*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, 2021.  The Advisor may not terminate the fee waiver before May 31, 2021. 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.