 | ) | — | (0.26 | ) | $ | 10.39 | (0.95 | )% | $ | 58,668 | 0.35 | % | 2.21 | % | 37 | % | |||||||||||||||||||
| (0.26 | ) | — | (0.26 | ) | $ | 10.75 | 8.04 | % | $ | 59,856 | 0.35 | % | 2.46 | % | 28 | % | |||||||||||||||||||
| (0.29 | ) | — | (0.29 | ) | $ | 10.20 | 8.15 | % | $ | 52,275 | 0.36 | % | 2.83 | % | 29 | % | |||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
(D) |
Not annualized. |
(E) |
Annualized. |
See accompanying Notes to Financial Statements.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 105 |
Diamond
Hill Funds
Notes to Financial Statements
June 30, 2024 (Unaudited)
Organization
The Diamond Hill Small Cap Fund (“Small Cap Fund”), Diamond Hill Small-Mid Cap Fund (“Small-Mid Cap Fund”), Diamond Hill Mid Cap Fund (“Mid Cap Fund”), Diamond Hill Large Cap Fund (“Large Cap Fund”), Diamond Hill Large Cap Concentrated Fund (“Large Cap Concentrated Fund”), Diamond Hill Select Fund (“Select Fund”), Diamond Hill Long-Short Fund (“Long-Short Fund”), Diamond Hill International Fund (“International Fund”), Diamond Hill Short Duration Securitized Bond Fund (“Short Duration Fund”) and Diamond Hill Core Bond Fund (“Core Bond Fund”) are each a diversified series, except for Select Fund and Large Cap Concentrated Fund which are non-diversified, of the Diamond Hill Funds (the “Trust”) (each a “Fund” and collectively the “Funds”). The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”
All Funds currently offer three classes of shares: Investor, Class I and Class Y. Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares.
Regulatory Update
Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds (“ETFs”) – Effective January 24, 2023, the Securities and Exchange Commission (the “SEC”) adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. The Funds have implemented the rule and form requirements, as applicable, and are currently adhering to the requirements.
Significant Accounting Policies
The following is a summary of the Funds’ significant accounting policies:
Estimates — The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
Security valuation — The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation
106 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
techniques used by the Funds maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These inputs are summarized in the three broad levels listed below:
● |
Level 1 — quoted prices in active markets for identical securities |
● |
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
● |
Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales price are not readily available are valued at the closing bid (long positions) or ask (short positions) price in the principal market where such securities are normally traded. Investments in other open-end investment companies are valued at their reported net asset value (“NAV”) per share. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.
Debt securities are valued on the basis of valuations provided by dealers or by an independent pricing service which take into account appropriate factors such as trading activity (i.e., market transactions for normal, institutional-size trading units of similar securities), readily available market quotations (including broker quotes), yield, quality, coupon rate, maturity, type of issue, trading characteristic, call features, credit ratings and other data. Short-term debt investments of sufficient credit quality maturing in less than 61 days may be valued at amortized cost, if amortized cost is determined to approximate fair value. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Securities for which market quotations are not readily available (e.g., an approved pricing service does not provide a price, a price becomes stale, or an event occurs that materially affects the furnished price) are valued by the Valuation & Liquidity Committee of Diamond Hill Capital Management, Inc. (“DHCM” or the “Adviser”). In these cases, the Valuation & Liquidity Committee, established and appointed by the Board of Trustees, determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund (“good faith fair valuation”) pursuant to Rule 2a-5 under the 1940 Act. When a good faith fair valuation of a security is required, consideration is generally given to a number of factors, including, but not limited to the following: dealer quotes, published analyses by dealers or analysts of the situation at issue, transactions implicitly valuing the security (such as a merger, tender offer, etc.), the value of other securities or contracts which derive their value from the security at issue, and the implications (whether negative or positive) of the circumstances which have caused trading in the security to halt. Depending on the source and relative significance of the valuation inputs in these instances, the valuations for these securities may be classified as Level 2 or Level 3 in the fair value hierarchy.
In accordance with procedures adopted by the Trust’s Board of Trustees, fair value pricing may be used if events materially affecting the value of foreign equity securities occur between the time the exchange on which they are traded closes and the time the Funds’ NAVs are
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 107 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
calculated. The Funds use a systematic valuation model, provided daily by an independent third party, to fair value their international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, short-term debt securities of sufficient credit quality maturing in less than 61 days may be valued using amortized cost in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2. The following is a summary of the Funds’ investments and the inputs used to value the investments as of June 30, 2024:
Level
1 - |
Level
2 - Other |
Level
3 - |
Total |
|||||||||||||
Investments in Securities (Assets) |
||||||||||||||||
Small Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 221,898,151 | $ | — | $ | — | $ | 221,898,151 | ||||||||
Registered Investment Companies |
15,636,936 | — | — | 15,636,936 | ||||||||||||
Total |
$ | 237,535,087 | $ | — | $ | — | $ | 237,535,087 | ||||||||
Small-Mid Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 1,288,500,478 | $ | — | $ | — | $ | 1,288,500,478 | ||||||||
Registered Investment Companies |
77,471,009 | — | — | 77,471,009 | ||||||||||||
Total |
$ | 1,365,971,487 | $ | — | $ | — | $ | 1,365,971,487 | ||||||||
Mid Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 151,446,545 | $ | — | $ | — | $ | 151,446,545 | ||||||||
Registered Investment Companies |
5,907,579 | — | — | 5,907,579 | ||||||||||||
Total |
$ | 157,354,124 | $ | — | $ | — | $ | 157,354,124 | ||||||||
Large Cap Fund |
||||||||||||||||
Common Stocks* |
$ | 8,268,430,629 | $ | — | $ | — | $ | 8,268,430,629 | ||||||||
Registered Investment Companies |
244,856,663 | — | — | 244,856,663 | ||||||||||||
Total |
$ | 8,513,287,292 | $ | — | $ | — | $ | 8,513,287,292 | ||||||||
Large Cap Concentrated Fund |
||||||||||||||||
Common Stocks* |
$ | 30,233,931 | $ | — | $ | — | $ | 30,233,931 | ||||||||
Registered Investment Companies |
863,669 | — | — | 863,669 | ||||||||||||
Total |
$ | 31,097,600 | $ | — | $ | — | $ | 31,097,600 | ||||||||
Select Fund |
||||||||||||||||
Common Stocks* |
$ | 519,016,011 | $ | — | $ | — | $ | 519,016,011 | ||||||||
Registered Investment Companies |
15,672,678 | — | — | 15,672,678 | ||||||||||||
Total |
$ | 534,688,689 | $ | — | $ | — | $ | 534,688,689 | ||||||||
108 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
Level
1 - |
Level
2 - Other |
Level
3 - |
Total |
|||||||||||||
Long-Short Fund |
||||||||||||||||
Common Stocks* |
$ | 1,618,857,747 | $ | — | $ | — | $ | 1,618,857,747 | ||||||||
Treasury |
— | 39,921,104 | — | 39,921,104 | ||||||||||||
Registered Investment Companies |
547,339,882 | — | — | 547,339,882 | ||||||||||||
Total |
$ | 2,166,197,629 | $ | 39,921,104 | $ | — | $ | 2,206,118,733 | ||||||||
International Fund |
||||||||||||||||
Common Stocks |
$ | 34,082,796 | $ | 89,326,070 | $ | — | $ | 123,408,866 | ||||||||
Registered Investment Companies |
17,759,923 | — | — | 17,759,923 | ||||||||||||
Total |
$ | 51,842,719 | $ | 89,326,070 | $ | — | $ | 141,168,789 | ||||||||
Short Duration Fund |
||||||||||||||||
Corporate Credit* |
$ | — | $ | 78,744,269 | $ | — | $ | 78,744,269 | ||||||||
Securitized* |
— | 2,048,247,726 | — | 2,048,247,726 | ||||||||||||
Treasury |
— | 124,719,684 | — | 124,719,684 | ||||||||||||
Registered Investment Companies |
384,025,732 | — | — | 384,025,732 | ||||||||||||
Total |
$ | 384,025,732 | $ | 2,251,711,679 | $ | — | $ | 2,635,737,411 | ||||||||
Core Bond Fund |
||||||||||||||||
Corporate Credit* |
$ | — | $ | 315,916,788 | $ | — | $ | 315,916,788 | ||||||||
Government Related* |
— | 923,322 | — | 923,322 | ||||||||||||
Securitized* |
— | 1,107,981,019 | — | 1,107,981,019 | ||||||||||||
Treasury |
— | 252,368,124 | — | 252,368,124 | ||||||||||||
Registered Investment Companies |
30,921,028 | — | — | 30,921,028 | ||||||||||||
Total |
$ | 30,921,028 | $ | 1,677,189,253 | $ | — | $ | 1,708,110,281 | ||||||||
Investments in Securities Sold Short: (Liabilities) |
||||||||||||||||
Long-Short Fund |
||||||||||||||||
Common Stocks* |
$ | (575,630,145 | ) | $ | — | $ | — | $ | (575,630,145 | ) | ||||||
Total |
$ | (575,630,145 | ) | $ | — | $ | — | $ | (575,630,145 | ) | ||||||
* |
See Schedule of Investments and Schedule of Investments Sold Short for industry classification. |
There were no transfers into or out of Level 3 for the six months ended June 30, 2024.
Short sales — The Long-Short Fund and International Fund are permitted to make short sales of securities. Short sales are effective when it is believed that the price of a particular security will decline and involves the sale of a security that a Fund does not own in hope of purchasing the same security at a later date at a lower price. To make delivery to the buyer, a Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. Cash received from short sales and other liquid securities are maintained by the custodian and are used as collateral. Cash collateral is shown as “Cash deposits with custodian for securities sold short” on the Statements of Assets & Liabilities and “Segregated Cash With Custodian” on the Schedules of Investments. Liquid securities pledged as collateral are noted on the Schedules of Investments.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 109 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is not limited. The use of short sales may cause a Fund to have higher expenses (specifically dividend expenses) than those of other equity mutual funds. Short sales are speculative transactions and involve special risks, including greater reliance on the ability of the DHCM to accurately anticipate the future value of a security.
A Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the custodian arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of investment income on the Statements of Operations.
Securities lending — Under the terms of the securities lending agreement with State Street Bank and Trust Company (“State Street”), State Street is authorized to loan securities on behalf of the Funds to approved borrowers. The contractual maturity of securities lending transactions is on an overnight and continuous basis. In exchange, the Funds receive cash and/or U.S. Treasury and government agency securities as collateral in the amount of at least 100% of the value of the securities loaned. Any collateral shortfalls due to changes in security market prices are adjusted the next business day. The cash collateral is invested in short-term instruments as noted in each Fund’s Schedule of Investments. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return them. The agreement indemnifies the Funds from losses incurred in the event of a borrower’s material default of the terms and conditions of the borrower agreement. The agreement provides that after predetermined rebates to borrowers, the Funds each retain a portion of their respective net securities lending income and pay State Street the remaining portion. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into a master netting agreement and collateral agreement with State Street that provide the Funds, in the event of default (such as bankruptcy or borrower’s failure to pay or perform), the right to net rights and obligations under such agreements and liquidate and set off collateral against the net amount owed to the Funds.
110 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
As of June 30, 2024, the fair value of securities on loan and the collateral held were as follows:
Fair Value of Collateral |
||||||||||||||||
Fair
Value of |
Cash Collateral |
Non-Cash
|
Total Collateral |
|||||||||||||
Small Cap Fund |
$ | 23,623,934 | $ | 11,377,374 | $ | 12,666,272 | $ | 24,043,646 | ||||||||
Small-Mid Cap Fund |
54,627,883 | 21,210,433 | 34,489,757 | 55,700,190 | ||||||||||||
Mid Cap Fund |
1,576,737 | 776,779 | 836,812 | 1,613,591 | ||||||||||||
Large Cap Fund |
129,765,876 | 19,138,525 | 113,667,869 | 132,806,394 | ||||||||||||
Large Cap Concentrated Fund |
— | — | — | — | ||||||||||||
Select Fund |
12,276,851 | 926,625 | 11,402,399 | 12,329,024 | ||||||||||||
Long-Short Fund |
455,276,360 | 467,138,692 | — | 467,138,692 | ||||||||||||
International Fund |
8,078,968 | 8,104,734 | 334,552 | 8,439,286 | ||||||||||||
Short Duration Fund |
95,168,743 | 86,921,925 | 10,515,000 | 97,436,925 | ||||||||||||
Core Bond Fund |
22,056,804 | 10,092,048 | 12,756,003 | 22,848,051 | ||||||||||||
* |
These securities are held for the benefit of the Funds at the Funds’ custodian. The Funds cannot repledge or resell this collateral. As such, collateral is excluded from the Statements of Assets and Liabilities. |
Security transactions — Throughout the reporting period, investment transactions are generally recorded on trade date but no later than the first business day following trade date. For financial reporting purposes, investments are recorded on trade date. The specific identification method is used for determining realized gains or losses for financial statements and income tax purposes. Dividend income and expense are recognized on the ex-dividend date and interest income is recognized on an accrual basis. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Taxes on foreign dividends and/or capital gains have been recorded for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized using the daily effective yield method and included in interest income. The Funds record distributions received from investments in real estate investment trusts (also known as “REITs”) and partnerships in excess of income from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available, and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts once the issuers provide information about the actual composition of the distributions. Interest only stripped mortgage-backed securities (“IO Strips”) are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.
Share valuation — The NAV per share of each class of shares of each Fund is calculated daily by dividing the total value of a Fund’s assets attributable to that class, less liabilities attributable to that class, by the number of shares of that class outstanding.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 111 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
Income taxes — The Funds may be subject to taxes imposed by countries in which they invest. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.
Each Fund has complied and intends to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable net investment income and any net realized capital gains to its shareholders.
The Funds recognize tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the previous three tax year ends and the interim tax period since then, as applicable), and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the six months ended June 30, 2024, the Funds did not incur any interest or penalties.
Distributions to shareholders — Dividends from net investment income are declared and paid monthly for the Short Duration Fund and Core Bond Fund. Dividends from net investment income are declared and paid on an annual basis for the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Large Cap Concentrated Fund, Select Fund, Long-Short Fund and International Fund. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in the expenses of each class. Net realized capital gains, if any, are distributed at least annually. Distributions from net investment income and from net capital gains are determined in accordance with U.S. income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments for paydown gains and losses on mortgage-backed securities and deferrals of certain losses. Permanent book and tax basis differences are reclassified among the components of net assets. Certain Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction for income tax purposes.
Allocations — Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets of the Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses, which are not attributable to a specific class, are allocated daily to each class of shares based upon its proportionate share of total net assets of the Fund. Expenses not directly billed to a Fund are allocated proportionally among all Funds daily in relation to net assets of each Fund or another reasonable measure.
112 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
Foreign securities risk — Investing in non-U.S. securities may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns.
Foreign currency translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains (losses) on investments on the Statements of Operations. Net realized and unrealized gains (losses) on foreign currency transactions represent net foreign exchange gains or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.
Investment Transactions
For the six months ended June 30, 2024, purchases and sales (including maturities) of investment securities (excluding short-term securities, U.S. government obligations and in-kind transactions) were as follows:
Purchases |
Sales |
|||||||
Small Cap Fund |
$ | 45,965,421 | $ | 59,581,784 | ||||
Small-Mid Cap Fund |
166,231,600 | 339,822,477 | ||||||
Mid Cap Fund |
16,183,210 | 28,215,924 | ||||||
Large Cap Fund |
1,019,876,669 | 1,403,193,585 | ||||||
Large Cap Concentrated Fund |
6,315,487 | 5,088,820 | ||||||
Select Fund |
124,597,934 | 88,533,926 | ||||||
Long-Short Fund |
280,547,854 | 391,689,448 | ||||||
International Fund |
35,715,241 | 21,557,483 | ||||||
Short Duration Fund |
1,043,076,936 | 447,130,922 | ||||||
Core Bond Fund |
445,637,315 | 185,315,736 | ||||||
For the six months ended June 30, 2024, purchases and sales (including maturities) of U.S. government long-term securities were as follows:
Purchases |
Sales |
|||||||
Long-Short Fund |
$ | — | $ | 80,000,000 | ||||
Short Duration Fund |
10,142,244 | 15,035,552 | ||||||
Core Bond Fund |
41,660,781 | 42,269,033 | ||||||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 113 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
The Funds pay commissions on the purchase and sale of investment securities. The commissions are treated as transaction costs and, therefore, are included as part of the cost of purchases or net proceeds on the sale of investment securities and are not included in the presentation of Fund expenses on the Statements of Operations. The Funds paid the following commissions during the six months ended June 30, 2024:
Total
|
Commissions
|
|||||||
Small Cap Fund |
$ | 85,769 | 0.04 | % | ||||
Small-Mid Cap Fund |
191,160 | 0.01 | % | |||||
Mid Cap Fund |
10,126 | 0.01 | % | |||||
Large Cap Fund |
891,812 | 0.01 | % | |||||
Large Cap Concentrated Fund |
2,012 | 0.01 | % | |||||
Select Fund |
140,531 | 0.03 | % | |||||
Long-Short Fund |
208,843 | 0.01 | % | |||||
International Fund |
75,189 | 0.06 | % | |||||
Investment Advisory Fees and Other Transactions with Affiliates
As of June 30, 2024, the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Large Cap Concentrated Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund and Core Bond Fund each receive investment management and advisory services from DHCM under management agreements that provide for fees to be paid monthly at an annual rate of 0.80%, 0.75%, 0.60%, 0.50%, 0.50%, 0.70%, 0.90%, 0.65%, 0.35% and 0.30%, respectively, of each Fund’s average daily net assets. The management agreements are subject to annual approval by the Board of Trustees. In addition, each Fund has entered into an administrative services agreement whereby DHCM is paid a fee monthly at an annual rate of 0.21% for Investor shares, 0.17% for Class I shares and 0.05% for Class Y shares of each class’ average daily net assets. These administrative fees are used to pay most of the Funds’ operating expenses except advisory fees, distribution fees, custody fees, brokerage fees, taxes, interest and dividend expense on securities sold short and extraordinary expenses.
Pursuant to Rule 12b-1 under the 1940 Act, the Trust has adopted a distribution plan on behalf of each Fund’s Investor shares (the “Plan”). Under the Plan, Investor shares pay a distribution fee monthly at an annual rate of 0.25% of Investor shares’ average daily net assets. Class I and Class Y shares are not subject to any distribution fees. The Trust has entered into a Distribution Agreement on behalf of the Funds with Foreside Financial Services, LLC (“Distributor”). Pursuant to the Distribution Agreement, the Distributor acts as principal underwriter of each Fund’s shares.
114 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
The Funds may invest in one or more Diamond Hill Funds. The Funds’ Adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Funds. This fee waiver is accrued daily and settled monthly. During the six months ended June 30, 2024, the Funds reduced investment advisory fees as follows:
Small-Mid Cap Fund |
$ | 17,091 |
The Small-Mid Cap Fund owned Class Y shares of the Short Duration Fund, thereby making the Short Duration Fund an affiliated company as defined by the 1940 Act.
Information regarding the Fund’s holdings in the Short Duration Fund during the six months ended June 30, 2024 is as follows:
Affiliated Fund |
Small-Mid
|
|||
Diamond Hill Short Duration Securitized Bond Fund |
||||
Value, December 31, 2023 |
$ | 9,587,821 | ||
Purchases |
317,613 | |||
Change in Unrealized Appreciation (Depreciation) |
120,608 | |||
Value, June 30, 2024 |
$ | 10,026,042 | ||
Income Distributions |
$ | 317,613 | ||
DHCM is a beneficial shareholder of the Large Cap Concentrated and International Funds.
The Officers of the Trust are affiliated with DHCM. Such Officers receive no compensation from the Funds for serving in their respective roles.
Trustee Fees
The Independent Trustees are compensated for their services to the Funds by DHCM as part of the administration services agreement. The Independent Trustees were paid $310,000 in fees during the six months ended June 30, 2024. In addition, DHCM reimburses Trustees for out-of-pocket expenses incurred in conjunction with attendance of meetings.
Commitments and Contingencies
The Funds indemnify the Trust’s Officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and provides general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 115 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
Federal Tax Information
The amount and character of income and capital gain distributions paid by the Funds are determined in accordance with Federal income tax regulations, which may differ from GAAP.
The tax character of distributions paid during the year ended December 31, 2023 was as follows:
Small
Cap |
Small-Mid
|
Mid
Cap |
Large
Cap |
|||||||||||||
Distributions paid from: |
||||||||||||||||
Ordinary income |
$ | 6,445,738 | $ | 20,701,817 | $ | 1,449,348 | $ | 121,668,987 | ||||||||
Long-term capital gains |
54,244,792 | 11,826,150 | 3,514,875 | 190,051,996 | ||||||||||||
Total distributions |
$ | 60,690,530 | $ | 32,527,967 | $ | 4,964,223 | $ | 311,720,983 | ||||||||
Large
Cap |
Select Fund |
Long-Short
|
International
|
|||||||||||||
Distributions paid from: |
||||||||||||||||
Ordinary income |
$ | 384,387 | $ | 2,215,170 | $ | 38,224,569 | $ | 1,188,370 | ||||||||
Long-term capital gains |
— | 285,118 | 32,515,724 | — | ||||||||||||
Total distributions |
$ | 384,387 | $ | 2,500,288 | $ | 70,740,293 | $ | 1,188,370 | ||||||||
Short
|
Core
Bond |
|||||||
Distributions paid from: |
||||||||
Ordinary income |
$ | 79,182,219 | $ | 46,509,317 | ||||
Long-term capital gains |
— | — | ||||||
Total distributions |
$ | 79,182,219 | $ | 46,509,317 | ||||
The following information was computed on a tax basis for each item as of December 31, 2023:
Small
Cap |
Small-Mid
|
Mid
Cap |
Large
Cap |
|||||||||||||
Net unrealized appreciation on investments |
$ | 93,592,695 | $ | 429,575,493 | $ | 53,762,707 | $ | 2,072,052,862 | ||||||||
Undistributed ordinary income |
1,433,701 | — | — | 1,038,721 | ||||||||||||
Undistributed capital gains |
6,945,837 | — | 1,647,212 | 50,625,696 | ||||||||||||
Post October capital losses |
— | (771,433 | ) | — | — | |||||||||||
Distributable earnings |
$ | 101,972,233 | $ | 428,804,060 | $ | 55,409,919 | $ | 2,123,717,279 | ||||||||
116 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
Large
Cap |
Select
|
Long-Short
|
International
|
|||||||||||||
Net unrealized appreciation on investments |
$ | 4,169,812 | $ | 138,773,350 | $ | 582,399,089 | $ | 6,490,567 | ||||||||
Undistributed ordinary income |
292 | 312,616 | 19,563 | 95,640 | ||||||||||||
Undistributed capital gains |
— | 3,031,983 | 6,582,557 | — | ||||||||||||
Accumulated capital and other losses |
(784,029 | ) | — | — | (1,317,463 | ) | ||||||||||
Distributable earnings |
$ | 3,386,075 | $ | 142,117,949 | $ | 589,001,209 | $ | 5,268,744 | ||||||||
Short
|
Core
Bond |
|||||||
Net unrealized depreciation on investments |
$ | (33,623,161 | ) | $ | (35,391,143 | ) | ||
Accumulated capital and other losses |
(17,123,788 | ) | (14,744,170 | ) | ||||
Accumulated deficit |
$ | (50,746,949 | ) | $ | (50,135,313 | ) | ||
As of June 30, 2024, the Funds’ federal tax cost of investments and net unrealized appreciation (depreciation) on investments including short sales, where applicable, were as follows:
Small
Cap |
Small-Mid
|
Mid
Cap |
Large
Cap |
|||||||||||||
Tax cost of investments |
$ | 162,412,140 | $ | 1,087,966,603 | $ | 109,213,947 | $ | 6,505,789,702 | ||||||||
Gross unrealized appreciation |
82,873,256 | 373,698,844 | 52,373,338 | 2,189,520,356 | ||||||||||||
Gross unrealized depreciation |
(7,750,309 | ) | (95,693,960 | ) | (4,233,161 | ) | (182,022,766 | ) | ||||||||
Net unrealized appreciation on investments |
$ | 75,122,947 | $ | 278,004,884 | $ | 48,140,177 | $ | 2,007,497,590 | ||||||||
Large
Cap |
Select
|
Long-Short
|
International
|
|||||||||||||
Tax cost of investments |
$ | 26,326,579 | $ | 389,229,042 | $ | 1,001,144,182 | $ | 128,669,770 | ||||||||
Gross unrealized appreciation |
5,236,048 | 155,547,581 | 735,093,454 | 19,848,105 | ||||||||||||
Gross unrealized depreciation |
(465,027 | ) | (10,087,934 | ) | (105,749,048 | ) | (7,349,086 | ) | ||||||||
Net unrealized appreciation on investments |
$ | 4,771,021 | $ | 145,459,647 | $ | 629,344,406 | $ | 12,499,019 | ||||||||
Short
|
Core
Bond |
|||||||
Tax cost of investments |
$ | 2,650,546,729 | $ | 1,766,457,407 | ||||
Gross unrealized appreciation |
25,026,411 | 12,256,392 | ||||||
Gross unrealized depreciation |
(39,835,729 | ) | (70,603,518 | ) | ||||
Net unrealized depreciation on investments |
$ | (14,809,318 | ) | $ | (58,347,126 | ) | ||
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 117 |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and Passive Foreign Investment Companies.
For the latest tax year ended December 31, 2023, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.
CLCFs not subject to expiration:
Large
Cap |
International
|
Short
|
||||||||||
No expiration - short-term |
$ | 435,060 | $ | 1,202,402 | $ | 3,594,658 | ||||||
No expiration - long-term |
348,969 | 115,061 | 13,529,130 | |||||||||
| $ | 784,029 | $ | 1,317,463 | $ | 17,123,788 | |||||||
Core
Bond |
||||
No expiration - short-term |
$ | 4,254,177 | ||
No expiration - long-term |
10,489,993 | |||
| $ | 14,744,170 | |||
In-Kind Redemption Transactions
During the six months ended June 30, 2024, Small-Mid Cap Fund and Large Cap Fund realized $33,942,468 and $11,927,744, respectively, of net capital gains resulting from in-kind redemptions (redemptions in which shareholders who redeemed Fund shares received investment securities held by a Fund rather than cash). The Funds recognize a gain on in-kind redemptions to the extent that the value of the distributed investment securities on the date of redemption exceeds the cost of those investment securities. Such gains are not taxable to the Funds and are not required to be distributed to shareholders. The Funds have reclassified these amounts against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on each Fund’s net assets or NAV per share.
Borrowings
The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Large Cap Concentrated Fund, Select Fund, Long-Short Fund, International Fund, Short Duration Fund and Core Bond Fund each has an unsecured line of credit up to 20.0%, 20.0%, 20.0%, 33.3%, 20.0%, 25.0%, 15.0%, 20.0%, 20.0% and 20.0%, respectively, of its net assets, with a total maximum of $40,000,000.
Borrowings under the agreement bear interest at the sum of 0.10% plus the higher of Federal Funds Effective Rate or the Overnight Bank Funding Rate plus 1.25%. The line of credit is available until May 28, 2025, unless extended, when any advances are to be repaid. During the six months ended June 30, 2024, no amounts were drawn from the available line.
118 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
Diamond
Hill Funds
Notes to Financial Statements (Continued)
June 30, 2024 (Unaudited)
In accordance with an exemptive order (the “Order”) from the U.S. Securities and Exchange Commission (“SEC”), the Funds may participate in a joint lending and borrowing facility for temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund’s investment policies and restrictions. A lending fund may lend in aggregate up to 15% of its net assets, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. The Funds had no outstanding interfund loans as of June 30, 2024. During the six months ended June 30, 2024, none of the Funds participated as lenders/borrowers in the Interfund Lending Program.
Other Matters
Pandemics and other wide-spread public health events can result in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings, and investor sentiment. The duration and extent of such events cannot be reasonably estimated. Governmental responses to these events may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations. These events may result in substantial market volatility and may adversely impact the prices and liquidity of a Fund’s investments.
Subsequent Events
The Funds evaluated events from June 30, 2024 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements, except otherwise noted below.
On July 24, 2024, the Board of Trustees approved the filing of an amendment to the Trust’s Registration Statement for the purpose of registering shares of the Diamond Hill Core Plus Bond Fund.
DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 119 |
Diamond
Hill Funds
Other Items
June 30, 2024 (Unaudited)
Proxy Voting
The investment Adviser is responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Adviser uses in fulfilling this responsibility and information regarding how those proxies were voted during the twelve-month period ended June 30 are available without charge upon request by calling toll free number 1-888-226-5595, or through the Funds’ website, or on the Securities and Exchange Commission’s (“Commission”) website at www.sec.gov.
Portfolio Disclosure
The Trust files a complete listing of portfolio holdings for each Fund as of the end of the first and third quarters of each fiscal year on Part F to Form N-PORT. The complete listing is available on the Commission’s website. Monthly portfolio holdings are also available on www.diamond-hill.com.
120 DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM |
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DIAMOND HILL FUNDS | FINANCIAL STATEMENTS | JUNE 30, 2024 | DIAMOND-HILL.COM 121 |
INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, INC.
DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)
DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO | 43215
(b) Included in Item (a)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included under Item 7
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable
Item 16. Controls and Procedures.
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a
date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable
(b) Not applicable
Item 19. Exhibits.
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
| (a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required |
| (a)(2) | A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto |
(1) Not applicable
(2) Change in the registrant’s independent public accountant: Not applicable | |
| (b) | Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto |
| Exhibit 99.CERT | Certifications required by Rule 30a-2(a) under the Act |
| Exhibit 99.906CERT | Certifications required by Rule 30a-2(b) under the Act |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Registrant | Diamond Hill Funds | |
| By (Signature and Title) | /s/ Thomas E. Line | |
| Thomas E. Line, Principal Executive Officer | ||
| Date: | August 27, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Thomas E. Line | |
| Thomas E. Line, Principal Executive Officer | ||
| Date: | August 27, 2024 | |
| By (Signature and Title) | /s/ Julie A. Roach | |
| Julie A. Roach, Principal Financial Officer | ||
| Date: | August 27, 2024 |