Updated as of 6/30/2011

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 6/30/2011) Net Assets $894 Million Holdings 95 Beta** 0.48 (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 6/30/2011)

Equities 46% Convertible Bonds 20% Corporate Bonds Cash 31% 3%

Average Annual Total Returns vs. Benchmarks as of 6/30/2011

YTD Greenspring Fund Lipper Flexible Fund Index Russell 3000 Index S&P 500 Expense Ratio: 0.98%*
*As stated in Prospectus dated 5-1-11. The expense ratio of 0.98% 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%.

1 Year
+11.67% +23.38% +32.37% +30.69%

3 Years
+4.77% +4.00% +4.00% +3.34%

5 Years
+5.03% +5.16% +3.35% +2.94%

10 Years
+6.92% +4.62% +3.44% +2.72%

+1.61% +5.11% +6.35% +6.02%

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.

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
Value of $146,475

6/30/2011 PartnerRe Ltd. Charter Communications* Lucent Technologies* FTI Consulting, Inc. Hanesbrand, Inc.* CA, Inc. Cisco Systems, Inc. Plains Exploration and Production* j2 Global Communications, Inc. Gulfmark Offshore, Inc.*
* bonds

3.7% 3.7% 3.3% 3.3% 3.2% 3.1% 3.0% 2.9% 2.5% 2.5%

200,000 DOLLAR 150,000 100,000 50,000 Jul-83

Dec-86

Dec-90

Dec-94

Dec-98 YEAR

Dec-02

Dec-06

Jun-11

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 6/30/2011. The total value of $146,475 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.

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, 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.