Updated as of 3/31/2011

Fund Information (as of 3/31/2011)

Greenspring Fund Philosophy Net Assets $944 Million
Holdings 88
The Greenspring Fund seeks capital appreciation and Beta** 0.48 (provided by Lipper)
income from a portfolio of equities and fixed income Inception Date: July 1, 1983
securities. Fund Manager: Charles vK. Carlson (since 1987)
Initial Investment: $2,000 Regular account
Our goal $1,000 IRA, UGMA, and
is to provide consistent, Automatic Investment Plan
risk-averse returns. Ticker Symbol: GRSPX
Sales/12b-1 Fees: None
Who Owns Greenspring Fund Redemption Fee: 2% on shares held 60 days or less
Web site: www.greenspringfund.com
Individuals seeking long term total returns with less
exposure to volatility and advisors who recognize and
appreciate our investment management style. Asset Allocation (as of 3/31/2011)
Equities 45% Corporate Bonds 27%
Convertible Bonds 17% Cash 11%

Average Annual Total Returns vs. Benchmarks as of 3/31/2011

YTD 1 Year 3 Years 5 Years 10 Years

Greenspring Fund +1.90% +8.94% +5.83% +4.90% +7.25%

Lipper Flexible Fund Index +4.63% +13.69% +4.03% +4.79% +5.01%
Russell 3000 Index +6.38% +17.41% +3.42% +2.95% +4.13%
S&P 500 +5.92% +15.65% +2.35% +2.62% +3.29%
Expense Ratio: 1.08%*
*As stated in Prospectus dated 5-1-10. The expense ratio of 1.08% includes indirect expenses that the Fund incurs from investing in the shares of other
investment companies. The indirect fees represent the Fund’s pro rata portion of the cumulative expenses charged by the other investment companies.
Without those indirect fees, the Fund’s Total Annual Operating Expenses would be 1.03%.

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 investor’s 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 Fund’s 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.

The Fund’s 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 & Poor’s 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

3/31/2011
How $10,000 Invested
PartnerRe Ltd. 4.1%
on 7/1/83 Would Have Grown
Healthsouth Corp.* 4.0%
FTI Consulting, Inc. 3.1%
Lucent Technology Conv. Bonds* 3.0%
Hanesbrand, Inc.* 3.0%
Charter Communications* 2.9%
Cisco Systems, Inc. 2.8%
Ralcorp Holdings, Inc. 2.6%
j2 Global Communications, Inc. 2.5%
Figures include changes in principal value, reinvested dividends and capital gains
Harmonic, Inc. 2.2%
distributions. Past expense limitations increased the Fund’s return. This chart illustrates
* bonds
the performance of a hypothetical $10,000 investment made in the Fund since inception
through 3/31/2011. The total value of $146,892 assumes the reinvestment of dividends Fund holdings are subject to change and should
and capital gains, but does not reflect the effect of any redemption fees. This chart does not be considered a recommendation to buy or
not imply any future performance.
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, Lucy Lochner or Todd Garliss at
(800) 366 – 3863 to learn more about the Greenspring Fund.
bwhite@greenspringfund.com llochner@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 28 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 22 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. Chip is 51 yrs. old; Michael is 50.

**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.