Greenspring Fund

Greenspring Fund’s symbol is GRSPX.

The Fund’s primary investment objective is long-term capital appreciation through a total return approach to investing.  Income is an important, but secondary, objective.

You may set up online access to your account by creating a Personal Identification Number (“PIN”).  In order to create a PIN, click on the “LOGIN” link found at the top of any Greenspring Fund web page.  Then, click on “Establish User ID and Password,” enter your social security or tax identification number and your account number.  Enter a PIN that is between 7 and 8 numbers long, with no letters or spaces.  Click “Continue” to complete the process.

A statement will be sent to you each quarter which will list your year-to-date transactions, as well as the value of your account(s) at the end of the quarter.

Shares of the Greenspring Fund are available with no transaction fee through Charles Schwab OneSource,  Fidelity Funds Network, TD Ameritrade and E*Trade. Greenspring Fund is also available with a transaction fee through Pershing. In addition, Greenspring Fund has operating agreements with many regional brokerage houses.

Yes, shares may be transferred in kind to an account at one of the fund supermarkets. It is not necessary to sell your current shares, then re-purchase shares of the Greenspring Fund through the fund supermarket. Simply complete the necessary paperwork provided by the fund supermarket of your choice. Your Greenspring Fund shares will then be transferred to your fund supermarket account.

Simply call Shareholder Services at 800-576-7498 to let them know you have a change of address. A confirmation of your change of address will be sent to both your new and old addresses.

A medallion signature guarantee protects your account from fraud. You can obtain a signature guarantee from a bank, broker-dealer, credit union, any securities exchange or association, clearing agency, savings association or trust company. A notary public can not provide a medallion signature guarantee.

A signature guarantee is required for the following:

• A redemption request over $25,000
• A redemption request within 30 days of an address change
• A redemption request where the proceeds are mailed to an address different from your address of record (including an IRA transfer)
• A redemption request where the proceeds are wired to a bank or brokerage account different from your bank or brokerage account of record
• A redemption request where the proceeds are payable to someone other than you (including an IRA transfer)
• Any request to transfer redemption proceeds to an account with a registration different from yours
• To add or change wire or automated bank instructions
• To change your name due to a marriage or divorce
• To add or change a Transfer on Death beneficiary
• to add the telephone redemption option to an existing account

You may redeem up to $25,000 by telephone (if previously authorized on your account) by calling Shareholder Services at 800-576-7498 before the close of the Exchange which is typically 4pm EST. In order to arrange for the telephone redemption option afer an account has been opened, or to change the bank account or address designated to receive redemption proceeds, a written request must be sent to the transfer agent. The request must be signed by each shareholder of the account with the signatures guaranteed. Further documentation may be requested from corporations, executors, administrators, trustees and guardians.

You may also redeem shares by sending a letter to Shareholder Services at the address listed below. Please include the following:

• Your account number
• The dollar value or number of shares to be redeemed
• The preferred method of payment, whether by check, ACH or wire. (Predetermined bank instructions must be on your account for ACH or wire payments or a signature guarantee will be required. A $15 fee will be charged for a wire transfer.)
• Your signature and the signature of anyone else listed on the account
• A medallion signature guarantee is required for amounts over $25,000
• Any supporting legal documentation
• Any outstanding certificates representing shares to be redeemed

Investors may have a check sent to the address of record, proceeds may be wired to a shareholder’s bank account of record, or funds may be sent via electronic funds transfer through the ACH network, also to the bank account of record. Wires are subject to a $15 fee paid by the investor, but the investor does not incur any charge when proceeds are sent via the ACH system.

No, The Fund does not assess a redemption fee.

Regular Mail:

Greenspring Fund

c/o U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201-0701

Overnight Mail:

Greenspring Fund

c/o U.S. Bank Global Fund Services

615 E. Michigan Street

Milwaukee, WI 53202-5207