WALTHAUSEN FUNDS

On December 15, 2022, the Board of Trustees of the Walthausen Small Cap Value Fund unanimously approved an interim investment management agreement with North Star Investment Management Corporation ("North Star") as the new adviser to the Fund. North Star is a Chicago based investment management firm with over $1.5 billion in customer assets and a long history of investing in small cap value stocks. Eric Kuby and Peter Gottlieb have been named as the current portfolio managers; the previous manager, Gerry Heffernan is consulting with North Star to ensure a smooth transition of the management of the Fund. There have been no significant changes to the Fund's portfolio, and it is anticipated that the investment objectives and strategies will remain the same. Additionally, the interim agree- ment leaves the current Fund expense levels in place, assuring that there will be no addition- al costs to current shareholders during this period... In conjunction with approving North Star as the new..