Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Dec 2021 report)

Schedule of Investments

December 31, 2021 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Accident & Health Insurance - 3.83%

CNO Financial Group, Inc.

77,720

1,852,845

Agriculture Production - Livestock & Animal Specialties - 1.01%

Cal-Maine Foods, Inc. (2)

13,150

486,419

Apparel & Other Finished Products of Fabrics & Similar Material - 1.13%

Under Armour, Inc. Class A  (2)

25,800

546,702

Bakery Products - 1.93%

Hostess Brands, Inc.  (2)

45,620

931,560

Business Services - 4.07%

Conduent, Inc. (2)

368,677

1,968,735

Computer Communications Equipment - 1.07%

A10 Networks, Inc.

31,100

515,638

Construction Special Trade Contractors - 1.27%

Matrix Service Co.  (2)

81,442

612,444

Crude Petroleum & Natural Gas - 4.90%

Antero Resources Corp.  (2)

91,400

1,599,500

CNX Resources Corp. (2)

56,100

771,375

2,370,875

Cutlery, Handtools & General Hardware - 1.40%

Hillman Solutions Corp. (2)

62,961

676,831

Deep Sea Foreign Transportation of Freight - 2.30%

Ardmore Shipping Corp. (Bermuda) (2)

329,204

1,112,710

Electric Lighting & Wiring Equipment - 2.96%

LSI Industries, Inc.

208,653

1,431,360

Electric & Other Services Combined - 1.73%

Allete, Inc.

12,637

838,465

Electrical Industrial Apparatus - 3.72%

Graftech International Ltd.

152,078

1,799,083

Exploration & Production - 1.56%

Coterra Energy, Inc.

39,700

754,300

Fire, Marine & Casualty Insurance - 5.64%

SiriusPoint Ltd. (Bermuda) (2)

181,381

1,474,628

Tiptree, Inc.

90,600

1,252,998

2,727,626

Glass Containers - 2.33%

O-I Glass, Inc.   (2)

93,610

1,126,128

Heavy Construction Other Than Building Construction-Contractors - 0.37%

Williams Industrial Services Group, Inc.   (2)

60,400

180,596

Household Audio & Video Equipment - 1.70%

Knowles Corp. (2)

35,109

819,795

Industrial Inorganic Chemicals - 0.83%

Venator Materials PLC (United Kingdom) (2)

157,399

399,793

Investment Advice - 1.81%

Lazard Ltd. Class A (Bermuda)

20,000

872,600

Laboratory Analytical Instruments - 1.24%

Harvard Bioscience, Inc. (2)

85,169

600,441

Life Insurance - 5.59%

Genworth Financial, Inc. Class A  (2)

279,315

1,131,226

National Western Life Group, Inc. Class A

7,316

1,568,843

2,700,069

Meat Packing Plants - 1.42%

Seaboard Corp.

174

684,692

Metal Mining - 1.60%

Cleveland Cliffs, Inc.  (2)

35,600

775,012

Plastics Products - 0.52%

Myers Industries, Inc.

12,450

249,124

Plastics, Foil & Coated Paper Bags - 1.05%

Pactiv Evergreen, Inc.

40,195

509,673

Printed Circuit Boards - 5.17%

Celestica, Inc. (Canada)  (2)

164,440

1,830,217

Sanmina Corp.  (2)

16,128

668,667

2,498,884

Retail-Women't Clothing Stores - 1.44%

Chico's FAS, Inc. (2)

129,519

696,812

Retail-Apparel & Accessory Stores - 1.34%

Hanesbrands, Inc.

38,600

645,392

Retail-Eating & Drinking Places - 0.61%

Drive Shack, Inc. (2)

205,912

294,454

Retail-Grocery Stores - 1.32%

Ingles Markets, Inc. Class A

7,400

638,916

Retail-Miscellaneous Retail - 0.87%

EZCORP, Inc. Class A (2)

57,104

420,856

Semiconductors & Related Devices - 3.56%

Emcore Corp.   (2)

34,500

240,810

Photronics, Inc.   (2)

78,558

1,480,818

1,721,628

Services-Computer Integrated Systems Design - 5.99%

Allscripts Healthcare Solutions, Inc.   (2)

85,167

1,571,331

Kyndryl Holdings, Inc. (2)

7,000

126,700

Unisys Corp.   (2)

58,183

1,196,824

2,894,855

Services-Engineering Services - 2.04%

Hill International, Inc.  (2)

506,411

987,501

Special Industry Machinery - 1.19%

Manitex International, Inc.  (2)

90,551

575,904

State Commercial Banks - 3.02%

Trustco Bank Corp. NY

43,757

1,457,546

Surety Insurance - 4.02%

MGIC Investment Corp.

91,900

1,325,198

Old Republic International Corp.

25,050

615,729

1,940,927

Surgical & Medical Instruments & Apparatus - 2.00%

Accuray, Inc.   (2)

202,330

965,114

Telephone & Telegraph Apparatus - 6.28%

ADTRAN, Inc.

79,700

1,819,551

Infinera Corp.  (2)

126,800

1,216,012

3,035,563

Telephone Communications (No Radio Telephone) - 1.38%

Vonage Holdings Corp.  (2)

32,030

665,904

Water Supply - 0.73%

Pure Cycle Corp.   (2)

24,308

354,897

Total Common Stock

(Cost $               35,126,540)

47,338,669

Brixmor Property Group, Inc.

26,600

675,906

Total Real Estate Investment Trusts

(Cost $                   230,687)

675,906

Federated Treasury Obligation Fund - Institutional Shares - .01% (4)

479,560

479,560

Total Money Market Registered Investment Companies

(Cost $                    479,560)

479,560

Total Investments - 100.32%

(Cost $               35,836,787)

48,494,135

Liabilities in Excess of Other Assets - -.32%

(156,612)

Total Net Assets - 100.00%

48,337,523

(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.

       These inputs are summarized in the three broad levels listed below.

        • Level 1 - quoted prices in active markets for identical securities

        • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

        • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

       The following is a summary of the inputs used as of December 31, 2021 in valuing the Fund's assets carried at fair value:

Securities

$

48,494,135

$

0

-

$

48,494,135

$

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term

debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment

Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active

market, such securities are reflected as Level 2.

(2)  Represents non-income producing securities.

(3)  All or a portion of this security is on loan.

(4) Variable rate security; the money market rate shown represents the yield at  December 31, 2021.

(5)  Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2021.

(6)  Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan.

(7)  Fair valued security deemed as Level 3 security.

(8)  Exchange-traded fund.

(9)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized

      appreciation/depreciation on the instrument.