Diamond Hill Small-Mid Cap Fund (DHMYX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: June 30, 2020

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.

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Diamond Hill Funds’ (“Fund”) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank, or from the Diamond Hill Funds, if you invest directly with the Fund. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you invest directly with the Fund, by calling 888-226-5595.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly in a Diamond Hill Fund, you can call 888-226-5595 to let the Fund know of your request. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary, or all Diamond Hill Funds, if you invest directly with the Fund.

Table of Contents

Letter to Shareholders	1
Financial Statements
Schedules of Investments	4
Statements of Assets & Liabilities	68
Statements of Operations	71
Statements of Changes in Net Assets	74
Financial Highlights	90
Notes to Financial Statements	116

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. Investors should consider the investment objectives, risks, charges, and expenses of the Diamond Hill Funds carefully before investing. The prospectus or summary prospectus contain this and other important information about the Fund(s) and are available at diamond-hill.com or by calling 888.226.5595. Please read the prospectus or summary prospectus 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. Diamond Hill Funds are not FDIC insured, may lose value, and have no bank guarantee.

Letter to Shareholders

Dear Fellow Shareholder:

We are pleased to provide this 2020 mid-year update for the Diamond Hill Funds.

At Diamond Hill, we believe in true active management—managing high-conviction, concentrated portfolios constructed independent of benchmark weights. We have intentionally structured our firm to maximize the potential to generate returns for our clients in excess of a passive alternative. Our long-term investment horizon also allows us to focus on company fundamentals rather than short-term market noise.

2020 Year-to-Date Market Review

The year-to-date return of -3.5% for the Russell 3000 Index (as of 6/30/2020) masks a tremendous amount of volatility and what has effectively been a tale of two quarters. The first quarter of 2020 was a stunning performance period for U.S. equity markets. Through mid-February, the coronavirus was viewed as a short-term concern isolated to China, and possibly those businesses heavily dependent on the Chinese supply chain. U.S. markets remained resilient, pushing higher until peaking on February 19. However, as COVID-19 spread to other countries including the U.S., it became clear that the impact would be felt globally with potentially staggering costs in both economic and, more importantly, human terms.

Volatility returned in a big way after equity markets peaked in mid-February, with the CBOE Volatility Index reaching levels not seen since the 2008 financial crisis. The S&P 500^® Index’s absolute daily move averaged nearly 5% in March, and there were three consecutive days of 9%-or-more moves, which had not happened since 1929.

The Russell 1000 Index fell 20.2% during the first quarter, but that magnitude may underplay how much equity markets gyrated. After an initial sharp run-up that was largely technology led, the Russell 1000 fell almost 35% peak-to-trough before rebounding toward the end of March. In fact, the nearly 18% increase from March 23 to March 25 was one of history’s largest three-day increases.

The second quarter of 2020 saw an unprecedented amount of government stimulus and the beginnings of an economic rebound as the world began reopening, driving one of the sharpest equity market rebounds ever seen. The Russell 3000 Index returned 22.0% in the second quarter—its best quarter in history.

Technology-related stocks were again the most notable contributors to market returns in the second quarter. Many of these businesses will likely see minimal long-term impact from COVID-19, with some potentially coming out of it in a better competitive position. Combined with generally strong balance sheets and attractive growth rates, these businesses seem to have safe-haven status in the minds of many investors. Related to the strong performance of technology companies, growth stocks more broadly continued to dominate value stocks, with the Russell 3000 Growth Index’s 28.0% return nearly doubling the value index. Value did have a three-week stretch of outperformance starting May 15, but it didn’t last. Value gave back that outperformance and then some starting in mid-June as COVID-19 cases began to accelerate in many parts of the country. As concerns of a second wave grew, investors reverted back to the perceived safety of large-cap growth stocks.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 1

Letter to Shareholders

Small cap stocks, however, reversed their recent trend of underperformance, with the Russell 2000 Index’s 25.4% return beating the Russell 1000 Index return by 360 basis points. This is the largest magnitude by which small caps have outperformed large caps since the second quarter of 2018—though it’s only a small dent in large cap stocks’ multi-year outperformance.

Market Outlook

The spread of COVID-19 led to a massive contraction in U.S. real GDP, with the decline in the second quarter almost certain to be history’s largest. Though economic activity showed signs of a rebound later in the quarter, it is unclear how long it will take for GDP to recover to prior levels, with additional waves of the virus potentially delaying recovery further.

Along with the near-term decline in real GDP, corporate earnings will similarly be affected. Most businesses will likely report declines in sales and earnings; however, those with a more variable cost structure should be able to protect margins and earnings better than those with greater fixed costs. We have been focused on assessing businesses’ cost structures and how the associated operating leverage may impact near-term cash flows. In addition, we have been closely examining companies’ balance sheets and liquidity situations to assess their ability to weather the downturn.

The November 2020 U.S. election may be an additional risk for corporate earnings. In a scenario where the Senate and presidency turn Democrat, it is likely that part of the 2017 cut to corporate tax rates will be reversed. This scenario may also result in additional regulations for businesses, which, while harder to detect, may also impact growth.

Though market volatility has declined significantly from record levels in the first quarter, it remains elevated. We expect markets to remain volatile until there is a material slowdown in COVID-19 cases or until a treatment or vaccine is deemed viable.

With the shape of the economic and earnings recoveries still highly uncertain, the magnitude and speed of the market rally is surprising. The market’s forward price/earnings multiple went from below historical averages to above in a few short months. From current levels, equity market returns over the next five years are expected to be in the mid-single digit range.

We believe we can achieve better-than-market returns over the next five years through active portfolio management, and our primary focus is always on achieving value-added results for our existing clients. Our intrinsic value investment philosophy is shared by all of our portfolio managers and research analysts, allowing us to apply our investment discipline consistently across strategies.

Thank you for your continued support.

Diamond Hill Capital Management, Inc.

Austin Hawley, CFA
Chief Investment Officer

2 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Letter to Shareholders

The views expressed are as of June 30, 2020, and they are subject to change. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. All data referenced are from sources deemed to be reliable but cannot be guaranteed. Securities and sectors referenced should not be construed as a solicitation or recommendation or be used as the sole basis for any investment decision.

The S&P 500 Index is a market capitalization-weighted index focused on the large-cap segment of the market. The index is comprised of 500 of the top companies in leading industries in the U.S. economy.

The CBOE Volatility Index measures the market expectation of near-term volatility conveyed by S&P 500 Index option prices.

The Russell unmanaged market capitalization-weighted equity indices seek to benchmark the entire U.S. stock market. The Russell 3000 measures the performance of the 3,000 largest U.S. companies by total market capitalization. The Russell 3000 Growth Index is an unmanaged market-capitalization weighted index measuring the performance of the broad growth segment of the U.S. equity universe including those Russell 3000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index is comprised of the largest 1,000 companies by market capitalization in the Russell 3000 Index. The Russell 2000 Index represents the next 2,000 companies by market capitalization in the Russell 3000 Index. Index data source: London Stock Exchange Group PLC. See diamond-hill.com/disclosures for a full copy of the disclaimer.

These indices do not reflect the deduction of fees associated with a mutual fund such as investment management and accounting fees. Investors cannot invest directly in an index although they can invest in the underlying securities.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 3

Diamond Hill Small Cap Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 95.0%
Communication Services — 2.9%
Live Nation Entertainment, Inc. (a)		303,515	$	13,454,820
Consumer Discretionary — 14.3%
Aaron’s, Inc.		174,095		7,903,913
Carter’s, Inc.		70,115		5,658,280
Green Brick Partners, Inc. (a)		696,186		8,249,804
Hanesbrands, Inc.		698,973		7,891,405
Red Rock Resorts, Inc., Class A (b)		1,118,639		12,204,351
Vail Resorts, Inc.		108,786		19,815,370
Wolverine World Wide, Inc.		143,180		3,409,116
				65,132,239
Consumer Staples — 10.4%
Cal-Maine Foods, Inc. (a)		444,014		19,749,743
Flowers Foods, Inc.		259,159		5,794,795
Lancaster Colony Corp.		13,820		2,141,962
Post Holdings, Inc. (a)		158,192		13,860,783
Seaboard Corp.		2,066		6,061,272
				47,608,555
Energy — 2.2%
Cimarex Energy Co.		134,932		3,709,281
Noble Energy, Inc.		722,466		6,473,295
				10,182,576
Financials — 23.5%
Bank OZK		793,250		18,617,578
BankUnited, Inc.		118,154		2,392,618
BOK Financial Corp.		208,120		11,746,293
Brown & Brown, Inc.		119,141		4,856,187
Cadence BanCorp		628,751		5,570,734
Enstar Group Ltd. (a)		92,288		14,098,838
First of Long Island Corp. (The)		226,992		3,709,049
Live Oak Bancshares, Inc. (b)		190,158		2,759,193
Mr. Cooper Group, Inc. (a)		509,273		6,335,356
ProAssurance Corp.		575,806		8,331,913
Reinsurance Group of America, Inc.		48,032		3,767,630
RenaissanceRe Holdings Ltd.		42,973		7,349,672
Sterling Bancorp		1,528,296		17,911,629
				107,446,690

	Shares		Fair Value
Health Care — 3.3%
Integer Holdings Corp. (a)		31,924	$	2,332,048
LivaNova plc (a)		97,113		4,674,049
Natus Medical, Inc. (a)		368,647		8,043,878
				15,049,975
Industrials — 18.6%
Alaska Air Group, Inc.		133,157		4,828,273
Allegiant Travel Co.		91,762		10,021,328
Colfax Corp. (a)		478,326		13,345,295
Hub Group, Inc., Class A (a)		213,618		10,223,757
Hyster-Yale Materials Handling, Inc.		94,169		3,640,574
Kirby Corp. (a)		194,274		10,405,315
Sensata Technologies Holding plc (a)		64,934		2,417,493
SPX FLOW, Inc. (a)		215,375		8,063,640
Stericycle, Inc. (a)(b)		142,160		7,958,117
Toro Co. (The)		35,919		2,382,866
TriMas Corp. (a)		211,307		5,060,803
WESCO International, Inc. (a)		183,424		6,440,017
				84,787,478
Information Technology — 6.6%
Broadridge Financial Solutions, Inc.		74,563		9,409,105
Sanmina Corp. (a)		229,834		5,755,043
WNS Holdings Ltd. - ADR (a)		270,254		14,858,565
				30,022,713
Materials — 3.9%
Ashland Global Holdings, Inc.		149,660		10,341,506
W.R. Grace & Co.		147,404		7,489,597
				17,831,103
Real Estate — 5.9%
American Campus Communities, Inc. REIT		121,324		4,241,487
CubeSmart REIT		598,274		16,147,415
JBG SMITH Properties		124,167		3,671,618
Jones Lang LaSalle, Inc.		27,552		2,850,530
				26,911,050

4 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Small Cap Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 95.0% continued
Utilities — 3.4%
South Jersey Industries, Inc.		326,735	$	8,165,108
UGI Corp.		229,562		7,300,072
				15,465,180
Total Common Stocks
(Cost $395,109,223)			$	433,892,379
Registered Investment Companies — 5.3%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (c)		20,617,209		20,617,209
State Street Navigator Securities Lending Portfolio I, 0.37% (c)(d)		3,485,598		3,485,598
Total Registered Investment Companies
(Cost $24,102,807)			$	24,102,807
Total Investment Securities — 100.3%
(Cost $419,212,030)			$	457,995,186
Liabilities in Excess of Other Assets — (0.3)%				(1,114,199	)
Net Assets — 100.0%			$	456,880,987

^(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, 2020 was $4,606,563.

^(c) The rate shown is the 7-day effective yield as of June 30, 2020.

^(d) This security was purchased with cash collateral held from securities on loan.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See accompanying Notes to Financial Statements.

Diamond Hill Small-Mid Cap Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 92.2%
Communication Services — 1.4%
Liberty Media Corp. - Liberty Formula One - Series C (a)		710,281	$	22,523,010
Consumer Discretionary — 15.1%
Aaron’s, Inc.		416,774		18,921,540
Advance Auto Parts, Inc.		124,631		17,753,686
BorgWarner, Inc.		1,371,551		48,415,750
Carter’s, Inc. (b)		190,703		15,389,732
Hanesbrands, Inc. (b)		2,378,737		26,855,941
NVR, Inc. (a)		12,817		41,767,399
Red Rock Resorts, Inc., Class A		2,531,878		27,622,789
Vail Resorts, Inc.		202,335		36,855,320
Wolverine World Wide, Inc.		675,623		16,086,584
				249,668,741
Consumer Staples — 8.9%
B&G Foods, Inc. (b)		253,925		6,190,691
Cal-Maine Foods, Inc. (a)		819,973		36,472,399
Flowers Foods, Inc.		1,109,499		24,808,398
Molson Coors Beverage Co., Class B		342,151		11,756,308
Post Holdings, Inc. (a)		778,417		68,204,898
				147,432,694
Energy — 2.2%
Cimarex Energy Co.		665,389		18,291,544
Noble Energy, Inc.		1,966,761		17,622,179
				35,913,723
Financials — 22.0%
Bank OZK		1,062,082		24,927,065
BankUnited, Inc.		1,296,057		26,245,154
BOK Financial Corp. (b)		577,128		32,573,104
Brighthouse Financial, Inc. (a)		562,264		15,642,184
Brown & Brown, Inc.		340,986		13,898,589
Cadence BanCorp		982,727		8,706,961
Enstar Group Ltd. (a)(b)		95,352		14,566,925
First Republic Bank		331,355		35,120,316
Loews Corp.		627,560		21,519,032
Mr. Cooper Group, Inc. (a)(b)		1,736,449		21,601,426
ProAssurance Corp.		1,200,182		17,366,634
Reinsurance Group of America, Inc.		309,197		24,253,413

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 5

Diamond Hill Small-Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 92.2% continued
Financials — 22.0% continued
RenaissanceRe Holdings Ltd.		162,979	$	27,874,298
Sterling Bancorp		2,891,034		33,882,918
SVB Financial Group (a)		128,388		27,671,466
Willis Towers Watson plc		89,133		17,554,744
				363,404,229
Health Care — 2.1%
Boston Scientific Corp. (a)		787,940		27,664,573
LivaNova plc (a)		149,529		7,196,831
				34,861,404
Industrials — 17.8%
Alaska Air Group, Inc.		670,700		24,319,582
Allegiant Travel Co.		253,715		27,708,215
Colfax Corp. (a)(b)		1,480,518		41,306,452
Hub Group, Inc., Class A (a)		823,974		39,435,396
Kirby Corp. (a)		712,089		38,139,487
Parker-Hannifin Corp.		70,089		12,845,211
Sensata Technologies Holding plc (a)		1,009,613		37,587,892
SPX FLOW, Inc. (a)		441,520		16,530,509
Stericycle, Inc. (a)(b)		474,815		26,580,144
WESCO International, Inc. (a)		855,962		30,052,826
				294,505,714
Information Technology — 5.2%
Avnet, Inc.		381,924		10,649,951
Broadridge Financial Solutions, Inc.		80,194		10,119,681
Juniper Networks, Inc.		755,558		17,272,056
Sanmina Corp. (a)		872,027		21,835,556
WNS Holdings Ltd. - ADR (a)		455,900		25,065,382
				84,942,626
Materials — 5.7%
Ashland Global Holdings, Inc.		538,948		37,241,307
Axalta Coating Systems Ltd. (a)		861,635		19,429,869
RPM International, Inc.		162,272		12,180,136
W.R. Grace & Co.		491,239		24,959,854
				93,811,166

	Shares		Fair Value
Real Estate — 8.0%
American Campus Communities, Inc. REIT		566,604	$	19,808,476
CubeSmart REIT		1,869,464		50,456,833
Douglas Emmett, Inc.		798,828		24,492,066
iStar, Inc. REIT (b)		754,843		9,299,666
Jones Lang LaSalle, Inc.		114,137		11,808,614
Mid-America Apartment Communities, Inc. REIT		147,821		16,950,634
				132,816,289
Utilities — 3.8%
South Jersey Industries, Inc. (b)		912,836		22,811,772
UGI Corp.		1,250,209		39,756,646
				62,568,418
Total Common Stocks
(Cost $1,593,105,228)			$	1,522,448,014
Registered Investment Companies — 9.3%
Diamond Hill Short Duration Total Return Fund, Class Y (c)		2,597,394		25,116,803
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (d)		109,786,643		109,786,643
State Street Navigator Securities Lending Portfolio I, 0.37% (d)(e)		18,485,780		18,485,780
Total Registered Investment Companies
(Cost $154,383,733)			$	153,389,226
Total Investment Securities — 101.5%
(Cost $1,747,488,961)			$	1,675,837,240
Liabilities in Excess of Other Assets — (1.5)%				(24,695,085	)
Net Assets — 100.0%			$	1,651,142,155

6 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Small-Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

^(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, 2020 was $ 50,711,698.

^(c) Affiliated Fund.

^(d) The rate shown is the 7-day effective yield as of June 30, 2020.

^(e) This security was purchased with cash collateral held from securities on loan.

ADR — American Depositary Receipt.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See accompanying Notes to Financial Statements.

Diamond Hill Mid Cap Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 92.9%
Communication Services — 1.4%
Liberty Media Corp. - Liberty Formula One - Series C (a)		101,015	$	3,203,186
Consumer Discretionary — 14.6%
Aaron’s, Inc.		47,520		2,157,408
Advance Auto Parts, Inc.		17,238		2,455,553
BorgWarner, Inc.		193,392		6,826,738
Carter’s, Inc. (b)		23,707		1,913,155
Hanesbrands, Inc.		278,271		3,141,680
NVR, Inc. (a)		1,796		5,852,715
Red Rock Resorts, Inc., Class A		357,982		3,905,584
Vail Resorts, Inc.		28,849		5,254,845
VF Corp.		46,019		2,804,398
				34,312,076
Consumer Staples — 8.5%
Archer-Daniels-Midland Co.		129,186		5,154,521
Flowers Foods, Inc.		100,229		2,241,120
Molson Coors Beverage Co., Class B		83,559		2,871,087
Post Holdings, Inc. (a)		110,080		9,645,210
				19,911,938
Energy — 2.2%
Cimarex Energy Co.		93,798		2,578,507
Noble Energy, Inc.		278,724		2,497,367
				5,075,874
Financials — 25.6%
American International Group, Inc.		155,531		4,849,457
Bank OZK		152,491		3,578,964
BankUnited, Inc.		138,886		2,812,441
BOK Financial Corp.		53,030		2,993,013
Brighthouse Financial, Inc. (a)		85,345		2,374,298
Discover Financial Services		55,039		2,756,903
Enstar Group Ltd. (a)		10,769		1,645,180
First Republic Bank		59,350		6,290,506
Franklin Resources, Inc. (b)		57,934		1,214,876
Hartford Financial Services Group, Inc. (The)		92,394		3,561,789
Loews Corp.		279,365		9,579,426
Mr. Cooper Group, Inc. (a)		199,767		2,485,101

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 7

Diamond Hill Mid Cap Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 92.9% continued
Financials — 25.6% continued
Reinsurance Group of America, Inc.		19,015	$	1,491,537
RenaissanceRe Holdings Ltd.		20,721		3,543,913
Sterling Bancorp		374,401		4,387,980
SVB Financial Group (a)		18,731		4,037,092
Willis Towers Watson plc		12,563		2,474,283
				60,076,759
Health Care — 2.2%
Boston Scientific Corp. (a)		143,214		5,028,244
Industrials — 15.5%
Alaska Air Group, Inc.		120,060		4,353,376
Colfax Corp. (a)		216,860		6,050,394
Hub Group, Inc., Class A (a)		50,186		2,401,902
Kirby Corp. (a)		102,465		5,488,025
Parker-Hannifin Corp.		31,930		5,851,811
Sensata Technologies Holding plc (a)		148,353		5,523,182
Stericycle, Inc. (a)		71,497		4,002,402
WESCO International, Inc. (a)		78,229		2,746,620
				36,417,712
Information Technology — 7.0%
Avnet, Inc.		53,562		1,493,576
Check Point Software Technologies Ltd. (a)		53,082		5,702,599
Cognizant Technology Solutions Corp., Class A		67,498		3,835,236
Juniper Networks, Inc.		94,080		2,150,669
NXP Semiconductors NV		28,821		3,286,747
				16,468,827
Materials — 4.6%
Ashland Global Holdings, Inc.		76,863		5,311,233
RPM International, Inc.		24,483		1,837,694
W.R. Grace & Co.		70,268		3,570,317
				10,719,244
Real Estate — 7.5%
American Campus Communities, Inc. REIT		80,925		2,829,138
CubeSmart REIT		263,597		7,114,483

	Shares		Fair Value
Real Estate — 7.5% continued
Douglas Emmett, Inc.		117,784	$	3,611,257
Jones Lang LaSalle, Inc.		15,674		1,621,632
Mid-America Apartment Communities, Inc. REIT		21,383		2,451,989
				17,628,499
Utilities — 3.8%
South Jersey Industries, Inc.		123,830		3,094,512
UGI Corp.		181,848		5,782,766
				8,877,278
Total Common Stocks
(Cost $233,657,552)			$	217,719,637
Registered Investment Companies — 6.3%
Diamond Hill Short Duration Total Return Fund, Class Y (c)		158,581		1,533,476
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (d)		13,090,681		13,090,681
State Street Navigator Securities Lending Portfolio I, 0.37% (d)(e)		41,013		41,013
Total Registered Investment Companies
(Cost $14,730,155)			$	14,665,170
Total Investment Securities — 99.2%
(Cost $248,387,707)			$	232,384,807
Other Assets in Excess of Liabilities — 0.8%				1,954,664
Net Assets — 100.0%			$	234,339,471

^(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, 2020 was $532,175.

^(c) Affiliated Fund.

^(d) The rate shown is the 7-day effective yield rate as of June 30, 2020.

^(e) This security was purchased with cash collateral held from securities on loan.

plc — Public Limited Company

REIT — Real Estate Investment Trust

NV — Naamloze Vennootschap

See accompanying Notes to Financial Statements.

8 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Large Cap Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 97.5%
Communication Services — 11.3%
Alphabet, Inc., Class A (a)		118,983	$	168,723,843
Charter Communications, Inc., Class A (a)(b)		233,859		119,277,444
Comcast Corp., Class A		2,608,773		101,689,972
Facebook, Inc., Class A (a)		588,625		133,659,079
Walt Disney Co. (The)		1,592,582		177,588,819
				700,939,157
Consumer Discretionary — 14.0%
Booking Holdings, Inc. (a)		75,140		119,648,428
BorgWarner, Inc. (b)		3,495,593		123,394,433
General Motors Co.		4,148,122		104,947,487
Hanesbrands, Inc. (b)		6,046,011		68,259,464
NVR, Inc. (a)		39,461		128,593,534
O’Reilly Automotive, Inc. (a)		170,188		71,763,174
TJX Cos., Inc. (The)		2,703,602		136,694,117
VF Corp.		1,883,060		114,753,676
				868,054,313
Consumer Staples — 14.0%
Archer-Daniels-Midland Co.		2,067,919		82,509,968
Kellogg Co. (b)		165,018		10,901,089
Kimberly-Clark Corp.		983,046		138,953,552
Mondelēz International, Inc., Class A		3,599,098		184,021,881
PepsiCo, Inc.		1,448,829		191,622,124
Philip Morris International, Inc.		995,353		69,734,431
Procter & Gamble Co. (The)		1,615,463		193,160,911
				870,903,956
Energy — 2.4%
Chevron Corp.		1,669,199		148,942,627
Financials — 24.3%
American International Group, Inc.		7,047,091		219,728,297
Berkshire Hathaway, Inc., Class B (a)		1,215,648		217,005,324
Charles Schwab Corp. (The)		4,249,493		143,377,894
Citigroup, Inc.		4,007,538		204,785,192
First Republic Bank		924,108		97,946,207
Hartford Financial Services Group, Inc. (The)		1,968,463		75,884,249

	Shares		Fair Value
Financials — 24.3% continued
JPMorgan Chase & Co.		833,251	$	78,375,589
KKR & Co., Inc. (b)		5,322,996		164,374,116
Marsh & McLennan Cos., Inc.		864,914		92,865,816
MetLife, Inc.		3,339,931		121,974,280
Morgan Stanley (b)		1,973,223		95,306,671
				1,511,623,635
Health Care — 14.7%
Abbott Laboratories		3,124,445		285,668,006
Gilead Sciences, Inc.		1,251,798		96,313,338
Humana, Inc.		326,701		126,678,313
Medtronic plc		1,796,821		164,768,486
Pfizer, Inc.		4,325,038		141,428,743
Thermo Fisher Scientific, Inc.		270,792		98,118,773
				912,975,659
Industrials — 5.2%
Carrier Global Corp.		3,857,628		85,716,494
Honeywell International, Inc.		616,439		89,130,915
Parker-Hannifin Corp.		730,163		133,816,973
Roper Technologies, Inc.		40,355		15,668,232
				324,332,614
Information Technology — 7.8%
Cognizant Technology Solutions Corp., Class A		1,456,942		82,783,444
Fidelity National Information Services, Inc.		766,886		102,831,744
Microsoft Corp.		469,400		95,527,594
Texas Instruments, Inc.		885,408		112,420,254
Visa, Inc., Class A (b)		465,379		89,897,261
				483,460,297
Materials — 2.8%
Linde plc		491,071		104,161,070
Sherwin-Williams Co. (The)		124,587		71,992,598
				176,153,668
Real Estate — 1.0%
Public Storage REIT		327,337		62,812,697
Total Common Stocks
(Cost $4,919,099,298)			$	6,060,198,623

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 9

Diamond Hill Large Cap Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Registered Investment Companies — 5.0%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (c)		153,967,868	$	153,967,868
State Street Navigator Securities Lending Portfolio I, 0.37% (c)(d)		155,153,658		155,153,658
Total Registered Investment Companies
(Cost $309,121,526)			$	309,121,526
Total Investment Securities — 102.5%
(Cost $5,228,220,824)			$	6,369,320,149
Liabilities in Excess of Other Assets — (2.5)%				(153,929,238	)
Net Assets — 100.0%			$	6,215,790,911

^(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, 2020 was $209,404,947.

^(c) The rate shown is the 7-day effective yield as of June 30, 2020.

^(d) This security was purchased with cash collateral held from securities on loan.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See accompanying Notes to Financial Statements.

Diamond Hill All Cap Select Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 96.6%
Communication Services — 6.3%
Alphabet, Inc., Class A (a)		4,082	$	5,788,480
Facebook, Inc., Class A (a)		23,169		5,260,985
Walt Disney Co. (The)		39,130		4,363,386
				15,412,851
Consumer Discretionary — 16.5%
Booking Holdings, Inc. (a)		2,954		4,703,772
BorgWarner, Inc.		203,915		7,198,200
Hanesbrands, Inc.		1,072,099		12,103,998
Red Rock Resorts, Inc., Class A		416,764		4,546,895
Vail Resorts, Inc.		38,115		6,942,647
VF Corp.		78,530		4,785,618
				40,281,130
Consumer Staples — 12.7%
Archer-Daniels-Midland Co.		134,581		5,369,782
Cal-Maine Foods, Inc. (a)		252,783		11,243,788
Mondelēz International, Inc., Class A		149,358		7,636,675
Seaboard Corp.		2,299		6,744,852
				30,995,097
Financials — 32.2%
American International Group, Inc.		444,771		13,867,960
Bank OZK		284,560		6,678,623
Berkshire Hathaway, Inc., Class B (a)		78,407		13,996,434
Charles Schwab Corp. (The)		193,707		6,535,674
Citigroup, Inc.		130,514		6,669,265
KKR & Co., Inc.		320,284		9,890,370
MetLife, Inc.		161,943		5,914,158
Mr. Cooper Group, Inc. (a)		1,190,532		14,810,218
				78,362,702
Health Care — 2.1%
GlaxoSmithKline plc - ADR (b)		125,982		5,138,806
Industrials — 18.0%
Cimpress plc (a)(b)		52,663		4,020,293
Colfax Corp. (a)		288,799		8,057,492
Copa Holdings SA, Class A		66,608		3,367,701

10 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill All Cap Select Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 96.6% continued
Industrials — 18.0% continued
Hub Group, Inc., Class A (a)		34,645	$	1,658,110
Johnson Controls International plc		196,349		6,703,355
Kirby Corp. (a)		132,082		7,074,312
WESCO International, Inc. (a)		371,874		13,056,496
				43,937,759
Information Technology — 6.5%
Cognizant Technology Solutions Corp., Class A		132,451		7,525,866
Sanmina Corp. (a)		135,206		3,385,558
Visa, Inc., Class A		25,040		4,836,977
				15,748,401
Materials — 2.3%
Ashland Global Holdings, Inc.		80,661		5,573,675
Total Common Stocks
(Cost $225,927,491)			$	235,450,421
Registered Investment Companies — 4.9%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (c)		9,104,388		9,104,388
State Street Navigator Securities Lending Portfolio I, 0.37% (c)(d)		2,808,515		2,808,515
Total Registered Investment Companies
(Cost $11,912,903)			$	11,912,903
Total Investment Securities — 101.5%
(Cost $237,840,394)			$	247,363,324
Liabilities in Excess of Other Assets — (1.5)%				(3,605,395	)
Net Assets — 100.0%			$	243,757,929

^(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, 2020 was $2,657,290.

^(c) The rate shown is the 7-day effective yield as of June 30, 2020.

^(d) This security was purchased with cash collateral held from securities on loan.

ADR — American Depositary Receipt

plc — Public Limited Company

SA — Societe Anonyme

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 11

Diamond Hill Long-Short Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 88.1%
Communication Services — 10.0%
Alphabet, Inc., Class A (a)(b)(c)		53,275	$	75,546,614
Comcast Corp., Class A (a)		1,026,790		40,024,274
Facebook, Inc., Class A (a)(b)		257,895		58,560,218
Walt Disney Co. (The) (a)		370,224		41,283,678
				215,414,784
Consumer Discretionary — 8.8%
Advance Auto Parts, Inc. (a)		145,250		20,690,862
Booking Holdings, Inc. (a)(b)		25,175		40,087,160
BorgWarner, Inc. (a)		1,090,655		38,500,122
Hanesbrands, Inc. (a)(c)		2,531,475		28,580,353
TJX Cos., Inc. (The)		658,073		33,272,171
VF Corp. (a)		479,219		29,203,606
				190,334,274
Consumer Staples — 4.9%
Archer-Daniels-Midland Co. (a)		995,800		39,732,420
Constellation Brands, Inc., Class A (a)		183,154		32,042,792
Mondelēz International, Inc., Class A (a)		661,095		33,801,787
				105,576,999
Energy — 2.5%
Chevron Corp.		358,940		32,028,216
Cimarex Energy Co. (a)		756,844		20,805,642
				52,833,858
Financials — 26.1%
American International Group, Inc. (a)(c)		2,384,076		74,335,490
Bank OZK (a)		1,775,684		41,675,303
BankUnited, Inc.		1,088,713		22,046,438
Berkshire Hathaway, Inc., Class B (a)(b)(c)		379,955		67,825,767
Charles Schwab Corp. (The) (a)		1,369,145		46,194,952
Citigroup, Inc. (a)(c)		1,613,335		82,441,419
First Republic Bank (a)(c)		281,530		29,839,365
Hartford Financial Services Group, Inc. (The)		740,561		28,548,627
JPMorgan Chase & Co.		115,040		10,820,662

	Shares		Fair Value
Financials — 26.1% continued
KKR & Co., Inc.(a)		1,688,982	$	52,155,764
MetLife, Inc. (a)(c)		1,181,739		43,157,108
Morgan Stanley (a)		671,253		32,421,520
SVB Financial Group (a)(b)(c)		149,514		32,224,752
				563,687,167
Health Care — 12.2%
Abbott Laboratories (a)		460,905		42,140,544
AbbVie, Inc. (a)		111,092		10,907,013
CVS Health Corp. (a)		487,264		31,657,542
Humana, Inc.		113,020		43,823,505
Medtronic plc (c)		522,484		47,911,783
Perrigo Co. plc (a)		862,030		47,644,398
Pfizer, Inc. (a)		1,216,965		39,794,755
				263,879,540
Industrials — 8.6%
Alaska Air Group, Inc. (a)		556,230		20,168,900
Johnson Controls International plc (a)(c)		1,842,644		62,907,866
Kirby Corp. (a)(b)		805,981		43,168,342
Parker-Hannifin Corp.		157,850		28,929,170
Sensata Technologies Holding plc (a)(b)		839,082		31,239,023
				186,413,301
Information Technology — 9.8%
Cognizant Technology Solutions Corp., Class A (a)		814,810		46,297,504
Fidelity National Information Services, Inc. (a)		298,201		39,985,772
Microsoft Corp. (c)		283,632		57,721,948
Texas Instruments, Inc. (a)		270,035		34,286,344
Visa, Inc., Class A (a)		175,945		33,987,296
				212,278,864
Materials — 5.2%
Ashland Global Holdings, Inc. (a)		478,038		33,032,426
Axalta Coating Systems Ltd. (a)(b)(c)		1,187,877		26,786,626
Sherwin-Williams Co. (The) (a)		36,583		21,139,487

12 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Long-Short Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 88.1% continued
Materials — 5.2% continued
W.R. Grace & Co. (a)		627,155	$	31,865,746
				112,824,285
Total Common Stocks
(Cost $1,547,698,064)			$	1,903,243,072
Registered Investment Companies — 35.7%
Diamond Hill Short Duration Total Return Fund, Class Y (d)		4,387,930		42,431,284
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (e)		189,616,265		189,616,265
State Street Navigator Securities Lending Portfolio I, 0.37% (e)(f)		540,661,960		540,661,960
Total Registered Investment Companies
(Cost $774,337,184)			$	772,709,509
Total Investment Securities — 123.8%
(Cost $2,322,035,248)			$	2,675,952,581
Segregated Cash With Custodian — 29.2%				630,706,531
Investments Sold Short — (28.6)%
(Proceeds $621,846,744)				(618,543,415	)
Liabilities in Excess of Other Assets — (24.4)%				(527,285,717	)
Net Assets — 100.0%			$	2,160,829,980

^(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2020 was $534,557,985.

^(b) Non-income producing security.

^(c) All or a portion of the shares have been pledged as collateral for open short positions.

^(d) Affiliated Fund.

^(e) The rate shown is the 7-day effective yield as of June 30, 2020.

^(f) This security was purchased with cash collateral held from securities on loan.

plc — Public Limited Company

See accompanying Notes to Financial Statements.

Diamond Hill Long-Short Fund
Schedule of Investments Sold Short
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 28.6%
Communication Services — 0.9%
Cogent Communications Holdings, Inc.		252,220	$	19,511,739
Consumer Discretionary — 6.7%
Asbury Automotive Group, Inc.		133,731		10,341,418
Best Buy Co., Inc.		174,929		15,266,054
Cheesecake Factory, Inc. (The)		288,843		6,620,282
Dick’s Sporting Goods, Inc.		605,296		24,974,513
Grand Canyon Education, Inc.		283,971		25,707,895
PulteGroup, Inc.		294,408		10,018,704
Tesla, Inc.		25,757		27,812,666
Whirlpool Corp.		175,638		22,750,390
				143,491,922
Consumer Staples — 4.1%
Boston Beer Co., Inc., Class A		52,950		28,415,618
Brown-Forman Corp., Class B		691,040		43,991,606
Walmart, Inc.		44,947		5,383,752
WD-40 Co.		57,685		11,438,936
				89,229,912
Financials — 4.9%
Bank of Hawaii Corp.		113,953		6,997,854
Blackstone Mortgage Trust, Inc., Class A		297,275		7,161,355
Commerce Bancshares, Inc.		644,469		38,326,571
eHealth, Inc.		124,195		12,200,917
FactSet Research Systems, Inc.		75,295		24,732,149
First Financial Bankshares, Inc.		586,260		16,937,051
				106,355,897
Health Care — 0.9%
Waters Corp.		104,490		18,849,996

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 13

Diamond Hill Long-Short Fund
Schedule of Investments
Sold Short (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 28.6% continued
Industrials — 5.0%
Cintas Corp.		63,470	$	16,905,869
Hawaiian Holdings, Inc.		410,740		5,766,790
PACCAR, Inc.		389,732		29,171,440
Robert Half International, Inc.		392,145		20,717,020
W.W. Grainger, Inc.		96,568		30,337,803
Wabtec Corp.		101,150		5,823,206
				108,722,128
Information Technology — 4.8%
Akamai Technologies, Inc.		116,745		12,502,222
Badger Meter, Inc.		145,070		9,127,804
Blackbaud, Inc.		299,211		17,078,964
Cisco Systems, Inc.		353,578		16,490,878
j2 Global, Inc.		271,084		17,135,220
Oracle Corp.		434,255		24,001,274
Western Union Co. (The)		364,683		7,884,446
				104,220,808
Materials — 0.2%
Silgan Holdings, Inc.		160,410		5,195,680
Real Estate — 0.3%
VEREIT, Inc.		987,230		6,347,889
Utilities — 0.8%
Consolidated Edison, Inc.		43,324		3,116,295
Ormat Technologies, Inc.		212,650		13,501,149
				16,617,444
Total Investments Sold Short — 28.6%
(Proceeds $621,846,744)			$	618,543,415

Percentages disclosed are based on total net assets of the Fund at June 30, 2020.

See accompanying Notes to Financial Statements.

Diamond Hill Research
Opportunities Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 99.8%
Communication Services — 16.9%
Alphabet, Inc., Class A (a)		1,470	$	2,084,534
Charter Communications, Inc., Class A (a)(b)		890		453,936
Facebook, Inc., Class A (a)(b)(c)		7,947		1,804,525
Liberty Media Corp. - Liberty Formula One - Series C (a)(b)		19,980		633,566
Live Nation Entertainment, Inc. (a)(b)		6,135		271,965
Tencent Holdings Ltd.		11,300		724,079
Walt Disney Co. (The) (b)		3,646		406,565
Zynga, Inc., Class A (a)(c)		59,324		565,951
				6,945,121
Consumer Discretionary — 6.4%
Advance Auto Parts, Inc. (c)		1,025		146,011
EssilorLuxottica SA (a)		1,873		240,931
McDonald’s Corp. (b)		1,760		324,667
NVR, Inc. (a)(c)		170		553,988
O’Reilly Automotive, Inc. (a)		960		404,803
Red Rock Resorts, Inc., Class A (c)		36,300		396,033
Starbucks Corp. (b)		1,635		120,320
TJX Cos., Inc. (The)		4,347		219,784
Vail Resorts, Inc. (b)		1,200		218,580
				2,625,117
Consumer Staples — 3.9%
Cal-Maine Foods, Inc. (a)(b)		14,000		622,720
Constellation Brands, Inc., Class A (b)		400		69,980
Mondelēz International, Inc., Class A		4,125		210,911
Seaboard Corp.		240		704,117
				1,607,728
Energy — 1.2%
Chevron Corp.		1,268		113,144
Cimarex Energy Co. (b)		6,500		178,685
Noble Energy, Inc.		14,500		129,920
WPX Energy, Inc. (a)		14,851		94,749
				516,498

14 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Research Opportunities Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 99.8% continued
Financials — 14.8%
Banco Bilbao Vizcaya Argentaria SA		28,347	$	97,617
Bank of New York Mellon Corp. (The)		8,882		343,289
Bank OZK (b)(c)		32,695		767,352
BankUnited, Inc.		7,470		151,268
Cadence BanCorp		25,518		226,090
Charles Schwab Corp. (The) (c)		15,449		521,249
Credit Suisse Group AG (a)		4,661		48,496
Fairfax India Holdings Corp. (a)		13,412		112,527
First Republic Bank (b)		4,428		469,324
Julius Baer Group Ltd. (a)		838		35,193
Kasikornbank pcl - NVDR		33,900		102,921
Live Oak Bancshares, Inc. (c)		21,000		304,710
Morgan Stanley (b)		14,319		691,608
Mr. Cooper Group, Inc. (a)(c)		75,619		940,700
Northern Trust Corp.		5,603		444,542
SCOR SE (a)		1,000		27,624
Sterling Bancorp (b)		15,837		185,610
SVB Financial Group (a)(b)(c)		2,860		616,416
				6,086,536
Health Care — 15.7%
Boston Scientific Corp. (a)(b)		22,215		779,969
Humana, Inc.		2,380		922,845
Integer Holdings Corp. (a)		2,700		197,235
LivaNova plc (a)(b)(c)		10,300		495,739
McKesson Corp.		4,445		681,952
Medtronic plc (c)		3,850		353,045
Perrigo Co. plc		17,724		979,605
Pfizer, Inc.		26,410		863,607
Thermo Fisher Scientific, Inc.		3,277		1,187,388
				6,461,385
Industrials — 13.9%
Alaska Air Group, Inc.		1,568		56,856
Allegiant Travel Co. (b)		590		64,434
Astronics Corp. (a)(c)		40,000		422,400
Carrier Global Corp.		9,764		216,956
Colfax Corp. (a)(b)		23,456		654,422

	Shares		Fair Value
Industrials — 13.9% continued
Copa Holdings SA, Class A (b)		8,306	$	419,951
Fastenal Co. (b)		7,200		308,448
Honeywell International, Inc. (b)		1,733		250,574
Howden Joinery Group plc (d)		40,500		277,266
IAA, Inc. (a)		7,785		300,267
Johnson Controls International plc		5,436		185,585
Sensata Technologies Holding plc (a)		25,526		950,333
SPX FLOW, Inc. (a)(b)		4,228		158,296
Stericycle, Inc. (a)(b)		19,630		1,098,887
Textron, Inc.		3,087		101,593
Welbilt, Inc. (a)(b)		16,203		98,676
WESCO International, Inc. (a)		4,363		153,185
				5,718,129
Information Technology — 18.2%
Avnet, Inc.		5,521		153,953
Cognizant Technology Solutions Corp., Class A (b)(c)		20,771		1,180,208
Fidelity National Information Services, Inc. (c)		5,330		714,700
Fiserv, Inc. (a)(c)		4,938		482,048
Microsoft Corp. (c)		4,565		929,023
NXP Semiconductors NV		2,190		249,748
Sanmina Corp. (a)(c)		22,768		570,111
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		3,783		214,761
TE Connectivity Ltd.		4,706		383,774
Texas Instruments, Inc. (b)		6,191		786,071
Visa, Inc., Class A (b)		4,102		792,383
WNS Holdings Ltd. - ADR (a)		18,932		1,040,881
				7,497,661
Materials — 5.3%
Ashland Global Holdings, Inc. (b)(c)		16,596		1,146,784
Linde plc (b)		2,505		531,336
Sherwin-Williams Co. (The) (c)		838		484,238
				2,162,358

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 15

Diamond Hill Research Opportunities Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 99.8% continued
Real Estate — 3.1%
Agree Realty Corp.		2,235	$	146,862
American Campus Communities, Inc. REIT (b)		2,600		90,896
CubeSmart REIT		6,176		166,690
Douglas Emmett, Inc.		4,870		149,314
Essex Property Trust, Inc. REIT		615		140,940
iStar, Inc. REIT		14,750		181,720
JBG SMITH Properties		3,115		92,111
Mid-America Apartment Communities, Inc. REIT		1,205		138,177
Public Storage REIT (b)		816		156,582
				1,263,292
Utilities — 0.4%
UGI Corp.		5,391		171,434
Total Common Stocks
(Cost $37,349,172)			$	41,055,259
Registered Investment Companies — 40.3%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (d)		4,858,324		4,858,324
State Street Navigator Securities Lending Portfolio I, 0.37% (d)(e)		11,724,651		11,724,651
Total Registered Investment Companies
(Cost $16,582,975)			$	16,582,975
Total Investment Securities — 140.1%
(Cost $53,932,147)			$	57,638,234
Segregated Cash With Custodian — 6.4%				2,651,701
Investments Sold Short — (17.9)%
(Proceeds $6,830,622)				(7,381,717	)
Liabilities in Excess of Other Assets — (28.6)%				(11,769,409	)
Net Assets — 100.0%			$	41,138,809

^(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, 2020 was $11,610,983.

^(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, 2020.

^(e) This security was purchased with cash collateral held from securities on loan.

ADR — American Depositary Receipt

AG — Aktiengesellschaft

NV — Naamloze Vennootschap

NVDR — Non-Voting Depositary Receipt

pcl— Public Company Limited

plc — Public Limited Company

REIT — Real Estate Investment Trust

SA — Societe Anonyme

SE — Societe Europaea

See accompanying Notes to Financial Statements.

16 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Research Opportunities Fund
Schedule of Investments Sold Short
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 17.9%
Communication Services — 0.6%
Cogent Communications Holdings, Inc.		2,930	$	226,665
Omnicom Group, Inc.		666		36,364
				263,029
Consumer Discretionary — 5.5%
Asbury Automotive Group, Inc.		925		71,530
Best Buy Co., Inc.		2,062		179,951
Cheesecake Factory, Inc. (The)		634		14,531
Dick’s Sporting Goods, Inc.		4,075		168,134
Grand Canyon Education, Inc.		2,696		244,069
lululemon athletica, inc.		610		190,326
PulteGroup, Inc.		7,860		267,476
Tesla, Inc.		949		1,024,740
Whirlpool Corp.		737		95,464
				2,256,221
Consumer Staples — 0.9%
Boston Beer Co., Inc., Class A		336		180,314
Brown-Forman Corp., Class B		2,230		141,962
Walmart, Inc.		365		43,720
				365,996
Financials — 3.8%
Bank of Hawaii Corp.		1,325		81,368
Blackstone Mortgage Trust, Inc., Class A		3,935		94,794
Cincinnati Financial Corp.		1,335		85,480
Commerce Bancshares, Inc.		4,407		262,084
FactSet Research Systems, Inc.		307		100,840
First Financial Bankshares, Inc.		13,658		394,580
Northwest Bancshares, Inc.		6,620		67,689
Starwood Property Trust, Inc.		10,658		159,444
Westamerica Bancorp.		5,295		304,039
				1,550,318

	Shares		Fair Value
Health Care — 1.8%
Align Technology, Inc.		700	$	192,108
HealthEquity, Inc.		4,200		246,414
Henry Schein, Inc.		1,800		105,102
Waters Corp.		1,200		216,480
				760,104
Industrials — 0.6%
AAON, Inc.		455		24,702
Boeing Co. (The)		181		33,177
Cintas Corp.		74		19,711
Hawaiian Holdings, Inc.		1,550		21,762
Lennox International, Inc.		120		27,959
Robert Half International, Inc.		1,023		54,045
Spirit Airlines, Inc.		1,950		34,710
W.W. Grainger, Inc.		132		41,469
				257,535
Information Technology — 3.9%
Amkor Technology, Inc.		8,074		99,391
Badger Meter, Inc.		786		49,455
Blackbaud, Inc.		4,671		266,621
Cisco Systems, Inc.		8,112		378,344
j2 Global, Inc.		300		18,963
Oracle Corp.		8,263		456,696
Western Union Co. (The)		14,971		323,673
				1,593,143
Real Estate — 0.6%
EastGroup Properties, Inc.		1,411		167,359
VEREIT, Inc.		13,075		84,072
				251,431
Utilities — 0.2%
Consolidated Edison, Inc.		580		41,719
Ormat Technologies, Inc.		665		42,221
				83,940
Total Investments Sold Short — 17.9%
(Proceeds $6,830,622)			$	7,381,717

Percentages disclosed are based on total net assets of the Fund at June 30, 2020.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 17

Diamond Hill Global Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 97.0%
Belgium — 2.8%
Anheuser-Busch InBev SA/NV		9,039	$	445,679
Canada — 1.5%
Rogers Communications, Inc., Class B		5,691		228,721
France — 7.3%
EssilorLuxottica SA (a)		3,710		477,232
Safran SA (a)		1,794		180,496
SCOR SE (a)		18,421		508,857
				1,166,585
Germany — 2.2%
Fuchs Petrolub SE		10,564		355,829
Israel — 2.9%
Check Point Software Technologies Ltd. (a)(b)		4,342		466,461
Japan — 1.8%
Seven & i Holdings Co. Ltd.		8,600		281,331
Netherlands — 2.0%
Unilever NV		5,865		312,770
South Korea — 3.0%
Samsung Electronics Co. Ltd.		10,685		474,234
Switzerland — 3.7%
Julius Baer Group Ltd. (a)		14,012		588,458
Thailand — 1.3%
Kasikornbank pcl - NVDR		70,000		212,521
United Kingdom — 9.6%
Ashmore Group plc		59,642		307,955
BT Group plc		257,311		363,896
Diageo plc		11,854		393,989
Howden Joinery Group plc		67,049		459,022
				1,524,862

	Shares		Fair Value
United States — 58.9%
Alphabet, Inc., Class C (a)		288	$	407,120
American International Group, Inc.		26,093		813,580
Archer-Daniels-Midland Co.		6,335		252,766
Berkshire Hathaway, Inc., Class B (a)		4,126		736,532
Booking Holdings, Inc. (a)		165		262,736
BorgWarner, Inc.		16,416		579,485
Charles Schwab Corp. (The)		10,370		349,884
Cimpress plc (a)		3,238		247,189
Citigroup, Inc.		5,557		283,963
Cognizant Technology Solutions Corp., Class A		6,433		365,523
Copa Holdings SA, Class A		4,392		222,060
Facebook, Inc., Class A (a)		1,610		365,583
Hanesbrands, Inc. (b)		50,518		570,348
Hub Group, Inc., Class A (a)		3,274		156,694
Johnson Controls International plc		9,762		333,275
Kirby Corp. (a)		7,690		411,876
KKR & Co., Inc.		20,312		627,235
MetLife, Inc.		9,498		346,867
Mondelēz International, Inc., Class A		6,026		308,109
Red Rock Resorts, Inc., Class A		24,357		265,735
Sanmina Corp. (a)		8,736		218,749
Seaboard Corp.		125		366,727
Vail Resorts, Inc.		2,173		395,812
Visa, Inc., Class A		1,190		229,872
Walt Disney Co. (The)		2,233		249,002
				9,366,722
Total Common Stocks
(Cost $16,767,456)			$	15,424,173

18 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Global Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Par Value		Fair Value
Registered Investment Companies — 6.3%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (c)		534,942	$	534,942
State Street Navigator Securities Lending Portfolio I, 0.37% (c)(d)		471,107		471,107
Total Registered Investment Companies
(Cost $1,006,049)			$	1,006,049
Total Investments at Value — 103.3%
(Cost $17,773,505)			$	16,430,222
Liabilities in Excess of Other Assets — (3.3)%				(522,828	)
Net Assets — 100.0%			$	15,907,394

^(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, 2020 was $826,522.

^(c) The rate shown is the 7-day effective yield as of June 30, 2020.

^(d) This security was purchased with cash collateral held from securities on loan.

NV — Naamloze Vennootschap

NVDR — Non-Voting Depositary Receipt

pcl — Public Company Limited

plc — Public Limited Company

SA — Societe Anonyme

SE — Societe Europaea

See accompanying Notes to Financial Statements.

Diamond Hill International Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 98.6%
Belgium — 5.6%
Anheuser-Busch InBev SA/NV		10,399	$	512,735
Shurgard Self Storage SA		4,750		178,862
				691,597
Canada — 4.3%
Fairfax Financial Holdings Ltd.		991		306,174
Rogers Communications, Inc., Class B		5,524		222,010
				528,184
China — 4.4%
Baidu, Inc. - ADR (a)		1,384		165,928
Tencent Holdings Ltd.		6,000		384,467
				550,395
France — 10.0%
EssilorLuxottica SA (a)		1,928		248,006
LVMH Moet Hennessy Louis Vuitton SE		354		156,320
Safran SA (a)		2,956		297,407
SCOR SE (a)		9,958		275,077
Vivendi SA		10,360		267,752
				1,244,562
Germany — 2.6%
Beiersdorf AG		1,398		159,004
Fuchs Petrolub SE		4,705		158,480
				317,484
India — 3.8%
HDFC Bank Ltd. - ADR		7,166		325,766
WNS Holdings Ltd. - ADR (a)		2,735		150,370
				476,136
Israel — 3.4%
Check Point Software Technologies Ltd. (a)(b)		3,919		421,018
Japan — 7.8%
Astellas Pharma, Inc.		15,600		260,508
Kao Corp.		800		63,485
KDDI Corp.		11,400		340,137
Seven & i Holdings Co. Ltd.		9,400		307,501
				971,631

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 19

Diamond Hill International Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Shares		Fair Value
Common Stocks — 98.6% continued
Mexico — 1.9%
Grupo Aeroportuario del Sureste SAB de CV, Class B (a)		20,449	$	229,069
Netherlands — 4.4%
Unilever NV		10,206		544,269
South Korea — 2.8%
Samsung Electronics Co. Ltd.		7,936		352,224
Spain — 0.9%
Banco Bilbao Vizcaya Argentaria SA		31,443		108,279
Switzerland — 11.4%
Compagnie Financiere Richemont SA		4,160		268,316
Julius Baer Group Ltd. (a)		9,069		380,868
Novartis AG - ADR		3,441		300,537
Roche Holding AG		851		294,822
Swatch Group AG (The) (b)		875		175,619
				1,420,162
Taiwan Province of China — 1.7%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		3,814		216,521
Thailand — 2.2%
Kasikornbank pcl - NVDR		89,300		271,116
United Kingdom — 20.6%
Ashmore Group plc		48,535		250,605
B&M European Value Retail SA		20,701		101,897
Beazley plc		54,407		275,820
BT Group plc		256,738		363,086
Bunzl plc		7,611		204,147
Diageo plc		13,382		444,775
GlaxoSmithKline plc		21,199		428,207
Howden Joinery Group plc		42,472		290,766
Tesco plc		69,889		196,571
				2,555,874
United States — 10.8%
Alphabet, Inc., Class A (a)		236		334,660
Copa Holdings SA, Class A		4,745		239,907

	Shares		Fair Value
United States — 10.8% continued
Facebook, Inc., Class A (a)		1,025	$	232,747
LivaNova plc (a)		2,938		141,406
Walt Disney Co. (The)		3,562		397,199
				1,345,919
Total Common Stocks
(Cost $13,138,891)			$	12,244,440
Registered Investment Companies — 4.4%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (c)		125,946		125,946
State Street Navigator Securities Lending Portfolio I, 0.37% (c)(d)		425,212		425,212
Total Registered Investment Companies
(Cost $551,158)			$	551,158
Total Investments at Value — 103.0%
(Cost $13,690,049)			$	12,795,598
Liabilities in Excess of Other Assets — (3.0)%				(376,601	)
Net Assets — 100.0%			$	12,418,997

^(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, 2020 was $592,102.

^(c) The rate shown is the 7-day effective yield as of June 30, 2020.

^(d) This security was purchased with cash collateral held from securities on loan.

ADR — American Depositary Receipt

plc — Public Limited Company

pcl — Public Company Limited

SA — Societe Anonyme

AG — Aktiengesellschaft

NVDR — Non-Voting Depositary Receipt

SE — Societe Europaea

NV — Naamloze Vennootschap

SAB de CV— Societe Anonima Bursatil de Capital Variable

See accompanying Notes to Financial Statements.

20 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Credit — 1.8%
Banking — 0.4%
Goldman Sachs Group, Inc. (3MO LIBOR + 111) (a)		2.101	%		04/26/22	$	450,000	$	452,105
JPMorgan Chase & Co. (3MO LIBOR + 100) (a)		2.219	%		01/15/23		400,000		402,196
Mizuho Financial Group		2.273	%		09/13/21		500,000		510,016
PNC Bank NA		1.743	%		02/24/23		420,000		427,032
Toronto-Dominion Bank (The) (3MO LIBOR + 43) (a)		0.745	%		06/11/21		1,000,000		1,002,781
Toronto-Dominion Bank (The) (SOFRRATE + 48) (a)		0.560	%		01/27/23		375,000		372,585
									3,166,715
Capital Goods — 0.0% (b)
Welbilt, Inc. (c)		9.500	%		02/15/24		100,000		95,500
Communications — 0.0% (b)
Twenty-First Century Fox, Inc.		4.030	%		01/25/24		450,000		498,803
Consumer Cyclical — 0.3%
CCM Merger, Inc. (d)		6.000	%		03/15/22		200,000		198,000
Daimler Finance LLC (c)(d)		1.750	%		03/10/23		1,900,000		1,913,748
Ford Motor Credit Co. LLC		5.584	%		03/18/24		250,000		252,425
General Motors Financial Co., Inc.		3.200	%		07/06/21		25,000		25,288
									2,389,461
Energy — 0.3%
Diamondback Energy, Inc.		5.375	%		05/31/25		767,000		789,529
Energy Transfer Operating LP (c)		4.500	%		04/15/24		925,000		1,002,800
Welltec A/S (d)		9.500	%		12/01/22		200,000		180,000
WPX Energy, Inc.		5.250	%		09/15/24		1,000,000		985,000
									2,957,329
Insurance — 0.4%
Athene Global Funding (d)		2.500	%		01/14/25		1,450,000		1,448,063
Jackson National Life Global Funding (3MO LIBOR + 48) (a)(d)		0.795	%		06/11/21		950,000		952,461
Jackson National Life Global Funding (d)		2.100	%		10/25/21		200,000		203,906

	Coupon			Maturity		Shares / Par Value		Fair Value
Insurance — 0.4% continued
Met Life Global Funding I (d)		1.950	%		01/13/23	$	450,000	$	465,745
Principal Life Global Funding II (d)		2.375	%		11/21/21		400,000		409,116
									3,479,291
Technology — 0.1%
Dell International LLC (d)		4.000	%		07/15/24		500,000		538,977
Transportation — 0.3%
Alaska Airlines, Series 2020-1B, Class A (d)		4.800	%		08/15/27		500,000		501,300
American Airlines Pass-Through Trust, Series 2016-2, Class AA		3.200	%		12/15/29		1,664,000		1,567,170
U.S. Airways Pass-Through Trust, Series 2012-2, Class B		6.750	%		12/03/22		130,005		105,003
United Airlines Pass-Through Trust, Series 2013-1, Class B		5.375	%		02/15/23		74,214		70,562
United Airlines Pass-Through Trust, Series 2007-1, Class A		6.636	%		01/02/24		106,964		90,997
									2,335,032
Total Corporate Credit
(Cost $15,338,751)								$	15,461,108
Securitized — 88.0%
ABS-Other — 13.6%
Access Point Financial, Inc., Series 2017-A, Class B (d)		3.970	%		04/15/29		612,031		614,525
Access Point Financial, Inc., Series 2017-A, Class C (d)		5.820	%		04/15/29		4,750,000		4,850,789
Access Point Financial, Inc., Series 2017-A, Class D (d)		6.000	%		04/15/29		5,000,000		5,114,128
BXG Receivables Note Trust, Series 2012-A, Class B (d)		3.990	%		12/02/27		219,347		217,017

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 21

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
ABS-Other — 13.6% continued
Credibly Asset Securitization LLC, Pool #FN 252409, Series 2018-1A, Class A (d)		4.800	%		11/15/23	$	8,500,000	$	8,260,092
Diamond Resorts Owner Trust, Series 2019-1A, Class B (d)		3.530	%		02/20/32		888,951		852,412
FMC GMSR Issuer Trust, Series 2019-GT2, Class A (d)		4.230	%		09/25/24		5,000,000		4,735,937
FMC GMSR Issuer Trust, Series 2019-GT1, Class A (d)		5.070	%		05/25/26		600,000		588,103
FORA Financial Asset Securitization LLC, Series 2019-1, Class A (d)		4.018	%		10/15/24		1,872,356		1,789,192
FORA Financial Asset Securitization LLC, Series 2019-1, Class C (d)(e)		6.269	%		10/15/24		835,000		501,000
Gold Key Resorts LLC, Series 2014-A, Class A (d)		3.220	%		03/17/31		98,875		98,867
Helios Issuer LLC, Series 2020-AA, Class A (d)		2.980	%		06/20/47		2,100,000		2,113,917
Hero Funding Trust, Series 2016-3B, Class B (d)		5.240	%		09/20/42		216,867		218,838
Hero Funding Trust, Series 2016-1R, Class A1 (d)		4.500	%		09/21/42		276,999		277,409
Hero Funding Trust, Series 2016-4B, Class B (d)		4.990	%		09/20/47		708,184		724,697
Kabbage Funding LLC, Series 2019-1, Class A (d)		3.825	%		03/15/24		4,204,537		4,150,413
Kabbage Funding LLC, Series 2019-1, Class C (d)(e)		4.611	%		03/15/24		2,400,000		1,920,000
Kabbage Funding LLC, Series 2019-1, Class D (d)(e)		5.688	%		03/15/24		1,550,000		930,000
Kabbage Funding, LLC, Series 2019-1, Class B (a)(d)		4.071	%		03/15/24		1,000,000		850,250

	Coupon			Maturity		Shares / Par Value		Fair Value
ABS-Other — 13.6% continued
Mosaic Solar Loans LLC, Series 2017-2A, Class B (d)		4.770	%		06/22/43	$	760,899	$	778,157
Mosaic Solar Loans LLC, Series 2017-2A, Class D (PO) (d)		0.000	%		06/22/43		2,074,858		1,874,464
Mosaic Solar Loans LLC, Series 2020-1A, Class A (d)		2.100	%		04/20/46		3,000,000		3,017,457
Mosaic Solar Loans LLC, Series 2020-1A, Class B (d)		3.100	%		04/20/46		2,400,000		2,417,138
Nationstar HECM Loan Trust, Series 2019-1A, Class A (d)		2.651	%		06/25/29		638,833		641,279
Newtek Small Business Loan Trust, Series 2018-1, Class B (1MO LIBOR + 300) (a)(d)		3.184	%		02/25/44		3,210,704		2,901,324
Newtek Small Business Loan Trust, Series 2019-01, Class A (1MO LIBOR + 165) (a)(d)		2.350	%		12/25/44		3,442,963		3,400,416
NFAS LLC, Series 2019-1, Class A (d)		4.172	%		08/15/24		1,711,293		1,659,985
Octane Receivables Trust, Series 2019-1A, Class A (d)		3.160	%		09/20/23		3,137,487		3,127,047
Ocwen Master Advance Receivables, Series 2019-T1, Class DT1 (d)		3.107	%		08/15/50		1,350,000		1,346,772
Ocwen Master Advance Receivables, Series 2019-T1, Class ET1 (d)		4.436	%		08/15/50		1,250,000		1,247,015
Ocwen Master Advance Receivables, Series 2019-T2, Class ET2 (d)		4.322	%		08/15/51		1,700,000		1,696,421
OnDeck Asset Securitization Trust, Series 2018-1, Class A (d)		3.500	%		04/18/22		523,553		519,249
OnDeck Asset Securitization Trust, Series 2018-1A, Class B (d)(e)		4.020	%		04/18/22		1,400,000		1,330,000

22 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
ABS-Other — 13.6% continued
OnDeck Asset Securitization Trust, Series 2019-1A, Class D (d)(e)		4.020	%		11/18/24	$	5,650,000	$	4,520,000
OnDeck Asset Securitization Trust, Series 2019-1A, Class E (d)(e)		5.150	%		11/18/24		3,950,000		2,370,000
PNMAC GMSR Issuer Trust, Series 2018-GT1, Class A (1MO LIBOR + 285) (a)(d)		3.018	%		02/25/23		7,000,000		6,860,509
PNMAC GMSR Issuer Trust, Series 2018-GT2, Class NT (1MO LIBOR + 265) (a)(d)		2.818	%		08/25/23		5,000,000		4,773,210
Renew Financial LLC, Series 2017-1A, Class B (a)(d)		5.750	%		09/20/52		900,250		927,568
SFS Asset Securitization LLC, Series 2019-1, Class A (d)		4.238	%		06/10/25		4,250,000		4,238,397
SFS Asset Securitization LLC, Series 2019-1, Class B (d)		5.023	%		06/10/25		2,000,000		1,607,515
SFS Asset Securitization LLC, Series 2019-1, Class C (d)(e)		6.390	%		06/10/25		746,000		522,200
Small Business Lending Trust, Series 2019-A, Class A (d)		2.850	%		07/15/26		1,240,752		1,203,436
Small Business Lending Trust, Series 2019-A, Class C (d)(e)		4.310	%		07/15/26		4,700,000		3,112,459
Small Business Lending Trust, Series 2019-A, Class D (d)(e)		6.300	%		07/15/26		5,000,000		2,730,348
Small Business Lending Trust, Series 2020-A, Class A (d)		2.620	%		12/15/26		4,759,547		4,589,871
Small Business Lending Trust, Series 2020-A, Class B (d)(e)		3.200	%		12/15/26		1,800,000		1,308,862

	Coupon			Maturity		Shares / Par Value		Fair Value
ABS-Other — 13.6% continued
Small Business Lending Trust, Series 2020-A, Class C (d)(e)		5.010	%		12/15/26	$	5,950,000	$	3,507,220
TES LLC, Series 2017-1A, Class A (d)		4.330	%		10/20/47		4,329,173		4,281,397
TES LLC, Series 2017-1A, Class B (d)		7.740	%		10/20/47		2,000,000		1,771,310
Westgate Resorts, Series 2018-1A, Class B (d)		3.580	%		12/20/31		1,075,207		1,035,547
Westgate Resorts, Series 2018-1A, Class C (d)		4.100	%		12/20/31		2,565,835		2,443,275
									116,567,434
Agency CMBS — 0.0% (b)
FNMA, Pool #FN AE0834 (a)		3.711	%		01/01/21		34,997		35,368
Agency MBS CMO — 1.5%
FHLMC, Series 2979, Class FP (1MO LIBOR + 45) (a)		0.635	%		05/15/35		444,460		444,796
FHLMC, Series 3121, Class FM (1MO LIBOR + 40) (a)		0.585	%		03/15/36		474,303		474,630
FHLMC, Series 4613, Class AF (1MO LIBOR + 110) (a)		1.285	%		11/15/37		850,342		862,691
FHLMC, Series 4085, Class FB (1MO LIBOR+40) (a)		0.585	%		01/15/39		408,658		409,116
FHLMC, Series 4095, Class FB (1MO LIBOR +40) (a)		0.585	%		04/15/39		173,286		173,486
FHLMC, Series 3925, Class FL (1MO LIBOR + 45) (a)		0.635	%		01/15/41		350,258		350,421
FHLMC, Series 3895, Class BF (1MO LIBOR + 50) (a)		0.685	%		07/15/41		384,317		385,395

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 23

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

		Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Agency MBS CMO — 1.5% continued
FHLMC, Series 4314, Class PF (1MO LIBOR + 40) (a)			0.585	%		07/15/43	$	329,483	$	329,237
FHLMC, Series 4972, Class ZC			2.500	%		05/25/50		2,442,785		2,432,682
FNMA, Series 2006-56, Class DC (1MO LIBOR + 65) (a)			0.835	%		07/25/36		948,428		953,507
FNMA, Series 2006-108, Class FD (1MO LIBOR + 38) (a)			0.565	%		11/25/36		378,973		380,182
FNMA, Series 2010-136, Class FA (1MO LIBOR + 50) (a)			0.685	%		12/25/40		395,815		396,442
FNMA, Series 2011-86, Class KF (1MO LIBOR +55) (a)			0.735	%		09/25/41		570,040		573,960
FNMA, Series 2012-9, Class FC (1MO LIBOR + 40) (a)			0.584	%		02/25/42		266,724		266,892
FNMA, Series 2012-33, Class F (1MO LIBOR + 52) (a)			0.704	%		04/25/42		239,155		239,989
GNMA, Series 2007-18, Class FD (1MO LIBOR + 30) (a)			0.490	%		04/20/37		619,265		616,575
GNMA, Series 2008-16, Class FC (1MO LIBOR + 50) (a)			0.690	%		02/20/38		498,830		500,106
GNMA, Series 2013-124, Class ST (-1.333*1MO LIBOR + 880) (a)			8.547	%		08/20/39		529,614		544,160
GNMA, Series 2012-149, Class GF (1MO LIBOR + 30) (a)			0.490	%		12/20/42		278,156		276,958
GNMA, Series 2012-H29, Class SA (1MO LIBOR + 51.5) (a)	��		0.818	%		10/20/62		674,143		673,724
GNMA, Series 2012-H23, Class SA (1MO LIBOR + 53) (a)			0.833	%		10/20/62		609,115		609,010

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS CMO — 1.5% continued
GNMA, Series 2017-H18, Class FE (1MO LIBOR + 20) (a)		0.503	%		06/20/63	$	30,421	$	30,384
GNMA, Series 2016-H11, Class FD (12MO LIBOR + 40) (a)		1.402	%		05/20/66		120,742		121,222
GNMA, Series 2017-H11, Class FP (1MO LIBOR + 22) (a)		0.523	%		04/20/67		984,904		983,393
									13,028,958
Agency MBS CMO Derivatives — 0.7%
FHLMC, Series 3994, Class EI (IO)		3.000	%		02/15/22		495,094		8,103
FHLMC, Series 3874, Class KI (IO)		4.500	%		08/15/25		288,937		2,649
FHLMC, Series 3946, Class SB (IO) (-1*1MO LIBOR + 675) (a)		6.565	%		10/15/26		253,854		29,223
FHLMC, Series 237, Class S14 (IO) (-1*1MO LIBOR + 660) (a)		6.415	%		05/15/36		923,699		192,799
FHLMC, Series 4693, Class EI (IO)		3.500	%		08/15/42		5,302,810		154,169
FNMA, Series 2011-75, Class MI (IO)		3.500	%		08/25/26		484,164		22,706
FNMA, Series 2012-148, Class IA (IO)		4.000	%		01/25/28		4,153,445		355,702
FNMA, Series 301, Class I (PO)		0.000	%		04/25/29		366,301		350,607
FNMA, Series 348, Class II (IO)		6.000	%		01/25/34		851,865		197,037
FNMA, Series 2013-120, Class JI (IO)		4.000	%		02/25/40		9,976,693		442,232
FNMA, Series 2010-44, Class CS (IO) (-1*1MO LIBOR + 655) (a)		6.365	%		05/25/40		881,489		151,093
FNMA, Series 2011-14, Class PI (IO)		5.000	%		06/25/40		369,075		22,130
FNMA, Series 2014-45, Class IO (IO)		4.000	%		08/25/44		993,755		104,571
GNMA, Series 2011-145, Class QI (IO)		5.000	%		11/16/41		1,447,360		221,947

24 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Agency MBS CMO Derivatives — 0.7% continued
GNMA, Series 2015-16, Class IL (IO)		4.000	%		03/20/42	$	6,439,781	$	432,391
GNMA, Series 2014-141, Class IE (IO)		4.000	%		08/20/43		3,308,815		144,622
GNMA, Series 2010-H01, Class CI (IO) (a)		2.608	%		01/20/60		1,456,965		145,284
GNMA, Series 2012-H02, Class AI (IO) (a)		1.904	%		01/20/62		2,162,506		98,280
GNMA, Series 2013-H13, Class T1 (IO) (a)		0.473	%		05/20/63		34,956,928		558,821
GNMA, Series 2016-H20, Class GI (IO) (a)		0.276	%		08/20/66		36,643,486		377,886
GNMA, Series 2017-H11, Class PI (IO) (a)		2.843	%		04/20/67		5,326,412		102,985
GNMA, Series 2017-H22, Class ID (IO) (a)		2.768	%		11/20/67		836,773		35,204
GNMA, Series 2018-H08, Class NI (IO) (a)		0.699	%		05/20/68		19,023,152		506,214
GNMA, Series 2019-H04, Class IO (IO) (a)		1.445	%		03/20/69		33,669,639		1,305,614
									5,962,269
Agency MBS Passthrough — 0.3%
FHLMC, Pool #FG G60257		5.500	%		06/01/41		762,244		875,238
FHLMC, Pool #RE-6020		3.500	%		12/01/49		1,518,689		1,566,541
									2,441,779
Auto Loan — 14.8%
ACC Trust, Series 2019-1, Class A (d)		3.750	%		05/20/22		520,686		524,505
ACC Trust, Series 2019-2, Class A (d)		2.820	%		02/21/23		2,084,204		2,085,165
American Credit Acceptance Receivables Trust, Series 2020-2, Class C (d)		3.880	%		04/13/26		1,500,000		1,568,556

	Coupon			Maturity		Shares / Par Value		Fair Value
Auto Loan — 14.8% continued
American Credit Acceptance Receivables Trust, Series 2019-3, Class F (d)		5.420	%		05/12/26	$	1,000,000	$	920,291
Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A (d)		2.990	%		07/15/24		980,566		991,850
Avid Automobile Receivables Trust, Series 2019-1, Class E (d)		6.760	%		05/17/27		2,500,000		2,473,288
Bank of the West Auto Trust, Series 2017-1, Class B (d)		2.620	%		11/15/23		400,000		409,290
CarNow Auto Receivables Trust, Series 2018-1A, Class A (d)		3.610	%		10/15/21		52,523		52,512
CarNow Auto Receivables Trust, Series 2017-1A, Class C (d)		5.750	%		10/16/23		4,000,000		4,024,766
Carvana Auto Receivable Trust, Series 2019-3A, Class D (d)		3.040	%		04/15/25		2,190,000		2,207,456
CIG Auto Receivables Trust, Series 2017-1A, Class C (d)		5.330	%		12/16/24		1,600,000		1,604,007
CIG Auto Receivables Trust, Series 2019-1, Class D (d)		4.850	%		05/15/26		1,000,000		999,229
CPS Auto Trust, Series 2018-C, Class D (d)		4.400	%		06/17/24		850,000		872,054
CPS Auto Trust, Series 2020-B, Class C (d)		3.300	%		04/15/26		1,650,000		1,692,834
Drive Auto Receivables Trust, Series 2020-1, Class D		2.700	%		05/17/27		4,500,000		4,492,799
Drive Auto Receivables Trust, Series 2020-2, Class D		3.050	%		05/15/28		1,500,000		1,521,274
DT Auto Owner Trust, Series 2020-2A, Class E (d)		4.730	%		03/16/26		500,000		530,389

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 25

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Auto Loan — 14.8% continued
DT Auto Owner Trust, Series 2020-2A, Class E (d)		7.170	%		06/15/27	$	1,250,000	$	1,308,553
Exeter Automobile Receivables Trust, Series 2016-3A, Class D (d)		6.400	%		07/17/23		3,750,000		3,814,453
Exeter Automobile Receivables Trust, Series 2020-2A, Class D (d)		4.730	%		04/15/26		500,000		530,574
Exeter Automobile Receivables Trust, Series 2020-2A, Class E (d)		7.190	%		09/15/27		2,000,000		2,124,789
Foursight Capital Automobile Receivables, Series 2020-1, Class C (d)		2.410	%		08/15/25		4,400,000		4,335,626
Foursight Capital Automobile Receivables, Series 2020-1, Class E (d)		3.490	%		04/15/26		1,300,000		1,148,633
Hertz Fleet Lease Funding LP, Series 2017-1, Class E (d)		5.800	%		04/10/31		8,000,000		7,639,216
Hertz Fleet Lease Funding LP, Series 2018-1, Class D (d)		4.170	%		05/10/32		700,000		665,025
Hertz Fleet Lease Funding LP, Series 2018-1, Class E (d)		5.550	%		05/10/32		4,888,000		4,642,642
Hertz Fleet Lease Funding LP, Series 2019-1, Class E (d)		4.620	%		01/10/33		3,400,000		3,225,961
Navistar Financial Dealer Note Master Trust, Series 2018-1, Class D (1MO LIBOR + 155) (a)(d)		1.735	%		09/25/23		2,191,000		2,171,880
Navistar Financial Dealer Note Master Trust, Series 2019-1, Class D (1MO LIBOR + 145) (a)(d)		1.635	%		05/28/24		1,200,000		1,188,162
NextGear Floorplan Master Owner Trust, Series 2019-2, Class A1 (1MO LIBOR + 70) (a)(d)		0.885	%		10/15/24		1,500,000		1,437,941

	Coupon			Maturity		Shares / Par Value		Fair Value
Auto Loan — 14.8% continued
NextGear Floorplan Master Owner Trust, Series 2020-1A, Class A1 (1MO LIBOR +80) (a)(d)		0.985	%		02/18/25	$	7,000,000	$	6,676,755
OneMain Direct Auto Receivables Trust, Series 2017-2A, Class E (d)		4.740	%		11/14/25		3,050,000		3,069,351
OSCAR US Funding Trust, Series 2019-2A, Class A4 (d)		2.680	%		09/10/26		5,270,000		5,389,088
Skopos Auto Receivables Trust, Series 2018-1A, Class C (a)(d)		4.770	%		04/17/23		3,000,000		2,974,014
Skopos Auto Receivables Trust, Series 2019-1A, Class B (d)		3.430	%		09/15/23		6,000,000		5,931,602
Skopos Auto Receivables Trust, Series 2019-1A, Class D (d)		5.240	%		04/15/25		680,000		609,228
Tesla Auto Lease Trust, Series 2018-B, Class D (d)		5.290	%		11/22/21		5,250,000		5,373,014
Tesla Auto Lease Trust, Series 2018-B, Class E (d)		7.870	%		06/20/22		2,000,000		2,074,943
Tesla Auto Lease Trust, Series 2019-A, Class E (d)		5.480	%		05/22/23		2,580,000		2,639,096
United Auto Credit Securitization Trust, Series 2020-1, Class D (d)		2.880	%		02/10/25		7,800,000		7,798,440
United Auto Credit Securitization Trust, Series 2020-1, Class E (d)		5.190	%		02/10/25		2,500,000		2,499,600
Veros Auto Receivables Trust, Series 2018-1, Class A (d)		3.630	%		05/15/23		26,277		26,291
Veros Auto Receivables Trust, Series 2020-1, Class A (d)		1.670	%		09/15/23		3,757,382		3,752,609
Veros Auto Receivables Trust, Series 2020-1, Class B (d)		2.190	%		06/16/25		5,000,000		4,986,799

26 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Auto Loan — 14.8% continued
Westlake Auto Receivables Trust, Series 2019-3, Class D (d)		2.720	%		11/15/24	$	1,750,000	$	1,754,431
Westlake Auto Receivables Trust, Series 2020-2A, Class C (d)		2.010	%		07/15/25		5,000,000		5,008,842
Westlake Auto Receivables Trust, Series 2020-2A, Class D (d)		2.760	%		01/15/26		5,000,000		5,020,283
									126,788,106
Consumer — 22.3%
Avant Loans Funding Trust, Series 2019-A, Class A (d)		3.480	%		07/15/22		1,178,437		1,180,235
Avant Loans Funding Trust, Series 2020-REV1, Class A (d)		2.170	%		05/15/29		4,800,000		4,745,860
Consumer Lending Receivables Trust, Series 2019-A, Class A (d)		3.520	%		04/15/26		583,392		583,472
Consumer Lending Receivables Trust, Series 2019-A, Class CERT (d)(e)		0.000	%		04/15/26		150,000		1,845,360
Consumer Loan Underlying Bond Credit Trust, Series 2017-P1, Class C (d)		5.020	%		09/15/23		3,059,782		3,030,082
Consumer Loan Underlying Bond Credit Trust, Series 2018-NP1, Class C (a)(d)		4.740	%		05/15/24		101,122		100,857
Consumer Loan Underlying Bond Credit Trust, Series 2019-HP1, Class B (d)		3.480	%		12/15/26		5,000,000		4,756,297
Consumer Loan Underlying Bond Credit Trust, Series 2019-HP1, Class C (d)		4.700	%		12/15/26		1,565,000		1,397,559
Freedom Financial, Series 2018-1, Class A (d)		3.610	%		07/18/24		584,592		582,692

	Coupon			Maturity		Shares / Par Value		Fair Value
Consumer — 22.3% continued
Freedom Financial, Series 2018-1, Class B (d)		4.560	%		07/18/24	$	5,400,000	$	5,279,608
Freedom Financial, Series 2018-2, Class A (d)		3.990	%		10/20/25		1,064,377		1,063,961
Freedom Financial, Series 2018-2, Class C (d)		5.880	%		10/20/25		3,000,000		2,873,510
Freedom Financial, Series 2019-1, Class A (d)		3.420	%		06/18/26		514,498		515,451
Freedom Financial, Series 2019-1, Class B (d)		3.870	%		06/18/26		3,800,000		3,775,221
Freedom Financial, Series 2019-2, Class C (d)		4.860	%		11/18/26		4,500,000		4,091,506
Freedom Financial, Series 2020-FP1, Class B (d)		3.060	%		03/18/27		4,000,000		3,780,558
Freedom Financial, Series 2020-FP1, Class C (d)		4.370	%		03/18/27		5,250,000		4,615,624
Freedom Financial, Series 2020-2CP, Class A (d)		4.520	%		06/18/27		4,031,038		4,067,593
LendingPoint Asset Securitization Trust, Series 2020-1, Class B (d)		3.107	%		02/10/26		3,725,000		3,579,338
LendingPoint Asset Securitization Trust, Series 2019-1, Class A (d)		3.154	%		08/15/25		2,792,004		2,786,276
LendingPoint Asset Securitization Trust, Series 2019-1, Class B (d)		3.613	%		08/15/25		1,676,000		1,645,725
LendingPoint Asset Securitization Trust, Series 2019-1, Class C (d)		4.504	%		08/15/25		2,000,000		1,878,940
LendingPoint Asset Securitization Trust, Series 2019-2, Class A (d)		3.071	%		11/10/25		3,457,465		3,466,736
LendingPoint Asset Securitization Trust, Series 2019-2, Class B (d)		3.725	%		11/10/25		2,000,000		1,951,440
LendingPoint Asset Securitization Trust, Series 2019-2, Class C (d)		4.660	%		11/10/25		3,700,000		3,431,956

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 27

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Consumer — 22.3% continued
LL ABS Trust, Series 2019-1A, Class A (d)		2.870	%		03/15/27	$	2,293,954	$	2,305,154
LL ABS Trust, Series 2019-1A, Class B (d)		3.520	%		03/15/27		5,550,000		5,421,854
LL ABS Trust, Series 2019-1A, Class C (d)		5.070	%		03/15/27		4,500,000		4,207,485
Mariner Finance Issuance Trust, Series 2018-AA, Class C (d)		5.110	%		11/20/30		2,750,000		2,676,556
Mariner Finance Issuance Trust, Series 2018-AA, Class D (d)(e)		6.570	%		11/20/30		4,725,000		4,510,220
Mariner Finance Issuance Trust, Series 2019-A, Class C (d)		4.010	%		07/20/32		2,120,000		2,011,486
Marlette Funding Trust, Series 2018-1A, Class C (d)		3.690	%		03/15/28		795,961		793,218
Marlette Funding Trust, Series 2019-4A, Class B (d)		2.950	%		12/17/29		760,000		702,474
Marlette Funding Trust, Series 2020-1A, Class C (d)		2.800	%		03/15/30		1,525,000		1,418,166
Marlette Funding Trust, Series 2020-1A, Class D (d)		3.540	%		03/15/30		1,000,000		904,213
Oportun Funding LLC, Series 2018-C, Class B (d)		4.590	%		10/08/24		3,000,000		2,887,369
Oportun Funding LLC, Series 2018-C, Class D (d)		6.790	%		10/08/24		3,972,000		3,310,348
Oportun Funding LLC, Series 2018-D, Class B (d)		4.830	%		12/09/24		2,900,000		2,793,048
Oportun Funding LLC, Series 2018-D, Class D (d)		7.170	%		12/09/24		4,000,000		3,483,912
Oportun Funding VII LLC, Series 2017-B, Class B (d)		4.260	%		10/10/23		5,500,000		5,365,250
Oportun Funding VII LLC, Series 2018-A, Class A (d)		4.450	%		03/08/24		4,600,000		4,473,931

	Coupon			Maturity		Shares / Par Value		Fair Value
Consumer — 22.3% continued
Prosper Marketplace Issuance Trust, Series 2019-1A, Class A (d)		3.540	%		04/15/25	$	150,102	$	150,100
Prosper Marketplace Issuance Trust, Series 2019-1A, Class B (d)		4.030	%		04/15/25		1,750,000		1,722,803
Prosper Marketplace Issuance Trust, Series 2019-3A, Class B (d)		3.590	%		07/15/25		7,600,000		7,456,506
Prosper Marketplace Issuance Trust, Series 2019-3A, Class CERT (d)(e)		0.000	%		07/15/25		81,061,702		1,700,026
Prosper Marketplace Issuance Trust, Series 2019-4A, Class B (d)		3.200	%		02/17/26		4,500,000		4,296,128
Prosper Marketplace Issuance Trust, Series 2019-4A, Class C (d)		4.950	%		02/17/26		6,886,000		6,610,415
Purchasing Power Funding, Series 2018-A, Class B (d)		3.580	%		08/15/22		3,000,000		3,011,691
Purchasing Power Funding, Series 2018-A, Class C (d)		3.780	%		08/15/22		1,400,000		1,406,914
Purchasing Power Funding, Series 2018-A, Class D (d)		4.660	%		08/15/22		1,000,000		1,005,561
Regional Management Issuance Trust, Series 2019-1, Class C (d)		4.110	%		11/15/28		2,000,000		1,700,391
Upgrade Master Pass-Thru Trust, Series 2019-ST1, Class A (d)		4.000	%		07/15/25		3,579,965		3,547,202
Upgrade Master Pass-Thru Trust, Series 2019-ST3, Class A (d)		3.750	%		11/15/25		2,178,210		2,162,604

28 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Consumer — 22.3% continued
Upgrade Receivables Trust, Series 2019-1A, Class A (d)		3.480	%		03/15/25	$	238,628	$	238,353
Upgrade Receivables Trust, Series 2019-1A, Class B (d)		4.090	%		03/15/25		2,650,000		2,609,506
Upstart Pass-Through Trust, Series 2020-ST2, Class A (d)		3.500	%		03/20/28		3,654,956		3,557,242
Upstart Pass-Through Trust, Series 2020-ST3, Class A (d)		3.350	%		04/20/28		4,394,620		4,303,756
Upstart Securitization Trust, Series 2019-1, Class B (d)		4.190	%		04/20/26		2,325,122		2,304,492
Upstart Securitization Trust, Series 2020-ST1, Class A (d)		3.750	%		02/20/28		3,889,113		3,828,231
Upstart Securitization Trust, Series 2019-2, Class A (d)		2.897	%		09/20/29		2,980,247		2,992,365
Upstart Securitization Trust, Series 2019-2, Class B (d)		3.734	%		09/20/29		11,625,000		11,292,996
Upstart Securitization Trust, Series 2019-2, Class C (d)		4.783	%		09/20/29		5,587,000		5,097,674
Upstart Securitization Trust, Series 2019-3, Class B (d)		3.829	%		01/21/30		2,450,000		2,380,244
Upstart Securitization Trust, Series 2020-1, Class C (d)		4.899	%		04/22/30		3,000,000		2,653,446
									190,319,187
Credit Cards — 3.6%
Continental Credit Card LLC, Series 2019-1A, Class A (c)(d)		3.830	%		08/15/26		7,650,000		7,524,518

	Coupon			Maturity		Shares / Par Value		Fair Value
Credit Cards — 3.6% continued
Continental Credit Card LLC, Series 2019-1A, Class B (d)		4.950	%		08/15/26	$	2,600,000	$	2,454,578
Continental Credit Card LLC, Series 2019-1, Class C (d)		6.160	%		08/15/26		3,000,000		2,695,445
Fortiva Retail Credit Master Note, Series 2018-1, Class A (d)		5.540	%		11/15/23		10,850,000		11,144,276
Fortiva Retail Credit Master Note, Series 2018-1, Class C (d)		7.730	%		11/15/23		2,750,000		2,885,985
Genesis Sales Finance Master Trust, Series 2019-AA, Class A (d)		4.680	%		08/20/23		1,200,000		1,193,961
Genesis Sales Finance Master Trust, Series 2019-AA, Class C (d)		6.880	%		08/20/23		1,700,000		1,694,478
Genesis Sales Finance Master Trust, Series 2019-AA, Class D (d)		9.540	%		08/20/23		1,000,000		1,001,611
									30,594,852
Equipment — 3.0%
Business Jet Securities LLC, Series 2018-1, Class A (a)(d)		4.335	%		02/15/33		3,316,910		3,333,709
Business Jet Securities LLC, Series 2018-1, Class B (a)(d)		6.048	%		02/15/33		701,902		710,024
Business Jet Securities LLC, Series 2018-1, Class C (d)		7.748	%		02/15/33		1,652,754		1,604,702
Business Jet Securities LLC, Series 2018-2, Class A (d)		4.447	%		06/15/33		3,546,218		3,518,606
Business Jet Securities LLC, Series 2018-2, Class B (d)		5.437	%		06/15/33		4,261,385		4,283,186
Business Jet Securities LLC, Series 2019-1, Class B (d)		5.193	%		07/15/34		3,097,325		2,953,711

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 29

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Equipment — 3.0% continued
Business Jet Securities LLC, Series 2019-1, Class C (d)		6.948	%		07/15/34	$	5,909,293	$	5,413,789
CCG Receivables Trust, Series 2018-2, Class C (d)		3.870	%		12/15/25		2,395,000		2,477,599
Global SC Finance II SRL, Series 2013-1A, Class A (d)		2.980	%		04/17/28		354,167		353,042
Global SC Finance SRL, Series 2014-1A, Class A2 (d)		3.090	%		07/17/29		918,750		913,230
									25,561,598
Non Agency CMBS — 21.4%
A10 Securitization, Series 2017-1A, Class C (d)		4.050	%		03/15/36		5,750,000		5,422,618
A10 Securitization, Series 2017-1A, Class D (d)		4.700	%		03/15/36		3,250,000		2,907,924
American Homes 4 Rent, Series 2015-SFR2, Class D (d)		5.036	%		10/18/52		1,171,000		1,306,886
AMSR Trust, Series 2020-SFR2, Class G (d)		4.000	%		07/17/37		500,000		452,157
B2R Mortgage Trust, Series 2015-2, Class A (d)		3.336	%		11/15/48		30,131		30,118
Bancorp Commercial Mortgage Trust (The), Series 2017-CRE2, Class C (1MO LIBOR + 235) (a)(d)		2.534	%		08/15/32		4,750,000		4,488,747
BTH Mortgage-Backed Securities Trust, Series 2018-13, Class A (1MO LIBOR + 250) (a)		2.673	%		08/01/21		4,000,000		3,875,968
BX Commercial Mortgage Trust, Series 2018-IND, Class G (1MO LIBOR + 205) (a)(d)		2.234	%		11/15/35		2,100,000		2,026,414
BX Commercial Mortgage Trust, Series 2019-XL, Class B (1MO LIBOR + 108) (a)(d)		1.264	%		10/15/36		5,617,755		5,519,320

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency CMBS — 21.4% continued
BX Commercial Mortgage Trust, Series 2020-BXLP, Class D (1MO LIBOR + 125) (a)(d)		1.434	%		12/15/36	$	764,000	$	737,226
BX Commercial Mortgage Trust, Series 2020-BXLP, Class E (1MO LIBOR + 160) (a)(d)		1.784	%		12/15/36		2,000,000		1,914,893
BX Trust, Series 2018-BILT, Class A (1MO LIBOR + 80) (a)(d)		0.984	%		05/15/30		4,300,000		4,063,187
BXMT Ltd., Series 2020-FL2, Class A (1MO LIBOR + 90) (a)(d)		1.084	%		02/16/37		7,500,000		7,301,025
BXMT Ltd., Series 2020-FL2, Class D (1MO LIBOR + 195) (a)(d)		2.134	%		02/16/37		5,750,000		5,303,035
BXMT Ltd., Series 2020-FL2, Class E (1MO LIBOR + 205) (a)(d)		2.234	%		02/16/37		2,500,000		2,218,145
BXT Trust, Series 2018-EXCL, Class A (1MO LIBOR + 1088) (a)(d)		1.271	%		09/15/20		5,353,585		4,765,272
BXT Trust, Series 2018-GW, Class A (1MO LIBOR + 80) (a)(d)		0.984	%		05/15/35		5,000,000		4,737,107
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B (1MO LIBOR + 97) (a)(d)		1.155	%		07/15/32		4,019,591		3,964,943
Citigroup Commercial Mortgage, Series 2017-MDRB, Class D (1MO LIBOR + 325) (a)(d)		3.434	%		07/15/30		9,650,000		8,215,634
Colony American Finance Ltd., Series 2015-1, Class E (d)		6.560	%		10/18/47		3,986,000		4,032,150
Colony American Finance Ltd., Series 2020-1, Class A1 (d)		1.832	%		03/17/50		8,953,122		8,909,261

30 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Non Agency CMBS — 21.4% continued
Cosmopolitan Hotel Trust, Series 2017-CSMO, Class D (1MO LIBOR + 225) (a)(d)		2.434	%		11/15/36	$	4,900,000	$	4,581,061
Cosmopolitan Hotel Trust, Series 2017-CSMO, Class A (1MO LIBOR + 93) (a)(d)		1.114	%		11/17/36		4,000,000		3,824,637
Goldman Sachs Mortgage Securities Corp. Trust, Series 2018-HULA, Class A (1MO LIBOR + 92) (a)(d)		1.105	%		07/16/35		2,861,028		2,739,606
Goldman Sachs Mortgage Securities Corp. Trust, Series 2018-HULA, Class B (1MO LIBOR + 125) (a)(d)		1.435	%		07/16/35		690,593		638,732
Invitation Homes Trust, Series 2017-SFR2, Class D (1MO LIBOR + 180) (a)(d)		1.982	%		12/17/36		2,995,604		2,963,408
Invitation Homes Trust, Series 2018-SFR1, Class B (1MO LIBOR + 95) (a)(d)		1.132	%		03/17/37		6,700,000		6,546,291
Invitation Homes Trust, Series 2018-SFR1, Class E (1MO LIBOR + 200) (a)(d)		2.182	%		03/17/37		2,599,645		2,516,320
Invitation Homes Trust, Series 2018-SFR2, Class E (1MO LIBOR + 200) (a)(d)		2.184	%		06/17/37		3,500,000		3,383,738
Invitation Homes Trust, Series 2018-SFR3, Class A (1MO LIBOR + 100) (a)(d)		1.182	%		07/17/37		9,286,570		9,217,530
Invitation Homes Trust, Series 2018-SFR3, Class E (1MO LIBOR + 200) (a)(d)		2.182	%		07/17/37		3,500,000		3,327,143

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency CMBS — 21.4% continued
KNDL Mortgage Trust, Series 2019-KNSQ, Class D (1MO LIBOR + 135) (a)(d)		1.535	%		05/15/36	$	1,250,000	$	1,204,608
MF1, Series 2020-FL3, Class B (1MO LIBOR + 375) (a)(d)		3.930	%		07/15/35		1,000,000		1,003,125
MF1, Series 2020-FL3, Class C (1MO LIBOR + 450) (a)(d)		4.680	%		07/15/35		1,000,000		1,003,750
Multi Family Connecticut Avenue, Series 2019-01, Class B10 (1MO LIBOR + 550) (a)(d)		5.685	%		10/15/49		3,000,000		2,084,044
Multi Family Connecticut Avenue, Series 2019-01, Class M7 (1MO LIBOR + 170) (a)(d)		1.884	%		10/15/49		4,739,102		4,383,060
Multi Family Connecticut Avenue, Series 2020-01, Class CE (1MO LIBOR + 750) (a)(d)		7.684	%		03/25/50		1,500,000		1,139,933
Multi Family Connecticut Avenue, Series 2020-01, Class M-10 (1MO LIBOR + 375) (a)(d)		3.935	%		03/25/50		10,000,000		9,048,946
Multi Family Connecticut Avenue, Series 2020-1, Class M-7 (1MO LIBOR + 195) (a)(d)		2.135	%		03/25/50		4,389,050		4,150,545
Multi Family Housing Mortgage Loan, Series 2019-FL2, Class C (1MO LIBOR + 200) (a)(d)		2.168	%		12/25/34		4,400,000		3,960,425
Progress Residential Trust, Series 2020-SFR1, Class E (d)		3.032	%		04/17/37		5,750,000		5,676,333

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 31

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Non Agency CMBS — 21.4% continued
ReadyCap Commercial Mortgage Trust, Series 2019-FL3, Class A (1MO LIBOR + 100) (a)(d)		1.185	%		03/25/34	$	5,742,000	$	5,609,722
ReadyCap Commercial Mortgage Trust, Series 2020-FL4, Class A (1MO LIBOR + 215) (a)(d)		2.350	%		02/25/35		4,300,000		4,300,000
ReadyCap Commercial Mortgage Trust, Series 2020-FL4, Class B (1MO LIBOR + 385) (a)(d)		4.050	%		02/25/35		4,000,000		4,000,000
ReadyCap Commercial Mortgage Trust, Series 2020-FL4, Class C (1MO LIBOR + 475) (a)(d)		4.950	%		02/25/35		4,000,000		4,000,000
ReadyCap Commercial Mortgage Trust, Series 2018-FL2, Class D (1MO LIBOR + 270) (a)(d)(e)		2.884	%		06/25/35		6,600,000		5,638,994
VMC Finance LLC, Series 2018-FL2, Class A (1MO LIBOR + 92) (a)(d)		1.104	%		10/15/35		3,211,088		3,057,604
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class D (a)(d)		5.663	%		02/15/44		665,000		651,959
									182,843,544
Non Agency MBS CMO — 5.4%
Antler Mortgage Trust, Series 2019-RTL1, Class A1 (d)		4.458	%		06/27/22		7,200,000		7,210,440
Antler Mortgage Trust, Series 2018-RTL1, Class A2 (d)		4.703	%		07/25/22		4,148,340		4,018,624
Antler Mortgage Trust, Series 2019-RTL1, Class A2 (a)(d)		4.948	%		08/25/22		1,900,000		1,766,232

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency MBS CMO — 5.4% continued
Antler Mortgage Trust, Series 2018-RTL1, Class M (d)		7.385	%		05/25/23	$	2,000,000	$	1,771,631
Arroyo Mortgage Trust, Series 2019-2, Class M1 (d)		4.760	%		04/25/49		1,900,000		1,890,062
Cascade Funding Mortgage Trust, Series 2019-MH1, Class M (d)		5.985	%		11/25/44		1,100,000		1,077,770
Cascade Funding Mortgage Trust, Series 2018-RM1, Class A1 (d)		4.580	%		06/25/48		3,482,371		3,491,311
Cascade Funding Mortgage Trust, Series 2018-RM1, Class A2 (d)		5.875	%		06/25/48		2,800,000		2,477,654
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A3 (a)		3.872	%		08/25/34		6,899		6,623
LHFC Depositor LLC, Series 2019-RLT1, Class A2 (d)		4.948	%		10/25/23		4,544,000		4,230,359
LHFC Depositor LLC, Series 2019-RLT1, Class M (d)		6.899	%		10/25/23		2,750,000		2,529,657
Nationstar HECM Loan Trust, Series 2018-3A, Class M2 (d)		4.155	%		11/25/28		9,900,000		9,810,900
RiverView HECM Trust, Series 2007-1, Class A (TREASURY 1Y + 50) (a)(d)		0.660	%		05/25/47		107,360		81,711
RMF Buyout Issuance Trust, Series 2020-1, Class M3 (d)		2.964	%		02/25/30		1,469,000		1,390,526
RMF Buyout Issuance Trust, Series 2020-2, Class M2 (d)		3.091	%		06/25/30		1,500,000		1,499,999
RMF Buyout Issuance Trust, Series 2020-2, Class M3 (d)		4.571	%		06/25/30		800,000		799,999
Volt LXXX LLC, Series 2019-NP6, Class A-1A (a)(d)		3.228	%		10/25/49		2,367,178		2,356,153
									46,409,651

32 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Short Duration Total Return Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 88.0% continued
Student Loan — 1.4%
College Ave Student Loans, Series 2018-A, Class B (a)(d)		4.750	%		12/26/47	$	1,900,000	$	2,050,778
College Ave Student Loans, Series 2018-A, Class C (a)(d)		5.500	%		12/26/47		900,000		977,221
College Ave Student Loans, Series 2019-A, Class C (d)		4.460	%		12/28/48		4,000,000		4,207,744
CommonBond Student Loan Trust, Series 2017-BGS, Class C (d)		4.440	%		09/25/42		169,526		176,107
Earnest Student Loan Program LLC, Series 2016-C, Class A2 (d)		2.680	%		07/25/35		2,324,155		2,344,862
Earnest Student Loan Program LLC, Series 2016-C, Class A1 (1MO LIBOR + 185) (a)(d)		2.035	%		10/27/36		608,735		611,418
Earnest Student Loan Program LLC, Series 2016-D, Class R (d)(e)		0.000	%		01/25/41		5,000		120,608
Laurel Road Prime Student Loan, Series 2019-A, Class BFX (d)		3.000	%		10/25/48		1,842,378		1,827,120
									12,315,858
Total Securitized
(Cost $782,950,822)								$	752,868,604

Registered Investment Companies — 9.0%
State Street Institutional Liquid Reserves Fund, Premier Class, 0.34% (f)	75,984,329	$	75,928,737
State Street Navigator Securities Lending Portfolio I, 0.37% (f)(g)	1,304,315		1,304,315
Total Registered Investment Companies
(Cost $77,233,052)		$	77,233,052
Total Investment Securities — 98.8%
(Cost $875,522,625)		$	845,562,764
Assets in Excess of Other Liabilities — 1.2%			9,776,931
Net Assets — 100.0%		$	855,339,695

^(a) Variable rate security. The rate shown is the effective interest rate as of June 30, 2020. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above.

^(b) Percentage rounds to less than 0.1%.

^(c) All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2020 was $1,271,461.

^(d) 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, 2020 was $728,314,882, representing 85.1% of net assets.

^(e) Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2020 was $36,567,297, representing 4.3% of net assets.

^(f) The rate shown is the 7-day effective yield as of June 30, 2020.

^(g) This security was purchased with cash collateral held from securities on loan.

A/S — Aktieselskab

IO — Interest Only

LIBOR — London Interbank Offered Rate

NA — National Association

PO — Principal Only

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 33

Diamond Hill Core Bond Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Credit — 18.1%
Banking — 6.6%
Bank of America Corp.		2.881	%		04/24/23	$	100,000	$	103,662
Bank of America Corp.		3.458	%		03/15/25		425,000		460,973
Bank of America Corp.		2.015	%		02/13/26		400,000		413,639
Bank of America Corp.		1.319	%		06/19/26		150,000		150,355
Bank of America Corp. (a)		3.824	%		01/20/28		100,000		113,730
Bank of America Corp.		2.592	%		04/29/31		250,000		264,438
Bank of New York Mellon Corp. (The), Series MTN		1.950	%		08/23/22		175,000		180,233
Bank of New York Mellon Corp. (The), Series MTN (b)		1.850	%		01/27/23		200,000		206,811
Bank of New York Mellon Corp. (The)		3.000	%		10/30/28		100,000		109,729
Bank of Nova Scotia		1.950	%		02/01/23		130,000		133,909
Branch Banking & Trust Co.(b)		2.150	%		12/06/24		250,000		262,842
Canadian Imperial Bank of Commerce (b)		2.606	%		07/22/23		100,000		103,363
Capital One Financial Corp.		2.600	%		05/15/23		200,000		208,851
Capital One Financial Corp.		3.750	%		07/28/26		100,000		109,121
Citigroup, Inc		0.000	%		05/15/24		500,000		509,961
Citigroup, Inc.		3.352	%		04/24/25		200,000		216,096
Citigroup, Inc.		3.300	%		04/27/25		100,000		109,818
Citigroup, Inc. (3MO LIBOR + 125) (a)(b)		2.683	%		07/01/26		100,000		99,536
Citigroup, Inc.		4.125	%		07/25/28		150,000		169,529
Citigroup, Inc.		2.976	%		11/05/30		180,000		191,513
Citigroup, Inc. (a)		5.316	%		03/26/41		100,000		135,876
Citizens Financial Group		2.850	%		07/27/26		225,000		243,498
Comerica Bank, Series BKNT		2.500	%		07/23/24		250,000		263,094
Cooperatieve Rabobank UA (c)		2.625	%		07/22/24		250,000		265,491
Discover Bank		2.700	%		02/06/30		250,000		251,815
Discover Financial Services		4.100	%		02/09/27		100,000		109,281
Fifth Third Bancorp (b)		2.375	%		01/28/25		275,000		289,870
First Tennessee Bank		5.750	%		05/01/30		250,000		263,244

	Coupon			Maturity		Shares / Par Value		Fair Value
Banking — 6.6% continued
Goldman Sachs Group, Inc. (3MO LIBOR + 111) (a)		2.101	%		04/26/22	$	50,000	$	50,234
Goldman Sachs Group, Inc.		3.500	%		01/23/25		205,000		223,175
Goldman Sachs Group, Inc.		3.500	%		04/01/25		250,000		274,127
Goldman Sachs Group, Inc.		3.500	%		11/16/26		350,000		384,916
Huntington Bancshares, Inc.		2.300	%		01/14/22		100,000		102,579
Huntington Bancshares, Inc.		2.625	%		08/06/24		125,000		132,493
JPMorgan Chase & Co. (3MO LIBOR + 100) (a)		2.219	%		01/15/23		100,000		100,549
JPMorgan Chase & Co.		4.023	%		12/05/24		550,000		606,041
JPMorgan Chase & Co. (a)		3.782	%		02/01/28		100,000		113,303
JPMorgan Chase & Co. (a)		3.509	%		01/23/29		100,000		111,681
JPMorgan Chase & Co.		2.739	%		10/15/30		100,000		107,264
JPMorgan Chase & Co.		2.522	%		04/22/31		250,000		264,027
KeyCorp		2.550	%		10/01/29		385,000		398,427
Morgan Stanley		3.737	%		04/24/24		100,000		107,806
Morgan Stanley		3.700	%		10/23/24		100,000		110,914
Morgan Stanley		3.125	%		07/27/26		100,000		110,323
Morgan Stanley		3.625	%		01/20/27		100,000		112,885
Morgan Stanley		2.699	%		01/22/31		175,000		185,874
PNC Bank NA		1.743	%		02/24/23		250,000		254,186
PNC Bank NA		2.700	%		10/22/29		250,000		266,418
PNC Financial Services		2.600	%		07/23/26		250,000		271,234
Regions Financial Corp.		2.750	%		08/14/22		250,000		260,383
Regions Financial Corp. (b)		2.250	%		05/18/25		275,000		287,669
Royal Bank of Canada		1.950	%		01/17/23		250,000		257,810
Royal Bank of Canada		1.150	%		06/10/25		365,000		365,494
State Street Corp.		2.354	%		11/01/25		175,000		185,504
SunTrust Bank		3.525	%		10/26/21		100,000		100,952
Toronto-Dominion Bank (The) (SOFRRATE + 48) (a)		0.560	%		01/27/23		425,000		422,263
US Bancorp		2.400	%		07/30/24		350,000		372,551
Wells Fargo & Co. (b)		3.550	%		09/29/25		425,000		474,612
Wells Fargo & Co.		2.188	%		04/30/26		275,000		284,341

34 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Credit — 18.1% continued
Banking — 6.6% continued
Wells Fargo & Co.		2.393	%		06/02/28	$	250,000	$	258,257
									13,498,570
Basic Industry — 0.8%
Air Products and Chemicals, Inc.		1.850	%		05/15/27		475,000		497,615
FMC Corp.		3.450	%		10/01/29		300,000		325,227
Nucor Corp.		2.000	%		06/01/25		250,000		259,558
PPG Industries, Inc.		2.400	%		08/15/24		110,000		116,570
PPG Industries, Inc.		2.550	%		06/15/30		300,000		310,106
Sherwin-Williams Co.		2.300	%		05/15/30		250,000		254,898
									1,763,974
Brokerage Asset Managers Exchanges — 0.2%
Ameriprise Financial, Inc.		3.000	%		04/02/25		250,000		271,351
CBOE Holdings, Inc. (b)		3.650	%		01/12/27		100,000		112,353
									383,704
Capital Goods — 0.4%
Carrier Global Corp. (b)(c)		2.700	%		02/15/31		250,000		248,542
General Electric Capital Corp.		6.750	%		03/15/32		100,000		122,430
L3 Harris Technologies, Inc.		3.850	%		12/15/26		50,000		57,219
Lennox International, Inc.		3.000	%		11/15/23		100,000		103,155
Republic Services, Inc.		2.500	%		08/15/24		200,000		212,743
									744,089
Communications — 1.5%
American Tower Corp.		2.250	%		01/15/22		50,000		51,248
American Tower Corp.		3.800	%		08/15/29		100,000		113,631
American Tower Corp.		2.100	%		06/15/30		100,000		100,208
AT&T, Inc.		3.200	%		03/01/22		50,000		52,175
AT&T, Inc.		3.800	%		02/15/27		100,000		112,609
AT&T, Inc.		2.300	%		06/01/27		650,000		671,095
AT&T, Inc.		4.500	%		05/15/35		100,000		118,633
British Telecommunications plc (c)		3.250	%		11/08/29		275,000		299,780
Comcast Corp.		2.650	%		02/01/30		100,000		108,730
Comcast Corp.		1.950	%		01/15/31		250,000		254,617
Comcast Corp.		3.969	%		11/01/47		144,000		173,910

	Coupon			Maturity		Shares / Par Value		Fair Value
Communications — 1.5% continued
Crown Castle International Corp.		2.250	%		09/01/21	$	75,000	$	75,628
Deutsche Telekom International Finance (b)(c)		4.750	%		06/21/38		100,000		126,142
Twenty-First Century Fox, Inc.		4.030	%		01/25/24		50,000		55,423
Verizon Communications, Inc. (3MO LIBOR + 110) (a)		1.492	%		05/15/25		100,000		101,218
Verizon Communications, Inc.		4.125	%		03/16/27		100,000		117,880
Verizon Communications, Inc.		3.000	%		03/22/27		120,000		133,098
Verizon Communications, Inc. (b)		5.500	%		03/16/47		100,000		148,056
Walt Disney Co. (The)		1.750	%		08/30/24		175,000		181,377
Walt Disney Co. (The) (b)		3.800	%		03/22/30		100,000		116,755
									3,112,213
Consumer Cyclical — 0.9%
BMW US Capital LLC (c)		3.800	%		04/06/23		300,000		322,278
CVS Health Corp.		5.050	%		03/25/48		250,000		325,192
Daimler Finance LLC (b)(c)		1.750	%		03/10/23		275,000		276,990
Ford Motor Co. (b)		4.346	%		12/08/26		100,000		93,231
Ford Motor Co.		7.450	%		07/16/31		75,000		78,938
General Motors Financial Co., Inc.		3.200	%		07/06/21		35,000		35,404
General Motors Financial Co., Inc.		4.000	%		10/06/26		100,000		103,806
Home Depot, Inc. (The)		3.500	%		09/15/56		100,000		115,967
Volkswagen AG (c)		2.500	%		09/24/21		200,000		203,191
Walgreens Boots Alliance, Inc.		3.200	%		04/15/30		250,000		258,498
									1,813,495
Consumer Non-Cyclical — 1.4%
Abbott Laboratories		4.750	%		11/30/36		100,000		134,511
AbbVie, Inc. (c)		2.950	%		11/21/26		335,000		366,562
AbbVie, Inc. (c)		4.550	%		03/15/35		100,000		123,142
Amgen, Inc.		2.650	%		05/11/22		140,000		145,230
Amgen, Inc.		1.900	%		02/21/25		310,000		323,415

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 35

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Credit — 18.1% continued
Consumer Non-Cyclical — 1.4% continued
Anheuser-Busch Cos., LLC		4.700	%		02/01/36	$	100,000	$	117,893
Anheuser-Busch InBev SA/NV		4.750	%		01/23/29		100,000		120,805
Anheuser-Busch InBev SA/NV		3.500	%		06/01/30		600,000		674,499
Kimberly-Clark Corp.		3.950	%		11/01/28		100,000		119,379
Kroger Co. (The)		2.650	%		10/15/26		100,000		109,033
Kroger Co. (The)		2.200	%		05/01/30		125,000		129,977
Zoetics, Inc.		2.000	%		05/15/30		525,000		535,423
									2,899,869
Electric — 1.3%
Ameren Corp. (b)		2.500	%		09/15/24		130,000		137,754
CMS Energy Corp.		2.950	%		02/15/27		100,000		104,099
DTE Energy Co., Series C (a)		2.529	%		10/01/24		150,000		156,958
DTE Energy Co. (b)		2.850	%		10/01/26		100,000		106,201
DTE Energy Co.		2.950	%		03/01/30		125,000		130,128
Duke Energy Indiana LLC		2.750	%		04/01/50		370,000		372,224
Georgia Power Co., Series A		2.100	%		07/30/23		230,000		239,329
MidAmerican Energy Co.		3.650	%		04/15/29		350,000		417,628
Northern States Power Co. of Minnesota		2.900	%		03/01/50		125,000		136,643
Oncor Electric Delivery Co. LLC (c)		3.700	%		05/15/50		240,000		290,809
PECO Energy Co. (b)		3.000	%		09/15/49		200,000		211,336
PPL Electric Utilities		3.000	%		10/01/49		160,000		169,488
Public Service Electric & Gas Co.		2.250	%		09/15/26		100,000		106,791
Southwestern Electric Power		2.750	%		10/01/26		100,000		106,453
									2,685,841
Energy — 1.6%
BP Capital Markets plc		3.194	%		04/06/25		175,000		190,276
Chevron Corp.		1.995	%		05/11/27		500,000		523,527
Cimarex Energy Co. (b)		3.900	%		05/15/27		100,000		100,690
Diamondback Energy, Inc., Class B		3.250	%		12/01/26		200,000		201,088
Energy Transfer Operating LP (b)		4.500	%		04/15/24		75,000		81,308
Exxon Mobil Corp.		2.992	%		03/19/25		240,000		261,082

	Coupon			Maturity		Shares / Par Value		Fair Value
Energy — 1.6% continued
Occidental Petroleum Corp.		2.700	%		08/15/22	$	225,000	$	209,464
Phillips 66 Partners LP		3.700	%		04/06/23		250,000		267,248
Phillips 66 Partners LP		2.450	%		12/15/24		100,000		102,928
Phillips 66 Partners LP		3.550	%		10/01/26		100,000		108,372
Royal Dutch Shell plc		2.375	%		11/07/29		320,000		335,825
Shell International Finance BV		6.375	%		12/15/38		73,000		109,419
Suncor Energy, Inc.		2.800	%		05/15/23		300,000		313,327
Total Capital International SA (b)		2.829	%		01/10/30		120,000		130,488
Valero Energy Corp.		2.700	%		04/15/23		250,000		259,382
Valero Energy Corp.		3.400	%		09/15/26		100,000		109,451
									3,303,875
Insurance — 1.2%
Athene Global Funding (c)		2.500	%		01/14/25		225,000		224,699
Berkshire Hathaway Financial (b)		1.850	%		03/12/30		250,000		256,980
Jackson National Life Global Funding (3MO LIBOR + 48) (a)(c)		0.795	%		06/11/21		50,000		50,130
Jackson National Life Global Funding (c)		2.100	%		10/25/21		50,000		50,977
Lincoln National Corp.		3.625	%		12/12/26		100,000		110,256
Met Life Global Funding I (c)		1.950	%		01/13/23		200,000		206,998
Met Life Global Funding I (c)		0.900	%		06/08/23		250,000		251,496
New York Life Global Funding (c)		2.900	%		01/17/24		100,000		107,254
New York Life Global Funding (c)		2.350	%		07/14/26		50,000		53,635
Pricoa Global Funding (b)(c)		3.450	%		09/01/23		160,000		173,544
Principal Life Global Funding II (c)		2.375	%		11/21/21		100,000		102,279
Principal Life Global Funding II (c)		1.250	%		06/23/25		525,000		526,599
Progressive Corp.		3.200	%		03/26/30		240,000		272,451
									2,387,298
Natural Gas — 0.2%
Atmos Energy Corp. (b)		2.625	%		09/15/29	��	310,000		338,489

36 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Credit — 18.1% continued
REITS — 0.9%
Alexandria Real Estate Equities, Inc.		3.950	%		01/15/28	$	100,000	$	114,057
American Campus Communities, Inc.		3.625	%		11/15/27		100,000		102,714
American Homes 4 Rent		4.250	%		02/15/28		100,000		106,925
Boston Properties LP		2.750	%		10/01/26		50,000		53,573
CubeSmart LP		3.125	%		09/01/26		50,000		53,180
CubeSmart LP		3.000	%		02/15/30		280,000		297,074
ERP Operating LP		2.850	%		11/01/26		100,000		108,608
ERP Operating LP		2.500	%		02/15/30		150,000		159,982
Life Storage LP		3.875	%		12/15/27		100,000		109,037
Realty Income Corp.		3.875	%		04/15/25		100,000		111,104
Realty Income Corp.		3.000	%		01/15/27		100,000		105,839
Simon Property Group LP		2.000	%		09/13/24		320,000		328,179
Spirit Realty LP		4.450	%		09/15/26		100,000		103,654
Spirit Realty LP (b)		4.000	%		07/15/29		60,000		59,118
									1,813,044
Technology — 0.5%
Apple, Inc.		3.000	%		06/20/27		100,000		111,692
Apple, Inc.		2.200	%		09/11/29		250,000		268,430
Apple, Inc.		1.650	%		05/11/30		300,000		309,754
Dell International LLC (b)(c)		5.300	%		10/01/29		100,000		110,704
Oracle Corp.		2.800	%		04/01/27		300,000		327,575
									1,128,155
Transportation — 0.5%
Alaska Airlines, Series 2020-1B, Class A (c)		4.800	%		08/15/27		150,000		150,390
American Airlines Pass-Through Trust, Series 2016-2, Class AA		3.200	%		12/15/29		374,400		352,613
CSX Corp.		4.250	%		11/01/66		100,000		120,718
Kirby Corp.		4.200	%		03/01/28		100,000		101,231
Southwest Airlines Co.		3.000	%		11/15/26		100,000		97,340
U.S. Airways Pass-Through Trust, Series 2011-1, Class A		7.125	%		04/22/25		34,632		28,868
United Airlines Pass-Through Trust, Series 2013-1, Class B		5.375	%		02/15/23		197,903		188,166

	Coupon			Maturity		Shares / Par Value		Fair Value
Transportation — 0.5% continued
United Airlines Pass-Through Trust, Series 2007-1, Class A		6.636	%		01/02/24	$	29,172	$	24,817
									1,064,143
Utilities — 0.1%
American Water Capital Corp.		2.800	%		05/01/30		300,000		326,181
Total Corporate Credit
(Cost $35,198,274)								$	37,262,940
Government Related — 0.6%
Government Guaranteed — 0.2%
Tunisian Republic		1.416	%		08/05/21		500,000		496,400
Government Owned, No Guarantee — 0.4%
Tennessee Valley Authority		4.625	%		09/15/60		525,000		819,821
Total Government Related
(Cost $1,275,640)								$	1,316,221
Securitized — 63.8%
ABS-Other — 2.9%
BXG Receivables Note Trust, Series 2012-A, Class B (c)		3.990	%		12/02/27		24,372		24,113
Credibly Asset Securitization LLC, Pool #FN 252409, Series 2018-1A, Class A (c)		4.800	%		11/15/23		250,000		242,944
Diamond Resorts Owner Trust, Series 2019-1A, Class B (c)		3.530	%		02/20/32		213,348		204,579
FMC GMSR Issuer Trust, Series 2019-GT2, Class A (c)		4.230	%		09/25/24		400,000		378,875
FMC GMSR Issuer Trust, Series 2019-GT1, Class A (c)		5.070	%		05/25/26		100,000		98,017
FORA Financial Asset Securitization LLC, Series 2019-1, Class A (c)		4.018	%		10/15/24		182,035		173,949
Gold Key Resorts LLC, Series 2014-A, Class A (c)		3.220	%		03/17/31		26,367		26,365
GoodGreen Trust, Series 2017-1A, Class A (c)		3.740	%		10/15/52		89,348		93,363

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 37

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
ABS-Other — 2.9% continued
Helios Issuer LLC, Series 2019-AA, Class A (c)		3.750	%		06/20/46	$	129,317	$	130,989
Helios Issuer LLC, Series 2020-AA, Class A (c)		2.980	%		06/20/47		300,000		301,988
Hero Funding Trust, Series 2016-2A, Class A (c)		3.750	%		09/20/41		98,604		102,784
Hero Funding Trust, Series 2016-3A, Class A1 (c)		3.080	%		09/20/42		168,338		171,788
Hero Funding Trust, Series 2016-3B, Class B (c)		5.240	%		09/20/42		24,096		24,315
Hero Funding Trust, Series 2016-1R, Class A1 (c)		4.500	%		09/21/42		14,579		14,600
Hero Funding Trust, Series 2016-4A, Class A1 (c)		3.570	%		09/20/47		92,774		97,138
Hero Funding Trust, Series 2016-4B, Class B (c)		4.990	%		09/20/47		37,273		38,142
Hero Funding Trust, Series 2017-3A, Class A1 (a)(c)		3.190	%		09/20/48		91,600		93,711
Hero Funding Trust, Series 2018-1A, Class A2 (c)		4.670	%		09/20/48		98,213		105,063
Hilton Grand Vacations Trust, Series 2020-AA, Class B (c)		4.220	%		02/25/39		340,752		342,378
Kabbage Funding LLC, Series 2019-1, Class A (c)		3.825	%		03/15/24		97,028		95,779
Kabbage Funding LLC, Series 2019-1, Class C (c)(d)		4.611	%		03/15/24		100,000		80,000
Mill City Solar Loan Ltd., Series 2019-2GS, Class A (c)		3.690	%		07/20/43		214,230		216,400
Mosaic Solar Loans LLC, Series 2018-1A, Class A (c)		4.010	%		06/22/43		126,417		127,727
Mosaic Solar Loans LLC, Series 2017-2A, Class B (c)		4.770	%		06/22/43		76,090		77,816
Mosaic Solar Loans LLC, Series 2020-1A, Class A (c)		2.100	%		04/20/46		350,000		352,037

	Coupon			Maturity		Shares / Par Value		Fair Value
ABS-Other — 2.9% continued
Newtek Small Business Loan Trust, Series 2018-1, Class B (1MO LIBOR + 300) (a)(c)		3.184	%		02/25/44	$	218,912	$	197,818
NFAS LLC, Series 2019-1, Class A (c)		4.172	%		08/15/24		228,172		221,331
Octane Receivables Trust, Series 2019-1A, Class A (c)		3.160	%		09/20/23		139,444		138,980
Ocwen Master Advance Receivables, Series 2019-T1, Class DT1 (c)		3.107	%		08/15/50		400,000		399,044
OnDeck Asset Securitization Trust, Series 2018-1A, Class B (c)(d)		4.020	%		04/18/22		100,000		95,000
Renew Financial LLC, Series 2017-1A, Class A (c)		3.670	%		09/20/52		105,871		109,260
Renew Financial LLC, Series 2017-1A, Class B (c)		5.750	%		09/20/52		50,153		51,675
Renew Financial LLC, Series 2017-2A, Class A (c)		3.220	%		09/22/53		61,029		61,665
SFS Asset Securitization LLC, Series 2019-1, Class A (c)		4.238	%		06/10/25		150,000		149,590
SFS Asset Securitization LLC, Series 2019-1, Class B (c)(d)		5.023	%		06/10/25		150,000		120,564
Small Business Lending Trust, Series 2019-A, Class A (c)		2.850	%		07/15/26		220,578		213,944
Small Business Lending Trust, Series 2020-A, Class B (c)(d)		3.200	%		12/15/26		225,000		163,608
TES LLC, Series 2017-1A, Class A (c)		4.330	%		10/20/47		288,612		285,427
Westgate Resorts, Series 2018-1A, Class B (c)		3.580	%		12/20/31		122,183		117,676
Westgate Resorts, Series 2018-1A, Class C (c)		4.100	%		12/20/31		122,183		116,346
									6,056,788

38 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Agency CMBS — 1.0%
FNMA, Pool #FN AE0834 (a)		3.711	%		01/01/21	$	8,749	$	8,842
FNMA, Series 2019-M21, Class 1A1		1.950	%		04/25/28		575,304		599,519
FNMA, Pool #FN 464107		4.820	%		12/01/29		134,596		158,522
FNMA, Pool #FN AM9491		3.550	%		08/01/30		175,833		203,321
FNMA, Pool #FN 469130 (a)		4.870	%		10/01/41		131,093		156,539
FNMA, Pool #FN AM5015 (a)		4.940	%		12/01/43		773,550		886,876
									2,013,619
Agency MBS CMO — 26.0%
FHLMC, Pool #FG S20432, Series 306, Class F3 (1MO LIBOR + 30) (a)		0.485	%		05/15/28		101,533		99,743
FHLMC, Series 2018-1, Class A2 (c)		3.500	%		06/25/28		200,000		221,085
FHLMC, Series 4169, Class SA (-1.2*1MO LIBOR + 546) (a)		2.016	%		02/15/33		1,421,685		1,529,254
FHLMC, Series 2646, Class ZH		5.000	%		07/15/33		116,291		152,695
FHLMC, Series 4265, Class FD (1MO LIBOR + 40) (a)		0.585	%		01/15/35		410,803		410,949
FHLMC, Series 2006-71, Class ZH		6.000	%		07/25/36		473,503		562,785
FHLMC, Series 4613, Class AF (1MO LIBOR + 110) (a)		1.285	%		11/15/37		121,478		123,242
FHLMC, Series 3605, Class PB		4.500	%		11/15/39		100,000		112,381
FHLMC, Series 3617, Class PC		4.500	%		12/15/39		109,000		124,473
FHLMC, Series 3740, Class FC (1MO LIBOR + 50) (a)		0.685	%		10/15/40		187,508		187,804
FHLMC, Series 3811, Class TA (a)		5.000	%		02/15/41		262,142		319,603

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS CMO — 26.0% continued
FHLMC, Series 3895, Class BF (1MO LIBOR + 50) (a)		0.685	%		07/15/41	$	135,000	$	135,379
FHLMC, Series 4116, Class UB		2.500	%		05/15/42		440,000		447,134
FHLMC, Series 263, Class F5 (1MO LIBOR + 50) (a)		0.685	%		06/15/42		579,367		580,745
FHLMC, Series 4074, Class JY		2.500	%		07/15/42		475,000		503,354
FHLMC, Series 4165, Class ZT		3.000	%		02/15/43		556,164		575,177
FHLMC, Series 4180, Class ZB		3.000	%		03/15/43		893,745		906,043
FHLMC, Series 4210, Class Z		3.000	%		05/15/43		368,084		379,819
FHLMC, Series 4447, Class YZ		4.000	%		08/15/43		1,479,897		1,666,930
FHLMC, Series 4333, Class GL		3.500	%		04/15/44		250,000		293,340
FHLMC, Series 4408, Class BC		3.000	%		11/15/44		1,020,410		1,100,438
FHLMC, Series 4830, Class DA		4.500	%		11/15/44		181,839		185,210
FHLMC, Series 4731, Class EA		3.000	%		10/15/45		361,677		381,438
FHLMC, Series 4738, Class TW		3.000	%		11/15/46		1,385,000		1,479,473
FHLMC, Series 4736, Class CL		3.000	%		12/15/47		441,240		495,144
FHLMC, Series 4911, Class JM		3.500	%		09/25/49		1,000,000		1,162,974
FHLMC, Series 4377, Class KZ (a)		3.500	%		02/15/52		764,448		869,711
FHLMC, Series 4380, Class ZG		3.000	%		04/15/53		119,099		124,185
FNMA, Series 2010-155, Class JH		4.000	%		12/25/28		120,000		135,659
FNMA, Series 2013-35, Class YT		6.500	%		09/25/32		345,273		405,769
FNMA, Series 2012-129, Class HT		2.000	%		12/25/32		142,654		144,421
FNMA, Series 2002-86, Class PG		6.000	%		12/25/32		89,754		107,206
FNMA, Series 2004-56, Class Z		7.500	%		03/25/34		176,096		214,376
FNMA, Series 2004-17, Class BA		6.000	%		04/25/34		204,117		274,264
FNMA, Series 2005-3, Class CG		5.500	%		02/25/35		195,328		229,349
FNMA, Series 2005-62, Class ZL		5.500	%		07/25/35		370,728		433,578

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 39

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Agency MBS CMO — 26.0% continued
FNMA, Series 2006-56, Class DC (1MO LIBOR + 65) (a)		0.835	%		07/25/36	$	145,912	$	146,693
FNMA, Series 2009-19, Class TD		5.000	%		08/25/36		81,545		95,594
FNMA, Series 2006-108, Class FD (1MO LIBOR + 38) (a)		0.565	%		11/25/36		173,526		174,079
FNMA, Series 2007-39, Class NB		4.250	%		05/25/37		170,060		188,109
FNMA, Series 2008-60, Class JC		5.000	%		07/25/38		278,275		318,999
FNMA, Series 2009-103, Class MB (a)		3.937	%		12/25/39		67,249		69,941
FNMA, Series 2010-2, Class LC		5.000	%		02/25/40		200,000		243,300
FNMA, Series 2011-14, Class PB		5.000	%		03/25/41		570,000		681,517
FNMA, Series 2011-57, Class PD		4.000	%		07/25/41		321,407		381,117
FNMA, Series 2011-62, Class UA		4.500	%		07/25/41		1,145,843		1,316,498
FNMA, Series 2012-9, Class FC (1MO LIBOR + 40) (a)		0.584	%		02/25/42		174,842		174,952
FNMA, Series 2012-52, Class PQ		3.500	%		05/25/42		965,989		1,088,483
FNMA, Series 2012-56, Class WC		3.500	%		05/25/42		500,000		563,389
FNMA, Series 2012-79, Class QB		2.000	%		07/25/42		363,000		372,720
FNMA, Series 411, Class A3		3.000	%		08/25/42		67,757		71,649
FNMA, Series 12 84, Class JL		2.000	%		08/25/42		290,004		290,608
FNMA, Series 4102, Class CP		2.000	%		09/15/42		2,226		2,229
FNMA, Series 2012-99, Class UY (a)		2.500	%		09/25/42		329,000		349,163
FNMA, Series 2012-128, Class SH (1MO LIBOR + 400) (a)		3.815	%		11/25/42		539,632		536,483
FNMA, Series 2016-32, Class GO (PO)		0.000	%		01/25/43		550,519		465,654
FNMA, Series 2013-35, Class LP		3.000	%		01/25/43		352,000		384,610
FNMA, Series 2013-35, Class CV		3.000	%		02/25/43		350,000		388,003
FNMA, Series 13 6, Class QA		2.500	%		02/25/43		846,146		852,525

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS CMO — 26.0% continued
FNMA, Series 13 31, Class NT		3.000	%		04/25/43	$	298,239	$	301,428
FNMA, Series 2013-54, Class HQ		3.000	%		06/25/43		177,406		179,882
FNMA, Series 2013-82, Class SB (-2.67*1MO LIBOR + 1173) (a)		10.746	%		08/25/43		394,726		556,109
FNMA, Series 2013-104, Class CY		5.000	%		10/25/43		250,000		318,286
FNMA, Series 2013-115, Class PB		4.500	%		11/25/43		300,000		381,439
FNMA, Series 2017-16, Class UW		3.000	%		07/25/45		2,044,494		2,260,316
FNMA, Series 2016-68, Class AL		3.000	%		10/25/46		850,000		937,750
FNMA, Series 2017-58, Class CZ		3.000	%		08/25/47		378,321		377,526
FNMA, Series 2017-90, Class ZD		3.500	%		11/25/47		2,195,357		2,356,327
FNMA, Series 2018-08, Class DZ		3.500	%		02/25/48		1,088,130		1,176,642
FNMA, Series 2018-31, Class KB		3.500	%		05/25/48		247,826		273,304
FNMA, Series 2018-66, Class PZ		4.000	%		09/25/48		515,768		570,358
FNMA, Series 2019-8, Class ZD		3.500	%		03/25/49		523,851		585,887
FNMA, Series 2019-60, Class WZ		2.750	%		10/25/49		534,636		561,035
FNMA, Series 2019-83, Class EB		2.000	%		01/25/50		171,000		165,851
GNMA, Series 2020-97, Class ML		2.500	%		07/30/30		1,524,000		1,574,959
GNMA, Series 2004-49, Class MZ		6.000	%		06/20/34		341,315		413,229
GNMA, Series 2005-13, Class BG		5.000	%		02/20/35		290,000		334,372
GNMA, Series 2015-123, Class VB		3.500	%		09/20/35		100,000		108,808
GNMA, Series 2006-17, Class JN		6.000	%		04/20/36		284,170		330,045
GNMA, Series 2008-51, Class PH		5.250	%		06/20/38		181,805		206,366
GNMA, Series 2009-2, Class PA		5.000	%		12/20/38		75,367		83,705
GNMA, Series 2010-9, Class FA (1MO LIBOR + 52) (a)		0.702	%		01/16/40		181,175		181,655

40 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Agency MBS CMO — 26.0% continued
GNMA, Series 2013-124, Class ES (-1.333 * 1MO LIBOR + 866.7) (a)		8.413	%		04/20/39	$	132,833	$	137,023
GNMA, Series 2010-105, Class ZC		4.500	%		08/16/40		466,592		550,302
GNMA, Series 2011-93, Class WB		4.000	%		03/20/41		3,926		4,119
GNMA, Series 2013-22, Class GA (a)		2.500	%		10/20/41		80,258		81,579
GNMA, Series 2012-74, Class LY (a)		2.500	%		06/20/42		225,000		237,988
GNMA, Series 12-134, Class KM		2.000	%		09/20/42		342,000		344,972
GNMA, Series 2012-113, Class NZ (a)		4.500	%		09/20/42		257,779		306,191
GNMA, Series 2012-143, Class EG		2.000	%		12/20/42		973,942		981,584
GNMA, Series 13 5, Class GY		3.000	%		01/20/43		437,000		482,711
GNMA, Series 2013-6, Class PE		2.000	%		01/20/43		100,000		100,091
GNMA, Series 2015-179, Class ZB		2.500	%		02/20/45		55,158		58,217
GNMA, Series 2016-37, Class YA		3.000	%		12/20/45		1,052,904		1,138,065
GNMA, Series 2016-38, Class ZP		3.500	%		03/20/46		69,608		79,256
GNMA, Series 2016-111, Class HA		2.500	%		08/20/46		194,642		205,129
GNMA, Series 2016-118, Class LB		3.000	%		09/20/46		500,000		541,785
GNMA, Series 2016-120, Class YZ		3.000	%		09/20/46		500,000		513,538
GNMA, Series 2018-013, Class GD		3.000	%		01/20/48		115,472		118,051
GNMA, Series 2018-14, Class MZ		3.000	%		01/20/48		370,908		384,310
GNMA, Series 2019-20, Class JK		3.500	%		02/20/49		342,173		364,718

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS CMO — 26.0% continued
GNMA, Series 2019-22, Class WD		3.000	%		02/20/49	$	244,148	$	248,428
GNMA, Series 2019-031, Class AZ		5.000	%		03/20/49		306,896		355,209
GNMA, Series 2019-86, Class WL		3.000	%		07/20/49		500,000		531,362
GNMA, Series 2019-99, Class EW		3.000	%		08/20/49		540,446		564,517
GNMA, Series 2019-99, Class GP		3.500	%		08/20/49		517,000		584,031
GNMA, Series 2020-011, Class KB		2.500	%		01/20/50		257,000		255,645
GNMA, Series 2020-11, Class PB		2.500	%		01/20/50		531,000		544,098
GNMA, Series 2020-015, Class HL		2.500	%		02/20/50		1,385,112		1,453,295
GNMA, Series 2020-078, Class B		2.500	%		06/20/50		350,000		335,563
GNMA, Series 2017-H18, Class EB (12MO LIBOR + 22) (a)		4.261	%		06/20/63		372,699		397,559
GNMA, Series 2014-H15, Class FA (1MO LIBOR + 50) (a)		0.803	%		07/20/64		96,686		96,555
GNMA, Series 2014-H14, Class FA (1MO LIBOR + 50) (a)		1.516	%		07/20/64		346,841		346,435
GNMA, Series 2016-H11, Class FD (12MO LIBOR + 40) (a)		1.402	%		05/20/66		274,486		275,579
GNMA, Series 2017-H16, Class DB (a)		4.394	%		08/20/67		272,908		289,013
									53,373,642
Agency MBS CMO Derivatives — 3.2%
FHLMC, Series 3994, Class EI (IO)		3.000	%		02/15/22		183,313		3,000
FHLMC, Series 3874, Class KI (IO)		4.500	%		08/15/25		77,967		715
FHLMC, Series 3919, Class QS (IO) (-1*1MO LIBOR + 670) (a)		6.515	%		08/15/30		2,806,308		435,360

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 41

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Agency MBS CMO Derivatives — 3.2% continued
FHLMC, Series 4214, Class CI (IO)		3.000	%		06/15/31	$	1,398,753	$	52,952
FHLMC, Series 4114, Class IM (IO)		3.500	%		07/15/31		2,290,069		128,821
FHLMC, Series 226, Class PO (PO)		0.000	%		02/01/34		202,511		190,506
FHLMC, Series 3102, Class TA (IO)		7.500	%		01/15/36		267,133		316,650
FHLMC, Series 3607, Class AO (PO)		0.000	%		04/15/36		132,677		122,638
FHLMC, Series 237, Class S14 (IO) (-1*1MO LIBOR + 660) (a)		6.415	%		05/15/36		572,693		119,535
FHLMC, Series 3199, Class OC (PO)		0.000	%		08/15/36		208,139		193,791
FHLMC, Series 3318, Class AO (PO)		0.000	%		05/15/37		6,580		6,252
FHLMC, Series 379, Class I (PO)		0.000	%		05/25/37		74,996		70,198
FHLMC, Series 3607, Class OP (PO)		0.000	%		07/15/37		437,687		401,979
FHLMC, Series 3594, Class SP (IO) (1MO LIBOR + 184.6) (a)		2.031	%		12/15/37		31,173		33,288
FHLMC, Series 4006, Class IA (IO)		4.500	%		09/15/41		881,110		101,112
FHLMC, Series 4074, Class SJ (IO) (-1*1MO LIBOR + 662) (a)		6.435	%		07/15/42		1,536,380		349,861
FNMA, Series 2012-128, Class EI (IO)		3.500	%		11/25/27		677,094		46,975
FNMA, Series 2012-148, Class IA (IO)		4.000	%		01/25/28		373,512		31,988
FNMA, Series 348, Class II (IO)		6.000	%		01/25/34		121,549		28,114
FNMA, Series 2015-82, Class AI (IO)		3.500	%		06/25/34		1,667,999		140,738
FNMA, Series 2005-45, Class PQ (IO) (-1*1MO LIBOR + 550) (a)		5.316	%		10/25/34		344,873		30,484
FNMA, Series 390, Class 32 (IO)		6.500	%		12/25/34		182,339		37,336

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS CMO Derivatives — 3.2% continued
FNMA, Series 384, Class 11 (IO)		5.000	%		03/25/35	$	1,022,629	$	177,826
FNMA, Series 2016-28, Class DI (IO)		3.500	%		03/25/35		1,660,386		147,622
FNMA, Series 2005-52, Class JH (IO) (-1*1MO LIBOR + 660) (a)		6.415	%		05/25/35		523,307		88,767
FNMA, Series 378, Class (IO)		5.000	%		06/01/35		1,026,367		179,369
FNMA, Series 2016-24, Class KI (IO)		3.500	%		07/25/35		798,997		80,255
FNMA, Series 368, Class (IO)		5.000	%		02/01/36		877,474		124,067
FNMA, Series 2006-96, Class MO (PO)		0.000	%		10/25/36		75,038		72,287
FNMA, Series 398, Class C5 (IO)		5.000	%		05/25/39		1,247,238		209,282
FNMA, Series 2013-120, Class JI (IO)		4.000	%		02/25/40		798,135		35,379
FNMA, Series 2010-44, Class CS (IO) (-1*1MO LIBOR + 655) (a)		6.365	%		05/25/40		125,927		21,585
FNMA, Series 2012-63, Class NI (IO)		4.000	%		06/25/40		2,186,690		118,327
FNMA, Series 2011-14, Class PI (IO)		5.000	%		06/25/40		128,803		7,723
FNMA, Series 2012-100, Class MI (IO)		4.500	%		12/25/40		697,202		45,314
FNMA, Series 409		4.000	%		04/01/42		2,287,005		320,073
FNMA, Series 2016-30, Class IN (IO)		3.500	%		02/25/43		3,439,411		245,819
FNMA, Series 2003-W10, Class 3IO (IO) (a)		0.677	%		06/25/43		13,395,039		259,240
FNMA, Series 2013-101, Class DO (PO)		0.000	%		10/25/43		191,859		167,764
FNMA, Series 2014-42, Class SN (IO) (-1*1MO LIBOR + 605) (a)		5.866	%		07/25/44		837,310		168,357
GNMA, Series 2010-47, Class PX (IO) (-1*1MO LIBOR + 670) (a)		6.510	%		06/20/37		625,415		140,616
GNMA, Series 2012-146, Class AI (IO)		3.000	%		10/20/37		2,718,229		145,626
GNMA, Series 2008-38, Class ID (IO)		6.000	%		03/20/38		464,929		37,572

42 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Agency MBS CMO Derivatives — 3.2% continued
GNMA, Series 2008-40, Class SA (IO) (-1*1MO LIBOR + 640) (a)		6.205	%		05/16/38	$	72,468	$	13,738
GNMA, Series 2011-145, Class QI (IO)		5.000	%		11/16/41		300,694		46,110
GNMA, Series 2013-113, Class QS (IO) (-1*1MO LIBOR + 620) (a)		6.010	%		02/20/42		917,469		179,151
GNMA, Series 2014-141, Class IE (IO)		4.000	%		08/20/43		388,725		16,990
GNMA, Series 2017-004, Class WI (IO)		4.000	%		02/20/44		2,411,984		224,124
GNMA, Series 2019-98, Class BI (IO)		3.000	%		06/20/49		847,484		293,266
GNMA, Series 2012-H02, Class AI (IO) (COMPLEX) (a)		1.904	%		01/20/62		202,647		9,210
GNMA, Series 2013-H13, Class T1 (IO) (a)		0.473	%		05/20/63		2,250,352		35,974
GNMA, Series 2016-H20, Class GI (IO) (a)		0.276	%		08/20/66		2,179,094		22,472
GNMA, Series 2017-H11, Class PI (IO) (a)		2.843	%		04/20/67		241,896		4,677
GNMA, Series 2017-H22, Class ID (IO) (a)		2.768	%		11/20/67		101,040		4,251
GNMA, Series 2018-H08, Class NI (IO) (a)		0.699	%		05/20/68		1,360,534		36,204
									6,521,330
Agency MBS Passthrough — 5.5%
FHLMC, Pool #FG G14973		4.000	%		12/01/28		209,009		225,446
FHLMC, Pool #FG U59010		4.000	%		11/01/34		291,180		311,564
FHLMC, Pool #G61909		4.500	%		12/01/37		770,217		840,110
FHLMC, Pool #FG G06085		6.500	%		09/01/38		84,381		96,395
FNMA, Pool #FN 252409		6.500	%		03/01/29		114,552		128,562
FNMA, Pool #FN AL5850		3.500	%		10/01/29		176,878		187,429

	Coupon			Maturity		Shares / Par Value		Fair Value
Agency MBS Passthrough — 5.5% continued
FNMA, Pool #AS7287		3.500	%		06/01/31	$	802,338	$	866,223
FNMA, Pool #AL3200		3.500	%		02/01/33		596,518		639,897
FNMA, Pool #FN AT7120		3.500	%		06/01/33		704,097		755,067
FNMA, Pool #AL5166		3.000	%		11/01/33		478,066		507,912
FNMA, Pool #AL6685		4.000	%		01/01/35		292,131		312,457
FNMA, Pool #PN MA2198		3.500	%		03/01/35		585,708		626,517
FNMA, Pool #BM1486		4.000	%		03/01/35		1,802,634		1,943,344
FNMA, Pool #MA3050		4.500	%		06/01/37		1,139,514		1,239,109
FNMA, Pool #FN AS4073		4.000	%		12/01/44		260,319		284,062
FNMA, Pool #FN MA2778		3.500	%		10/01/46		400,665		415,718
GNMA, Pool #MA5738M		4.000	%		02/20/34		618,059		653,166
GNMA, Pool #GN 784279		5.500	%		11/15/38		556,805		649,655
GNMA, Pool #711522X		4.500	%		07/15/40		382,539		446,135
GNMA, Pool #GN 78541		4.500	%		06/15/46		248,745		277,150
									11,405,918
Auto Loan — 6.2%
American Credit Acceptance Receivables Trust, Series 2017-1, Class E (c)		5.440	%		03/13/24		100,000		100,940
American Credit Acceptance Receivables Trust, Series 2018-3, Class D (c)		4.140	%		10/15/24		380,000		387,278
American Credit Acceptance Receivables Trust, Series 2020-2, Class C (c)		3.880	%		04/13/26		300,000		313,711
Arivo Acceptance Auto Loan Receivables Trust, Series 2019-1, Class A (c)		2.990	%		07/15/24		130,742		132,247
Bank of the West Auto Trust, Series 2017-1, Class B (c)		2.620	%		11/15/23		100,000		102,323

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 43

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Auto Loan — 6.2% continued
Carvana Auto Receivable Trust, Series 2019-3A, Class D (c)		3.040	%		04/15/25	$	270,000	$	272,152
Carvana Auto Receivable Trust, Series 2019-4A, Class D (c)		3.070	%		07/15/25		250,000		252,275
Chesapeake FDG II LLC, Series 2018-3, Class A2 (1MO LIBOR + 48) (a)(c)		0.664	%		01/15/31		261,716		258,465
CPS Auto Trust, Series 2017-D, Class C (c)		3.010	%		10/17/22		70,939		71,333
CPS Auto Trust, Series 2017-D, Class D (c)		3.730	%		09/15/23		260,000		264,015
CPS Auto Trust, Series 2019-C, Class C (c)		2.840	%		06/16/25		250,000		252,492
CPS Auto Trust, Series 2020-B, Class C (c)		3.300	%		04/15/26		400,000		410,384
Credit Acceptance Auto Trust, Series 2019-3, Class C (c)		3.060	%		03/15/29		400,000		407,419
Drive Auto Receivables Trust, Series 2020-2, Class C		2.280	%		08/17/26		400,000		404,009
Drive Auto Receivables Trust, Series 2020-1, Class D		2.700	%		05/17/27		500,000		499,200
DT Auto Owner Trust, Series 2019-2, Class D (c)		3.480	%		02/18/25		195,000		197,856
DT Auto Owner Trust, Series 2019-3, Class D (c)		2.960	%		04/15/25		285,000		286,328
DT Auto Owner Trust, Series 2020-2A, Class E (c)		4.730	%		03/16/26		300,000		318,233
Exeter Automobile Receivables Trust, Series 2020-2A, Class D (c)		4.730	%		04/15/26		300,000		318,344
Hertz Fleet Lease Funding LP, Series 2017-1, Class C (c)		3.140	%		04/10/31		172,000		166,519
Hertz Fleet Lease Funding LP, Series 2017-1, Class E (c)		5.800	%		04/10/31		1,000,000		954,902

	Coupon			Maturity		Shares / Par Value		Fair Value
Auto Loan — 6.2% continued
Hertz Fleet Lease Funding LP, Series 2018-1, Class D (c)		4.170	%		05/10/32	$	300,000	$	285,011
Hertz Fleet Lease Funding LP, Series 2018-1, Class E (c)		5.550	%		05/10/32		600,000		569,882
Hertz Fleet Lease Funding LP, Series 2019-1, Class A1 (1M LIBOR + 47) (a)(c)		0.647	%		01/10/33		414,971		409,859
Hertz Fleet Lease Funding LP, Series 2019-1, Class E (c)		4.620	%		01/10/33		100,000		94,881
Navistar Financial Dealer Note Master Trust, Series 2018-1, Class D (1MO LIBOR + 155) (a)(c)		1.735	%		09/25/23		150,000		148,691
Navistar Financial Dealer Note Master Trust, Series 2019-1, Class D (1MO LIBOR + 145) (a)(c)		1.635	%		05/28/24		285,000		282,189
NextGear Floorplan Master Owner Trust, Series 2018-1A, Class A1 (1MO LIBOR + 64) (a)(c)		0.825	%		02/15/23		150,000		148,805
NextGear Floorplan Master Owner Trust, Series 2019-2, Class A1 (1MO LIBOR + 70) (a)(c)		0.885	%		10/15/24		350,000		335,519
OneMain Direct Auto Recievables, Series 2018-1, Class B (c)		3.710	%		04/14/25		300,000		305,497
OSCAR US Funding Trust, Series 2019-2A, Class A4 (c)		2.680	%		09/10/26		145,000		148,277
Santander Drive Auto Trust, Series 2019-3, Class D		2.680	%		10/15/25		175,000		174,666
Skopos Auto Receivables Trust, Series 2019-1A, Class A (c)		2.900	%		12/15/22		194,414		194,398

44 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Auto Loan — 6.2% continued
Skopos Auto Receivables Trust, Series 2019-1A, Class B (c)		3.430	%		09/15/23	$	600,000	$	593,160
Tesla Auto Lease Trust, Series 2018-B, Class D (c)		5.290	%		11/22/21		250,000		255,858
Tesla Auto Lease Trust, Series 2019-A, Class D (c)		3.370	%		01/20/23		350,000		352,574
United Auto Credit Securitization Trust, Series 2020-1, Class D (c)		2.880	%		02/10/25		300,000		299,940
Veros Auto Receivables Trust, Series 2018-1, Class A (c)		3.630	%		05/15/23		674		674
Westlake Auto Receivables Trust, Series 2019-3, Class D (c)		2.720	%		11/15/24		473,000		474,198
Westlake Auto Receivables Trust, Series 2019-2, Class D (c)		3.200	%		11/15/24		375,000		380,389
Westlake Auto Receivables Trust, Series 2020-1A, Class C (c)		2.520	%		04/15/25		300,000		304,099
Westlake Auto Receivables Trust, Series 2020-2A, Class C (c)		2.010	%		07/15/25		275,000		275,486
Westlake Auto Receivables Trust, Series 2020-2A, Class D (c)		2.760	%		01/15/26		280,000		281,136
									12,685,614
Consumer — 4.5%
Avant Loans Funding Trust, Series 2019-A, Class A (c)		3.480	%		07/15/22		111,362		111,532
Avant Loans Funding Trust, Series 2020-REV1, Class A (c)		2.170	%		05/15/29		200,000		197,744
Freedom Financial, Series 2018-1, Class B (c)		4.560	%		07/18/24		350,000		342,197

	Coupon			Maturity		Shares / Par Value		Fair Value
Consumer — 4.5% continued
Freedom Financial, Series 2018-2, Class A (c)		3.990	%		10/20/25	$	46,095	$	46,077
Freedom Financial, Series 2019-1, Class A (c)		3.420	%		06/18/26		574,522		575,586
Freedom Financial, Series 2019-1, Class B (c)		3.870	%		06/18/26		200,000		198,696
Freedom Financial, Series 2020-FP1, Class A (c)		2.520	%		03/18/27		174,088		173,787
Freedom Financial, Series 2020-FP1, Class B (c)		3.060	%		03/18/27		225,000		212,656
Freedom Financial, Series 2020-2CP, Class A (c)		4.520	%		06/18/27		562,470		567,571
LendingPoint Asset Securitization Trust, Series 2020-1, Class B (c)		3.107	%		02/10/26		350,000		336,314
LendingPoint Asset Securitization Trust, Series 2019-1, Class A (c)		3.154	%		08/15/25		231,138		230,664
LendingPoint Asset Securitization Trust, Series 2019-1, Class B (c)		3.613	%		08/15/25		444,000		435,980
LL ABS Trust, Series 2019-1A, Class B (c)		3.520	%		03/15/27		150,000		146,537
Mariner Financial Issuance Trust, Series 2018-A, Class A (c)		4.200	%		11/20/30		505,000		505,522
Marlette Funding Trust, Series 2019-4A, Class B (c)		2.950	%		12/17/29		125,000		115,538
Marlette Funding Trust, Series 2020-1A, Class C (c)		2.800	%		03/15/30		200,000		185,989
Newtek Small Business Loan Trust, Series 2019-01, Class B (1MO LIBOR + 250) (a)(c)		2.684	%		12/25/44		365,815		317,939
Oportun Funding LLC, Series 2018-D, Class B (c)		4.830	%		12/09/24		100,000		96,312
Oportun Funding VII LLC, Series 2017-B, Class B (c)		4.260	%		10/10/23		550,000		536,525

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 45

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Consumer — 4.5% continued
Oportun Funding VII LLC, Series 2018-A, Class A (c)		4.450	%		03/08/24	$	650,000	$	632,186
Oportun Funding XIII LLC, Series 2019-13, Class B (c)		3.870	%		08/08/25		500,000		475,588
Prosper Marketplace Issuance Trust, Series 2019-3A, Class B (c)		3.590	%		07/15/25		150,000		147,168
Prosper Marketplace Issuance Trust, Series 2019-4A, Class B (c)		3.200	%		02/17/26		200,000		190,939
Regional Management Issuance Trust, Series 2019-1, Class C (c)		4.110	%		11/15/28		200,000		170,039
Upgrade Master Pass-Thru Trust, Series 2019-ST1, Class A (c)		4.000	%		07/15/25		93,390		92,536
Upgrade Master Pass-Thru Trust, Series 2019-ST3, Class A (c)		3.750	%		11/15/25		139,405		138,407
Upgrade Receivables Trust, Series 2019-1A, Class B (c)		4.090	%		03/15/25		250,000		246,180
Upstart Pass-Through Trust, Series 2020-ST2, Class A (c)		3.500	%		03/20/28		365,496		355,724
Upstart Pass-Through Trust, Series 2020-ST3, Class A (c)		3.350	%		04/20/28		187,005		183,139
Upstart Securitization Trust, Series 2019-1, Class B (c)		4.190	%		04/20/26		80,177		79,465
Upstart Securitization Trust, Series 2020-ST1, Class A (c)		3.750	%		02/20/28		244,459		240,632
Upstart Securitization Trust, Series 2019-2, Class A (c)		2.897	%		09/20/29		168,693		169,379

	Coupon			Maturity		Shares / Par Value		Fair Value
Consumer — 4.5% continued
Upstart Securitization Trust, Series 2019-2, Class B (c)		3.734	%		09/20/29	$	700,000	$	680,008
Upstart Securitization Trust, Series 2019-3, Class B (c)		3.829	%		01/21/30		200,000		194,306
									9,328,862
Credit Cards — 0.5%
Continental Credit Card LLC, Series 2019-1A, Class A (b)(c)		3.830	%		08/15/26		600,000		590,158
Continental Credit Card LLC, Series 2019-1A, Class B (c)		4.950	%		08/15/26		150,000		141,610
Fortiva Retail Credit Master Note, Series 2018-1, Class A (c)		5.540	%		11/15/23		150,000		154,068
Genesis Sales Finance Master Trust, Series 2019-AA, Class A (c)		4.680	%		08/20/23		100,000		99,497
									985,333
Equipment — 1.5%
Business Jet Securities LLC, Series 2018-1, Class A (a)(c)		4.335	%		02/15/33		179,050		179,957
Business Jet Securities LLC, Series 2018-1, Class B (a)(c)		6.048	%		02/15/33		50,136		50,716
Business Jet Securities LLC, Series 2018-2, Class A (c)		4.447	%		06/15/33		365,247		362,403
Business Jet Securities LLC, Series 2018-2, Class B (c)		5.437	%		06/15/33		201,447		202,478
Business Jet Securities LLC, Series 2019-1, Class B (c)		5.193	%		07/15/34		637,685		608,117
CAL Funding Ltd., Series 2018-1A, Class A (c)		3.960	%		02/25/43		268,333		268,707
CLI FDG V LLC, Series 2014-2, Class ABS NT (c)		3.380	%		10/18/29		135,991		134,851

46 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Equipment — 1.5% continued
CLI Funding LLC, Series 2017-1A, Class A (c)		3.620	%		05/18/42	$	270,045	$	269,897
CLU Funding VI LLC, Series 2019-1, Class A (c)		3.710	%		05/18/44		100,013		100,234
Global SC Finance II SRL, Series 2013-1A, Class A (c)		2.980	%		04/17/28		141,667		141,217
Global SC Finance SRL, Series 2014-1A, Class A2 (c)		3.090	%		07/17/29		192,733		191,575
TAL Advantage LLC, Series 2014-3A, Class A (c)		3.270	%		11/21/39		176,667		176,185
Textainer Marine Containers, Series 2018-1A, Class A (c)		4.110	%		08/20/43		431,000		436,879
									3,123,216
Non Agency CMBS — 9.3%
A10 Securitization, Series 2017-1A, Class C (c)		4.050	%		03/15/36		250,000		235,766
A10 Securitization, Series 2017-1A, Class D (c)		4.700	%		03/15/36		250,000		223,687
American Homes 4 Rent, Series 2014-SFR2, Class D (c)		3.678	%		12/17/36		337,336		361,124
American Homes 4 Rent, Series 2015-SFR1, Class A (c)		3.467	%		04/17/52		116,845		125,069
B2R Mortgage Trust, Series 2015-2, Class A (c)		3.336	%		11/15/48		20,155		20,146
Bancorp Commercial Mortgage Trust (The), Series 2017-CRE2, Class C (1MO LIBOR + 235) (a)(c)		2.534	%		08/15/32		250,000		236,250
Barclays Commercial Mortgage Securities LLC, Series 2015-STP, Class D (a)(c)		4.284	%		09/10/20		150,000		149,410

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency CMBS — 9.3% continued
BX Commercial Mortgage Trust, Series 2018-IND, Class A (1MO LIBOR + 75) (a)(c)		0.934	%		11/15/35	$	855,802	$	847,268
BX Commercial Mortgage Trust, Series 2018-IND, Class F (1MO LIBOR + 75) (a)(c)		1.984	%		11/15/35		147,700		144,003
BX Commercial Mortgage Trust, Series 2019-XL, Class B (1MO LIBOR + 108) (a)(c)		1.264	%		10/15/36		654,449		642,982
BX Commercial Mortgage Trust, Series 2020-BXLP, Class B (1MO LIBOR + 100) (a)(c)		1.184	%		12/15/36		227,000		223,022
BX Commercial Mortgage Trust, Series 2020-BXLP, Class C (1MO LIBOR + 112) (a)(c)		1.304	%		12/15/36		180,000		175,494
BX Commercial Mortgage Trust, Series 2020-BXLP, Class E (1MO LIBOR + 160) (a)(c)		1.784	%		12/15/36		212,000		202,979
BX Trust, Series 2018-BILT, Class A (1MO LIBOR + 80) (a)(c)		0.984	%		05/15/30		250,000		236,232
BX Trust, Series 2019-XL, Class A (1MO LIBOR + 92) (a)(c)		1.104	%		10/15/36		549,355		546,100
BX Trust, Series 2019-OC11, Class B (c)		3.605	%		12/09/41		300,000		301,493
BX Trust, Series 2019-OC11, Class D (a)(c)		4.075	%		12/09/41		225,000		207,823
BX Trust, Series 2019-OC11, Class A (c)		3.202	%		12/11/41		577,000		601,006
BXMT Ltd., Series 2017-FL1, Class B (1MO LIBOR + 150) (a)(c)		1.684	%		06/15/35		275,000		270,541
BXMT Ltd., Series 2020-FL2, Class A (1MO LIBOR + 90) (a)(c)		1.084	%		02/16/37		225,000		219,031

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 47

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Non Agency CMBS — 9.3% continued
BXMT Ltd., Series 2020-FL2, Class D (1MO LIBOR + 195) (a)(c)		2.134	%		02/16/37	$	850,000	$	783,927
BXT Trust, Series 2018-EXCL, Class A (1MO LIBOR + 1088) (a)(c)		1.271	%		09/15/20		90,739		80,767
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class A (1MO LIBOR + 107) (a)(c)		1.254	%		12/15/37		350,000		345,397
CGDBB Commercial Mortgage Trust, Series 2017-BIOC, Class B (1MO LIBOR + 97) (a)(c)		1.155	%		07/15/32		411,095		405,505
Citigroup Commercial Mortgage, Series 2017-MDRB, Class D (1MO LIBOR + 325) (a)(c)		3.434	%		07/15/30		150,000		127,704
Colony American Finance Ltd., Series 2016-1, Class A (c)		2.544	%		06/15/48		22,402		22,360
Colony American Finance Ltd., Series 2016-2, Class B (c)		3.141	%		11/15/48		150,000		150,926
Colony American Finance Ltd., Series 2020-1, Class A2 (c)		2.296	%		03/15/50		250,000		239,596
Colony American Finance Ltd., Series 2020-1, Class A1 (c)		1.832	%		03/17/50		248,698		247,479
Cosmopolitan Hotel Trust, Series 2017-CSMO, Class D (1MO LIBOR + 225) (a)(c)		2.434	%		11/15/36		100,000		93,491
Cosmopolitan Hotel Trust, Series 2017-CSMO, Class A (1MO LIBOR + 93) (a)(c)		1.114	%		11/17/36		700,000		669,311
Credit Suisse First Boston, Series 2018-SITE, Class A (c)		4.284	%		04/17/36		127,000		123,664

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency CMBS — 9.3% continued
Credit Suisse First Boston, Series 2018-SITE, Class C (a)(c)		4.782	%		04/17/36	$	100,000	$	90,579
Credit Suisse First Boston, Series 2018-SITE, Class D (a)(c)		4.782	%		04/17/36		135,000		108,917
Goldman Sachs Mortgage Securities Corp. Trust, Series 2018-HULA, Class A (1MO LIBOR + 92) (a)(c)		1.105	%		07/16/35		789,249		755,753
Goldman Sachs Mortgage Securities Corp. Trust, Series 2018-HULA, Class B (1MO LIBOR + 125) (a)(c)		1.435	%		07/16/35		295,968		273,742
Hawaii Hotel Trust, Series 2019-MAUI, Class B (1MO LIBOR + 145) (a)(c)		1.635	%		05/17/38		156,000		143,502
Home Partners of America Trust, Series 2019-1, Class B (c)		3.157	%		09/17/27		576,621		593,088
Home Partners of America Trust, Series 2019-2, Class B (c)		2.922	%		10/19/39		641,840		646,644
Invitation Homes Trust, Series 2017-SFR2, Class A (1MO LIBOR + 85) (a)(c)		1.032	%		12/17/36		501,681		495,494
Invitation Homes Trust, Series 2018-SFR1, Class B (1MO LIBOR + 95) (a)(c)		1.132	%		03/17/37		750,000		732,794
Invitation Homes Trust, Series 2018-SFR1, Class E (1MO LIBOR + 200) (a)(c)		2.182	%		03/17/37		249,966		241,954
Invitation Homes Trust, Series 2018-SFR2, Class E (1MO LIBOR + 200) (a)(c)		2.184	%		06/17/37		190,000		183,689

48 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Non Agency CMBS — 9.3% continued
Invitation Homes Trust, Series 2018-SFR3, Class A (1M LIBOR + 100) (a)(c)		1.182	%		07/17/37	$	1,092,499	$	1,084,377
KKR Real Estate Finance Trust, Inc., Series 2018-FL1, Class A (1MO LIBOR + 110) (a)(c)		1.284	%		06/15/36		500,000		492,500
KNDL Mortgage Trust, Series 2019-KNSQ, Class D (1MO LIBOR + 135) (a)(c)		1.535	%		05/15/36		250,000		240,922
MF1, Series 2020-FL3, Class B (1MO LIBOR + 375) (a)(c)		3.930	%		07/15/35		300,000		300,938
Multi Family Connecticut Avenue, Series 2019-01, Class M7 (1MO LIBOR + 170) (a)(c)		1.884	%		10/15/49		189,564		175,322
Multi Family Connecticut Avenue, Series 2020-1, Class M-7 (1MO LIBOR + 195) (a)(c)		2.135	%		03/25/50		349,526		330,533
Multi Family Housing Mortgage Loan, Series 2019-FL2, Class C (1MO LIBOR + 200) (a)(c)		2.168	%		12/25/34		300,000		270,029
Progress Residential Trust, Series 2019-SFR3, Class A (c)		2.271	%		09/17/36		500,000		510,005
Progress Residential Trust, Series 2019-SFR3, Class B (c)		2.571	%		09/17/36		500,000		506,497
Progress Residential Trust, Series 2020-SFR1, Class E (c)		3.032	%		04/17/37		250,000		246,797
ReadyCap Commercial Mortgage Trust, Series 2020-FL4, Class A (1MO LIBOR + 215) (a)(c)		2.350	%		02/25/35		400,000		400,000

	Coupon			Maturity		Shares / Par Value		Fair Value
Non Agency CMBS — 9.3% continued
ReadyCap Commercial Mortgage Trust, Series 2018-FL2, Class A (1MO LIBOR + 85) (a)(c)		1.034	%		06/25/35	$	17,092	$	16,795
ReadyCap Commercial Mortgage Trust, Series 2018-FL2, Class D (1MO LIBOR + 270) (a)(c)(d)		2.884	%		06/25/35		50,000		42,720
TPG Real Estate Finance, Series 2019-FL3, Class A (1MO LIBOR + 115) (a)(c)		1.334	%		10/15/34		400,000		390,500
VMC Finance LLC, Series 2018-FL2, Class A (1MO LIBOR + 92) (a)(c)		1.104	%		10/15/35		422,512		402,316
WF-RBS Commercial Mortgage Trust, Series 2011-C2, Class D (a)(c)		5.663	%		02/15/44		100,000		98,039
									19,033,999
Non Agency MBS CMO — 0.9%
AMER Homes 4 Rent Trust, Series 2014-SFR2, Class E (c)		6.231	%		10/17/36		300,000		333,453
Antler Mortgage Trust, Series 2019-RTL1, Class A1 (c)		4.458	%		06/27/22		200,000		200,290
Arroyo Mortgage Trust, Series 2018-1, Class A1 (c)		3.763	%		04/25/48		84,911		87,174
Arroyo Mortgage Trust, Series 2019-2, Class M1 (c)		4.760	%		04/25/49		100,000		99,477
Cascade Funding Mortgage Trust, Series 2019-MH1, Class M (c)		5.985	%		11/25/44		100,000		97,979
Cascade Funding Mortgage Trust, Series 2018-RM1, Class A1 (c)		4.580	%		06/25/48		82,261		82,472
LHFC Depositor LLC, Series 2019-RLT1, Class A2 (c)		4.948	%		10/25/23		100,000		93,098

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 49

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Securitized — 63.8% continued
Non Agency MBS CMO — 0.9% continued
Nationstar HECM Loan Trust, Series 2018-3A, Class M2 (c)		4.155	%		11/25/28	$	100,000	$	99,100
RMF Buyout Issuance Trust, Series 2020-2, Class M2 (c)		3.091	%		06/25/30		250,000		250,000
Structured Asset Securities Corp., Series 2003-37A, Class 2A (a)		3.860	%		12/25/33		12,111		11,521
Volt LXXX LLC, Series 2019-NP6, Class A-1A (a)(c)		3.228	%		10/25/49		473,436		471,231
									1,825,795
Student Loan — 2.3%
College Ave Student Loans, Series 2018-A, Class B (a)(c)		4.750	%		12/26/47		140,000		151,110
College Ave Student Loans, Series 2018-A, Class C (a)(c)		5.500	%		12/26/47		100,000		108,580
College Ave Student Loans, Series 2019-A, Class A1 (1MO LIBOR + 140) (a)(c)		1.585	%		12/28/48		177,010		177,518
College Ave Student Loans, Series 2019-A, Class C (c)		4.460	%		12/28/48		250,000		262,984
Earnest Student Loan Program LLC, Series 2016-C, Class A2 (c)		2.680	%		07/25/35		280,921		283,424
Earnest Student Loan Program LLC, Series 2017-A, Class B (c)		3.590	%		01/25/41		84,158		85,420
Laurel Road Prime Student Loan, Series 2018-B, Class A2 (c)		3.540	%		05/26/43		107,305		108,613
Laurel Road Prime Student Loan, Series 2019-A, Class A2FX (c)		2.730	%		10/25/48		300,000		309,033
SMB Private Education Loan Trust, Series 2018-C, Class B (c)		4.000	%		11/17/42		200,000		202,136

	Coupon			Maturity		Shares / Par Value		Fair Value
Student Loan — 2.3% continued
Social Professional Loan Program, Series 2015-B, Class A2 (c)		2.510	%		09/27/32	$	48,812	$	49,318
Social Professional Loan Program, Series 2016-C, Class A2B (c)		2.360	%		12/27/32		113,225		114,282
Social Professional Loan Program, Series 2015-D, Class B (a)(c)		3.590	%		10/26/37		119,419		121,087
Social Professional Loan Program, Series 2017-B, Class CFX (c)		4.440	%		05/25/40		150,000		157,478
Social Professional Loan Program, Series 2017-E, Class A2B (a)(c)		2.720	%		11/26/40		225,000		228,923
Social Professional Loan Program, Series 2017-E, Class C (c)		4.160	%		11/26/40		700,000		734,151
Social Professional Loan Program, Series 2016-E, Class C (c)		4.430	%		10/25/41		200,000		209,465
Social Professional Loan Program, Series 2018-A, Class A1 (1MO LIBOR + 35) (a)(c)		0.534	%		02/25/42		88,787		88,043
Social Professional Loan Program, Series 2020-A, Class BFX (c)		3.120	%		05/15/46		425,000		417,693
Social Professional Loan Program, Series 2018-D, Class BFX (c)		4.140	%		02/25/48		200,000		210,862
Social Professional Loan Program, Series 2019-C, Class BFX (c)		3.050	%		11/16/48	$	730,000	$	731,120
									4,751,240
Total Securitized
(Cost $127,388,136)								$	131,105,356
Treasury — 16.8%
U.S. Treasury Notes (b)		0.125	%		04/15/21		216,404		217,634
U.S. Treasury Notes		2.000	%		11/30/22		1,500,000		1,565,977

50 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Treasury — 16.8% continued
Total Securitized continued
U.S. Treasury Bonds (b)		1.500	%		03/31/23	$	1,225,000	$	1,269,646
U.S. Treasury Notes (b)		1.625	%		04/30/23		100,000		104,082
U.S. Treasury Notes		2.500	%		05/15/24		750,000		816,064
U.S. Treasury Notes (b)		2.250	%		11/15/24		250,000		271,787
U.S. Treasury STRIPS		0.000	%		02/15/25		300,000		294,952
U.S. Treasury Notes (b)		2.000	%		08/15/25		1,000,000		1,085,703
U.S. Treasury Notes (b)		2.250	%		11/15/25		2,000,000		2,203,516
U.S. Treasury Notes		1.625	%		02/15/26		3,000,000		3,209,531
U.S. Treasury Notes (b)		0.625	%		03/31/27		1,000,000		1,010,156
U.S. Treasury STRIPS		0.000	%		05/15/28		1,000,000		949,323
U.S. Treasury Notes		2.875	%		08/15/28		2,000,000		2,368,281
U.S. Treasury STRIPS		0.000	%		11/15/31		500,000		451,307
U.S. Treasury STRIPS		0.000	%		02/15/33		800,000		706,973
U.S. Treasury STRIPS (b)		0.000	%		05/15/35		1,000,000		852,687
U.S. Treasury STRIPS		0.000	%		02/15/37		1,725,000		1,419,007
U.S. Treasury Notes		4.750	%		02/15/37		150,000		239,168
U.S. Treasury Bonds (b)		3.500	%		02/15/39		235,000		332,396
U.S. Treasury Bonds		4.250	%		05/15/39		500,000		772,324
U.S. Treasury Bonds (b)		3.875	%		08/15/40		550,000		819,500
U.S. Treasury Notes		4.250	%		11/15/40		925,000		1,444,987
U.S. Treasury Bonds (b)		4.750	%		02/15/41		700,000		1,161,262
U.S. Treasury STRIPS		0.000	%		08/15/41		500,000		371,157
U.S. Treasury Bonds		2.750	%		11/15/42		600,000		768,328
U.S. Treasury Bonds		3.750	%		11/15/43		1,500,000		2,231,777
U.S. Treasury Bonds		2.250	%		08/15/46		1,780,000		2,110,204
U.S. Treasury Bonds		3.000	%		02/15/48		1,975,000		2,702,587
U.S. Treasury Bonds (b)		2.375	%		11/15/49		1,750,000		2,160,361
U.S. Treasury Bonds (b)		2.000	%		02/15/50		475,000		543,689
Total Treasury
(Cost $30,948,528)								$	34,454,366

	Shares		Fair Value
Registered Investment Companies — 7.2%
State Street Institutional Liquid Reserves Fund, Premier Class, 0.34% (e)		3,961,216	$	3,962,974
State Street Navigator Securities Lending Portfolio I, 0.37% (e)(f)		10,788,480		10,788,480
Total Registered Investment Companies
(Cost $14,751,454)			$	14,751,454
Total Investment Securities — 106.5%
(Cost $209,562,032)			$	218,890,337
Liabilities in Excess of Other Assets — (6.5)%				(13,265,778	)
Net Assets — 100.0%			$	205,624,559

^(a) Variable rate security. The rate shown is the effective interest rate as of June 30, 2020. The benchmark on which the rate is calculated is shown parenthetically, if applicable. Certain variable rate securities are not based on a published rate and spread but are determined by the issuer or agent and may be based on index changes, prepayment of underlying positions and/or other variables. These securities do not indicate a reference rate and spread in their description above.

^(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2020 was $15,146,504.

^(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, 2020 was $61,454,168, representing 29.9% 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, 2020 was $501,892, representing 0.2% of net assets.

^(e) The rate shown is the 7-day effective yield as of June 30, 2020.

^(f) This security was purchased with cash collateral from securities held on loan.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 51

Diamond Hill Core Bond Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

AG — Aktiengesellschaft

BV — Besloten Vennootschap

LIBOR — London Interbank Offered Rate

SA — Societe Anonyme

NV — Naamloze Vennootschap

NA — National Association

plc — Public Limited Company

SA — Societe Anonyme

UA — Uitgesloten Aansprakelijkheid

See accompanying Notes to Financial Statements.

Diamond Hill Corporate Credit Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Collateralized Debt Obligations — 0.1%
Alesco Preferred Funding Ltd., Class PNNE *					03/23/35	$	336,608	$	154,776
Alesco Preferred Funding Ltd. VI, Class PNN *					03/23/35		621,631		299,863
Fort Sheridan ABS CDO Ltd., Series 05-1A, Class PPN2 *					11/05/41		611,948		361,606
Taberna Preferred Funding Ltd., Class PPN2 *					07/05/35		1,175,564		566,363
Total Collateralized Debt Obligations
(Cost $2,529,844)								$	1,382,608
Corporate Bonds — 86.8%
Automotive — 4.0%
Ford Motor Co.		8.500	%		04/21/23		5,059,000		5,349,893
Ford Motor Co.		9.000	%		04/22/25		1,000,000		1,081,250
Ford Motor Credit Co. LLC		3.350	%		11/01/22		8,200,000		7,853,796
Ford Motor Credit Co. LLC		4.271	%		01/09/27		14,081,000		13,165,735
General Motors Co., Inc.		6.250	%		10/02/43		7,318,000		7,774,318
Lear Corp.		5.250	%		05/15/49		14,291,000		14,765,906
Tesla, Inc. (a)(b)		5.300	%		08/15/25		5,075,000		5,069,722
									55,060,620
Banking — 7.2%
Bankunited, Inc.		5.125	%		06/11/30		26,235,000		26,760,735
Cadence Bancorp		4.750	%		06/30/29		8,300,000		6,825,257
First Horizon National Corp.		4.000	%		05/26/25		9,120,000		9,537,954
First Tennessee Bank		5.750	%		05/01/30		22,325,000		23,507,697
Popular, Inc. (b)		6.125	%		09/14/23		19,295,000		19,487,950
Synchrony Financial		3.700	%		08/04/26		5,882,000		6,088,129
Western Alliance Bancorp		5.250	%		06/01/30		5,635,000		5,662,761
									97,870,483
Basic Industry — 6.0%
Ashland Global Holdings, Inc. (b)		6.875	%		05/15/43		12,070,000		13,880,499
Axalta Coating Systems LLC (a)		4.750	%		06/15/27		5,203,000		5,230,056
GCP Applied Technologies, Inc. (a)		5.500	%		04/15/26		5,801,000		5,786,498
Mueller Industries, Inc. (b)		6.000	%		03/01/27		21,017,000		20,544,118
Schweitzer-Mauduit International, Inc. (a)		6.875	%		10/01/26		13,195,000		13,491,887

52 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Corporate Credit Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 86.8% continued
Basic Industry — 6.0% continued
Summit Materials LLC (b)		6.125	%		07/15/23	$	1,940,000	$	1,931,367
W.R. Grace & Co. (a)		4.875	%		06/15/27		6,350,000		6,432,741
Wesco Distribution, Inc. (a)		7.125	%		06/15/25		13,794,000		14,548,531
									81,845,697
Capital Goods — 3.8%
Boeing Co. (The)		3.600	%		05/01/34		5,388,000		5,091,444
General Electric Co. (b)		4.350	%		05/01/50		10,840,000		10,742,899
Hillenbrand, Inc. (b)		4.500	%		09/15/26		6,819,000		6,846,685
Itron, Inc. (a)		5.000	%		01/15/26		2,739,000		2,728,729
Spirit Aerosystems, Inc. (b)		3.850	%		06/15/26		2,315,000		2,106,650
TransDigm, Inc.		6.500	%		07/15/24		7,521,000		7,237,383
TransDigm, Inc. (a)		6.250	%		03/15/26		7,997,000		7,992,002
Welbilt, Inc. (b)		9.500	%		02/15/24		9,600,000		9,168,000
									51,913,792
Consumer Goods — 6.0%
BAT Capital Corp.		4.540	%		08/15/47		4,577,000		4,982,110
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc. (a)		8.500	%		12/15/22		7,034,000		6,998,830
Hasbro, Inc.		6.350	%		03/15/40		18,416,000		21,186,573
Hasbro, Inc.		5.100	%		05/15/44		6,103,000		6,235,215
Molson Coors Beverage Co. (b)		4.200	%		07/15/46		6,228,000		6,058,391
Pilgrim’s Pride Corp. (a)		5.750	%		03/15/25		14,554,000		14,511,502
Pilgrim’s Pride Corp. (a)(b)		5.875	%		09/30/27		3,875,000		3,875,775
Post Holdings, Inc. (a)		5.000	%		08/15/26		5,117,000		5,136,189
Sysco Corp.		2.400	%		02/15/30		7,261,000		7,175,770
Sysco Corp.		3.300	%		02/15/50		5,900,000		5,502,506
									81,662,861
Energy — 8.5%
Apergy Corp.		6.375	%		05/01/26		22,001,000		20,444,870
Energen Corp.		7.125	%		02/15/28		22,389,000		25,954,832
Floatel International Ltd. (c)		9.000	%		04/11/24		6,400,000		768,000
Floatel International Ltd. (c)		12.750	%		04/11/24		3,400,000		102,000
Floatel International Ltd. (c)		0.000	%		04/11/60		216,750		216,750
Floatel International Ltd. (c)		0.000	%		04/11/60		288,000		288,000
Magnolia Oil & Gas Corp. (a)		6.000	%		08/01/26		19,655,000		18,475,700
Noble Energy, Inc.		3.850	%		01/15/28		2,829,000		2,732,741

	Coupon			Maturity		Shares / Par Value		Fair Value
Energy — 8.5% continued
Noble Energy, Inc.		5.050	%		11/15/44	$	1,110,000	$	1,008,657
Parsley Energy LLC (a)		5.375	%		01/15/25		2,435,000		2,365,797
Welltec A/S (a)		9.500	%		12/01/22		32,633,000		29,369,700
WPX Energy, Inc.		5.250	%		09/15/24		3,905,000		3,846,425
WPX Energy, Inc.		5.250	%		10/15/27		6,523,000		6,093,705
WPX Energy, Inc. (b)		5.875	%		06/15/28		5,100,000		4,883,250
									116,550,427
Financial Services — 10.3%
Aircastle Ltd.		4.250	%		06/15/26		7,033,000		6,454,595
Alliance Data Systems Corp. (a)(b)		4.750	%		12/15/24		28,921,000		26,028,900
Credit Acceptance Corp. (a)		5.125	%		12/31/24		16,058,000		15,507,211
Credit Acceptance Corp. (b)		6.625	%		03/15/26		11,524,000		11,570,672
FirstCash, Inc. (a)		5.375	%		06/01/24		27,506,000		27,643,531
FS KKR Capital Corp.		4.125	%		02/01/25		14,834,000		14,326,463
FS KKR Capital Corp. II (a)		4.250	%		02/14/25		12,200,000		10,896,224
Nationstar Mortgage / Capital Corp. (a)		8.125	%		07/15/23		3,590,000		3,684,058
Nationstar Mortgage / Capital Corp. (a)		9.125	%		07/15/26		8,374,000		8,850,229
Nationstar Mortgage / Capital Corp. (a)		6.000	%		01/15/27		12,233,000		11,621,350
Quicken Loans, Inc. (a)		5.750	%		05/01/25		1,153,000		1,178,700
Synchrony Financial		5.150	%		03/19/29		2,824,000		3,183,275
									140,945,208
Health Care — 2.9%
Jaguar Holdings Co. (a)		4.625	%		06/15/25		6,150,000		6,258,855
Molina Healthcare, Inc. (a)		4.875	%		06/15/25		7,188,000		7,223,940
Mylan NV		5.250	%		06/15/46		4,754,000		5,892,634
Teva Pharmaceuticals Financial Co. B.V.		2.800	%		07/21/23		21,301,000		20,129,445
									39,504,874
Insurance — 4.7%
AssuredPartners, Inc. (a)		7.000	%		08/15/25		12,938,000		12,938,000
Brighthouse Financial, Inc.		3.700	%		06/22/27		951,000		969,689
Brighthouse Financial, Inc.		5.625	%		05/15/30		1,776,000		1,967,835

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 53

Diamond Hill Corporate Credit Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 86.8% continued
Insurance — 4.7% continued
Fairfax Financial Holdings Ltd. (a)(b)		4.625	%		04/29/30	$	1,945,000	$	2,095,475
GTCR AP Finance, Inc. (a)(b)		8.000	%		05/15/27		918,000		944,962
Hub International Ltd. (a)		7.000	%		05/01/26		6,898,000		6,898,000
MGIC Investment Corp.		5.750	%		08/15/23		9,008,000		9,300,760
Radian Group, Inc.		4.500	%		10/01/24		1,600,000		1,544,000
Radian Group, Inc.		6.625	%		03/15/25		3,650,000		3,741,250
Radian Group, Inc.		4.875	%		03/15/27		25,623,000		24,085,619
									64,485,590
Leisure — 5.2%
Golden Nugget, Inc. (a)		6.750	%		10/15/24		14,769,000		10,615,219
Host Hotels & Resorts, Inc.		3.375	%		12/15/29		3,698,000		3,535,375
Live Nation Entertainment, Inc. (a)(b)		4.875	%		11/01/24		2,537,000		2,283,300
Live Nation Entertainment, Inc. (a)(b)		5.625	%		03/15/26		10,888,000		9,908,080
Marriott International, Inc.		4.000	%		04/15/28		3,181,000		3,202,254
Speedway Motorsports LLC (a)		4.875	%		11/01/27		15,340,000		13,959,399
Station Casinos LLC (a)(b)		5.000	%		10/01/25		5,136,000		4,519,680
Station Casinos LLC (a)		4.500	%		02/15/28		14,838,000		12,463,920
Viking Cruises Ltd. (a)		6.250	%		05/15/25		16,259,000		9,267,630
VOC Escrow Ltd. (a)		5.000	%		02/15/28		1,590,000		1,180,575
									70,935,432
Media — 5.8%
Cimpress plc (a)		7.000	%		06/15/26		42,612,000		39,309,570
Netflix, Inc. (b)		5.875	%		11/15/28		5,488,000		6,241,502
Twitter, Inc. (a)		3.875	%		12/15/27		33,886,000		33,889,389
									79,440,461
Real Estate — 2.5%
Forestar Group, Inc. (a)		8.000	%		04/15/24		9,431,000		9,761,085
Forestar Group, Inc. (a)		5.000	%		03/01/28		13,145,000		12,882,100
Kennedy Wilson, Inc.		5.875	%		04/01/24		4,438,000		4,415,810
RHP Hotel Properties LP (b)		5.000	%		04/15/23		4,872,000		4,603,309

	Coupon			Maturity		Shares / Par Value		Fair Value
Real Estate — 2.5% continued
Ryman Hospitality Properties, Inc. (a)(b)		4.750	%		10/15/27	$	2,975,000	$	2,632,875
									34,295,179
Retail — 10.7%
Abercrombie & Fitch Management Co. (a)		8.750	%		07/15/25		6,045,000		5,954,325
B.C. ULC / New Red Finance, Inc. (a)		5.000	%		10/15/25		550,000		547,250
DriveTime Automotive Group, Inc. (a)(b)		8.000	%		06/01/21		17,944,000		17,001,940
GrubHub Holdings, Inc. (a)		5.500	%		07/01/27		20,690,000		21,181,387
Hanesbrands, Inc. (a)		4.625	%		05/15/24		16,509,000		16,426,455
Hanesbrands, Inc. (a)		4.875	%		05/15/26		890,000		896,675
IRB Holding Corp. (a)		7.000	%		06/15/25		4,940,000		5,082,025
Liberty Interactive LLC		8.500	%		07/15/29		9,942,000		9,635,090
Liberty Interactive LLC (b)		8.250	%		02/01/30		5,053,000		4,916,721
Macy’s, Inc. (a)		8.375	%		06/15/25		6,301,000		6,269,495
Nathan’s Famous, Inc. (a)		6.625	%		11/01/25		19,394,000		19,539,455
Nordstrom, Inc. (b)		4.000	%		03/15/27		9,050,000		7,597,535
Nordstrom, Inc.		4.375	%		04/01/30		2,878,000		2,257,519
QVC, Inc.		5.450	%		08/15/34		7,874,000		7,120,222
Ross Stores, Inc.		5.450	%		04/15/50		8,837,000		11,495,548
TJX Cos., Inc.		4.500	%		04/15/50		3,735,000		4,799,562
Walgreens Boots Alliance, Inc. (b)		4.100	%		04/15/50		975,000		982,849
Wolverine World Wide, Inc (a)		6.375	%		05/15/25		4,400,000		4,609,000
									146,313,053
Services — 4.2%
Ashtead Capital, Inc. (a)		4.000	%		05/01/28		3,406,000		3,388,970
IAA Spinco, Inc. (a)		5.500	%		06/15/27		7,863,000		8,128,612
KAR Auction Services, Inc. (a)(b)		5.125	%		06/01/25		12,770,000		12,578,450
Korn Ferry International (a)		4.625	%		12/15/27		23,229,000		22,532,130
Sabre Global, Inc. (a)		5.375	%		04/15/23		5,819,000		5,432,269
Sabre Global, Inc. (a)		5.250	%		11/15/23		1,531,000		1,408,520
Uber Technologies, Inc. (a)		7.500	%		11/01/23		4,249,000		4,291,490
									57,760,441

54 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Corporate Credit Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 86.8% continued
Technology & Electronics — 1.7%
Dell International LLC (a)		8.100	%		07/15/36	$	3,767,000	$	4,907,250
Juniper Networks, Inc. (b)		5.950	%		03/15/41		3,533,000		4,366,136
MTS Systems Corp. (a)		5.750	%		08/15/27		11,002,000		10,094,335
VMware, Inc.		4.700	%		05/15/30		2,646,000		2,924,735
									22,292,456
Telecommunications — 1.9%
Crown Castle International Corp.		5.200	%		02/15/49		3,496,000		4,639,871
HTA Group Ltd. (a)		7.000	%		12/18/25		8,000,000		8,090,880
LCPR Senior Secured Financing Designated Activity Co. (a)		6.750	%		10/15/27		500,000		510,000
T-Mobile, Inc. (a)		3.875	%		04/15/30		5,000,000		5,572,850
Viasat, Inc. (a)		5.625	%		09/15/25		7,490,000		7,171,675
									25,985,276
Transportation — 1.4%
Alaska Airlines (a)		4.800	%		08/15/27		5,000,000		5,013,000
American Airlines, Inc. (a)		11.750	%		07/15/25		4,900,000		4,604,971
Delta Air Lines, Inc.		7.375	%		01/15/26		1,425,000		1,378,542
Southwest Airlines Co.		4.750	%		05/04/23		2,651,000		2,737,327
Southwest Airlines Co.		5.250	%		05/04/25		5,195,000		5,480,105
United Airlines Pass-Through Trust, Series 2013-1		5.375	%		02/15/23		209,282		198,985
									19,412,930
Total Corporate Bonds
(Cost $1,199,199,306)								$	1,186,274,780

	Shares		Fair Value
Registered Investment Companies — 16.8%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (d)		177,075,925	$	177,075,925
State Street Navigator Securities Lending Portfolio I, 0.37% (d)(e)		52,908,235		52,908,235
Total Registered Investment Companies
(Cost $229,984,160)			$	229,984,160
Total Investment Securities — 103.7%
(Cost $1,431,713,310)			$	1,417,641,548
Liabilities in Excess of Other Assets — (3.7)%				(50,825,489	)
Net Assets — 100.0%			$	1,366,816,059

^(a) Securities exempt from registration under Rule 144A of the Securities act of 1933. These securities have been deemed liquid under procedures approved by the Fund’s Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. The total fair value of these securities as of June 30, 2020 was $647,689,325, representing 47.4% of net assets.

^(b) All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2020 was $51,821,468.

^(c) Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2020 was $1,374,750, representing 0.1% of net assets.

^(d) The rate shown is the 7-day effective yield as of June 30, 2020.

^(e) This security was purchased with cash collateral held from securities on loan.

A/S — Aktieselskab

NV — Naamloze Vennootschap

plc — Public Limited Company

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 55

Diamond Hill Corporate Credit Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

* Non-income producing security. Restricted and illiquid securities not registered under the securities act of 1933 and valued at fair value by the Valuation & Liquity Committee based on procedures approved by the Board of Trustees are as follows:

	Acquisition Date		Current Cost		Fair Value		Value as a % of Net Assets
Alesco Preferred Funding Ltd., Class PNNE		March-05	$	336,608	$	154,776		0.01	%
Alesco Preferred Funding Ltd. VI Class PNN		December-04	$	621,631	$	299,863		0.02	%
Fort Sheridan ABS CDO Ltd., Series 05-1A, Class PPN2		March-05	$	519,401	$	361,606		0.03	%
Taberna Preferred Funding Ltd., Class PPN2		March-05	$	1,052,204	$	566,363		0.04	%
			$	2,529,844	$	1,382,608		0.10	%

Diamond Hill High Yield Fund
Schedule of Investments
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 93.4%
Automotive — 4.3%
Aptiv plc (a)		4.400	%		10/01/46	$	1,000,000	$	965,426
Aptiv plc		5.400	%		03/15/49		1,720,000		1,797,183
Ford Motor Co.		8.500	%		04/21/23		400,000		423,000
Ford Motor Credit Co. LLC		3.350	%		11/01/22		2,600,000		2,490,228
Ford Motor Credit Co. LLC		4.271	%		01/09/27		3,330,000		3,113,550
General Motors Co., Inc.		6.250	%		10/02/43		1,650,000		1,752,887
Lear Corp.		5.250	%		05/15/49		3,550,000		3,667,971
Tesla, Inc. (a)(b)		5.300	%		08/15/25		2,375,000		2,372,530
									16,582,775
Banking — 5.3%
Bankunited, Inc.		5.125	%		06/11/30		5,900,000		6,018,233
Cadence Bancorp		4.750	%		06/30/29		2,200,000		1,809,104
First Tennessee Bank		5.750	%		05/01/30		6,700,000		7,054,942
Popular, Inc.		6.125	%		09/14/23		5,100,000		5,151,000
Synchrony Financial		3.700	%		08/04/26		500,000		517,522
									20,550,801
Basic Industry — 7.1%
Ashland Global Holdings, Inc.		6.875	%		05/15/43		2,850,000		3,277,500
Axalta Coating Systems LLC (b)		4.750	%		06/15/27		2,400,000		2,412,480
Century Communities, Inc.		6.750	%		06/01/27		2,520,000		2,532,600
GCP Applied Technologies, Inc. (b)		5.500	%		04/15/26		1,650,000		1,645,875
Mueller Industries, Inc.		6.000	%		03/01/27		6,800,000		6,647,000
Schweitzer-Mauduit International, Inc. (b)		6.875	%		10/01/26		4,625,000		4,729,062
Summit Materials LLC (a)		6.125	%		07/15/23		1,150,000		1,144,883
W.R. Grace & Co. (b)		4.875	%		06/15/27		2,370,000		2,400,881
Wesco Distribution, Inc. (b)		7.250	%		06/15/28		2,800,000		2,952,796
									27,743,077
Capital Goods — 3.5%
General Electric Co.		4.350	%		05/01/50		2,200,000		2,180,293
Hillenbrand, Inc. (a)		4.500	%		09/15/26		1,997,000		2,005,108
Itron, Inc. (b)		5.000	%		01/15/26		1,000,000		996,250
TransDigm, Inc.		6.500	%		07/15/24		2,250,000		2,165,153
TransDigm, Inc. (b)		6.250	%		03/15/26		2,800,000		2,798,250
Welbilt, Inc.		9.500	%		02/15/24		3,700,000		3,533,500
									13,678,554

56 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill High Yield Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 93.4% continued
Consumer Goods — 6.6%
BAT Capital Corp.		4.540	%		08/15/47	$	2,250,000	$	2,449,147
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc. (b)		8.500	%		12/15/22		3,200,000		3,184,000
Estee Lauder Cosmetics, Inc.		3.700	%		08/15/42		1,025,000		1,157,937
Hasbro, Inc.		6.350	%		03/15/40		4,550,000		5,234,519
Hasbro, Inc.		5.100	%		05/15/44		1,064,000		1,087,050
Molson Coors Beverage Co.		4.200	%		07/15/46		1,900,000		1,848,257
Pilgrim’s Pride Corp. (b)		5.750	%		03/15/25		4,625,000		4,611,495
Pilgrim’s Pride Corp. (b)		5.875	%		09/30/27		3,290,000		3,290,658
Post Holdings, Inc. (b)		5.000	%		08/15/26		1,525,000		1,530,719
Sysco Corp.		3.300	%		02/15/50		1,200,000		1,119,154
									25,512,936
Energy — 9.7%
Apergy Corp.		6.375	%		05/01/26		8,015,000		7,448,099
Barrett Bill Corp. (c)		7.000	%		10/15/22		7,602,000		1,824,480
Energen Corp.		7.125	%		02/15/28		4,375,000		5,071,794
Floatel International Ltd. (c)		9.000	%		04/11/24		600,000		72,000
Floatel International Ltd. (c)		12.750	%		04/11/24		600,000		18,000
Floatel International Ltd. (c)		0.000	%		04/11/60		38,250		38,250
Floatel International Ltd. (c)		0.000	%		04/11/60		27,000		27,000
Magnolia Oil & Gas Corp. (b)		6.000	%		08/01/26		7,285,000		6,847,900
Noble Energy, Inc.		3.850	%		01/15/28		1,000,000		965,974
Noble Energy, Inc.		5.050	%		11/15/44		750,000		681,525
Parsley Energy LLC (b)		5.375	%		01/15/25		1,465,000		1,423,365
Welltec A/S (b)		9.500	%		12/01/22		8,042,000		7,237,800
WPX Energy, Inc.		5.250	%		09/15/24		1,475,000		1,452,875
WPX Energy, Inc. (a)		5.750	%		06/01/26		600,000		582,000
WPX Energy, Inc.		5.250	%		10/15/27		2,050,000		1,915,084
WPX Energy, Inc.		5.875	%		06/15/28		2,150,000		2,058,625
									37,664,771
Financial Services — 10.6%
Aircastle Ltd.		5.500	%		02/15/22		1,000,000		1,009,356
Aircastle Ltd.		4.250	%		06/15/26		1,550,000		1,422,526
Alliance Data Systems Corp. (b)		4.750	%		12/15/24		8,400,000		7,560,000
Credit Acceptance Corp. (b)		5.125	%		12/31/24		4,450,000		4,297,365
Credit Acceptance Corp.		6.625	%		03/15/26		4,900,000		4,919,845

	Coupon			Maturity		Shares / Par Value		Fair Value
Financial Services — 10.6% continued
FirstCash, Inc. (b)		5.375	%		06/01/24	$	7,400,000	$	7,437,000
FS KKR Capital Corp.		4.125	%		02/01/25		3,575,000		3,452,683
FS KKR Capital Corp. II (b)		4.250	%		02/14/25		2,775,000		2,478,444
Nationstar Mortgage / Capital Corp. (b)		8.125	%		07/15/23		821,000		842,510
Nationstar Mortgage / Capital Corp. (b)		9.125	%		07/15/26		2,500,000		2,642,175
Nationstar Mortgage / Capital Corp. (b)		6.000	%		01/15/27		4,332,000		4,115,400
Quicken Loans, Inc. (b)		5.750	%		05/01/25		675,000		690,046
Quicken Loans, Inc. (b)		5.250	%		01/15/28		190,000		197,600
									41,064,950
Health Care — 3.1%
Horizon Pharma USA, Inc. (b)		5.500	%		08/01/27		1,290,000		1,342,077
Jaguar Holdings Co. (b)		4.625	%		06/15/25		1,922,000		1,956,019
Jaguar Holdings Co. (b)		5.000	%		06/15/28		300,000		307,125
Molina Healthcare, Inc. (b)		4.875	%		06/15/25		1,500,000		1,507,500
Perrigo Finance plc		4.900	%		12/15/44		780,000		830,978
Teva Pharmaceuticals Financial Co. B.V.		2.800	%		07/21/23		6,500,000		6,142,500
									12,086,199
Insurance — 4.9%
AssuredPartners, Inc. (b)		7.000	%		08/15/25		5,078,000		5,078,000
GTCR AP Finance, Inc. (b)		8.000	%		05/15/27		1,050,000		1,080,838
Hub International Ltd. (b)		7.000	%		05/01/26		3,150,000		3,150,000
MGIC Investment Corp.		5.750	%		08/15/23		1,127,000		1,163,627
Radian Group, Inc.		6.625	%		03/15/25		2,350,000		2,408,750
Radian Group, Inc.		4.875	%		03/15/27		6,650,000		6,251,000
									19,132,215
Leisure — 8.2%
Carnival Corp. (b)		11.500	%		04/01/23		1,000,000		1,079,938
CCM Merger, Inc. (b)		6.000	%		03/15/22		1,638,000		1,621,620
Golden Nugget, Inc. (b)		6.750	%		10/15/24		5,275,000		3,791,406
Host Hotels & Resorts, Inc.		3.375	%		12/15/29		1,775,000		1,696,942

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 57

Diamond Hill High Yield Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 93.4% continued
Leisure — 8.2% continued
Live Nation Entertainment, Inc. (b)		4.875	%		11/01/24	$	825,000	$	742,500
Live Nation Entertainment, Inc. (b)		5.625	%		03/15/26		4,225,000		3,844,750
Marriott International, Inc. (a)		4.000	%		04/15/28		1,330,000		1,338,886
Royal Caribbean Cruises Ltd.		5.250	%		11/15/22		74,000		57,573
Speedway Motorsports LLC (b)		4.875	%		11/01/27		5,150,000		4,686,500
Station Casinos LLC (b)		5.000	%		10/01/25		3,253,000		2,862,640
Station Casinos LLC (b)		4.500	%		02/15/28		4,700,000		3,948,000
Viking Cruises Ltd. (b)		6.250	%		05/15/25		5,700,000		3,249,000
Viking Cruises Ltd. (b)		13.000	%		05/15/25		2,000,000		2,110,000
VOC Escrow Ltd. (b)		5.000	%		02/15/28		1,050,000		779,625
									31,809,380
Media — 4.8%
Cimpress plc (b)		7.000	%		06/15/26		10,000,000		9,225,000
Graham Holdings Co. (b)		5.750	%		06/01/26		975,000		1,008,277
Netflix, Inc. (a)		5.875	%		11/15/28		1,000,000		1,137,300
Twitter, Inc. (b)		3.875	%		12/15/27		7,300,000		7,300,730
									18,671,307
Real Estate — 3.1%
Forestar Group, Inc. (b)		8.000	%		04/15/24		2,400,000		2,484,000
Forestar Group, Inc. (b)		5.000	%		03/01/28		4,400,000		4,312,000
Kennedy Wilson, Inc.		5.875	%		04/01/24		1,925,000		1,915,375
RHP Hotel Properties LP		5.000	%		04/15/23		2,400,000		2,267,640
Ryman Hospitality Properties, Inc. (b)		4.750	%		10/15/27		1,325,000		1,172,625
									12,151,640
Retail — 12.1%
Abercrombie & Fitch Management Co. (b)		8.750	%		07/15/25		2,500,000		2,462,500
DriveTime Automotive Group, Inc. (b)		8.000	%		06/01/21		5,700,000		5,400,750

	Coupon			Maturity		Shares / Par Value		Fair Value
Retail — 12.1% continued
GrubHub Holdings, Inc. (b)		5.500	%		07/01/27	$	6,200,000	$	6,347,250
Hanesbrands, Inc. (b)		4.625	%		05/15/24		4,100,000		4,079,500
Hanesbrands, Inc. (b)		4.875	%		05/15/26		400,000		403,000
IRB Holding Corp. (b)		7.000	%		06/15/25		2,700,000		2,777,625
Liberty Interactive LLC (a)		8.500	%		07/15/29		4,675,000		4,530,683
Liberty Interactive LLC		8.250	%		02/01/30		1,000,000		973,030
Macy’s, Inc. (b)		8.375	%		06/15/25		3,148,000		3,132,260
Nathan’s Famous, Inc. (b)		6.625	%		11/01/25		6,125,000		6,170,937
Nordstrom, Inc. (a)		4.000	%		03/15/27		3,610,000		3,030,619
Nordstrom, Inc.		4.375	%		04/01/30		1,425,000		1,117,778
QVC, Inc.		5.450	%		08/15/34		2,550,000		2,305,888
Ross Stores, Inc.		5.450	%		04/15/50		2,200,000		2,861,854
Wolverine World Wide, Inc. (b)		6.375	%		05/15/25		1,600,000		1,676,000
									47,269,674
Services — 5.2%
Ashtead Capital, Inc. (b)		4.000	%		05/01/28		657,000		653,715
IAA Spinco, Inc. (a)(b)		5.500	%		06/15/27		1,700,000		1,757,426
KAR Auction Services, Inc. (b)		5.125	%		06/01/25		4,950,000		4,875,750
Korn Ferry International (b)		4.625	%		12/15/27		6,950,000		6,741,500
Sabre Global, Inc. (b)		5.375	%		04/15/23		4,365,000		4,074,902
Uber Technologies, Inc. (b)		7.500	%		11/01/23		2,250,000		2,272,500
									20,375,793
Technology & Electronics — 1.7%
Dell International LLC (b)		8.100	%		07/15/36		950,000		1,237,560
MTS Systems Corp. (b)		5.750	%		08/15/27		5,400,000		4,954,500
WEX, Inc. (b)		4.750	%		02/01/23		560,000		556,002
									6,748,062
Telecommunications — 2.2%
Crown Castle International Corp.		5.200	%		02/15/49		2,000,000		2,654,388
HTA Group Ltd. (b)		7.000	%		12/18/25		3,500,000		3,539,760
Viasat, Inc. (b)		6.500	%		07/15/28		2,500,000		2,500,525
									8,694,673
Transportation — 1.0%
Alaska Airlines, Series 2020-1B (b)		4.800	%		08/15/27		1,000,000		1,002,600

58 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill High Yield Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

	Coupon			Maturity		Shares / Par Value		Fair Value
Corporate Bonds — 93.4% continued
Transportation — 1.0% continued
American Airlines, Inc. (b)		11.750	%		07/15/25	$	2,100,000	$	1,973,559
Continental Airlines Pass-Through Trust, Series 2012-2		5.500	%		04/29/22		86,092		82,447
Delta Air Lines, Inc.		7.375	%		01/15/26		725,000		701,364
U.S. Airways Pass-Through Trust, Series 2012-2		6.750	%		12/03/22		195,657		158,029
									3,917,999
Total Corporate Bonds
(Cost $356,038,465)								$	363,654,806
Securitized — 1.5%
ABS-Other — 0.2%
Access Point Financial, Inc., Series 2017-A, Class C (b)		5.820	%		04/15/29		250,000		255,305
Kabbage Funding LLC, Series 2019-1, Class D (c)		5.688	%		03/15/24		250,000		150,000
Small Business Lending Trust, Series 2020-A, Class C (b)(c)		5.010	%		12/15/26		550,000		324,197
									729,502
Auto Loan — 0.2%
CIG Auto Receivables Trust, Series 2017-1A, Class C (b)		5.330	%		12/16/24		400,000		401,002
Skopos Auto Receivables Trust, Series 2019-1A, Class D (b)		5.240	%		04/15/25		320,000		286,696
									687,698
Consumer — 1.0%
Freedom Financial, Series 2019-2, Class C (b)		4.860	%		11/18/26		1,000,000		909,224
Freedom Financial, Series 2020-FP1, Class C (b)		4.370	%		03/18/27		1,000,000		879,166
LendingPoint Asset Securitization Trust, Series 2019-2, Class C (b)		4.660	%		11/10/25		441,000		409,052

	Coupon			Maturity		Shares / Par Value		Fair Value
Consumer — 1.0% continued
Mariner Finance Issuance Trust, Series 2018-AA, Class D (b)		6.570	%		11/20/30	$	275,000	$	262,500
Oportun Funding LLC, Series 2018-C, Class D (b)		6.790	%		10/08/24		500,000		416,710
Prosper Marketplace Issuance Trust, Series 2019-4A, Class C (b)		4.950	%		02/17/26		1,000,000		959,979
									3,836,631
Credit Cards — 0.1%
Fortiva Retail Credit Master Note, Series 2018-1, Class C (b)		7.730	%		11/15/23		250,000		262,362
Non Agency MBS CMO — 0.0% (d)
Cascade Funding Mortgage Trust, Series 2018-RM1, Class A2 (b)		5.875	%		06/25/48		200,000		176,975
Total Securitized
(Cost $6,435,098)								$	5,693,168

	Shares		Fair Value
Registered Investment Companies — 7.6%
State Street Institutional US Government Money Market Fund, Premier Class, 0.12% (e)		24,594,334	$	24,594,334
State Street Navigator Securities Lending Portfolio I, 0.37% (e)(f)		5,081,893		5,081,893
Total Registered Investment Companies
(Cost $29,676,227)			$	29,676,227
Total Investment Securities — 102.5%
(Cost $392,149,790)			$	399,024,201
Liabilities in Excess of Other Assets — (2.5)%				(9,631,539	)
Net Assets — 100.0%			$	389,392,662

^(a) All or a portion of the security is on loan. The total fair value of the securities on loan as of June 30, 2020 was $4,976,110.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 59

Diamond Hill High Yield Fund
Schedule of Investments (Continued)
June 30, 2020 (Unaudited)

^(b) 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, 2020 was $221,618,060, representing 56.9% of net assets.

^(c) Illiquid security as determined under procedures approved by the Board of Trustees. The total fair value of these securities as of June 30, 2020 was $2,453,927, representing 0.6% of net assets.

^(d) Percentage rounds to less than 0.1%.

^(e) The rate shown is the 7-day effective yield as of June 30, 2020.

^(f) This security was purchased with cash collateral held from securities on loan.

A/S — Aktieselskab

plc — Public Limited Company

See accompanying Notes to Financial Statements.

60 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Tabular Presentation of Schedules of Investments
June 30, 2020 (Unaudited)

Diamond Hill Small Cap Fund
Sector Allocation	% of Net Assets
Financials	23.5%
Industrials	18.6%
Consumer Discretionary	14.3%
Consumer Staples	10.4%
Information Technology	6.6%
Real Estate	5.9%
Materials	3.9%
Utilities	3.4%
Health Care	3.3%
Communication Services	2.9%
Energy	2.2%
Registered Investment Companies	5.3%
Other
Net Other Assets (Liabilities)	-0.3%
	100.0%
Russell 2000 Index Sector Allocation	% of Index
Financials	16.3%
Industrials	14.4%
Consumer Discretionary	11.8%
Consumer Staples	3.3%
Information Technology	13.9%
Real Estate	7.1%
Materials	4.0%
Utilities	3.6%
Health Care	20.7%
Communication Services	2.5%
Energy	2.4%
	100.0%

Diamond Hill Small-Mid Cap Fund
Sector Allocation	% of Net Assets
Financials	22.0%
Industrials	17.8%
Consumer Discretionary	15.1%
Consumer Staples	8.9%
Real Estate	8.0%
Materials	5.7%
Information Technology	5.2%
Utilities	3.8%
Energy	2.2%
Health Care	2.1%
Communication Services	1.4%
Registered Investment Companies	9.3%
Other
Net Other Assets (Liabilities)	-1.5%
	100.0%
Russell 2500 Index Sector Allocation	% of Index
Financials	14.5%
Industrials	14.8%
Consumer Discretionary	11.8%
Consumer Staples	3.3%
Real Estate	8.8%
Materials	5.2%
Information Technology	17.1%
Utilities	3.2%
Energy	2.4%
Health Care	16.0%
Communication Services	2.9%
	100.0%

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 61

Diamond Hill Funds
Tabular Presentation of Schedules of Investments (Continued)
June 30, 2020 (Unaudited)

Diamond Hill Mid Cap Fund
Sector Allocation	% of Net Assets
Financials	25.6%
Industrials	15.5%
Consumer Discretionary	14.6%
Consumer Staples	8.5%
Real Estate	7.5%
Information Technology	7.0%
Materials	4.6%
Utilities	3.8%
Energy	2.2%
Health Care	2.2%
Communication Services	1.4%
Registered Investment Companies	6.3%
Other
Net Other Assets (Liabilities)	0.8%
	100.0%
Russell Midcap Index Sector Allocation	% of Index
Financials	11.4%
Industrials	14.8%
Consumer Discretionary	11.1%
Consumer Staples	4.4%
Real Estate	7.7%
Information Technology	19.6%
Materials	5.1%
Utilities	5.9%
Energy	3.0%
Health Care	13.0%
Communication Services	4.0%
	100.0%

Diamond Hill Large Cap Fund
Sector Allocation	% of Net Assets
Financials	24.3%
Health Care	14.7%
Consumer Staples	14.0%
Consumer Discretionary	14.0%
Communication Services	11.3%
Information Technology	7.8%
Industrials	5.2%
Materials	2.8%
Energy	2.4%
Real Estate	1.0%
Registered Investment Companies	5.0%
Other
Net Other Assets (Liabilities)	-2.5%
	100.0%
Russell 1000 Index Sector Allocation	% of Index
Financials	10.2%
Health Care	14.6%
Consumer Staples	5.9%
Consumer Discretionary	11.9%
Communication Services	10.2%
Information Technology	27.4%
Industrials	8.4%
Materials	2.6%
Energy	2.6%
Real Estate	3.4%
Utilities	2.8%
	100.0%

62 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Tabular Presentation of Schedules of Investments (Continued)
June 30, 2020 (Unaudited)

Diamond Hill All Cap Select Fund
Sector Allocation	% of Net Assets
Financials	32.2%
Industrials	18.0%
Consumer Discretionary	16.5%
Consumer Staples	12.7%
Information Technology	6.5%
Communication Services	6.3%
Materials	2.3%
Health Care	2.1%
Registered Investment Companies	4.9%
Other
Net Other Assets (Liabilities)	-1.5%
	100.0%
Russell 3000 Index Sector Allocation	% of Index
Financials	10.5%
Industrials	8.8%
Consumer Discretionary	11.9%
Consumer Staples	5.7%
Information Technology	26.6%
Communication Services	9.7%
Materials	2.7%
Health Care	14.9%
Real Estate	3.6%
Utilities	3.0%
Energy	2.6%
	100.0%

Diamond Hill Long-Short Fund
Long Portfolio Sector Allocation	% of Net Assets
Financials	26.1%
Health Care	12.2%
Communication Services	10.0%
Information Technology	9.8%
Consumer Discretionary	8.8%
Industrials	8.6%
Materials	5.2%
Consumer Staples	4.9%
Energy	2.5%
Registered Investment Companies	35.7%
Short Portfolio Sector Allocation	% of Net Assets
Consumer Discretionary	-6.7%
Industrials	-5.0%
Financials	-4.9%
Information Technology	-4.8%
Consumer Staples	-4.1%
Communication Services	-0.9%
Health Care	-0.9%
Utilities	-0.8%
Real Estate	-0.3%
Materials	-0.2%
Other
Segregated Cash With Custodian	29.2%
Net Other Assets (Liabilities)	-24.4%
	100.0%
Russell 1000 Index Sector Allocation	% of Index
Financials	10.2%
Health Care	14.6%
Communication Services	10.2%
Information Technology	27.4%
Consumer Discretionary	11.9%
Industrials	8.4%
Materials	2.6%
Consumer Staples	5.9%
Energy	2.6%
Real Estate	3.4%
Utilities	2.8%
	100.0%

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 63

Diamond Hill Funds
Tabular Presentation of Schedules of Investments (Continued)
June 30, 2020 (Unaudited)

Diamond Hill Research Opportunities Fund
Long Portfolio Sector Allocation	% of Net Assets
Information Technology	18.2%
Communication Services	16.9%
Health Care	15.7%
Financials	14.8%
Industrials	13.9%
Consumer Discretionary	6.4%
Materials	5.3%
Consumer Staples	3.9%
Real Estate	3.1%
Energy	1.2%
Utilities	0.4%
Registered Investment Companies	40.3%
Short Portfolio Sector Allocation	% of Net Assets
Consumer Discretionary	-5.5%
Information Technology	-3.9%
Financials	-3.8%
Health Care	-1.8%
Consumer Staples	-0.9%
Communication Services	-0.6%
Industrials	-0.6%
Real Estate	-0.6%
Utilities	-0.2%
Other
Segregated Cash With Custodian	6.4%
Net Other Assets (Liabilities)	-28.6%
	100.0%
Russell 3000 Index Sector Allocation	% of Index
Information Technology	26.6%
Communication Services	9.7%
Health Care	14.9%
Financials	10.5%
Industrials	8.8%
Consumer Discretionary	11.9%
Materials	2.7%
Consumer Staples	5.7%
Real Estate	3.6%
Energy	2.6%
Utilities	3.0%
	100.0%

Diamond Hill Global Fund
Sector Allocation	% of Net Assets
Financials	30.0%
Consumer Discretionary	16.0%
Consumer Staples	14.9%
Industrials	12.6%
Information Technology	11.0%
Communication Services	10.2%
Materials	2.3%
Registered Investment Companies	6.3%
Other
Net Other Assets (Liabilities)	-3.3%
	100.0%
Morningstar Global Markets Index Sector Allocation	% of Index
Financials	13.5%
Consumer Discretionary	12.1%
Consumer Staples	7.5%
Industrials	10.4%
Information Technology	19.7%
Communication Services	8.6%
Materials	5.0%
Health Care	12.7%
Real Estate	3.7%
Energy	3.4%
Utilities	3.4%
	100.0%

64 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Tabular Presentation of Schedules of Investments (Continued)
June 30, 2020 (Unaudited)

Diamond Hill International Fund
Sector Allocation	% of Net Assets
Communication Services	21.8%
Consumer Staples	17.9%
Financials	17.7%
Health Care	11.5%
Industrials	10.1%
Information Technology	9.2%
Consumer Discretionary	7.7%
Real Estate	1.4%
Materials	1.3%
Registered Investment Companies	4.4%
Other
Net Other Assets (Liabilities)	-3.0%
	100.0%
Morningstar Global Markets ex U.S. Index Sector Allocation	% of Index
Communication Services	7.0%
Consumer Staples	9.5%
Financials	17.4%
Health Care	10.4%
Industrials	12.9%
Information Technology	10.7%
Consumer Discretionary	12.3%
Real Estate	4.0%
Materials	7.9%
Energy	4.4%
Utilities	3.5%
	100.0%

Diamond Hill Short Duration Total Return Fund
Sector Allocation	% of Net Assets
Securitized	88.0%
Corporate Credit	1.8%
Registered Investment Companies	9.0%
Other
Net Other Assets (Liabilities)	1.2%
	100.0%
Bloomberg Barclays U.S. 1-3 Yr. Gov./Credit Index Sector Allocation	% of Index
Treasury	65.0%
Corporate Credit	24.1%
Non-Corporate Credit	7.1%
Agency	3.8%
	100.0%

Diamond Hill Core Bond Fund
Sector Allocation	% of Net Assets
Securitized	63.8%
Treasury	16.8%
Corporate Credit	18.1%
Government Related	0.6%
Registered Investment Companies	7.2%
Other
Net Other Assets (Liabilities)	-6.5%
	100.0%
Bloomberg Barclays U.S. Aggregate Index Sector Allocation	% of Index
Treasury	37.2%
Agency	1.5%
Agency RMBS/CMBS	27.7%
Asset-Backed Securities	0.4%
Non-Agency RMBS/CMBS	1.3%
Corporate Credit	27.4%
Non-Corporate Credit	4.5%
	100.0%

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 65

Diamond Hill Funds
Tabular Presentation of Schedules of Investments (Continued)
June 30, 2020 (Unaudited)

Diamond Hill Corporate Credit Fund
Sector Allocation	% of Net Assets
Retail	10.7%
Financial Services	10.3%
Energy	8.5%
Banking	7.2%
Basic Industry	6.0%
Consumer Goods	6.0%
Media	5.8%
Leisure	5.2%
Insurance	4.7%
Services	4.2%
Automotive	4.0%
Capital Goods	3.8%
Health Care	2.9%
Real Estate	2.5%
Telecommunications	1.9%
Technology & Electronics	1.7%
Transportation	1.4%
Registered Investment Companies	16.8%
Other
Collateralized Debt Obligations	0.1%
Net Other Assets (Liabilities)	-3.7%
	100.0%
ICE BofA U.S. Corporate & High Yield Index Sector Allocation	% of Index
Retail	3.8%
Financial Services	2.7%
Energy	10.2%
Banking	18.5%
Basic Industry	5.2%
Consumer Goods	6.1%
Media	4.4%
Leisure	1.2%
Insurance	3.7%
Services	1.8%
Automotive	2.6%
Capital Goods	5.1%
Health Care	9.6%
Real Estate	2.4%
Telecommunications	5.1%
Technology & Electronics	7.7%
Transportation	2.3%
Utility	7.6%
	100.0%

Diamond Hill High Yield Fund
Sector Allocation	% of Net Assets
Retail	12.1%
Financial Services	10.6%
Energy	9.7%
Leisure	8.2%
Basic Industry	7.1%
Consumer Goods	6.6%
Banking	5.3%
Services	5.2%
Insurance	4.9%
Media	4.8%
Automotive	4.3%
Capital Goods	3.5%
Real Estate	3.1%
Health Care	3.1%
Telecommunications	2.2%
Technology & Electronics	1.7%
Transportation	1.0%
Consumer	1.0%
ABS - Other	0.2%
Auto Loan	0.2%
Credit Cards	0.1%
Registered Investment Companies	7.6%
Other
Net Other Assets (Liabilities)	-2.5%
	100.0%
ICE BofA U.S. High Yield Index Sector Allocation	% of Index
Retail	4.8%
Financial Services	3.8%
Energy	12.9%
Leisure	5.5%
Basic Industry	10.3%
Consumer Goods	5.2%
Banking	1.8%
Services	5.4%
Insurance	1.0%
Media	9.7%
Automotive	5.4%
Capital Goods	5.9%
Real Estate	2.1%
Health Care	9.5%
Telecommunications	8.1%
Technology & Electronics	4.5%
Transportation	1.2%
Utility	2.9%
	100.0%

66 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

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DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 67

Diamond Hill Funds
Statements of Assets & Liabilities
June 30, 2020 (Unaudited)

	Small Cap Fund			Small-Mid Cap Fund			Mid Cap Fund
Assets
Investment in unaffiliated securities, at cost	$	419,212,030		$	1,721,377,651		$	246,789,246
Investment in affiliated securities, at cost		—			26,111,310			1,598,461
Investment in unaffiliated securities, at fair value*	$	457,995,186		$	1,650,720,437		$	230,851,331
Investment affiliated securities, at fair value		—			25,116,803			1,533,476
Cash		—			—			—
Cash deposits with custodian for securities sold short		—			—			—
Receivable for fund shares issued		266,720			3,999,348			563,809
Receivable for investments sold		2,737,148			—			1,699,294
Receivable for dividends and interest		478,131			1,935,289			271,553
Tax reclaims receivable		—			—			—
Prepaid expenses and other assets		274			3,037			—
Total Assets		461,477,459			1,681,774,914			234,919,463
Liabilities
Investments sold short, at fair value (proceeds $—, $—, $—, $—, $—, $621,846,744, $6,830,622, $—, $— and $—)		—			—			—
Payable for securities purchased		—			7,308,333			188,548
Payable for fund shares redeemed		698,694			3,607,305			192,628
Payable for dividend expense on securities sold short		—			—			—
Payable for return of collateral received for securities on loan		3,485,598			18,485,780			41,013
Payable to Investment Adviser		317,552			1,023,268			118,909
Payable to Administrator		65,561			166,437			32,492
Accrued distribution and service fees		29,067			41,636			6,076
Other accrued expenses		—			—			326
Total Liabilities		4,596,472			30,632,759			579,992
Net Assets	$	456,880,987		$	1,651,142,155		$	234,339,471
Components of Net Assets
Paid-in capital	$	360,961,504		$	1,760,787,704		$	272,986,018
Distributable earnings (accumulated deficit)		95,919,483			(109,645,549	)		(38,646,547	)
Net Assets	$	456,880,987		$	1,651,142,155		$	234,339,471
Net Assets
Class A Shares	$	106,918,339		$	135,561,112		$	28,529,369
Class C Shares	$	7,276,713		$	15,388,853		$	—
Class I Shares	$	294,208,039		$	782,835,468		$	183,057,841
Class Y Shares	$	48,477,896		$	717,356,722		$	22,752,261
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)
Class A Shares		4,613,892			7,780,482			2,582,233
Class C Shares		373,887			981,757			—
Class I Shares		12,463,370			44,416,197			16,492,667
Class Y Shares		2,050,623			40,590,728			2,042,460
Net Asset Value, offering (except Class A Shares) and redemption price per share:
Class A Shares	$	23.17		$	17.42		$	11.05
Class C Shares(A)	$	19.46		$	15.67		$	—
Class I Shares	$	23.61		$	17.63		$	11.10
Class Y Shares	$	23.64		$	17.67		$	11.14
Maximum Offering Price
Maximum sales charge — Class A Shares		5.00	%		5.00	%		5.00	%
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share Class A Shares	$	24.39		$	18.34		$	11.63
* Includes value of securities on loan	$	4,606,563		$	50,711,698		$	532,175

^(A) Redemption price per share varies based on the holding period.

See accompanying Notes to Financial Statements.

68 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Large Cap Fund			All Cap Select Fund			Long-Short Fund			Research Opportunities Fund			Global Fund			International Fund			Short Duration Total Return Fund
$	5,228,220,824		$	237,840,394		$	2,277,976,289		$	53,932,147		$	17,773,505		$	13,690,049		$	875,522,625
	—			—			44,058,959			—			—			—			—
$	6,369,320,149		$	247,363,324		$	2,633,521,297		$	57,638,234		$	16,430,222		$	12,795,598		$	845,562,764
	—			—			42,431,284			—			—			—			—
	—			—			—			36			4			36,942			—
	—			—			630,706,531			2,651,701			—			—			—
	6,323,508			345			12,583,078			22,791			—			—			5,274,462
	1,820,016			—			12,120,525			92,097			—			—			6,508,603
	6,388,181			155,117			1,613,425			24,892			8,822			16,131			1,605,327
	—			—			—			1,739			3,926			4,857			—
	14,562			90			4,751			—			—			—			951
	6,383,866,416			247,518,876			3,332,980,891			60,431,490			16,442,974			12,853,528			858,952,107
	—			—			618,543,415			7,381,717			—			—			—
	3,070,764			646,618			3,582,304			77,041			44,492			—			481,069
	6,260,789			131,942			6,724,891			50,367			6,800			—			1,487,262
	—			—			592,924			15,275			—			—			—
	155,153,658			2,808,515			540,661,960			11,724,651			471,107			425,212			1,304,315
	2,561,999			144,291			1,672,279			33,842			8,850			6,814			233,623
	772,518			25,201			314,976			4,851			1,067			790			96,321
	255,777			4,070			58,162			2,370			21			49			9,822
	—			310			—			2,567			3,243			1,666			—
	168,075,505			3,760,947			1,172,150,911			19,292,681			535,580			434,531			3,612,412
$	6,215,790,911		$	243,757,929		$	2,160,829,980		$	41,138,809		$	15,907,394		$	12,418,997		$	855,339,695
$	5,114,021,140		$	246,164,058		$	1,804,106,635		$	41,553,988		$	18,820,176		$	13,328,876		$	892,824,021
	1,101,769,771			(2,406,129	)		356,723,345			(415,179	)		(2,912,782	)		(909,879	)		(37,484,326	)
$	6,215,790,911		$	243,757,929		$	2,160,829,980		$	41,138,809		$	15,907,394		$	12,418,997		$	855,339,695
$	973,752,387		$	7,747,222		$	162,723,298		$	7,472,369		$	88,072		$	259,963		$	49,243,589
$	62,213,196		$	2,812,782		$	27,340,971		$	841,977		$	—		$	—		$	—
$	3,852,309,815		$	132,096,439		$	1,901,069,747		$	17,899,960		$	3,460,174		$	2,119,840		$	614,324,426
$	1,327,515,513		$	101,101,486		$	69,695,964		$	14,924,503		$	12,359,148		$	10,039,194		$	191,771,680
	39,100,033			584,694			7,128,197			373,948			7,354			21,127			5,097,792
	2,656,100			229,955			1,369,392			45,273			—			—			—
	153,481,717			9,865,595			81,041,303			880,370			287,915			171,869			63,581,590
	52,839,116			7,523,227			2,957,128			730,826			1,026,924			813,612			19,830,605
$	24.90		$	13.25		$	22.83		$	19.98		$	11.98		$	12.30		$	9.66
$	23.42		$	12.23		$	19.97		$	18.60		$	—		$	—		$	—
$	25.10		$	13.39		$	23.46		$	20.33		$	12.02		$	12.33		$	9.66
$	25.12		$	13.44		$	23.57		$	20.42		$	12.04		$	12.34		$	9.67
	5.00	%		5.00	%		5.00	%		5.00	%		5.00	%		5.00	%		2.25	%
$	26.21		$	13.95		$	24.03		$	21.03		$	12.61		$	12.95		$	9.88
$	209,404,947		$	2,657,290		$	534,557,985		$	11,610,983		$	826,522		$	592,102		$	1,271,461

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 69

Diamond Hill Funds
Statements of Assets & Liabilities (Continued)
June 30, 2020 (Unaudited)

	Core Bond Fund			Corporate Credit Fund			High Yield Fund
Assets
Investment in unaffiliated securities, at cost	$	209,562,032		$	1,431,713,310		$	392,149,790
Investment in unaffiliated securities, at fair value*	$	218,890,337		$	1,417,641,548		$	399,024,201
Receivable for fund shares issued		218,248			3,135,896			758,393
Receivable for investments sold		—			30,849,617			10,306,701
Receivable for dividends and interest		803,691			14,990,684			4,935,433
Prepaid expenses and other assets		—			2,143			—
Total Assets		219,912,276			1,466,619,888			415,024,728
Liabilities
Payable for securities purchased		3,228,846			45,108,402			17,136,443
Payable for fund shares redeemed		193,479			1,058,274			3,201,713
Payable for return of collateral received for securities on loan		10,788,480			52,908,235			5,081,893
Payable to Investment Adviser		50,385			492,568			154,457
Payable to Administrator		22,884			184,124			52,402
Accrued distribution and service fees		3,227			52,226			5,102
Other accrued expenses		416			—			56
Total Liabilities		14,287,717			99,803,829			25,632,066
Net Assets	$	205,624,559		$	1,366,816,059		$	389,392,662
Components of Net Assets
Paid-in capital	$	196,351,613		$	1,389,724,006		$	371,804,371
Distributable earnings (accumulated deficit)		9,272,946			(22,907,947	)		17,588,291
Net Assets	$	205,624,559		$	1,366,816,059		$	389,392,662
Net Assets
Class A Shares	$	15,863,370		$	138,070,226		$	26,969,926
Class C Shares	$	—		$	29,097,778		$	—
Class I Shares	$	126,065,404		$	1,122,216,323		$	352,929,830
Class Y Shares	$	63,695,785		$	77,431,732		$	9,492,906
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)
Class A Shares		1,482,458			12,475,374			2,495,375
Class C Shares		—			2,639,815			—
Class I Shares		11,781,179			101,746,727			32,632,904
Class Y Shares		5,948,763			7,023,047			877,126
Net Asset Value, offering (except Class A Shares) and redemption price per share:
Class A Shares	$	10.70		$	11.07		$	10.81
Class C Shares(A)	$	—		$	11.02		$	—
Class I Shares	$	10.70		$	11.03		$	10.82
Class Y Shares	$	10.71		$	11.03		$	10.82
Maximum Offering Price
Maximum sales charge — Class A Shares		3.50	%		3.50	%		3.50	%
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share Class A Shares	$	11.09		$	11.47		$	11.20
* Includes value of securities on loan	$	15,146,504		$	51,821,468		$	4,976,110

^(A) Redemption price per share varies based on the holding period.

See accompanying Notes to Financial Statements.

70 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2020 (Unaudited)

	Small Cap Fund			Small-Mid Cap Fund			Mid Cap Fund			Large Cap Fund			All Cap Select Fund
Investment Income
Dividends	$	4,164,527		$	15,282,210		$	1,804,639		$	64,490,336		$	1,961,522
Income distributions from affiliated investments		—			553,728			32,960			—			—
Securities lending income		136,527			254,653			8,592			67,404			22,052
Foreign taxes withheld		—			(9,169	)		—			(46,292	)		(1,890	)
Total Investment Income		4,301,054			16,081,422			1,846,191			64,511,448			1,981,684
Expenses
Investment advisory fees		2,165,285			7,010,300			630,947			15,077,345			835,435
Administration fees		445,881			1,094,264			172,184			4,533,587			148,167
Distribution and service fees — Class A		154,441			178,023			34,612			1,283,420			10,516
Distribution and service fees — Class C		45,627			87,205			—			342,720			15,896
Other fees		600			764			599			599			599
Total Expenses		2,811,834			8,370,556			838,342			21,237,671			1,010,613
Advisory fees waived by Adviser		—			(54,166	)		(3,268	)		—			—
Net Expenses		2,811,834			8,316,390			835,074			21,237,671			1,010,613
Net Investment Income		1,489,220			7,765,032			1,011,117			43,273,777			971,071
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investment transactions		57,063,050			(34,312,025	)		(23,341,484	)		(65,893,918	)		(7,842,235	)
Net realized losses on sales from affiliated investments		—			(9,028	)		(75,396	)		—			—
Net realized gains from in-kind redemptions		—			16,852,506			—			—			—
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(236,488,904	)		(552,517,295	)		(43,360,932	)		(892,506,871	)		(35,742,240	)
Net change in unrealized appreciation (depreciation) on affiliated investments		—			(1,179,387	)		(69,488	)		—			—
Net Realized and Unrealized Losses on Investments		(179,425,854	)		(571,165,229	)		(66,847,300	)		(958,400,789	)		(43,584,475	)
Change in Net Assets from Operations	$	(177,936,634	)	$	(563,400,197	)	$	(65,836,183	)	$	(915,127,012	)	$	(42,613,404	)

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 71

Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2020 (Unaudited)

	Long-Short Fund			Research Opportunities Fund			Global Fund			International Fund
Investment Income
Dividends	$	24,625,330		$	307,653		$	158,857		$	137,703
Income distributions from affiliated investments		1,060,675			—			—			—
Rebates on short sales, net of fees		2,015,259			18,077
Securities lending income		999,580			24,224			1,214			833
Interest		—			16,944			—			—
Foreign taxes withheld		—			(1,944	)		(7,274	)		(13,620	)
Total Investment Income		28,700,844			364,954			152,797			124,916
Expenses
Investment advisory fees		12,588,954			251,013			57,323			40,113
Administration fees		2,302,689			37,336			7,302			4,613
Distribution and service fees — Class A		233,571			10,334			119			195
Distribution and service fees — Class C		164,414			5,440			—			—
Other fees		599			1,712			2,184			1,138
Dividend expense		6,768,122			81,389			—			—
Total Expenses		22,058,349			387,224			66,928			46,059
Advisory fees waived by Adviser		(101,330	)		—			—			—
Net Expenses		21,957,019			387,224			66,928			46,059
Net Investment Income (Loss)		6,743,825			(22,270	)		85,869			78,857
Realized and Unrealized Gains (Losses) on Investments
Net realized losses on investment transactions		(23,087,206	)		(2,334,880	)		(1,146,868	)		(172,784	)
Net realized gains (losses) on closed short positions		5,738,077			(1,232,561	)		—			—
Net realized losses on sales from affiliated investments		(1,055,829	)		—			—			—
Net realized losses on foreign currency transactions		—			(1,102	)		(1,520	)		(3,581	)
Net change in unrealized appreciation (depreciation) on unaffiliated investments and foreign currency translations		(513,437,449	)		(7,730,401	)		(3,546,524	)		(2,109,565	)
Net change in unrealized appreciation (depreciation) on affiliated investments		(2,006,587	)		—			—			—
Net Realized and Unrealized Losses on Investments		(533,848,994	)		(11,298,944	)		(4,694,912	)		(2,285,930	)
Change in Net Assets from Operations	$	(527,105,169	)	$	(11,321,214	)	$	(4,609,043	)	$	(2,207,073	)

See accompanying Notes to Financial Statements.

72 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Operations
For the six months ended June 30, 2020 (Unaudited)

	Short Duration Total Return Fund			Core Bond Fund			Corporate Credit Fund			High Yield Fund
Investment Income
Dividends	$	281,028		$	26,467		$	561,071		$	35,646
Income distributions from affiliated investments		—			—			592,741			—
Securities lending income		16,696			16,959			79,728			5,984
Interest		16,526,497			2,277,167			32,031,029			7,711,872
Foreign taxes withheld		—			(24	)		—			—
Total Investment Income		16,824,221			2,320,569			33,264,569			7,753,502
Expenses
Investment advisory fees		1,404,149			236,806			2,620,483			575,502
Administration fees		573,634			101,333			973,093			191,105
Distribution and service fees — Class A		66,641			9,436			153,228			24,010
Distribution and service fees — Class C		—			—			133,726			—
Borrowing costs		53,171			—			—			—
Other fees		599			599			925			599
Total Expenses		2,098,194			348,174			3,881,455			791,216
Advisory fees waived by Adviser		—			—			(60,152	)		—
Net Expenses		2,098,194			348,174			3,821,303			791,216
Net Investment Income		14,726,027			1,972,395			29,443,266			6,962,286
Realized and Unrealized Gains (Losses) on Investments
Net realized gains (losses) on investment transactions		(7,621,388	)		200,120			(9,574,539	)		9,844,971
Net realized losses on sales from affiliated investments		—			—			(4,046,880	)		—
Net change in unrealized appreciation (depreciation) on unaffiliated investments		(31,514,904	)		7,725,904			(27,711,238	)		4,827,056
Net change in unrealized appreciation (depreciation) on affiliated investments		—			—			(149,053	)		—
Net Realized and Unrealized Gains (Losses) on Investments		(39,136,292	)		7,926,024			(41,481,710	)		14,672,027
Change in Net Assets from Operations	$	(24,410,265	)	$	9,898,419		$	(12,038,444	)	$	21,634,313

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 73

Diamond Hill Funds
Statements of Changes in Net Assets

	Small Cap Fund						Small-Mid Cap Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	1,489,220		$	3,886,777		$	7,765,032		$	12,086,663
Net realized gains (losses) on investment transactions		57,063,050			43,407,684			(17,459,519	)		108,293,002
Net realized gains (losses) on sales from affiliated investments		—			71,515			(9,028	)		—
Net change in unrealized appreciation (depreciation) on investments		(236,488,904	)		134,547,685			(553,696,682	)		427,060,978
Change in Net Assets from Operations		(177,936,634	)		181,913,661			(563,400,197	)		547,440,643
Distributions to Shareholders
Class A		—			(11,081,916	)		—			(8,510,329	)
Class C		—			(914,244	)		—			(1,042,724	)
Class I		—			(32,495,066	)		—			(53,022,453	)
Class Y		—			(7,210,933	)		—			(56,784,896	)
Change in Net Assets from Distributions to Shareholders		—			(51,702,159	)		—			(119,360,402	)
Change in Net Assets from Capital Transactions		(118,065,856	)		(397,795,555	)		(221,920,102	)		4,058,507
Total Change in Net Assets		(296,002,490	)		(267,584,053	)		(785,320,299	)		432,138,748
Net Assets:
Beginning of period		752,883,477			1,020,467,530			2,436,462,454			2,004,323,706
End of period	$	456,880,987		$	752,883,477		$	1,651,142,155		$	2,436,462,454

See accompanying Notes to Financial Statements.

74 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	Small Cap Fund						Small-Mid Cap Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	15,125,226		$	40,572,163		$	16,448,824		$	19,071,426
Reinvested distributions		—			9,218,750			—			8,403,243
Payments for shares redeemed		(31,445,023	)		(127,190,166	)		(24,217,638	)		(41,483,324	)
Change in Net Assets from Class A Share Transactions		(16,319,797	)		(77,399,253	)		(7,768,814	)		(14,008,655	)
Class C
Proceeds from shares sold		287,295			180,767			348,408			1,276,636
Reinvested distributions		—			868,236			—			943,392
Payments for shares redeemed		(3,110,820	)		(15,421,215	)		(2,977,991	)		(9,570,431	)
Change in Net Assets from Class C Share Transactions		(2,823,525	)		(14,372,212	)		(2,629,583	)		(7,350,403	)
Class I
Proceeds from shares sold		68,610,961			102,690,833			220,519,286			166,954,890
Reinvested distributions		—			29,931,706			—			45,265,874
Payments for shares redeemed		(130,572,534	)		(377,598,787	)		(269,375,119	)		(210,272,651	)
Change in Net Assets from Class I Share Transactions		(61,961,573	)		(244,976,248	)		(48,855,833	)		1,948,113
Class Y
Proceeds from shares sold		9,470,111			21,087,012			88,727,677			132,509,204
Reinvested distributions		—			7,178,960			—			54,789,928
Payments for shares redeemed		(46,431,072	)		(89,313,814	)		(251,393,549	)		(163,829,680	)
Change in Net Assets from Class Y Share Transactions		(36,960,961	)		(61,047,842	)		(162,665,872	)		23,469,452
Change in Net Assets from Capital Transactions	$	(118,065,856	)	$	(397,795,555	)	$	(221,920,102	)	$	4,058,507
Share Transactions:
Class A
Issued		699,869			1,333,737			1,021,427			887,064
Reinvested		—			296,221			—			375,472
Redeemed		(1,379,923	)		(4,136,880	)		(1,389,671	)		(1,937,682	)
Change in Shares Outstanding		(680,054	)		(2,506,922	)		(368,244	)		(675,146	)
Class C
Issued		15,674			6,934			21,011			64,646
Reinvested		—			33,444			—			47,005
Redeemed		(154,499	)		(594,042	)		(191,035	)		(489,352	)
Change in Shares Outstanding		(138,825	)		(553,664	)		(170,024	)		(377,701	)
Class I
Issued		3,152,053			3,294,020			12,873,270			7,731,393
Reinvested		—			943,203			—			1,997,774
Redeemed		(5,452,083	)		(12,106,669	)		(15,905,772	)		(9,684,134	)
Change in Shares Outstanding		(2,300,030	)		(7,869,446	)		(3,032,502	)		45,033
Class Y
Issued		417,434			665,331			5,032,080			6,120,553
Reinvested		—			225,846			—			2,411,139
Redeemed		(1,670,067	)		(2,849,504	)		(14,673,972	)		(7,506,290	)
Change in Shares Outstanding		(1,252,633	)		(1,958,327	)		(9,641,892	)		1,025,402
Change in Total Shares Outstanding		(4,371,542	)		(12,888,359	)		(13,212,662	)		17,588

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 75

Diamond Hill Funds
Statements of Changes in Net Assets

	Mid Cap Fund						Large Cap Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	1,011,117		$	1,127,923		$	43,273,777		$	76,750,034
Net realized gains (losses) on investment transactions		(23,341,484	)		4,287,802			(65,893,918	)		153,325,517
Net realized losses on sales from affiliated investments		(75,396	)		—			—			—
Net change in unrealized appreciation (depreciation) on investments		(43,430,420	)		29,195,781			(892,506,871	)		1,396,404,458
Change in Net Assets from Operations		(65,836,183	)		34,611,506			(915,127,012	)		1,626,480,009
Distributions to Shareholders
Class A		—			(565,161	)		—			(54,024,543	)
Class C		—			—			—			(3,228,719	)
Class I		—			(3,624,271	)		—			(179,345,975	)
Class Y		—			(428,127	)		—			(72,817,302	)
Change in Net Assets from Distributions to Shareholders		—			(4,617,559	)		—			(309,416,539	)
Change in Net Assets from Capital Transactions		70,188,955			96,102,055			358,096,214			369,588,329
Total Change in Net Assets		4,352,772			129,096,002			(557,030,798	)		1,686,651,799
Net Assets:
Beginning of period		229,986,699			103,890,697			6,772,821,709			5,086,169,910
End of period	$	234,339,471		$	229,986,699		$	6,215,790,911		$	6,772,821,709

See accompanying Notes to Financial Statements.

76 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	Mid Cap Fund						Large Cap Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	8,616,268		$	13,900,679		$	73,794,067		$	130,379,141
Reinvested distributions		—			524,072			—			53,321,788
Payments for shares redeemed		(5,137,063	)		(8,830,284	)		(173,940,383	)		(234,420,865	)
Change in Net Assets from Class A Share Transactions		3,479,205			5,594,467			(100,146,316	)		(50,719,936	)
Class C
Proceeds from shares sold		—			—			4,234,813			13,866,584
Reinvested distributions		—			—			—			2,984,735
Payments for shares redeemed		—			—			(13,655,126	)		(36,940,608	)
Change in Net Assets from Class C Share Transactions		—			—			(9,420,313	)		(20,089,289	)
Class I
Proceeds from shares sold		127,440,814			144,323,693			1,188,099,035			1,280,093,450
Reinvested distributions		—			3,394,634			—			130,477,136
Payments for shares redeemed		(68,330,659	)		(44,342,499	)		(685,031,157	)		(1,273,672,485	)
Change in Net Assets from Class I Share Transactions		59,110,155			103,375,828			503,067,878			136,898,101
Class Y
Proceeds from shares sold		9,138,496			6,533,676			174,696,365			419,841,438
Reinvested distributions		—			428,127			—			69,292,612
Payments for shares redeemed		(1,538,901	)		(19,830,043	)		(210,101,400	)		(185,634,597	)
Change in Net Assets from Class Y Share Transactions		7,599,595			(12,868,240	)		(35,405,035	)		303,499,453
Change in Net Assets from Capital Transactions	$	70,188,955		$	96,102,055		$	358,096,214		$	369,588,329
Share Transactions:
Class A
Issued		832,205			1,011,685			3,027,849			4,792,494
Reinvested		—			36,074			—			1,847,890
Redeemed		(435,244	)		(636,358	)		(7,015,476	)		(8,612,249	)
Change in Shares Outstanding		396,961			411,401			(3,987,627	)		(1,971,865	)
Class C
Issued		—			—			174,347			540,314
Reinvested		—			—			—			110,194
Redeemed		—			—			(598,477	)		(1,468,691	)
Change in Shares Outstanding		—			—			(424,130	)		(818,183	)
Class I
Issued		11,126,778			10,415,779			48,265,580			47,317,625
Reinvested		—			232,262			—			4,483,819
Redeemed		(6,721,426	)		(3,178,229	)		(28,278,593	)		(47,651,984	)
Change in Shares Outstanding		4,405,352			7,469,812			19,986,987			4,149,460
Class Y
Issued		780,254			469,310			7,122,492			15,230,940
Reinvested		—			29,197			—			2,377,859
Redeemed		(126,107	)		(1,433,038	)		(8,217,228	)		(6,736,458	)
Change in Shares Outstanding		654,147			(934,531	)		(1,094,736	)		10,872,341
Change in Total Shares Outstanding		5,456,460			6,946,682			14,480,494			12,231,753

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 77

Diamond Hill Funds
Statements of Changes in Net Assets

	All Cap Select Fund						Long-Short Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	971,071		$	1,696,753		$	6,743,825		$	29,304,389
Net realized gains (losses) on investment transactions		(7,842,235	)		(5,032,474	)		(23,087,206	)		258,373,667
Net realized gains (losses) on closed short positions		—			—			5,738,077			(10,450,631	)
Net realized gains (losses) on sales from affiliated investments		—			—			(1,055,829	)		217,544
Net change in unrealized appreciation (depreciation) on investments		(35,742,240	)		63,270,956			(515,444,036	)		475,912,701
Change in Net Assets from Operations		(42,613,404	)		59,935,235			(527,105,169	)		753,357,670
Distributions to Shareholders
Class A		—			(212,393	)		—			(14,200,792	)
Class C		—			(96,609	)		—			(2,603,566	)
Class I		—			(2,860,902	)		—			(182,341,938	)
Class Y		—			(1,564,705	)		—			(18,201,675	)
Change in Net Assets from Distributions to Shareholders		—			(4,734,609	)		—			(217,347,971	)
Change in Net Assets from Capital Transactions		14,021,617			21,447,359			(840,082,204	)		(602,354,115	)
Total Change in Net Assets		(28,591,787	)		76,647,985			(1,367,187,373	)		(66,344,416	)
Net Assets:
Beginning of period		272,349,716			195,701,731			3,528,017,353			3,594,361,769
End of period	$	243,757,929		$	272,349,716		$	2,160,829,980		$	3,528,017,353

See accompanying Notes to Financial Statements.

78 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	All Cap Select Fund						Long-Short Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	402,232		$	2,713,138		$	14,525,432		$	68,264,153
Reinvested distributions		—			202,386			—			12,806,230
Payments for shares redeemed		(1,715,073	)		(3,246,105	)		(53,502,437	)		(62,919,872	)
Change in Net Assets from Class A Share Transactions		(1,312,841	)		(330,581	)		(38,977,005	)		18,150,511
Class C
Proceeds from shares sold		72,775			490,191			1,247,400			2,181,254
Reinvested distributions		—			86,185			—			2,322,234
Payments for shares redeemed		(1,276,759	)		(4,283,014	)		(9,815,746	)		(54,901,135	)
Change in Net Assets from Class C Share Transactions		(1,203,984	)		(3,706,638	)		(8,568,346	)		(50,397,647	)
Class I
Proceeds from shares sold		29,661,188			30,864,663			344,063,614			654,036,936
Reinvested distributions		—			2,785,198			—			132,497,687
Payments for shares redeemed		(26,658,397	)		(28,499,677	)		(960,334,026	)		(1,398,453,685	)
Change in Net Assets from Class I Share Transactions		3,002,791			5,150,184			(616,270,412	)		(611,919,062	)
Class Y
Proceeds from shares sold		20,316,304			30,239,702			8,847,039			372,508,150
Reinvested distributions		—			1,537,009			—			13,026,467
Payments for shares redeemed		(6,780,653	)		(11,442,317	)		(185,113,480	)		(343,722,534	)
Change in Net Assets from Class Y Share Transactions		13,535,651			20,334,394			(176,266,441	)		41,812,083
Change in Net Assets from Capital Transactions	$	14,021,617		$	21,447,359		$	(840,082,204	)	$	(602,354,115	)
Share Transactions:
Class A
Issued		30,684			182,077			630,679			2,587,425
Reinvested		—			12,578			—			486,718
Redeemed		(129,251	)		(220,262	)		(2,424,285	)		(2,444,510	)
Change in Shares Outstanding		(98,567	)		(25,607	)		(1,793,606	)		629,633
Class C
Issued		6,033			35,925			59,162			94,412
Reinvested		—			5,780			—			101,142
Redeemed		(92,892	)		(312,776	)		(498,281	)		(2,369,257	)
Change in Shares Outstanding		(86,859	)		(271,071	)		(439,119	)		(2,173,703	)
Class I
Issued		2,707,083			2,083,187			14,529,174			24,748,870
Reinvested		—			171,608			—			4,901,190
Redeemed		(2,192,088	)		(1,911,294	)		(43,199,257	)		(53,316,381	)
Change in Shares Outstanding		514,995			343,501			(28,670,083	)		(23,666,321	)
Class Y
Issued		1,659,208			1,917,982			347,750			14,132,854
Reinvested		—			94,411			—			479,280
Redeemed		(487,542	)		(778,981	)		(8,158,260	)		(12,987,277	)
Change in Shares Outstanding		1,171,666			1,233,412			(7,810,510	)		1,624,857
Change in Total Shares Outstanding		1,501,235			1,280,235			(38,713,318	)		(23,585,534	)

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 79

Diamond Hill Funds
Statements of Changes in Net Assets

	Research Opportunities Fund						Global Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income (loss)	$	(22,270	)	$	103,223		$	85,869		$	238,174
Net realized gains (losses) on investment transactions		(2,334,880	)		6,019,111			(1,146,868	)		(545,811	)
Net realized losses on closed short positions		(1,232,561	)		(1,297,905	)		—			—
Net realized gains (losses) on foreign currency transactions		(1,102	)		23			(1,520	)		(2,919	)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(7,730,401	)		11,101,262			(3,546,524	)		5,007,625
Change in Net Assets from Operations		(11,321,214	)		15,925,714			(4,609,043	)		4,697,069
Distributions to Shareholders
Class A		—			(510,119	)		—			(849	)
Class C		—			(69,065	)		—			—
Class I		—			(2,239,693	)		—			(63,955	)
Class Y		—			(990,738	)		—			(175,824	)
Change in Net Assets from Distributions to Shareholders		—			3,809,615			—			(240,628	)
Change in Net Assets from Capital Transactions		(24,111,357	)		9,402,607			(1,338,557	)		2,679,247
Total Change in Net Assets		(35,432,571	)		21,518,706			(5,947,600	)		7,135,688
Net Assets:
Beginning of period		76,571,380			55,052,674			21,854,994			14,719,306
End of period	$	41,138,809		$	76,571,380		$	15,907,394		$	21,854,994

See accompanying Notes to Financial Statements.

80 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	Research Opportunities Fund						Global Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	624,366		$	1,571,272		$	22,000		$	64,243
Reinvested distributions		—			469,247			—			849
Payments for shares redeemed		(2,378,153	)		(2,905,577	)		(23,877	)		(41,469	)
Net Assets received in conjunction with fund merger		—			5,169,992			—			—
Change in Net Assets from Class A Share Transactions		(1,753,787	)		4,305,434			(1,877	)		23,623
Class C
Proceeds from shares sold		3,000			49,128			—			—
Reinvested distributions		—			63,984			—			—
Payments for shares redeemed		(311,772	)		(1,558,534	)		—			—
Net Assets received in conjunction with fund mergers		—			1,370,862			—			—
Change in Net Assets from Class C Share Transactions		(308,772	)		(74,560	)		—			—
Class I
Proceeds from shares sold		1,127,315			2,990,450			199,699			1,307,952
Reinvested distributions		—			2,127,614			—			63,955
Payments for shares redeemed		(21,480,210	)		(15,001,293	)		(1,540,950	)		(966,146	)
Net Assets received in conjunction with fund mergers		—			16,194,234			—			—
Change in Net Assets from Class I Share Transactions		(20,352,895	)		6,311,005			(1,341,251	)		405,761
Class Y
Proceeds from shares sold		124,134			1,214,334			281,533			2,115,001
Reinvested distributions		—			990,738			—			175,824
Payments for shares redeemed		(1,820,037	)		(3,344,344	)		(276,962	)		(40,962	)
Change in Net Assets from Class Y Share Transactions		(1,695,903	)		(1,139,272	)		4,571			2,249,863
Change in Net Assets from Capital Transactions	$	(24,111,357	)	$	9,402,607		$	(1,338,557	)	$	2,679,247

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 81

Diamond Hill Funds
Statements of Changes in Net Assets

	Research Opportunities Fund						Global Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Share Transactions:
Class A
Issued		32,762			69,525			1,956			4,785
Reinvested		—			20,143			—			57
Redeemed		(112,989	)		(128,701	)		(1,956	)		(3,103	)
Received in conjunction with fund merger		—			239,409			—			—
Change in Shares Outstanding		(80,227	)		200,376			—			1,739
Class C
Issued		160			2,399			—			—
Reinvested		—			2,947			—			—
Redeemed		(17,359	)		(73,786	)		—			—
Received in conjunction with fund merger		—			67,645			—			—
Change in Shares Outstanding		(17,199	)		(795	)		—			—
Class I
Issued		51,771			131,536			13,134			94,181
Reinvested		—			89,717			—			4,249
Redeemed		(1,067,701	)		(652,708	)		(137,354	)		(66,115	)
Received in conjunction with fund merger		—			738,570			—			—
Change in Shares Outstanding		(1,015,930	)		307,115			(124,220	)		32,315
Class Y
Issued		6,363			52,685			20,296			146,805
Reinvested		—			41,587			—			11,675
Redeemed		(87,085	)		(142,215	)		(22,013	)		(2,988	)
Change in Shares Outstanding		(80,722	)		(47,943	)		(1,717	)		155,492
Change in Total Shares Outstanding		(1,194,078	)		458,753			(125,937	)		189,546

See accompanying Notes to Financial Statements.

82 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	International Fund						Short Duration Total Return Fund
	For the six months ended June 30, 2020 (Unaudited)			For the period ended December 31, 2019 (A)			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	78,857		$	41,735		$	14,726,027		$	27,371,810
Net realized gains (losses) on investment transactions		(172,784	)		96,557			(7,621,388	)		1,015,899
Net realized losses on foreign currency transactions		(3,581	)		(4,314	)		—			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(2,109,565	)		988,061			(31,514,904	)		2,725,507
Change in Net Assets from Operations		(2,207,073	)		1,122,039			(24,410,265	)		31,113,216
Distributions to Shareholders
Class A		—			(143	)		(878,726	)		(1,319,478	)
Class I		—			(13,473	)		(10,110,528	)		(16,872,294	)
Class Y		—			(38,282	)		(3,623,594	)		(9,988,734	)
Change in Net Assets from Distributions to Shareholders		—			(51,898	)		(14,612,848	)		(28,180,506	)
Change in Net Assets from Capital Transactions		1,135,777			12,420,152			85,703,740			226,459,319
Total Change in Net Assets		(1,071,296	)		13,490,293			46,680,627			229,392,029
Net Assets:
Beginning of period		13,490,293			—			808,659,068			579,267,039
End of period	$	12,418,997		$	13,490,293		$	855,339,695		$	808,659,068

^(A) Inception date of the Fund is June 28, 2019. Fund commenced operations on July 1, 2019.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 83

Diamond Hill Funds
Statements of Changes in Net Assets

	International Fund						Short Duration Total Return Fund
	For the six months ended June 30, 2020 (Unaudited)			For the period ended December 31, 2019 (A)			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	219,997		$	43,301		$	25,923,884		$	48,113,995
Reinvested distributions		—			143			875,241			1,313,656
Payments for shares redeemed		—			—			(30,161,739	)		(12,494,211	)
Change in Net Assets from Class A Share Transactions		219,997			43,444			(3,362,614	)		36,933,440
Class I
Proceeds from shares sold		615,098			748,412			310,172,041			319,471,858
Reinvested distributions		—			13,473			6,309,811			10,587,671
Payments for shares redeemed		(1,944,428	)		(1,223,590	)		(201,906,545	)		(113,699,802	)
Received in conjunction with fund reorganization		—			3,996,233			—			—
Change in Net Assets from Class I Share Transactions		(1,329,330	)		3,534,528			114,575,307			216,359,727
Class Y
Proceeds from shares sold		2,368,614			8,803,963			78,842,592			106,606,092
Reinvested distributions		—			38,282			3,500,413			9,667,968
Payments for shares redeemed		(123,504	)		(65	)		(107,851,958	)		(143,107,908	)
Change in Net Assets from Class Y Share Transactions		2,245,110			8,842,180			(25,508,953	)		(26,833,848	)
Change in Net Assets from Capital Transactions	$	1,135,777		$	12,420,152		$	85,703,740		$	226,459,319
Share Transactions:
Class A
Issued		18,031			3,086			2,599,882			4,744,357
Reinvested		—			10			91,023			129,679
Redeemed		—			—			(3,103,960	)		(1,233,129	)
Change in Shares Outstanding		18,031			3,096			(413,055	)		3,640,907
Class I
Issued		48,618			54,023			31,928,172			31,501,854
Reinvested		—			923			656,849			1,045,405
Redeemed		(137,340	)		(89,355	)		(21,003,237	)		(11,219,030	)
Received in conjunction with fund reorganization		—			295,000			—			—
Change in Shares Outstanding		(88,722	)		260,591			11,581,784			21,328,229
Class Y
Issued		170,064			652,121			8,326,373			10,495,911
Reinvested		—			2,622			362,963			954,132
Redeemed		(11,190	)		(5	)		(11,277,566	)		(14,100,128	)
Change in Shares Outstanding		158,874			654,738			(2,588,230	)		(2,650,085	)
Change in Total Shares Outstanding		88,183			918,425			8,580,499			22,319,051

^(A) Inception date of the Fund is June 28, 2019. Fund commenced operations on July 1, 2019.

See accompanying Notes to Financial Statements.

84 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	Core Bond Fund						Corporate Credit Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	1,972,395		$	2,229,170		$	29,443,266		$	50,736,112
Net realized gains (losses) on investment transactions		200,120			60,911			(9,574,539	)		17,453,211
Net realized losses on sales from affiliated investments		—			—			(4,046,880	)		—
Net change in unrealized appreciation (depreciation) on investments		7,725,904			2,528,695			(27,860,291	)		42,994,443
Change in Net Assets from Operations		9,898,419			4,818,776			(12,038,444	)		111,183,766
Distributions to Shareholders
Class A		(84,082	)		(82,564	)		(2,931,139	)		(5,736,383	)
Class C		—			—			(545,720	)		(1,361,042	)
Class I		(1,182,251	)		(967,749	)		(23,949,117	)		(48,838,336	)
Class Y		(751,707	)		1,272,843			(2,001,261	)		(3,543,594	)
Change in Net Assets from Distributions to Shareholders		(2,018,040	)		(2,323,156	)		(29,427,237	)		(59,479,355	)
Change in Net Assets from Capital Transactions		75,695,867			64,289,996			267,554,040			345,584,960
Total Change in Net Assets		83,576,246			66,785,616			226,088,359			397,289,371
Net Assets:
Beginning of period		122,048,313			55,262,697			1,140,727,700			743,438,329
End of period	$	205,624,559		$	122,048,313		$	1,366,816,059		$	1,140,727,700

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 85

Diamond Hill Funds
Statements of Changes in Net Assets

	Core Bond Fund						Corporate Credit Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019			For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	12,346,576		$	1,354,031		$	61,207,055		$	84,048,110
Reinvested distributions		83,370			81,833			2,749,841			5,426,724
Payments for shares redeemed		(552,470	)		(963,018	)		(41,748,509	)		(43,556,800	)
Change in Net Assets from Class A Share Transactions		11,877,476			472,846			22,208,387			45,918,034
Class C
Proceeds from shares sold		—			—			6,037,155			7,178,621
Reinvested distributions		—			—			466,796			1,141,126
Payments for shares redeemed		—			—			(3,216,244	)		(8,252,666	)
Change in Net Assets from Class C Share Transactions		—			—			3,287,707			67,081
Class I
Proceeds from shares sold		69,320,649			63,249,959			511,572,261			390,481,338
Reinvested distributions		1,024,238			783,275			19,865,081			39,753,964
Payments for shares redeemed		(15,137,109	)		(12,979,958	)		(290,152,615	)		(184,904,560	)
Change in Net Assets from Class I Share Transactions		55,207,778			51,053,276			241,284,727			245,330,742
Class Y
Proceeds from shares sold		10,156,500			13,676,984			54,372,536			60,211,534
Reinvested distributions		687,791			1,272,843			1,153,475			2,650,434
Payments for shares redeemed		(2,233,678	)		(2,185,953	)		(54,752,792	)		(8,592,865	)
Change in Net Assets from Class Y Share Transactions		8,610,613			12,763,874			773,219			54,269,103
Change in Net Assets from Capital Transactions	$	75,695,867		$	64,289,996		$	267,554,040		$	345,584,960
Share Transactions:
Class A
Issued		1,174,186			134,674			5,580,907			7,393,054
Reinvested		7,900			8,134			253,725			476,584
Redeemed		(52,875	)		(96,045	)		(3,818,320	)		(3,849,473	)
Change in Shares Outstanding		1,129,211			46,763			2,016,312			4,020,165
Class C
Issued		—			—			561,114			635,280
Reinvested		—			—			43,232			100,781
Redeemed		—			—			(298,643	)		(728,062	)
Change in Shares Outstanding		—			—			305,703			7,999
Class I
Issued		6,627,820			6,190,313			47,568,334			34,538,089
Reinvested		97,451			77,203			1,835,417			3,507,059
Redeemed		(1,439,789	)		(1,273,116	)		(27,364,862	)		(16,356,968	)
Change in Shares Outstanding		5,285,482			4,994,400			22,038,889			21,688,180
Class Y
Issued		970,508			1,331,980			4,777,519			5,304,606
Reinvested		65,516			126,280			105,760			233,877
Redeemed		(214,675	)		(213,723	)		(5,079,609	)		(762,895	)
Change in Shares Outstanding		821,349			1,244,537			(196,330	)		4,775,588
Change in Total Shares Outstanding		7,236,042			6,285,700			24,164,574			30,491,932

See accompanying Notes to Financial Statements.

86 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Statements of Changes in Net Assets

	High Yield Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
From Operations
Net investment income	$	6,962,286		$	5,645,663
Net realized gains on investment transactions		9,844,971			2,638,308
Net change in unrealized appreciation (depreciation) on investments		4,827,056			3,988,723
Change in Net Assets from Operations		21,634,313			12,272,694
Distributions to Shareholders
Class A		(518,121	)		(796,983	)
Class I		(6,095,367	)		(4,386,518	)
Class Y		(352,428	)		(1,822,190	)
Change in Net Assets from Distributions to Shareholders		(6,965,916	)		(7,005,691	)
Change in Net Assets from Capital Transactions		239,966,802			75,043,471
Total Change in Net Assets		254,635,199			80,310,474
Net Assets:
Beginning of period		134,757,463			54,446,989
End of period	$	389,392,662		$	134,757,463

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 87

Diamond Hill Funds
Statements of Changes in Net Assets

	High Yield Fund
	For the six months ended June 30, 2020 (Unaudited)			For the year ended December 31, 2019
Capital Transactions
Class A
Proceeds from shares sold	$	21,109,118		$	24,132,673
Reinvested distributions		505,729			772,176
Payments for shares redeemed		(12,442,829	)		(8,860,856	)
Change in Net Assets from Class A Share Transactions		9,172,018			16,043,993
Class I
Proceeds from shares sold		301,019,895			80,759,941
Reinvested distributions		3,384,604			4,012,733
Payments for shares redeemed		(63,773,175	)		(14,335,085	)
Change in Net Assets from Class I Share Transactions		240,631,324			70,437,589
Class Y
Proceeds from shares sold		12,634,636			1,794,451
Reinvested distributions		352,428			1,822,190
Payments for shares redeemed		(22,823,604	)		(15,054,752	)
Change in Net Assets from Class Y Share Transactions		(9,836,540	)		(11,438,111	)
Change in Net Assets from Capital Transactions	$	239,966,802		$	75,043,471
Share Transactions:
Class A
Issued		2,020,452			2,209,446
Reinvested		47,765			70,396
Redeemed		(1,206,641	)		(809,905	)
Change in Shares Outstanding		861,576			1,469,937
Class I
Issued		29,627,299			7,403,376
Reinvested		320,415			366,633
Redeemed		(6,072,374	)		(1,311,148	)
Change in Shares Outstanding		23,875,340			6,458,861
Class Y
Issued		1,186,662			165,683
Reinvested		32,884			167,582
Redeemed		(2,173,590	)		(1,366,303	)
Change in Shares Outstanding		(954,044	)		(1,033,038	)
Change in Total Shares Outstanding		23,782,872			6,895,760

See accompanying Notes to Financial Statements.

88 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

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DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 89

Small Cap Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Small Cap Fund	Net asset value, beginning of period		Net investment income (loss)(A)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	31.23		0.04			(8.10	)		(8.06	)		—
For the year ended December 31, 2019	$	27.54		0.06			5.80			5.86			(0.34	)
For the year ended December 31, 2018	$	35.62		0.12			(5.37	)		(5.25	)		—
For the year ended December 31, 2017	$	34.39		0.06			3.55			3.61			(0.13	)
For the year ended December 31, 2016	$	30.89		0.00	(G)		4.36			4.36			—
For the year ended December 31, 2015	$	32.61		(0.05	)		(1.17	)		(1.22	)		(0.09	)
Class C
For the six months ended June 30, 2020 (Unaudited)	$	26.33		(0.04	)		(6.83	)		(6.87	)		—
For the year ended December 31, 2019	$	23.40		(0.16	)		4.92			4.76			(0.00	)(G)
For the year ended December 31, 2018	$	30.98		(0.17	)		(4.58	)		(4.75	)		—
For the year ended December 31, 2017	$	30.30		(0.19	)		3.12			2.93			—
For the year ended December 31, 2016	$	27.51		(0.23	)		3.88			3.65			—
For the year ended December 31, 2015	$	29.23		(0.25	)		(1.06	)		(1.31	)		—
Class I
For the six months ended June 30, 2020 (Unaudited)	$	31.77		0.08			(8.24	)		(8.16	)		—
For the year ended December 31, 2019	$	27.98		0.16			5.90			6.06			(0.44	)
For the year ended December 31, 2018	$	36.15		0.23			(5.48	)		(5.25	)		(0.09	)
For the year ended December 31, 2017	$	34.87		0.17			3.61			3.78			(0.25	)
For the year ended December 31, 2016	$	31.28		0.10			4.42			4.52			(0.07	)
For the year ended December 31, 2015	$	33.04		0.05			(1.20	)		(1.15	)		(0.20	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	31.80		0.09			(8.25	)		(8.16	)		—
For the year ended December 31, 2019	$	28.01		0.19			5.91			6.10			(0.48	)
For the year ended December 31, 2018	$	36.17		0.27			(5.48	)		(5.21	)		(0.12	)
For the year ended December 31, 2017	$	34.89		0.20			3.62			3.82			(0.29	)
For the year ended December 31, 2016	$	31.29		0.13			4.43			4.56			(0.10	)
For the year ended December 31, 2015	$	33.05		0.12			(1.23	)		(1.11	)		(0.24	)

^(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.

^(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.

See accompanying Notes to Financial Statements.

90 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets			Ratio of total gross expenses to average net assets(C)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(D)
	—			—		$	23.17		(25.81	)%(E)	$	106,918		1.26	%(F)		1.26	%(F)		0.34	%(F)		20	%(E)
	(1.83	)		(2.17	)	$	31.23		21.36	%	$	165,339		1.27	%		1.27	%		0.23	%		22	%
	(2.83	)		(2.83	)	$	27.54		(15.12	)%	$	214,831		1.25	%		1.26	%		0.31	%		23	%
	(2.25	)		(2.38	)	$	35.62		10.62	%	$	357,512		1.27	%		1.28	%		0.11	%		7	%
	(0.86	)		(0.86	)	$	34.39		14.10	%	$	439,681		1.29	%		1.29	%		0.00	%(H)		15	%
	(0.41	)		(0.50	)	$	30.89		(3.73	)%	$	492,810		1.29	%		1.29	%		(0.15	)%		17	%
	—			—		$	19.46		(26.09	)%(E)	$	7,277		2.01	%(F)		2.01	%(F)		(0.42	)%(F)		20	%(E)
	(1.83	)		(1.83	)	$	26.33		20.46	%	$	13,501		2.02	%		2.02	%		(0.59	)%		22	%
	(2.83	)		(2.83	)	$	23.40		(15.77	)%	$	24,951		2.00	%		2.01	%		(0.45	)%		23	%
	(2.25	)		(2.25	)	$	30.98		9.80	%	$	46,868		2.02	%		2.03	%		(0.67	)%		7	%
	(0.86	)		(0.86	)	$	30.30		13.25	%	$	54,664		2.04	%		2.04	%		(0.75	)%		15	%
	(0.41	)		(0.41	)	$	27.51		(4.47	)%	$	57,875		2.04	%		2.04	%		(0.87	)%		17	%
	—			—		$	23.61		(25.68	)%(E)	$	294,208		0.97	%(F)		0.97	%(F)		0.62	%(F)		20	%(E)
	(1.83	)		(2.27	)	$	31.77		21.75	%	$	469,014		0.98	%		0.98	%		0.52	%		22	%
	(2.83	)		(2.92	)	$	27.98		(14.88	)%	$	633,323		0.96	%		0.97	%		0.64	%		23	%
	(2.25	)		(2.50	)	$	36.15		10.95	%	$	877,913		0.97	%		0.98	%		0.41	%		7	%
	(0.86	)		(0.93	)	$	34.87		14.45	%	$	1,073,671		0.99	%		0.99	%		0.32	%		15	%
	(0.41	)		(0.61	)	$	31.28		(3.47	)%	$	882,350		1.02	%		1.02	%		0.16	%		17	%
	—			—		$	23.64		(25.66	)%(E)	$	48,478		0.85	%(F)		0.85	%(F)		0.71	%(F)		20	%(E)
	(1.83	)		(2.31	)	$	31.80		21.88	%	$	105,030		0.86	%		0.86	%		0.62	%		22	%
	(2.83	)		(2.95	)	$	28.01		(14.79	)%	$	147,363		0.84	%		0.85	%		0.74	%		23	%
	(2.25	)		(2.54	)	$	36.17		11.06	%	$	207,770		0.87	%		0.88	%		0.53	%		7	%
	(0.86	)		(0.96	)	$	34.89		14.57	%	$	221,827		0.89	%		0.89	%		0.40	%		15	%
	(0.41	)		(0.65	)	$	31.29		(3.36	)%	$	221,624		0.90	%		0.90	%		0.37	%		17	%

^(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) Amount is less than $0.005.

^(H) Amount is less than 0.005%.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 91

Small-Mid Cap Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Small-Mid Cap Fund	Net asset value, beginning of period		Net investment income (loss)(A)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	22.57		0.05			(5.20	)		(5.15	)		—
For the year ended December 31, 2019	$	18.59		0.04			5.02			5.06			(0.14	)
For the year ended December 31, 2018	$	22.24		0.05			(2.86	)		(2.81	)		(0.04	)
For the year ended December 31, 2017	$	21.18		0.03			1.73			1.76			(0.03	)
For the year ended December 31, 2016	$	18.29		0.01			3.25			3.26			(0.01	)
For the year ended December 31, 2015	$	18.33		0.01			0.17			0.18			(0.03	)
Class C
For the six months ended June 30, 2020 (Unaudited)	$	20.38		(0.02	)		(4.69	)		(4.71	)		—
For the year ended December 31, 2019	$	16.88		(0.12	)		4.56			4.44			—
For the year ended December 31, 2018	$	20.39		(0.10	)		(2.61	)		(2.71	)		—
For the year ended December 31, 2017	$	19.60		(0.13	)		1.59			1.46			—
For the year ended December 31, 2016	$	17.06		(0.12	)		3.02			2.90			—
For the year ended December 31, 2015	$	17.21		(0.12	)		0.16			0.04			—
Class I
For the six months ended June 30, 2020 (Unaudited)	$	22.80		0.07			(5.24	)		(5.17	)		—
For the year ended December 31, 2019	$	18.76		0.11			5.08			5.19			(0.21	)
For the year ended December 31, 2018	$	22.45		0.12			(2.91	)		(2.79	)		(0.10	)
For the year ended December 31, 2017	$	21.39		0.10			1.74			1.84			(0.11	)
For the year ended December 31, 2016	$	18.46		0.07			3.29			3.36			(0.07	)
For the year ended December 31, 2015	$	18.47		0.07			0.17			0.24			(0.06	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	22.84		0.08			(5.25	)		(5.17	)		—
For the year ended December 31, 2019	$	18.80		0.13			5.08			5.21			(0.23	)
For the year ended December 31, 2018	$	22.49		0.15			(2.91	)		(2.76	)		(0.13	)
For the year ended December 31, 2017	$	21.42		0.12			1.75			1.87			(0.13	)
For the year ended December 31, 2016	$	18.48		0.09			3.29			3.38			(0.08	)
For the year ended December 31, 2015	$	18.49		0.09			0.17			0.26			(0.08	)

^(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.

^(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.

See accompanying Notes to Financial Statements.

92 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets			Ratio of total gross expenses to average net assets(C)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(D)
	—			—		$	17.42		(22.82	)%(E)	$	135,561		1.21	%(F)		1.21	%(F)		0.51	%(F)		21	%(E)(G)
	(0.94	)		(1.08	)	$	22.57		27.33	%	$	183,914		1.21	%		1.22	%		0.21	%		14	%
	(0.80	)		(0.84	)	$	18.59		(12.80	)%	$	164,037		1.20	%		1.21	%		0.21	%		26	%
	(0.67	)		(0.70	)	$	22.24		8.35	%	$	229,411		1.22	%		1.23	%		0.09	%		15	%
	(0.36	)		(0.37	)	$	21.18		17.81	%	$	288,634		1.24	%		1.24	%		0.12	%		17	%
	(0.19	)		(0.22	)	$	18.29		0.98	%	$	156,122		1.24	%		1.24	%		0.06	%		21	%
	—			—		$	15.67		(23.11	)%(E)	$	15,389		1.96	%(F)		1.96	%(F)		(0.25	)%(F)		21	%(E)(G)
	(0.94	)		(0.94	)	$	20.38		26.40	%	$	23,472		1.96	%		1.97	%		(0.58	)%		14	%
	(0.80	)		(0.80	)	$	16.88		(13.46	)%	$	25,821		1.95	%		1.96	%		(0.55	)%		26	%
	(0.67	)		(0.67	)	$	20.39		7.49	%	$	37,472		1.97	%		1.98	%		(0.66	)%		15	%
	(0.36	)		(0.36	)	$	19.60		16.98	%	$	42,875		1.99	%		1.99	%		(0.65	)%		17	%
	(0.19	)		(0.19	)	$	17.06		0.24	%	$	32,963		1.99	%		1.99	%		(0.69	)%		21	%
	—			—		$	17.63		(22.68	)%(E)	$	782,835		0.92	%(F)		0.92	%(F)		0.82	%(F)		21	%(E)(G)
	(0.94	)		(1.15	)	$	22.80		27.74	%	$	1,081,619		0.92	%		0.93	%		0.50	%		14	%
	(0.80	)		(0.90	)	$	18.76		(12.56	)%	$	889,471		0.91	%		0.92	%		0.52	%		26	%
	(0.67	)		(0.78	)	$	22.45		8.63	%	$	1,114,337		0.92	%		0.93	%		0.41	%		15	%
	(0.36	)		(0.43	)	$	21.39		18.18	%	$	1,015,403		0.94	%		0.94	%		0.41	%		17	%
	(0.19	)		(0.25	)	$	18.46		1.32	%	$	506,730		0.97	%		0.97	%		0.35	%		21	%
	—			—		$	17.67		(22.64	)%(E)	$	717,357		0.80	%(F)		0.80	%(F)		0.92	%(F)		21	%(E)(G)
	(0.94	)		(1.17	)	$	22.84		27.82	%	$	1,147,458		0.80	%		0.81	%		0.62	%		14	%
	(0.80	)		(0.93	)	$	18.80		(12.42	)%	$	924,995		0.79	%		0.80	%		0.63	%		26	%
	(0.67	)		(0.80	)	$	22.49		8.77	%	$	1,131,583		0.82	%		0.83	%		0.51	%		15	%
	(0.36	)		(0.44	)	$	21.42		18.29	%	$	961,721		0.84	%		0.84	%		0.49	%		17	%
	(0.19	)		(0.27	)	$	18.48		1.41	%	$	602,951		0.85	%		0.85	%		0.48	%		21	%

^(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 93

Mid Cap Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Mid Cap Fund	Net asset value, beginning of period		Net investment income(A)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	14.64		0.04		(3.63	)		(3.59	)		—
For the year ended December 31, 2019	$	11.89		0.05		2.96			3.01			(0.05	)
For the year ended December 31, 2018	$	13.66		0.06		(1.49	)		(1.43	)		(0.06	)
For the year ended December 31, 2017	$	12.59		0.04		1.23			1.27			(0.03	)
For the year ended December 31, 2016	$	10.71		0.03		1.93			1.96			(0.02	)
For the year ended December 31, 2015	$	10.70	��	0.04		0.01			0.05			(0.04	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	14.69		0.06		(3.65	)		(3.59	)		—
For the year ended December 31, 2019	$	11.92		0.10		2.97			3.07			(0.09	)
For the year ended December 31, 2018	$	13.70		0.10		(1.50	)		(1.40	)		(0.10	)
For the year ended December 31, 2017	$	12.62		0.08		1.24			1.32			(0.07	)
For the year ended December 31, 2016	$	10.74		0.07		1.92			1.99			(0.05	)
For the year ended December 31, 2015	$	10.72		0.07		0.01			0.08			(0.06	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	14.73		0.06		(3.65	)		(3.59	)		—
For the year ended December 31, 2019	$	11.95		0.11		2.98			3.09			(0.10	)
For the year ended December 31, 2018	$	13.73		0.12		(1.50	)		(1.38	)		(0.12	)
For the year ended December 31, 2017	$	12.65		0.09		1.24			1.33			(0.08	)
For the year ended December 31, 2016	$	10.75		0.08		1.94			2.02			(0.06	)
For the year ended December 31, 2015	$	10.73		0.08		0.01			0.09			(0.07	)

^(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

See accompanying Notes to Financial Statements.

94 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets			Ratio of total gross expenses to average net assets(C)			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—			—		$	11.05		(24.52	)%(E)	$	28,529		1.06	%(F)		1.06	%(F)		0.66	%(F)		27	%(E)
	(0.21	)		(0.26	)	$	14.64		25.36	%	$	31,997		1.06	%		1.07	%		0.36	%		31	%
	(0.28	)		(0.34	)	$	11.89		(10.56	)%	$	21,085		1.05	%		1.06	%		0.43	%		20	%
	(0.17	)		(0.20	)	$	13.66		10.13	%	$	25,853		1.07	%		1.08	%		0.28	%		11	%
	(0.06	)		(0.08	)	$	12.59		18.29	%	$	7,403		1.14	%		1.14	%		0.31	%		17	%
	—			(0.04	)	$	10.71		0.44	%	$	3,082		1.14	%		1.14	%		0.35	%		29	%
	—			—		$	11.10		(24.44	)%(E)	$	183,058		0.77	%(F)		0.77	%(F)		1.00	%(F)		27	%(E)
	(0.21	)		(0.30	)	$	14.69		25.82	%	$	177,536		0.77	%		0.78	%		0.68	%		31	%
	(0.28	)		(0.38	)	$	11.92		(10.31	)%	$	55,045		0.76	%		0.77	%		0.72	%		20	%
	(0.17	)		(0.24	)	$	13.70		10.47	%	$	63,298		0.77	%		0.79	%		0.57	%		11	%
	(0.06	)		(0.11	)	$	12.62		18.56	%	$	28,031		0.85	%		0.85	%		0.67	%		17	%
	—			(0.06	)	$	10.74		0.74	%	$	3,337		0.87	%		0.87	%		0.61	%		29	%
	—			—		$	11.14		(24.37	)%(E)	$	22,752		0.65	%(F)		0.65	%(F)		1.10	%(F)		27	%(E)
	(0.21	)		(0.31	)	$	14.73		25.91	%	$	20,454		0.65	%		0.66	%		0.74	%		31	%
	(0.28	)		(0.40	)	$	11.95		(10.17	)%	$	27,761		0.64	%		0.65	%		0.83	%		20	%
	(0.17	)		(0.25	)	$	13.73		10.51	%	$	32,943		0.67	%		0.68	%		0.65	%		11	%
	(0.06	)		(0.12	)	$	12.65		18.76	%	$	23,383		0.75	%		0.75	%		0.71	%		17	%
	—			(0.07	)	$	10.75		0.84	%	$	12,077		0.75	%		0.75	%		0.72	%		29	%

^(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 invstement in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated.

^(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 95

Large Cap Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Large Cap Fund	Net asset value, beginning of period		Net investment income(A)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	28.86		0.15		(4.11	)		(3.96	)		—
For the year ended December 31, 2019	$	22.89		0.28		6.99			7.27			(0.26	)
For the year ended December 31, 2018	$	26.45		0.25		(2.83	)		(2.58	)		(0.26	)
For the year ended December 31, 2017	$	23.06		0.24		4.35			4.59			(0.20	)
For the year ended December 31, 2016	$	21.44		0.25		2.82			3.07			(0.24	)
For the year ended December 31, 2015	$	22.71		0.19		(0.43	)		(0.24	)		(0.18	)
Class C
For the six months ended June 30, 2020 (Unaudited)	$	27.25		0.05		(3.88	)		(3.83	)		—
For the year ended December 31, 2019	$	21.67		0.07		6.61			6.68			(0.06	)
For the year ended December 31, 2018	$	25.07		0.05		(2.67	)		(2.62	)		(0.06	)
For the year ended December 31, 2017	$	21.94		0.05		4.12			4.17			(0.04	)
For the year ended December 31, 2016	$	20.49		0.08		2.68			2.76			(0.10	)
For the year ended December 31, 2015	$	21.77		0.02		(0.41	)		(0.39	)		(0.04	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	29.05		0.19		(4.14	)		(3.95	)		—
For the year ended December 31, 2019	$	23.03		0.36		7.04			7.40			(0.34	)
For the year ended December 31, 2018	$	26.62		0.33		(2.86	)		(2.53	)		(0.34	)
For the year ended December 31, 2017	$	23.20		0.32		4.38			4.70			(0.28	)
For the year ended December 31, 2016	$	21.55		0.31		2.86			3.17			(0.31	)
For the year ended December 31, 2015	$	22.83		0.25		(0.44	)		(0.19	)		(0.24	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	29.07		0.20		(4.15	)		(3.95	)		—
For the year ended December 31, 2019	$	23.04		0.40		7.05			7.45			(0.38	)
For the year ended December 31, 2018	$	26.64		0.36		(2.87	)		(2.51	)		(0.37	)
For the year ended December 31, 2017	$	23.21		0.35		4.38			4.73			(0.30	)
For the year ended December 31, 2016	$	21.56		0.34		2.85			3.19			(0.33	)
For the year ended December 31, 2015	$	22.84		0.28		(0.44	)		(0.16	)		(0.27	)

^(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.

See accompanying Notes to Financial Statements.

96 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(C)
	—			—		$	24.90		(13.72	)%(D)	$	973,752		0.96	%(E)		1.17	%(E)		17	%(D)
	(1.04	)		(1.30	)	$	28.86		31.80	%	$	1,243,452		0.97	%		1.03	%		22	%(F)
	(0.72	)		(0.98	)	$	22.89		(9.88	)%	$	1,031,252		0.96	%		0.95	%		29	%(G)
	(1.00	)		(1.20	)	$	26.45		19.95	%	$	1,346,869		0.98	%		0.96	%		18	%
	(1.21	)		(1.45	)	$	23.06		14.26	%	$	1,158,652		0.99	%		1.12	%		23	%
	(0.85	)		(1.03	)	$	21.44		(1.10	)%	$	1,122,165		1.04	%		0.85	%		20	%
	—			—		$	23.42		(14.06	)%(D)	$	62,213		1.71	%(E)		0.42	%(E)		17	%(D
	(1.04	)		(1.10	)	$	27.25		30.84	%	$	83,936		1.72	%		0.28	%		22	%(F)
	(0.72	)		(0.78	)	$	21.67		(10.57	)%	$	84,485		1.71	%		0.20	%		29	%(G)
	(1.00	)		(1.04	)	$	25.07		19.04	%	$	115,257		1.73	%		0.21	%		18	%
	(1.21	)		(1.31	)	$	21.94		13.40	%	$	95,923		1.74	%		0.37	%		23	%
	(0.85	)		(0.89	)	$	20.49		(1.83	)%	$	84,550		1.79	%		0.10	%		20	%
	—			—		$	25.10		(13.60	)%(D)	$	3,852,310		0.67	%(E)		1.47	%(E)		17	%(D
	(1.04	)		(1.38	)	$	29.05		32.18	%	$	3,877,616		0.68	%		1.32	%		22	%(F)
	(0.72	)		(1.06	)	$	23.03		(9.63	)%	$	2,978,377		0.67	%		1.23	%		29	%(G)
	(1.00	)		(1.28	)	$	26.62		20.30	%	$	3,538,859		0.68	%		1.25	%		18	%
	(1.21	)		(1.52	)	$	23.20		14.63	%	$	2,156,390		0.70	%		1.41	%		23	%
	(0.85	)		(1.09	)	$	21.55		(0.85	)%	$	1,803,130		0.77	%		1.11	%		20	%
	—			—		$	25.12		(13.59	)%(D)	$	1,327,516		0.55	%(E)		1.58	%(E)		17	%(D
	(1.04	)		(1.42	)	$	29.07		32.34	%	$	1,567,818		0.56	%		1.44	%		22	%(F)
	(0.72	)		(1.09	)	$	23.04		(9.53	)%	$	992,056		0.55	%		1.35	%		29	%(G)
	(1.00	)		(1.30	)	$	26.64		20.42	%	$	845,457		0.58	%		1.36	%		18	%
	(1.21	)		(1.54	)	$	23.21		14.74	%	$	666,756		0.60	%		1.49	%		23	%
	(0.85	)		(1.12	)	$	21.56		(0.74	)%	$	430,568		0.65	%		1.23	%		20	%

^(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.

^(E) Annualized.

^(F) Portfolio turnover does not include in-kind subscriptions.

^(G) Portfolio turnover does not include redemptions in-kind.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 97

All Cap Select Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

All Cap Select Fund	Net asset value, beginning of period		Net investment income (loss)(A)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	16.17		0.03			(2.95	)		(2.92	)		—
For the year ended December 31, 2019	$	12.64		0.06			3.78			3.84			—
For the year ended December 31, 2018	$	16.01		0.05			(1.96	)		(1.91	)		(0.06	)
For the year ended December 31, 2017	$	13.35		0.03			2.63			2.66			—
For the year ended December 31, 2016	$	12.36		(0.01	)		1.17			1.16			—
For the year ended December 31, 2015	$	12.96		0.00	(G)		(0.19	)		(0.19	)		—
Class C
For the six months ended June 30, 2020 (Unaudited)	$	14.98		(0.02	)		(2.73	)		(2.75	)		—
For the year ended December 31, 2019	$	11.82		(0.05	)		3.52			3.47			—
For the year ended December 31, 2018	$	15.11		(0.07	)		(1.82	)		(1.89	)		—
For the year ended December 31, 2017	$	12.69		(0.07	)		2.49			2.42			—
For the year ended December 31, 2016	$	11.85		(0.09	)		1.10			1.01			—
For the year ended December 31, 2015	$	12.54		(0.10	)		(0.18	)		(0.28	)		—
Class I
For the six months ended June 30, 2020 (Unaudited)	$	16.32		0.05			(2.98	)		(2.93	)		—
For the year ended December 31, 2019	$	12.72		0.11			3.80			3.91			—
For the year ended December 31, 2018	$	16.11		0.10			(1.97	)		(1.87	)		(0.12	)
For the year ended December 31, 2017	$	13.40		0.07			2.65			2.72			(0.01	)
For the year ended December 31, 2016	$	12.39		0.03			1.16			1.19			(0.01	)
For the year ended December 31, 2015	$	12.95		0.03			(0.18	)		(0.15	)		—
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	16.37		0.06			(2.99	)		(2.93	)		—
For the year ended December 31, 2019	$	12.74		0.13			3.81			3.94			—
For the year ended December 31, 2018	$	16.14		0.12			(1.99	)		(1.87	)		(0.13	)
For the year ended December 31, 2017	$	13.42		0.09			2.65			2.74			(0.02	)
For the year ended December 31, 2016	$	12.41		0.04			1.17			1.21			(0.03	)
For the year ended December 31, 2015	$	12.96		0.05			(0.19	)		(0.14	)		—

^(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.

^(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.

See accompanying Notes to Financial Statements.

98 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets			Ratio of total gross expenses to average net assets(C)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(D)
	—			—		$	13.25		(18.06	)%(E)	$	7,747		1.16	%(F)		1.16	%(F)		0.49	%(F)		44	%(E)
	(0.31	)		(0.31	)	$	16.17		30.41	%	$	11,049		1.17	%		1.17	%		0.46	%		45	%
	(1.40	)		(1.46	)	$	12.64		(12.31	)%	$	8,963		1.16	%		1.16	%		0.29	%		84	%
	—			—		$	16.01		19.93	%	$	13,480		1.17	%		1.18	%		0.21	%		52	%
	(0.17	)		(0.17	)	$	13.35		9.37	%	$	14,963		1.19	%		1.19	%		(0.09	)%		70	%
	(0.41	)		(0.41	)	$	12.36		(1.44	)%	$	43,638		1.19	%		1.19	%		(0.01	)%		89	%
	—			—		$	12.23		(18.36	)%(E)	$	2,813		1.91	%(F)		1.91	%(F)		(0.29	)%(F)		44	%(E)
	(0.31	)		(0.31	)	$	14.98		29.39	%	$	4,747		1.92	%		1.92	%		(0.32	)%		45	%
	(1.40	)		(1.40	)	$	11.82		(12.93	)%	$	6,950		1.91	%		1.91	%		(0.46	)%		84	%
	—			—		$	15.11		19.07	%	$	11,072		1.92	%		1.93	%		(0.54	)%		52	%
	(0.17	)		(0.17	)	$	12.69		8.51	%	$	12,269		1.94	%		1.94	%		(0.81	)%		70	%
	(0.41	)		(0.41	)	$	11.85		(2.21	)%	$	15,022		1.94	%		1.94	%		(0.78	)%		89	%
	—			—		$	13.39		(17.95	)%(E)	$	132,096		0.87	%(F)		0.87	%(F)		0.79	%(F)		44	%(E)
	(0.31	)		(0.31	)	$	16.32		30.77	%	$	152,591		0.88	%		0.88	%		0.75	%		45	%
	(1.40	)		(1.52	)	$	12.72		(12.02	)%	$	114,571		0.87	%		0.87	%		0.60	%		84	%
	—			(0.01	)	$	16.11		20.33	%	$	136,233		0.87	%		0.88	%		0.52	%		52	%
	(0.17	)		(0.18	)	$	13.40		9.62	%	$	93,192		0.90	%		0.90	%		0.24	%		70	%
	(0.41	)		(0.41	)	$	12.39		(1.14	)%	$	81,408		0.92	%		0.92	%		0.25	%		89	%
	—			—		$	13.44		(17.90	)%(E)	$	101,101		0.75	%(F)		0.75	%(F)		0.91	%(F)		44	%(E)
	(0.31	)		(0.31	)	$	16.37		30.96	%	$	103,963		0.76	%		0.76	%		0.86	%		45	%
	(1.40	)		(1.53	)	$	12.74		(11.95	)%	$	65,218		0.75	%		0.75	%		0.73	%		84	%
	—			(0.02	)	$	16.14		20.45	%	$	21,628		0.77	%		0.78	%		0.61	%		52	%
	(0.17	)		(0.20	)	$	13.42		9.72	%	$	18,456		0.80	%		0.80	%		0.36	%		70	%
	(0.41	)		(0.41	)	$	12.41		(1.06	)%	$	10,703		0.80	%		0.80	%		0.35	%		89	%

^(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) Amount is less than $0.005.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 99

Long-Short Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Long-Short Fund	Net asset value, beginning of period		Net investment income (loss)(A)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	29.29		0.02			(3.48	)		(3.46	)		—
For the year ended December 31, 2019	$	22.78		0.13			5.04			5.17			(0.17	)
For the year ended December 31, 2018	$	25.76		0.10			(1.96	)		(1.86	)		(0.07	)
For the year ended December 31, 2017	$	24.91		(0.05	)		1.45			1.40			—
For the year ended December 31, 2016	$	23.36		(0.09	)		2.49			2.40			—
For the year ended December 31, 2015	$	23.87		(0.11	)		(0.29	)		(0.40	)		—
Class C
For the six months ended June 30, 2020 (Unaudited)	$	23.08		(0.05	)		(3.06	)		(3.11	)		—
For the year ended December 31, 2019	$	20.18		(0.04	)		4.43			4.39			—
For the year ended December 31, 2018	$	23.04		(0.08	)		(1.73	)		(1.81	)		—
For the year ended December 31, 2017	$	22.51		(0.22	)		1.30			1.08			—
For the year ended December 31, 2016	$	21.34		(0.24	)		2.26			2.02			—
For the year ended December 31, 2015	$	21.98		(0.27	)		(0.26	)		(0.53	)		—
Class I
For the six months ended June 30, 2020 (Unaudited)	$	26.98		0.06			(3.58	)		(3.52	)		—
For the year ended December 31, 2019	$	23.32		0.22			5.16			5.38			(0.23	)
For the year ended December 31, 2018	$	26.39		0.18			(2.01	)		(1.83	)		(0.19	)
For the year ended December 31, 2017	$	25.43		0.02			1.50			1.52			(0.01	)
For the year ended December 31, 2016	$	23.77		(0.02	)		2.53			2.51			—
For the year ended December 31, 2015	$	24.22		(0.05	)		(0.29	)		(0.34	)		—
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	27.10		0.08			(3.61	)		(3.53	)		—
For the year ended December 31, 2019	$	23.42		0.25			5.18			5.43			(0.26	)
For the year ended December 31, 2018	$	26.49		0.21			(2.01	)		(1.80	)		(0.22	)
For the year ended December 31, 2017	$	25.53		0.05			1.49			1.54			(0.03	)
For the year ended December 31, 2016	$	23.83		0.01			2.54			2.55			—
For the year ended December 31, 2015	$	24.25		(0.02	)		(0.29	)		(0.31	)		—

^(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.

^(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% for Class A, 2.11% for Class C, 1.07% for Class I and 0.95% 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.

See accompanying Notes to Financial Statements.

100 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets(C)			Ratio of total gross expenses to average net assets(D)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(E)
	—			—		$	22.83		(13.16	)%(F)	$	162,723		1.84	%(G)		1.85	%(G)		0.21	%(G)		29	%(F)
	(1.49	)		(1.66	)	$	26.29		22.74	%	$	234,584		1.85	%		1.86	%		0.51	%		54	%(H)
	(1.05	)		(1.12	)	$	22.78		(7.30	)%	$	188,932		1.72	%		1.73	%		0.38	%		64	%(H)
	(0.55	)		(0.55	)	$	25.76		5.65	%	$	358,395		1.95	%		1.96	%		(0.22	)%		43	%(H)
	(0.85	)		(0.85	)	$	24.91		10.26	%	$	460,104		2.06	%		2.06	%		(0.20	)%		45	%
	(0.11	)		(0.11	)	$	23.36		(1.67	)%	$	569,218		1.89	%		1.89	%		(0.47	)%		81	%
	—			—		$	19.97		(13.47	)%(F)	$	27,341		2.59	%(G)		2.60	%(G)		(0.54	)%(G)		29	%(F)
	(1.49	)		(1.49	)	$	23.08		21.80	%	$	41,747		2.60	%		2.61	%		(0.16	)%		54	%(H)
	(1.05	)		(1.05	)	$	20.18		(7.96	)%	$	80,351		2.47	%		2.48	%		(0.37	)%		64	%(H)
	(0.55	)		(0.55	)	$	23.04		4.83	%	$	115,009		2.70	%		2.71	%		(0.97	)%		43	%(H)
	(0.85	)		(0.85	)	$	22.51		9.45	%	$	145,313		2.81	%		2.81	%		(1.13	)%		45	%
	(0.11	)		(0.11	)	$	21.34		(2.40	)%	$	169,861		2.64	%		2.64	%		(1.22	)%		81	%
	—			—		$	23.46		(13.05	)%(F)	$	1,901,070		1.55	%(G)		1.56	%(G)		0.51	%(G)		29	%(F)
	(1.49	)		(1.72	)	$	26.98		23.11	%	$	2,959,933		1.56	%		1.57	%		0.84	%		54	%(H)
	(1.05	)		(1.24	)	$	23.32		(7.04	)%	$	3,110,940		1.43	%		1.44	%		0.68	%		64	%(H)
	(0.55	)		(0.56	)	$	26.39		5.99	%	$	4,032,586		1.65	%		1.66	%		0.09	%		43	%(H)
	(0.85	)		(0.85	)	$	25.43		10.55	%	$	3,589,749		1.76	%		1.76	%		(0.09	)%		45	%
	(0.11	)		(0.11	)	$	23.77		(1.40	)%	$	3,382,697		1.62	%		1.62	%		(0.21	)%		81	%
	—			—		$	23.57		(13.03	)%(F)	$	69,696		1.43	%(G)		1.44	%(G)		0.64	%(G)		29	%(F)
	(1.49	)		(1.75	)	$	27.10		23.23	%	$	291,753		1.44	%		1.45	%		0.93	%		54	%(H)
	(1.05	)		(1.27	)	$	23.42		(6.89	)%	$	214,138		1.31	%		1.32	%		0.80	%		64	%(H)
	(0.55	)		(0.58	)	$	26.49		6.07	%	$	260,735		1.55	%		1.56	%		0.19	%		43	%(H)
	(0.85	)		(0.85	)	$	25.53		10.69	%	$	227,680		1.67	%		1.67	%		0.02	%		45	%
	(0.11	)		(0.11	)	$	23.83		(1.27	)%	$	290,928		1.50	%		1.50	%		(0.08	)%		81	%

^(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

^(F) Not annualized.

^(G) Annualized.

^(H) The portfolio turnover rate for 2019, 2018 and 2017 would have been 42%, 51% and 32%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 101

Research Opportunities Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Research Opportunities Fund	Net asset value, beginning of period		Net investment income (loss)(A)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	23.44		(0.04	)		(3.42	)		(3.46	)		—
For the year ended December 31, 2019	$	19.67		(0.05	)		4.98			4.93			(0.07	)
For the year ended December 31, 2018	$	23.56		(0.02	)		(3.01	)		(3.03	)		—
For the year ended December 31, 2017	$	21.44		(0.12	)		2.89			2.77			—
For the year ended December 31, 2016	$	19.70		(0.04	)		1.94			1.90			—
For the year ended December 31, 2015	$	22.52		(0.06	)		(1.14	)		(1.20	)		—
Class C
For the six months ended June 30, 2020 (Unaudited)	$	21.90		(0.10	)		(3.20	)		(3.30	)		—
For the year ended December 31, 2019	$	18.51		(0.21	)		4.69			4.48			—
For the year ended December 31, 2018	$	22.40		(0.19	)		(2.84	)		(3.03	)		—
For the year ended December 31, 2017	$	20.57		(0.28	)		2.76			2.48			—
For the year ended December 31, 2016	$	19.06		(0.19	)		1.86			1.67			—
For the year ended December 31, 2015	$	22.00		(0.21	)		(1.11	)		(1.32	)		—
Class I
For the six months ended June 30, 2020 (Unaudited)	$	23.81		(0.00	)(H)		(3.48	)		(3.48	)		—
For the year ended December 31, 2019	$	19.94		0.04			5.03			5.07			(0.11	)
For the year ended December 31, 2018	$	23.83		0.05			(3.07	)		(3.02	)		(0.01	)
For the year ended December 31, 2017	$	21.61		(0.06	)		2.93			2.87			—
For the year ended December 31, 2016	$	19.81		0.02			1.94			1.96			—
For the year ended December 31, 2015	$	22.61		(0.01	)		(1.13	)		(1.14	)		(0.04	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	23.90		0.00	(H)		(3.48	)		(3.48	)		—
For the year ended December 31, 2019	$	20.01		0.08			5.04			5.12			(0.14	)
For the year ended December 31, 2018	$	23.88		0.07			(3.06	)		(2.99	)		(0.02	)
For the year ended December 31, 2017	$	21.63		(0.03	)		2.93			2.90			—
For the year ended December 31, 2016	$	19.80		0.04			1.95			1.99			—
For the year ended December 31, 2015	$	22.64		0.02			(1.14	)		(1.12	)		(0.10	)

^(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.

^(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 1.42% for Class A, 2.17% for Class C, 1.13% for Class I and 1.01% for Class Y.

See accompanying Notes to Financial Statements.

102 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets(C)			Ratio of net investment income (loss) to average net assets			Portfolio turnover rate(D)
	—			—		$	19.98		(14.76	)%(E)	$	7,472		1.73	%(F)		(0.36	)%(F)		42	%(E)
	(1.09	)		(1.16	)	$	23.44		25.13	%	$	10,646		1.80	%		(0.22	)%		74	%(G)
	(0.86	)		(0.86	)	$	19.67		(13.06	)%	$	4,991		1.80	%		(0.17	)%		88	%(G)
	(0.65	)		(0.65	)	$	23.56		12.98	%	$	10,533		1.84	%		(0.52	)%		83	%(G)
	(0.16	)		(0.16	)	$	21.44		9.64	%	$	4,162		2.10	%		(0.16	)%		67	%
	(1.62	)		(1.62	)	$	19.70		(5.29	)%	$	8,637		1.83	%		(0.27	)%		147	%
	—			—		$	18.60		(15.07	)%(E)	$	842		2.48	%(F)		(1.10	)%(F)		42	%(E)
	(1.09	)		(1.09	)	$	21.90		24.28	%	$	1,368		2.55	%		(0.99	)%		74	%(G)
	(0.86	)		(0.86	)	$	18.51		(13.74	)%	$	1,171		2.55	%		(0.90	)%		88	%(G)
	(0.65	)		(0.65	)	$	22.40		12.12	%	$	2,810		2.59	%		(1.31	)%		83	%(G)
	(0.16	)		(0.16	)	$	20.57		8.76	%	$	2,986		2.85	%		(0.93	)%		67	%
	(1.62	)		(1.62	)	$	19.06		(5.96	)%	$	5,097		2.58	%		(0.96	)%		147	%
	—			—		$	20.33		(14.62	)%(E)	$	17,900		1.44	%(F)		(0.04	)%(F)		42	%(E)
	(1.09	)		(1.20	)	$	23.81		25.51	%	$	45,158		1.51	%		0.16	%		74	%(G)
	(0.86	)		(0.87	)	$	19.94		(12.86	)%	$	31,692		1.51	%		0.17	%		88	%(G)
	(0.65	)		(0.65	)	$	23.83		13.34	%	$	35,021		1.54	%		(0.23	)%		83	%(G)
	(0.16	)		(0.16	)	$	21.61		9.89	%	$	27,588		1.80	%		0.05	%		67	%
	(1.62	)		(1.66	)	$	19.81		(5.00	)%	$	26,186		1.57	%		(0.03	)%		147	%
	—			—		$	20.42		(14.56	)%(E)	$	14,925		1.32	%(F)		0.05	%(F)		42	%(E)
	(1.09	)		(1.23	)	$	23.90		25.64	%	$	19,400		1.39	%		0.36	%		74	%(G)
	(0.86	)		(0.88	)	$	20.01		(12.73	)%	$	17,198		1.39	%		0.29	%		88	%(G)
	(0.65	)		(0.65	)	$	23.88		13.47	%	$	20,521		1.44	%		(0.14	)%		83	%(G)
	(0.16	)		(0.16	)	$	21.63		10.05	%	$	16,755		1.70	%		0.19	%		67	%
	(1.62	)		(1.72	)	$	19.80		(4.91	)%	$	15,285		1.44	%		0.10	%		147	%

^(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) The portfolio turnover rate for 2019, 2018 and 2017 would have been 62%, 70% and 68%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation.

^(H) Amount is less than $0.005.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 103

Global Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Global Fund(A)	Net asset value, beginning of period		Net investment income(B)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	15.05		0.04		(3.11	)		(3.07	)		—
For the year ended December 31, 2019	$	11.67		0.16		3.34			3.50			(0.12	)
For the year ended December 31, 2018	$	14.42		0.11		(2.14	)		(2.03	)		(0.05	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	15.08		0.05		(3.11	)		(3.06	)		—
For the year ended December 31, 2019	$	11.69		0.15		3.40			3.55			(0.16	)
For the year ended December 31, 2018	$	14.42		0.15		(2.14	)		(1.99	)		(0.07	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	15.10		0.06		(3.12	)		(3.06	)		—
For the year ended December 31, 2019	$	11.70		0.19		3.38			3.57			(0.17	)
For the year ended December 31, 2018	$	14.42		0.16		(2.14	)		(1.98	)		(0.07	)

^(A) Inception date of the Fund is December 29, 2017. The Fund commenced public offering and operations on January 2, 2018.

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

See accompanying Notes to Financial Statements.

104 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(C)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—			—		$	11.98		(20.40	)%(E)	$	88		1.14	%(F)		0.64	%(F)		35	%(E)
	—			(0.12	)	$	15.05		29.96	%	$	111		1.15	%		1.18	%		29	%
	(0.67	)		(0.72	)	$	11.67		(14.91	)%	$	66		1.18	%		0.86	%		84	%
	—			—		$	12.02		(20.29	)%(E)	$	3,460		0.85	%(F)		0.84	%(F)		35	%(E)
	—			(0.16	)	$	15.08		30.34	%	$	6,216		0.86	%		1.10	%		29	%
	(0.67	)		(0.74	)	$	11.69		(14.66	)%	$	4,440		0.89	%		1.09	%		84	%
	—			—		$	12.04		(20.26	)%(E)	$	12,359		0.73	%(F)		1.00	%(F)		35	%(E)
	—			(0.17	)	$	15.10		30.54	%	$	15,528		0.74	%		1.37	%		29	%
	(0.67	)		(0.74	)	$	11.70		(14.55	)%	$	10,214		0.77	%		1.24	%		84	%

^(C) Total returns shown exclude the effect of applicable sales charges.

^(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 105

International Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

International Fund(A)	Net asset value, beginning of period		Net investment income(B)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	14.67		0.06		(2.43	)		(2.37	)		—
For the six months ended December 31, 2019	$	13.55		0.02		1.15			1.17			(0.04	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	14.69		0.07		(2.43	)		(2.36	)		—
For the six months ended December 31, 2019	$	13.55		0.04		1.15			1.19			(0.04	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	14.69		0.08		(2.43	)		(2.35	)		—
For the six months ended December 31, 2019	$	13.55		0.05		1.15			1.20			(0.05	)

^(A) Inception date of the Fund is June 28, 2019. The 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.

See accompanying Notes to Financial Statements.

106 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(C)(D)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets(E)			Ratio of net investment income to average net assets(E)			Portfolio turnover rate (D)(F)
	—			—		$	12.30		(16.16	)%	$	260		1.13	%		1.00	%		35	%
	(0.01	)		(0.05	)	$	14.67		8.64	%	$	45		1.21	%		0.25	%		8	%
	—			—		$	12.33		(16.07	)%	$	2,120		0.84	%		1.13	%		35	%
	(0.01	)		(0.05	)	$	14.69		8.80	%	$	3,828		0.92	%		0.61	%		8	%
	—			—		$	12.34		(16.00	)%	$	10,039		0.72	%		1.23	%		35	%
	(0.01	)		(0.06	)	$	14.69		8.85	%	$	9,616		0.80	%		0.70	%		8	%

^(D) Not annualized.

^(E) Annualized.

^(F) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 107

Short Duration Total Return Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Short Duration Total Return Fund(A)	Net asset value, beginning of period		Net investment income(B)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	10.11		0.16		(0.45	)		(0.29	)		(0.16	)
For the year ended December 31, 2019	$	10.05		0.38		0.06			0.44			(0.38	)
For the year ended December 31, 2018	$	10.11		0.33		(0.04	)		0.29			(0.34	)
For the year ended December 31, 2017	$	10.04		0.30		0.09			0.39			(0.31	)
For the period ended December 31, 2016	$	10.00		0.09		0.03			0.12			(0.08	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	10.12		0.18		(0.46	)		(0.28	)		(0.18	)
For the year ended December 31, 2019	$	10.05		0.41		0.07			0.48			(0.41	)
For the year ended December 31, 2018	$	10.11		0.36		(0.04	)		0.32			(0.37	)
For the year ended December 31, 2017	$	10.03		0.33		0.10			0.43			(0.34	)
For the period ended December 31, 2016	$	10.00		0.10		0.03			0.13			(0.10	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	10.12		0.18		(0.45	)		(0.27	)		(0.18	)
For the year ended December 31, 2019	$	10.06		0.42		0.06			0.48			(0.42	)
For the year ended December 31, 2018	$	10.11		0.38		(0.04	)		0.34			(0.38	)
For the year ended December 31, 2017	$	10.03		0.34		0.10			0.44			(0.35	)
For the period ended December 31, 2016	$	10.00		0.11		0.02			0.13			(0.10	)

^(A) Inception date of the Fund is July 5, 2016. The Fund commenced public offering and operations on July 5, 2016.

^(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.

See accompanying Notes to Financial Statements.

108 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(C)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—			(0.16	)	$	9.66		(2.82	)%(E)	$	49,244		0.82	%(F)		3.38	%(F)		43	%(E)
	(0.00	)(G)		(0.38	)	$	10.11		4.44	%	$	55,727		0.82	%		3.72	%		54	%
	(0.01	)		(0.35	)	$	10.05		2.88	%	$	18,789		0.81	%		3.30	%		67	%
	(0.01	)		(0.32	)	$	10.11		3.97	%	$	20,511		0.83	%		3.30	%		82	%
	—			(0.08	)	$	10.04		1.19	%(E)	$	222		0.83	%(F)		1.12	%(F)		19	%(E)
	—			(0.18	)	$	9.66		(2.78	)%(E)	$	614,324		0.53	%(F)		3.65	%(F)		43	%(E)
	(0.00	)(G)		(0.41	)	$	10.12		4.85	%	$	525,994		0.53	%		4.00	%		54	%
	(0.01	)		(0.38	)	$	10.05		3.18	%	$	308,341		0.52	%		3.62	%		67	%
	(0.01	)		(0.35	)	$	10.11		4.33	%	$	61,136		0.53	%		3.29	%		82	%
	—			(0.10	)	$	10.03		1.26	%(E)	$	14,707		0.53	%(F)		1.32	%(F)		19	%(E)
	—			(0.18	)	$	9.67		(2.63	)%(E)	$	191,772		0.41	%(F)		3.79	%(F)		43	%(E)
	(0.00	)(G)		(0.42	)	$	10.12		4.84	%	$	226,938		0.41	%		4.09	%		54	%
	(0.01	)		(0.39	)	$	10.06		3.38	%	$	252,137		0.40	%		3.72	%		67	%
	(0.01	)		(0.36	)	$	10.11		4.43	%	$	231,290		0.43	%		3.33	%		82	%
	—			(0.10	)	$	10.03		1.29	%(E)	$	182,527		0.44	%(F)		1.25	%(F)		19	%(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.

^(G) Amount is less than $0.005.

See accompanying Notes to Financial Statements.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 109

Core Bond Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Core Bond Fund(A)	Net asset value, beginning of period		Net investment income(B)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	10.19		0.11		0.51			0.62			(0.11	)
For the year ended December 31, 2019	$	9.71		0.24		0.49			0.73			(0.25	)
For the year ended December 31, 2018	$	9.85		0.25		(0.13	)		0.12			(0.26	)
For the year ended December 31, 2017	$	9.70		0.21		0.16			0.37			(0.22	)
For the period ended December 31, 2016	$	10.00		0.07		(0.28	)		(0.21	)		(0.09	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	10.19		0.13		0.51			0.64			(0.13	)
For the year ended December 31, 2019	$	9.71		0.26		0.50			0.76			(0.28	)
For the year ended December 31, 2018	$	9.85		0.28		(0.13	)		0.15			(0.29	)
For the year ended December 31, 2017	$	9.70		0.24		0.16			0.40			(0.25	)
For the period ended December 31, 2016	$	10.00		0.09		(0.30	)		(0.21	)		(0.09	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	10.20		0.14		0.51			0.65			(0.14	)
For the year ended December 31, 2019	$	9.71		0.28		0.50			0.78			(0.29	)
For the year ended December 31, 2018	$	9.85		0.29		(0.13	)		0.16			(0.30	)
For the year ended December 31, 2017	$	9.70		0.25		0.16			0.41			(0.26	)
For the period ended December 31, 2016	$	10.00		0.09		(0.30	)		(0.21	)		(0.09	)

^(A) Inception date of the Fund is July 5, 2016. The Fund commenced public offering and operations on July 5, 2016.

^(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.

See accompanying Notes to Financial Statements.

110 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains		Total distributions			Net asset value, end of period		Total return(C)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—		(0.11	)	$	10.70		6.15	%(E)	$	15,863		0.76	%(F)		2.12	%(F)		18	%(E)
	—		(0.25	)	$	10.19		7.63	%	$	3,599		0.77	%		2.43	%		29	%
	—		(0.26	)	$	9.71		1.28	%	$	2,976		0.76	%		2.60	%		25	%
	—		(0.22	)	$	9.85		3.85	%	$	3,480		0.78	%		2.10	%		35	%
	—		(0.09	)	$	9.70		(2.28	)%(E)	$	2,183		0.78	%(F)		0.87	%(F)		8	%(E)
	—		(0.13	)	$	10.70		6.30	%(E)	$	126,065		0.47	%(F)		2.46	%(F)		18	%(E)
	—		(0.28	)	$	10.19		7.93	%	$	66,174		0.48	%		2.61	%		29	%
	—		(0.29	)	$	9.71		1.59	%	$	14,574		0.47	%		2.92	%		25	%
	—		(0.25	)	$	9.85		4.17	%	$	9,604		0.48	%		2.40	%		35	%
	—		(0.09	)	$	9.70		(2.14	)%(E)	$	8,033		0.49	%(F)		1.02	%(F)		8	%(E)
	—		(0.14	)	$	10.71		6.36	%(E)	$	63,696		0.35	%(F)		2.59	%(F)		18	%(E)
	—		(0.29	)	$	10.20		8.15	%	$	52,275		0.36	%		2.83	%		29	%
	—		(0.30	)	$	9.71		1.69	%	$	37,713		0.35	%		3.03	%		25	%
	—		(0.26	)	$	9.85		4.22	%	$	30,740		0.38	%		2.49	%		35	%
	—		(0.09	)	$	9.70		(2.11	)%(E)	$	29,468		0.39	%(F)		1.00	%(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 111

Corporate Credit Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

Corporate Credit Fund	Net asset value, beginning of period		Net investment income(A)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	11.47		0.26		(0.40	)		(0.14	)		(0.26	)
For the year ended December 31, 2019	$	10.77		0.58		0.78			1.36			(0.57	)
For the year ended December 31, 2018	$	11.32		0.59		(0.56	)		0.03			(0.58	)
For the year ended December 31, 2017	$	11.13		0.58		0.24			0.82			(0.58	)
For the year ended December 31, 2016	$	10.53		0.63		0.60			1.23			(0.62	)
For the year ended December 31, 2015	$	10.94		0.58		(0.44	)		0.14			(0.55	)
Class C
For the six months ended June 30, 2020 (Unaudited)	$	11.43		0.22		(0.41	)		(0.19	)		(0.22	)
For the year ended December 31, 2019	$	10.73		0.49		0.79			1.28			(0.49	)
For the year ended December 31, 2018	$	11.28		0.51		(0.56	)		(0.05	)		(0.50	)
For the year ended December 31, 2017	$	11.09		0.49		0.25			0.74			(0.50	)
For the year ended December 31, 2016	$	10.51		0.54		0.60			1.14			(0.55	)
For the year ended December 31, 2015	$	10.92		0.49		(0.43	)		0.06			(0.47	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	11.44		0.28		(0.42	)		(0.14	)		(0.27	)
For the year ended December 31, 2019	$	10.74		0.61		0.79			1.40			(0.61	)
For the year ended December 31, 2018	$	11.28		0.62		(0.54	)		0.08			(0.62	)
For the year ended December 31, 2017	$	11.09		0.61		0.24			0.85			(0.61	)
For the year ended December 31, 2016	$	10.50		0.66		0.59			1.25			(0.65	)
For the year ended December 31, 2015	$	10.91		0.60		(0.43	)		0.17			(0.58	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	11.43		0.28		(0.40	)		(0.12	)		(0.28	)
For the year ended December 31, 2019	$	10.73		0.62		0.79			1.41			(0.62	)
For the year ended December 31, 2018	$	11.27		0.64		(0.55	)		0.09			(0.63	)
For the year ended December 31, 2017	$	11.09		0.62		0.24			0.86			(0.63	)
For the year ended December 31, 2016	$	10.50		0.67		0.59			1.26			(0.66	)
For the year ended December 31, 2015	$	10.91		0.62		(0.44	)		0.18			(0.59	)

^(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.

^(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.

See accompanying Notes to Financial Statements.

112 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(B)			Net assets, end of period (000’s)		Ratio of total net expenses to average net assets			Ratio of total gross expenses to average net assets(C)			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—			(0.26	)	$	11.07		(1.17	)%(E)	$	138,070		0.90	%(F)		0.91	%(F)		4.82	%(F)		98	%(E)
	(0.09	)		(0.66	)	$	11.47		12.85	%	$	120,014		0.90	%		0.92	%		5.05	%		132	%
	—			(0.58	)	$	10.77		0.25	%	$	69,363		0.90	%		0.91	%		5.30	%		112	%
	(0.05	)		(0.63	)	$	11.32		7.56	%	$	64,204		0.92	%		0.93	%		5.07	%		83	%
	(0.01	)		(0.63	)	$	11.13		11.94	%	$	71,075		0.93	%		0.93	%		5.72	%		119	%
	—			(0.55	)	$	10.53		1.19	%	$	44,354		0.95	%		0.95	%		5.24	%		48	%
	—			(0.22	)	$	11.02		(1.61	)%(E)	$	29,098		1.65	%(F)		1.66	%(F)		4.06	%(F)		98	%(E)
	(0.09	)		(0.58	)	$	11.43		12.06	%	$	26,683		1.65	%		1.67	%		4.34	%		132	%
	—			(0.50	)	$	10.73		(0.51	)%	$	24,968		1.65	%		1.66	%		4.56	%		112	%
	(0.05	)		(0.55	)	$	11.28		6.77	%	$	26,656		1.67	%		1.68	%		4.33	%		83	%
	(0.01	)		(0.56	)	$	11.09		11.06	%	$	29,607		1.68	%		1.68	%		4.98	%		119	%
	—			(0.47	)	$	10.51		0.44	%	$	23,649		1.70	%		1.70	%		4.47	%		48	%
	—			(0.27	)	$	11.03		(1.12	)%(E)	$	1,122,216		0.61	%(F)		0.62	%(F)		5.10	%(F)		98	%(E)
	(0.09	)		(0.70	)	$	11.44		13.20	%	$	911,514		0.61	%		0.63	%		5.36	%		132	%
	—			(0.62	)	$	10.74		0.64	%	$	622,887		0.61	%		0.62	%		5.59	%		112	%
	(0.05	)		(0.66	)	$	11.28		7.87	%	$	536,203		0.62	%		0.63	%		5.39	%		83	%
	(0.01	)		(0.66	)	$	11.09		12.21	%	$	411,465		0.64	%		0.64	%		6.00	%		119	%
	—			(0.58	)	$	10.50		1.49	%	$	247,522		0.75	%		0.75	%		5.51	%		48	%
	—			(0.28	)	$	11.03		(0.98	)%(E)	$	77,432		0.49	%(F)		0.50	%(F)		5.20	%(F)		98	%(E)
	(0.09	)		(0.71	)	$	11.43		13.35	%	$	82,516		0.49	%		0.51	%		5.43	%		132	%
	—			(0.63	)	$	10.73		0.75	%	$	26,221		0.49	%		0.50	%		5.71	%		112	%
	(0.05	)		(0.68	)	$	11.27		7.89	%	$	25,309		0.52	%		0.53	%		5.49	%		83	%
	(0.01	)		(0.67	)	$	11.09		12.34	%	$	21,310		0.54	%		0.54	%		6.33	%		119	%
	—			(0.59	)	$	10.50		1.60	%	$	18,013		0.56	%		0.56	%		5.62	%		48	%

^(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 113

High Yield Fund
Financial Highlights

Selected data for a share outstanding throughout the periods indicated

High Yield Fund(A)	Net asset value, beginning of period		Net investment income(B)		Net realized and unrealized gains (losses) on investments			Total from investment operations		Dividends from net investment income
Class A
For the six months ended June 30, 2020 (Unaudited)	$	11.02		0.30		(0.24	)		0.06		(0.27	)
For the year ended December 31, 2019	$	10.22		0.60		0.91			1.51		(0.60	)
For the year ended December 31, 2018	$	10.77		0.62		(0.51	)		0.11		(0.61	)
For the year ended December 31, 2017	$	10.65		0.65		0.38			1.03		(0.65	)
For the year ended December 31, 2016	$	10.14		0.70		0.71			1.41		(0.66	)
Class I
For the six months ended June 30, 2020 (Unaudited)	$	11.03		0.32		(0.25	)		0.07		(0.28	)
For the year ended December 31, 2019	$	10.22		0.63		0.91			1.54		(0.62	)
For the year ended December 31, 2018	$	10.78		0.65		(0.52	)		0.13		(0.64	)
For the year ended December 31, 2017	$	10.65		0.68		0.39			1.07		(0.68	)
For the year ended December 31, 2016	$	10.14		0.73		0.71			1.44		(0.69	)
Class Y
For the six months ended June 30, 2020 (Unaudited)	$	11.03		0.31		(0.23	)		0.08		(0.29	)
For the year ended December 31, 2019	$	10.22		0.65		0.91			1.56		(0.64	)
For the year ended December 31, 2018	$	10.78		0.67		(0.53	)		0.14		(0.65	)
For the year ended December 31, 2017	$	10.65		0.69		0.40			1.09		(0.70	)
For the year ended December 31, 2016	$	10.14		0.74		0.71			1.45		(0.70	)

^(A) Inception date of the Fund is December 31, 2015. The Fund commenced public offering and operations on January 4, 2016.

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

See accompanying Notes to Financial Statements.

114 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Distributions from net realized capital gains			Total distributions			Net asset value, end of period		Total return(C)			Net assets, end of period (000’s)		Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate(D)
	—			(0.27	)	$	10.81		0.61	%(E)	$	26,970		0.96	%(F)		5.60	%(F)		115	%(E)
	(0.11	)		(0.71	)	$	11.02		15.04	%	$	18,004		0.97	%		5.49	%		164	%
	(0.05	)		(0.66	)	$	10.22		0.97	%	$	1,674		0.96	%		5.81	%		145	%
	(0.26	)		(0.91	)	$	10.77		9.96	%	$	296		0.99	%		5.89	%		137	%
	(0.24	)		(0.90	)	$	10.65		14.29	%	$	185		0.99	%		6.51	%		123	%
	—			(0.28	)	$	10.82		0.75	%(E)	$	352,930		0.67	%(F)		6.07	%(F)		115	%(E)
	(0.11	)		(0.73	)	$	11.03		15.44	%	$	96,563		0.68	%		5.79	%		164	%
	(0.05	)		(0.69	)	$	10.22		1.16	%	$	23,499		0.67	%		6.10	%		145	%
	(0.26	)		(0.94	)	$	10.78		10.36	%	$	14,185		0.69	%		6.23	%		137	%
	(0.24	)		(0.93	)	$	10.65		14.62	%	$	23,989		0.70	%		6.80	%		123	%
	—			(0.29	)	$	10.82		0.80	%(E)	$	9,493		0.55	%(F)		5.79	%(F)		115	%(E)
	(0.11	)		(0.75	)	$	11.03		15.56	%	$	20,190		0.56	%		5.99	%		164	%
	(0.05	)		(0.70	)	$	10.22		1.27	%	$	29,274		0.55	%		6.23	%		145	%
	(0.26	)		(0.96	)	$	10.78		10.48	%	$	16,623		0.59	%		6.28	%		137	%
	(0.24	)		(0.94	)	$	10.65		14.73	%	$	7,752		0.60	%		7.07	%		123	%

^(C) Total returns shown exclude the effect of applicable sales charges.

^(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 | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 115

Diamond Hill Funds
Notes to Financial Statements
June 30, 2020 (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 All Cap Select Fund (“All Cap Select Fund”), Diamond Hill Long-Short Fund (“Long-Short Fund”), Diamond Hill Research Opportunities Fund (“Research Opportunities Fund”), Diamond Hill Global Fund (“Global Fund”), Diamond Hill International Fund (“International Fund”), Diamond Hill Short Duration Total Return Fund (“Short Duration Fund”), Diamond Hill Core Bond Fund (“Core Bond Fund”), Diamond Hill Corporate Credit Fund (“Corporate Credit Fund”) and Diamond Hill High Yield Fund (“High Yield Fund”) are each a diversified series, except for the All Cap Select Fund which is non-diversified, of the Diamond Hill Funds (the “Trust”) (each a “Fund” and collectively the “Funds”). The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services – Investment Companies.”

In June 2019, the partners of the Diamond Hill International Fund, L.P. (the “International Partnership”) approved the conversion of the International Partnership into the International Fund effective July 1, 2019. The International Fund is a successor to the International Partnership and has substantially the same investment objectives and strategies as did the International Partnership. The net assets contributed resulting from these tax-free transactions was $3,996,233, including net unrealized appreciation of $227,053. In addition, limited partners of the International Partnership were issued shares in the International Fund based on the July 1, 2019 opening net asset value (“NAV”) per share of the International Fund. A total of 295,000 shares were issued at a NAV per share of $13.55. For financial reporting purposes, assets received and shares issued were recorded at fair value; however, the cost basis of the investments received was carried forward to align ongoing reporting of the International Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The shareholders of the Diamond Hill Financial Long-Short Fund (“Financial Long-Short Fund”) approved an Agreement and Plan of Reorganization providing for the transfer of all assets and liabilities of the Financial Long-Short Fund to the Research Opportunities Fund. The tax-free reorganization took place on June 7, 2019.

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

The following is a summary of shares outstanding, net assets, NAV per share and unrealized appreciation immediately before and after the reorganization.

	Before Reorganization				After Reorganization
	Financial Long-Short Fund		Research Opportunities Fund		Research Opportunities Fund
Class A
Shares		230,759		231,602		471,011
Net Assets	$	5,169,992	$	5,001,391	$	10,171,383
Net Asset Value	$	22.40	$	21.59	$	21.59
Class C
Shares		67,429		42,440		110,085
Net Assets	$	1,370,862	$	860,074	$	2,230,936
Net Asset Value	$	20.33	$	20.27	$	20.27
Class I
Shares		721,321		1,473,970		2,212,540
Net Assets	$	16,194,234	$	32,318,945	$	48,513,179
Net Asset Value	$	22.45	$	21.93	$	21.93
Class Y
Shares		N/A		816,821		816,821
Net Assets		N/A	$	17,980,227	$	17,980,227
Net Asset Value		N/A	$	22.01	$	22.01
Fund Total
Shares		1,019,509		2,564,833		3,610,457
Net Assets	$	22,735,088	$	56,160,637	$	78,895,725
Unrealized Appreciation	$	1,140,469	$	2,966,361	$	4,106,830

Assuming the reorganization had been completed on January 1, 2019, the beginning of the annual reporting period of the Research Opportunities Fund, the Research Opportunities Fund’s pro forma results of operations for the year ended December 31, 2019, would have been as follows:

Net Investment Income	Net Realized Gains and Net Change in Unrealized Appreciation (Depreciation) on Investments	Change in Net Assets from Operations
$358,858	$18,374,542	$18,733,400

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 117

Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

For financial reporting purposes, assets received and shares issued by the Research Opportunities Fund were recorded at fair value; however, the cost basis of the investments received from the Financial Long-Short Fund was carried forward to align ongoing reporting of the Research Opportunities Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

With the exception of the Mid Cap Fund, Global Fund, International Fund, Short Duration Fund, Core Bond Fund and High Yield Fund, the Funds offer four classes of shares: Class A, Class C, Class I and Class Y. The Mid Cap Fund, Global Fund, International Fund, Short Duration Fund, Core Bond Fund and High Yield Fund offer three classes of shares: Class A, 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 and sales charges. With the exception of the Short Duration Fund, Core Bond Fund, Corporate Credit Fund and High Yield Fund, Class A has a maximum sales charge on purchases of 5.00% as a percentage of the original purchase price. The Short Duration Fund has a maximum sales charge on purchases of 2.25% and the Core Bond Fund, Corporate Credit Fund and High Yield Fund have a maximum sales charge on purchases of 3.50% as a percentage of the original purchase price. Class C has a contingent deferred sales charge of 1.00% for shares redeemed within one year of the purchase date.

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 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)

118 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

Listed securities for which market quotations are readily available are valued at the closing prices as determined by the primary exchange where the securities are traded. Unlisted securities or listed securities for which the latest sales prices 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 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. 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”). 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 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

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 119

Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

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 inputs used to value the Funds’ investments as of June 30, 2020:

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Investments in Securities (Assets)
Small Cap Fund
Common Stocks*	$	433,892,379	$	—	$	—	$	433,892,379
Registered Investment Companies		24,102,807		—		—		24,102,807
Total	$	457,995,186	$	—	$	—	$	457,995,186
Small-Mid Cap Fund
Common Stocks*	$	1,522,448,014	$	—	$	—	$	1,522,448,014
Registered Investment Companies		153,389,226		—		—		153,389,226
Total	$	1,675,837,240	$	—	$	—	$	1,675,837,240
Mid Cap Fund
Common Stocks*	$	217,719,637	$	—	$	—	$	217,719,637
Registered Investment Companies		14,665,170		—		—		14,665,170
Total	$	232,384,807	$	—	$	—	$	232,384,807
Large Cap Fund
Common Stocks*	$	6,060,198,623	$	—	$	—	$	6,060,198,623
Registered Investment Companies		309,121,526		—		—		309,121,526
Total	$	6,369,320,149	$	—	$	—	$	6,369,320,149
All Cap Select Fund
Common Stocks*	$	235,450,421	$	—	$	—	$	235,450,421
Registered Investment Companies		11,912,903		—		—		11,912,903
Total	$	247,363,324	$	—	$	—	$	247,363,324
Long-Short Fund
Common Stocks*	$	1,903,243,072	$	—	$	—	$	1,903,243,072
Registered Investment Companies		772,709,509		—		—		772,709,509
Total	$	2,675,952,581	$	—	$	—	$	2,675,952,581
Research Opportunities Fund
Common Stocks*	$	39,501,132	$	1,554,127	$	—	$	41,055,259
Registered Investment Companies		16,582,975		—		—		16,582,975
Total	$	56,084,107	$	1,554,127	$	—	$	57,638,234
Global Fund
Common Stocks*	$	10,061,904	$	5,362,269	$	—	$	15,424,173
Registered Investment Companies		1,006,049		—		—		1,006,049
Total	$	11,067,953	$	5,362,269	$	—	$	16,430,222
International Fund
Common Stocks*	$	3,683,312	$	8,561,128	$	—	$	12,244,440
Registered Investment Companies		551,158		—		—		551,158
Total	$	4,234,470	$	8,561,128	$	—	$	12,795,598

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs			Total
Short Duration Fund
Corporate Credit*	$	—		$	15,461,108	$	—	��	$	15,461,108
Securitized*		—			752,868,604		—			752,868,604
Registered Investment Companies		77,233,052			—		—			77,233,052
Total	$	77,233,052		$	768,329,712	$	—		$	845,562,764
Core Bond Fund
Corporate Credit*	$	—		$	37,262,940	$	—		$	37,262,940
Government Related		—			1,316,221		—			1,316,221
Securitized*		—			131,105,356		—			131,105,356
Treasury		—			34,454,366		—			34,454,366
Registered Investment Companies		14,751,454			—		—			14,751,454
Total	$	14,751,454		$	204,138,883	$	—		$	218,890,337
Corporate Credit Fund
Collateralized Debt Obligations	$	—		$	1,382,608	$	—		$	1,382,608
Corporate Bonds*		—			1,186,274,780		—			1,186,274,780
Registered Investment Companies		229,984,160			—		—			229,984,160
Total	$	229,984,160		$	1,187,657,388	$	—		$	1,417,641,548
High Yield Fund
Corporate Bonds*	$	—		$	363,654,806	$	—		$	363,654,806
Securitized*		—			5,693,168		—			5,693,168
Registered Investment Companies		29,676,227			—		—			29,676,227
Total	$	29,676,227		$	369,347,974	$	—		$	399,024,201
Investments in Securities Sold Short (Liabilities)
Long-Short Fund
Common Stocks*	$	(618,543,415	)	$	—	$	—		$	(618,543,415	)
Total	$	(618,543,415	)	$	—	$	—		$	(618,543,415	)
Research Opportunities Fund
Common Stocks*	$	(7,381,717	)	$	—	$	—		$	(7,381,717	)
Total	$	(7,381,717	)	$	—	$	—		$	(7,381,717	)

* 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, 2020.

Short sales — The Long-Short Fund, Research Opportunities Fund, Global Fund, International Fund, Corporate Credit Fund and High Yield 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 the 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

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

are maintained by the custodian and are used as collateral. Cash collateral is shown as “Cash deposits with custodian for securities sold short” on the Statements of Assets & Liabilities and “Segregated Cash With Custodian” on the Schedules of Investments. Liquid securities pledged as collateral are noted on the Schedules of Investments.

A Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. 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 Funds’ investment adviser, Diamond Hill Capital Management, Inc. (“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.

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

As of June 30, 2020, the fair value of securities on loan and the collateral held were as follows:

	Fair Value of Securities Loaned		Cash Collateral		Non-Cash Collateral*		Total Collateral
Small Cap Fund	$	4,606,563	$	3,485,598	$	1,160,790	$	4,646,388
Small-Mid Cap Fund		50,711,698		18,485,780		32,480,690		50,966,470
Mid Cap Fund		532,175		41,013		493,047		534,060
Large Cap Fund		209,404,947		155,153,658		56,671,737		211,825,395
All Cap Select Fund		2,657,290		2,808,515		—		2,808,515
Long-Short Fund		534,557,985		540,661,960		—		540,661,960
Research Opportunities Fund		11,610,983		11,724,651		—		11,724,651
Global Fund		826,522		471,107		366,758		837,865
International Fund		592,102		425,212		178,556		603,768
Short Duration Fund		1,271,461		1,304,315		—		1,304,315
Core Bond Fund		15,146,504		10,788,480		4,783,355		15,571,835
Corporate Credit Fund		51,821,468		52,908,235		1,673,810		54,582,045
High Yield Fund		4,976,110		5,081,893		—		5,081,893

* 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.

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

Federal 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, 2020, 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, Core Bond Fund, Corporate Credit Fund and High Yield 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, All Cap Select Fund, Long-Short Fund, Research Opportunities Fund, Global 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.

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (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, 2020, 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	$	104,111,028	$	222,844,908
Small-Mid Cap Fund		376,426,707		485,524,790
Mid Cap Fund		127,916,477		55,017,865
Large Cap Fund		1,446,913,920		1,020,286,735
All Cap Select Fund		122,897,346		102,173,934
Long-Short Fund		939,130,897		1,799,570,600
Research Opportunities Fund		26,701,793		53,455,823
Global Fund		6,153,527		7,336,397
International Fund		5,613,569		4,325,510
Short Duration Fund		341,841,177		305,540,340
Core Bond Fund		101,131,689		27,911,419
Corporate Credit Fund		1,330,973,121		1,028,489,078
High Yield Fund		437,510,058		255,263,902

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (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, 2020:

	Total Commissions		Commissions as a % of Average Net Assets
Small Cap Fund	$	238,797		0.04	%
Small-Mid Cap Fund		573,525		0.03	%
Mid Cap Fund		85,546		0.04	%
Large Cap Fund		764,938		0.01	%
All Cap Select Fund		106,789		0.04	%
Long-Short Fund		987,858		0.04	%
Research Opportunities Fund		41,492		0.08	%
Global Fund		11,806		0.07	%
International Fund		12,832		0.10	%

Investment Advisory Fees and Other Transactions with Affiliates

As of June 30, 2020, the Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, All Cap Select Fund, Long-Short Fund, Research Opportunities Fund, Global Fund, International Fund, Short Duration Fund, Core Bond Fund, Corporate Credit Fund and High Yield 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%, 0.70%, 0.90%, 0.95%, 0.65%, 0.65%, 0.35%, 0.30%, 0.45% and 0.50%, respectively, of the 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 Class A Shares and Class C 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 Class A and Class C Shares (the “Plan”). Under the Plan, Class A shares pay a distribution fee monthly at an annual rate of 0.25% of Class A average daily net assets. Class C shares pay distribution and shareholder-servicing fees monthly at an annual rate of 0.75% and 0.25%, respectively, of Class C’s average daily net assets. Class I and Class Y shares are not subject to any distribution or shareholder-servicing fees. The Trust has entered into a Distribution

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

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.

During the six months ended June 30, 2020, the Distributor retained the following amounts in sales commissions from the sales of Class A shares of the Funds as follows:

Small Cap Fund	$	590
Small-Mid Cap Fund		466
Mid Cap Fund		742
Large Cap Fund		18,989
All Cap Select Fund		29
Long-Short Fund		2,435
Research Opportunities Fund		112
International Fund		410
Short Duration Fund		500
Corporate Credit Fund		13,914
High Yield Fund		1,476

DHCM, as the financing agent for Class C shares, received contingent deferred sales charges relating to the redemptions of Class C shares of the Funds during the six months ended June 30, 2020 as follows:

Small Cap Fund	$	10
Small-Mid Cap Fund		265
Large Cap Fund		2,041
Long-Short Fund		131

The Funds may invest in one or more Diamond Hill Funds. 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 Funds. This fee waiver is accrued daily and settled monthly. During the six months ended June 30, 2020, the Funds reduced investment advisory fees as follows:

Small-Mid Cap Fund	$	54,166
Mid Cap Fund		3,268
Long-Short Fund		101,330
Corporate Credit Fund		60,152

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

The Small-Mid Cap Fund, Mid Cap Fund, Long-Short Fund and Corporate Credit Fund each own or had 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 Funds’ holdings in the Short Duration Fund during the six months ended June 30, 2020 is as follows:

Affiliated Fund	Small-Mid Cap Fund			Mid Cap Fund			Long-Short Fund			Corporate Credit Fund
Diamond Hill Short Duration Total Return Fund
Value, December 31, 2019	$	40,751,490		$	2,345,400		$	68,433,025		$	51,021,763
Purchases		553,728			32,960			1,060,675			3,582,895
Sales		(15,000,000	)		(700,000	)		(24,000,000	)		(50,408,725	)
Realized Losses		(9,028	)		(75,396	)		(1,055,829	)		(4,046,880	)
Change in Unrealized Appreciation (Depreciation)		(1,179,387	)		(69,488	)		(2,006,587	)		(149,053	)
Value, June 30, 2020	$	25,116,803		$	1,533,476		$	42,431,284		$	—
Income Distributions	$	553,728		$	32,960		$	1,060,675		$	592,741

During the six months ended June 30, 2020, the Research Opportunities Fund, Corporate Credit Fund and High Yield Fund sold securities to the Corporate Credit Fund and High Yield Fund. These transactions, which were effected at the then current market prices as provided by an independent pricing service used by the Trust, complied with Rule 17a-7 under the 1940 Act. The transactions were as follows:

Selling Fund	Purchasing Fund	Net Proceeds		Net Gain (Loss)
Research Opportunities Fund	Corporate Credit Fund	$	1,021,466	$	50,820
Research Opportunities Fund	High Yield Fund		207,800		14,406
Corporate Credit Fund	High Yield Fund		61,368,047		(10,988,259	)
High Yield Fund	Corporate Credit Fund		12,309,588		956,716

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 $327,500 in fees during the six months ended June 30, 2020. 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 which

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Federal Tax Information

The amount and character of income and capital gain distributions paid by the Funds are determined in accordance with Federal income tax regulations, which may differ from GAAP.

The tax character of distributions paid during the year ended December 31, 2019 was as follows:

	Small Cap Fund		Small-Mid Cap Fund		Mid Cap Fund
Distributions paid from:
Ordinary income	$	9,777,452	$	22,520,202	$	1,309,016
Long-term capital gains		41,924,707		96,840,200		3,308,543
Total distributions	$	51,702,159	$	119,360,402	$	4,617,559

	Large Cap Fund		All Cap Select Fund		Long-Short Fund
Distributions paid from:
Ordinary income	$	76,750,034	$	378,966	$	29,241,845
Long-term capital gains		232,666,505		4,355,643		188,106,126
Total distributions	$	309,416,539	$	4,734,609	$	217,347,971

	Research Opportunities Fund		Global Fund		International Fund
Distributions paid from:
Ordinary income	$	353,668	$	240,628	$	48,725
Long-term capital gains		3,455,947		—		3,173
Total distributions	$	3,809,615	$	240,628	$	51,898

	Short Duration Fund		Core Bond Fund		Corporate Credit Fund
Distributions paid from:
Ordinary income	$	28,180,506	$	2,323,156	$	57,866,445
Long-term capital gains		—		—		1,612,910
Total distributions	$	28,180,506	$	2,323,156	$	59,479,355

	High Yield Fund
Distributions paid from:
Ordinary income	$	7,005,691
Long-term capital gains		—
Total distributions	$	7,005,691

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

The following information is computed on a tax basis for each item as of December 31, 2019:

	Small Cap Fund			Small-Mid Cap Fund		Mid Cap Fund			Large Cap Fund
Net unrealized appreciation on portfolio investments	$	274,237,010		$	463,978,701	$	26,792,544		$	2,030,699,844
Undistributed ordinary income		2,506,448			4,969,112		—			—
Undistributed capital gains		—			1,659,341		401,825			—
Qualified late-year losses		(2,887,341	)		—		(4,733	)		(13,803,061	)
Distributable earnings	$	273,856,117		$	470,607,154	$	27,189,636		$	2,016,896,783

	All Cap Select Fund			Long-Short Fund		Research Opportunities Fund		Global Fund
Net unrealized appreciation on portfolio investments	$	42,611,460		$	868,047,927	$	10,247,107	$	2,128,810
Undistributed ordinary income		1,790,440			—		92,036		42,245
Undistributed capital gains		—			15,780,587		566,892		—
Accumulated capital and other losses		(4,194,625	)		—		—		(474,794	)
Distributable earnings	$	40,207,275		$	883,828,514	$	10,906,035	$	1,696,261

	International Fund		Short Duration Total Return Fund			Core Bond Fund			Corporate Credit Fund
Net unrealized appreciation on portfolio investments	$	1,208,823	$	1,555,043		$	1,585,746		$	13,329,740
Undistributed ordinary income		9,101		—			—			4,407,964
Undistributed capital gains		79,270		—			—			820,030
Qualified late-year losses		—		(16,256	)		—			—
Accumulated capital and other losses		—		—			(193,179	)		—
Distributable earnings	$	1,297,194	$	1,538,787		$	1,392,567		$	18,557,734

	High Yield Fund
Net unrealized appreciation on portfolio investments	$	2,014,737
Undistributed ordinary income		870,667
Undistributed capital gains		34,490
Distributable earnings	$	2,919,894

Qualified late-year losses listed above incurred after October 31, 2019 and within the taxable year, are deemed to arise on the first day of the Funds’ next taxable year.

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

As of June 30, 2020, the Funds’ federal tax cost of portfolio investments and net unrealized appreciation (depreciation) on portfolio investments including short sales, where applicable, were as follows:

	Small Cap Fund			Small-Mid Cap Fund			Mid Cap Fund			Large Cap Fund
Tax cost of portfolio investments	$	419,986,378		$	1,753,285,110		$	265,558,451		$	5,241,014,003
Gross unrealized appreciation		97,593,301			218,632,669			15,797,962			1,483,776,430
Gross unrealized depreciation		(59,584,493	)		(296,080,539	)		(48,971,606	)		(355,470,284	)
Net unrealized appreciation (depreciation) on portfolio investments	$	38,008,808		$	(77,447,870	)	$	(33,173,644	)	$	1,128,306,146

	All Cap Select Fund			Long-Short Fund			Research Opportunities Fund			Global Fund
Tax cost of portfolio investments	$	243,633,447		$	1,753,287,616		$	48,174,795		$	17,784,355
Gross unrealized appreciation		26,374,621			386,269,757			5,899,003			1,110,049
Gross unrealized depreciation		(22,644,744	)		(82,148,207	)		(3,817,281	)		(2,464,182	)
Net unrealized appreciation (depreciation) on portfolio investments	$	3,729,877		$	304,121,550		$	2,081,722		$	(1,354,133	)

	International Fund			Short Duration Total Return Fund			Core Bond Fund			Corporate Credit Fund
Tax cost of portfolio investments	$	13,785,748		$	875,822,304		$	209,568,105		$	1,438,631,709
Gross unrealized appreciation		931,973			12,233,511			10,893,994			29,971,856
Gross unrealized depreciation		(1,922,123	)		(42,493,051	)		(1,571,762	)		(50,962,017	)
Net unrealized appreciation (depreciation) on portfolio investments	$	(990,150	)	$	(30,259,540	)	$	9,322,232		$	(20,990,161	)

	High Yield Fund
Tax cost of portfolio investments	$	393,729,992
Gross unrealized appreciation		15,205,046
Gross unrealized depreciation		(9,910,837	)
Net unrealized appreciation on portfolio investments	$	5,294,209

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 unreversed inclusions of Passive Foreign Investment Companies.

For the latest tax year ended December 31, 2019, the following Funds have capital loss carry forwards (“CLCFs”) as summarized below.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 131

Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

CLCFs not subject to expiration:

	All Cap Select Fund		Global Fund		Core Bond Fund
No expiration - short-term	$	2,078,521	$	71,958	$	68,818
No expiration - long-term		2,116,104		402,836		124,361
	$	4,194,625	$	474,794	$	193,179

In-Kind Redemption Transactions

During the six months ended June 30, 2020, Small-Mid Cap Fund realized $16,852,506 of net capital gains resulting from in-kind redemptions (redemptions in which shareholders who redeemed Fund shares received investment securities held by the Fund rather than cash). The Fund recognizes 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 Fund and are not required to be distributed to shareholders. The Fund has reclassified this amount 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 the Fund’s net assets or NAV per share.

Borrowings

The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, All Cap Select Fund, Long-Short Fund, Research Opportunities Fund, Global Fund, International Fund, Short Duration Fund, Core Bond Fund, Corporate Credit Fund and High Yield Fund each has an unsecured line of credit up to 20.0%, 20.0%, 20.0%, 33.3%, 25.0%, 15.0%, 15.0%, 20.0%, 20.0%, 20.0%, 20.0%, 15.0% and 15.0%, respectively, of its net assets, with a total maximum of $40,000,000.

Borrowings under the agreement bear interest at the higher of Federal Funds Rate or one month LIBOR plus 1.25%. The line of credit is available until June 2, 2021, unless extended, when any advances are to be repaid. During the six months ended June 30, 2020, Short Duration Fund incurred $53,171 of interest expense related to borrowings. The average debt outstanding and the average interest rate for days with borrowing for the Short Duration Fund during the six months ended June 30, 2020 were $40,000,000 and 2.18%, respectively. The largest outstanding borrowing during the six months ended June 30, 2020 was $40,000,000. During the six months ended June 30, 2020, no other Funds drew from the available lines.

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

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Diamond Hill Funds
Notes to Financial Statements (Continued)
June 30, 2020 (Unaudited)

Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund’s investment restrictions). If a borrowing fund’s total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board. During the six month ended June 30, 2020, none of the Funds participated in the Interfund Lending Program.

Other Matters

The global spread of novel coronavirus disease (COVID-19) was declared a pandemic by the World Health Organization. This pandemic has resulted in significant disruptions to economies and markets, adversely impacting individual companies, sectors, industries, currencies, interest and inflation rates, credit ratings, and investor sentiment. COVID-19 has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments and operations. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds’ service providers and disrupt the Funds’ operations. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Management continues to monitor and evaluate this situation.

Subsequent Events

The Funds evaluated events from June 30, 2020 through the date that these financial statements were issued. There were no subsequent events to report that would have a material impact on the Funds’ financial statements except for the following:

On July 21, 2020, the Board of Trustees approved an Agreement and Plan of Reorganization to merge the Research Opportunities Fund with and into the Long-Short Fund. The merger is subject to the approval of the Research Opportunities Shareholders.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 133

Diamond Hill Funds
Other Items
June 30, 2020 (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.

134 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Schedule of Shareholder Expenses
Hypothetical Example of a $1,000 Investment at Beginning of Period
(Unaudited)

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including wire redemption fees and sales charges (loads) as applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs or other fees that may apply, such as sales charges and fees for low balance accounts. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs and other fees were included, your costs would have been higher.

These examples are based on an investment of $1,000 invested at January 1, 2020 and held for the entire period from January 1, 2020 through June 30, 2020.

The Actual Expense example below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses paid during the period” to estimate the expenses you paid on your account during this period.

The Hypothetical Expense example below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)*		Funds annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Small Cap Fund
Class A	1,000.00	1,000.00	741.90	1,018.58	5.47	6.34	1.26%
Class C	1,000.00	1,000.00	739.10	1,014.86	8.70	10.08	2.01%
Class I	1,000.00	1,000.00	743.20	1,020.02	4.22	4.89	0.97%
Class Y	1,000.00	1,000.00	743.40	1,020.62	3.70	4.28	0.85%
Small-Mid Cap Fund
Class A	1,000.00	1,000.00	771.80	1,018.86	5.32	6.06	1.21%
Class C	1,000.00	1,000.00	768.90	1,015.12	8.62	9.82	1.96%
Class I	1,000.00	1,000.00	773.20	1,020.31	4.04	4.60	0.92%
Class Y	1,000.00	1,000.00	773.60	1,020.90	3.51	4.00	0.80%

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 135

Diamond Hill Funds
Schedule of Shareholder Expenses
Hypothetical Example of a $1,000 Investment at Beginning of Period
(Unaudited) (Continued)

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)*		Funds annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Mid Cap Fund
Class A	1,000.00	1,000.00	754.80	1,019.60	4.61	5.31	1.06%
Class I	1,000.00	1,000.00	755.60	1,021.05	3.35	3.86	0.77%
Class Y	1,000.00	1,000.00	756.30	1,021.64	2.83	3.25	0.65%
Large Cap Fund
Class A	1,000.00	1,000.00	862.80	1,020.08	4.45	4.83	0.96%
Class C	1,000.00	1,000.00	859.40	1,016.35	7.92	8.58	1.71%
Class I	1,000.00	1,000.00	864.00	1,021.53	3.11	3.37	0.67%
Class Y	1,000.00	1,000.00	864.10	1,022.13	2.55	2.77	0.55%
All Cap Select Fund
Class A	1,000.00	1,000.00	819.40	1,019.09	5.26	5.83	1.16%
Class C	1,000.00	1,000.00	816.40	1,015.34	8.65	9.60	1.91%
Class I	1,000.00	1,000.00	820.50	1,020.53	3.94	4.38	0.87%
Class Y	1,000.00	1,000.00	821.00	1,021.13	3.40	3.77	0.75%
Long-Short Fund
Class A	1,000.00	1,000.00	868.40	1,015.71	8.55	9.23	1.84%
Class C	1,000.00	1,000.00	865.30	1,011.97	12.03	12.97	2.59%
Class I	1,000.00	1,000.00	869.50	1,017.15	7.21	7.78	1.55%
Class Y	1,000.00	1,000.00	869.70	1,017.75	6.65	7.18	1.43%
Research Opportunities Fund
Class A	1,000.00	1,000.00	852.40	1,016.26	7.97	8.67	1.73%
Class C	1,000.00	1,000.00	849.30	1,012.52	11.41	12.42	2.48%
Class I	1,000.00	1,000.00	853.80	1,017.70	6.64	7.22	1.44%
Class Y	1,000.00	1,000.00	854.40	1,018.30	6.08	6.62	1.32%
Global Fund
Class A	1,000.00	1,000.00	796.00	1,019.21	5.08	5.71	1.14%
Class I	1,000.00	1,000.00	797.10	1,020.65	3.78	4.25	0.85%
Class Y	1,000.00	1,000.00	797.40	1,021.25	3.24	3.65	0.73%
International Fund
Class A	1,000.00	1,000.00	838.40	1,019.27	5.14	5.65	1.13%
Class I	1,000.00	1,000.00	839.30	1,020.69	3.84	4.22	0.84%
Class Y	1,000.00	1,000.00	840.00	1,021.29	3.29	3.61	0.72%
Short Duration Total Return Fund
Class A	1,000.00	1,000.00	971.80	1,020.77	4.04	4.14	0.82%
Class I	1,000.00	1,000.00	972.20	1,022.21	2.61	2.68	0.53%
Class Y	1,000.00	1,000.00	973.70	1,022.81	2.03	2.08	0.41%
Core Bond Fund
Class A	1,000.00	1,000.00	1,061.50	1,021.10	3.87	3.80	0.76%
Class I	1,000.00	1,000.00	1,063.00	1,022.53	2.41	2.36	0.47%
Class Y	1,000.00	1,000.00	1,063.60	1,023.12	1.79	1.76	0.35%

136 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Schedule of Shareholder Expenses
Hypothetical Example of a $1,000 Investment at Beginning of Period
(Unaudited) (Continued)

	Account value at the beginning of the period ($)		Account value at the end of the period ($)		Expenses paid during the period ($)*		Funds annualized expense ratio (%)
	Actual	Hypothetical	Actual	Hypothetical	Actual	Hypothetical	Actual
Corporate Credit Fund
Class A	1,000.00	1,000.00	988.30	1,020.39	4.44	4.52	0.90%
Class C	1,000.00	1,000.00	983.90	1,016.66	8.13	8.27	1.65%
Class I	1,000.00	1,000.00	988.80	1,021.83	3.01	3.06	0.61%
Class Y	1,000.00	1,000.00	990.20	1,022.43	2.42	2.46	0.49%
High Yield Fund
Class A	1,000.00	1,000.00	1,006.10	1,020.11	4.77	4.80	0.96%
Class I	1,000.00	1,000.00	1,007.50	1,021.55	3.33	3.35	0.67%
Class Y	1,000.00	1,000.00	1,008.00	1,022.14	2.73	2.75	0.55%

* Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one-half year period).

You can find more information about the Fund’s expenses, including annual expense ratios for historical periods in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus. The prospectus presents hypothetical shareholder costs over various time periods based upon a $10,000 investment and a return of 5% a year. The standardized example, which appears in all mutual fund prospectuses, may be useful to you in comparing the costs of investing in different funds.

DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 137

Diamond Hill Funds
Operation and Effectiveness of the Funds’ Liquidity Risk Management Program
(Unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Diamond Hill Funds Board of Trustees (the “Board”) met on May 21, 2020 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the Diamond Hill Funds (each, a “Fund”), pursuant to the Liquidity Rule. The Board has appointed the Diamond Hill Capital Management, Inc. Valuation & Liquidity Committee (the “Committee”) as the program administrator for the Program. At the Meeting, the Committee provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, and any material changes to the Program (the “Report”). The Report covered the period from December 1, 2018 through March 31, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments into one of four liquidity buckets: Highly Liquid, Moderately Liquid, Less Liquid and Illiquid. These classifications are reported to the SEC on Form N-PORT.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure. The Committee also factored a Fund’s concentration in an issuer into the liquidity analysis by taking issuer position sizes into account.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: During the Program Reporting Period, the Committee reviewed historical gross redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size (“RATS”). The Committee also considered a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the likelihood of advance notice for large redemptions.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: The Committee considered the terms of the credit facility applicable to the Funds, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple Funds. The Committee also considered other types of borrowing available to the Funds, such as the ability to use interfund lending. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests.

There were no material changes to the Program during the Program Reporting Period. During March and April 2020, certain areas of the fixed income markets experienced significant illiquidity. During this time, the Program, as designed, was an effective tool for the Funds to

138 DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM

Diamond Hill Funds
Operation and Effectiveness of the Funds’ Liquidity Risk Management Program
(Unaudited) (Continued)

manage through this period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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DIAMOND HILL FUNDS | SEMI-ANNUAL REPORT | JUNE 30, 2020 | DIAMOND-HILL.COM 141

INVESTMENT ADVISER: DIAMOND HILL CAPITAL MANAGEMENT, INC.

DISTRIBUTOR: FORESIDE FINANCIAL SERVICES, LLC (MEMBER FINRA)

DIAMOND-HILL.COM | 855.255.8955 | 325 JOHN H. MCCONNELL BLVD | SUITE 200 | COLUMBUS, OHIO | 43215

DH-SAR063020

Item 2. Code of Ethics.

Not applicable for semi-annual reporting period.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reporting period.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reporting period.

Item 6. Schedule of Investments.

(a) The Schedule of Investments is included in the Semi-Annual Report to Shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affected, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

(a)(1)	Not applicable for semi-annual reporting period.
(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
(a)(3)	Not applicable.
(a)(4)	Change in registrant’s independent public accountants:  Not applicable.
(b)	Certification required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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, Chief Executive Officer
Date:	August 27, 2020

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, Chief Executive Officer
Date:	August 27, 2020
By (Signature and Title)	/s/ Julie A. Roach
	Julie A. Roach, Principal Financial Officer
Date:	August 27, 2020