Portfolio Guidelines

The portfolio generally invests at least 80% of its net assets in a diversified portfolio of
corporate debt securities that are rated below investment grade or are unrated.

Top Ten Issues As Of September 30, 2016

Popular, Inc. | 7.00% 07/01/19 5.0%
Nationstar Capital Corp. | 6.50% 07/01/21 4.9
Cincinnati Bell, Inc. | 7.00% 07/15/24 3.2
Kindred Healthcare, Inc. | 8.75% 01/15/23 3.0
Rent-A-Center, Inc. | 4.75% 05/01/21 3.0
Cimpress N.V. | 7.00% 04/01/22 3.0
Century Communities, Inc. | 6.88% 05/15/22 2.9
Bankrate, Inc. | 6.13% 08/15/18 2.9
Energen Corp. | 7.13% 02/15/28 2.9
Bioscrip, Inc. | 8.88% 02/15/21 2.8
Total As % Of Net Assets 33.7%

This is presented as supplemental information.

Sector Allocation1 As Of September 30, 2016

High Yield
Composite
BofA ML U.S.
High YieldIndex
Corporate Bonds 94.1% 100.0%
Healthcare 12.7 9.6
Financial Services 10.0 2.9
Media 8.4 11.0
Transportation 8.2 1.0
Retail 7.4 4.9
Telecom 7.3 10.1
Energy 6.5 14.6
Basic Industry 6.4 12.2
Technology & Electronics 5.0 6.3
Banking 5.0 3.9
Leisure 4.9 4.1
Real Estate 4.4 0.8
Services 4.2 4.4
Insurance 2.2 0.8
Capital Goods 1.5 5.5
Utility 0.0 3.1
Consumer Goods 0.0 2.8
Automotive 0.0 2.0
Securitized 1.6 0.0
Cash & Other2 4.4 0.0

This is presented as supplemental information.

Portfolio Characteristics As Of September 30, 2016

Number of Issues 64
Number of Issuers 55
Option-Adjusted Spread 514
Effective Duration 4.00
Spread Duration 3.79
Weighted Average Maturity (bonds only) 6.53
Yield to Maturity (%) 6.62
Current Yield (%) 7.36

This is presented as supplemental information.

Since Inception Risk Statistics As Of September 30, 2016

Standard Deviation (%) 6.68
Beta (%) 0.88
Sharpe Ratio 1.23

Relative to the BofA ML U.S. High Yield Index.

This is presented as supplemental information.

Credit Quality As Of September 30, 2016

Quality Rating % of Bonds Held
BBB & Above 10.7
BB 23.1
B 54.2
CCC & Below 10.6
Not Rated 1.4

This is presented as supplemental information.

This is presented as supplemental information.

1 BofA Merrill Lynch is licensing the BofA Merrill Lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Diamond Hill Capital Management, Inc., or any of its products or services.

2 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds.