Greenspring Income Opportunities Instl GRIOX

Under normal circumstances, the fund invests primarily in income-producing debt instruments issued by U.S.issuers, which consist principally of high-yield fixed income securities (sometimes referred to as “junk” bonds). The fund may also invest in convertible securities, investment grade corporate debt securities, bank loans to corporate borrowers, variable or floating rate instruments, U.S. government and agency securities, and debt of non-U.S. companies.