Estimated Capital Gain Distributions as of November 10, 2021 Share Price
Walthausen & Co., LLC is pleased to provide you with this estimate of capital gains distributions for the Walthausen Small Cap Value Fund and the Walthausen Focused Small Cap Value Fund. We are providing you with this estimated information to assist you with your tax planning.
The information in the table is preliminary and subject to change.
| Fund Name | Per share short-term capital gains range | Per share long-term capital gains range | Estimated Record Date | Estimated Pay Date |
|---|---|---|---|---|
| Walthausen Small Cap Value Fund | $3.02 - $3.80 | $4.47 - $5.61 | 12/22/2021 | 12/23/2021 |
| Walthausen Focused Small Cap Value Fund | $0.81 - $1.02 | $1.70 - $2.14 | 12/22/2021 | 12/23/2021 |
These estimates are preliminary as of November 10, 2021 and are subject to change. Equity market conditions, changes to the portfolio (buys and sells of securities, for example), and changes in the number of outstanding fund shares may have a material impact on these estimates.
The Funds
As of 12/06/2021
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Small Cap Value Fund Investor Class
WSCVX
-
Small Cap Value Fund Institutional Class
WFICX
-
Focused Small Cap Value Fund Institutional Class
WSVIX
-
- WSCVX
- NAV $26.14
- Gross Expense Ratio 1.35%
- Net Expense Ratio* 1.21%
- CUSIP 933310104
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- WFICX
- NAV $26.24
- Gross Expense Ratio 1.35%
- Net Expense Ratio* 0.98%
- CUSIP 933310500
-
- WSVIX
- NAV $14.60
- Gross Expense Ratio 1.05%
- Net Expense Ratio** 0.85%
- CUSIP 933310203
*The Advisor has contractually agreed to waive Services Agreement fees and Management fees to the extent necessary to maintain total annual operating expenses of the Institutional Class Shares and Investor Shares, excluding brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses at 0.98% and 1.21% respectively, of its average daily net assets through May 31, 2022. The Advisor may not terminate the fee waiver before May 31, 2022. The Trustees may terminate the expense waiver upon notice to the Advisor.
**The Advisor has contractually agreed to waive Services Agreement fees to the extent necessary to maintain total annual operating expenses of the Institutional Class Shares, excluding brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses at 0.85% of its average daily net assets through October 31, 2025. The Advisor may not terminate the fee waiver before October 31, 2025. The Trustees may terminate the expense waiver upon notice to the Advisor.
***Effective 10/15/2020, the name of the Walthausen Select Value Fund has changed to the Walthausen Focused Small Cap Value Fund. The Fund continues to have one class (Institutional) with the same ticker symbol, WSVIX. In addition, there has been a reduction in the expenses of the Fund. Information on the changes can be found in the new prospectus. Note, there has been no change to the investment objective and the Adviser continues to manage the Fund in the same manner.
****Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or by calling the transfer agent at 1-888-925-8428. The prospectus should be read carefully before investing. Distributed by Rafferty Capital Markets, LLC.