| Greenspring Fund, Incorporated | ||||||||
| SCHEDULE OF INVESTMENTS at September 30, 2022 (Unaudited) | ||||||||
| Shares/Units | Value | |||||||
| COMMON STOCKS: 77.9% | ||||||||
| Apparel & Textiles: 1.9% | ||||||||
| Levi Strauss & Co. | 169,822 | $ | 2,457,324 | |||||
| Beverages - Soft: 0.3% | ||||||||
| The Coca-Cola Company | 8,046 | 450,737 | ||||||
| Building Products: 1.0% | ||||||||
| Owens Corning | 16,459 | 1,293,842 | ||||||
| Business Software & Services: 1.9% | ||||||||
| Amdocs Limited# | 16,504 | 1,311,243 | ||||||
| Dun & Bradstreet Holdings, Inc. | 91,342 | 1,131,727 | ||||||
| 2,442,970 | ||||||||
| Chemicals: 2.8% | ||||||||
| DuPont de Nemours, Inc. | 49,831 | 2,511,483 | ||||||
| The Sherwin-Williams Company | 5,687 | 1,164,413 | ||||||
| 3,675,896 | ||||||||
| Commercial Banks & Thrifts: 7.6% | ||||||||
| American National Bankshares, Inc. | 35,987 | 1,149,785 | ||||||
| OceanFirst Financial Corp. | 47,753 | 890,116 | ||||||
| Primis Financial Corp. | 353,147 | 4,283,673 | ||||||
| Shore Bancshares, Inc. | 121,627 | 2,106,580 | ||||||
| WSFS Financial Corporation | 33,305 | 1,547,350 | ||||||
| 9,977,504 | ||||||||
| Commercial Services & Supplies: 2.7% | ||||||||
| Johnson Controls International plc# | 71,685 | 3,528,336 | ||||||
| Computer Communications: 1.9% | ||||||||
| Cisco Systems, Inc. | 62,364 | 2,494,560 | ||||||
| Diversified Financial Services: 0.4% | ||||||||
| Cannae Holdings, Inc.* | 28,822 | 595,462 | ||||||
| Electrical Equipment & Instruments: 1.3% | ||||||||
| Emerson Electric Co. | �� | 14,825 | 1,085,486 | |||||
| nVent Electric plc# | 20,000 | 632,200 | ||||||
| 1,717,686 | ||||||||
| Engineering & Construction: 6.3% | ||||||||
| EMCOR Group, Inc. | 33,710 | 3,892,831 | ||||||
| MYR Group, Inc.* | 51,291 | 4,345,886 | ||||||
| 8,238,717 | ||||||||
| Exploration & Production: 2.1% | ||||||||
| EOG Resources, Inc. | 25,226 | 2,818,501 | ||||||
| Healthcare Equipment & Supplies: 3.2% | ||||||||
| Abbott Laboratories | 10,500 | 1,015,980 | ||||||
| Medtronic plc # | 39,109 | 3,158,052 | ||||||
| 4,174,032 | ||||||||
| Information Technology Services: 8.4% | ||||||||
| KBR, Inc. | 184,585 | 7,977,764 | ||||||
| Visa, Inc. - Class A | 16,966 | 3,014,010 | ||||||
| 10,991,774 | ||||||||
| Insurance: 3.9% | ||||||||
| Chubb Limited # | 11,184 | 2,034,146 | ||||||
| W.R. Berkley Corp. | 47,610 | 3,074,654 | ||||||
| 5,108,800 | ||||||||
| Internet Retail: 2.0% | ||||||||
| Amazon.com, Inc.* | 23,700 | 2,678,100 | ||||||
| Investment Company: 1.9% | ||||||||
| Accelerate Acquisition Corp. - Class A*@ | 1,132 | 11,133 | ||||||
| Adara Acquisition Corp. – Class A* | 16,866 | 167,817 | ||||||
| Adit EdTech Acquisition Corp. – Class A* | 12,388 | 122,517 | ||||||
| AF Acquisition Corp. - Class A*@ | 5,800 | 56,956 | ||||||
| B. Riley Principal 250 Merger Corp. - Class A* | 28,384 | 277,879 | ||||||
| Blue Whale Acquisition Corp. I*#@ | 3,000 | 29,115 | ||||||
| Colombier Acquisition Corp. - Class A*@ | 11,105 | 108,329 | ||||||
| EG Acquisition Corp. - Class A* | 7,351 | 71,892 | ||||||
| Flame Acquisition Corp. - Class A* | 24,268 | 238,554 | ||||||
| G Squared Ascend II, Inc. - Class A*# | 16,724 | 165,902 | ||||||
| Glass Houses Acquisition Corp. - Class A*@ | 13,623 | 133,846 | ||||||
| Glenfarne Merger Corp. - Class A* | 540 | 5,297 | ||||||
| Golden Arrow Merger Corp. - Class A* | 11,002 | 108,150 | ||||||
| Kadem Sustainable Impact Corp. - Class A* | 36,573 | 359,513 | ||||||
| Logistics Innovation Technologies Corp. - Class A*@ | 6,589 | 64,408 | ||||||
| Mason Industrial Technology, Inc. - Class A* | 500 | 4,900 | ||||||
| Newbury Street Acquisition Corp. - Class A* | 2,242 | 22,039 | ||||||
| Osiris Acquisition Corp. - Class A*@ | 44,942 | 439,758 | ||||||
| Post Holdings Partnering Corp. - Class A* | 18,272 | 177,056 | ||||||
| 2,565,061 | ||||||||
| Lodging: 1.7% | ||||||||
| Wyndham Hotels & Resorts, Inc. | 36,748 | 2,254,490 | ||||||
| Media & Entertainment: 7.2% | ||||||||
| Alphabet, Inc. - Class C* | 58,140 | 5,590,161 | ||||||
| Ziff Davis, Inc. * | 56,985 | 3,902,333 | ||||||
| 9,492,494 | ||||||||
| Oil Refining & Marketing: 0.2% | ||||||||
| Phillips 66 | 2,813 | 227,065 | ||||||
| Pharmaceuticals: 1.1% | ||||||||
| Johnson & Johnson | 8,783 | 1,434,791 | ||||||
| Real Estate Investment Trust: 1.3% | ||||||||
| American Homes 4 Rent | 51,119 | 1,677,214 | ||||||
| Specialty Chemicals: 0.3% | ||||||||
| International Flavors & Fragrances, Inc. | 4,249 | 385,937 | ||||||
| Transportation & Logistics: 1.8% | ||||||||
| United Parcel Service, Inc. - Class B | 14,441 | 2,332,799 | ||||||
| Truck Dealerships: 0.8% | ||||||||
| Rush Enterprises, Inc. - Class A | 11,893 | 521,627 | ||||||
| Rush Enterprises, Inc. - Class B | 11,552 | 553,456 | ||||||
| 1,075,083 | ||||||||
| Utilities: 1.6% | ||||||||
| NextEra Energy, Inc. | 26,555 | 2,082,177 | ||||||
| Waste Management Services: 8.3% | ||||||||
| Republic Services, Inc. | 79,747 | 10,848,782 | ||||||
| Wireless Telecommunication Services: 4.0% | ||||||||
| T-Mobile USA, Inc.* | 38,933 | 5,223,641 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (cost $63,211,057) | 102,243,775 | |||||||
| PREFERRED STOCKS: 1.7% | ||||||||
| Oil & Gas Storage & Transportation: 1.7% | ||||||||
| GasLog Partners LP, Series A, 8.625% #º | 85,792 | 2,156,622 | ||||||
| TOTAL PREFERRED STOCKS | ||||||||
| (cost $1,705,781) | 2,156,622 | |||||||
| EXCHANGE TRADED FUNDS: 2.2% | ||||||||
| Invesco Solar ETF | 39,959 | 2,941,382 | ||||||
| TOTAL EXCHANGE TRADED FUNDS | ||||||||
| (cost $1,337,586) | 2,941,382 | |||||||
| Principal | ||||||||
| CONVERTIBLE BONDS: 2.4% @ | ||||||||
| Commercial Banks & Thrifts: 0.3% | ||||||||
| Hope Bancorp, Inc., 2.000%, 5/15/38 | $ | 346,000 | 331,503 | |||||
| Consumer Finance: 0.3% | ||||||||
| LendingTree, Inc., 0.500%, 7/15/25 | 535,000 | 384,076 | ||||||
| Healthcare Equipment & Supplies: 0.3% | ||||||||
| Haemonetics Corp., 0.000%, 3/1/26 | 500,000 | 399,976 | ||||||
| Media & Entertainment: 0.7% | ||||||||
| Ziff Davis, Inc., 1.750%, 11/1/26 144A | 1,000,000 | 928,500 | ||||||
| Real Estate Investment Trust: 0.8% | ||||||||
| Blackstone Mortgage Trust, Inc., 4.750%, 3/15/23 | 350,000 | 348,699 | ||||||
| DigitalBridge Group, Inc., 5.000%, 4/15/23 | 703,000 | 695,619 | ||||||
| 1,044,318 | ||||||||
| TOTAL CONVERTIBLE BONDS | ||||||||
| (cost $3,124,937) | 3,088,373 | |||||||
| CORPORATE BONDS: 11.9%@ | ||||||||
| Aerospace & Defense: 0.8% | ||||||||
| TransDigm, Inc. | ||||||||
| 6.375%, 6/15/26 | 1,091,000 | 1,032,039 | ||||||
| 7.500%, 3/15/27 | 44,000 | 41,941 | ||||||
| 1,073,980 | ||||||||
| Auto Components: 0.3% | ||||||||
| Dana Financing Luxembourg, 5.750%, 4/15/25 144A# | 180,000 | 171,675 | ||||||
| The Goodyear Tire & Rubber Co., 5.000%, 5/31/26 | 296,000 | 274,682 | ||||||
| 446,357 | ||||||||
| Automobiles: 0.1% | ||||||||
| Jaguar Land Rover Automotive plc, 5.625%, 2/1/23 144A # | 150,000 | 146,852 | ||||||
| Building Products: 0.2% | ||||||||
| Griffon Corp., 5.750%, 3/1/28 | 369,000 | 317,829 | ||||||
| Casinos & Gaming: 0.2% | ||||||||
| Scientific Games International, Inc., 8.625%, 7/1/25 144A | 200,000 | 205,004 | ||||||
| Chemicals: 0.1% | ||||||||
| The Scotts Miracle-Gro Company, 4.500%, 10/15/29 | 120,000 | 87,271 | ||||||
| Commercial Services & Supplies: 0.3% | ||||||||
| Stericycle, Inc., 5.375%, 7/15/24 144A | 375,000 | 361,020 | ||||||
| Consumer Finance: 0.5% | ||||||||
| Credit Acceptance Corp. | ||||||||
| 6.625%, 3/15/26 | 500,000 | 464,423 | ||||||
| 5.125%, 12/31/24 144A | 150,000 | 139,906 | ||||||
| 604,329 | ||||||||
| Energy Equipment & Services: 0.1% | ||||||||
| Weatherford International Ltd., 11.000%, 12/1/24 144A# | 125,000 | 127,371 | ||||||
| Energy Midstream: 0.5% | ||||||||
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 7.875%, 5/15/26 144A | 100,000 | 100,633 | ||||||
| New Fortress Energy, Inc., 6.750%, 9/15/25 144A | 625,000 | 593,087 | ||||||
| 693,720 | ||||||||
| Engineering & Construction: 0.2% | ||||||||
| Picasso Finance Sub, Inc., 6.125%, 6/15/25 144A | 250,000 | 245,298 | ||||||
| Exploration & Production: 0.1% | ||||||||
| PDC Energy, Inc. | ||||||||
| 6.125%, 9/15/24 | 111,000 | 109,779 | ||||||
| 5.750%, 5/15/26 | 80,000 | 74,118 | ||||||
| 183,897 | ||||||||
| Food & Staples Retailing: 0.4% | ||||||||
| Albertsons Cos Inc. / Safeway Inc. / New Albertsons LP / Albertsons LLC, 7.500%, 3/15/26 144A | 250,000 | 251,855 | ||||||
| Safeway, Inc., 7.450%, 9/15/27 | 273,000 | 270,270 | ||||||
| 522,125 | ||||||||
| Healthcare Equipment & Supplies: 0.0% | ||||||||
| Owens & Minor, Inc., 4.375%, 12/15/24 | 20,000 | 19,463 | ||||||
| Healthcare Providers & Services: 0.4% | ||||||||
| Encompass Health Corp., 5.750%, 9/15/25 | 243,000 | 241,120 | ||||||
| Tenet Healthcare Corp., 4.625%, 7/15/24 | 250,000 | 242,024 | ||||||
| 483,144 | ||||||||
| Healthcare Technology: 0.4% | ||||||||
| Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.750%, 3/1/25 144A | 550,000 | 547,475 | ||||||
| Household & Personal Products: 0.5% | ||||||||
| Coty, Inc., 6.500%, 4/15/26 144A | 115,000 | 106,107 | ||||||
| Spectrum Brands, Inc., 5.750%, 7/15/25 | 614,000 | 581,110 | ||||||
| 687,217 | ||||||||
| Internet Media & Services: 0.1% | ||||||||
| Uber Technologies, Inc., 7.500%, 5/15/25 144A | 172,000 | 171,823 | ||||||
| Leisure: 0.1% | ||||||||
| Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op., 6.500%, 10/1/28 | 80,000 | 74,153 | ||||||
| Lodging: 0.2% | ||||||||
| Arrow Bidco LLC, 9.500%, 3/15/24 144A | 150,000 | 150,178 | ||||||
| Marriott Ownership Resorts, Inc., 4.750%, 1/15/28 | 141,000 | 118,224 | ||||||
| 268,402 | ||||||||
| Machinery: 0.6% | ||||||||
| EnPro Industries, Inc., 5.750%, 10/15/26 | 803,000 | 776,232 | ||||||
| Media & Entertainment: 1.5% | ||||||||
| Cinemark USA, Inc., 8.750%, 5/1/25 144A | 500,000 | 507,448 | ||||||
| iHeartCommunications, Inc., 8.375%, 5/1/27 | 1,661,000 | 1,400,431 | ||||||
| 1,907,879 | ||||||||
| Metals & Mining: 1.0% | ||||||||
| Arconic Corp., 6.000%, 5/15/25 144A | 40,000 | 38,603 | ||||||
| Cleveland-Cliffs, Inc. | ||||||||
| 6.750%, 3/15/26 144A | 190,000 | 187,126 | ||||||
| 5.875%, 6/1/27 | 752,000 | 678,385 | ||||||
| Compass Minerals International, Inc., 4.875%, 7/15/24 144A | 229,000 | 215,715 | ||||||
| First Quantum Minerals Ltd., 6.500%, 3/1/24 144A | 250,000 | 245,307 | ||||||
| 1,365,136 | ||||||||
| Packaging & Containers: 0.2% | ||||||||
| Crown Americas LLC/Crown Americas Capital Corp. VI, 4.750%, 2/1/26 | 310,000 | 289,290 | ||||||
| Real Estate Investment Trust: 0.6% | ||||||||
| iStar, Inc. | ||||||||
| 4.750%, 10/1/24 | 325,000 | 321,004 | ||||||
| 5.500%, 2/15/26 | 100,000 | 100,753 | ||||||
| MPT Operating Partnership LP/MPT Finance Corp., 5.000%, 10/15/27 | 350,000 | 303,044 | ||||||
| 724,801 | ||||||||
| Retail: 0.4% | ||||||||
| Signet U.K. Finance plc, 4.700%, 6/15/24 | 510,000 | 492,130 | ||||||
| Software & Services: 0.5% | ||||||||
| Consensus Cloud Solutions, Inc., 6.000%, 10/15/26 144A | 539,000 | 477,912 | ||||||
| NortonLifeLock, Inc., 5.000%, 4/15/25 144A | 50,000 | 47,693 | ||||||
| PTC, Inc., 3.625%, 2/15/25 144A | 145,000 | 135,262 | ||||||
| 660,867 | ||||||||
| Technology Hardware & Equipment: 0.2% | ||||||||
| CDW LLC/CDW Finance Corp., 3.250%, 2/15/29 | 290,000 | 235,888 | ||||||
| Trading Companies & Distributors: 0.5% | ||||||||
| United Rentals North America, Inc., 3.875%, 11/15/27 | 500,000 | 448,455 | ||||||
| WESCO Distribution, Inc., 7.125%, 6/15/25 144A | 200,000 | 200,430 | ||||||
| 648,885 | ||||||||
| Utilities: 0.9% | ||||||||
| NextEra Energy Operating Partners LP, 4.250%, 7/15/24 144A | 409,000 | 392,223 | ||||||
| NRG Energy, Inc. | ||||||||
| 6.625%, 1/15/27 | 164,000 | 160,995 | ||||||
| 5.750%, 1/15/28 | 718,000 | 664,115 | ||||||
| 1,217,333 | ||||||||
| TOTAL CORPORATE BONDS | ||||||||
| (cost $16,908,052) | 15,585,171 | |||||||
| Shares | ||||||||
| SHORT-TERM INVESTMENTS: 3.7% | ||||||||
| Money Market Funds: 3.7%^ | ||||||||
| First American Treasury Obligations Fund, Class X, 2.875%º | 4,866,009 | 4,866,009 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (cost $4,866,009) | 4,866,009 | |||||||
| TOTAL INVESTMENTS IN SECURITIES | ||||||||
| (cost $91,153,422): 99.8% | 130,881,332 | |||||||
| Other Assets and Liabilities 0.2% | 298,620 | |||||||
| NET ASSETS: 100.0% | $ | 131,179,952 | ||||||
| * | Non-income producing security. | ||||
| # | U.S. security of foreign issuer. | ||||
| 144A | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Directors. As of September 30, 2022, the value of these investments was $6,694,503 or 5.1% of total net assets. | ||||
| ^ | Rate shown is the 7-day effective yield at September 30, 2022. | ||||
| º | The coupon rate shown on variable rate securities represents the rates at September 30, 2022. | ||||
| @ | Level 2 Securities | ||||
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 the 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 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 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: | |||||
| Level 1 – Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access. | |||||
| Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the security, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | |||||
| Level 3 – Unobservable inputs for the security, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the security, and which would be based on the best information available. | |||||
| 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 September 30, 2022: | |||||
Quoted Prices in Active Market | Significant Other Observable Inputs | Significant Unobservable Inputs | Carrying Value, at September 30, 2022 | ||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
| Common Stocks* | $ | 101,400,230 | $ | 843,545 | $ | - | $ | 102,243,775 | |||||||||
| Preferred Stocks* | 2,156,622 | - | - | 2,156,622 | |||||||||||||
| Exchange Traded Funds* | 2,941,382 | - | - | 2,941,382 | |||||||||||||
| Convertible Bonds* | - | 3,088,373 | - | 3,088,373 | |||||||||||||
| Corporate Bonds* | - | 15,585,171 | - | 15,585,171 | |||||||||||||
| Short-Term Investments * | 4,866,009 | - | - | 4,866,009 | |||||||||||||
| Total | $ | 111,364,243 | $ | 19,517,089 | $ | - | $ | 130,881,332 | |||||||||
| * See Schedule of Investments for industry breakdown. | |||||||||
| The Fund did not have any Level 3 securities during the period ended September 30, 2022. | |||||||||
