Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2022 report)

Schedule of Investments

June 30, 2022 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Accident & Health Insurance- 4.73%

CNO Financial Group, Inc.

61,980

1,121,218

Hillman Solutions Corp. Class A  (2)

42,494

367,148

1,488,366

Agriculture Production-Crops - 1.73%

Dole PLC (Ireland)

64,388

544,723

Agriculture Production - Livestock & Animal Specialties - 0.98%

Cal-Maine Foods, Inc.

6,210

306,836

Apparel & Other Finished Products of Fabrics & Similar Material - 1.04%

Under Armour, Inc. Class A   (2)

39,300

327,369

Bakery Products - 1.69%

Hostess Brands, Inc. Class A (2)

25,000

530,250

Business Services, NEC - 4.80%

Conduent, Inc.  (2)

348,939

1,507,417

Computer Communications Equipment - 1.62%

A10 Networks, Inc.

35,400

509,052

Construction Special Trade Contractors - 1.31%

Matrix Service Co.   (2)

81,567

412,729

Crude Petroleum & Natural Gas - 5.19%

Antero Resources Corp.   (2)

26,800

821,420

CNX Resources Corp.  (2)

49,111

808,367

1,629,787

Deep Sea Foreign Transportation of Freight - 2.40%

Ardmore Shipping Corp. (Bermuda)  (2)

108,213

754,245

Electric Lighting & Wiring Equipment - 4.05%

LSI Industries, Inc.

206,151

1,271,952

Electric & Other Services Combined - 1.78%

Allete, Inc.

9,492

557,940

Electrical Industrial Apparatus - 2.67%

Graftech International Ltd.

118,578

838,347

Fire, Marine & Casualty Insurance - 5.54%

SiriusPoint Ltd. (Bermuda)  (2)

153,381

831,325

Tiptree, Inc. Class A

85,516

908,180

1,739,505

Footwear, (No Rubber)- 1.71%

Wolverine World Wide, Inc.

26,639

537,042

Glass Containers - 3.62%

O-I Glass, Inc.    (2)

81,250

1,137,500

Household Audio & Video Equipment - 1.70%

Knowles Corp.  (2)

30,859

534,787

Industrial Inorganic Chemicals - 0.93%

Venator Materials PLC (United Kingdom)  (2)

140,319

291,864

Investment Advice - 1.53%

Lazard Ltd. Class A (Bermuda)

14,820

480,316

Laboratory Analytical Instruments - 0.59%

Harvard Bioscience, Inc.  (2)

51,830

186,588

Life Insurance - 5.78%

Genworth Financial, Inc. Class A   (2)

265,204

936,170

National Western Life Group, Inc. Class A  (2)

4,346

880,934

1,817,104

Meat Packing Plants - 1.51%

Seaboard Corp.

122

473,675

Metal Mining - 1.51%

Cleveland Cliffs, Inc.   (2)

30,900

474,933

Plastics, Foil & Coated Paper Bags - 1.08%

Pactiv Evergreen, Inc.

33,965

338,291

Printed Circuit Boards - 5.44%

Celestica, Inc. (Canada)   (2)

123,440

1,199,837

Sanmina Corp.   (2)

12,528

510,265

1,710,102

Retail-Women's Clothing Stores - 2.79%

Chico's FAS, Inc.  (2)

176,419

876,802

Retail-Apparel & Accessory Stores - 2.20%

Hanesbrands, Inc.

67,150

690,974

Retail-Miscellaneous Retail - 1.12%

EZCORP, Inc. Class A  (2)

46,845

351,806

Semiconductors & Related Devices- 1.21%

Photronics, Inc. (2)

19,540

380,639

Services-Computer Integrated Systems Design - 4.96%

Allscripts Healthcare Solutions, Inc.   (2)

19,742

292,774

Kyndryl Holdings, Inc.  (2)

57,700

564,306

Unisys Corp.   (2)

58,183

699,941

1,557,021

Services-Engineering Services - 1.74%

Hill International, Inc.   (2)

324,914

545,856

Special Industry Machinery - 1.02%

Manitex International, Inc.   (2)

49,242

319,580

State Commercial Banks - 3.34%

Trustco Bank Corp. NY

33,985

1,048,097

Surety Insurance - 3.66%

MGIC Investment Corp.

61,442

774,169

Old Republic International Corp.

16,810

375,872

1,150,041

Surgical & Medical Instruments & Apparatus - 2.47%

Accuray, Inc. (2)

207,130

405,975

Orthofix Medical, Inc.  (2)

15,650

368,401

774,376

Telephone & Telegraph Apparatus - 5.59%

ADTRAN, Inc.

62,595

1,097,290

Infinera Corp.   (2)

122,700

657,672

1,754,962

Textile Mill Products - 0.80%

United Natural Foods, Inc.  (2)

17,804

250,324

Water Supply - 0.77%

Pure Cycle Corp.  (2)

23,086

243,326

Total Common Stock

(Cost $               27,393,019)

30,344,524

Brixmor Property Group, Inc.

21,900

442,599

Total Real Estate Investment Trusts

(Cost $                   201,698)

442,599

Federated Treasury Obligation Fund - Institutional Shares - 1.37 % (4)

445,267

445,267

Total Money Market Registered Investment Companies

(Cost $                   445,267)

445,267

Total Investments - 99.42%

(Cost $              28,039,984)

31,232,390

Other Assets Less Liabilities - .58%

180,854

Total Net Assets - 100.00%

31,413,244

(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 June 30, 2022 in valuing the Fund's assets carried at fair value:

Securities

$

31,232,390

$

0

-

$

31,232,390

$

       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.

(4) Variable rate security; the rate shown represents the yield at June 30, 2022.