<PAGE> PAGE 1
000 A000000 06/30/98
000 C000000 0000711322
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 GREENSPRING FUND, INCORPORATED
001 B000000 811-3627
001 C000000 4108235353
002 A000000 2330 WEST JOPPA RD.
002 B000000 LUTHERVILLE
002 C000000 MD
002 D010000 21093
002 D020000 4641
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010400 4
007 C010500 5
007 C010600 6
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007 C010800 8
007 C010900 9
007 C011000 10
010 A000001 CORBYN INVESTMENT MANAGEMENT
010 B000001 801-9139
010 C010001 LUTHERVILLE
010 C020001 MD
010 C030001 21093
010 C040001 7207
012 A000001 PFPC INC.
012 B000001 85-1196
012 C010001 WILMINGTON
012 C020001 DE
012 C030001 19809
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21201
015 A000001 PNC BANK
015 B000001 C
015 C010001 LESTER
<PAGE> PAGE 2
015 C020001 PA
015 C030001 19113
015 E010001 X
018 000000 Y
019 A000000 N
019 B000000 0
020 A000001 GERARD KLAUER MATTISON
020 B000001 13-3793124
020 C000001 66
020 A000002 WHEAT FIRST
020 B000002 54-0796506
020 C000002 20
020 A000003 INSTINET
020 B000003 13-2596491
020 C000003 20
020 A000004 LEHMAN BROTHERS
020 B000004 13-2518466
020 C000004 7
020 A000005 DONALDSON LUFKIN & JENRETTE
020 B000005 13-2741729
020 C000005 6
020 A000006 CREDIT RESEARCH
020 B000006 06-1386357
020 C000006 5
020 A000007 SANDERS MCKAY
020 B000007 76-0224835
020 C000007 5
020 A000008 MERRILL LYNCH
020 B000008 13-0860200
020 C000008 4
020 A000009 FRIEDMAN BILLINGS
020 B000009 52-1630477
020 C000009 3
020 A000010 JEFFRIES
020 B000010 95-2593620
020 C000010 2
021 000000 140
022 A000001 MILLER TABAK HIRSCH
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022 A000002 CREDIT RESEARCH
022 B000002 06-1386357
022 C000002 2560
022 D000002 6942
022 A000003 FRIEDMAN BILLINGS
022 B000003 52-1630477
022 C000003 8032
022 D000003 1305
022 A000004 PRUDENTIAL SECURITIES
022 B000004 22-2347336
<PAGE> PAGE 3
022 C000004 6574
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022 B000005 23-2427412
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<PAGE> PAGE 4
028 D020000 0
028 D030000 0
028 D040000 3895
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071 A000000 81843
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SIGNATURE MICHAEL T. GODACK
TITLE SR. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1998
<INVESTMENTS-AT-COST> 158367676
<INVESTMENTS-AT-VALUE> 181922130
<RECEIVABLES> 2991337
<ASSETS-OTHER> 2522
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184915989
<PAYABLE-FOR-SECURITIES> 1588464
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 376870
<TOTAL-LIABILITIES> 1965334
<SENIOR-EQUITY> 92219
<PAID-IN-CAPITAL-COMMON> 148672328
<SHARES-COMMON-STOCK> 9221832
<SHARES-COMMON-PRIOR> 9044450
<ACCUMULATED-NII-CURRENT> 3443190
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7188464
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 23554454
<NET-ASSETS> 182950655
<DIVIDEND-INCOME> 1842018
<INTEREST-INCOME> 2434241
<OTHER-INCOME> 136377
<EXPENSES-NET> 969446
<NET-INVESTMENT-INCOME> 3443190
<REALIZED-GAINS-CURRENT> 6812199
<APPREC-INCREASE-CURRENT> (12158406)
<NET-CHANGE-FROM-OPS> (1903017)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1710705
<NUMBER-OF-SHARES-REDEEMED> 1533323
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1736325
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 376265
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 732187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 969446
<AVERAGE-NET-ASSETS> 191757463
<PER-SHARE-NAV-BEGIN> 20.04
<PER-SHARE-NII> .37
<PER-SHARE-GAIN-APPREC> (.57)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.84
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Item 77C
Submission of matters to a vote of security holders
(a) The Special Meeting of Shareholders was held on April 6, 1998.
(b) The name of the directors elected at the meeting are:
Charles vK. Carlson
William E. Carlson
David T. Fu
Michael J. Fusting
Michael T. Godack
Richard Hynson, Jr.
No other directors are currently in office.
(c) The following matters were voted upon:
<TABLE>
<CAPTION>
<S> <C> <C>
Proposal Affirmative Votes Negative Votes
1. To elect six directors to serve until their successors have been duly
elected and shall qualify:
Charles vK. Carlson 5,347,216 73,690
William E. Carlson 5,347,359 73,547
David T. Fu 5,347,359 73,547
Michael J. Fusting 5,347,607 73,299
Michael T. Godack 5,349,614 71,292
Richard Hynson, Jr. 5,349,614 71,292
2. Approval of new investment advisory agreement. 5,164,631 82,856
3. Ratification of selection of auditors. 5,260,858 32,815
4a. Modification of the Fund's fundamental policies
relating to the diversification of the Fund's assets. 4,457,187 145,358
4b. Modification of the fundamental policy relating to
investments in real estate. 4,495,336 112,659
4c. Elimination of the fundamental policy relating to the
purchase of shares of other investment companies. 4,368,726 221,732
4d. Modification of the fundamental policy relating to the
purchase and sale of debt securities. 4,410,455 177,884
4e. Elimination of the fundamental policy restricting the
purchase of securities if an officer or director of the Fund
owns certain securities issued by the same issuer. 4,234,872 353,564
5. Amendment of certificate of incorporation to increase the
authorized number of shares to 60,000,000. 4,991,855 213,398
6. Other business. 5,022,546 138,353
</TABLE>
