0001752724-19-011408.txt : 20190315 0001752724-19-011408.hdr.sgml : 20190315 20190315135351 ACCESSION NUMBER: 0001752724-19-011408 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20181231 FILED AS OF DATE: 20190315 DATE AS OF CHANGE: 20190315 EFFECTIVENESS DATE: 20190315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DIAMOND HILL FUNDS CENTRAL INDEX KEY: 0001032423 IRS NUMBER: 316547095 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-08061 FILM NUMBER: 19684465 BUSINESS ADDRESS: STREET 1: 325 JOHN H. MCCONNELL BOULEVARD STREET 2: SUITE 200 CITY: COLUMBUS STATE: OH ZIP: 43215 BUSINESS PHONE: 614-255-3333 MAIL ADDRESS: STREET 1: 325 JOHN H. MCCONNELL BOULEVARD STREET 2: SUITE 200 CITY: COLUMBUS STATE: OH ZIP: 43215 FORMER COMPANY: FORMER CONFORMED NAME: BSG FUNDS DATE OF NAME CHANGE: 19970206 0001032423 S000003154 Diamond Hill Small Cap Fund C000008530 Diamond Hill Small Cap Fund Class A DHSCX C000008531 Diamond Hill Small Cap Fund Class C DHSMX C000008532 Diamond Hill Small Cap Fund Class I DHSIX C000108463 Diamond Hill Small Cap Fund Class Y DHSYX 0001032423 S000003155 Diamond Hill Large Cap Fund C000008533 Diamond Hill Large Cap Fund Class A DHLAX C000008534 Diamond Hill Large Cap Fund Class C DHLCX C000008535 Diamond Hill Large Cap Fund Class I DHLRX C000108464 Diamond Hill Large Cap Fund Class Y DHLYX 0001032423 S000003156 Diamond Hill Long-Short Fund C000008536 Diamond Hill Long-Short Fund Class A DIAMX C000008537 Diamond Hill Long-Short Fund Class C DHFCX C000008538 Diamond Hill Long-Short Fund Class I DHLSX C000108465 Diamond Hill Long-Short Fund Class Y DIAYX 0001032423 S000003157 Diamond Hill Financial Long-Short Fund C000008539 Diamond Hill Financial Long-Short Fund Class I DHFSX C000008540 Diamond Hill Financial Long-Short Fund Class A BANCX C000008541 Diamond Hill Financial Long-Short Fund Class C BSGCX 0001032423 S000003158 Diamond Hill Corporate Credit Fund C000008542 Corporate Credit Fund Class A DSIAX C000008543 Corporate Credit Fund Class C DSICX C000008544 Corporate Credit Fund Class I DHSTX C000108466 Corporate Credit Fund Class Y DSIYX 0001032423 S000012190 Diamond Hill Small-Mid Cap Fund C000033256 Diamond Hill Small-Mid Cap Fund Class A DHMAX C000033257 Diamond Hill Small-Mid Cap Fund Class C DHMCX C000033258 Diamond Hill Small-Mid Cap Fund Class I DHMIX C000108467 Diamond Hill Small-Mid Cap Fund Class Y DHMYX 0001032423 S000012191 Diamond Hill All Cap Select Fund C000033259 Diamond Hill All Cap Select Fund Class A DHTAX C000033260 Diamond Hill All Cap Select Fund Class C DHTCX C000033261 Diamond Hill All Cap Select Fund Class I DHLTX C000108468 Diamond Hill All Cap Select Fund Class Y DHTYX 0001032423 S000035035 Diamond Hill Research Opportunities Fund C000107761 Diamond Hill Research Opportunities Fund Class A DHROX C000107762 Diamond Hill Research Opportunities Fund Class C DROCX C000107763 Diamond Hill Research Opportunities Fund Class I DROIX C000107764 Diamond Hill Research Opportunities Fund Class Y DROYX 0001032423 S000043502 Diamond Hill Mid Cap Fund C000134907 Diamond Hill Mid Cap Fund Class A DHPAX C000134909 Diamond Hill Mid Cap Fund Class I DHPIX C000134910 Diamond Hill Mid Cap Fund Class Y DHPYX 0001032423 S000052103 Diamond Hill High Yield Fund C000163958 Diamond Hill High Yield Fund Class A DHHAX C000163959 Diamond Hill High Yield Fund Class I DHHIX C000163960 Diamond Hill High Yield Fund Class Y DHHYX 0001032423 S000055043 Diamond Hill Short Duration Total Return Fund C000173083 Diamond Hill Short Duration Total Return Fund Class A DHEAX C000173084 Diamond Hill Short Duration Total Return Fund Class I DHEIX C000173085 Diamond Hill Short Duration Total Return Fund Class Y DHEYX 0001032423 S000055044 Diamond Hill Core Bond Fund C000173086 Diamond Hill Core Bond Fund Class A DHRAX C000173087 Diamond Hill Core Bond Fund Class I DHRIX C000173088 Diamond Hill Core Bond Fund Class Y DHRYX 0001032423 S000059248 Diamond Hill Global Fund C000194520 Diamond Hill Global Fund Class A DHGBX C000194521 Diamond Hill Global Fund Class I DHGIX C000194522 Diamond Hill Global Fund Class Y DHGYX 0001032423 S000065011 Diamond Hill International Fund C000210481 Diamond Hill International Fund Class Y DHIYX C000210482 Diamond Hill International Fund Class A DHIAX C000210483 Diamond Hill International Fund Class I DHIIX N-CEN 1 primary_doc.xml X0201 N-CEN LIVE 0001032423 XXXXXXXX 811-08061 true false false N-1A true Diamond Hill Funds 811-08061 0001032423 549300PZZTQU6QTHS663 325 John H. McConnell Boulevard Suite 200 Columbus 43215 US-OH US 614-255-3333 Ultimus Fund Solutions LLC 225 Pictoria Drive Suite 450 Cincinnati 45246 513-587-3400 Books and records related to fund accounting, fund administration, fund shareholder records and transfer agent records. State Street Bank and Trust Company 200 Clarendon Street 16th Floor Boston 02116 617-786-3000 Books and records related to custody services. Diamond Hill Capital Management, Inc. 325 John H. McConnell Boulevard Suite 200 Columbus 43215 614-255-3333 Accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the Rules promulgated thereunder. Foreside Financial Services LLC Three Canal Plaza Suite 100 Portland 04101 866-251-6920 Books and records related to underwriting services. Y N N N-1A 13 Y Peter E. Sundman 001204630 N Tamara L. Fagely 001758333 N Elizabeth P. Kessler N/A N D'Ray Moore Rice N/A N Maureen K. Goldenberg 004211522 325 John H. 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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Shareholders and Board of Trustees of

Diamond Hill Funds

 

In planning and performing our audit of the financial statements of Diamond Hill Funds comprising Diamond Hill Small Cap Fund, Diamond Hill Small-Mid Cap Fund, Diamond Hill Mid Cap Fund, Diamond Hill Large Cap Fund, Diamond Hill All Cap Select Fund, Diamond Hill Long-Short Fund, Diamond Hill Research Opportunities Fund, Diamond Hill Financial Long-Short Fund, Diamond Hill Global Fund, Diamond Hill Short Duration Total Return Fund, Diamond Hill Core Bond Fund, Diamond Hill Corporate Credit Fund, and Diamond Hill High Yield Fund (the “Funds”) as of and for the year ended December 31, 2018, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2018.

 

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 15, 2019