(PUB) Morningstar FundInvestor

September 2013

Morningstar FundInvestor

23

Data through August 31, 2013 Greenspring

Ticker

Status Yield Total Assets

Mstar Category Moderate Allocation

GRSPX Open

2.9% $774 mil

Morningstar Analyst Rating 08-27-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Below Avg Above Avg

46% 48% 60% 39% 39% 39% 49% 51% 50%

„

Manager Change Partial Manager Change

13.0 16.0 19.0 22.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Neutral

Investment Values of Fund Investment Values of M* MdTgRk

People Parent Price

10.0

¶

NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 08-13

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

17.74 -5.99

15.70 31.34

19.96 8.69 -2.79 -5.38 3.29 5.40

20.91 6.57 -0.47 -2.28 2.14 4.43

21.57 12.29 -0.66 -3.70

23.43

23.59

20.36 15.83 -5.94

22.69 10.63 -1.70 -4.29

24.19 -0.26 -0.85 1.67 3.42 -3.68

22.70 9.07 -2.97 -5.26 3.90 5.17

25.71 12.30

-11.72 5.32

0.70 6.31 5.38

8.86 2.20 3.92

-3.31 -3.62 2.41

10.47

6.21 3.27 1.46

-11.72 18.93

2.71 9.58 0.44 0.25 1.07 2.56 27

1.47

4.20

3.19 7.44 0.85 0.00 0.95 2.51 75

-11.37

27.42

-13.19 2.91

11.63

10.84

7

2

53

23

59

2

93

51

88

6

Pillar Spectrum Positive

0.96 0.00 1.19 5.33

0.94 0.00 1.14 3.44 102 109

0.61 0.00 1.06 2.60

0.65 0.10 1.16 2.30

0.58 0.19 1.03 2.24

0.56 0.53 1.06 2.15

0.35 0.16 1.03 3.67

0.72 0.16 0.91 2.40

0.82 0.59 0.93 2.89

0.34 0.03 . . . 774

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Performance 08-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

79 51

35

36

39

54

47

47

60

58

28

2009 2010 2011 2012 2013

-2.76 2.79 -5.84 12.21 3.48 -2.73 1.90 -0.28 5.86 -3.54

-3.11 -8.85 15.83 6.60 2.85 10.63 4.77 4.90 -0.26

132

157

244

258

307

528

830

741

653

Rating and Risk Time Load-Adj

Portfolio Analysis 07-31-13 Total Stocks:41

-8.27 7.01 4.05 2.66

9.07

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

.

P/E

YTD % Net

Period Return % Rtn vs Cat

Share change since 06-30-13

Sectors Industrl

Ratio Return % Assets

1 Yr 3 Yr 5 Yr

16.98

Trailing

Total

+/- M* +/- Mstr

%Rank Growth of

FTI Consulting, Inc.

1.18 3.60

.

Return% MdTgRk Md Ag Rk

Cat

$10,000

9.81 5.96 7.98 9.82

Avg Avg High

Low Low -Avg

Michael Baker Corporation Industrl

113.6 63.78 3.46

3 Mo 6 Mo 1 Yr

3.20 3.48 7.80 5.08 16.98 7.39 9.81 -0.54 5.96 -0.17 7.98 0.57

3.09 3.43 3.16 -2.93 -0.29 -0.13

1 10,320 3 10,780 4 11,698 70 13,241 43 13,357 5 21,549 5 32,614

Harmonic, Inc.

Technology

45.56 3.38

.

10 Yr Incept

Republic Services Inc Cla

Industrl

18.9 12.27 3.33

j2 Global Inc Energen Corp PartnerRe Ltd. MasTec, Inc.

Technology 11.7 64.28 3.32

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Energy

12.9 51.22 2.54 4.8 9.90 2.48 17.5 30.49 2.33 15.1 3.88 2.28

Other Measures

Standard Index Best Fit Index M* MdTgRk Mstar Mid Cap TR

Finan Svs

Industrl Energy Date of Maturity

Alpha

1.4

0.2

8.20

. .

Rosetta Resources, Inc.

Beta

0.81

0.48

Amount

Value % Net $000 Assets

R-Squared

80

89

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 8.12 75 1.54 96 4.55 53 1.34 91 6.68 7 1.20 78 Potential Capital Gain Exposure: 18% of assets Morningstar’s Take by Kevin McDevitt, CFA 08-27-13 Greenspring’s capital-preservation emphasis comes with trade-offs, but these are more than acceptable. The past 12 months showed this fund’s ability to earn robust returns with modest risk. Its 18% gain through Aug. 16 crushes the typical moderate-allocation fund’s 11.8% return. It trails the S&P 500 Index’s gain by just 1.6 percentage points, which is striking given that often less than 50% of the portfolio is in equities. It punches above its weight by focusing on small/mid-cap stocks and high-yield bonds, which have beaten larger-cap equities and higher-quality credits. Yet, somewhat surprisingly, the fund has been even better during bear markets, especially in 2008. It came through again during this year’s second-quarter interest-rate spike. The bond portfolio’s short 2.7-year duration--versus the category average’s 4.6 years--damped rate sensitivity, helping

Total Fixed-Income:45

$000

Standard Deviation

8.01 9.81 1.20

Bioscrip 10.25%

10-01-15 21,368 22,568 3.00 04-15-18 18,820 20,514 2.73 09-01-17 15,667 16,215 2.16 05-15-18 12,773 13,763 1.83 07-15-15 10,909 11,625 1.55

Mean

Rosetta Resources 9.5% Petroquest Engy 10% Live Nation Entrtnmt 144A Bankrate Inc Del 11.75%

Sharpe Ratio

Engy Partners 8.25%

02-15-18 05-01-16

8,882 9,415 1.25 8,502 9,214 1.23 8,684 9,162 1.22 7,738 8,260 1.10

Igate 9%

annualized return through Aug. 16 trails the 16.3% gain of its average rival. The reverse was true following the 2002 bear market when the fund gained 14.7% for the five years through September 2007 versus the category’s 11.3%. But the fund was more aggressively positioned post 2002 than in 2009. In 2003, manager Chip Carlson parked nearly two thirds of assets in high-yielding convertible bonds. With their embedded equity options, those securities offered more upside and ultimately higher returns than the conventional high-yield bonds he bought in 2009 when so-called busted convertibles were scarcer. Yet, the fund still offers one of the best risk/reward profiles around. Despite the inherent risks of its small-cap and high-yield holdings, the fund’s five-year 10.7% standard deviation ranks in the category’s least-volatile decile. This isn’t by accident, as capital preservation is one of Carlson’s top priorities. So, although the fund’s returns since March 2009 are relatively modest, investors may want to focus instead on its top-quintile, five-year risk-adjusted results.

Scotts Miracle Gro 7.25% 01-15-18

Treehouse Foods 7.75%

03-01-18

Equity Style

Fixed-Income Style Duration: Limited Quality: Low Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon 1

Style: Blend Size: Small-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs

2.7 Yrs 3.1 Yrs

Rel Category

17.11 1.58 0.99 5.48 2.01 13.83 6.55 9.27 6.15 3.87

1.19 0.83 0.81 0.80 0.84 1.30 5.65 2.72 4.59 0.09

B

8.76%

figure provided by fund as of 07-31-13 1

Sector Weightings

% of Stocks

Rel M* MdTgRk High

3 Year Low

% Rel Category

Cyclical 14.61 0.37 BasicMat 0.00 0.00 1 1 CnsmrCyc 3.14 0.27 4 2 FinanSvs 11.47 0.65 25 11 Real Est 0.00 0.00 0 0 Sensitive 81.04 2.16 CommSrvs 3.19 0.81 3 2 Energy 16.40 1.81 17 8 Industrl 33.63 2.81 34 20 Technlgy 27.82 2.22 33 18 Defensive 4.35 0.19 CnsmrDef 0.00 0.00 10 1 Hlthcare 0.00 0.00 3 0 Utilities 4.35 1.01 6 4

h r t y u j i o p a k s d f

the fund hold up better than most peers. Indeed, the fund has become a bit more

Market Cap % Giant 7.0 Large 7.1 Mid 28.5

Small Micro

30.1 27.3

conservative over the years, which can curtail returns during rallies. Since March 2009, the fund’s 13.2%

Avg $mil:

2,825

Address:

2330 West Joppa Road Suite 110 Lutherville, MD 21093 800-366-3863 www.greenspringfund.com

Minimum Purchase: Min Auto Inv Plan:

$5000 $2500

Add: $100 IRA: $2500

Composition - Net

Add: $100

Cash 15.9 Stocks 50.2 Bonds 30.6 Other 3.3 Foreign 4.5

Sales Fees:

No-load, 2.00%R 0.75% mx./0.65% mn. Mgt:0.70% Dist: .

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

07-01-83

Actual Fees:

Corbyn Inv Mgmt Inc (MD )

Expense Projections: Income Distribution:

3Yr:$300

5Yr:$520 10Yr:$1155

None

Semi-Annually

(% of Stock)

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein isnot represented orwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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