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  • Corbyn Investment Management
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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.

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.

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

Michael J. Pulcinella

Michael J. Pulcinella

President, Portfolio Manager

Michael Pulcinella serves as President and Portfolio Manager of Corbyn Investment Management. He has also been a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in 2021. Mr. Pulcinella joined Corbyn in 2012 after over a decade of experience in the institutional fixed income capital markets in several sales and trading roles.

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

George A. Truppi, CFA

Senior Vice President, Portfolio Manager

George Truppi serves as Senior Vice President and Portfolio Manager of Corbyn Investment Management. He has also been a Portfolio Manager of the Greenspring Income Opportunities Fund since its inception in 2021. Prior to joining Corbyn, he spent over 10 years in investment banking focused on leveraged finance transactions.

Before 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 2017.

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Charles (Chip) vK. Carlson, CFA

Charles (Chip) vK. Carlson, CFA

Portfolio Manager

Chip joined Corbyn in 1983 after earning a B.A. in Political Economy from Johns Hopkins University. He served as President of the firm for over 30 years and now serves as a Portfolio Manager for Corbyn Investment Management, the Greenspring Income Opportunities Fund, and the Cromwell Greenspring Mid Cap Fund. He has held the CFA designation since 1986.

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