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Change in management advisory team of the Walthausen Small Cap Value Fund
At a meeting of the Board of Trustees of Walthausen Funds (the “Trust”) on December 8, 2022, the Trustees of the Trust approved an interim investment advisory agreement with North Star Investment Management Corporation (“North Star”) under which North Star will assume responsibility as adviser to of the Walthausen Small Cap Value Fund (the “Fund”) on December 15, 2022. Therefore, all references to Walthausen & Co., LLC in the Fund’s prospectus are replaced with North Star. There is no change to the Fund’s investment strategy.