Skip to content
Greenspring Funds
  • Corbyn Investment Management
  • Cromwell Greenspring Mid Cap Fund
  • Contact Us
Greenspring Funds
  • Corbyn Investment Management
  • Cromwell Greenspring Mid Cap Fund
  • Contact Us
Registration has been disabled.

883.574.7469

Shareholder Services

  • Privacy Policy
  • Legal Disclosure
  • Contact

The Greenspring Income Opportunities Fund is offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

While the Fund is no-load, management and other expenses still apply.

Before you invest in the Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 800-366-3863. Documents meet regulatory requirements when viewed using Internet Explorer.

Mutual fund investing involves risk. Principal loss is possible.

The Fund invests in debt securities which are subject to credit, interest rate, call or prepayment, liquidity and extension risks. Investments in debt securities that are rated below investment grade present a greater risk of loss to principal and interest than higher-rated securities.

Corbyn Investment Management, Inc. (“Corbyn”) is the investment adviser to the Greenspring Income Opportunities Fund (GRIOX). Corbyn is a registered investment adviser with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. Please review the Corbyn’s ADV before investing. Certain employees of Corbyn are also registered representatives with Quasar Distributors, LLC, which is a registered broker-dealer with FINRA, for purposes of fund distribution. Quasar Distributors, LLC is not affiliated with Corbyn.

The Morningstar Rating™ for funds, or “star rating,” is calculated for mutual funds with at least a 3-year history. Open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36 -59 months of total returns, 60% 5-year rating/40% 3-year rating for 60 -119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. Over the 3-year period, the Fund received 4 Stars among 586 High Yield Bond Funds based on risk-adjusted returns as of 03/31/25. Ratings do not take into account the effects of sales charges and loads. Past performance is no guarantee of future results.

©2025 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Any third-party links, trademarks, service marks, logos and trade names included in this content are the property of their respective owners. The inclusion of a third party link is provided for reference and does not imply an endorsement or, association with, or adoption of the site or party by us.

Quasar Distributors, LLC, Distributor

Copyright © 2025 Greenspring Income Opportunities Fund. All rights reserved.

Michael J. Pulcinella

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.

This will close in 0 seconds

George A. Truppi, CFA

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.

This will close in 0 seconds

Charles (Chip) vK. Carlson, CFA

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.

This will close in 0 seconds

Cookie Disclosure

By using this website you agree to the use of cookies and terms contained in our Cookie Policy.

This will close in 0 seconds

Speedbump Cromwell

You are now leaving greenspringfunds.com and entering the site of thecromwellfunds.com. Click the button below to continue to the Cromwell Greenspring Mid Cap Fund page.

CONTINUE TO THECROMWELLFUNDS.COM

This will close in 0 seconds

Scroll to Top