(a)
|
|
Greenspring Fund
|
|||||
Performance for the
|
|||||
Periods Ended June 30, 2022
|
|||||
Quarter
|
-10.39
|
%
|
|||
Year to Date
|
-12.37
|
%
|
|||
1 Year
|
-5.41
|
%
|
|||
3 Years*
|
6.76
|
%
|
|||
5 Years*
|
5.66
|
%
|
|||
10 Years*
|
6.48
|
%
|
|||
15 Years*
|
5.16
|
%
|
|||
20 Years*
|
6.70
|
%
|
|||
Since inception on 7/1/83*
|
8.87
|
%
|
|||
Expense Ratio**
|
1.10
|
%
|
*
|
Annualized.
|
|
**
|
As stated in Prospectus dated 5-1-22. See note on last page of letter.
|
% of Net
|
|||||
Greenspring Fund
|
Assets
|
||||
Top 10 Holdings
|
as of
|
||||
6/30/22
|
|||||
Republic Services, Inc.
|
7.5
|
%
|
|||
KBR, Inc.
|
6.4
|
%
|
|||
Alphabet, Inc. – Class C
|
4.8
|
%
|
|||
T-Mobile, Inc.
|
3.7
|
%
|
|||
Primis Financial Corp.
|
3.4
|
%
|
|||
MYR Group, Inc.
|
3.2
|
%
|
|||
United Parcel Service, Inc. – Class B
|
3.0
|
%
|
|||
Ziff Davis, Inc.
|
3.1
|
%
|
|||
Visa, Inc. – Class A
|
2.5
|
%
|
|||
Cisco Systems, Inc.
|
2.5
|
%
|
Greenspring Fund
|
Portfolio Allocation
|
as of June 30, 2022
|
![]() |
![]() |
![]() |
Charles vK. Carlson
|
Michael J. Fusting
|
Michael Goodman
|
Portfolio Manager
|
Co-Chief Investment Officer
|
Portfolio Manager
|
Co-Chief Investment Officer
|
EXPENSE EXAMPLE For the Six Months Ended June 30, 2022 (Unaudited)
|
Annualized
|
Beginning
|
Ending
|
Expenses Paid
|
||
Net Expense Ratio
|
Account Value
|
Account Value
|
During Period
|
||
6/30/22
|
1/1/22
|
6/30/22
|
1/1/22 – 6/30/22(1)
|
||
Actual Expenses(2)
|
1.07%
|
$1,000.00
|
$ 876.30
|
$4.98
|
|
Hypothetical Example
|
|||||
for Comparison Purposes
|
|||||
(5% return before expenses)
|
1.07%
|
$1,000.00
|
$1,019.49
|
$5.36
|
(1)
|
Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
|
(2)
|
Based on the actual returns of -12.37% for the six month-period ended June 30, 2022.
|
SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)
|
Shares/Units
|
Value
|
|||||||
COMMON STOCKS: 80.6%
|
||||||||
Apparel & Textiles: 2.0%
|
||||||||
Levi Strauss & Co.
|
169,822
|
$
|
2,771,495
|
|||||
Beverages – Soft: 0.4%
|
||||||||
The Coca-Cola Company
|
8,046
|
506,174
|
||||||
Building Products: 0.9%
|
||||||||
Owens Corning
|
16,459
|
1,223,068
|
||||||
Business Software & Services: 2.1%
|
||||||||
Amdocs Limited#
|
19,629
|
1,635,292
|
||||||
Dun & Bradstreet Holdings, Inc.*
|
89,285
|
1,341,954
|
||||||
2,977,246
|
||||||||
Chemicals: 2.9%
|
||||||||
DuPont de Nemours, Inc.
|
49,196
|
2,734,314
|
||||||
The Sherwin-Williams Company
|
6,102
|
1,366,299
|
||||||
4,100,613
|
||||||||
Commercial Banks & Thrifts: 7.6%
|
||||||||
American National Bankshares, Inc.
|
35,987
|
1,245,510
|
||||||
OceanFirst Financial Corp.
|
47,753
|
913,515
|
||||||
Primis Financial Corp.
|
353,547
|
4,818,846
|
||||||
Shore Bancshares, Inc.
|
122,477
|
2,265,824
|
||||||
Western New England Bancorp, Inc.
|
8,226
|
61,366
|
||||||
WSFS Financial Corporation
|
33,726
|
1,352,075
|
||||||
10,657,136
|
||||||||
Commercial Services & Supplies: 2.4%
|
||||||||
Johnson Controls International plc#
|
71,685
|
3,432,278
|
||||||
Computer Communications: 2.5%
|
||||||||
Cisco Systems, Inc.
|
81,574
|
3,478,315
|
||||||
Diversified Financial Services: 0.4%
|
||||||||
Cannae Holdings, Inc.*
|
28,822
|
557,417
|
||||||
Electrical Equipment & Instruments: 1.3%
|
||||||||
Emerson Electric Co.
|
15,325
|
1,218,951
|
||||||
nVent Electric plc#
|
20,000
|
626,600
|
||||||
1,845,551
|
||||||||
Engineering & Construction: 5.7%
|
||||||||
EMCOR Group, Inc.
|
33,710
|
3,470,781
|
||||||
MYR Group, Inc.*
|
51,291
|
4,520,276
|
||||||
7,991,057
|
||||||||
Exploration & Production: 2.0%
|
||||||||
EOG Resources, Inc.
|
25,226
|
2,785,959
|
||||||
Healthcare Equipment & Supplies: 3.2%
|
||||||||
Abbott Laboratories
|
10,500
|
|
1,140,825
|
|||||
Medtronic plc#
|
38,211
|
3,429,437
|
||||||
4,570,262
|
||||||||
Information Technology Services: 8.9%
|
||||||||
KBR, Inc.
|
186,585
|
9,028,848
|
||||||
Visa, Inc. – Class A
|
17,947
|
3,533,585
|
||||||
12,562,433
|
||||||||
Insurance: 3.9%
|
||||||||
Chubb Limited#
|
11,684
|
2,296,841
|
||||||
W.R. Berkley Corp.
|
47,610
|
3,249,858
|
||||||
5,546,699
|
||||||||
Internet Retail: 1.8%
|
||||||||
Amazon.com, Inc.*
|
24,200
|
2,570,282
|
||||||
Investment Company: 3.3%
|
||||||||
26 Capital Acquisition Corp. – Class A*
|
6,000
|
58,860
|
||||||
Accelerate Acquisition Corp. – Class A*
|
2,532
|
24,712
|
||||||
Adara Acquisition Corp. – Class A*
|
16,866
|
166,805
|
||||||
Adit EdTech Acquisition Corp. – Class A*
|
12,388
|
121,898
|
||||||
AF Acquisition Corp. – Class A*
|
5,800
|
56,492
|
||||||
Agile Growth Corp. – Class A*#
|
9,797
|
96,206
|
||||||
Apollo Strategic Growth Capital II*#@
|
5,000
|
49,275
|
||||||
B. Riley Principal 250
|
||||||||
Merger Corp. – Class A*
|
28,384
|
276,744
|
||||||
Catalyst Partners
|
||||||||
Acquisition Corp. – Class A*#
|
600
|
5,844
|
||||||
Clarim Acquisition Corp.*
|
1,000
|
9,820
|
||||||
Colombier Acquisition Corp. – Class A*@
|
11,105
|
107,941
|
||||||
Crown PropTech Acquisitions – Class A*#
|
5,800
|
57,130
|
||||||
EG Acquisition Corp. – Class A*
|
7,351
|
71,562
|
||||||
EQ Health Acquisition Corp.*@
|
5,000
|
46,925
|
||||||
European Biotech
|
||||||||
Acquisition Corp. – Class A*#
|
300
|
2,934
|
||||||
Evo Acquisition Corp.*@
|
1,000
|
9,770
|
||||||
Fast Acquisition Corp. – Class A*
|
48,152
|
487,780
|
||||||
Fintech Evolution
|
||||||||
Acquisition Group – Class A*#
|
2,200
|
21,560
|
||||||
Flame Acquisition Corp. – Class A*
|
58,990
|
577,512
|
||||||
G Squared Ascend II, Inc. – Class A*#
|
16,927
|
166,054
|
||||||
GigInternational 1, Inc.*
|
16,303
|
164,008
|
||||||
Glass Houses Acquisition Corp. – Class A*
|
13,623
|
133,642
|
||||||
Glenfarne Merger Corp. – Class A*
|
540
|
5,260
|
||||||
Goal Acquisitions Corp. – Class A*
|
41,096
|
402,741
|
SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)
(Con’t)
|
Shares/Units
|
Value
|
|||||||
COMMON STOCKS: 80.6% (Con’t)
|
||||||||
Investment Company: 3.3% (Con’t)
|
||||||||
Golden Arrow Merger Corp. – Class A*
|
11,002
|
$
|
107,599
|
|||||
Kadem Sustainable Impact Corp. – Class A*
|
38,674
|
378,232
|
||||||
Live Oak Mobility Acquisition Corp.*
|
5,000
|
49,125
|
||||||
Logistics Innovation
|
||||||||
Technologies Corp. – Class A*
|
6,589
|
64,045
|
||||||
M3-Brigade
|
||||||||
Acquisition II Corp. – Class A*
|
7,410
|
72,692
|
||||||
Mason Industrial
|
||||||||
Technology, Inc. – Class A*
|
500
|
4,890
|
||||||
Newbury Street Acquisition Corp.*
|
2,242
|
21,882
|
||||||
Noble Rock Acquisition Corp.*#
|
5,000
|
49,050
|
||||||
OmniLit Acquisition Corp.*
|
9,000
|
90,270
|
||||||
Osiris Acquisition Corp. – Class A*@
|
44,942
|
438,859
|
||||||
Post Holdings Partnering Corp. – Class A*
|
18,272
|
177,238
|
||||||
Skydeck Acquisition Corp. – Class A*#
|
4,600
|
44,804
|
||||||
SportsTek Acquisition Corp. – Class A*
|
2,100
|
20,538
|
||||||
Tailwind International Acquisition Corp.*#@
|
1,000
|
9,820
|
||||||
Tech and Energy
|
||||||||
Transition Corp. – Class A*
|
500
|
4,890
|
||||||
Twin Ridge Capital
|
||||||||
Acquisition Corp. – Class A*#@
|
500
|
4,907
|
||||||
4,660,316
|
||||||||
Lodging: 1.7%
|
||||||||
Wyndham Hotels & Resorts, Inc.
|
36,748
|
2,415,079
|
||||||
Media & Entertainment: 7.8%
|
||||||||
Alphabet, Inc. – Class C*
|
3,080
|
6,737,346
|
||||||
Ziff Davis, Inc.*
|
56,985
|
4,247,092
|
||||||
10,984,438
|
||||||||
Oil Refining & Marketing: 0.2%
|
||||||||
Phillips 66
|
2,813
|
230,638
|
||||||
Pharmaceuticals: 1.2%
|
||||||||
Johnson & Johnson
|
9,374
|
1,663,979
|
||||||
Real Estate Investment Trust: 1.3%
|
||||||||
American Homes 4 Rent – Class A
|
52,619
|
1,864,817
|
||||||
Specialty Chemicals: 0.3%
|
||||||||
International Flavors & Fragrances, Inc.
|
4,249
|
506,141
|
||||||
Specialty Insurance: 0.1%
|
||||||||
Radian Group, Inc.
|
5,349
|
105,108
|
||||||
Transportation & Logistics: 3.0%
|
||||||||
United Parcel Service, Inc. – Class B
|
23,402
|
|
4,271,801
|
|||||
Truck Dealerships: 1.0%
|
||||||||
Rush Enterprises, Inc. – Class A
|
11,893
|
573,243
|
||||||
Rush Enterprises, Inc. – Class B
|
17,178
|
852,200
|
||||||
1,425,443
|
||||||||
Utilities: 1.5%
|
||||||||
NextEra Energy, Inc.
|
26,555
|
2,056,950
|
||||||
Waste Management Services: 7.5%
|
||||||||
Republic Services, Inc.
|
81,234
|
10,631,094
|
||||||
Wireless Telecommunication Services: 3.7%
|
||||||||
T-Mobile USA, Inc.*
|
38,933
|
5,238,046
|
||||||
TOTAL COMMON STOCKS
|
||||||||
(cost $68,086,405)
|
113,629,835
|
|||||||
PREFERRED STOCKS: 1.6%
|
||||||||
Oil & Gas Storage & Transportation: 1.6%
|
||||||||
GasLog Partners LP, Series A, 8.625%#º
|
85,792
|
2,226,302
|
||||||
TOTAL PREFERRED STOCKS
|
||||||||
(cost $1,705,781)
|
2,226,302
|
|||||||
EXCHANGE TRADED FUNDS: 2.0%
|
||||||||
Renewable Energy: 2.0%
|
||||||||
Invesco Solar ETF*
|
40,986
|
2,925,991
|
||||||
TOTAL EXCHANGE TRADED FUNDS
|
||||||||
(cost $1,372,240)
|
2,925,991
|
|||||||
WARRANTS: 0.0%
|
||||||||
Investment Company: 0.0%
|
||||||||
Oyster Enterprises Acquisition Corp.*@
|
||||||||
Expiration: December 2027,
|
||||||||
Exercise Price: $11.50
|
10,000
|
1,243
|
||||||
TOTAL WARRANTS
|
||||||||
(cost $5,025)
|
1,243
|
SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Con’t)
|
Principal
|
Value
|
|||||||
CONVERTIBLE BONDS: 2.0%@
|
||||||||
Commercial Banks & Thrifts: 0.0%
|
||||||||
Hope Bancorp, Inc., 2.000%, 5/15/38
|
$
|
96,000
|
$
|
93,897
|
||||
Consumer Finance: 0.4%
|
||||||||
LendingTree, Inc., 0.500%, 7/15/25
|
787,000
|
534,373
|
||||||
Healthcare Equipment & Supplies: 0.3%
|
||||||||
Haemonetics Corp., 0.000%, 3/1/26
|
500,000
|
393,762
|
||||||
Media & Entertainment: 0.7%
|
||||||||
Ziff Davis, 1.750%, 11/1/26 144A
|
1,000,000
|
968,500
|
||||||
Real Estate Investment Trust: 0.6%
|
||||||||
Blackstone Mortgage Trust, Inc.,
|
||||||||
4.750%, 3/15/23
|
350,000
|
350,455
|
||||||
DigitalBridge Group, Inc.,
|
||||||||
5.000%, 4/15/23
|
500,000
|
493,129
|
||||||
843,584
|
||||||||
TOTAL CONVERTIBLE BONDS
|
||||||||
(cost $2,882,034)
|
2,834,116
|
|||||||
CORPORATE BONDS: 10.2%@
|
||||||||
Aerospace & Defense: 0.8%
|
||||||||
TransDigm, Inc.
|
||||||||
6.375%, 6/15/26
|
1,091,000
|
1,022,267
|
||||||
7.500%, 3/15/27
|
44,000
|
41,564
|
||||||
1,063,831
|
||||||||
Auto Components: 0.3%
|
||||||||
Dana Financing Luxembourg,
|
||||||||
5.750%, 4/15/25 #144A
|
180,000
|
172,182
|
||||||
The Goodyear Tire & Rubber Co.,
|
||||||||
5.000%, 5/31/26
|
296,000
|
273,030
|
||||||
445,212
|
||||||||
Building Products: 0.2%
|
||||||||
Griffon Corp., 5.750%, 3/1/28
|
369,000
|
335,997
|
||||||
Chemicals: 0.1%
|
||||||||
The Scotts Miracle-Gro Company,
|
||||||||
4.500%, 10/15/29
|
120,000
|
98,635
|
||||||
Commercial Services & Supplies: 0.2%
|
||||||||
Stericycle, Inc., 5.375%, 7/15/24 144A
|
250,000
|
241,817
|
||||||
Consumer Finance: 0.4%
|
||||||||
Credit Acceptance Corp.
|
||||||||
5.125%, 12/31/24 144A
|
|
150,000
|
|
141,615
|
||||
6.625%, 3/15/26
|
500,000
|
469,058
|
||||||
610,673
|
||||||||
Energy Midstream: 0.5%
|
||||||||
Antero Midstream Partners LP/Antero
|
||||||||
Midstream Finance Corp.,
|
||||||||
7.875%, 5/15/26 144A
|
100,000
|
100,069
|
||||||
New Fortress Energy, Inc.,
|
||||||||
6.750%, 9/15/25 144A
|
625,000
|
592,347
|
||||||
692,416
|
||||||||
Exploration & Production: 0.1%
|
||||||||
PDC Energy, Inc., 5.750%, 5/15/26
|
80,000
|
74,776
|
||||||
Food & Staples Retailing: 0.4%
|
||||||||
The Fresh Market, Inc.,
|
||||||||
9.750%, 5/1/23 144A
|
245,000
|
245,000
|
||||||
Safeway, Inc., 7.450%, 9/15/27
|
273,000
|
276,448
|
||||||
521,448
|
||||||||
Healthcare Equipment & Supplies: 0.0%
|
||||||||
Owens & Minor, Inc., 4.375%, 12/15/24
|
20,000
|
19,575
|
||||||
Healthcare Providers & Services: 0.3%
|
||||||||
Encompass Health Corp., 5.750%, 9/15/25
|
243,000
|
238,953
|
||||||
Tenet Healthcare Corp., 4.625%, 7/15/24
|
250,000
|
240,279
|
||||||
479,232
|
||||||||
Healthcare Technology: 0.3%
|
||||||||
Change Healthcare Holdings LLC/
|
||||||||
Change Healthcare Finance, Inc.,
|
||||||||
5.750%, 3/1/25 144A
|
410,000
|
401,632
|
||||||
Household & Personal Products: 0.4%
|
||||||||
Spectrum Brands, Inc., 5.750%, 7/15/25
|
614,000
|
607,281
|
||||||
Leisure: 0.1%
|
||||||||
Cedar Fair LP/Canada’s Wonderland Co./
|
||||||||
Magnum Management Corp./
|
||||||||
Millennium Op., 6.500%, 10/1/28
|
80,000
|
76,047
|
||||||
Lodging: 0.1%
|
||||||||
Marriott Ownership Resorts, Inc.,
|
||||||||
4.750%, 1/15/28
|
141,000
|
122,502
|
SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited)
(Con’t)
|
Principal
|
Value
|
|||||||
CORPORATE BONDS: 10.2% (Con’t)
|
||||||||
Machinery: 1.2%
|
||||||||
EnPro Industries, Inc.,
|
||||||||
5.750%, 10/15/26
|
$
|
803,000
|
$
|
776,393
|
||||
Welbilt, Inc., 9.500%, 2/15/24
|
931,000
|
929,971
|
||||||
1,706,364 |
||||||||
Media & Entertainment: 1.3%
|
||||||||
Cinemark USA, Inc.,
|
||||||||
8.750%, 5/1/25 144A
|
500,000
|
505,750
|
||||||
iHeartCommunications, Inc.,
|
||||||||
8.375%, 5/1/27
|
1,661,000
|
1,323,518
|
||||||
1,829,268
|
||||||||
Metals & Mining: 0.5%
|
||||||||
Arconic Corp., 6.000%, 5/15/25 144A
|
40,000
|
39,112
|
||||||
Cleveland-Cliffs, Inc., 5.875%, 6/1/27
|
752,000
|
702,560
|
||||||
741,672
|
||||||||
Packaging & Containers: 0.2%
|
||||||||
Crown Americas LLC/Crown Americas
|
||||||||
Capital Corp. VI, 4.750%, 2/1/26
|
310,000
|
295,590
|
||||||
|
||||||||
Real Estate Investment Trust: 0.5%
|
||||||||
iStar, Inc.
|
||||||||
4.750%, 10/1/24
|
325,000
|
306,483
|
||||||
5.500%, 2/15/26
|
100,000
|
94,265
|
||||||
MPT Operating Partnership LP/MPT
|
||||||||
Finance Corp., 5.000%, 10/15/27
|
350,000
|
320,849
|
||||||
721,597
|
||||||||
Retail: 0.3%
|
||||||||
Signet U.K. Finance plc,
|
||||||||
4.700%, 6/15/24#
|
510,000
|
495,167
|
||||||
Software & Services: 0.4%
|
||||||||
Consensus Cloud Solutions, Inc.,
|
||||||||
6.000%, 10/15/26 144A
|
539,000
|
464,486
|
||||||
NortonLifeLock, Inc.,
|
||||||||
5.000%, 4/15/25 144A
|
50,000
|
48,846
|
||||||
513,332
|
||||||||
Technology Hardware & Equipment: 0.2%
|
||||||||
CDW LLC/CDW Finance Corp.,
|
||||||||
3.250%, 2/15/29
|
|
290,000
|
|
244,922
|
||||
Telecommunication Services: 0.2%
|
||||||||
Level 3 Financing, Inc.
|
||||||||
5.375%, 5/1/25
|
111,000
|
107,728
|
||||||
5.250%, 3/15/26
|
250,000
|
236,127
|
||||||
343,855
|
||||||||
Trading Companies & Distributors: 0.3%
|
||||||||
United Rentals North America, Inc.,
|
||||||||
3.875%, 11/15/27
|
500,000
|
465,895
|
||||||
Utilities: 0.9%
|
||||||||
NextEra Energy Operating Partners LP,
|
||||||||
4.250%, 7/15/24 144A
|
409,000
|
391,945
|
||||||
NRG Energy, Inc.
|
||||||||
6.625%, 1/15/27
|
164,000
|
160,899
|
||||||
5.750%, 1/15/28
|
718,000
|
653,940
|
||||||
1,206,784
|
||||||||
TOTAL CORPORATE BONDS
|
||||||||
(cost $15,562,106)
|
14,355,520
|
SCHEDULE OF INVESTMENTS at June 30, 2022 (Unaudited) (Con’t)
|
Shares
|
Value
|
|||||||
SHORT-TERM INVESTMENTS: 3.8%
|
||||||||
Money Market Funds: 3.8%^
|
||||||||
First American Treasury
|
||||||||
Obligations Fund, Class X, 1.312%º
|
5,295,895
|
$
|
5,295,895
|
|||||
TOTAL SHORT-TERM INVESTMENTS
|
||||||||
(cost $5,295,895)
|
5,295,895
|
|||||||
TOTAL INVESTMENTS IN SECURITIES
|
||||||||
(cost $94,909,486): 100.2%
|
141,268,902
|
|||||||
Other Assets and Liabilities: (0.2)%
|
(322,057
|
)
|
||||||
NET ASSETS: 100.0%
|
$
|
140,946,845
|
*
|
Non-income producing security.
|
|
#
|
U.S. security of foreign issuer.
|
|
144A
|
Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s
adviser under the supervision of the Board of Directors. As of June 30, 2022, the value of these investments was $4,313,301 or 3.1% of total net assets.
|
|
^
|
Rate shown is the 7-day effective yield at June 30, 2022.
|
|
º
|
The coupon rate shown on variable rate securities represents the rates at June 30, 2022.
|
|
@
|
Level 2 Securities.
|
|
STATEMENT OF ASSETS AND LIABILITIES at June 30, 2022 (Unaudited)
|
ASSETS
|
||||
Investments in securities, at value (cost $94,909,486)
|
$
|
141,268,902
|
||
Receivables:
|
||||
Dividends and interest
|
420,493
|
|||
Securities sold
|
332,745
|
|||
Fund shares sold
|
500
|
|||
Prepaid expenses
|
40,527
|
|||
Total assets
|
142,063,167
|
|||
|
||||
LIABILITIES
|
||||
Payables:
|
||||
Securities purchased
|
817,454
|
|||
Fund shares redeemed
|
151,045
|
|||
Due to affiliate (Note 5)
|
92,441
|
|||
Accrued expenses
|
55,382
|
|||
Total liabilities
|
1,116,322
|
|||
|
||||
NET ASSETS
|
$
|
140,946,845
|
||
|
||||
Capital shares issued and outstanding (60,000,000 shares authorized, $0.01 par value)
|
6,122,607
|
|||
|
||||
Net asset value, offering and redemption price per share
|
$
|
23.02
|
||
|
||||
COMPONENTS OF NET ASSETS
|
||||
Capital stock at par value
|
$
|
61,226
|
||
Paid-in capital
|
86,941,279
|
|||
Distributable earnings
|
53,944,340
|
|||
NET ASSETS
|
$
|
140,946,845
|
STATEMENT OF OPERATIONS For the Six Months Ended June
30, 2022 (Unaudited)
|
INVESTMENT INCOME
|
||||
Income
|
||||
Dividends (net of foreign withholding taxes of $1,441)
|
$
|
1,196,438
|
||
Interest
|
392,746
|
|||
Total income
|
1,589,184
|
|||
Expenses
|
||||
Advisory fees (Note 5)
|
581,630
|
|||
Administration fees
|
39,991
|
|||
Sub transfer agent fees
|
30,248
|
|||
Transfer agent fees
|
28,353
|
|||
Administration fees – Corbyn (Note 5)
|
22,631
|
|||
Directors fees
|
22,314
|
|||
Fund accounting fees
|
20,368
|
|||
Blue sky fees
|
18,601
|
|||
Legal fees
|
15,598
|
|||
Audit fees
|
14,629
|
|||
Insurance fees
|
14,112
|
|||
Reports to shareholders
|
9,506
|
|||
Miscellaneous fees
|
6,993
|
|||
Custody fees
|
6,922
|
|||
Total expenses
|
831,896
|
|||
Net investment income
|
757,288
|
|||
NET REALIZED AND CHANGE IN NET UNREALIZED GAIN (LOSS) ON INVESTMENTS
|
||||
Net realized gain on sale of investments
|
4,789,721
|
|||
Change in net unrealized depreciation on investments
|
(26,188,512
|
)
|
||
Net realized and change in net unrealized loss on investments
|
(21,398,791
|
)
|
||
Net decrease in net assets resulting from operations
|
$
|
(20,641,503
|
)
|
STATEMENTS OF CHANGES IN NET ASSETS
|
Six Months Ended
|
Year Ended
|
|||||||
June 30, 2022#
|
December 31, 2021
|
|||||||
INCREASE (DECREASE) IN NET ASSETS FROM:
|
||||||||
OPERATIONS
|
||||||||
Net investment income
|
$
|
757,288
|
$
|
637,858
|
||||
Net realized gain on sale of investments
|
4,789,721
|
10,252,564
|
||||||
Change in net unrealized appreciation (depreciation) on investments
|
(26,188,512
|
)
|
25,597,662
|
|||||
Net increase (decrease) in net assets resulting from operations
|
(20,641,503
|
)
|
36,488,084
|
|||||
|
||||||||
DISTRIBUTIONS TO SHAREHOLDERS (Note 2)
|
||||||||
Total distributions to shareholders
|
—
|
(12,760,256
|
)
|
|||||
CAPITAL SHARE TRANSACTIONS
|
||||||||
Net increase (decrease) in net assets derived
|
||||||||
from net change in outstanding shares(a)
|
(11,183,875
|
)
|
10,317,757
|
|||||
|
||||||||
Total increase (decrease) in net assets
|
(31,825,378
|
)
|
34,045,585
|
|||||
NET ASSETS
|
||||||||
Beginning of period
|
172,772,223
|
138,726,638
|
||||||
End of period
|
$
|
140,946,845
|
$
|
172,772,223
|
(a)
|
A summary of capital share transactions is as follows:
|
Six Months Ended
|
Year Ended
|
||||||||||||||||
June 30, 2022#
|
December 31, 2021
|
||||||||||||||||
Shares
|
Value
|
Shares
|
Value
|
||||||||||||||
Shares sold
|
158,942
|
$
|
4,007,224
|
1,181,493
|
$
|
30,616,960
|
|||||||||||
Shares issued in reinvestment of distributions
|
—
|
—
|
476,226
|
12,308,857
|
|||||||||||||
Shares redeemed
|
(613,528
|
)
|
(15,191,099
|
)
|
(1,284,675
|
)
|
(32,608,060
|
)
|
|||||||||
Net increase (decrease)
|
(454,586
|
)
|
$
|
(11,183,875
|
)
|
373,044
|
$
|
10,317,757
|
#
|
Unaudited.
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period
|
Six Months
|
||||||||||||||||||||||||
Ended
|
||||||||||||||||||||||||
June 30,
|
Year Ended December 31,
|
|||||||||||||||||||||||
2022#
|
2021
|
2020
|
2019
|
2018
|
2017
|
|||||||||||||||||||
Net asset value, beginning of period
|
$
|
26.27
|
$
|
22.36
|
$
|
22.13
|
$
|
19.77
|
$
|
24.33
|
$
|
24.77
|
||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
|
||||||||||||||||||||||||
Net investment income
|
0.12
|
0.10
|
0.30
|
0.30
|
0.40
|
0.41
|
||||||||||||||||||
Net realized and unrealized gain (loss) on investments
|
(3.37
|
)
|
5.83
|
0.47
|
3.80
|
(2.78
|
)
|
1.50
|
||||||||||||||||
Total from investment operations
|
(3.25
|
)
|
5.93
|
0.77
|
4.10
|
(2.38
|
)
|
1.91
|
||||||||||||||||
LESS DISTRIBUTIONS:
|
||||||||||||||||||||||||
From net investment income
|
—
|
(0.11
|
)
|
(0.33
|
)
|
(0.35
|
)
|
(0.39
|
)
|
(0.43
|
)
|
|||||||||||||
From net realized gain
|
—
|
(1.91
|
)
|
(0.21
|
)
|
(1.39
|
)
|
(1.79
|
)
|
(1.92
|
)
|
|||||||||||||
Total distributions
|
—
|
(2.02
|
)
|
(0.54
|
)
|
(1.74
|
)
|
(2.18
|
)
|
(2.35
|
)
|
|||||||||||||
Net asset value, end of period
|
$
|
23.02
|
$
|
26.27
|
$
|
22.36
|
$
|
22.13
|
$
|
19.77
|
$
|
24.33
|
||||||||||||
Total return
|
(12.37
|
%)^ |
26.83
|
%
|
3.78
|
%
|
20.86
|
%
|
(10.15
|
%)
|
7.82
|
%
|
||||||||||||
RATIOS/SUPPLEMENTAL DATA:
|
||||||||||||||||||||||||
Net assets, end of period (millions)
|
$
|
140.9
|
$
|
172.8
|
$
|
138.7
|
$
|
192.2
|
$
|
203.6
|
$
|
272.6
|
||||||||||||
Ratio of expenses to average net assets
|
1.07
|
%+
|
1.07
|
%
|
1.12
|
%
|
1.04
|
%
|
1.01
|
%
|
0.98
|
%
|
||||||||||||
Ratio of net investment income to average net assets
|
0.98
|
%+
|
0.40
|
%
|
1.45
|
%
|
1.29
|
%
|
1.60
|
%
|
1.53
|
%
|
||||||||||||
Portfolio turnover rate
|
6
|
%^ |
29
|
%
|
31
|
%
|
13
|
%
|
30
|
%
|
40
|
%
|
#
|
Unaudited.
|
^
|
Not Annualized.
|
+
|
Annualized.
|
NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited)
|
Note 1 – Significant Accounting Policies
|
NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited)
(Con’t)
|
Level 1 –
|
Unadjusted quoted prices in active markets for identical securities that the Fund has the ability to access.
|
Level 2 –
|
Observable inputs other than quoted prices included in Level 1 that are observable for the security, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an
inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
Level 3 –
|
Unobservable inputs for the security, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the
security, and which would be based on the best information available.
|
Quoted Prices
|
Significant Other
|
Significant
|
||||||||||||||
in Active
|
Observable
|
Unobservable
|
Carrying Value,
|
|||||||||||||
Market
|
Inputs
|
Inputs
|
at June 30, 2022
|
|||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks*
|
$
|
112,962,338
|
$
|
667,497
|
$
|
—
|
$
|
113,629,835
|
||||||||
Preferred Stocks*
|
2,226,302
|
—
|
—
|
2,226,302
|
||||||||||||
Exchange Traded Funds*
|
2,925,991
|
—
|
—
|
2,925,991
|
||||||||||||
Warrants*
|
—
|
1,243
|
—
|
1,243
|
||||||||||||
Convertible Bonds*
|
—
|
2,834,116
|
—
|
2,834,116
|
||||||||||||
Corporate Bonds*
|
—
|
14,355,520
|
—
|
14,355,520
|
||||||||||||
Short-Term Investments
|
5,295,895
|
—
|
—
|
5,295,895
|
||||||||||||
Total
|
$
|
123,410,526
|
$
|
17,858,376
|
$
|
—
|
$
|
141,268,902
|
*
|
See Schedule of Investments for industry breakdown.
|
NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Con’t)
|
Note 2 – Dividends and Distributions
|
Distributions paid from:
|
June 30, 2022
|
December 31, 2021
|
|||||||
Ordinary income
|
$
|
—
|
$
|
1,376,622
|
|||||
Long-term capital gain
|
$
|
—
|
$
|
11,383,634
|
Note 3 – Purchases and Sales of Investments
|
Note 4 – Federal Income Taxes
|
NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Con’t)
|
Cost of investments
|
$
|
99,935,401
|
|||
Gross tax unrealized appreciation
|
72,789,763
|
||||
Gross tax unrealized depreciation
|
(392,866
|
)
|
|||
Net tax unrealized appreciation
|
72,396,897
|
||||
Undistributed ordinary income
|
124,238
|
||||
Undistributed long-term capital gain
|
2,064,708
|
||||
Total distributable earnings
|
2,188,946
|
||||
Other accumulated gains/losses
|
—
|
||||
Total accumulated earnings
|
$
|
74,585,843
|
Note 5 – Transactions with Affiliated Parties
|
NOTES TO FINANCIAL STATEMENTS June 30, 2022 (Unaudited) (Con’t)
|
Note 6 – COVID-19
|
Note 7 – Beneficial Ownership
|
Note 8 – Subsequent Events
|
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)
|
1.
|
The nature, extent, and quality of the services to be provided by the Adviser under the Agreement. The Board considered the nature, extent and quality of the services
provided by the Adviser. The Board reviewed the qualifications, experience and tenure of the Fund’s portfolio manager, management, and other key personnel of the Adviser involved in the day-to-day activities of the Fund. The Board considered
the Adviser’s resources and compliance structure. The Board reviewed the compliance program of the Adviser and the qualifications and experience of the CCO of both the Adviser and the Fund, as well as the Adviser’s compliance record and the
Adviser’s oversight of the Fund’s third-party service providers. The Board also reviewed the Adviser’s management of the Fund’s working relationship with third-party service providers. Additionally, the Board discussed the Adviser’s resources
to market the Fund and efforts taken to maintain and grow Fund assets to benefit shareholders. The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment research, compliance policies and
procedures to perform its duties under the Advisory Agreement and that the nature, overall quality, and extent of the management services were satisfactory and reliable.
|
|
2.
|
The Fund’s historical investment performance. The Board considered the Fund’s investment performance. The Board discussed the short- and long-term investment performance
of the Fund on an absolute basis and compared to peer funds, category benchmarks, relative market indices and major market indices. The Board noted that for the year ended December 31, 2021, the Fund’s one-year returns compared favorably to
that of the average performance of its peer funds, category benchmarks and other relative market indices. As part of its analysis of investment performance, the Board considered the Fund’s investment objective, market conditions, consistency
of returns and level of risk taken as well as the Fund’s portfolio management presentations and the detailed information relating to the Fund’s portfolio and performance presented at its quarterly meetings. The Board concluded that the Fund’s
investment performance was satisfactory, given various market conditions, the levels of risk taken, consistency of returns and the Fund’s long-term, as well as short-term performance objective.
|
APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)
(Con’t)
|
3.
|
The costs of the services to be provided by the Adviser and the structure of the Adviser’s fees under the Advisory Agreement. The Board considered the costs of services
provided by the Adviser and the structure of the Adviser’s fees under the Advisory Agreement. The Board reviewed a presentation prepared by the Adviser, as well as two independent analyses prepared by the Fund’s third-party service provider
comparing the Fund to a group of peer funds, which were similar in asset size, operating and expense structures. The Board also considered that the Adviser had consistently maintained a reasonable annual total expense ratio without waiving
and/or reimbursing any Fund fees or expenses per the analysis. The Board also considered the fact that the Adviser pays all fees charged by the distributor out of its own assets and no fees were paid by the Fund. Additionally, the Board
discussed the services the Adviser provides to separately managed accounts and considered how those services differ from the services provided to the Fund. Upon consideration of the reports provided and other factors discussed, the Board
concluded that the fee structure of the Advisory Agreement was fair and reasonable.
|
|
4.
|
Economies of scale. The Board considered the economies of scale realized due to the size of the Fund. The Board noted that the Advisory Agreement’s fee schedule includes
breakpoints at net asset levels of $250 million and $500 million, whereby the advisory fee paid by the Fund decrease as asset levels increase.
|
|
5.
|
Costs of services provided and profits to be realized by the Adviser. The Board also discussed the profitability of the Advisory Agreement to the Adviser. The Board
concluded that the level of the Adviser’s profitability was reasonable and adequate to support the services being provided to the Fund and its shareholders.
|
|
6.
|
Other factors and considerations. The Board discussed the other benefits to the Adviser from serving as the investment adviser to the Fund, including other services
provided by the Adviser to the Fund throughout the year. The Board considered the Adviser’s receipt of brokerage and research services in exchange for soft dollar commissions paid by the Fund and how those brokerage and research services
benefited the Fund and its shareholders.
|
NOTICE TO SHAREHOLDERS June 30, 2022 (Unaudited)
|
PRIVACY POLICY June 30, 2022 (Unaudited)
|
*
|
Figures include changes in principal value, reinvested dividends and capital gains distributions. Past expense limitations increased the Fund’s return. This chart illustrates the performance of a hypothetical
$10,000 investment made in the Fund since inception through June 30, 2022. The total value of $275,022 assumes the reinvestment of dividends and capital gains, but does not reflect the effect of any redemption fees (the Fund no longer imposes
a redemption fee effective May 1, 2018). This chart does not imply any future performance.
|
(b)
|
Not applicable.
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not applicable.
|
(a)
|
The Registrant’s [President/Principal Executive Officer] and [Treasurer/Principal Financial Officer] have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d 15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within
the Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
likely to materially affect, the Registrant's internal control over financial reporting.
|
(a)
|
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an
exhibit. Not applicable for Semi-Annual Reports.
|
1.
|
I have reviewed this report on Form N-CSR of Greenspring Fund, Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 8/23/2022
|
/s/Charles vK. Carlson
Charles vK. Carlson
Chief Executive Officer
|
|
1.
|
I have reviewed this report on Form N-CSR of Greenspring Fund, Incorporated;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the
filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and
report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: 8/23/2022
|
/s/Michael J. Fusting
Michael J. Fusting
Chief Financial Officer
|
/s/Charles vK. Carlson
Charles vK. Carlson
Chief Executive Officer
Greenspring Fund, Incorporated
|
/s/Michael J. Fusting
Michael J. Fusting
Chief Financial Officer
Greenspring Fund, Incorporated
|
Dated: 8/23/2022
|
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