Updated as of 9/30/2016

Fund Information
Greenspring Fund Philosophy
The Greenspring Fund seeks capital appreciation and
income from a portfolio of equities and fixed income
securities.
Our goal
is to provide consistent,
risk-averse returns.
Who Owns Greenspring Fund
Individuals seeking long term total returns with less
exposure to volatility and advisors who recognize and
appreciate our investment management style.

(as of 9/30/2016)
Net Assets
$297 Million
Holdings
102
Beta**
0.57 (provided by Lipper)
Inception Date:
July 1, 1983
Fund Manager:
Charles vK. Carlson (since 1987)
Initial Investment: $5,000 Regular account
$2,500 IRA, UGMA, and
Automatic Investment Plan
Ticker Symbol:
GRSPX
Sales/12b-1 Fees: None
Redemption Fee: 2% on shares held 60 days or less
Web site:
www.greenspringfund.com

Asset Allocation (as of 9/30/2016)

Equities
Cash

68%
13%

Corporate Bonds

19%

Average Annual Total Returns vs. Benchmarks as of 9/30/2016

YTD

1 Year

3 Years

5 Years

12.03%

13.56%

1.64%

7.23%

5.15%

7.00%

6.83%

Lipper Flexible Fund Index

6.92%

9.79%

4.63%

8.64%

5.25%

5.82%

5.96%

Russell 3000 Index

8.18%

14.96%

10.44%

16.36%

7.37%

7.61%

8.03%

S&P 500

7.84%

15.43%

11.16%

16.37%

7.24%

7.15%

7.91%

Greenspring Fund

10 Years 15 Years

20 Years

Expense Ratio: 0.96%*

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and
principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original
cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most
recent month end is available on the Funds web site and by calling 1-800-366-3863. The Fund imposes a 2.00% redemption fee for
shares held 60 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.
*As stated in Prospectus dated 5-1-16. The expense ratio of 0.96% includes indirect expenses that the Fund incurs from investing in the shares of other
investment companies. The indirect fees represent the Funds pro rata portion of the cumulative expenses charged by the other investment companies.
Without those indirect fees, the Funds Total Annual Operating Expenses would be 0.95%.

The Funds objectives, risks, and charges and expenses must be considered carefully before investing. The
statutory and summary prospectuses contain this and other information about the Fund and may be
obtained by calling 1-800-366-3863. Please read carefully before investing.
The Russell 3000 and the Standard & Poors 500 (S&P 500) are unmanaged indices commonly used to measure performance of U.S. stocks. The Russell 3000 Index consists
of the largest 3,000 companies and S&P 500 consists primarily of large-capitalization stocks. Lipper Flexible Fund Index, as defined by Lipper Inc., is composed of funds
that allocate investments across various asset classes, with a focus on total return. You cannot invest directly in an index.

Mutual fund investing involves risk. Principal loss is possible. Small-capitalization companies tend to have limited liquidity and greater price
volatility than large-capitalization companies. Investments by the Fund in lower-rated and non-rated securities present a greater risk of loss to
principal and interest than higher-rated securities. Investments in debt securities typically decrease in value when interest rates rise. This risk is
usually greater for longer-term debt securities.

www.greenspringfund.com
Ten Largest Holdings

How $10,000 Invested

on 7/1/83 Would Have Grown

Figures include changes in principal value, reinvested dividends and capital

gains distributions. Past expense limitations increased the Funds return. This
chart illustrates the performance of a hypothetical $10,000 investment made in
the Fund since inception through 09/30/2016. The total value of $190,469
assumes the reinvestment of dividends and capital gains, but does not reflect
the effect of any redemption fees. This chart does not imply any future
performance.

9/30/2016
Gramercy Property Trust, Inc.

4.3%

Republic Services, Inc.

4.1%

EMCOR Group, Inc.

3.8%

MasTec, Inc.

3.8%

Novanta, Inc. (formerly GSI Group, Inc)

3.1%

Discover Financial Services

2.9%

Lumos Networks Corp.

2.5%

The AES Corp.

2.5%

Southern National Bancorp of VA

2.5%

FTI Consulting, Inc.

2.5%

Fund holdings are subject to change and should not

be considered a recommendation to buy or sell any
securities.

The Greenspring Difference

Our goal has always been to provide superior, personalized service to our shareholders and professional
partners. We make it a priority to offer old-fashioned, personalized shareholder service in a world where
individualized attention has all but disappeared. We enjoy establishing strong relationships
with our shareholders and advisor partners. Please contact Bill White or Todd Garliss at
(800) 366 3863 to learn more about the Greenspring Fund.
bwhite@greenspringfund.com tbgarliss@greenspringfund.com

Portfolio Manager: Charles (Chip) vK. Carlson is Director and President of Corbyn Investment
Management, Inc., advisor to the Greenspring Fund. He has 31 years of experience in investment analysis
and portfolio management. Chip started as an analyst with the Fund in 1983 and became Portfolio Manager in
1987. A graduate of The Johns Hopkins University with a degree in Political Economy, Chip earned the right
to use the Chartered Financial Analyst designation in 1986 and is a member of the CFA Institute and the
Baltimore CFA Society.
Co-Chief Investment Officer: Michael J. Fusting is Director and Senior Vice President of Corbyn. Michael
started as an analyst with the Fund in 1989 and has 25 years experience in investment analysis. He is a 1983
graduate of Loyola University Maryland with a degree in Accounting and was awarded the Certified Public
Accountant certificate in 1984. Michael earned the right to use the Chartered Financial Analyst designation
in 1994 and is also a member of the CFA Institute and the Baltimore CFA Society.
Chip and Michael have been working together since 1989 and continue to implement an investment strategy
that encompasses the philosophy and objectives of the Greenspring Fund.

Automatic Investment Plans do not assure a profit nor protect against loss in a declining market.
**Beta measures the sensitivity of rates of return on a fund to general market movements. Automatic investment plans do not assure a profit and do not protect
against a loss in declining markets.
Quasar Distributors, LLC, distributor.