GREENSPRING FUND

Greenspring Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Fund in debt securities rated below investment grade present a greater risk of loss to principal and interest than higher-rated securities... For nearly forty years, the Greenspring Fund (GRSPX) has invested in a thoughtfully-designed portfolio of assets, with the goal of generating strong long-term capital appreciation and income, while tempering portfolio volatility. With a research-intensive, bottom-up approach to investing, we look to purchase equities of companies with strong underlying fundamentals and experienced management teams, trading at attractive prices relative to their long-term potential. Secondly, we identify corporate and convertible bonds that can provide solid total returns..

Also known as: Greenspring Income Opportunities Fund