COLUMBUS, Ohio, Aug. 18 /PRNewswire-FirstCall/ -- Diamond Hill Financial Trends Fund, Inc. (Nasdaq: DHFT) (the "Fund") announced today the retirement of Directors H. Hall Ware and Robert Freedman who have provided exemplary service to the shareholders of the Fund for 20 and 13 years, respectively. Their retirement decreases the number of Directors from six to four and comes after an overall review of corporate governance and operating expenses. The remaining Directors; Chairman Franklin Golden, Russell Page, Fred Steingraber, and Donald Tomlin have resolved to reduce their compensation by approximately 23% to further reduce Fund expenses.

Additional Announcements:

The Fund's Investment Advisor, Diamond Hill Capital Management, Inc., ("DHCM") has been operating under an expense limitation agreement which expires on January 3, 2010. Since the inception of the agreement through June 30, 2009, DHCM has waived over 50% of their investment advisory fees. The Board of Directors has approved a new expense limitation arrangement upon the expiration of the previous agreement. Under the terms of the new arrangement, DHCM has agreed to voluntarily waive its investment advisory fees to maintain a total expense ratio no greater than 1.59% subject to an advisory fee floor of 0.50% or maximum wavier of 0.15%. This new expense limitation arrangement will continue until December 31, 2010.

As of June 30, 2009, the Fund has accumulated realized losses in excess of $10 million. This places the Fund in an advantageous position to take advantage of a rebound in the financial sector without generating immediate capital gain taxes for the shareholder.

About the Fund:

The Fund's primary objective is to seek long-term capital appreciation by investing in companies selling for less than and shorting companies selling for more than our appraisal of intrinsic value. Current income is a secondary objective. The Fund invests at between 80% and 115% of its assets long and sells short between 0% and 30% of its assets in stocks of U.S. financial services companies of any size.

About Diamond Hill:

Diamond Hill Capital Management, Inc. provides investment management services to institutions and financial intermediaries seeking to preserve and build wealth. The firm currently manages mutual funds, separate accounts and private investment funds. For more information on Diamond Hill, visit www.diamond-hill.com.

SOURCE Diamond Hill Financial Trends Fund, Inc.