# EDGAR Filing Document

**Accession Number:** 0001418191
**File Stem:** 0001752724-23-060855
**Filing Date:** 2023-3
**Character Count:** 21769
**Document Hash:** c10ac7d6bbe1926f13dc0c5c84db1e41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-060855.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001752724-23-060855

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Walthausen Funds
- **CENTRAL INDEX KEY:** 0001418191
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22143
- **FILM NUMBER:** 23748367

**BUSINESS ADDRESS:**
- **STREET 1:** 2691 ROUTE 9, SUITE 102
- **CITY:** MALTA
- **STATE:** NY
- **ZIP:** 12020
- **BUSINESS PHONE:** 1-518-371-3450

**MAIL ADDRESS:**
- **STREET 1:** 2691 ROUTE 9, SUITE 102
- **CITY:** MALTA
- **STATE:** NY
- **ZIP:** 12020

## Series and Classes Contracts Data

### Walthausen Small Cap Value Fund (Series ID: S000020728)

| Class ID   | Class Name    | Ticker Symbol   |
|:---|:---|:---|
| C000057866 | Investor      | WSCVX           |
| C000207663 | Institutional | WFICX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Walthausen Funds

- **b. Investment Company Act file number:** 811-22143

- **c. CIK number of Registrant:** 0001418191

- **d. LEI of Registrant:** 549300PX6FHD9NLVN921

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2691 Route 9

  - **City:** Malta

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 12020

  - **Telephone number:** 518-348-7217

**Item A.2. Information about the Series.**

- **a. Name of Series:** WALTHAUSEN SMALL CAP VALUE FUND

- **b. EDGAR series identifier (if any):** S000020728

- **c. LEI of Series:** 549300GWDQJ2PN4NB049

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $47717042.33

**Total Liabilities:** $74486.56

**Net Assets:** $47642555.77

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000057866 | 4.54%                | -4.85%               | 8.01%                |
| Class ID C000207663 | 4.54%                | -4.90%               | 8.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1638633.72              | $1317465.69                                |
| Month 2  | $1968484.54              | $-5070575.99                               |
| Month 3  | $674842.22               | $2907330.95                                |

### Schedule of Portfolio Investments

| Name                                     | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Heritage-Crystal Clean Inc.              | Heritage-Crystal Clean, Inc.                              | CUSIP: 42726M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40708 | NS      | $1514337.60   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc.                     | Titan Machinery, Inc.                                     | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     38892 | NS      | $1708914.48   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                 | Comfort Systems USA, Inc.                                 | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     10782 | NS      | $1305053.28   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus Homecare Corp                      | Addus HomeCare Corporation                                | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |      7661 | NS      | $823710.72    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowlero Corp.                            | Bowlero Corporation Class A                               | CUSIP: 10258P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110835 | NS      | $1523981.25   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Institutional Cash Portfolios   | Fidelity Institutional Money Market Government Por Tfolio | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   2414644 | PA      | $2414643.62   | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TriCo Bancshares                         | TriCo Bancshares                                          | CUSIP: 896095106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19096 | NS      | $965302.80    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Materion Corp                            | Materion Corporation                                      | CUSIP: 576690101<br>LEI: 549300CJ5RI351SUYT02 | Long             | EC               | CORP              | US        |     11867 | NS      | $1070996.75   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| NBT Bancorp Inc                          | NBT Bancorp, Inc.                                         | CUSIP: 628778102<br>LEI: 5493009BOQDC6PCFR785 | Long             | EC               | CORP              | US        |     24097 | NS      | $947253.07    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc.                | Axcelis Technologies, Inc.                                | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |     11092 | NS      | $1219565.40   | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                 | Cohu, Inc.                                                | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     22762 | NS      | $821252.96    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyline Champion Corporation             | Skyline Champion Corporation                              | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15980 | NS      | $942021.00    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Stewart Information Services Corporation | Stewart Information Services Corporation                  | CUSIP: 860372101<br>LEI: 529900TV1XI0PLKENU10 | Long             | EC               | CORP              | US        |      5132 | NS      | $245155.64    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI Systems Inc                          | OSI Systems, Inc.                                         | CUSIP: 671044105<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | EC               | CORP              | US        |     10152 | NS      | $961495.92    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc.                 | Global Medical REIT, Inc.                                 | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     44769 | NS      | $502755.87    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                         | Haemonetics Corporation                                   | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |      9390 | NS      | $794394.00    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                  | V2X, Inc.                                                 | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18225 | NS      | $804816.00    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries                           | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     62364 | NS      | $856257.72    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Advansix Inc                             | AdvanSix, Inc.                                            | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     21688 | NS      | $937789.12    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro Inc                                | Monro, Inc.                                               | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20755 | NS      | $1056429.50   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corporation Of Florida  | Seacoast Banking Corporation of Florida                   | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     25852 | NS      | $830107.72    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc               | Thermon Group Holdings, Inc.                              | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     56376 | NS      | $1303413.12   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke and Soffa Industries, Inc.       | Kulicke & Soffa Industries, Inc.                          | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     10274 | NS      | $525001.40    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp                         | Encore Wire Corporation                                   | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7191 | NS      | $1160843.13   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Business First Bancshares Inc.           | Business First Bancshares, Inc                            | CUSIP: 12326C105<br>LEI: 54930045J8O98TUGTW86 | Long             | EC               | CORP              | US        |      9428 | NS      | $195536.72    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Washington Trust Bancorp Inc.            | Washington Trust Bancorp, Inc.                            | CUSIP: 940610108<br>LEI: J66MZFCNJPP3PERHZW54 | Long             | EC               | CORP              | US        |     16335 | NS      | $698647.95    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                          | Alamo Group, Inc.                                         | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |      6063 | NS      | $948677.61    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group, Inc.       | Helix Energy Solutions Group, Inc.                        | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |    130904 | NS      | $1038068.72   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc.                 | Methode Electronics, Inc.                                 | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |     22884 | NS      | $1092482.16   | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp.                   | ProPetro Holding Corp                                     | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90607 | NS      | $901539.65    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Allied Motion Technologies Inc.          | Allied Motion Technologies, Inc.                          | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |     25098 | NS      | $1019982.72   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp. (Indiana)          | First Financial Corporation                               | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18776 | NS      | $843417.92    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp.                 | Lakeland Financial Corporation                            | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7715 | NS      | $545527.65    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Company                | Commercial Metals Company                                 | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     17980 | NS      | $975774.60    | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Limited                  | Signet Jewelers Ltd.                                      | CUSIP: G81276100<br>LEI: 549300N3XPGE91WV7M22 | Long             | EC               | CORP              | BM        |      6359 | NS      | $488434.79    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Trimas Corporation                       | TriMas Corporation                                        | CUSIP: 896215209<br>LEI: 75G1WUQ8QK4P5MZOYD78 | Long             | EC               | CORP              | US        |     24825 | NS      | $764361.75    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| City Holding Co                          | City Holding Company                                      | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8128 | NS      | $770453.12    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc.                       | Hackett Group, Inc. (The)                                 | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     46861 | NS      | $1035628.10   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Inds Inc                             | ABM Industries, Inc.                                      | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     17163 | NS      | $805116.33    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| 1ST Bancorp NC                           | First Bancorp/NC                                          | CUSIP: 318910106<br>LEI: 549300QGC3EY3EV0NS72 | Long             | EC               | CORP              | US        |     21270 | NS      | $847609.50    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| QCR Holdings Inc.                        | QCR HOLDINGS, INC.                                        | CUSIP: 74727A104<br>LEI: 549300MWKWM7KWJVQO33 | Long             | EC               | CORP              | US        |      8422 | NS      | $442660.32    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corporation              | Gulfport Energy Corporation                               | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     12366 | NS      | $842742.90    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                       | UMH PROPERTIES, INC. REIT                                 | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     49561 | NS      | $888133.12    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp.               | OceanFirst Financial Corporation                          | CUSIP: 675234108<br>LEI: 549300S643N80889EH26 | Long             | EC               | CORP              | US        |     39139 | NS      | $936204.88    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoe Carnival Inc                        | Shoe Carnival, Inc.                                       | CUSIP: 824889109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21817 | NS      | $595822.27    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc.                | Mercer International,Inc.                                 | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | US        |     62083 | NS      | $790316.59    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc.                         | Shyft Group, Inc. (The)                                   | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     30080 | NS      | $1001363.20   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corporation    | Great Lakes Dredge & Dock Corporation                     | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |     84253 | NS      | $579660.64    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                  | AZZ, Inc.                                                 | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |     18574 | NS      | $789023.52    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| VSE Corp.                                | VSE CORPORATION                                           | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Long             | EC               | CORP              | US        |     19829 | NS      | $1088612.10   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc.                 | Kimball Electronics, Inc.                                 | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |     16441 | NS      | $419574.32    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Precision Group Inc.              | Vishay Precision Group, Inc.                              | CUSIP: 92835K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25718 | NS      | $1110503.24   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-13

**Name of Applicant:** Walthausen Small Cap Value Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** VP, Fund Accounting