GRIOX

Greenspring Income Opportunities Fund

HIGHLIGHTS

The Greenspring Income Opportunities Fund (GRIOX) focuses on short-duration high-yield bonds. Its goal is to generate a high level of current income while seeking to reduce volatility and minimize risk, alongside the potential for capital appreciation.

We employ a fundamentally driven research process, focused on identifying securities with attractive yields and limited downside. The combination of careful security selection, limited duration and thoughtful portfolio construction is designed to mitigate risk.

The Fund is managed by Corbyn Investment Management, who has extensive experience investing in the fixed income markets throughout numerous market cycles. We believe we can effectively navigate the fixed income credit market, by carefully selecting those short-duration high-yield securities that will provide a favorable risk and return profile.

We believe GRIOX can serve as a core part of a high-quality bond portfolio throughout market and interest rate cycles, while demonstrating less correlation to many other fixed income strategies.

Fund Facts

as of 9/30/2024

Inception Date: 12/15/2021

Fund Assets: $298M

Number of Holdings: 145

Robust screening process and stringent fundamental, bottom-up credit research focused on cash flow and valuation
Targeted security selection seeks to identify credit profiles with an ample margin of safety to address debt obligations
Disciplined portfolio construction, trading, and risk management to potentially optimize returns and minimize downside volatility

PERFORMANCE

As of 9/30/2024

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As of 9/30/2024

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*Inception date: December 15, 2021

The Net expense ratio is 0.86%, as stated in the Fund’s Prospectus dated January 31, 2024. The Fund’s investment adviser, has contractually agreed to waive a portion of its fees and reimburse certain expenses for the Fund to limit the total annual fund operating expenses (excluding taxes, Rule 12b-1 fees, shareholder servicing fees, extraordinary expenses, brokerage commissions, interest and acquired fund fees and expenses) to 0.75% through January 31, 2025. Absent advisory fee reductions and expense reimbursements, the expense ratio (gross) would be 0.96% for the Fund’s current fiscal year. The net expense ratio is applicable to investors.

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 investor’s 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.

The Bloomberg US Aggregate Bond Index is a benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market and includes Treasuries, government-related and corporate securities, MBS, ABS, and CMBS. ICE BofA 1-3 Year BB US Cash Pay High Yield Index is a subset of ICE BofA US Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. 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.

The Fund’s 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.greenspringfunds.com. Please read the Fund’s Prospectus carefully before investing.

Distributed by Quasar Distributors, LLC

PORTFOLIO

Characteristics

as of 9/30/2024

Duration to Worst (Years)1.57
Average Maturity (Years)2.55
Yield to Worst (%)5.97
Average Coupon (%)6.17

Based on internal estimates.

Top 10 Holdings

as of 9/30/2024

IssuerCoupon, Maturity% of Net Assets
Bombardier, Inc.(a)7.875%, 04/15/271.7
KBR, Inc.(a)4.750%, 09/30/281.5
TechnipFMC PLC(a)6.500%, 02/01/261.4
Getty Images, Inc.(a)9.750%, 03/01/271.4
Pebblebrook Hotel Trust1.750%, 12/15/261.3
APX Group, Inc.(a)6.750%, 02/15/271.3
Champions Financing, Inc.(a)8.750%, 02/15/291.3
Nextera Energy Partners(a)0.000%, 11/15/251.3
Matthews International Corp.(a)5.250%, 12/01/251.3
WESCO International, Inc.Series A Preferred1.3

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

(a) 144A Securities available only to qualified institutional buyers.

Credit Quality Distribution

% of holdings as of 9/30/2024

Sector Diversification

% of Net Assets as of 9/30/2024

Based on internal estimates.

Quality ratings reflect the credit quality of the underlying securities in the Fund’s portfolio and not that of the Fund itself. Quality ratings are subject to change. S&P Global Ratings assigns a rating of AAA as the highest to D as the lowest credit quality rating.

Average maturity is the weighted average of all the current maturities of the securities in the Fund. Duration to worst is the duration of a bond calculated to the yield to worst date. Yield to worst represents the lowest potential yield that an investor would receive on a bond that has early redemption options.

PORTFOLIO MANAGEMENT TEAM

Charles (Chip) vK. Carlson, CFA

Michael J. Pulcinella

George A. Truppi, CFA

LITERATURE

Fact Sheet

as of June 30, 2024

Semi Annual Report

as of March 31, 2024

Form N-PX

as of 2024

Summary Prospectus

as of January 31, 2024

Annual Report

as of September 30, 2023

Prospectus

as of January 31, 2024

Statement of Additional Information

as of January 31, 2024

Tax Insert

as of 2023

Tax Guide

as of 2023

Quarterly Shareholder Letter

as of June 30, 2024

Quarterly Shareholder Letter

as of March 31, 2024

Quarterly Shareholder Letter

as of December 31, 2023

Quarterly Shareholder Letter

as of September 30, 2023

Quarterly Holdings

as of March 31, 2024

Quarterly Holdings

as of December 31, 2024

Quarterly Holdings

as of June 30, 2024

Quarterly Holdings

as of September 30, 2023

New Account Application (non-IRA)

Entity Account Application

Individual Retirement Account & Coverdell Education Savings Account Disclosure Statement and Custodian Account Agreement

IRA Application- Traditional, ROTH, SEP and SIMPLE IRAs

Coverdell Education Savings Account Application

Account Options Form

IRA Distribution Request Form

Certification of Beneficial owners

IRA Required Minimum Distribution Form

IRA Transfer Form

IRA Beneficiary Change Form

RECEIVE OUR COMMUNICATIONS

Michael J. Pulcinella

Portfolio Manager – Fixed Income
Head Trader

Michael Pulcinella joined Corbyn in 2012 after over a decade of experience in the institutional fixed income capital markets in several sales and trading roles. At Corbyn, he is a Portfolio Manager of the firm’s fixed income separately managed account strategies and has been a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in 2021.

Prior to joining Corbyn, Mr. Pulcinella was a Director of Fixed Income Sales at Stifel Financial Corp, where he was responsible for sales of high yield and investment grade fixed income securities to institutional clients. Prior to that, he was a Vice President of High Yield Trading at Miller Tabak Roberts, which was a premier boutique broker-dealer in New York City. In this role, he was responsible for trading of high yield corporate bonds with institutional clients. He began his career as a trader on the preferred stock desk at Legg Mason in Baltimore. Mr. Pulcinella graduated from Fairfield University with a B.S. in Finance.

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George A. Truppi, CFA

Senior Investment Analyst

George Truppi serves as a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in December 2021. He is also a Senior Investment Analyst of Corbyn.

Prior to joining Corbyn in 2019, Mr. Truppi was a Director in the investment banking divisions of ABN AMRO from 2017 to 2019 and Credit Suisse from 2013 to 2017 and a Vice President at Deutsche Bank from 2011 to 2013, responsible for executing transactions for basic materials and industrial companies, primarily in the leveraged capital markets. From 2008 to 2011, Mr. Truppi was a credit analyst at Whippoorwill Associates, focused on investments in stressed and distressed credit. Prior to that, he was an investment banking analyst at Deutsche Bank, from 2005 to 2008. Mr. Truppi graduated from Rutgers University with a degree in Finance. He has been a CFA charterholder since 2015.

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Charles (Chip) vK. Carlson, CFA

President, Portfolio Manager

Chip joined Corbyn in 1983 and serves as Chairman, President and Portfolio Manager of Corbyn Investment Management. Mr. Carlson graduated from The Johns Hopkins University with a B.A. in Political Economy. He has been a CFA charterholder since 1986.

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