Greenspring Income Opportunities Fund Institutional Shares: GRIOX Summary Prospectus January 31, 2026 www.greenspringfunds.com

Before you invest, you may want to review the Greenspring Income Opportunities Fund’s (the “Fund”)

prospectus and statement of additional information (“SAI”), which contain more information about the

Fund and its risks. The current prospectus and SAI dated January 31, 2026 (as each may be amended or

supplemented), are incorporated by reference into this summary prospectus. You can find the Fund’s

prospectus, reports to shareholders, and other information about the Fund online at https://

www.greenspringfunds.com/income-opportunities-fund. You can also get this information at no cost by

calling 1-833-574-7469 or by sending an e-mail request to info@greenspringfund.com.

Summary Section

Investment Objective

The Greenspring Income Opportunities Fund (the “Fund”) seeks to provide a high level of current

income, with the potential for capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund.

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries,

which are not reflected in the table and Example below.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)	Institutional Shares	Retail Shares(1)
Management Fees	0.60%	0.60%
Distribution (12b-1) and/or Service Fees	None	0.25%
Shareholder Servicing Fee(2)	0.10%	0.10%
Other Expenses	0.13%	0.13%
Acquired Fund Fees and Expenses(3)	0.02%	0.02%
Total Annual Fund Operating Expenses	0.85%	1.10%

(1)Retail Shares are not currently offered. “Other Expenses” for Retail Shares are estimated based on “Other Expenses” for

Institutional Shares.

(2)The Fund has implemented a Shareholder Servicing Plan on behalf of its Institutional and Retail Shares that allows the

Fund to make payments of up to 0.10% for Institutional and Retail Shares to financial intermediaries and other service

providers in return for shareholder servicing and maintenance of Institutional and Retail shareholder accounts.

(3) Acquired fund fees and expenses (“AFFE”) are indirect costs of the Fund’s investments in other investment companies

during the year. As a result, “Total Annual Fund Operating Expenses” in the table above may not correlate  to the ratio of

operating expenses to average net assets after reimbursements found within the “Financial Highlights” section of this

prospectus, which does not include AFFE.  The ratio of operating expenses to average net assets after reimbursements

found within the “Financial Highlights” section of this prospectus includes a recoupment amount of 0.02%.  Effective

October 1, 2025, Corbyn Investment Management, Inc. (“Corbyn” or the “Adviser”), the Fund’s investment adviser, has

voluntarily agreed to waive its ability to recoup previously waived advisory fees or reimbursed expenses under the terms of

an operating expense limitation agreement, and therefore the 0.02% of recouped expenses shown in the Financial

Highlights is not expected to be incurred going forward.

Expense Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing

in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods

indicated and then redeem all of your shares at the end of those periods. The Example also assumes that

your investment has a 5% return each year and that the Fund’s operating expenses remain the same.The

fee waiver/expense reimbursement arrangement discussed above is reflected only through June 30, 2027.

Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Share Class	One Year	Three Years	Five Years	Ten Years
Institutional Shares	$87	$271	$471	$1,049
Retail Shares	$112	$350	$606	$1,340

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over”

its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in

higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the

Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance.For the fiscal

year endedSeptember 30, 2025, the Fund’s portfolio turnover rate was51%of the average value of its

portfolio.

Principal Investment Strategies

Under normal circumstances, the Fund invests primarily in a diversified portfolio of fixed income

securities, including high-yield fixed income securities (sometimes referred to as “junk” bonds) of

corporate issuers as a principal investment.The Fund may also invest in convertible securities, investment

grade corporate securities, bank loans to corporate borrowers, variable or floating rate instruments, U.S.

Government and Agency securities and debt issued by non-U.S. companies.

High-yield securities typically pay high current interest and may offer potential capital appreciation in

certain circumstances; however, they also involve additional risks as compared to investment-grade fixed

income securities. The Adviser considers high yield bonds to be those that are rated below investment

grade (lower than BBB- by S&P Global Ratings or lower than Baa3 by Moody’s Credit Ratings or, if

unrated, deemed by the Adviser to be of comparable quality), including those that are in default at the

time of purchase. Convertible securities are bonds or preferred stocks that are convertible into common

stock or other equity interests at a predetermined price or conversion ratio during a specified period. Non-

U.S. companies are defined as those that are domiciled or headquartered outside of the United States or

whose primary business activities or principal trading markets are located outside of the United States.

The Fund may also invest in equity securities of U.S. and non-U.S. companies.These investments will

typically focus on preferred stocks, but the Fund may also hold common stocks.

While the Fund may invest in securities of any maturity, the Fund will normally seek to maintain a

weighted average portfolio duration of three years or less. Duration is a measure of the underlying

portfolio’s price sensitivity to changes in prevailing interest rates. The longer a security’s duration, the

more sensitive its price will be to changes in interest rates. For example, the approximate percentage

decrease in the price of a security with a three-year duration would be 3% in response to a 1% increase in

interest rates.

In selecting securities for the Fund, the Adviser performs detailed fundamental credit analysis, including

factors such as capital structure, cash flow, and earnings potential. The Adviser also considers qualitative

factors such as a company’s competitive position, business prospects, management, and industry

dynamics.

The Adviser may reduce or exit positions when it believes doing so is appropriate and consistent with the

Fund’s objective, or when market conditions, particular industries, or company-specific issues warrant

such action.

If the Adviser cannot find securities that meet its investment criteria for the Fund, or for cash management

purposes, it may invest in high-quality, short-term money market instruments, including money market

funds.

Principal Risks

Before investing in the Fund, you should carefully consider your own investment goals, the amount of

time you are willing to leave your money invested, and the amount of risk you are willing to take.

Remember, in addition to possibly not achieving your investment goals, you could lose all or a portion of

your investment in the Fund over long or even short periods of time. The principal risks of investing in

the Fund are:

•General Market Risk; Recent Market Events.The market value of a security may move up or

down, sometimes rapidly and unpredictably. These fluctuations may cause a security to be worth

less than the price originally paid for it, or less than it was worth at an earlier time. Market risk

may affect a single issuer, industry, sector of the economy or the market as a whole. U.S. and

international markets have experienced volatility in recent months and years due to a number of

economic, political and global macro factors, including elevated inflation levels, trade tensions,

tariff arrangements and wars in Europe and in the Middle East. Uncertainties regarding interest

rate levels, political events, geopolitical conflicts and the possibility of a national or global

recession have also contributed to market volatility.

Global economies and financial markets are increasingly interconnected, which increases the

possibility that conditions in one country or region might adversely impact issuers in a different

country or region. Continuing market volatility as a result of recent market conditions or other

events may have adverse effects on the Fund’s returns. The Adviser will monitor developments

and seek to manage the Fund in a manner consistent with achieving the Fund’s investment

objective, but there can be no assurance that it will be successful in doing so.

•Management Risk. Investment strategies employed by the Adviser in selecting investments for the

Fund may not result in an increase in the value of your investment or in overall performance

equal to other investments.

•Fixed Income Securities Risk. Fixed income securities are subject to the risk that the issuer may

not make principal and interest payments when they are due. Fixed-income securities may be

subject to credit, interest rate, call or prepayment, liquidity, event and extension riskswhich are

more fully described below.

◦Credit Risk. An issuer may not make timely payments of principal and interest. A credit

rating assigned to a particular debt security is essentially an opinion of the Adviser or a

nationally recognized statistical rating organization (“NRSRO”) as to the credit quality of

an issuer and may prove to be inaccurate.

◦Interest Rate Risk. The value of investments in fixed income securities fluctuates with

changes in interest rates. Typically, a rise in interest rates causes a decline in the value of

fixed income securities owned by the Fund. On the other hand, if rates fall, the value of

the fixed income securities generally increases. Interest rates, and the value of the Fund’s

fixed income securities, may be impacted by current government fiscal and monetary

policy initiatives.

◦Call or Prepayment Risk. During periods of declining interest rates, a bond issuer may

“call” or repay its high yielding bonds before their maturity dates. In times of declining

interest rates, the Fund’s higher yielding securities may be prepaid offering less potential

for gains, and the Fund may have to replace them with securities having a lower yield.

◦Liquidity Risk. Certain securities may be difficult or impossible to sell at the time and the

price that the Fund would like. Trading opportunities are more limited for fixed income

securities that have not received any credit ratings, have received ratings below

investment grade or are not widely held. The values of these securities may fluctuate

more sharply than those of other securities, and the Fund may experience some difficulty

in closing out positions in these securities at prevailing market prices.

◦Event Risk. Corporate issuers may undergo restructurings, such as mergers, leveraged

buyouts, takeovers, or similar events financed by increased debt. As a result of the added

debt, the credit quality and market value of a company’s bonds and/or other debt

securities may decline significantly.

◦Extension Risk. When interest rates rise, certain obligations will be paid off by the obligor

more slowly than anticipated, causing the value of these securities to fall.

•High-Yield Fixed Income Securities Risk. The fixed income securities held by the Fund that are

rated below investment grade are subject to additional risk factors such as increased possibility of

default, illiquidity of the security, and changes in value based on public perception of the issuer.

Such securities are generally considered speculative because they present a greater risk of loss,

including default, than higher quality debt securities.

•Convertible Securities Risk. The value of convertible securities depends in part on interest rate

changes and the credit quality of the issuers. The value of these securities will also change based

on changes in the value of the underlying stock. Convertible securities generally have less

potential for gain than common stocks. Also, convertible bonds generally have lower coupons

than non-convertible bonds.

•Equity Securities Risk. Equity securities are susceptible to general stock market fluctuations and

to volatile increases and decreases in value as market confidence in and perceptions of their

issuers change. Equity securities, including preferred stocks, and hybrid securities that have

equity characteristics may experience sudden, unpredictable drops in value or long periods of

decline in value. This may occur because of factors that affect securities markets generally or

factors affecting specific issuers, industries, sectors or companies in which the Fund invests.

Preferred stocks and hybrid securities generally are subject to more risks than debt securities

because stockholders’ claims are subordinated to those of holders of debt securities upon the

bankruptcy of the issuer.

•Bank Loan Risk. Bank loans (“loans”) are usually rated below investment grade. The market for

loans may be subject to irregular trading activity, wide bid/ask spreads, and extended trade

settlement periods. Investments in loans are typically in the form of an assignment or

participation. Investors in a loan participation assume the credit risk associated with the borrower

and may assume the credit risk associated with an interposed financial intermediary. Accordingly,

if a lead lender becomes insolvent or a loan is foreclosed, the Fund could experience delays in

receiving payments or suffer a loss. In an assignment, the Fund effectively becomes a lender

under the loan agreement with the same rights and obligations as the assigning bank or other

financial intermediary. Accordingly, if the loan is foreclosed, the Fund could become part owner

of any collateral, and would bear the costs and liabilities associated with owning and disposing of

the collateral. In addition, the floating rate feature of loans means that loans will not generally

experience capital appreciation in a declining interest rate environment. Declines in interest rates

may also increase prepayments of debt obligations and require the Fund to invest assets at lower

yields. Loans are also subject to prepayment risk.

The secondary market for loans is a private, unregulated inter-dealer or inter-bank resale market.

Purchases and sales of loans are generally subject to contractual restrictions that must be satisfied

before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or

sell loans and may negatively impact the transaction price. It may take longer than seven days for

transactions in loans to settle and it may take the Fund significant time to receive proceeds after a

sale. The Fund may hold cash, sell investments or temporarily borrow from banks to meet short-

term liquidity needs due to the extended loan settlement process, such as to satisfy redemption

requests from Fund shareholders.

•U.S. Government and U.S. Agency Obligations Risk. Securities issued by U.S. Government

agencies and instrumentalities have different levels of U.S. Government credit support. Some are

backed by the full faith and credit of the U.S. Government, while others are supported by only the

discretionary authority of the U.S. Government or only by the credit of the agency or

instrumentality. No assurance can be given that the U.S. Government will provide financial

support to U.S. Government-sponsored instrumentalities because they are not obligated to do so

by law. Guarantees of timely prepayment of principal and interest do not assure that the market

prices and yields of the securities are guaranteed nor do they guarantee the net asset value

(“NAV”) or performance of the Fund, which will vary with changes in interest rates, the

Adviser’s performance and other market conditions.

•Foreign Securities and Currency Risk. Foreign securities held by the Fund are subject to risks

relating to political, social and economic developments abroad and differences between U.S. and

foreign regulatory requirements and market practices, including fluctuations in foreign currencies.

Income earned on foreign securities may be subject to foreign withholding taxes.

• Cybersecurity Risk. With the widespread use of technologies such as the Internet to conduct

business, the Fund is susceptible to operational, information security, and related risks. Cyber

incidents affecting the Fund or its service providers may cause disruptions and impact business

operations, potentially resulting in financial losses, interference with the Fund’s ability to

calculate its NAV, impediments to trading, the inability of shareholders to transact business,

violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage,

reimbursement or other compensation costs, or additional compliance costs.

•Operational Risk.Operational risks include human error, changes in personnel, system changes,

faults in communication, and failures in systems, technology, or processes. Various operational

events or circumstances are outside the Adviser’s control, including instances at third parties. The

Fund and the Adviser seek to reduce these operational risks through controls and procedures.

However, these measures do not address every possible risk and may be inadequate to address

these risks.

Performance Information

The bar chart and performance table below illustrate the risks and volatility of an investment in the Fund

by showing the performance of the Fund since inception and by showing how the Fund’s average annual

returns for theone year and since inception periods compared with those of the Bloomberg U.S.

Aggregate Bond Index, which is a broad measure of market performance, and the ICE BofA 1-3 Year BB

US Cash Pay High Yield Index (the Fund’s benchmark).The Fund’s past performance, both before and

after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance

information is available on the Fund’s website at www.greenspringfunds.com or by calling(833)

574-7469.

Calendar Year Returns as of December 31

During the period of time shown in the bar chart, thehighest return for a calendar quarter was 3.47%for

the quarter endedDecember 31, 2023 and the lowest return for a calendar quarter was -3.83%for the

quarter endedJune 30, 2022.

Average Annual Total Returns

(For the Periods Ended December 31, 2025)

	1 Year	Since Inception (December 15, 2021)
Institutional Shares
Return Before Taxes	6.39%	4.95%
Return After Taxes on Distributions	3.81%	2.72%
Return After Taxes on Distributions and Sale of Fund Shares	3.77%	2.81%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)	7.30%	-0.04%
ICE BofA 1-3 Year BB US Cash Pay High Yield Index (reflects no deduction for fees, expenses or taxes)	7.22%	4.90%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates

and do not reflect the impact of state and local taxes.Actual after-tax returns depend on an investor’s tax

situation and may differ from those shown, and after-tax returns shown are not relevant to investors who

are exempt from tax or hold their Fund shares through tax-deferred or other tax-advantaged arrangements

such as 401(k) plans or individual retirement accounts (“IRAs”).In certain cases, the figure representing

“Return After Taxes on Distributions and Sale of Fund Shares” may be higher than the other return

figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption

and provides an assumed tax deduction that benefits the investor.

Management

Investment Adviser

Corbyn Investment Management, Inc. is the Fund’s investment adviser.

Portfolio Managers

Michael Pulcinella, President and Portfolio Manager; George Truppi, CFA, Senior Vice President and

Portfolio Manager; and Charles vK. Carlson, CFA, Portfolio Manager, each of the Adviser, are jointly

and primarily responsible for the day-to-day management of the Fund’s portfolio and have managed the

Fund since its inception in December 2021.

Purchase and Sale of Fund Shares

You may purchase or redeem Fund shares on any business day by written request via mail to:

Greenspring Income Opportunities Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252 Kansas

City, MO 64121-9252, by telephone at (833) 574-7469, by wire transfer or through a financial

intermediary. Investors who wish to purchase or redeem Fund shares through a financial intermediary

should contact the intermediary directly. The minimum initial investment for Institutional Shares and

Retail Shares of the Fund is $2,500 and $1,000, respectively. Additional investments may be made in any

amount. Retail Shares are not currently offered for sale.

Tax Information

The Fund’s distributions will be taxed as ordinary income or capital gains, unless you are investing

through a tax-deferred or other tax-advantaged arrangement, such as a 401(k) plan or an IRA. You may

be taxed later upon withdrawal of monies from tax-deferred arrangements.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the

Fund, the Adviser and their related companies may pay the intermediary for the sale of Fund shares and

related services. These payments may create conflicts of interest by influencing the broker-dealer or other

intermediary and your salesperson to recommend the Fund over another investment. Ask your financial

advisor or visit your financial intermediary’s website for more information.