April 2012

Dear Fellow Shareholders: The Greenspring Fund experienced solidly positive results during the first quarter of 2012, gaining 5.86%. The Funds equities achieved results superior to its fixed income-oriented securities, with widespread gains in both asset classes. The equity markets in general also experienced a strong quarter, with the S&P 500 experiencing its best quarter since 1998. It is interesting, and perhaps sobering, to compare the investing environment then to investing conditions today. Looking back at 1998, the U.S. economy had been growing steadily at a 4% rate and was benefiting from the rapid adoption of the Internet and the resulting surge in efficiency and productivity. The housing market appeared healthy, seemingly impervious to any downdrafts due to the widely held belief that the supply/demand characteristics created by the nations demographics would remain favorable for the foreseeable future. Unemployment hovered in the 5% range. Investors could generate risk-free rates of return (US Treasury bills) in the neighborhood of 5%. Moreover, with the 9/11 disaster several years away, the world geopolitical climate was far more stable, defined and certain. The underpinnings of todays investing environment are significantly different from the solid footing of fifteen years ago. The debt crisis in Europe has been temporarily assuaged, with a resulting relief rally in the equity markets around the world. However, many financial observers are still quite concerned that the European debt debacle is far from being permanently resolvedin Greece or in other European countries such as Portugal and Spain. Austerity measures will continue to pressure the weaker European countries, while economists expect the Gross Domestic Product of economies of Greenspring Fund
Performance for the Periods Ended March 31, 2012 Quarter Year to Date 1 Year 3 Years* 5 Years* 10 Years* 15 Years* 20 Years* Since inception on 7/1/83* Expense Ratio**
* annualized. **as stated in Prospectus dated 5-1-11. See note on last page of letter.

5.86% 5.86% 3.62% 12.85% 4.56% 6.51% 6.77% 8.73% 9.93% 0.98%

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 1-800366-3863 or visiting the Funds web site. 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 relatively strong countries of Germany, Italy and France to decline by 0.4% during the first quarter hardly providing sufficient power to propel the European economy out of its doldrums. Likewise, the economy of China, a strong driver of the worlds economy during the last several years, seems to be cooling off, with growing concerns of real estate deflation and markedly lower growth. Meanwhile, the recovery in the US economy has been lethargic and unemployment remains at historically high levels, despite the efforts of the Federal Reserve to jumpstart the economy with a flood of liquidity. INFLUENCES on FUND PERFORMANCE As mentioned earlier, the gains in the Greenspring Funds portfolio during the first quarter of 2012 were widespread. Of the Funds 51 separate equity investments, 43 generated positive total returns during the quarter; similarly, 36 of the Funds 41 fixed income investments produced gains. Overall, the gains in the Funds equity portfolio significantly exceeded the gains in the Funds bonds, which produced steady, if unspectacular, total returns. In order of magnitude, the securities that had the largest impact on the Greenspring Funds performance during the quarter were the investments in CA, Inc., Cisco Systems, Alcatel-Lucent Inc., FTI Consulting, and Michael Baker Corp. All are common stock investments except for Alcatel-Lucent, which is an investment in the Companys convertible bonds. CA, Inc. CA, Inc., the worlds third largest software vendor, creates solutions that enable enterprises to better monitor, manage, and protect their IT infrastructures in mainframe, distributed, virtual, and cloud environments. The Companys large mainframe business produces a recurring revenue stream, which has resulted in stable earnings, cash flow and a very strong balance sheet. New senior managers joined the Company in mid2010 and have developed a number of strategies designed to better position the Company to prosper in the ever-changing technology marketplace. The Company is experiencing accelerating revenue growth due to the internal development and acquisition of new virtual and cloud-based management software products targeting the previously ignored middle market customer base. Management has also pledged to return a substantial amount of its free cash flow to shareholders over the next several years. During the first quarter, CA increased its dividend substantially and increased the funds allocated to its stock repurchase program. The stock rallied 36% during the quarter in response to these early successes, and we hope to enjoy the benefits of CAs ongoing evolution. Cisco Systems, Inc. Cisco Systems produces a wide variety of networking products that facilitate the transportation of data, voice, and video. Increasing competition and eroding profit margins had caused this once highflying growth stock to fall out of favor on Wall Street. Despite these near-term challenges, we saw great value in the Companys strong franchise, leading market share, experienced management team, rock solid balance sheet and substantial earnings and free cash flow generating power. Recognizing the challenges confronting the Company, management slashed expenses and shed underperforming non-core business units. Due to the progress it has made in its turnaround efforts and its strong finances, the Company has been able to return significant amounts of cash to its shareholders through share buybacks and a newly established dividend that was recently increased. The stock rose nearly 17% during the first quarter of 2012 as investors continued to regain their confidence in the Companys direction, after the Company reported stronger than expected quarterly results and a healthy outlook due to accelerating revenue growth, rising operating profit margins, and accretive cash deployment. We continue to closely monitor the progress of Ciscos fundamental turnaround relative to its equity valuation.

Alcatel-Lucent Inc. 2.875% Convertible Bonds Alcatel-Lucent produces software and hardware products that enable telecommunications companies to deliver digital content worldwide. Headquartered in France, Alcatel is one of the largest and most diversified telecom equipment companies in the world. During the last several months of 2011, the prices of Alcatels common stock and bonds came under pressure for several reasons. Primarily, investors were concerned that the Eurozone economy might be on the brink of collapse due to the unraveling of the debt situation in Greece. Even if the fallout from the Greek debt debacle were to be contained, the Eurozone economy would likely slow, resulting in sharply lower capital expenditures by European telecom companies. Additionally, fearing an economic slowdown or even a recession, many European financial institutions were husbanding their liquidity and raising cash by reducing their holdings of the debt issued by companies with exposure to Europe. Although we realized that Alcatel has some longer-term chal% of Net lenges, we were comfortable continGreenspring Fund Assets uing to own these bonds despite the as of Top 10 Holdings drop in price because Alcatels near 3/31/12 term liquidity was excellent. The PartnerRe Ltd. 4.2% Funds convertible bonds are the Alcatel-Lucent, Inc. 2.875% 6/15/25 Convertible Bonds 3.8% next significant bond issue in their Cisco Systems, Inc. 3.7% capital structure to mature CCH II LLC 13.50% 11/30/16 3.7% (technically, the bond has a put CA, Inc. 3.7% feature that allows holders to sell the FTI Consulting, Inc. 3.3% bonds back to Alcatel on June 15, j2 Global, Inc. 2.7% 2013) and we felt very confident that Hologic, Inc. 2.00% 12/15/37 Convertible Bonds 2.7% Alcatel would be in a position to reAssurant, Inc. 2.6% tire the Funds bonds on the put Republic Services, Inc. 2.4% date. During the first quarter of 2012, not only did the fears about the Eurozone debt debacle diffuse significantly, but Alcatel also significantly improved its liquidity through the sale of one of its divisions for $1.5 billion. Consequently, all of the bonds in Alcatels capital structure moved higher in price, including the convertible bonds held in Greenspring Funds portfolio. INVESTMENT STRATEGY Given the current environment, the Greenspring Fund is continuing to pursue a risk-averse, conservative investment strategy. We are still confident proponents of investing in higher yielding, short duration fixed income investments, but only where our analysis shows a clear path to repayment, even if the capital markets should once again become restrictive. By keeping the duration of the Funds bond portfolio relatively short, it is exposed to far less negative volatility in a scenario where longer-term interest rates rise significantly. It is also important to point out that we are not reaching for yield by buying high yielding bonds of companies that do not have the adequate balance sheet strength and free cash flow capabilities. During the quarter, new positions were established in the bonds of Petroquest Energy, Quicksilver Resources, RadioShack Corp., Rite Aid Corp., and TRW Automotive. With respect to the Funds equity investments, we continue to focus on companies with positive business prospects and the ability to comfortably fund their operations due to their strong balance sheets and free cash flow generating capabilities. Many of the companies in the equity portfolio have recently initiated or raised their dividends, started or increased stock repurchase programs, and/or pursued attractive expansion opportunities or acquisitions. All of these actions are indicative of companies that are operating from a position of strength and are seeking to increase shareholder value. Additionally, from time to time, these types of companies have become targets of takeover proposals from other companies eager to acquire such attractive businesses. With the advance of the equity markets during the quarter and the resulting higher stock
3

valuations, we lowered the Funds overall exposure to equities. The Fund eliminated its holdings of Home Bancorp, NCI, Inc., Prestige Brands Holdings, TNS, Inc. and W.R. Berkley Corp. We are pleased that the Greenspring Fund delivered strong performance during the first quarter of 2012. We are firmly determined to maintain a conservative posture as we move forward. Preservation of capital remains a critically important part of the Greenspring Funds investment philosophy, and we will not compromise our stance on that principle. We hope that all of our shareholders are enjoying this spring and we look forward to reporting further positive news as the year progresses. Respectfully,

Greenspring Fund
Portfolio Allocation as of March 31, 2012
Cash 7% Corporate Bonds 28%

Common Stocks 47%

Convertible Bonds 18%

Charles vK. Carlson President Co-Chief Investment Officer

Michael J. Fusting Senior Vice President Co-Chief Investment Officer

We would like to bring your attention to our newly revamped website (www.greenspringfund.com). The site has been updated and expanded with the goal of presenting more completely the important principles that the Greenspring Fund seeks to represent. As always, any and all feedback is welcomed!

**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 this 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-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. You cannot 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. Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with a shorter duration.

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
4