Greenspring Fund (GRSPX) N-CSRSCertified semi-annual shareholder report (management investment company)

Dear Fellow Shareholders:

During a very challenging market environment, Greenspring Fund’s (the “Fund”) investment approach helped insulate the Fund from the more extreme volatility experienced by many major equity and fixed income market indices. Throughout the first half of the year, mounting economic and geopolitical uncertainties, combined with rich asset valuations, higher inflation, and increasingly restrictive monetary policy, led to historic price declines in many market indices. For example, the S&P 500 experienced its worst first half of the year since 1970 (-20%) and the NASDAQ suffered its biggest loss since 2002 (-30%). Fixed income securities, in stark contrast to their reputation as safe havens, also suffered large losses, with the Bloomberg U.S. Aggregate Bond Index (the “Agg”, often considered the bond market equivalent of the S&P 500) dropping by more than 10%, its worst first half since the inception of the Index in 1975.

The equity markets are struggling to gauge the impact of myriad and sometimes conflicting economic and geopolitical uncertainties on corporate earnings and asset prices. The Federal Reserve (the “Fed”), in an aggressive effort to slow what has become persistently higher-than-expected inflation, is in the process of reversing the substantial monetary stimulus provided during the pandemic by raising the Federal Funds rate to the highest level seen in several years. The prospect of declining consumer purchasing power and increasing borrowing costs led investors to reexamine their expectations for economic activity and security valuations. The market volatility stemming from this shift in sentiment created a very uncomfortable environment for many. Through our years of investing, we have learned that when dealing with volatile markets, emotional responses can be detrimental to long-term performance. We strive to avoid the pitfalls of emotional investing and methodically take advantage of market turbulence in an effort to best position the Fund’s portfolio for the long term.

Both the Fund’s equity and fixed income securities contributed to the negative performance during the second quarter, with the equity securities responsible for the large majority of the overall decline in value of the Fund’s assets. During some quarters, the Fund’s performance is heavily influenced by a few securities that experience significant price movements, but this quarter, the broad-based market decline and its corresponding impact on security prices across the portfolio was responsible for most of the downward pressure on valuations. While most of the securities held by the Fund experienced a drop in value as investor sentiment deteriorated significantly throughout the quarter, the majority of the equity securities declined less than the pullback in the S&P 500.

The individual securities that had the greatest influence on the Fund’s performance during the quarter, in order of magnitude, were the common shares of Alphabet Inc., Amazon.com, Ziff Davis, Johnson Controls and KBR, Inc.

Although very different companies, Alphabet and Ziff Davis both generate significant portions of their revenues and profits from digital advertising. Both companies are very profitable, generate tremendous amounts of free cash flow and are extremely well-positioned within their industry. First quarter earnings results and outlooks from both companies were quite good, but the share price of each company fell throughout the second quarter as investors grew increasingly wary of the possible impact of a slowing economy and geopolitical events on advertising budgets. We are confident that both companies will manage through any near-term weakness in advertising spending, remain very profitable and will use their strong balance sheets and free cash flow generation to enhance shareholder value by improving their existing businesses, making acquisitions and/or repurchasing shares.

Amazon is one of the world’s largest retailers through its online and physical stores. In addition, Amazon Web Services (“AWS”) is the world’s largest cloud computing platform, providing businesses, government agencies, and academic institutions with a wide array of services from its data centers around the globe. The share price of Amazon dropped during the quarter after the Company reported mixed quarterly results and indicated that near-term profits would be under pressure. Over the last two years, Amazon almost doubled its retail fulfillment network as it worked to meet the pandemic-induced demand surge. Recently, as retail demand returned to a more normal pace and shoppers returned, to some degree, to physical stores, Amazon found itself overstaffed and with excess physical fulfillment capacity. This, combined with inflationary pressures and higher fuel costs, hurt productivity and squeezed profit margins. As management refocuses on right-sizing its infrastructure for more normal demand patterns, we are confident that Amazon should start to see profits and free cash flow rebound over the next several quarters. Amazon remains a market leader in both e-commerce and public cloud, two businesses that continue to see positive secular market share shifts. In addition, with so much focus on the near-term retail challenges, we believe investors are significantly undervaluing the other parts of Amazon’s business, especially the fast-growing advertising unit and AWS.

The Fund’s largest equity purchase during the quarter was of shares of Cannae Holdings, a diversified holding

company led by Bill Foley, a well-respected, experienced investor whose prior successes include investments in technology and data-driven financial services firms such as Fidelity National Financial and Black Knight, Inc. Cannae will often take a large ownership stake in another company, allowing it to significantly influence management and the strategic direction of the company. Our interest in Cannae is multifold. Currently, its largest investment is in the shares of another of the Fund’s holdings – Dun & Bradstreet, which is undergoing a strategic shift that we believe will result in higher profitability and a faster earnings growth rate. In addition, Cannae’s shares currently sell at a significant discount to the market value of its investment portfolio. By purchasing shares of Cannae, we were able buy Dun & Bradstreet, a company we find attractively valued, at a discount to its market price. If Dun & Bradstreet’s share price increases in value, the Fund, as a Cannae shareholder, should benefit. On the other hand, if other holdings within the Cannae portfolio appreciate in value, the Fund should also benefit. As a result of this discount, Cannae has recently been aggressively repurchasing shares of its stock, creating value for the remaining shareholders. If the market discount to the value of Cannae’s investment portfolio narrows over time, shareholders would benefit once again. We are excited by the many opportunities for the Fund to potentially profit from its investments in Cannae and Dun & Bradstreet.

The largest additions to existing equity positions include the purchase of shares of NextEra Energy and Levi Straus & Co., as we took advantage of price volatility during the quarter to add to the Fund’s holdings at what we considered attractive prices. On the sell-side, we exited the Fund’s position in Americold Realty Trust, as the company continued to struggle with a difficult operating environment, part of which is not within its control. We also reduced the positions in Republic Services, Owens Corning and United Parcel Service to manage position size and raise cash for additional opportunities.

With respect to the fixed income holdings, absolute yields and credit spreads moved markedly higher during the quarter. Consequently, the same type of short-duration, high yield bonds that the Fund has historically owned can now be purchased at significantly higher yields and wider spreads. The largest new fixed income purchases were  Change Healthcare 5.75% due 3/01/25, Consensus Cloud Solutions 6% due 10/15/26 and two convertible bonds – DigitalBridge Group 5% due 4/15/23 and Haemonetics 0% due 3/1/26. We are very excited to see more equity-like returns beginning to develop in the high-yield fixed income market.

For years, we have discussed the potential risks associated with the euphoria created by easy monetary policy and ultra-low interest rates. Investors, searching for aggressive returns and often overvaluing “growth at any price” companies, bid up certain sectors of the market to exorbitant levels. Watching the exuberance around high growth companies with little earnings was admittedly frustrating; however, the first half of 2022 reminds us of what often follows these types of markets. As in virtually every prior case of market excesses, the most inflated asset classes decline the most once uncertainty creeps back into the financial markets, while investors that maintained a more rationale discipline often weather the volatility far better. With the recent era of very low interest rates and easy money seemingly coming to an end, we are, not surprisingly, seeing the greatest declines in securities of companies that previously benefited the most.

Keeping a long-term perspective has been one of Greenspring Fund’s investment hallmarks. This can be particularly difficult during challenging markets when it is human nature to want to “cut and run.” But history has shown that trying to time the markets is a difficult proposition that most often leads to lower long-term returns. That does not mean, however, that a passive approach is the answer. Whenever there is market volatility, positive or negative, we take actions that we believe will improve the overall quality of the Fund’s portfolio. In the current market environment, we are continually looking for opportunities to capitalize on

market volatility by trimming position sizes when prices strengthen and adding to positions on price weakness, while also searching for new long-term investments that may become available at what we consider to be attractive valuations. We continue to prioritize companies with secular or company-specific demand drivers and market-leading positions that should be in a position to better withstand general macroeconomic softness and maintain attractive relative profitability. Strong balance sheets and high free cash flow generation should help a capable management team create shareholder value from a position of relative strength, while their less financially robust competitors may struggle.

As the third quarter begins to unfold, we continue to see what we believe are attractive opportunities in the short-duration, high-yield fixed income markets. The expectation for further increases in the Federal Funds rate, against a backdrop of growing signs of a slowing economy, is creating an environment where we have been able to add securities to the portfolio at substantially higher absolute yields and wider spreads than in recent years. We remain focused on bonds of businesses that we believe have balance sheet flexibility and the business strength capable of withstanding both a turbulent economy and continued turmoil in the capital markets.

We appreciate your confidence and investment in Greenspring Fund during this challenging market time. We hope you are enjoying your summer and we look forward to updating you on the Fund’s performance at the end of the third quarter.

Respectfully,

**Total Annual Fund Operating Expenses for the Fund will not correlate to the Ratio of Expenses to Average Net Assets shown in the Fund’s 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.

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.

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. 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 capital expenditures. Earnings growth is not a measure of future performance. 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 Nasdaq Composite is a stock market index that includes almost all stocks listed on the Nasdaq stock exchange. The Bloomberg U.S. Aggregate Bond Index is a benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. Index returns reflect the reinvestment of dividends and capital gains, if any, but do not reflect brokerage commissions or other expenses of investing. It is not possible to invest directly in an index.

As a shareholder of Greenspring Fund, Incorporated (the “Fund”), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, and other fund specific expenses. The expense example is intended to help the shareholder understand ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the most recent six-month period.

The Actual Expenses comparison provides information about actual account values and actual expenses. A shareholder may use the information in this line, together with the amount invested, to estimate the expenses paid over the period. A shareholder may divide his/her account value by $1,000 (e.g., an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses paid on his/her account during this period.

The Hypothetical Example for Comparison Purposes provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid for the period. A shareholder may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, a shareholder would compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemptions fees, or exchange fees. Therefore, the Hypothetical Example for Comparison Purposes is useful in comparing ongoing costs only, and will not help to determine the relevant total costs of owning different funds. In addition, if these transactional costs were included, shareholder costs would have been higher.

Greenspring Fund, Incorporated (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is organized as a Maryland corporation and commenced operations on July 1, 1983. Corbyn Investment Management, Inc. (the “Adviser” or “Corbyn”) is the Fund’s investment adviser.

The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard codification topic 946 “Financial Services – Investment Companies.”

Investment transactions and related investment income – Investment transactions are recorded on the trade date. Dividend income is recorded on the ex-dividend date and interest income, including amortization of premiums and accretion of discounts, is recorded on the accrual basis using the effective interest method. Dividends determined to be a return of capital are recorded as a reduction of the cost basis of the security. Realized gains and losses from investment transactions are reported on an identified cost basis.

Valuation of Investments – Generally, the Fund’s investments are valued at market value. Equity securities traded on a principal stock exchange are valued at the last quoted sale price. Equity securities traded on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price (“NOCP”) provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern time, unless that price is outside the range of the “inside” bid and asked prices (the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. Equity securities that are not traded on a principal exchange or NASDAQ are valued at the last sale price in the over-the- counter market. In the absence of a last sale price or official closing price, or if there is no trading in a security on a business day, the security will be valued at the mean between its closing bid and asked prices obtained from sources Corbyn deems appropriate pursuant to policies and procedures approved by the Board.

Investments in mutual funds, including money market funds, are valued at the mutual fund’s closing NAV per share on the day of valuation. The prospectuses for such investment companies contain information on those investment companies’ valuation procedures and the effects of fair valuation.

Short-term debt instruments, including commercial paper or U.S. Treasury bills, having a maturity of 60 days or less may be valued at amortized cost, which approximates fair value. Amortized cost will not be used if its use would be inappropriate due to credit or other impairments of the issuer.

Debt securities, such as corporate or convertible bonds, including those having a maturity or an announced call within 60 days, are generally traded in the over-the-counter market. These securities are valued at prices obtained from an independent pricing service, which may consider the yield or price of bonds of similar quality, coupon, maturity and

type, as well as prices supplied by dealers who make markets in such securities. In the absence of a price from a pricing service, or if a quotation does not appear to accurately reflect the current value of a security, debt securities are valued at the mean of the closing bid and asked prices from sources Corbyn deems appropriate pursuant to policies and procedures approved by the Board.

Any securities for which market quotations are not readily available, the above valuation procedures are not appropriate, or do not appear to accurately reflect the current value of the security, are valued at fair value as determined in good faith by Corbyn pursuant to policies and procedures approved by the Board.

In determining fair value, Corbyn, as directed by the Board, considers all relevant qualitative and quantitative information available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material.

The Fund has adopted fair valuation accounting standards that establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various input and valuation techniques used in measuring fair value. Fair value inputs are summarized in the three broad levels listed below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value the Fund’s net assets as of June 30, 2022:

The Fund did not have any Level 3 securities during the period ended June 30, 2022.

Dividends and distributions to stockholders – The Fund records dividends and distributions to shareholders on the ex-dividend date.

Risk of loss arising from indemnifications – In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

The Fund’s policy is to declare dividends from net investment income and distributions from net realized gains as determined in accordance with the Internal Revenue Code which may differ from GAAP. Accordingly, periodic reclassifications are made within the portfolio’s capital accounts to reflect income and gains available for distribution under income tax regulations.

On July 14, 2021 an income dividend of $0.04 and a long-term capital gains distribution of $0.6398 per share was declared, payable on July 15, 2021, to shareholders of record on July 13, 2021. Additionally, on December 15, 2021, an income dividend of $0.069, a short-term capital gains distribution of $0.1085 and a long-term capital gains distribution of $1.162 per share was declared, payable on December 16, 2021 to shareholders of record on December 14, 2021. The tax character of distributions paid during the six months ended June 30, 2022 and the year ended December 31, 2021 were as follows:

These dividends are either distributed to shareholders or reinvested in the Fund as additional shares issued to shareholders. For those shareholders reinvesting the dividends, the number of shares issued is based on the net asset value per share as of the close of business on the ex-dividend date.

The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended December 31, 2021.

For the six months ended June 30, 2022, purchases and sales of investments, other than short-term investments, aggregated $9,219,996 and $19,625,015, respectively. There were no purchases or sales of U.S. government securities for the Fund.

The Fund’s policy is to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies. Accordingly, the Fund intends to distribute substantially all of its taxable income. Therefore, no federal income tax provision is required.

As of, and during, the year ended December 31, 2021, the Fund did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Generally, tax authorities can examine tax returns filed for all open tax years (2018-2021).

Required Fund distributions are based on income and capital gain amounts determined in accordance with federal income tax regulations, which differ from net investment income and realized gains recognized for financial reporting purposes.

Accordingly, the composition of net assets and distributions on a tax basis may differ from those reflected in the accompanying financial statements. As of December 31, 2021, the Fund’s most recently completed year end, the components of distributable earnings on a tax basis were as follows:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2021, the Fund did not have any reclassifications between paid in capital and distributable earnings.

As of December 31, 2021, the Fund did not have a post-October capital loss or a capital loss carryforward.

Under an advisory agreement between the Fund and Corbyn, the Fund pays Corbyn a fee of 0.75% of the first $250 million of average daily net assets, 0.70% of average daily net assets between $250 million and $500 million and 0.65% of average daily net assets in excess of $500 million, which is computed daily and paid monthly. For the six months ended June 30, 2022, the Fund incurred $581,630 in advisory fees.

The Fund has also entered into a Services Agreement with Corbyn to provide various administrative services. As compensation, the Fund pays Corbyn a fee of $2,500 per month plus 0.01% of average daily net assets, which is computed daily and paid monthly. For the six months ended June 30, 2022, the Fund incurred $22,631 in administrative fees to Corbyn.

At June 30, 2022, investors for whom Corbyn was investment adviser held 736,758 shares of the Fund.

U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of June 30, 2022, no individuals or entities, for the benefit of their customers, owned more than 25% of the outstanding shares of the Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or direction of management of the Fund.

On July 13, 2022 an income dividend of $0.15 per share, short-term capital gain distribution of $0.00434 per share and long-term capital gain distribution of $0.34236 per share was declared, payable on July 14, 2022, to shareholders of record on July 12, 2022.

Management has evaluated other events and transactions occurring after June 30, 2022 through the date that the financial statements were issued, and has determined that no additional disclosure in the financial statements is required.

Continuance of the Investment Advisory Agreement (the “Agreement”) must be considered annually by the directors of the Fund who are not parties to the Agreement or “interested persons” of any such party (as defined in the 1940 Act) (the “Independent Directors”). In order for continuance to be approved, a majority of the Independent Directors must vote for such approval at an in-person meeting called for this purpose.

The Board of Directors (the “Board”), including a majority of the Independent Directors, approved the continuance of the Agreement most recently during a virtual meeting (allowed under the Securities and Exchange Commission’s order dated June 19, 2020) in February 2022. To assist the Directors in their evaluation of the Agreement, the Board was supplied with information by the Adviser in advance of the meeting. After a detailed presentation by the Adviser, during which the written materials were reviewed and questions from the Board were answered, the Independent Directors met separately to consider the approval of the Agreement. The Board as a whole, and the Independent Directors voting separately, then approved the continuation of the Agreement as being in the best interest of the Fund. In considering the Agreement, the Board did not identify any particular overriding factor, but considered all the information available.

Below is a summary of the primary factors considered by the Board and the conclusions thereto that formed the basis for the Board approving the continuance of the Agreement:

For the year ended December 31, 2021, certain dividends paid by the Fund may be reported as qualified dividend income (QDI) and may be eligible for taxation at capital gains rates. The percentage of dividends declared from ordinary income designated as QDI was 99.76%.

For corporate shareholders in the Fund, the percentage of ordinary dividend income distributed for the year ended December 31, 2021, which is designated as qualifying for the dividends-received deduction, is 86.67%.

For foreign shareholders in the Fund, for the year ended December 31, 2021, 28.88% of the ordinary distributions paid qualify as interest-related dividends under the Internal Revenue Code Section 871(k)(1)(c), and 49.98% of the ordinary income distributions are designated as short-term capital gain distributions under Internal Revenue Code Section  871(k)(2)(c).

The Fund’s proxy voting policies and procedures, as well as its proxy voting record for the most recent 12-month period ended June 30, are available without charge, upon request, by contacting the Fund at (800) 366-3863 or info@greenspringfund.com. The Fund will send the information within three business days of receipt of the request, by first class mail or other means designed to ensure equally prompt delivery. The Fund’s proxy voting record is also available on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

The Fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for the first and third quarter of each fiscal year on Part F of Form N-PORT. The Fund’s Part F of Form N-PORT is available on the Commission’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling   (800) SEC-0330.

We will mail only one physical copy of the Fund’s Summary Prospectus and each Annual and Semi-Annual Report to those addresses that have made such elections in accordance with Rule 30e-3 and shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at (800) 366-3863. We will begin sending you individual copies 30 days after receiving your request.

The Fund’s Summary Prospectus, Prospectus, Statement of Additional Information, Annual Report, and Semi-Annual Report, along with its first and third quarter portfolio holdings, are available on the Fund’s website at www.greenspringfunds.com.

Greenspring Fund recognizes that individuals expect an exceptional level of privacy in their financial affairs. The Fund assures the confidentiality of personal information provided to it.

The information we collect is limited to what the Fund believes is necessary or useful to conduct its business; administer your records, accounts and funds; to comply with laws and regulations; and to help us design or improve products and services. The Fund collects non-public personal information about you from information it receives from you on applications or other forms or through its website, as well as from information about your transactions with the Fund.

Some of this information may be disclosed to the Fund’s investment adviser, but not for marketing solicitation, as well as non-affiliated third parties who provide non-financial services to the Fund such as its Transfer Agent, in order to administer customer accounts and mail transaction confirmations and tax forms, and the mailing house the Fund utilizes for mailing shareholder reports. Such information may also be disclosed to a non-affiliated third party engaged to provide fund accounting and administrative services to us. Disclosing this information enables us to meet shareholders’ financial needs and regulatory requirements. These third parties act on our behalf and are obligated to keep the information we provide to them confidential and to use the information only for the purposes authorized. The Fund does not disclose any non-public personal information about you or former shareholders to anyone, except as permitted by law.

To protect your non-public personal information, the Fund permits access to it only by authorized employees and maintains security practices to safeguard your information.

If you have any questions regarding our Privacy Policy, please contact us at 1-800-366-3863 or greenspring@greenspringfund.com. Thank you.

Average annual total returns for the one, three, five, ten year and since inception periods ended June 30, 2022 were -5.41%, 6.76%, 5.66%, 6.48% and 8.87%, respectively. Average annual returns for more than one year assume a compounded rate of return and are not the Fund’s year-by-year results, which fluctuated over the periods shown. Returns do not reflect taxes that shareholders may pay on Fund distributions or redemption of Fund shares.