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Investor
Class I
Class Y
Diamond Hill Small Cap Fund
DHSCX
DHSIX
DHSYX
Diamond Hill Small-Mid Cap Fund
DHMAX
DHMIX
DHMYX
Diamond Hill Mid Cap Fund
DHPAX
DHPIX
DHPYX
Diamond Hill Large Cap Fund
DHLAX
DHLRX
DHLYX
Diamond Hill Large Cap Concentrated Fund DHFAX DHFIX DHFYX
Diamond Hill Select Fund (formerly All Cap Select Fund)
DHTAX
DHLTX
DHTYX
Diamond Hill Long-Short Fund
DIAMX
DHLSX
DIAYX
Diamond Hill International Fund
DHIAX
DHIIX
DHIYX
Diamond Hill Short Duration Securitized Bond Fund
DHEAX
DHEIX
DHEYX
Diamond Hill Core Bond Fund
DHRAX
DHRIX
DHRYX
As with all mutual fund shares and prospectuses, the Securities and Exchange Commission has not approved or disapproved these shares or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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Table of Contents
Fund Summaries
Diamond Hill Small Cap Fund
Diamond Hill Small-Mid Cap Fund
Diamond Hill Mid Cap Fund
Diamond Hill Large Cap Fund
Diamond Hill Large Cap Concentrated Fund
Diamond Hill Select Fund
Diamond Hill Long-Short Fund
Diamond Hill International Fund
Diamond Hill Short Duration Securitized Bond Fund
Diamond Hill Core Bond Fund
Fund Details
Additional Information About Investment Strategies and Related Risks
Investment Risks
Portfolio Holdings Disclosure
Management of the Funds
Your Account
Pricing Your Shares
How to Purchase Shares
How to Redeem Shares
How to Exchange Shares
How to Request Certain Non-Financial Transactions
Market Timing and Frequent Trading Policy
Distribution and Taxes
Householding
Financial Highlights
For more information, see back cover.
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Class
Investor I Y
Ticker DHSCX DHSIX DHSYX
Investment Objective
The investment objective of the Diamond Hill Small Cap Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor
Class I
Class Y
Management fees 0.80  % 0.80  % 0.80  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 1.26  % 0.97  % 0.85  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year
3 Years
5 Years
10 Years
Investor $128  $400  $692  $1,523 
Class I 99  309  536  1,190 
Class Y 87  271  471  1,049 

PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 37% of the average value of its portfolio.





Principal Investment Strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Small cap companies are defined as companies with market capitalizations at the time of purchase below $3 billion or in the range of those market capitalizations of companies included in the Russell 2000 Index at the time of purchase. The capitalization range of the Russell 2000 Index is between $6.8 million and $7.8 billion as of January 31, 2023. The size of the companies included in the Russell 2000 Index will change with market conditions.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.
1 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Small Cap Fund Summary As of February 28, 2023
Market Risk The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Small Cap Company Risk  Investments in small cap companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.







CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31

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Best Quarter:
4Q 2020, +26.68%
Worst Quarter:
1Q 2020, -36.17%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Year Ten Year
Class I Before Taxes
4/29/05 (14.77) % 3.19  % 7.73  %
After Taxes on Distributions (17.96) 0.83  5.93 
After Taxes on Distributions and Sale of Fund Shares (6.59) 2.41  6.14 
Investor Before Taxes
12/29/00 (15.02) 2.89  7.43 
Class Y Before Taxes
12/30/11 (14.64) 3.31  7.86 
Russell 2000 Index (20.44) 4.13  9.01 
The Russell 2000 Index measures the performance of roughly 2,000 US small-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.

DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 2


Diamond Hill Small Cap Fund Summary As of February 28, 2023
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Aaron Monroe
Portfolio Manager
since 2/2017
Christopher Welch
Assistant Portfolio Manager
since 4/2007
Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Small Cap Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.

Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

3 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


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Class
Investor I Y
Ticker DHMAX DHMIX DHMYX
Investment Objective
The investment objective of the Diamond Hill Small-Mid Cap Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.75  % 0.75  % 0.75  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 1.21  % 0.92  % 0.80  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year
3 Years
5 Years
10 Years
Investor $123  $384  $665  $1,466 
Class I 94  293  509  1,131 
Class Y 82  255  444  990 

PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 25% of the average value of its portfolio.




Principal Investment Strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small and medium market capitalizations that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Small and mid cap companies are defined as companies with market capitalizations at the time of purchase between $500 million and $10 billion or in the range of those market capitalizations of companies included in the Russell 2500 Index at the time of purchase. The capitalization range of the Russell 2500 Index is between $6.8 million and $21.7 billion as of January 31, 2023. The size of the companies included in the Russell 2500 Index will change with market conditions.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating; or, if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.


4 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Small-Mid Cap Fund Summary As of February 28, 2023
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Small Cap and Mid Cap Company Risk  Investments in small cap and mid cap companies may be riskier than investments in larger, more established companies. The securities of these companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, small cap and mid cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.

CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
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Best Quarter:
4Q 2020, +23.26%
Worst Quarter:
1Q 2020, -35.83%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of 
Class
One Year Five Year
Ten Year
Class I Before Taxes
12/30/05 (13.62) % 5.09  % 9.75  %
After Taxes on Distributions (14.76) 4.02  8.78 
After Taxes on Distributions and Sale of Fund Shares (7.43) 3.88  7.86 
Investor Before Taxes
12/30/05 (13.86) 4.79  9.44 
Class Y Before Taxes
12/30/11 (13.51) 5.22  9.90 
Russell 2500 Index (18.37) 5.89  10.03 
The Russell 2500 Index measures the performance of roughly 2,500 US small to mid-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Manager
Christopher Welch
Portfolio Manager
since 12/2005

DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 5


Diamond Hill Small-Mid Cap Fund Summary As of February 28, 2023
Buying and Selling Fund Shares
The fund is closed to most new investors. Refer to “How to Purchase Shares — Important Information About the Small Mid-Cap Fund” for more information about the circumstances under which the fund will remain open to additional investments.
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Small-Mid Cap Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.

Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.



6 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


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Class
Investor I Y
Ticker DHPAX DHPIX DHPYX
Investment Objective
The investment objective of the Diamond Hill Mid Cap Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor
Class I
Class Y
Management fees 0.60  % 0.60  % 0.60  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 1.06  % 0.77  % 0.65  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year
3 Years
5 Years
10 Years
Investor $108  $337  $585  $1,294 
Class I 79  246  428  954 
Class Y 66  208  362  810 

PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 19% of the average value of its portfolio.









Principal Investment Strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with medium market capitalizations that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Mid cap companies are defined as companies with market capitalizations at the time of purchase between $1.5 billion and $20 billion or in the range of those market capitalizations of companies included in the Russell Midcap Index at the time of purchase. The capitalization range of the Russell Midcap Index is between $450.1 million and $53.9 billion as of January 31, 2023. The size of the companies included in the Russell Midcap Index will change with market conditions.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.


DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 7


Diamond Hill Mid Cap Fund Summary As of February 28, 2023

Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Mid Cap Company Risk  Investments in mid cap companies may be riskier than investments in larger, more established companies. The securities of these companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, mid cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.


CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
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Best Quarter:
4Q 2020, +22.19%
Worst Quarter:
1Q 2020, -36.76%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Year Since
Inception
Class I Before Taxes
12/31/13 (13.39) % 4.74  % 6.71  %
After Taxes on Distributions
(14.55) 4.14  6.28 
After Taxes on Distributions and Sale of Fund Shares
(7.31) 3.62  5.35 
Investor Before Taxes
12/31/13 (13.66) 4.42  6.40 
Class Y Before Taxes
12/31/13 (13.31) 4.85  6.82 
Russell Midcap Index (17.32) 7.10  8.59 
The Russell Midcap Index measures the performance of roughly 800 US mid-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Christopher Welch
Portfolio Manager
Since 12/2013
Christopher Bingaman
Assistant Portfolio Manager
since 12/2013

8 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Mid Cap Fund Summary As of February 28, 2023

Buying and Selling Fund Shares
Minimum Initial Investment
Investor and I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Mid Cap Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.

Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.


DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 9


ck0001032423-20221231_g9.jpg
Class
Investor I Y
Ticker DHLAX DHLRX DHLYX
Investment Objective
The investment objective of the Diamond Hill Large Cap Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.50  % 0.50  % 0.50  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 0.96  % 0.67  % 0.55  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year
3 Years
5 Years
10 Years
Investor $98  $306  $531  $1,178 
Class I 68  214  373  835 
Class Y 56  176  307  689 






PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 38% of the average value of its portfolio.
Principal Investment Strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Large cap companies are defined as companies with market capitalizations at the time of purchase of $5 billion or greater, or in the range of those market capitalizations of companies included in the Russell 1000 Index at the time of purchase. The capitalization range of the Russell 1000 Index is between $450.1 million and $2,285.0 billion as of January 31, 2023. The size of the companies included in the Russell 1000 Index will change with market conditions.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not
10 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Large Cap Fund Summary As of February 28, 2023
insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.

CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
ck0001032423-20221231_g10.jpg
Best Quarter:
2Q 2020, +18.06%
Worst Quarter:
1Q 2020, -26.82%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of 
Class
One Year Five Year Ten Year
Class I Before Taxes
1/31/05 (13.38) % 7.23  % 11.36  %
After Taxes on Distributions
(14.64) 5.92  10.01 
After Taxes on Distributions and Sale of Fund Shares
(6.98) 5.62  9.18 
Investor Before Taxes
6/29/01 (13.66) 6.92  11.05 
Class Y Before Taxes
12/30/11 (13.27) 7.35  11.49 
Russell 1000 Index (19.13) 9.13  12.37 
The Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 11


Diamond Hill Large Cap Fund Summary As of February 28, 2023
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Charles Bath
Portfolio Manager
since 10/2002
Austin Hawley
Portfolio Manager
since 2/2015
Buying and Selling Fund Shares
Minimum Initial Investment
Investor and I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Large Cap Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

12 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


ck0001032423-20221231_g11.jpg
Class Investor I Y
Ticker DHFAX DHFIX DHFYX
Investment Objective
The investment objective of the Diamond Hill Large Cap Concentrated Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.50  % 0.50  % 0.50  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.22  % 0.18  % 0.06  %
Total annual fund operating expenses 0.97  % 0.68  % 0.56  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
Investor $99  $309  $536  $1,190 
Class I 69  218  379  847 
Class Y 57  179  313  701 






















PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund's portfolio turnover rate was 41% of the average value of its portfolio.
Principal Investment Strategy
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that Diamond Hill Capital Management, Inc. (the “Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Large cap companies are defined as companies with market capitalizations of $15 billion or greater at the time of purchase. The fund is non-diversified and intends to concentrate its investments in approximately 20 securities.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating, or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 13

Diamond Hill Large Cap Concentrated Fund Summary As of February 28, 2023

Focused Portfolio Risk The fund may have more volatility and is considered to have more risk than a fund that invests in securities of a greater number of issuers because changes in the value of a single issuer's security may have a more significant effect, either positive or negative, on the fund's net asset value.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Sector Emphasis Risk The fund, from time to time, may invest 25% or more of its assets in one or more sectors, subjecting the fund to sector emphasis risk. This is the risk that the fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector in which the fund has a focused position, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.






CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
ck0001032423-20221231_g12.jpg
Best Quarter:
4Q 2022, +12.19%
Worst Quarter:
2Q 2022, -15.55%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of 
Class
One Year Since Inception
Class I Before Taxes
2/26/21 (12.75) % 2.95  %
After Taxes on Distributions
(13.16) 2.56 
After Taxes on Distributions and Sale of Fund Shares
(7.55) 2.22 
Investor Before Taxes
2/26/21 (12.93) 2.66 
Class Y Before Taxes
2/26/21 (12.62) 3.06 
Russell 1000 Index (19.13) 0.12 
The Russell 1000 Index measures the performance of roughly 1,000 US large-cap companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.

14 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM

Diamond Hill Large Cap Concentrated Fund Summary As of February 28, 2023

Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Manager
Charles Bath
Portfolio Manager
since 02/2021

Austin Hawley
Portfolio Manager
since 02/2021
Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders Mail:
Diamond Hill Large Cap Concentrated Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595

Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 15


ck0001032423-20221231_g13.jpg
Class
Investor I Y
Ticker DHTAX DHLTX DHTYX
Investment Objective
The investment objective of the Diamond Hill Select Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.70  % 0.70  % 0.70  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 1.16  % 0.87  % 0.75  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year
3 Years
5 Years
10 Years
Investor $118  $368  $638  $1,409 
Class I 89  278  482  1,073 
Class Y 77  240  417  930 



















PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 78% of the average value of its portfolio.
Principal Investment Strategy
The fund, under normal market conditions, invests its assets in U.S. equity securities of any size capitalization that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. The fund is non-diversified and intends to concentrate its investments in 30 to 40 select securities. Effective April 30, 2023, the fund intends to concentrate its investments in a limited number of securities.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Focused Portfolio Risk The fund may have more volatility and is considered to have more risk than a fund that invests in
16 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Select Fund Summary As of February 28, 2023
securities of a greater number of issuers because changes in the value of a single issuer's security may have a more significant effect, either positive or negative, on the fund's net asset value.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Sector Emphasis Risk The fund, from time to time, may invest 25% or more of its assets in one or more sectors, subjecting the fund to sector emphasis risk. This is the risk that the fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector in which the fund has a focused position, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.
Small Cap and Mid Cap Company Risk  Investments in small cap and mid cap companies may be riskier than investments in larger, more established companies. The securities of these companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, small cap and mid cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.
CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
ck0001032423-20221231_g14.jpg
Best Quarter:
4Q 2020, +24.65%
Worst Quarter:
1Q 2020, -34.01%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/2022
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Year Ten Year
Class I Before Taxes
12/30/05 (17.20) % 7.80  % 11.82  %
After Taxes on Distributions
(18.02) 6.18  10.08 
After Taxes on Distributions and Sale of Fund Shares
(9.63) 5.93  9.30 
Investor Before Taxes
12/30/05 (17.44) 7.48  11.51 
Class Y Before Taxes
12/30/11 (17.10) 7.93  11.97 
Russell 3000 Index (19.21) 8.79  12.13 
The Russell 3000 Index measures the performance of roughly 3,000 of the largest US companies. The index is unmanaged, market capitalization weighted, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.

DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 17


Diamond Hill Select Fund Summary As of February 28, 2023
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Austin Hawley
Portfolio Manager
since 1/2013
Richard Snowdon
Portfolio Manager
since 1/2013
Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders Mail:
Diamond Hill Select Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.
18 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


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Class
Investor I Y
Ticker DIAMX DHLSX DIAYX
Investment Objective
The investment objective of the Diamond Hill Long-Short Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.90  % 0.90  % 0.90  %
Distribution (12b-1) fees 0.25  % None None
Other expenses
Administration fees 0.21  % 0.17  % 0.05  %
Dividend expenses and fees on short sales 0.42  % 0.42  % 0.42  %
Total Other expenses 0.63  % 0.59  % 0.47  %
Acquired fund fees and expenses 0.01  % 0.01  % 0.01  %
Total annual fund operating expenses 1.79  % 1.50  % 1.38  %

EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
Investor $182  $563  $970  $2,105 
Class I 153  474  818  1,791 
Class Y 140  437  755  1,657 
















PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 61% of the average value of its portfolio.
Principal Investment Strategy
The fund, under normal market conditions, invests its assets in U.S. equity securities of any size capitalization that Diamond Hill Capital Management, Inc. (the "Adviser”) believes are undervalued and selling short U.S. equity securities of any size capitalization the Adviser believes are overvalued. Equity securities consist of common and preferred stocks.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of conviction.
The fund also will sell securities short. Short sales are effected when it is believed that the price of a particular security will decline, and involves the sale of a security which the fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the 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. The frequency of short sales will vary substantially in different periods, and it is not intended that any specified portion of the fund’s assets will as a matter of practice be invested in short sales. The fund will not make a short sale if, immediately before the transaction, the market value of all securities sold short exceeds 40% of the value of the fund’s net assets.
Once a stock is purchased or sold short, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security (or repurchase a security sold short) as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating (or improving in the case of a short
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 19

Diamond Hill Long-Short Fund Summary As of February 28, 2023
sale); or, if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results. In addition, there is no guarantee that the use of long and short positions will succeed in limiting the fund’s exposure to stock market movements, sector-swings or other risk factors. The strategy used by the fund involves complex securities transactions that involve risks different than direct equity investments.
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Short Sale Risk  The fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the fund purchases the security to replace the borrowed security. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the fund may be reduced or eliminated or the short sale may result in a loss. The fund’s losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the Adviser’s ability to accurately anticipate the future value of a security.
Small Cap and Mid Cap Company Risk  Investments in small cap and mid cap companies may be riskier than investments in larger, more established companies. The securities of these companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, small cap and mid cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity
securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.

CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
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Best Quarter:
4Q 2020, +13.78%
Worst Quarter:
1Q 2020, -23.39%
20 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2021| DIAMOND-HILL.COM

Diamond Hill Long-Short Fund Summary As of February 28, 2023
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/2022
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Year Ten Year
Class I Before Taxes
1/31/05 (8.45) % 4.52  % 6.68  %
After Taxes on Distributions
(9.63) 3.16  5.83 
After Taxes on Distributions and Sale of Fund Shares
(4.33) 3.45  5.34 
Investor Before Taxes
6/30/00 (8.74) 4.21  6.38 
Class Y Before Taxes
12/30/11 (8.36) 4.64  6.81 
Russell 1000 Index (19.13) 9.13  12.37 
60% Russell 1000 Index/40% Bloomberg US T-Bills 1-3 Month Index (10.86) 6.37  7.87 
The fund's primary index, the Russell 1000 Index, measures the performance of roughly 1,000 US large-cap companies. The fund's secondary benchmark represents a 60/40 weighted blend of the Russell 1000 Index and the Bloomberg US Treasury Bills 1-3 Month Index. The Bloomberg US Treasury Bills 1-3 Month Index measures the performance of US Treasury bills with time to maturity between 1 and 3 months. The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return), and are not available for direct investment.

Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Christopher Bingaman
Portfolio Manager
since 4/2007
Nathan Palmer
Portfolio Manager
since 6/2018
Charles Bath
Assistant Portfolio Manager
since 10/2002

Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Long-Short Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 21


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Class Investor I Y
Ticker DHIAX DHIIX DHIYX
Investment Objective
The investment objective of the Diamond Hill International Fund is to provide long-term capital appreciation.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.65  % 0.65  % 0.65  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.25  % 0.21  % 0.09  %
Total annual fund operating expenses 1.15  % 0.86  % 0.74  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
Investor $117  $365  $633  $1,398 
Class I 88  274  477  1,061 
Class Y 76  237  411  918 
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 21% of the average value of its portfolio.








Principal Investment Strategy
The fund, under normal market conditions, invests its assets primarily in non-U.S. equity securities of companies of any size that Diamond Hill Capital Management, Inc. (the “Adviser”) believes are undervalued. Equity securities consist of common and preferred stocks. Under normal market conditions, the fund will invest at least 80% of its net assets in securities issued by companies (i) that are headquartered or have their principal place of business outside the U.S., (ii) whose primary trading markets are outside the U.S. or (iii) that have at least 50% of their assets in, or expect to derive at least 50% of their total revenues or profits from, goods or services produced in or sales made in countries outside the U.S. The fund intends to diversify its investments across different countries and regions, including emerging markets. Emerging market countries include those generally recognized to be an emerging market country by the international financial community; classified by the United Nations as a developing country; or classified as an emerging market country by MSCI or other index or data provider.
The Adviser focuses on estimating a company’s value independent of its current stock price. To estimate a company’s value, the Adviser concentrates on the fundamental economic drivers of the business. The primary focus is on “bottom-up” analysis, which takes into consideration earnings, revenue growth, operating margins and other economic factors. The Adviser also considers the level of industry competition, regulatory factors, the threat of technological obsolescence, and a variety of other industry factors. If the Adviser’s estimate of a company’s value differs sufficiently from the current market price, the company may be an attractive investment opportunity. In constructing a portfolio of securities, the Adviser is not constrained by the sector or industry weights in the benchmark. The Adviser relies on individual stock selection and discipline in the investment process to add value. The highest portfolio security weights are assigned to companies where the Adviser has the highest level of confidence.
Once a stock is selected, the Adviser continues to monitor the company’s strategies, financial performance and competitive environment. The Adviser may sell a security as it reaches the Adviser’s estimate of the company’s value if it believes that the company’s earnings, revenue growth, operating margin or other economic factors are deteriorating, or if it identifies a stock that it believes offers a better investment opportunity.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.

22 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill International Fund Summary As of February 28, 2023

Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual companies will perform as anticipated. The value of an individual company can be more volatile than the market as a whole, and the Adviser’s intrinsic value-oriented approach may fail to produce the intended results.
Market Risk  The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Non-U.S. and Emerging Markets Risk The fund may invest in non-U.S. securities and U.S. securities of companies domiciled in non-U.S. countries that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible non-U.S. controls on investments, and less stringent investor protection and disclosure standards of non-U.S. markets. Trade tensions and sanctions on individuals and companies can contribute to market volatility, which may affect the fund's performance. These risks are magnified in emerging markets as events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. The market for the securities of issuers in emerging markets is typically small and low, and nonexistent trading volumes in those securities may result in a lack of liquidity and price volatility.
Sector Emphasis Risk The fund, from time to time, may invest 25% or more of its assets in one or more sectors, subjecting the fund to sector emphasis risk. This is the risk that the fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector in which the fund has a focused position, than if its investments were diversified across a greater number of industry sectors. Some sectors possess particular risks that may not affect other sectors.
Small Cap and Mid Cap Company Risk Investments in small cap and mid cap companies may be riskier than investments in larger, more established companies. The securities of these companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, small cap and mid cap companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial
resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility - or variability - of the fund’s annual total returns over time, and shows that fund performance can change from year to year.
Prior to calendar year 2019, the bar chart and table reflect the past performance of Diamond Hill International Equity Fund, LP (the “International Partnership”), a private fund managed with full investment authority by the Adviser, and provide some indication of the risks of investing in the fund by showing changes in the fund’s performance from year to year over the periods indicated and by showing how the fund’s average annual total returns for the periods indicated compared to a relevant market index. The fund is managed in all material respects in a manner equivalent to the management of the International Partnership. The fund’s objectives, policies, guidelines and restrictions are in all material respects equivalent to the International Partnership, and the fund was created for reasons entirely unrelated to the establishment of a performance record. The assets of the International Partnership were converted, based on their value on June 28, 2019, into assets of the fund prior to commencement of operations of the fund. The performance of the International Partnership has been restated to reflect the net expenses and maximum applicable sales charge of the fund for its initial years of investment operations. The International Partnership was not registered under the Investment Company Act of 1940 (the “1940 Act”) and therefore was not subject to certain investment restrictions imposed by the 1940 Act. If the International Partnership had been registered under the 1940 Act, its performance may have been adversely affected. Performance of the fund prior to calendar year 2019 is measured from December 30, 2016, the inception of the International Partnership, and is not the performance of the fund. The fund’s and the International Partnership’s past performance is not necessarily an indication of how the fund will perform in the future either before or after taxes. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.
CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
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Best Quarter:
4Q 2020, +22.69%
Worst Quarter:
1Q 2020, -26.28%
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 23


Diamond Hill International Fund Summary As of February 28, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/2022
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes. After-tax returns prior to one year are not provided because the International Partnership’s tax treatment was different than that of a registered investment company.
Inception
Date of Class
One Year Five Years
Since Inception (12/30/16)
Class I Before Taxes
06/28/19 (13.51) % 2.80  % 7.01  %
After Taxes on Distributions
(13.76) N/A N/A
After Taxes on Distributions and Sale of Fund Shares
(7.68) N/A N/A
Investor Before Taxes
06/28/19 (13.84) 2.50  6.69 
Class Y Before Taxes
06/28/19 (13.41) 2.91  7.12 
MSCI ACWI ex USA Index
                               
(16.00) 0.88  4.85 
Morningstar Global Markets ex-US Index (16.15) 1.07  5.04 
Effective June 30, 2022, the fund changed its primary benchmark to the MSCI ACWI ex USA Index, which is a more representative and widely recognized benchmark for non-US focused strategies. The MSCI ACWI ex USA Index measures the performance of large- and mid-cap stocks in developed (excluding the US) and emerging markets. The Morningstar Global Markets ex-US Index measures the performance of the stocks located in the developed and emerging countries (excluding the US) as defined by Morningstar. The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower return), and are not available for direct investment.
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Manager
 
Krishna Mohanraj
Portfolio Manager
since 12/2018

Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill International Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.
24 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


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Class Investor I Y
Ticker DHEAX DHEIX DHEYX
Investment Objective
The investment objective of the Diamond Hill Short Duration Securitized Bond Fund is to maximize total return consistent with the preservation of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.35  % 0.35  % 0.35  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 0.81  % 0.52  % 0.40  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
Investor $83  $259  $450  $1,002 
Class I 53  167  291  653 
Class Y 41  128  224  505 
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 41% of the average value of its portfolio.







Principal Investment Strategy
Under normal market conditions, the fund invests at least 80% of its net assets in securitized bond investments. Securitized bond investments are also referred to as “structured product securities” or “structured products.” Securitized bond investments include secured loans backed by commercial real estate, residential real estate, commercial or consumer loans, and securitizations such as agency and non-agency mortgage-backed securities (MBS) (including commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), and collateralized mortgage obligations (CMOs)), asset-backed securities (ABS), and other similar securities and related instruments.
Agency MBS are issued or guaranteed by the US government, its agencies or instrumentalities, which include mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (GNMA or “Ginnie Mae”), the Federal National Mortgage Association (FNMA or “Fannie Mae”), the Student Loan Marketing Association (SLMA or “Sallie Mae”) or the Federal Home Loan Mortgage Corporation (FHLMC or “Freddie Mac”). The fund may also invest in other fixed income instruments, which include bonds, debt or credit securities and other similar instruments issued by various US and non-US public or private sector entities at the discretion of the Diamond Hill Capital Management, Inc. (the “Adviser”).
Under normal circumstances, the fund will maintain an average portfolio duration of less than three, although under certain market conditions, such as periods of significant volatility in interest rates and spreads, the fund’s average duration may be longer than three. Duration is an approximate measure of a bond's price sensitivity to changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). The fund may invest in individual fixed income securities with effective durations in excess of three, provided, however, such investments are made within the constraints above.
The fund may invest up to 15% of its assets in below investment grade securities, including those referred to as “junk bonds” (or the unrated equivalent) at the time of purchase.
In selecting securities for the fund, the Adviser performs a risk/reward analysis that includes an evaluation of credit risk, interest rate risk, prepayment risk, and the legal and technical structure of the security. The Adviser will attempt to take advantage of inefficiencies that it believes exist in the fixed income markets. The Adviser seeks to invest in securities that the Adviser expects to offer attractive prospects for income and/or capital appreciation in relation to the risk borne.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 25

Diamond Hill Short Duration Securitized Bond Fund Summary As of February 28, 2023
insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk The fund may invest in asset-backed, mortgage-related and mortgage-backed securities, including so-called “sub-prime” mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.
Collateralized mortgage obligations (“CMOs”) and stripped mortgage-backed securities, including those structured as interest only (“IOs”) and principal only (“POs”), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. CMOs are issued in multiple classes, and each class may have its own interest rate and/or final payment date. A class with an earlier final payment date may have certain preferences in receiving principal payments or earning interest. As a result, the value of some classes in which the fund invests may be more volatile and may be subject to higher risk of non-payment. The risk of default, as described under “Credit Risk”, for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.
The values of IO and PO mortgage-backed securities are more volatile than other types of mortgage-related securities. They are very sensitive not only to changes in interest rates, but also to the rate of prepayments. A rapid or unexpected increase in prepayments can significantly depress the price of interest-only securities, while a rapid or unexpected decrease could have the same effect on principal-only securities. In addition, because there may be a drop in trading volume, an inability to find a ready buyer, or the imposition of legal restrictions on the resale of securities, these instruments may be illiquid. The fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the Adviser, the fund could lose all or substantially all of its investment in inverse IOs.
Consumer Loans Risk Investments in consumer loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely
impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.
Credit Risk  There is a risk that issuers and counterparties will not make payments on securities and repurchase agreements held by a fund. Such default could result in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the fund. Lower credit quality also may affect liquidity and make it difficult for the fund to sell the security.
Fixed Income Risk  The fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the fund’s investments decreases.
Government Securities Risk The fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. These securities may be backed by the credit of the government as a whole or only by the issuing agency. U.S. Treasury bonds, notes, and bills and some agency securities, such as those issued by the Federal Housing Administration and Ginnie Mae, are backed by the full faith and credit of the U.S. government as to payment of principal and interest and are the highest quality government securities. Other securities issued by U.S. government agencies or instrumentalities, such as securities issued by the Federal Home Loan Banks and Freddie Mac, are supported only by the credit of the agency that issued them, and not by the U.S. government. Securities issued by the Federal Farm Credit System, the Federal Land Banks, and Fannie Mae are supported by the agency’s right to borrow money from the U.S. Treasury under certain circumstances, but are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.
High Yield Securities Risk  The fund will purchase fixed income securities rated below the investment grade category. Securities in this rating category are speculative. Changes in economic conditions or other circumstances may have a greater effect on the ability of issuers of these securities to make principal and interest payments than they do on issuers of higher grade securities.
Inflation Risk  Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less. This potential decrease in market value would be the measure of the inflation risk incurred by the fund.


26 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM

Diamond Hill Short Duration Securitized Bond Fund Summary As of February 28, 2023
LIBOR Transition Risk Instruments in which the fund invests may pay interest at floating rates based on the London Interbank Offered Rate (“LIBOR”) or may be subject to interest caps or floors based on LIBOR. The United Kingdom’s Financial Conduct Authority and LIBOR's administrator, ICE Benchmark Administration (the "IBA"), have ceased publishing most LIBOR settings and announced that a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). The nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and the financial markets generally are unknown at this time and may adversely affect a fund’s performance.
Liquidity Risk The fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Liquidity risk may result from the lack of an active market or a reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified during times of market stress. The fund may not be able to meet the requests to redeem fund shares without significant dilution of remaining investors' interest in the fund.
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual investments will perform as anticipated.
Market Risk The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Non-U.S. and Emerging Markets Risk The fund may invest in non-U.S. securities and U.S. securities of companies domiciled in non-U.S. countries that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible non-U.S. controls on investments, and less stringent investor protection and disclosure standards of non-U.S. markets. The departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. These risks are magnified in emerging markets as events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries
or regions that historically were perceived as comparatively stable becoming riskier and more volatile. The market for the securities of issuers in emerging markets is typically small and low, and nonexistent trading volumes in those securities may result in a lack of liquidity and price volatility.
Prepayment and Call Risk The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the fund may have to reinvest in securities with a lower yield. The fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.

CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
ck0001032423-20221231_g20.jpg
Best Quarter:
2Q 2020, +5.26%
Worst Quarter:
1Q 2020, -7.64%

DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 27

Diamond Hill Short Duration Securitized Bond Fund Summary As of February 28, 2023
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Years Since
Inception
Class I Before Taxes
07/05/16 (3.38) % 2.05  % 2.44  %
After Taxes on Distributions
(4.80) 0.62  1.03 
After Taxes on Distributions and Sale of Fund Shares
(2.00) 0.97  1.26 
Investor Before Taxes
07/05/16 (3.57) 1.77  2.16 
Class Y Before Taxes
07/05/16 (3.27) 2.18  2.56 
Bloomberg US 1-3 Year Government/Credit Index (3.69) 0.92  0.77 
The Bloomberg US 1-3 Year Government/Credit Index measures the performance of investment grade government and corporate bonds with maturities of one to three years. The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Henry Song
Portfolio Manager
since 7/2016
Mark Jackson
Portfolio Manager
since 7/2016

Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders Mail:
Diamond Hill Short Duration Securitized Bond Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.
Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.

28 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


ck0001032423-20221231_g21.jpg
Class Investor I Y
Ticker DHRAX DHRIX DHRYX
Investment Objective
The investment objective of the Diamond Hill Core Bond Fund is to maximize total return consistent with the preservation of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
SHAREHOLDER FEES (fees paid directly from your investment)
None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Investor Class I Class Y
Management fees 0.30  % 0.30  % 0.30  %
Distribution (12b-1) fees 0.25  % None None
Other expenses 0.21  % 0.17  % 0.05  %
Total annual fund operating expenses 0.76  % 0.47  % 0.35  %
EXPENSE EXAMPLE
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
Investor $78  $243  $422  $942 
Class I 48  151  263  591 
Class Y 36  113  197  443 
PORTFOLIO TURNOVER
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 40% of the average value of its portfolio.








Principal Investment Strategy
Under normal market conditions, the fund intends to provide total return by investing at least 80% of its net assets (plus any amounts borrowed for investment purposes) in a diversified portfolio of investment grade, fixed income securities, including bonds, debt securities and other similar U.S. dollar-denominated instruments issued by various U.S. public- or private-sector entities, by non-U.S. corporations or U.S. affiliates of non-U.S. corporations, including those in emerging markets. The fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the discretion of Diamond Hill Capital Management, Inc. (the “Adviser”).
Under normal circumstances, the fund will maintain an average portfolio duration of plus or minus 20% of the duration of the Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index is a broad-based index that represents the investment grade, US dollar-denominated fixed-rate taxable bond market. Duration of the Bloomberg US Aggregate Bond Index was 6.33 as of its last reconstitution date of January 31, 2023. Duration is an approximate measure of a bond’s price sensitivity to changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve).
In selecting securities for the fund, the Adviser performs a risk/reward analysis that includes an evaluation of credit risk, interest rate risk, prepayment risk, and the legal and technical structure of the security. The Adviser will attempt to take advantage of inefficiencies that it believes exist in the fixed-income markets. The Adviser seeks to invest in securities that the Adviser expects to offer attractive prospects for current income and/or capital appreciation in relation to the risk borne.
Main Risks
All investments carry a certain amount of risk and the fund cannot guarantee that it will achieve its investment objective. An investment in the fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. You may lose money by investing in the fund. Below are the main risks of investing in the fund. All of the risks listed below are significant to the fund, regardless of the order in which they appear.
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk The fund may invest in asset-backed, mortgage-related and mortgage-backed securities, including so-called “sub-prime” mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the fund may exhibit additional volatility. During periods of difficult or frozen credit
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 29


Diamond Hill Core Bond Fund Summary As of February 28, 2023
markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.
Collateralized mortgage obligations (“CMOs”) and stripped mortgage-backed securities, including those structured as interest only (“IOs”) and principal only (“POs”), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. CMOs are issued in multiple classes, and each class may have its own interest rate and/or final payment date. A class with an earlier final payment date may have certain preferences in receiving principal payments or earning interest. As a result, the value of some classes in which the fund invests may be more volatile and may be subject to higher risk of non-payment. The risk of default, as described under “Credit Risk”, for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.
The values of IO and PO mortgage-backed securities are more volatile than other types of mortgage-related securities. They are very sensitive not only to changes in interest rates, but also to the rate of prepayments. A rapid or unexpected increase in prepayments can significantly depress the price of interest-only securities, while a rapid or unexpected decrease could have the same effect on principal-only securities. In addition, because there may be a drop in trading volume, an inability to find a ready buyer, or the imposition of legal restrictions on the resale of securities, these instruments may be illiquid. The fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the Adviser, the fund could lose all or substantially all of its investment in inverse IOs.
Consumer Loans Risk Investments in consumer loans expose the fund to additional risks beyond those normally associated with more traditional debt instruments. The fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that the fund may not receive its proceeds in a timely manner or that the fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.
Credit Risk  There is a risk that issuers and counterparties will not make payments on securities and repurchase agreements held by a fund. Such default could result in losses to the fund. In addition, the credit quality of securities held by the fund may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and
in shares of the fund. Lower credit quality also may affect liquidity and make it difficult for the fund to sell the security.
Fixed Income Risk  The fund invests in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the fund’s investments decreases.
Government Securities Risk The fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. These securities may be backed by the credit of the government as a whole or only by the issuing agency. U.S. Treasury bonds, notes, and bills and some agency securities, such as those issued by the Federal Housing Administration and Ginnie Mae, are backed by the full faith and credit of the U.S. government as to payment of principal and interest and are the highest quality government securities. Other securities issued by U.S. government agencies or instrumentalities, such as securities issued by the Federal Home Loan Banks and Freddie Mac, are supported only by the credit of the agency that issued them, and not by the U.S. government. Securities issued by the Federal Farm Credit System, the Federal Land Banks, and Fannie Mae are supported by the agency’s right to borrow money from the U.S. Treasury under certain circumstances, but are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law.
Inflation Risk  Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less. This potential decrease in market value would be the measure of the inflation risk incurred by the fund.
LIBOR Transition Risk Instruments in which the fund invests may pay interest at floating rates based on the London Interbank Offered Rate (“LIBOR”) or may be subject to interest caps or floors based on LIBOR. The United Kingdom’s Financial Conduct Authority and LIBOR's administrator, ICE Benchmark Administration (the "IBA"), have ceased publishing most LIBOR settings and announced that a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). The nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and the financial markets generally are unknown at this time and may adversely affect a fund’s performance.
Liquidity Risk The fund may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Liquidity risk may result from the lack of an active market or a reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified during times of market stress. The fund may not be able to meet the requests to redeem fund shares without significant dilution of remaining investors' interest in the fund.

30 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Diamond Hill Core Bond Fund Summary As of February 28, 2023
Management Risk  The Adviser’s judgments about the attractiveness, value and potential appreciation of a particular asset class or individual security in which the fund invests may prove to be incorrect and there is no guarantee that individual investments will perform as anticipated.
Market Risk The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of the fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. These events may cause volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the fund holds, and may adversely affect the fund's investments and operations. In addition, governmental responses to these events may negatively impact the capabilities of the fund's service providers, disrupt the fund's operations, result in substantial market volatility and adversely impact the prices and liquidity of the fund's investments.
Non-U.S. and Emerging Markets Risk The fund may invest in non-U.S. securities and U.S. securities of companies domiciled in non-U.S. countries that may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. These companies may be subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible non-U.S. controls on investments, and less stringent investor protection and disclosure standards of non-U.S. markets. The departure of one or more other countries from the European Union may have significant political and financial consequences for global markets. These risks are magnified in emerging markets as events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. The market for the securities of issuers in emerging markets is typically small and low, and nonexistent trading volumes in those securities may result in a lack of liquidity and price volatility.
Prepayment and Call Risk The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the fund may have to reinvest in securities with a lower yield. The fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.
Performance
The following bar chart and table show two aspects of the fund: volatility and performance. The bar chart shows the volatility — or variability — of the fund’s annual total returns over time, and shows that fund performance can change from year to year. The table shows the fund’s average annual total returns for certain time periods compared to the returns of a broad-based securities index. The bar chart and table provide some indication of the risks of investing in the fund. Of course, the fund’s past performance is not necessarily an indication of its future performance. Updated performance information is available at no cost by visiting www.diamond-hill.com or by calling 888-226-5595.
CLASS I ANNUAL TOTAL RETURN-YEARS ENDED 12/31
ck0001032423-20221231_g22.jpg
Best Quarter:
2Q 2020, +4.10%
Worst Quarter:
1Q 2022, -4.99%
AVERAGE ANNUAL TOTAL RETURNS AS OF 12/31/22
After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. After-tax returns are not relevant for shareholders who hold fund shares in tax-deferred accounts or to shares held by non-taxable entities. After-tax returns are shown for Class I shares only and will vary from the after-tax returns for the other share classes.
Inception
Date of Class
One Year Five Years Since
Inception
Class I Before Taxes
07/05/16 (11.84) % 0.65  % 0.80  %
After Taxes on Distributions
(12.87) (0.44) (0.27)
After Taxes on Distributions and Sale of Fund Shares
(6.99) 0.07  0.17 
Investor Before Taxes
07/05/16 (12.05) 0.37  0.52 
Class Y Before Taxes
07/05/16 (11.63) 0.79  0.92 
Bloomberg US Aggregate Bond Index (13.01) 0.02  0.05 
The Bloomberg US Aggregate Bond Index measures the performance of investment grade, fixed-rate taxable bond market and includes government and corporate bonds, agency mortgage-backed, asset-backed and commercial mortgage-backed securities (agency and non-agency). The index is unmanaged, includes net reinvested dividends, does not reflect fees or expenses (which would lower the return), and is not available for direct investment.
Portfolio Management
Investment Adviser
Diamond Hill Capital Management, Inc.
Portfolio Managers
Henry Song
Portfolio Manager
since 7/2016
Mark Jackson
Portfolio Manager
since 7/2016
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 31


Diamond Hill Core Bond Fund Summary As of February 28, 2023
Buying and Selling Fund Shares
Minimum Initial Investment
Investor and Class I:  $2,500
Class Y:  $500,000
To Place Orders
Mail:
Diamond Hill Core Bond Fund
P.O. Box 46707
Cincinnati, OH 45246
Phone: 888-226-5595
Transaction Policies
In general, you can buy or sell (redeem) shares of the fund by mail or phone on any business day. You can generally pay for shares by check or wire. You may be charged wire fees or other transaction fees; ask your financial professional. When selling shares, you will receive a check, unless you request a wire. You may also buy and sell shares through a financial professional.

Dividends, Capital Gains and Taxes
The fund’s distributions may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, you may be subject to tax when you withdraw monies from a tax-advantaged plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares (other than Class Y shares) through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s web site for more information.


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Additional Information About Investment Strategies and Related Risks
Securities Lending
To generate additional income, each fund may lend its portfolio securities to financial institutions, meaning that a significant portion of the fund could be on loan at any given time. Cash collateral from borrowers is invested in a registered investment company managed by State Street Global Advisors (the "State Street Fund") that was established solely to hold securities lending collateral. The funds are the only investors in the State Street Fund and own all its shares. While this practice will not impact a fund’s principal investment strategy, it does subject the fund to the securities lending risk described in the Investment Risks section below. Any expenses associated with securities lending are not reflected in the fee table for the fund.
Investments in Other Diamond Hill Funds
Each fund may invest in shares of another investment company, including another Diamond Hill Fund. While this practice will not impact a fund’s principal investment strategy, it does subject the fund to the investment company risk described in the Investment Risks section below. To the extent a fund invests in an underlying Diamond Hill Fund, the Adviser has contractually agreed to permanently waive a portion of the fund’s management fee in the pro rata amount of the management fee charged by the underlying Diamond Hill Funds. This agreement can only be terminated by the Funds’ Board of Trustees. “Acquired Fund Fees and Expenses” and the amount of the contractual waiver, as shown on the expense table in the Fund Summary for each fund, will vary with changes in the expenses of the underlying Diamond Hill Fund, as well as the allocation of the fund’s assets.
Equity Securities
Except for the Short Duration Securitized Bond Fund and Core Bond Fund, each fund will invest primarily in equity securities. Although not a principal strategy, a fund’s investment in equity securities may also include common and preferred stock, rights and warrants, S&P Depositary Receipts (“SPDRs”) and American Depositary Receipts (“ADRs”).
DIAMOND HILL SMALL CAP FUND
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small market capitalizations that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL SMALL-MID CAP FUND
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with small and medium market capitalizations that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL MID CAP FUND
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with medium market capitalizations that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL LARGE CAP FUND
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL LARGE CAP CONCENTRATED FUND
The fund, under normal market conditions, invests at least 80% of its net assets in U.S. equity securities with large market capitalizations that the Adviser believes are undervalued. The fund is non-diversified and intends to concentrate its investments in approximately 20 securities. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL SELECT FUND
The fund, under normal market conditions, invests its assets U.S. equity securities of any size capitalization that the Adviser believes are undervalued. The fund is non-diversified and intends to concentrate its investments in 30 to 40 select securities. Effective April 30, 2023 the fund intends to concentrate its investments in a limited number of securities. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL LONG-SHORT FUND
The fund, under normal market conditions, invests its assets in U.S. equity securities of any size capitalization that the Adviser believes are undervalued and selling short equity securities of any size capitalization the Adviser believes are overvalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL INTERNATIONAL FUND
The fund, under normal market conditions, invests its assets primarily in non-U.S. equity securities of companies of any size that the Adviser believes are undervalued. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL SHORT DURATION SECURITIZED BOND FUND
Under normal market conditions, the fund invests at least 80% of its net assets in securitized bond investments. Securitized bond investments are also referred to as “structured product securities” or “structured products.” Securitized bond investments include secured loans backed by commercial real estate, residential real estate, commercial or consumer loans, and securitizations such as agency and non-agency mortgage-backed securities (MBS) (including commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), and collateralized mortgage obligations (CMOs)), asset-backed securities (ABS), and other similar securities and related instruments.
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Agency MBS are issued or guaranteed by the US government, its agencies or instrumentalities, which include mortgage pass-through securities representing interests in pools of mortgage loans issued or guaranteed by the Government National Mortgage Association (GNMA or “Ginnie Mae”), the Federal National Mortgage Association (FNMA or “Fannie Mae”), the Student Loan Marketing Association (SLMA or “Sallie Mae”) or the Federal Home Loan Mortgage Corporation (FHLMC or “Freddie Mac”). The fund may also invest in other fixed income instruments, which include bonds, debt or credit securities and other similar instruments issued by various US and non-US public or private sector entities at the discretion of the Adviser.

Under normal circumstances, the fund will maintain an average portfolio duration of less than three, although under certain market conditions, such as periods of significant volatility in interest rates and spreads, the fund’s average duration may be longer than three. Duration is an approximate measure of a bond's price sensitivity to changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). The fund may invest in individual fixed income securities with effective durations in excess of three, provided, however, such investments are made within the constraints above.

The fund may invest up to 15% of its assets in below investment grade securities, including those referred to as “junk bonds” (or the unrated equivalent) at the time of purchase.

This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
DIAMOND HILL CORE BOND FUND
Under normal market conditions, the fund intends to provide total return by investing at least 80% of its net assets (plus any amounts borrowed for investment purposes) in a diversified portfolio of investment grade, fixed income securities, including bonds, debt securities and other similar U.S. dollar-denominated instruments issued by various U.S. public- or private-sector entities, by non-U.S. corporations or a U.S. affiliates of non-U.S. corporations, including those in emerging markets. This is a non-fundamental investment policy that can be changed by the fund’s Board of Trustees upon 60 days’ prior notice to shareholders.
Emerging market countries include those generally recognized to be an emerging market country by the international financial community; classified by the United Nations as a developing country; or classified as an emerging market country by Morningstar, Inc., or other index or data provider. The fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the Adviser’s discretion. Mortgage- backed securities include CMOs, IOs and POs. CMOs are a type of mortgage-backed security that contains a pool of mortgages bundled together and sold as an investment. Organized by maturity and level of risk, CMOs receive cash flows as borrowers repay the mortgages that act as collateral on these securities. CMOs distribute principal and interest payments to their investors based on predetermined rules and agreements. POs and IOs are mortgage-backed securities that receive only principal or interest payments, respectively, generated by the underlying collateral. Consequently, an investor in an IO is entitled to receive only regular cash flows that are derived from incoming interest payments received by the CMO, while the investor in a PO is entitled to receive
only regular cash flows that are derived from incoming principal repayments on the loan pool underlying the CMO. Under normal circumstances, the fund will maintain an average portfolio duration plus or minus 20% of the duration of the Bloomberg US Aggregate Bond Index. The Bloomberg US Aggregate Bond Index is a broad-based index that represents the investment grade, US dollar-denominated fixed-rate taxable bond market. Duration is an approximate measure of a bond's price sensitivity to changes in interest rates. For instance, a duration of “three” means that a security’s or portfolio’s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve).

Investment Risks
The main risks associated with investing in the funds are described below and in the Fund Summaries at the front of this prospectus. All of the risks listed below are significant to the funds, regardless of the order in which they appear.
Main Risks
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) The funds may invest in asset-backed, mortgage-related and mortgage-backed securities, including so-called “sub-prime” mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the funds may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the funds may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the funds may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.
CMOs and stripped mortgage-backed securities, including those structured as IOs and POs, are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. CMOs are issued in multiple classes, and each class may have its own interest rate and/or final payment date. A class with an earlier final payment date may have certain preferences in receiving principal payments or earning interest. As a result, the value of some classes in which the funds invest may be more volatile and may be subject to higher risk of non-payment. The risk of default, as described under “Credit Risk”, for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.
The values of IO and PO mortgage-backed securities are more volatile than other types of mortgage-related securities. They are very sensitive not only to changes in interest rates, but also to the rate of prepayments. A rapid or unexpected increase in prepayments can significantly depress the price of interest-only securities, while a rapid or unexpected decrease could have the same effect on principal-only securities. In addition, because there may be a drop in trading volume, an inability to find a ready buyer, or the imposition of legal restrictions on the resale of securities, these instruments may be illiquid. The funds will be exposed to additional risk to the extent that they use inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to
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which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the Adviser, the funds could lose all or substantially all of their investments in inverse IOs.
Consumer Loans Risk (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) Investments in consumer loans expose the funds to additional risks beyond those normally associated with more traditional debt instruments. A fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower and whether or not a loan is secured by collateral, although there is no assurance that the collateral securing a loan will be sufficient to satisfy the loan obligation. In addition, bank loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Transactions involving bank loans may have significantly longer settlement periods than more traditional investments (settlement can take longer than 7 days) and often involve borrowers whose financial condition is troubled or highly leveraged, which increases the risk that a fund may not receive its proceeds in a timely manner or that a fund may incur losses in order to pay redemption proceeds to its shareholders. In addition, loans are not registered under the federal securities laws like stocks and bonds, so investors in loans have less protection against improper practices than investors in registered securities.
Credit Risk (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) There is a risk that issuers and counterparties will not make payments on securities and repurchase agreements held by the funds. Such default could result in losses to the funds. In addition, the credit quality of securities held by the funds may be lowered if an issuer’s financial condition changes. Lower credit quality may lead to greater volatility in the price of a security and in shares of the funds. Lower credit quality also may affect liquidity and make it difficult for the funds to sell the security.
Fixed Income Risk  (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) The funds invest in fixed income securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of a fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of a fund’s investments decreases. The funds may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Fixed income securities with greater interest rate sensitivity and longer maturities tend to produce higher yields, but are subject to greater fluctuations in value. Usually, changes in the value of fixed income securities will not affect cash income generated, but will affect the value of your investment.
Focused Portfolio Risk (applicable to Large Cap Concentrated Fund and Select Fund) The funds may have more volatility and are considered to have more risk than funds that invest in securities of a greater number of issuers because changes in the value of a single issuer's security may have a more significant effect, either positive or negative, on each fund's net asset value.
Government Securities Risk  (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) The funds may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities. These securities may be backed by the credit of the government as a
whole or only by the issuing agency. U.S. Treasury bonds, notes, and bills and some agency securities, such as those issued by the Federal Housing Administration and Ginnie Mae, are backed by the full faith and credit of the U.S. government as to payment of principal and interest and are the highest quality government securities. Other securities issued by U.S. government agencies or instrumentalities, such as securities issued by the Federal Home Loan Banks and Freddie Mac, are supported only by the credit of the agency that issued them, and not by the U.S. government. Securities issued by the Federal Farm Credit System, the Federal Land Banks, and Fannie Mae are supported by the agency’s right to borrow money from the U.S. Treasury under certain circumstances, but are not backed by the full faith and credit of the U.S. government. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. However, in 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the “FHFA”) placed Fannie Mae and Freddie Mac into conservatorship to stabilize the institutions and return them to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Preferred Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.
High Yield Securities Risk  (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) This is a main risk for the Short Duration Securitized Bond Fund, and an additional risk for the Core Bond Fund as it relates to a non-principal investment strategy. The funds invest in below investment grade bonds, also known as high yield securities or junk bonds. High yield securities provide greater income and opportunity for gain, but entail greater risk of loss of principal. High yield securities are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal in accordance with the terms of the obligation. These investments may be issued by companies which are highly leveraged, less creditworthy or financially distressed. Although these investments generally provide a higher yield than higher-rated debt securities, the high degree of risk involved in these investments can result in substantial or total losses. The market for high yield securities is generally less active than the market for higher quality securities and the market price of these securities can change suddenly and unexpectedly. Based on measures such as dealer inventories and average trade size, the high yield market has become less liquid at the same time as it has grown markedly and become more concentrated under the control of the largest investors. During future periods of market stress, liquidity conditions in the high yield market may be even worse than prior periods of market stress.
Inflation Risk (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) Because inflation reduces the purchasing power of income produced by existing fixed income securities, the prices at which fixed income securities trade will be reduced to compensate for the fact that the income they produce is worth less. This potential decrease in market value would be the measure of the inflation risk incurred by the funds.
LIBOR Transition Risk Instruments in which the fund invests may pay interest at floating rates based on the London Interbank Offered Rate (“LIBOR”) or may be subject to interest caps or floors based on LIBOR. The United Kingdom’s Financial Conduct Authority and LIBOR's administrator, ICE Benchmark Administration (the "IBA"), have ceased publishing most LIBOR
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settings and announced that a majority of U.S. dollar LIBOR settings will no longer be published after June 30, 2023. Various financial industry groups have been planning for the transition away from LIBOR, but there are challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate (“SOFR”), which is intended to replace the U.S. dollar LIBOR). The nature of any replacement rate and the impact of the transition from LIBOR on the Fund, issuers of instruments in which the Fund invests, and the financial markets generally are unknown at this time and may adversely affect a fund’s performance.
Liquidity Risk (applicable to the Short Duration Securitized Bond Fund and Core Bond Fund) The funds may not be able to purchase or sell a security in a timely manner or at desired prices or achieve its desired weighting in a security. Liquidity risk may result from the lack of an active market or a reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified during times of market stress. The funds may not be able to meet the requests to redeem fund shares without significant dilution of remaining investors' interest in the fund.  
Market Risk The value of the fund's investments may decrease, sometimes rapidly or unexpectedly, due to factors affecting an issuer held by the fund, particular industries or overall securities markets. When the value of a fund’s investments goes down, your investment in the fund decreases in value. A variety of factors including interest rate levels, recessions, inflation, U.S. economic growth, war or acts of terrorism, natural disasters, political events, supply chain disruptions, staff shortages and widespread public health issues affect the securities markets. 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 fund holds, and may adversely affect the fund's investments and operations. The duration and extent of COVID-19 over the long-term cannot be reasonable 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, public health issues, such as COVID-19 AND governmental responses to them may negatively impact the capabilities of the fund's service providers and disrupt the funds' operations. Pandemics may result in substantial market volatility and adversely impact the prices and liquidity of the funds' investments. Management continues to monitor and evaluate this situation.
Non-U.S. and Emerging Market Risk  (applicable to International Fund, Short Duration Securitized Bond Fund and Core Bond Fund) Investing in non-U.S. securities (including depository receipts) involves special risks in addition to those of U.S. investments. These risks include political and economic risks, civil conflicts and war, greater market volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed settlement, possible non-U.S. controls on investment, and less stringent investor protection and disclosure standards of non-U.S. markets. The securities markets of many non-U.S. countries are relatively small, with a limited number of companies representing a small number of industries. If non-U.S. securities are denominated and traded in a non-U.S. currency, the value of a fund’s non-U.S. holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other
instruments are not traded “delivery versus payment,” a fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Trade tensions and sanctions on individuals and companies can contribute to market volatility, which may affect the fund's Uncertainty relating to withdrawal procedures and time can have adverse effects on asset valuations and the renegotiation of current trade agreements, as well as an increase in financial regulation in such markets.  This may adversely impact fund performance. The risks associated with non-U.S. securities are magnified in countries in “emerging markets” compared to more mature markets. Emerging market countries also may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Investments in emerging markets countries may be affected by government policies that restrict foreign investment in certain issuers or industries. Emerging market economies may be based on only a few industries. As a result, security issuers, including governments, may be more susceptible to economic weakness and more likely to default. Emerging markets may face greater social, economic, regulatory and political uncertainties. Emerging market countries may have different regulatory, accounting, auditing and financial reporting and record keeping standards and may have material limitations on PCAOB inspections, investigations, and enforcement. Therefore, the availability and reliability of information, particularly financial information material to an investment decision in emerging market companies, may be limited in scope and reliability as compared to information provided by U.S. companies. These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries and you may sustain sudden and sometimes substantial fluctuations in the value of your investments. A fund’s investments in non-U.S. and emerging market securities may also be subject to non-U.S. withholding and/or other taxes, which would decrease the fund’s yield on those securities.
Prepayment and Call Risk  (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) The funds may invest in mortgage-backed and asset-backed securities. The issuer of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of mortgage-and asset-backed securities. When mortgages and other obligations are prepaid and when securities are called, a fund may have to reinvest in securities with a lower yield. A fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. Furthermore, some asset-backed securities may have additional risk because they may receive little or no collateral protection from the underlying assets, and are also subject to the risk of default described under “Credit Risk.”
Sector Emphasis Risk (applicable to Large Cap Concentrated Fund, Select Fund and International Fund) The funds, from time to time, may invest 25% or more of its assets in one or more sectors, subjecting the fund to sector emphasis risk. This is the risk that a fund is subject to a greater risk of loss as a result of adverse economic, business or other developments affecting a specific sector in which the fund has a focused position, than if its investments were diversified across a greater number of
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industry sectors. Some sectors possess particular risks that may not affect other sectors.
Short Sale Risk  The Long-Short Fund and International Fund may engage in short sales. This is a main risk for the Long-Short Fund, and an additional risk for the International Fund as it relates to a non-principal investment strategy. When the Adviser believes that a security is overvalued, it may sell the security short and borrow the same security from a broker or other institution to complete the sale. If the price of the security decreases in value, the funds may make a profit and, conversely, if the security increases in value, the funds will incur a loss because they will have to replace the borrowed security by purchasing it at a higher price. There can be no assurance that the funds will be able to close out the short position at any particular time or at an acceptable price. Although a fund’s gain is limited to the amount at which it sold a security short, its potential loss is not limited. A lender may request that the borrowed securities be returned on short notice; if that occurs at a time when other short sellers of the subject security are receiving similar requests, a “short squeeze” can occur. This means that the funds might be compelled, at the most disadvantageous time, to replace borrowed securities previously sold short, with purchases on the open market at prices significantly greater than those at which the securities were sold short.
At any time that a fund has an open short sale position, the fund is required to segregate with its custodian (and to maintain such amount until the fund replaces the borrowed security) an amount of cash or U.S. Government securities or other liquid securities equal to at least the difference between (i) the current market value of the securities sold short and (ii) any cash or U.S. Government securities required to be deposited with the broker in connection with the short sale (not including the proceeds from the short sale). As a result of these requirements, a fund will not gain any leverage merely by selling short, except to the extent that it earns interest on the immobilized cash or government securities while also being subject to the possibility of gain or loss from the securities sold short. However, depending on arrangements made with the broker or custodian, the fund may not receive any payments (including interest) on the deposits made with the broker or custodian. These deposits do not have the effect of limiting the amount of money a fund may lose on a short sale — the fund’s possible losses may exceed the total amount of deposits. The Long-Short Fund will not make a short sale if, immediately before the transaction, the market value of all securities sold short exceeds 40% of the value of the Long- Short Fund’s net assets. The International Fund will not make a short sale if, immediately before the transaction, the market value of all securities sold short exceeds 20% of the value of the fund’s net assets.
The amount of any gain will be decreased and the amount of any loss increased by any premium or interest a fund may be required to pay in connection with a short sale. It should be noted that possible losses from short sales differ from those that could arise from a cash investment in a security in that the former may be limitless while the latter can only equal the total amount of a fund’s investment in the security. For example, if a fund purchases a $10 security, the most that can be lost is $10. However, if a fund sells a $10 security short, it may have to purchase the security for return to the lender when the market value is $50, thereby incurring a loss of $40.
As the Adviser adjusts the composition of the portfolio to deal with the risk discussed above, a fund may have a high portfolio turnover rate. Increased portfolio turnover may result in higher costs for brokerage commissions, dealer mark-ups and other transaction costs and may also result in taxable capital gains.
Higher costs associated with increased portfolio turnover may offset gains in a fund’s performance. In addition, because of the asset segregation requirement, a fund may be required to liquidate other portfolio securities that it otherwise might not have sold in order to meet its obligations, such as paying for redemptions of fund shares.
Small and Mid Cap Company Risk  This is a main risk for all funds except the Large Cap Fund, Large Cap Concentrated Fund, Short Duration Securitized Bond Fund and Core Bond Fund. Investments in smaller companies involve greater risks than investments in larger, more established companies. Historically, smaller company securities have been more volatile in price than larger company securities, especially over the short term. Among the reasons for the greater price volatility are the less-than-certain growth prospects of small and medium capitalization companies, the lower degree of liquidity in the markets for such securities, and the greater sensitivity of smaller companies to changing economic conditions. In addition, less frequent trading, with smaller volume than larger capitalization companies, may make it difficult for the funds to buy and sell shares of smaller companies. Also, the market price for smaller and medium capitalization companies tends to rise more in response to demand and fall more in response to selling pressure than is the case with larger capitalization companies. Further, smaller companies may lack depth of management, may be unable to generate funds necessary for growth or development, or may be developing or marketing new products or services for which markets are not yet established and may never become established. Smaller companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans that have a floating interest rate.
Additional Risks
General Risks  All mutual funds carry a certain amount of risk. You may lose money on your investment in the funds. The funds are subject to management risk because they are actively managed funds. The funds may not achieve their objective if the Adviser’s expectations regarding particular securities or markets are not met.
Convertible Securities Risk  The market value of convertible securities and other debt securities tends to fall when prevailing interest rates rise. The value of convertible securities also tends to change whenever the market value of the underlying common or preferred stock fluctuates.
Cybersecurity Risk The computer systems, networks and devices used by the funds and their service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the funds and their service providers, systems, networks, or devices potentially can be breached due to both intentional and unintentional events. The funds and their shareholders could be negatively impacted as a result of a cybersecurity breach.
Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the funds invest; counterparties with which the funds engage in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the funds’ shareholders); and other parties.

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Fund Details
Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; ransomware; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the funds’ business operations, potentially resulting in financial losses; may negatively impact the financial condition of an issuer, counterparty or other market participant; interference with the funds’ ability to calculate their NAVs; impediments to trading; the inability of the funds, the Adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.
In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future. Neither the funds or the Adviser control the cybersecurity systems of issuers or third-party service providers.
Illiquid Securities Risk  A fund may invest up to 15% of the value of its net assets in securities that are illiquid. An illiquid investment is any investment that cannot be disposed of in current market conditions within seven days in the normal course of business at approximately the amount at which it is valued by the fund and without significantly changing the value of the investment. The price a fund pays for illiquid securities or receives upon resale may be lower than the price paid or received for similar securities with a more liquid market. In addition, there may be no market or a limited market in which to sell illiquid securities.
Inflation-Indexed Bonds Risk (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Short-term increases in inflation may lead to a decline in value. Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity.
Investment Company and Exchange Traded Fund ("ETF") Risk  A fund may invest in shares of other investment companies or ETFs. Shareholders will indirectly bear fees and expenses charged by the underlying investment companies in which the fund invests in addition to the fund’s direct fees and expenses. The fund also will incur brokerage costs when it purchases ETFs and closed-end funds. In addition, the funds will be subject to the risks associated with the investment company or ETF's investments. The price movement of an ETF may not track the underlying index and may result in a loss. The closed-end investment company or ETF may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant volatility or stress,
causing investors to pay significantly more or less than the value of the ETF's underlying portfolio. Furthermore, investments in other funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the fund. To the extent a fund invests in an underlying Diamond Hill Fund, because the Adviser provides services to and receives fees from the underlying fund, a fund’s investment in the underlying fund benefits the Adviser. In addition, the fund may hold a significant percentage of the shares of the underlying fund. As a result, a fund’s investment in an underlying fund may create a conflict of interest.
Large Shareholder Redemption Risk  Certain individuals accounts, or institutions, including the Adviser and its affiliates, may from time to time own or control a substantial amount of a fund's shares. There is no requirement that these entities maintain their investment in the fund. There is a risk that such large shareholders may redeem all or a substantial portion of their investments in a fund at any time, which could have a significant negative impact on the fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the fund's ability to implement its investment strategy.
Maturity Risk  (applicable to Short Duration Securitized Bond Fund and Core Bond Fund) In certain situations the funds may purchase a bond of a given maturity as an alternative to another bond of a different maturity. Ordinarily, under these circumstances, a fund will make an adjustment to account for the interest rate risk differential in the two bonds. This adjustment, however, makes an assumption about how the interest rates at different maturities will move. To the extent that the yield movements deviate from this assumption, there is a yield-curve or maturity risk. Another situation where yield-curve risk should be considered is in the analysis of bond swap transactions where the potential incremental returns are dependent entirely on the parallel shift assumption for the yield curve.
Securities Lending Risk  To generate additional income, the funds may lend their portfolio securities to financial institutions under guidelines adopted by the Board of Trustees, including a requirement that the funds receive cash or securities issued by the United States government or its agencies or instrumentalities as collateral from the borrower equal to no less than 100% of the market value of the securities loaned. The funds may invest the cash collateral in high quality short-term debt obligations, government obligations, bank guarantees or money market mutual funds. Securities lending involves two primary risks: “investment risk” and “borrower default risk.” Investment risk is the risk that the funds will lose money from the securities received as collateral or the investment of the cash collateral. Borrower default risk is the risk that the funds will lose money due to the failure of a borrower to return a borrowed security in a timely manner.

38 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM

Fund Details
Temporary Strategies
From time to time, each fund may take temporary defensive positions that are inconsistent with the fund’s principal investment strategies, in attempting to respond to adverse market, economic, political, or other conditions. During these times, the fund may invest up to 100% of its assets in cash and cash equivalents. For example, a fund may hold all or a portion of its assets in money market instruments (high quality income securities with maturities of less than one year), securities of money market funds or U.S. Government repurchase agreements. A fund may also invest in such investments at any time to maintain liquidity or pending selection of investments in accordance with its policies. These investments may prevent a fund from achieving its investment objective. If a fund acquires securities of money market funds, the shareholders of the fund will be subject to duplicative management fees and other expenses.
Portfolio Holdings Disclosure
No later than 60 days after the end of each month, each fund will post on the funds' web site, www.diamond-hill.com, a complete schedule of its portfolio holdings as of the last day of that month. In addition to this monthly disclosure, each fund may also make publicly available its portfolio holdings at other dates as may be determined from time to time.
Shareholders may request portfolio holdings schedules at no charge by calling 888-226-5595. A description of the funds’ policies and procedures with respect to the disclosure of the funds’ portfolio holdings is available in the Statement of Additional Information.
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Fund Details
Management of the Funds
Diamond Hill Capital Management, Inc. (the “Adviser”), 325 John H. McConnell Boulevard, Suite 200, Columbus, Ohio 43215, manages the day-to-day investment decisions of the funds and continuously reviews, supervises and administers the funds’ investment programs. The Adviser has been an investment adviser to individuals, pension and profit sharing plans, trusts, corporations and other institutions since June 2, 1988. As of December 31, 2022, the Adviser managed approximately $24.8 billion in assets.
Pursuant to the investment advisory contract between the Adviser and the funds, the Adviser, subject to the supervision of the Board of Trustees and in conformity with the stated objective and policies of each fund, manages both the investment operations of the funds and the composition of the funds’ portfolios, including the purchase, retention and disposition of securities. In connection therewith, the Adviser is obligated to keep certain books and records of the funds. The Adviser also administers the corporate affairs of the funds, and in connection therewith, furnishes the funds with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by the funds’ custodian, and the funds’ sub-administrator, sub-fund accountant and sub-transfer agent. The management services of the Adviser are not exclusive under the terms of the investment advisory contract and the Adviser is free to, and does, render management services to others.
Disclosure regarding the basis for the Board of Trustees’ approval of the investment advisory contract between the Adviser and the funds is available in the funds’ annual report to shareholders for the year ended December 31, 2022.
The funds are authorized to pay the Adviser an annual fee as set forth below:
Fund Percentage of  Average Daily Net  Assets
Diamond Hill Small Cap Fund 0.80%
Diamond Hill Small-Mid Cap Fund 0.75%
Diamond Hill Mid Cap Fund 0.60%
Diamond Hill Large Cap Fund 0.50%
Diamond Hill Large Cap Concentrated Fund 0.50%
Diamond Hill Select Fund 0.70%
Diamond Hill Long-Short Fund 0.90%
Diamond Hill International Fund 0.65%
Diamond Hill Short Duration Securitized Bond Fund 0.35%
Diamond Hill Core Bond Fund 0.30%

Portfolio Managers
Fund
Portfolio Manager Assistant Portfolio Manager
Small Cap Aaron Monroe Christopher Welch
Small-Mid Cap Christopher Welch
Mid Cap Christopher Welch Christopher Bingaman
Large Cap Charles Bath
Austin Hawley
Large Cap Concentrated Charles Bath
Austin Hawley
Select Austin Hawley Richard Snowdon
Long-Short Christopher Bingaman
Nathan Palmer
Charles Bath
International Krishna Mohanraj
Short Duration Securitized Bond Henry Song
Mark Jackson
Core Bond Henry Song
Mark Jackson
The Portfolio Managers (PMs) hold ultimate responsibility and accountability for the investment results of the portfolios and have full authority to make all investment decisions. The Assistant Portfolio Manager (APM) provides significant analytical support to the PMs and serves as a backup to the PMs with authority to make investment decisions when the PMs are unavailable.
Mr. Bath has a Bachelor of Science degree in Accounting from Miami University, a Master’s of Business Administration from The Ohio State University and holds the CFA designation. Mr. Bath currently serves as a Portfolio Manager for the Adviser. From 1985 to September 2002, Mr. Bath was a senior portfolio manager for Gartmore Global Investments, a global investment firm affiliated with Nationwide Insurance. Mr. Bath was first employed by Nationwide Insurance as an investment professional in 1982.
Mr. Bingaman has a Bachelor of Arts degree in Finance (cum laude) from Hillsdale College, a Masters degree in Business Administration from the University of Notre Dame and holds the CFA designation. He has been an investment professional with the Adviser since March 2001. He currently serves as a Portfolio Manager for the Adviser. He was the President of the Adviser from January 2014 through August 2019 and Chief Executive Officer of the Adviser from January 2016 through August 2019. From 1998 to March 2001, Mr. Bingaman was a Senior Equity Analyst for Villanova Capital/Nationwide Insurance. In 1997, Mr. Bingaman was an Equity Analyst for Dillon Capital Management, an investment advisory firm.
Mr. Hawley has a Bachelor of Arts degree in History (cum laude) from Dartmouth College, a Masters degree in Business Administration (with distinction) from Tuck School of Business at Dartmouth College and holds the CFA designation. He has been an investment professional with the Adviser since August 2008. Mr. Hawley currently serves as a Portfolio Manager for the Adviser. From July 1999 to July 2002, Mr. Hawley was an Investment Associate at Putnam Investments. He was an Equity Analyst at Putnam Investments from July 2004 to July 2008.

40 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM

Fund Details
Mr. Jackson has a Bachelor of Science in Finance degree from Miami University and holds the CFA designation. He has been an investment professional with the Adviser since June 2016. Mr. Jackson currently serves as a Portfolio Manager for the Adviser. From 1996 to 2016, he was with J.P. Morgan Investment Management, Inc. where he was Managing Director and portfolio manager for the U.S. Value Driven team and was responsible for managing institutional taxable bond portfolios. Prior to 1996, Mr. Jackson was a portfolio manager for Alexander Hamilton Life Insurance Company and previous to that a portfolio manager with the Public Employees Retirement System of Ohio.
Mr. Mohanraj has a Bachelor of Technology from the Indian Institute of Technology, Madras (Chennai, India), a Master of Science from The University of Texas at Austin, a Master of Business Administration from the London Business School (with distinction) and holds the CFA designation. Mr. Mohanraj has been an investment professional with the Adviser since 2012. Mr. Mohanraj currently serves as a Portfolio Manager for the Adviser. From 2011 to 2012, Mr. Mohanraj was a Senior Research Associate at Sanford C. Bernstein. From 2008 to 2009, he was a Quantitative Analyst at Exelon Corporation. From 2005 to 2008, Mr. Mohanraj was a Product Manager with MCA Solutions. From 1999 to 2004, Mr. Mohanraj was a Solution Architect with i2 Technologies.
Mr. Monroe has a Bachelor of Science degree in Finance, Accounting and Economics from The Ohio State University (cum laude) and holds the CFA designation. He has been an investment professional with the Adviser since June 2007. Mr. Monroe currently serves as a Portfolio Manager for the Adviser. From 2006 to 2007, Mr. Monroe was a Consulting Group Analyst with Smith Barney. In 2005, Mr. Monroe was an Associate with Duff & Phelps.
Mr. Palmer has a Bachelor of Science degree in Accounting and Finance from The Ohio State University (summa cum laude, with honors) and a Masters of Accountancy from The Ohio State University (with distinction). He is a Certified Public Accountant and holds the CFA designation. He has been an investment professional with the Adviser since October 2009. Mr. Palmer currently serves as a Portfolio Manager for the Adviser. From 2008 to 2009, Mr. Palmer was a Tax Consultant with Deloitte & Touche, LLP.
Mr. Snowdon has a Bachelor of Arts degree in Economics and Organizational Behavior & Management from Brown University, a Masters degree in Business Administration (with distinction) from Northwestern University and holds the CFA designation. He has been an investment professional with the Adviser since August 2007. Mr. Snowdon currently serves as a Portfolio Manager for the Adviser. From 2003 to 2006, Mr. Snowdon served as a Board member and Consultant with Adams Rite Manufacturing. From 1997 to 2002, Mr. Snowdon was an Energy Trader/Vice President, Energy Trading for American Electric Power. From 1996 to 1997, Mr. Snowdon was a Junior Trader with Enron Corporation. From 1989 to 1994, Mr. Snowdon managed a chain of 40 independent World Oil gas stations.

Mr. Song has a Bachelor of Business Administration degree from the Ross School of Business at the University of Michigan and holds the CFA designation. He has been an investment professional with the Adviser since June 2016. Mr. Song currently serves as a Portfolio Manager for the Adviser. From 2005 to 2016 he was with J.P. Morgan Investment Management, Inc. where he was a portfolio manager for the U.S. Value Driven team and was responsible for managing institutional taxable bond portfolios and previously supported the Columbus taxable client portfolio managers in reporting as well as client communications.
Mr. Welch has a Bachelor of Arts degree in Economics (summa cum laude) from Yale University and holds the CFA designation. He has been an investment professional with the Adviser since November 2005. Mr. Welch currently serves as Portfolio Manager for the Adviser. From 2004 to November 2005, Mr. Welch was a Portfolio Manager for Fiduciary Trust Company International, an investment management firm. From 1995 to 2002, Mr. Welch served as Portfolio Manager and Senior Equity Analyst for Nationwide Insurance and its mutual fund unit, Gartmore Global Investments.
The Statement of Additional Information provides additional information about each portfolio manager’s compensation structure, other managed accounts and ownership of securities in their managed fund(s).

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Fund Details
Pricing Your Shares
When you buy and sell shares of a fund, the price of the shares is based on the fund’s net asset value per share (NAV) next determined after the order is received. The NAV is calculated at the close of trading (normally 4:00 p.m., Eastern time ) on each day the New York Stock Exchange (“NYSE”) is open for business (“open business day”). Should the NYSE experience an unexpected market closure or restriction on trading during or on what is expected to be an open business day, the fund will make a determination whether to calculate the NAV at the times as described above (and value the securities as described below in this prospectus and in the Statement of Additional Information) or to suspend the determination of the NAV based on available information at the time of or during the unexpected closure or restriction on trading. Purchase requests received by a fund or an authorized agent of a fund after the NYSE closes, or on a day on which the NYSE is not open for trading, will be effective on the next open business day thereafter on which the NYSE is open for trading, and the offering price will be based on the fund’s NAV at the close of trading on that day. A separate NAV is calculated for each share class of a fund. The NAV for a class is calculated by dividing the value of the fund’s total assets (including interest and dividends accrued but not yet received), allocable to that class, minus liabilities (including accrued expenses) allocable to that class, by the total number of that class’ shares outstanding. The market value of a fund’s investments is determined primarily on the basis of readily available market quotations.
If market quotations are not readily available or if available market quotations are determined not to be reliable or if a security’s value has been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded (for example, a natural disaster affecting an entire country or region, or an event that affects an individual company), but before a fund’s NAV is calculated, that security may be valued at its fair value in accordance with policies and procedures adopted by the fund’s Board of Trustees. Without a fair value price, short term traders could take advantage of the arbitrage opportunity and dilute the NAV of long term investors. To the extent that a fund invests in securities that are primarily listed on non-U.S. exchanges or other markets that trade on weekends or other days when a fund is closed, the value of a fund’s shares may change on days when you will not be able to purchase or redeem your shares. In addition, securities trading on non-U.S. markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of the non-U.S. market, but prior to the close of the U.S. market. Fair valuation of a fund’s portfolio securities can serve to reduce arbitrage opportunities available to short term traders, but there is no assurance that fair value pricing policies will prevent dilution of a fund’s NAV by short term traders. Fair valuation involves subjective judgments and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

If you purchase shares of any of the funds through a Processing Organization, as discussed below, it is the responsibility of the authorized agent to transmit properly completed purchase orders so that they will be received timely by the Trust. Any change in price due to the failure of the Trust to receive an order timely must be settled between the investor and the authorized agent placing the order.
How to Purchase Shares
Shares of the funds have not been registered for sale outside of the United States and the funds are generally only available to residents in the United States with a valid tax identification number. This prospectus is not intended for distribution to prospective investors outside of the United States. The funds generally do not market or sell shares to investors domiciled outside of the United States, even if the investors are citizens or lawful permanent residents of the United States. Any non-U.S. shareholders generally would be subject to U.S. tax withholding on distributions by the funds. This prospectus does not address in detail the tax consequences affecting any shareholder who is a nonresident alien individual or non-U.S. trust or estate, non-U.S. corporation or non-U.S. partnership.





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Your Account
The following table summarizes different features and eligibility requirements of each Class of the funds.

Choosing a Share Class
Eligibility Investor Class I Class Y
May be purchased by the general public (except for Short Duration Securitized Bond Fund) ü
May be purchased by institutional investors, such as corporations, pension, profit sharing, or defined contribution plans, non-profit organizations, charitable trusts, foundations and endowments ü ü ü
May be purchased by individual investors, through financial intermediaries that have entered into agreements with Diamond Hill Funds or its agents ü ü
May be purchased by financial intermediaries on behalf of individual investors provided such intermediary:
1.is acting in an investment advisory capacity,
2.enters into an agreement with the applicable fund or the Adviser to purchase and redeem such shares through an omnibus account, and
3. agrees to not charge the applicable fund, its investment adviser or any other affiliates, any sub-transfer agent fees, service fees, networking fees, distribution fees, marketing fees, or any other fees for the entire life of the investment in Class Y shares.
ü
May be purchased by Trustees, Directors, and employees of Diamond Hill Funds or Diamond Hill Investment Group, Inc. and their immediate family members ü ü
Initial Investment Minimum $2,500 $2,500 $500,000
May be waived for corporate sponsored, participant directed group retirement accounts ü ü ü
May be waived for investors who purchased shares through financial intermediaries that have entered into agreements with Diamond Hill Funds or its agents ü ü
May be waived for individual investors who purchased Class Y shares through financial intermediaries that have entered into an agreement with the applicable fund or the Adviser as described above. ü
May be waived in other circumstances as deemed appropriate ü ü ü
Additional Compensation to Financial Intermediaries Permitted ü ü

Financial Intermediaries
Financial intermediaries or such other organizations may impose eligibility requirements for each of their clients or customers investing in the funds, including investment minimum requirements, which may be the same or differ from the requirements for investors purchasing directly from the funds, and certain financial intermediaries may charge their customers transaction or other fees. Certain share classes may not be available through all financial intermediaries. The funds or Adviser may pay service and/or distribution fees to these entities for services they provide to Investor and Class I shareholders.
Investor shares of all funds, except the Short Duration Securitized Bond Fund, are available to the general public. Investor shares may also be purchased through financial intermediaries that have entered into agreements with Diamond Hill Funds or its agents. Financial intermediaries may include financial advisors, investment advisors, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrations or any other organization authorized to act in a fiduciary, advisory, custodial or agency capacity for its clients or customers.
Class I shares of all funds and Investor shares of the Short Duration Securitized Bond Fund are available for purchase by institutional investors such as corporations, pension and profit sharing or defined contribution plans, non-profit organizations, charitable trusts, foundations and endowments. Class I shares of all funds and Investor shares of the Short Duration Securitized Bond Fund may also be purchased through financial
intermediaries that have entered into agreements with Diamond Hill Funds or its agents. Financial intermediaries may include financial advisors, investment advisors, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrations or any other organization authorized to act in a fiduciary, advisory, custodial or agency capacity for its clients or customers.
Class I shares of all funds and Investor shares of the Short Duration Securitized Bond Fund may also be purchased by officers, trustees, directors and employees, and their immediate family members (i.e., spouses, children, grandchildren, parents, grandparents and any dependent of the person, as defined in Section 152 of the Internal Revenue Code), of Diamond Hill Funds or Diamond Hill Investment Group, Inc. and its subsidiaries and affiliates.
Class Y shares are available for purchase by institutional investors such as corporations, pension and profit sharing or defined contribution plans, non-profit organizations, charitable trusts, foundations and endowments.
Class Y shares may also be purchased by individual investors, if purchased through financial intermediaries authorized to act in an investment advisory capacity that have entered into a written agreement with the Adviser or the applicable fund to offer such shares through an omnibus account held at the fund.
All Class Y purchases of a fund, whether purchased by an institutional investor or by a financial intermediary on behalf of an individual investor, will not require the fund, its investment
DIAMOND HILL FUNDS| PROSPECTUS| FEBRUARY 28, 2023| DIAMOND-HILL.COM 43

Your Account
adviser or any other affiliates, to make any sub-transfer agent, service, networking, distribution-related, marketing, maintenance, revenue sharing or any other fees or payments to any third party now or for the entire life of the investment in Class Y shares. Class Y shares have no ongoing shareholder service fees.
Minimum Initial Investment amount for Investor and Class I shares is $2,500. The minimum initial investment amount for Class Y is $500,000. If a financial intermediary maintains an omnibus account for institutional investors in Class Y shares, each subaccount underlying the Omnibus Account must meet the minimum initial investment in order for the Omnibus Account to be eligible to own Class Y shares.
1.The funds may waive the investment minimums for corporate participant directed retirement accounts (such as 401(k) accounts).
2.The funds may waive the initial investment minimums for Investor and Class I shares purchased through financial intermediaries that have entered into a written agreement with the funds or its agents.
3.The funds may waive the initial investment minimums for Class Y shares purchased through financial intermediaries authorized to act in an investment advisory capacity that have entered into a written agreement with the Adviser to offer such shares through an omnibus account held at the fund.
4.The funds may waive the investment minimums in other circumstances as it may judge appropriate.
All investments and exchanges are subject to approval by a fund and the fund reserves the right to reject any purchase or exchange of shares at any time. The funds request advance notification of investments in excess of 5% of the current net assets of the fund.
All classes of the funds may not be available in every state.

Important Information About the Small-Mid Cap Fund
The Small-Mid Cap Fund is closed to most new investors. The fund remains open to additional investments under the circumstances listed below:
Existing shareholders of the fund may add to their accounts, including through reinvestment of distributions.
Qualified defined contribution retirement plans, such as a 401(k), 403(b) or 457 plans, that utilized the fund as an investment option on the date the fund closed, may continue to establish new participant accounts in the funds for those plans.
Financial Advisors who had clients invested in the fund on the date the fund closed, may establish new positions in the fund for new clients where operationally feasible.
Investors may purchase the fund through certain intermediary sponsored fee-based model programs, provided that the sponsor has received permission from Diamond Hill Funds that shares of the fund may continue to be offered through the program. Approved or recommended lists are not considered model portfolios.
•    Trustees, Directors, and employees of Diamond Hill Funds or Diamond Hill Investment Group, Inc. and their immediate family members may open new accounts and purchase shares of the fund.
In general, the fund will look to the financial intermediary to prevent a new account from being opened within an omnibus account at that intermediary. The fund's ability to monitor new accounts that are opened through omnibus accounts or other
nominee accounts is limited and the ability to limit a new account to those that meet the above criteria with respect to financial intermediaries may vary depending upon the capabilities and cooperation of those intermediaries.
The fund reserves the right to make additional exceptions or otherwise modify the foregoing closure policy at any time. The fund also reserves the right to reject any purchase or refuse any exception, including those detailed above for any reason.
Important Information About Procedures for Opening an Account
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, residential address, date of birth, government identification number and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. If we do not receive these required pieces of information, there may be a delay in processing your investment request, which could subject your investment to market risk. If we are unable to immediately verify your identity, the fund may restrict further investment until your identity is verified. If we are unable to verify your identity, the fund reserves the right to close your account without notice and return your investment to you at the NAV determined on the day in which your account is closed. If we close your account because we are unable to verify your identity, your investment will be subject to market fluctuation, which could result in a loss of a portion of your principal investment.
Fund Supermarkets and Clearing Organizations
You may purchase shares of a fund through a fund supermarket or clearing organization, which is a broker-dealer, bank or other financial institution that purchases shares for its customers (Processing Organization). The funds have authorized certain Processing Organizations to receive purchase and sale orders on their behalf. Before investing in the funds through a Processing Organization, you should read carefully any materials provided by the Processing Organization together with this prospectus.
When shares are purchased this way, there may be various differences. The Processing Organization may:
•    Charge a fee for its services.
•    Act as the shareholder of record of the shares.
•    Set different minimum initial and additional investment requirements.
•    Impose other charges and restrictions.
•    Designate intermediaries to accept purchase and sale orders on the fund’s behalf.
•    Impose an earlier cut-off time for purchase and redemption requests.
The Trust considers a purchase or sale order as received when an authorized Processing Organization, or its authorized designee, receives the order in proper form. These orders will be priced based on the respective fund’s net asset value next computed after such order is received in proper form. It is the responsibility of the authorized agent to transmit properly completed purchase orders so that they will be received timely by the Trust.
Shares held through a Processing Organization may be transferred into your name following procedures established by your Processing Organization and the Trust. Certain Processing Organizations may receive compensation from the Trust, the Adviser or their affiliates.
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Your Account
Fund Direct Purchase
You may also make a direct initial investment by following these steps:
•    Complete and sign an investment application form which you can request by calling the funds at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business. On days when the NYSE closes early, the call center hours will be reduced accordingly.
•     Make your check (drawn on a U.S. bank and payable in U.S. dollars) payable to the fund in which you are investing. We do not accept post-dated checks, third party checks, travelers’ checks, cash, money orders, cashier checks greater than $10,000, credit card convenience checks or “starter” checks.
•    Mail the application and check to: (Fund Name) P.O. Box 46707, Cincinnati, OH 45246
To purchase shares of a fund by wire, call the funds at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business for instructions. On days when the NYSE closes early, the call center hours will be reduced accordingly. A fund will accept wire orders only on a day on which the fund, the Custodian and the Transfer Agent are open for business. A wire purchase will be considered made when the wired money is received and the purchase is accepted by the fund. Any delays that may occur in wiring money, including delays that may occur in processing by the banks, are not the responsibility of the fund or the Transfer Agent. There is presently no fee for the receipt of wired funds, but the funds may charge a fee in the future.
AIP Program
When making your initial investment in a fund, you may choose to participate in the fund’s automatic investment program (AIP) by completing the AIP section of the application form discussed above. Purchase amounts ($100 minimum) are automatically debited each month from your bank account through ACH (automated clearing house) and are subject to the payment of any applicable sales charge.
Sales Charges
Shares of the funds are purchased at their NAV.
The funds’ principal underwriter compensates Financial Intermediaries (such as broker-dealers), including processing organizations, who sell shares of the funds. Compensation comes from Rule 12b-1 fees and payments by the principal underwriter or affiliates of the principal underwriter and from its or their own resources.
The funds' shares may be available at brokerage firms that have agreements with the funds' distributor. Shareholders may be required to pay a commission and/or other form of compensation to the broker. Shares of the funds are available in share classes that have different fees and expenses.
Distribution Plan
Each fund has adopted a plan under Rule 12b-1 that allows its Investor shares to pay distribution fees. Up to 0.25% of the Investor shares' 12b-1 fee can be used as a shareholder servicing fee. Investor shares pay annual 12b-1 expenses of 0.25%. Because these fees are paid out of a fund’s assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.
Additional Compensation to Financial Intermediaries
Diamond Hill Capital Management, Inc., the Adviser and Administrator, may make payments to financial intermediaries
that can be categorized as “service-related” or “distribution-related.”
Payments made by the Administrator to financial intermediaries to compensate or reimburse them for administrative or other client services provided, such as sub-transfer agency services for shareholders or retirement plan participants, omnibus accounting or sub-accounting, participation in networking arrangements, record keeping and other shareholder services are categorized as “servicing related.” Payments made pursuant to such agreements generally are based on either (a) a percentage of the average daily net assets of clients serviced by such financial intermediaries, or (b) the number of accounts serviced by such financial intermediary.
Payments made by the Adviser from its own resources to financial intermediaries that are in addition to, rather than in lieu of, Rule 12b-1 fees for distribution-related expenses, such as marketing or promotional expenses, are often referred to as “distribution-related.” Distribution-related payments may be made on the basis of the sales of shares attributable to that intermediary, the average net assets of the fund and other Diamond Hill Funds attributable to the accounts of that intermediary and its clients, negotiated lump sum payments for distribution services provided, or similar fees. In some circumstances, distribution-related payments may create an incentive for a financial intermediary or its representatives to recommend or offer shares of the fund or other Diamond Hill Funds to its customers or provide an incentive for a financial intermediary to cooperate with the Distributor’s marketing efforts by providing representatives of the Distributor with preferential access to representatives of the intermediary’s sales force. Distribution-related payments may also be used to reimburse expenses related to educational seminars and “due diligence” or training meetings (to the extent permitted by applicable laws or the rules of the Financial Industry Regulatory Authority (“FINRA”)) designed to increase sales representatives’ awareness about Diamond Hill Funds, including travel and lodging expenditures.
Other Purchase Information
The funds reserve the right to limit the amount of purchases and to refuse to sell to any person. When purchasing shares of the funds by check, the check must be made out to the applicable fund, or the Trust, as the payee. If your check or wire does not clear, you will be responsible for any loss incurred by a fund. If you are already a shareholder of a fund, we reserve the right to redeem shares from any identically registered account in the Trust as reimbursement for any loss incurred or money owed to the Trust. You may be prohibited or restricted from making future purchases in the funds.
How to Redeem Shares
You may redeem all or part of your investment in a fund on any day that the New York Stock Exchange is open for trading, subject to certain restrictions described below. Redemption requests received by a fund or an authorized agent of the fund before 4:00 p.m. ET (or before if the NYSE closes before 4:00 p.m. ET) will be effective that day. The price you will receive when you redeem your shares will be the NAV (less any applicable sales charges) next determined after the fund receives your properly completed order to sell. You may receive proceeds of your sale in a check, ACH, or federal wire transfer. The funds typically expect that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. The proceeds may be more or less than the purchase price of your shares, depending on the market value of the fund’s securities at the
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Your Account
time of your sale. If you sell shares through your Financial Intermediary, contact your financial adviser for their requirements and procedures. A broker may charge a transaction fee to redeem shares. The fund may charge $9 for wire redemptions. Any charges for wire redemptions will be deducted from your account by redemption of shares. The funds encourage, to the extent possible, advance notification of large redemptions. The funds typically expect that a fund will hold cash or cash equivalents to meet redemption requests. The funds may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the fund. These redemption methods will be used regularly and may also be used in stressed market conditions. The funds reserve the right to redeem in-kind as described under “Additional Information” below. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of a fund’s net assets in order to minimize the effect of large redemptions on the fund and its remaining shareholders. Redemptions in-kind may be used regularly in circumstances as described above, and may also be used in stressed market conditions.
By Mail  To redeem any part of your account in a fund by mail, send a written request, with the following information, to:
(Fund Name)
Diamond Hill Funds
P.O. Box 46707
Cincinnati, OH 45246
•    the fund name;
•    your account number;
•    the name(s) on your account;
•    your address;
•    the dollar amount or number of shares you wish to redeem;
•    the signature of all registered account owners, signed in the exact name(s) and any special capacity in which they are registered; and
•    the Federal tax withholding election (for retirement accounts).
•    If the shares to be redeemed have a value of $100,000 or more, your signature(s) must be guaranteed by an original Medallion Signature Guarantee by an eligible guarantor institution outlined below.
•    You must request the redemption in writing with your signature guaranteed by a Medallion Signature Guarantee, regardless of the value of the shares being redeemed if: the address on your account has been changed within 15 days of your redemption request; the check is not being mailed to the address on your account; the check is not being made payable to the owner(s) of the account; the redemption proceeds are being transferred to another fund account with a different registration or; the redemption proceeds are being wired to bank instructions currently not on your account.
We accept original signature guarantees from U.S. banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings and loan associations participating in a Medallion program. The three recognized medallion programs are Securities Transfer Agent Medallion Program (STAMP), Stock Exchanges Medallion Program (SEMP) and New York Stock Exchange, Inc. Medallion Signature Program (MSP). SIGNATURE GUARANTEES RECEIVED FROM INSTITUTIONS NOT PARTICIPATING IN THESE PROGRAMS WILL NOT BE ACCEPTED. In certain instances, we may require you to furnish additional legal documents to insure proper authorization.
By Telephone  If you have completed the Optional Telephone Redemption and Exchange section of your investment application, you may sell any part of your account by calling the funds at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business. On days when the NYSE closes early, the call center hours will be between reduced accordingly. IRA accounts are not redeemable by telephone.
Neither the funds nor the Transfer Agent will be liable for complying with telephone instructions they reasonably believe to be genuine or for any loss, damage, cost or expenses in acting on such telephone instructions. The affected shareholders will bear the risk of any such loss. The funds or the Transfer Agent, or both, will employ reasonable procedures to determine that telephone instructions are genuine. If the funds and/or the Transfer Agent do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. Such procedures may include, among others, requiring forms of personal identification before acting upon telephone instructions, providing written confirmation of the transactions, and/or digitally recording telephone instructions.
We may terminate the telephone sale procedures at any time. During periods of extreme market activity it is possible that you may encounter some difficulty in telephoning us, although we have never experienced difficulties in receiving or in a timely fashion responding to telephone requests. If you are unable to reach us by telephone, you may request a sale by mail. An original Medallion Signature Guarantee is required for any telephone redemption request for an amount of at least $100,000 as described above. A telephone redemption request for an amount of at least $100,000 as described above will not be processed until the Medallion Signature Guarantee is received by the Transfer Agent.
Additional Information  Redemptions will be remitted to the record holder at the address of record or to bank accounts of the shareholder that have been previously designated by the shareholder. If you are not certain of the requirements for a sale please call the fund at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business. On days when the NYSE closes early, the call center hours will be reduced accordingly. We cannot accept, and will return, requests specifying a certain date or share price. The funds may hold proceeds for shares purchased by ACH or check until the purchase amount has been collected, which may be as long as ten business days. Also, when the New York Stock Exchange is closed (or when trading is restricted) for any reason other than its customary weekend or holiday closing or under any emergency circumstances, as determined by the Securities and Exchange Commission, we may suspend sales or postpone payment dates.
Generally, all redemptions will be for cash. However, if during any 90-day period you redeem shares in an amount greater than the lesser of $250,000 or 1% of a fund’s net assets, the funds reserve the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. Marketable securities may include illiquid securities. You may experience a delay in converting illiquid securities to cash. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and asked prices are available. They are distributed to the redeeming shareholder based on a weighted-average pro-rata basis of a fund's holdings. If payment is made in securities, the fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on a fund and its remaining shareholders. If you receive securities when
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Your Account
redeeming your account, the securities will be subject to market fluctuation and you may incur tax and transaction costs if the securities are sold.
Accounts with Low Balances  Maintaining small accounts is costly for the funds and may have a negative effect on performance. Shareholders are encouraged to keep their accounts above the funds' minimum.
•     The funds reserve the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below $2,500. In such cases, you will be notified and given at least 30 days to purchase additional shares to bring the balance above the minimum before the account is closed.
•    The above involuntary redemptions constitute a sale of fund shares. You should consult your tax adviser concerning the tax consequences of involuntary redemptions.
How to Exchange Shares
You may exchange any or all of your shares in a fund for shares in another fund or another share class of the same fund, subject to the following conditions:
Investor shares of a fund may be exchanged for:
Investor shares of another fund
Another share class of the same fund provided you meet the eligibility and minimum investment requirements of that class.
Class I shares of a fund may be exchanged for:
Class I shares of another fund
Another share class of the same fund provided you meet the eligibility and minimum investment requirements of that class.
Class Y shares of a fund may be exchanged for:
Class Y shares of another fund
Another share class of the same fund provided you meet the eligibility and minimum investment requirements of that class.
You may request the exchange for accounts held directly at the transfer agent by telephoning 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business or writing the funds at Diamond Hill Funds, P.O. Box 46707, Cincinnati, OH 45246. On days when the NYSE closes early, the call center hours will be reduced accordingly. You may request the exchange for accounts held through a financial intermediary by contacting the financial intermediary directly. Exchanges may be made only if the exchanging fund is registered in your state of residence. The exchange privilege does not constitute an offering or recommendation of a fund. Due to operational limitations at your financial intermediary, your ability to exchange your shares to another share class may be limited. It is your responsibility to obtain and read a prospectus of the exchanging fund before you make an exchange. Not all share classes may be available for each fund.
If you exchange shares into or out of a fund, the exchange is made at the net asset value per share of each fund next determined after the exchange request is received.
In times of extreme economic or market conditions, exchanging fund shares by telephone may be difficult. To receive a specific day’s price, your letter or call must be received before that day’s close of the New York Stock Exchange. Each exchange represents the sale of shares from one fund and the purchase of
shares in another, which may produce a gain or loss for federal income tax purposes.
Exchanges will be accepted only if the registration of the two accounts is identical or the exchange instructions have a Medallion Signature Guarantee. The funds and the Transfer Agent are not liable for following instructions communicated by telephone that they reasonably believe to be genuine. They will use reasonable procedures to confirm that telephone instructions are genuine. The exchange feature may be modified or discontinued at any time upon notice to you in accordance with federal securities laws.
Share Class Conversions The Internal Revenue Service currently takes the position that a conversion/exchange of share classes of the same fund is a nontaxable event. Conversion/exchanges of share classes between different funds is generally taxable.
How to Request Certain Non-Financial Transactions
The funds will accept the STAMP’s Signature Validation Program (SVP) stamp for certain non-financial transactions. The SVP was introduced in response to requests from financial services institutions that rely upon the effectiveness of a signature guarantee when processing non-financial transactions for which the surety bond attached to a Medallion Signature Guarantee (MSG) would not apply. The SVP stamp carries its own separate surety bond that would apply to such non-financial transactions. The SVP stamp may be obtained from eligible members, including banks, broker/dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations.
This program enables the funds to accept documents stamped with an SVP stamp in lieu of the MSG for non-financial transactions. The non-financial transactions for which the funds can accept an SVP are: (1) change name; (2) add or change banking instructions; (3) add or change beneficiaries; (4) add or change authorized account traders; (5) add a Power of Attorney; (6) add or change Trustee; and (7) change UTMA/UGMA custodian.
In the event that your bank or financial institution does not participate in the SVP Stamp program, you should request that the guarantor use their Medallion Guarantee Stamp.
Market Timing and Frequent Trading Policy
The funds are not designed to serve as a vehicle for frequent trading. The funds do not authorize, and use reasonable methods to discourage, short-term or excessive trading, often referred to as “market timing.” Market timing is an investment strategy using frequent purchases, redemptions and/or exchanges in an attempt to profit from short-term market movements. Market timing or excessive trading may result in dilution of the value of fund shares held by long-term shareholders, disrupt portfolio management, and increase fund expenses for all shareholders. The funds will take reasonable steps to discourage excessive short-term trading and the funds’ Board of Trustees has adopted the following policies and procedures with respect to market timing. The funds will monitor selected trades on a daily basis in an effort to detect excessive short-term trading. If a fund has reason to believe that a shareholder has engaged in excessive short-term trading, the fund may ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder’s accounts. In addition to rejecting purchase orders in connection with suspected market timing activities, a fund can reject a purchase
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Your Account
order for any reason. While the funds cannot assure the prevention of all excessive trading and market timing, by making these judgments the funds believe they are acting in a manner that is in the best interests of shareholders.
Market timers may disrupt portfolio management and harm fund performance. To the extent that the funds are unable to identify market timers effectively, long-term investors may be adversely affected. Although the funds use a variety of methods to detect and deter market timing, due to the complexity involved in identifying excessive trading there is no assurance that the funds’ efforts will identify and eliminate all trades or trading practices that may be considered abusive. In accordance with Rule 22c-2 under the Investment Company Act of 1940, the Trust has entered into information sharing agreements with certain financial intermediaries. Under these agreements, a financial intermediary is obligated to: (1) adopt and enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Trust; (2) furnish the Trust, upon its request, with information regarding customer trading activities in shares of the Trust; and (3) enforce its market-timing policy with respect to customers identified by the Trust as having engaged in market timing. When information regarding transactions in the Trust’s shares is requested by the Trust and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an “indirect intermediary”), any financial intermediary with whom the Trust has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Trust, to restrict or prohibit the indirect intermediary from purchasing shares of the Trust on behalf of other persons.
The funds apply these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. The funds have no arrangements to permit any investor to trade frequently in shares of the funds, nor will it enter into any such arrangements in the future.
Distribution and Taxes
The following information is provided to help you understand the income and capital gains you may earn while you own fund shares, as well as the federal income taxes you may have to pay. The amount of any distribution varies and there is no guarantee the funds will pay either income dividends or capital gain distributions. For tax advice about your personal tax situation, please speak with your tax adviser.
Income and Capital Gain Distributions  The funds intend to qualify each year as a regulated investment company under the Internal Revenue Code. As a regulated investment company, the funds generally pay no federal income tax on the income and gains distributed to you. The Small Cap Fund, Small-Mid Cap Fund, Mid Cap Fund, Large Cap Fund, Large Cap Concentrated Fund, Select Fund, Long-Short Fund and International Fund expect to declare and distribute their net investment income, if any, to shareholders annually. The Short Duration Securitized Bond Fund and Core Bond Fund expect to declare and distribute their net investment income, if any, to shareholders monthly. Capital gains, if any, may be distributed at least annually. A fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the fund. All income and capital gain distributions are automatically reinvested in shares of the fund unless you request cash distributions on your application or through a written request. If you choose to have dividends or capital gain distributions, or both, mailed to you and the distribution check is returned as undeliverable or is not presented for payment within six months, the Trust reserves the
right to reinvest the check proceeds and future distributions in shares of the fund at the fund’s then-current NAV until you give the Trust different instructions.
Tax Considerations  If you are a taxable investor, dividends and capital gain distributions you receive from a fund, whether you reinvest your distributions in additional fund shares or receive them in cash, are subject to federal income tax, state taxes, and possibly local taxes:
•    distributions are taxable to you at either ordinary income or capital gains tax rates;
•    distributions of short-term capital gains are paid to you as ordinary income that is taxable at applicable ordinary income tax rates;
•    distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your fund shares;
•    for individuals, a portion of the income dividends paid may be qualified dividend income eligible for long-term capital gains tax rates, provided that certain holding period requirements are met;
•    for corporate shareholders, a portion of income dividends may be eligible for the corporate dividend-received deduction, subject to certain limitations;
•    distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December; and
•    an additional 3.8% Medicare tax is imposed on distributions you receive from the funds and gains from selling, redeeming or exchanging your shares.
The amount and type of income dividends and the tax status of any capital gains distributed to you are reported on Form 1099-DIV, which we send to you annually during tax season (unless you hold your shares in a qualified tax-deferred plan or account or are otherwise not subject to federal income tax). The funds may reclassify income after your tax reporting statement is mailed to you. This can result from the rules in the Internal Revenue Code that effectively prevent mutual funds, such as the funds, from ascertaining with certainty, until after the calendar year end, the final amount and character of distributions a fund has received on its investments during the prior calendar year. Prior to issuing your statement, the funds make every effort to search for reclassified income to reduce the number of corrected forms mailed to shareholders. However, when necessary, the funds will send you a corrected Form 1099-DIV to reflect reclassified information.
Distributions from the funds (both taxable dividends and capital gains) are normally taxable to you when made, regardless of whether you reinvest these distributions or receive them in cash (unless you hold shares in a qualified tax-deferred plan or account or are otherwise not subject to federal income tax).
If you are a taxable investor and invest in a fund shortly before it makes a capital gain distribution, some of your investment may be returned to you in the form of a taxable distribution. This is commonly known as “buying a dividend.”
Selling and Exchanging Shares  Selling your shares may result in a realized capital gain or loss, which is subject to federal income tax. For tax purposes, an exchange from one Diamond Hill Fund to another is the same as a sale. For individuals, any long-term capital gains you realize from selling fund shares are taxed at your applicable tax rate for long-term capital gains. Short-term capital gains are taxed at ordinary
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income tax rates. You or your tax adviser should track your purchases, tax basis, sales and any resulting gain or loss. If you redeem fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.
Other Tax Jurisdictions  Distributions and gains from the sale or exchange of your fund shares may be subject to state and local taxes, even if not subject to federal income taxes. State and local tax laws vary; please consult your tax adviser. Non-U.S. investors may be subject to U.S. withholding at a 30% or lower treaty tax rate and U.S. estate tax and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits.
Tax Status for Retirement Plans and Other Tax-Deferred Accounts  When you invest in the funds through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes. In general, these plans or accounts are governed by complex tax rules. You should ask your tax adviser or plan administrator for more information about your tax situation, including possible state or local taxes.
Backup Withholding  By law, you may be subject to backup withholding on a portion of your taxable distributions and redemption proceeds unless you provide your correct Social Security or taxpayer identification number and certify that (1) this number is correct, (2) you are not subject to backup withholding, and (3) you are a U.S. person (including a U.S. resident alien). You may also be subject to withholding if the Internal Revenue Service instructs us to withhold a portion of your distributions and proceeds. When withholding is required, the amount is 24% of any distributions or proceeds paid.
This discussion of “Distributions and Taxes” is not intended or written to be used as tax advice. Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local or non-U.S. tax consequences before making an investment in the fund.
Householding
To reduce expenses, we mail only one copy of the funds’ prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the funds at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business or contact your financial institution. On days when the NYSE closes early, the call center hours will be reduced accordingly. We will begin sending you individual copies thirty days after receiving your request.
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Financial Highlights
The financial highlights tables are intended to help you understand the funds’ financial performance for the past five years (or, if shorter, the period of the funds’ operations). Certain information reflects financial results for a single fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the funds (assuming reinvestment of all dividends and distributions). The information has been audited by Cohen & Company, Ltd., an independent registered public accounting firm, whose report, along with the funds’ financial statements, are incorporated by reference in the Statement of Additional Information, which is available upon request.
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Small Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Small Cap Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income (A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value  End
of Year
Total
Return(B)
Net Assets End of Year
(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)
Investor
For the year ended December 31, 2022 $ 34.73  0.11  (5.23) (5.12) (0.15) (4.40) (4.55) $ 25.06  (15.02) % $ 79,634  1.26  % 1.26  % 0.34  % 37  %
(E)
For the year ended December 31, 2021 30.96  0.07  9.75  9.82  (0.07) (5.98) (6.05) 34.73  32.45  123,975  1.26  1.26  0.20  20 
For the year ended December 31, 2020 31.23  0.01  (0.18) (0.17) (0.10) —  (0.10) 30.96  (0.55) 117,491  1.26  1.26  0.05  34 
For the year ended December 31, 2019 27.54  0.06  5.80  5.86  (0.34) (1.83) (2.17) 31.23  21.36  165,339  1.27  1.27  0.23  22 
For the year ended December 31, 2018 35.62  0.12  (5.37) (5.25) —  (2.83) (2.83) 27.54  (15.12) 214,831  1.25  1.26  0.31  23 
Class I
For the year ended December 31, 2022 $ 35.44  0.18  (5.31) (5.13) (0.24) (4.40) (4.64) $ 25.67  (14.77) % $ 187,656  0.97  % 0.97  % 0.57  % 37  %
(E)
For the year ended December 31, 2021 31.49  0.19  9.92  10.11  (0.18) (5.98) (6.16) 35.44  32.83  391,856  0.97  0.97  0.52  20 
For the year ended December 31, 2020 31.77  0.09  (0.18) (0.09) (0.19) —  (0.19) 31.49  (0.28) 350,375  0.97  0.97  0.33  34 
For the year ended December 31, 2019 27.98  0.16  5.90  6.06  (0.44) (1.83) (2.27) 31.77  21.75  469,014  0.98  0.98  0.52  22 
For the year ended December 31, 2018 36.15  0.23  (5.48) (5.25) (0.09) (2.83) (2.92) 27.98  (14.88) 633,323  0.96  0.97  0.64  23 
Class Y
For the year ended December 31, 2022 $ 35.49  0.22  (5.32) (5.10) (0.27) (4.40) (4.67) $ 25.72  (14.64) % $ 18,592  0.85  % 0.85  % 0.69  % 37  %
(E)
For the year ended December 31, 2021 31.52  0.22  9.95  10.17  (0.22) (5.98) (6.20) 35.49  32.98  52,704  0.85  0.85  0.59  20 
For the year ended December 31, 2020 31.80  0.12  (0.17) (0.05) (0.23) —  (0.23) 31.52  (0.17) 56,417  0.85  0.85  0.46  34 
For the year ended December 31, 2019 28.01  0.19  5.91  6.10  (0.48) (1.83) (2.31) 31.80  21.88  105,030  0.86  0.86  0.62  22 
For the year ended December 31, 2018 36.17  0.27  (5.48) (5.21) (0.12) (2.83) (2.95) 28.01  (14.79) 147,363  0.84  0.85  0.74  23 
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C)    The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated.
(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(E) Portfolio turnover does not include redemptions in-kind.
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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 Year
Net
Investment
Income (A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value End
of Year
Total
Return(B)
Net Assets  End of Year
(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)
Investor
For the year ended December 31, 2022 $ 28.06  0.12  (3.99) (3.87) (0.12) (1.03) (1.15) $ 23.04  (13.86) % $ 163,974  1.21  % 1.21  % 0.45  % 25  %
(E)
For the year ended December 31, 2021 22.69  0.05  6.87  6.92  (0.05) (1.50) (1.55) 28.06  30.78  208,110  1.20  1.21  0.18  14 
For the year ended December 31, 2020 22.57  0.03  0.20  0.23  (0.10) (0.01) (0.11) 22.69  1.03  162,637  1.20  1.21  0.19  31 
(E)
For the year ended December 31, 2019 18.59  0.04  5.02  5.06  (0.14) (0.94) (1.08) 22.57  27.33  183,914  1.21  1.22  0.21  14 
For the year ended December 31, 2018 22.24  0.05  (2.86) (2.81) (0.04) (0.80) (0.84) 18.59  (12.80) 164,037  1.20  1.21  0.21  26 
Class I
For the year ended December 31, 2022 $ 28.38  0.19  (4.04) (3.85) (0.19) (1.03) (1.22) $ 23.31  (13.62) % $ 813,600  0.92  % 0.92  % 0.74  % 25  %
(E)
For the year ended December 31, 2021 22.93  0.12  6.96  7.08  (0.13) (1.50) (1.63) 28.38  31.14  1,059,287  0.91  0.92  0.45  14 
For the year ended December 31, 2020 22.80  0.09  0.21  0.30  (0.16) (0.01) (0.17) 22.93  1.31  889,148  0.91  0.92  0.49  31 
(E)
For the year ended December 31, 2019 18.76  0.11  5.08  5.19  (0.21) (0.94) (1.15) 22.80  27.74  1,081,619  0.92  0.93  0.50  14 
For the year ended December 31, 2018 22.45  0.12  (2.91) (2.79) (0.10) (0.80) (0.90) 18.76  (12.56) 889,471  0.91  0.92  0.52  26 
Class Y
For the year ended December 31, 2022 $ 28.45  0.23  (4.06) (3.83) (0.22) (1.03) (1.25) $ 23.37  (13.51) % $ 924,744  0.80  % 0.80  % 0.87  % 25  %
(E)
For the year ended December 31, 2021 22.99  0.16  6.96  7.12  (0.16) (1.50) (1.66) 28.45  31.24  1,011,010  0.79  0.80  0.59  14 
For the year ended December 31, 2020 22.84  0.12  0.22  0.34  (0.18) (0.01) (0.19) 22.99  1.50  888,375  0.79  0.80  0.61  31 
(E)
For the year ended December 31, 2019 18.80  0.13  5.08  5.21  (0.23) (0.94) (1.17) 22.84  27.82  1,147,458  0.80  0.81  0.62  14 
For the year ended December 31, 2018 22.49  0.15  (2.91) (2.76) (0.13) (0.80) (0.93) 18.80  (12.42) 924,995  0.79  0.80  0.63  26 
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated.
(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(E) Portfolio turnover does not include redemptions in-kind.
DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM 52


Mid Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Mid Cap Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income
(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized  Capital Gains
Total
Distributions
Net asset
Value
End of Year
Total
Return
(B)
Net Assets  End of Year
(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)
Investor
For the year ended December 31, 2022 $ 18.62  0.07  (2.60) (2.53) (0.10) (0.66) (0.76) $ 15.33  (13.66) % $ 23,932  1.06  % 1.06  % 0.46  % 19  %
(E)
For the year ended December 31, 2021 14.27  0.05  4.36  4.41  (0.06) —  (0.06) 18.62  30.87  33,006  1.06  1.06  0.30  12 
For the year ended December 31, 2020 14.64  0.05  (0.34) (0.29) (0.06) (0.02) (0.08) 14.27  (2.01) 33,178  1.06  1.06  0.41  52 
For the year ended December 31, 2019 11.89  0.05  2.96  3.01  (0.05) (0.21) (0.26) 14.64  25.36  31,997  1.06  1.07  0.36  31 
For the year ended December 31, 2018 13.66  0.06  (1.49) (1.43) (0.06) (0.28) (0.34) 11.89  (10.56) 21,085  1.05  1.06  0.43  20 
Class I
For the year ended December 31, 2022 $ 18.69  0.12  (2.61) (2.49) (0.15) (0.66) (0.81) $ 15.39  (13.39) % $ 150,772  0.77  % 0.77  % 0.75  % 19  %
(E)
For the year ended December 31, 2021 14.32  0.10  4.38  4.48  (0.11) —  (0.11) 18.69  31.29  229,696  0.77  0.77  0.60  12 
For the year ended December 31, 2020 14.69  0.09  (0.35) (0.26) (0.09) (0.02) (0.11) 14.32  (1.76) 194,354  0.77  0.77  0.71  52 
For the year ended December 31, 2019 11.92  0.10  2.97  3.07  (0.09) (0.21) (0.30) 14.69  25.82  177,536  0.77  0.78  0.68  31 
For the year ended December 31, 2018 13.70  0.10  (1.50) (1.40) (0.10) (0.28) (0.38) 11.92  (10.31) 55,045  0.76  0.77  0.72  20 
Class Y
For the year ended December 31, 2022 $ 18.74  0.14  (2.62) (2.48) (0.17) (0.66) (0.83) $ 15.43  (13.31) % $ 12,528  0.65  % 0.65  % 0.86  % 19  %
(E)
For the year ended December 31, 2021 14.36  0.11  4.40  4.51  (0.13) —  (0.13) 18.74  31.41  23,739  0.65  0.65  0.69  12 
For the year ended December 31, 2020 14.73  0.10  (0.35) (0.25) (0.10) (0.02) (0.12) 14.36  (1.66) 23,248  0.65  0.65  0.82  52 
For the year ended December 31, 2019 11.95  0.11  2.98  3.09  (0.10) (0.21) (0.31) 14.73  25.91  20,454  0.65  0.66  0.74  31 
For the year ended December 31, 2018 13.73  0.12  (1.50) (1.38) (0.12) (0.28) (0.40) 11.95  (10.17) 27,761  0.64  0.65  0.83  20 
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) The Fund’s adviser has contractually agreed to waive fees in the pro-rata amount of the management fee charged by the underlying Diamond Hill Fund on each Fund’s investment in such other Diamond Hill Fund. If such fee waiver had not occurred, the ratios would have been as indicated.
(D) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(E) Portfolio turnover does not include redemptions in-kind.


53 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Large Cap Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Large Cap Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net asset
Value End
of Year
Total
Return(B)
Net Assets 
End of Year
(000,000’s)
Ratio of
Total
Expenses
to Average
Net Assets
Ratio of Net
Investment
Income to
Average
Net Assets
Portfolio
Turnover
Rate(C)
Investor
For the year ended December 31, 2022 $ 35.50  0.28  (5.09) (4.81) (0.33) (1.50) (1.83) $ 28.86  (13.66) % $ 777  0.96  % 0.87  % 38  %
(D)
For the year ended December 31, 2021 30.42  0.23  7.43  7.66  (0.21) (2.37) (2.58) 35.50  25.42  987  0.96  0.68  22 
(D)
For the year ended December 31, 2020 28.86  0.28  2.19  2.47  (0.18) (0.73) (0.91) 30.42  8.65  763  0.96  1.04  33 
For the year ended December 31, 2019 22.89  0.28  6.99  7.27  (0.26) (1.04) (1.30) 28.86  31.80  1,243  0.97  1.03  22 
(E)
For the year ended December 31, 2018 26.45  0.25  (2.83) (2.58) (0.26) (0.72) (0.98) 22.89  (9.88) 1,031  0.96  0.95  29 
(D)
Class I
For the year ended December 31, 2022 $ 35.69  0.37  (5.10) (4.73) (0.42) (1.50) (1.92) $ 29.04  (13.38) % $ 5,417  0.67  % 1.16  % 38  %
(D)
For the year ended December 31, 2021 30.57  0.34  7.46  7.80  (0.31) (2.37) (2.68) 35.69  25.75  8,168  0.67  0.97  22 
(D)
For the year ended December 31, 2020 29.05  0.36  2.22  2.58  (0.33) (0.73) (1.06) 30.57  8.97  5,140  0.67  1.33  33 
For the year ended December 31, 2019 23.03  0.36  7.04  7.40  (0.34) (1.04) (1.38) 29.05  32.18  3,878  0.68  1.32  22 
(E)
For the year ended December 31, 2018 26.62  0.33  (2.86) (2.53) (0.34) (0.72) (1.06) 23.03  (9.63) 2,978  0.67  1.23  29 
(D)
Class Y
For the year ended December 31, 2022 $ 35.72  0.41  (5.10) (4.69) (0.47) (1.50) (1.97) $ 29.06  (13.27) % $ 2,296  0.55  % 1.28  % 38  %
(D)
For the year ended December 31, 2021 30.59  0.38  7.47  7.85  (0.35) (2.37) (2.72) 35.72  25.89  3,205  0.55  1.09  22 
(D)
For the year ended December 31, 2020 29.07  0.40  2.21  2.61  (0.36) (0.73) (1.09) 30.59  9.07  2,340  0.55  1.45  33 
For the year ended December 31, 2019 23.04  0.40  7.05  7.45  (0.38) (1.04) (1.42) 29.07  32.34  1,568  0.56  1.44  22 
(E)
For the year ended December 31, 2018 26.64  0.36  (2.87) (2.51) (0.37) (0.72) (1.09) 23.04  (9.53) 992  0.55  1.35  29 
(D)
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(D) Portfolio turnover does not include redemptions in-kind.
(E) Portfolio turnover does not include in-kind subscriptions.

DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM 54


Large Cap Concentrated Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Large Cap Concentrated 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
Distributions
from Net
Realized 
Capital Gains
Total
Distributions
Net Asset
Value End
of Period
Total
Return
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)
Investor
For the year ended December 31, 2022 $ 11.90  0.10  (1.64) (1.54) (0.03) —  (0.03) $ 10.33  (12.93) % $ 23  0.97  % 0.96  % 41  %
For the period ended December 31, 2021 10.00  0.05  2.00  2.05  (0.05) (0.10) (0.15) 11.90  20.53 
(D)
33  0.96 
(E)
0.56 
(E)
18 
(D)
Class I
For the year ended December 31, 2022 $ 11.92  0.14 (1.66) (1.52) (0.12) —  (0.12) $ 10.28  (12.75) % $ 9,107  0.68  % 1.38  % 41  %
For the period ended December 31, 2021 10.00  0.07 2.02  2.09  (0.07) (0.10) (0.17) 11.92  20.92 
(D)
2,015  0.67 
(E)
0.77 
(E)
18 
(D)
Class Y
For the year ended December 31, 2022 $ 11.92  0.14 (1.64) (1.50) (0.13) —  (0.13) $ 10.29  (12.62) % $ 14,017  0.56  % 1.32  % 41  %
For the period ended December 31, 2021 10.00 0.09  2.01  2.10  (0.08) (0.10) (0.18) 11.92  20.98 
(D)
15,898  0.55 
(E)
1.00 
(E)
18 
(D)
(A) Inception date of the Fund is February 26, 2021. Fund commenced public offering on May 3, 2021.
(B) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(D) Not annualized.
(E) Annualized.



DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM 55


Select Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Select Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income (loss)
(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value End
of Year
Total
Return
(B)
Net Assets  End of Year
(000’s)
Ratio of
Total
Expenses
to Average
Net Assets
Ratio of Net
Investment
Income (Loss) to
Average
Net Assets
Portfolio
Turnover
Rate
C)
Investor
For the year ended December 31, 2022 $ 21.44  (0.02) (3.70) (3.72) —  (0.69) (0.69) $ 17.03  (17.44) % $ 28,808  1.16  % (0.09) % 78  %
(D)
For the year ended December 31, 2021 18.43  0.10  5.85 5.95  (0.17) (2.77) (2.94) 21.44  32.91  31,064  1.16  0.44  55 
For the year ended December 31, 2020 16.17  0.05  2.26 2.31  (0.05) —  (0.05) 18.43  14.30  10,207  1.16  0.33  76 
For the year ended December 31, 2019 12.64  0.06  3.78  3.84  —  (0.31) (0.31) 16.17  30.41  11,049  1.17  0.46  45 
For the year ended December 31, 2018 16.01  0.05  (1.96) (1.91) (0.06) (1.40) (1.46) 12.64  (12.31) 8,963  1.16  0.29  84 
Class I
For the year ended December 31, 2022 $ 21.73  0.04  (3.76) (3.72) (0.04) (0.69) (0.73) $ 17.28  (17.20) % $ 238,051  0.87  % 0.21  % 78  %
(D)
For the year ended December 31, 2021 18.60  0.14  5.96  6.10  (0.20) (2.77) (2.97) 21.73  33.39  232,051  0.87  0.61  55 
For the year ended December 31, 2020 16.32  0.09  2.29  2.38  (0.10) —  (0.10) 18.60  14.57  171,263  0.87  0.62  76 
For the year ended December 31, 2019 12.72  0.11  3.80  3.91  —  (0.31) (0.31) 16.32  30.77  152,591  0.88  0.75  45 
For the year ended December 31, 2018 16.11  0.10  (1.97) (1.87) (0.12) (1.40) (1.52) 12.72  (12.02) 114,571  0.87  0.60  84 
Class Y
For the year ended December 31, 2022 $ 21.82  0.05  (3.76) (3.71) (0.06) (0.69) (0.75) $ 17.36  (17.10) % $ 57,091  0.75  % 0.27  % 78  %
(D)
For the year ended December 31, 2021 18.66  0.14  6.01  6.15  (0.22) (2.77) (2.99) 21.82  33.55  120,283  0.75  0.64  55 
For the year ended December 31, 2020 16.37  0.11  2.30  2.41  (0.12) —  (0.12) 18.66  14.70  141,244  0.75  0.74  76 
For the year ended December 31, 2019 12.74  0.13  3.81  3.94  —  (0.31) (0.31) 16.37  30.96  103,963  0.76  0.86  45 
For the year ended December 31, 2018 16.14  0.12  (1.99) (1.87) (0.13) (1.40) (1.53) 12.74  (11.95) 65,218  0.75  0.73  84 
(A) Net Investment income (loss) per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(D) Portfolio turnover does not include redemptions in-kind.


56 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Long-Short Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Long-Short Fund Net Asset
Value
Beginning
of Year
Net Investment
Income  (Loss)
(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value End
of Year
Total
Return
(B)
Net Assets
End of Year
(000,000’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)(F)
Investor
For the year ended December 31, 2022 $ 27.76  0.08  (2.50) (2.42) (0.09) (1.13) (1.22) $ 24.12  (8.74) % $ 127  1.78  % 1.78  % 0.30  % 61  %
For the year ended December 31, 2021 25.89  (0.11) 4.98  4.87  —  (3.00) (3.00) 27.76  19.03  168  1.92  1.93  (0.38) 33 
For the year ended December 31, 2020 26.29  0.02  (0.17) (0.15) (0.05) (0.20) (0.25) 25.89  (0.55) 162  1.81  1.82  0.09  65 
For the year ended December 31, 2019 22.78  0.13  5.04  5.17  (0.17) (1.49) (1.66) 26.29  22.74  235  1.85  1.86  0.51  54 
For the year ended December 31, 2018 25.76  0.10  (1.96) (1.86) (0.07) (1.05) (1.12) 22.78  (7.30) 189  1.72  1.73  0.38  64 
Class I
For the year ended December 31, 2022 $ 28.68  0.17  (2.59) (2.42) (0.17) (1.13) (1.30) $ 24.96  (8.45) % $ 1,604  1.49  % 1.49  % 0.61  % 61  %
For the year ended December 31, 2021 26.58  (0.03) 5.13  5.10  —  (3.00) (3.00) 28.68  19.40  1,792  1.63  1.64  (0.08) 33 
For the year ended December 31, 2020 26.98  0.09  (0.17) (0.08) (0.12) (0.20) (0.32) 26.58  (0.27) 1,794  1.52  1.53  0.39  65 
For the year ended December 31, 2019 23.32  0.22  5.16  5.38  (0.23) (1.49) (1.72) 26.98  23.11  2,960  1.56  1.57  0.84  54 
For the year ended December 31, 2018 26.39  0.18  (2.01) (1.83) (0.19) (1.05) (1.24) 23.32  (7.04) 3,111  1.43  1.44  0.68  64 
Class Y
For the year ended December 31, 2022 $ 28.85  0.19  (2.60) (2.41) (0.20) (1.13) (1.33) $ 25.11  (8.36) % $ 22  1.37  % 1.37  % 0.68  % 61  %
For the year ended December 31, 2021 26.69  0.02  5.14  5.16  —  (3.00) (3.00) 28.85  19.55  37  1.51  1.52  0.08  33 
For the year ended December 31, 2020 27.10  0.14  (0.20) (0.06) (0.15) (0.20) (0.35) 26.69  (0.19) 75  1.40  1.41  0.57  65 
For the year ended December 31, 2019 23.42  0.25  5.18  5.43  (0.26) (1.49) (1.75) 27.10  23.23  292  1.44  1.45  0.93  54 
For the year ended December 31, 2018 26.49  0.21  (2.01) (1.80) (0.22) (1.05) (1.27) 23.42  (6.89) 214  1.31  1.32  0.80  64 
(A) Net investment income (loss) per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) This Fund invests in short positions and as such incurs certain expenses and fees. If such expenses and fees had not occurred, the ratios of total expenses to average net assets would have been 1.36% for Investor, 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.
(E) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(F) The portfolio turnover rate for 2022, 2021, 2020, 2019, and 2018 would have been 46%, 30%, 47%, 42%, and 51%, respectively, if the absolute value of securities sold short liability was included in the denominator of the calculation.

DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023 | DIAMOND-HILL.COM 57


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
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)
Investor
For the year ended December 31, 2022 $ 16.76  0.17  (2.49) (2.32) (0.12) (0.04) (0.16) $ 14.28  (13.84) % $ 267  1.15  % 1.13  % 21  %
For the year ended December 31, 2021 15.48  0.38  1.52  1.90  (0.15) (0.47) (0.62) 16.76  12.43  449  1.13  2.20  33 
For the year ended December 31, 2020 14.67  0.05  0.90  0.95  (0.06) (0.08) (0.14) 15.48  6.48  338  1.14  0.43  49 
For the period ended December 31, 2019 13.55  0.02  1.15  1.17  (0.04) (0.01) (0.05) 14.67  8.64 
(E)
45  1.21 
(F)
0.25 
(F)
(E)
Class I
For the year ended December 31, 2022 $ 16.79  0.20  (2.46) (2.26) (0.20) (0.04) (0.24) $ 14.29  (13.51) % $ 10,729  0.86  % 1.35  % 21  %
For the year ended December 31, 2021 15.51  0.42  1.53  1.95  (0.20) (0.47) (0.67) 16.79  12.74  9,010  0.84  2.43  33 
For the year ended December 31, 2020 14.69  0.09  0.90  0.99  (0.09) (0.08) (0.17) 15.51  6.74  3,913  0.85  0.74  49 
For the period ended December 31, 2019 13.55  0.04  1.15  1.19  (0.04) (0.01) (0.05) 14.69  8.80 
(E)
3,828  0.92 
(F)
0.61 
(F)
(E)
Class Y
For the year ended December 31, 2022 $ 16.80  0.22  (2.47) (2.25) (0.21) (0.04) (0.25) $ 14.30  (13.41) % $ 40,603  0.74  % 1.48  % 21  %
For the year ended December 31, 2021 15.51  0.47  1.51  1.98  (0.22) (0.47) (0.69) 16.80  12.88  46,129  0.72  2.74  33 
For the year ended December 31, 2020 14.69  0.11  0.89  1.00  (0.10) (0.08) (0.18) 15.51  6.81  12,616  0.73  0.87  49 
For the period ended December 31, 2019 13.55  0.05  1.15  1.20  (0.05) (0.01) (0.06) 14.69  8.85 
(E)
9,616  0.80 
(F)
0.70 
(F)
(E)
(A) Inception date of the Fund is June 28, 2019. The Fund commended public offering and operations on July 1, 2019.
(B) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(C) Total returns shown exclude the effect of applicable sales charges for periods prior to December 31, 2021.
(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.


DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023 | DIAMOND-HILL.COM 58


Short Duration Securitized Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Short Duration Securitized Bond Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income
(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value End
of Year
Total
Return
(B)
Net Assets
End of Year
(000’s)
Ratio of
Total
Expenses
to Average
Net Assets
Ratio of Net
Investment
Income
to
Average
Net  Assets
Portfolio
Turnover
Rate
(C)
Investor
For the year ended December 31, 2022 $ 10.10  0.31  (0.67) (0.36) (0.32) —  (0.32) $ 9.42  (3.57) % $ 29,352  0.81  % 3.23  % 41  %
For the year ended December 31, 2021 10.09  0.23  0.01  0.24  (0.23) (0.00)
(D)
(0.23) 10.10  2.42  40,035  0.81  2.26  48 
For the year ended December 31, 2020 10.11  0.26  0.02  0.28  (0.30) —  (0.30) 10.09  2.87  47,059  0.82  2.68  72 
For the year ended December 31, 2019 10.05  0.38  0.06  0.44  (0.38) (0.00)
(D)
(0.38) 10.11  4.44  55,727  0.82  3.72  54 
For the year ended December 31, 2018 10.11  0.33  (0.04) 0.29  (0.34) (0.01) (0.35) 10.05  2.88  18,789  0.81  3.30  67 
Class I
For the year ended December 31, 2022 $ 10.10  0.34  (0.68) (0.34) (0.35) —  (0.35) $ 9.41  (3.38) % $ 1,054,124  0.52  % 3.55  % 41  %
For the year ended December 31, 2021 10.09  0.25  0.02  0.27  (0.26) (0.00)
(D)
(0.26) 10.10  2.74  1,313,888  0.52  2.50  48 
For the year ended December 31, 2020 10.12  0.28  0.02  0.30  (0.33) —  (0.33) 10.09  3.08  897,232  0.53  2.93  72 
For the year ended December 31, 2019 10.05  0.41  0.07  0.48  (0.41) (0.00)
(D)
(0.41) 10.12  4.85  525,994  0.53  4.00  54 
For the year ended December 31, 2018 10.11  0.36  (0.04) 0.32  (0.37) (0.01) (0.38) 10.05  3.18  308,341  0.52  3.62  67 
Class Y
For the year ended December 31, 2022 $ 10.11  0.34  (0.67) (0.33) (0.36) —  (0.36) $ 9.42  (3.27) % $ 64,761  0.40  % 3.54  % 41  %
For the year ended December 31, 2021 10.10  0.27  0.01  0.28  (0.27) (0.00)
(D)
(0.27) 10.11  2.85  144,787  0.40  2.68  48 
For the year ended December 31, 2020 10.12  0.30  0.02  0.32  (0.34) —  (0.34) 10.10  3.29  188,175  0.41  3.09  72 
For the year ended December 31, 2019 10.06  0.42  0.06  0.48  (0.42) (0.00)
(D)
(0.42) 10.12  4.84  226,938  0.41  4.09  54 
For the year ended December 31, 2018 10.11  0.38  (0.04) 0.34  (0.38) (0.01) (0.39) 10.06  3.38  252,137  0.40  3.72  67 
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(D) Amount is less than $0.005.


59 DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM


Core Bond Fund
Financial Highlights
Selected data for a share outstanding throughout the periods indicated
Core Bond Fund Net Asset
Value
Beginning
of Year
Net
Investment
Income
(A)
Net Realized
and
Unrealized
Gains
(Losses) on
Investments
Total from
Investment
Operations
Dividends
from Net
Investment
Income
Distributions
from Net
Realized Capital Gains
Total
Distributions
Net Asset
Value End
of Year
Total
Return
(B)
Net Assets at
End of Year
(000’s)
Ratio of
Total
Expenses
to Average
Net Assets
Ratio of Net
Investment
Income
to
Average
Net  Assets
Portfolio
Turnover
Rate
(C)
Investor
For the year ended December 31, 2022 $ 10.40  0.22  (1.46) (1.24) (0.24) —  (0.24) $ 8.92  (12.05) % $ 3,572  0.76  % 2.36  % 40  %
For the year ended December 31, 2021 10.74  0.19  (0.32) (0.13) (0.21) —  (0.21) 10.40  (1.24) 10,091  0.76  1.78  37 
For the year ended December 31, 2020 10.19  0.21  0.56  0.77  (0.22) —  (0.22) 10.74  7.60  17,024  0.76  1.98  28 
For the year ended December 31, 2019 9.71  0.24  0.49  0.73  (0.25) —  (0.25) 10.19  7.63  3,599  0.77  2.43  29 
For the year ended December 31, 2018 9.85  0.25  (0.13) 0.12  (0.26) —  (0.26) 9.71  1.28  2,976  0.76  2.60  25 
Class I
For the year ended December 31, 2022 $ 10.39  0.27  (1.49) (1.22) (0.27) —  (0.27) $ 8.90  (11.84) % $ 526,372  0.47  % 2.93  % 40  %
For the year ended December 31, 2021 10.74  0.22  (0.33) (0.11) (0.24) —  (0.24) 10.39  (0.99) 330,666  0.47  2.08  37 
For the year ended December 31, 2020 10.19  0.24  0.56  0.80  (0.25) —  (0.25) 10.74  7.94  260,365  0.47  2.28  28 
For the year ended December 31, 2019 9.71  0.26  0.50  0.76  (0.28) —  (0.28) 10.19  7.93  66,174  0.48  2.61  29 
For the year ended December 31, 2018 9.85  0.28  (0.13) 0.15  (0.29) —  (0.29) 9.71  1.59  14,574  0.47  2.92  25 
Class Y
For the year ended December 31, 2022 $ 10.39  0.28  (1.48) (1.20) (0.28) —  (0.28) $ 8.91  (11.63) % $ 58,932  0.35  % 2.94  % 40  %
For the year ended December 31, 2021 10.75  0.23  (0.33) (0.10) (0.26) —  (0.26) 10.39  (0.95) 58,668  0.35  2.21  37 
For the year ended December 31, 2020 10.20  0.26  0.55  0.81  (0.26) —  (0.26) 10.75  8.04  59,856  0.35  2.46  28 
For the year ended December 31, 2019 9.71  0.28  0.50  0.78  (0.29) —  (0.29) 10.20  8.15  52,275  0.36  2.83  29 
For the year ended December 31, 2018 9.85  0.29  (0.13) 0.16  (0.30) —  (0.30) 9.71  1.69  37,713  0.35  3.03  25 
(A) Net investment income per share has been calculated using the average daily shares outstanding during the period.
(B) Total returns shown exclude the effect of applicable sales charges for years prior to December 31, 2021.
(C) Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

DIAMOND HILL FUNDS | PROSPECTUS | FEBRUARY 28, 2023| DIAMOND-HILL.COM 60



ck0001032423-20221231_g23.jpg
Investment Adviser
Diamond Hill Capital Management, Inc.
325 John H. McConnell Boulevard, Suite 200
Columbus, Ohio 43215
Custodian
State Street Bank and Trust Company
200 Clarendon Street
16th Floor
Boston, MA 02116
Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Ave., Suite 800
Cleveland, Ohio 44115
Legal Counsel
Thompson Hine LLP
41 South High Street, Suite 1700
Columbus, Ohio 43215-6101
Distributor
Foreside Financial Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
For Additional Information, call
Diamond Hill Funds
Toll Free 888-226-5595

To Learn More
Several additional sources of information are available to you. The Statement of Additional Information (SAI), incorporated into this prospectus by reference, contains detailed information on fund policies and operations. Additional information about the funds’ investments is available in the funds’ annual and semi-annual reports to shareholders. The funds’ annual report contains management’s discussion of market conditions and investment strategies that significantly affected each fund’s performance during its last fiscal year.
Call the funds at 888-226-5595 between the hours of 8:00 a.m. and 6:00 p.m. Eastern time on days the funds are open for business to request free copies of the SAI and the funds’ annual and semi-annual reports, to request other information about the funds and to make shareholder inquiries. On days when the NYSE closes early, the call center hours will be reduced accordingly.
The funds’ SAI, annual and semi-annual reports to shareholders are also available, free of charge, on the funds’ Internet site at www.diamond-hill.com.
You may obtain reports and other information about the funds on the EDGAR Database on the SEC’s Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: [email protected].
Investment Company Act #811-08061
STATPRO 022823