0001413042-13-000150 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • May 29th, 2013 • Walthausen Funds • New York

THIS AGREEMENT is made as of January 30, 2013, between Walthausen Funds (“Fund”), an Ohio business trust, and Walthausen & Co., LLC (the “Adviser”), a Delaware Liability Company, and Rafferty Capital Markets, LLC, (“RCM”), a corporation organized and existing under the laws of the State of New York.

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SERVICES AGREEMENT Walthausen Select Value Fund
Services Agreement Walthausen Select Value Fund • May 29th, 2013 • Walthausen Funds • Ohio

AGREEMENT dated as of January 30, 2013, between Walthausen Funds (the “Trust”), an Ohio business trust, and Walthausen & Co., LLC (the “Adviser”), a Delaware Limited Liability Company.

Sample 1
SERVICES AGREEMENT Walthausen Small Cap Value Fund
Services Agreement Walthausen Small Cap Value Fund • May 29th, 2013 • Walthausen Funds • Ohio

AGREEMENT dated as of January 30, 2013, between Walthausen Funds (the “Trust”), an Ohio business trust, and Walthausen & Co., LLC (the “Adviser”), a Delaware Limited Liability Company.

Sample 1
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