May 2015

Dear Fellow Shareholders:

During the first quarter of 2015, the performances of the major
market averages were slightly positive, as the Dow Jones
Industrial Average and the S&P 500 both rose less than 1%.
Although these returns seem relatively uneventful, equity
market activity was far more volatile than the quarterly
numbers indicate, as equities declined in January, posted
strong gains in February and then declined again in March.
Within the fixed income markets, long-term interest rates
declined as the yield on the 10-year U.S. Treasury fell from
2.2% to 1.9%. Short-term money market rates remained
barely above 0%.
Throughout the first quarter, the fixed income securities in the
Greenspring Fund portfolio produced steady positive total
returns. This is consistent with the performance generated by
the fixed income securities during many of the recent quarters
and is an important component of achieving the Funds goal
of steady positive total returns. The Funds equity holdings
lost ground early in the quarter, but produced positive returns
as the quarter progressed, recovering the majority of the
earlier setback. While we are not satisfied with the
performance of the equity securities over the last year, we are
very encouraged by recent performance as we made several
adjustments to the portfolio with the goal of producing returns
that are steadier and less volatile than the markets returns.
During this difficult period, we remain committed to the
investment philosophy and strategies that have served
shareholders well over the years.

INFLUENCES on FUND PERFORMANCE

Greenspring Fund
Performance for the
Periods Ended
March 31, 2015
Quarter
Year to Date
1 Year
3 Years*
5 Years*
10 Years*
15 Years*
20 Years*
Since inception on 7/1/83*
Expense Ratio**

-0.32%
-0.32%
-3.62%
5.75%
5.95%
6.02%
7.77%
7.81%
9.53%
0.90%

* annualized.
**as stated in Prospectus dated 5-1-15.
See note on last page of letter.
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 may
be obtained by calling 1-800-366-3863 or
by visiting www.greenspringfund.com.
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 performance of the securities in the portfolio during the

quarter was mixed. As discussed above, the fixed income
securities produced steady positive returns throughout the
quarter with the overwhelming majority of the holdings
contributing to the gain. Almost 60% of the equity securities
also generated positive returns, but this positive performance
was overshadowed by the disappointing returns of a few
individual holdings that pushed the overall equity return
slightly negative. The individual securities that had the most significant influence on the Funds performance
during the quarter, in order of magnitude, were the common stock investments in Silicon Graphics
International Corp., MasTec, Inc., KBR, Inc., MYR Group, Inc. and Lumos Networks Corp. The Funds

holdings in Silicon Graphics, MasTec, KBR and Lumos Networks declined in value, while its investment in
MYR Group generated a positive return.

Silicon Graphics International Corp.

Silicon Graphics International Corp develops high-performance computing hardware and software sold to
a worldwide customer base. The stock price declined during the first quarter after investors were surprised
by the Companys need to secure
expensive debt financing to fund the
% of
working capital associated with two
Net
large new contracts with the
Greenspring Fund
Assets
Department
of
Defense.
Top 10 Holdings
as of
Unfortunately, the added cost of this
3/31/15
financing will result in lower nearRepublic Services, Inc.
4.5%
term
earnings.
However,
FTI
Consulting,
Inc.
3.9%
management
emphasized
to
Lumos
Networks
Corp.
3.5%
investors that, despite the financing
MasTec, Inc.
3.3%
costs, the contracts should have
CA, Inc.
3.1%
attractive returns, the debt will be
Emcor Group, Inc.
2.9%
paid down as soon as possible and
KBR, Inc.
2.8%
strong execution of the contracts
US Foods, Inc., 8.500%, 6/30/19
2.8%
could lead to new and more
Harmonic Inc.
2.6%
favorable opportunities with the
Silicon Graphics International Corp.
2.4%
Department of Defense in the
future. Beyond this issue, the Company is performing well and future prospects appear promising. Global
public sector and commercial demand for high-performance computing continues to grow as evidenced by
recent new contract wins, including three of the worlds top 10 largest supercomputers. In addition, Silicon
Graphics partnership with SAP is poised to dramatically expand its addressable market with appliances
uniquely capable of powering SAPs HANA database software. Growing revenue, combined with a
materially lower fixed cost base, should drive increased profits and free cash flow which should lead to
growing returns for shareholders.

MasTec, Inc.
MasTec, Inc. builds, installs and maintains infrastructure projects for the energy, communications and utility
industries. Much of the Companys work is focused on wireless and wireline communication systems, oil
and gas pipelines, electric transmission and distribution lines, and renewable energy projects such as solar
facilities and wind farms. We discussed MasTec in three shareholder letters during the last year, reflecting
strong positive performance early in 2014, followed by negative influences on the portfolio later in the year.
As 2014 progressed, MasTec faced challenges in both the communications and energy infrastructure
businesses, reflecting lower spending by AT&T on wireless infrastructure and the sharp decline in oil prices
late in the year. Despite these challenges, MasTec, early in 2015, reported quarterly earnings that were better
than Wall Street expectations, strong cash flow from operations and the repurchase of a significant amount
of its shares. However, the stock price declined after the Company reduced the lower end of its 2015 earnings
guidance range to reflect lower construction activity in its Canadian oil and gas operations, a weaker
Canadian dollar and slightly lower revenue expectations in its wireless business. Compounding the near-term
business issues faced by MasTec, the Company also announced that it would delay filing its financial
statements until it completes an independent review of the quarterly allocation of certain contract costs.
Although MasTec is currently facing some headwinds, we are encouraged by recent comments from the
Company indicating it had entered into agreements to construct two natural gas pipelines in Texas and had
also secured contracts with internet service providers to build a fiber-based infrastructure capable of

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delivering ultra-high speed internet service to local homes and communities. Furthermore, despite the nearterm weakness in wireless spending, constant innovations within the wireless communication market should
lead to higher future revenues for MasTecs communications business. Given its various diverse businesses,
we believe MasTec has numerous opportunities to grow revenues, earnings and cash flow per share.

KBR, Inc.
KBR, Inc. is a global engineering, construction and services company focused primarily in the petrochemical,
liquefied natural gas (LNG), and hydrocarbon markets. KBRs stock price declined during the first quarter
amidst the uncertainty concerning what impact the
dramatically lower oil price might have on several
Greenspring Fund
of its business units. This uncertainty, combined
Portfolio Allocation
with additional charges taken against fourth
as of March 31, 2015
quarter earnings in connection with restructuring
initiatives clouded investors understanding of the
Cash
6%
Companys underlying profitability and growth
prospects. While we are frustrated with the
performance of the Funds investment in KBR, we
continue to believe that the new management team
Corporate
Bonds
is taking positive actions to drive improvements in
31%
shareholder value.
Common/
Preferred
A key component of managements long-term
Stocks
63%
restructuring plan is to reposition the Company so
it is focused on the individual business lines where
KBR has a strong competitive advantage. By
concentrating on its strengths, we believe KBR will
be increasingly successful securing profitable work on petrochemical plants as cheap North American natural
gas continues to drive substantial domestic investments and KBRs alliances with large international
companies provides additional global opportunities. In the LNG market, the decline in the price of crude oil
has called into question the economics of certain proposed projects. While some projects have been delayed
or put on hold, construction may begin over the next couple years on select projects where KBR is wellpositioned to win the construction contracts. Within the government services business, KBR has strong
near-term opportunities to secure new contracts in the United Kingdom related to military base construction
and training programs. Finally, with a strong debt-free balance sheet, management has the financial flexibility
to execute the repositioning. While creating some near-term confusion, the long-term benefits of these
restructuring efforts should start to bear fruit as the year progresses, resulting in increasing shareholder value.

PORTFOLIO ACTIVITY
Allocation among the Funds three main asset classes (common stocks, fixed income securities and cash
equivalents) did not change materially from the end of 2014, although the percentage of the total portfolio
holdings of fixed income securities declined by 3%, offset by a similar increase in common stock holdings.
Volatility in the equity markets provided the opportunity to initiate several new common stock positions and
add to certain existing holdings at prices that we believe represented attractive value. During the quarter, the
more significant common stock activity included establishing new positions in the shares of Beneficial
Bancorp, Inc., PGT, Inc., Rexnord Corp., and Cabelas Incorporated and adding to existing holdings of
Emerson Electric, Amdocs Ltd and Cytec Industries Inc. We also took advantage of the markets upward price
volatility to trim positions in numerous holdings as they approached our fundamental price targets including
j2 Global, Inc., PartnerRe Ltd., Harmonic Inc., MYR Group Inc. and Republic Services, Inc. We sold all of
the Funds common shares of Francescas Holding Corp., Heritage Financial Group, Inc., NTELOS Holdings
Corp. and Rosetta Resources Inc.

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Due to our focus on short duration fixed income securities, activity within the fixed income portfolio
continues to be influenced by the maturity and redemption of securities. Proceeds from maturities and
redemptions were held as cash reserves and used to purchase other fixed income or equity securities. In
addition to anticipated redemptions and maturities, we reduced our investment in US Foods, Inc. and
eliminated our holdings in Petroquest Energy, Inc.

INVESTMENT STRATEGY
We are long term investors who make equity investments in companies that we believe are undervalued,
have leading market positions within their specific industries and skilled, deep management teams with
proven track records of preserving and growing shareholder value. These companies should also generate
substantial free cash flow that management can use to grow and enhance the existing business, make strategic
acquisitions, or return to shareholders through dividends and/or share repurchases. This financial strength
should also afford management the ability to pursue value enhancing long-term strategies without undue
concern for near-term financial impacts. We also search for companies that we believe are trading at a
discount to their intrinsic value, display strong business fundamentals and contain a catalyst that should help
shareholders realize the full value of the business. To balance the equity investments, we purchase high
coupon bonds that mature in the near term or that we anticipate will be called for redemption by the issuing
company on the first/next redemption date, as the company seeks to take advantage of the current low interest
rate environment by refinancing these higher coupon bonds. These high coupon, short duration high yield
bonds should provide a steady stream of current income and help buffer the portfolio against potential price
volatility if interest rates begin to rise.
We are steadfast in our determination to achieve the steady, positive total return that our shareholders expect.
We look forward to reporting our progress to you at the end of the second quarter.
Respectfully,

Charles vK. Carlson

Portfolio Manager
Co-Chief Investment Officer

Michael J. Fusting
Co-Chief Investment Officer

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**Total Annual Fund Operating Expenses for the Fund will not correlate to the Ratio of Expenses to Average Net Assets shown in the Funds most
recent Annual Report and in the Financial Highlights section of the Prospectus, which reflects the operating expenses of the Fund and does not include acquired fund fees and expenses.
Mutual fund investing involves risk. Principal loss is possible. Small- and mid-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.
Opinions expressed are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.
The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.
The Dow Jones Industrial Average is a broad based unmanaged index comprised of 30 actively traded large-capitalization stocks. The Russell 2000
Index is a small-capitalization stock market index of the smallest 2,000 companies in the Russell 3000 Index. It is not possible to invest directly in
an index.
Free cash flow measures the cash generating capability of a company by adding certain non-cash charges (e.g. depreciation and amortization) to
earnings and subtracting recurring capital expenditures.
Cash flow measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pre-tax income.
Duration is the measure of the sensitivity of the price of a fixed-income investment to a change in interest rates.

The Funds investment objectives, risks, charges and expenses must be considered carefully before
investing. The summary and statutory prospectuses contain this and other information about the
Fund, and may be obtained by calling 1-800-366-3863 or visiting www.greenspringfund.com. Please
read the Funds Prospectus carefully before investing.
Distributed by Quasar Distributors, LLC

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