Walthausen & Co., LLC, is the investment advisor of the Funds and has responsibility for the management of the Funds’ affairs, under the supervision of the Funds’ Board of Trustees. Each Fund’s investment portfolio is managed on a day-to-day basis by portfolio manager, Gerard S.E. Heffernan Jr.  Mr. Heffernan has been a portfolio manager at the advisor since March 2018.  The Advisor was organized in 2007 and is located at 2691 Route 9 Malta, New York 12020.

Prior to joining Walthausen & Co. in 2018, Mr. Heffernan was an investment consultant to Linde Hansen & Co., where he was developing a micro-cap value strategy.  Prior to Linde Hansen, he was a partner and portfolio manager at Lord Abbett & Co. where he was the founding portfolio manager on the Lord Abbett Micro Cap Value fund from 1998 to 2013 and portfolio manager on the Lord Abbett Small Cap Value Fund from 2009 to 2013.  Prior to Lord Abbett, he was a portfolio manager at CL Capital Management Company.  He received a B.S. in Business Administration from Villanova University and is a holder of the Chartered Financial Analyst designation.

The Fund’s Statement of Additional Information provides information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of Fund shares.

Please see each Fund’s prospectus for information related to the Risks, Fees and Expenses by clicking here.