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The Objective of the Walthausen Small Cap Value Fund

The Walthausen Small Cap Value Fund seeks long-term capital appreciation.

The Principal Investment Strategies and Policies of the Walthausen Small Cap Value Fund

The Fund invests primarily in common stocks of small capitalization companies that the Advisor believes have the potential for capital appreciation. Small capitalization companies are defined as those with market capitalizations of $2 billion or less at the time of purchase. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of small capitalization companies, as defined above. The Board of Trustees can change this policy without shareholder approval. The Fund will notify you in writing at least 60 days before implementing any change to this policy.

For temporary defensive purposes, the Fund may hold cash or cash-equivalents and invest without limit in obligations of the U.S. Government and its agencies, money market funds and money market securities, including high-grade commercial paper, certificates of deposit, repurchase agreements and short-term debt securities. Under these circumstances, the Fund may not participate in stock market advances or declines to the same extent it would had it remained more fully invested in common stocks.

The Fund may invest in other securities as described in the Statement of Additional Information, which is available here.

Walthausen Small Cap Value Fund Institutional Class

Minimum Investments	Initial	Additional
Regular Account	$100,000	$1,000
IRA/Roth IRA	$100,000	$1,000
Automatic Investment Plan	$100,000	$1,000*

*An Automatic Investment Plan is available for both regular and retirement accounts. It requires a $1,000 minimum automatic monthly or quarterly investment.

Walthausen Small Cap Value Fund Investor Class

Minimum Investments	Initial	Additional
Regular Account	$2,500	$100
IRA/Roth IRA	$2,500	$100
Automatic Investment Plan	$2,500	$100*

*An Automatic Investment Plan is available for both regular and retirement accounts. It requires a $100 minimum automatic monthly or quarterly investment.

An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested.  The Fund invests in the stocks of small capitalization companies, which may subject the Fund to additional risks.  The earnings and prospects of these companies are generally more volatile, and they may experience higher failure rates than do larger companies. Their stocks are subject to a greater degree of volatility, trade in lower volume and may be less liquid.  Investment in the Fund is also subject to common stocks risk, value investing risk, sector risk, securities lending risk, and investment management risk. Fund holdings and asset allocations are subject to change and are not recommendations to buy or sell any security. 

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Fund Documents

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Applications