Adirondack Small Cap Fund (ADKSX) NPORT-PMonthly portfolio investment report

Schedule of Investments

December 31, 2022 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Accident & Health Insurance- 4.14%

CNO Financial Group, Inc.

61,980

1,416,243

Agriculture Production-Crops - 2.52%

Dole PLC (Ireland)

89,333

862,063

Agriculture Production - Livestock & Animal Specialties - 1.14%

Cal-Maine Foods, Inc.

7,183

391,114

Apparel & Other Finished Products of Fabrics & Similar Material - 1.71%

Under Armour, Inc. Class A    (2)

57,568

584,891

Business Services, NEC - 4.13%

Conduent, Inc.   (2)

348,939

1,413,203

Computer Communications Equipment - 1.11%

A10 Networks, Inc.

22,869

380,311

Construction Special Trade Contractors - 1.07%

Matrix Service Co.    (2)

59,099

367,596

Crude Petroleum & Natural Gas - 7.16%

Antero Resources Corp.    (2)

31,470

975,255

CNX Resources Corp.   (2)

64,314

1,083,048

TETRA Technologies, Inc. (2)

113,772

393,651

2,451,954

Cutlery, Handtools & General Hardware - 1.32%

Hillman Solutions Corp. Class A    (2)

62,835

453,040

Deep Sea Foreign Transportation of Freight - 0.84%

Ardmore Shipping Corp. (Bermuda)   (2)

19,960

287,624

Electric Lighting & Wiring Equipment - 4.89%

LSI Industries, Inc.

136,747

1,673,783

Electric & Other Services Combined - 1.93%

Allete, Inc.

10,260

661,873

Electrical Industrial Apparatus - 1.66%

Graftech International Ltd.

119,317

567,949

Fire, Marine & Casualty Insurance - 6.56%

SiriusPoint Ltd. (Bermuda)   (2)

175,059

1,032,848

Tiptree, Inc. Class A

87,778

1,214,848

2,247,696

Footwear, (No Rubber)- 1.89%

Wolverine World Wide, Inc.

59,157

646,586

Glass Containers - 4.13%

O-I Glass, Inc.     (2)

85,245

1,412,510

Household Audio & Video Equipment - 1.68%

Knowles Corp.   (2)

35,099

576,326

Industrial Inorganic Chemicals - 0.93%

Tronox Holdings PLC  Class A (United Kingdom)

23,261

318,908

Life Insurance - 7.68%

Genworth Financial, Inc. Class A    (2)

266,306

1,408,759

National Western Life Group, Inc. Class A   

4,346

1,221,226

2,629,985

Meat Packing Plants - 1.35%

Seaboard Corp.

122

460,576

Metal Mining - 1.55%

Cleveland Cliffs, Inc.    (2)

33,000

531,630

Plastics, Foil & Coated Paper Bags - 1.13%

Pactiv Evergreen, Inc.

33,965

385,842

Printed Circuit Boards - 5.52%

Celestica, Inc. (Canada)    (2)

120,500

1,358,035

Sanmina Corp.    (2)

9,300

532,797

1,890,832

Retail-Women's Clothing Stores - 1.86%

Chico's FAS, Inc.   (2)

129,550

637,386

Retail-Apparel & Accessory Stores - 1.03%

Hanesbrands, Inc.

55,230

351,263

Retail-Miscellaneous Retail - 1.61%

EZCORP, Inc. Class A   (2)

67,549

550,524

Security Brokers, Dealers & Flotation Companies - 1.47%

Virtu Financial, Inc. Class A

24,642

502,943

Semiconductors & Related Devices- 0.51%

Photronics, Inc.  (2)

10,429

175,520

Services-Computer Integrated Systems Design - 4.70%

Allscripts Healthcare Solutions, Inc.    (2)

28,656

505,492

Kyndryl Holdings, Inc.   (2)

61,909

688,428

Unisys Corp.    (2)

81,036

414,094

1,608,014

Special Industry Machinery - 0.62%

Manitex International, Inc.    (2)

53,486

213,944

State Commercial Banks - 3.40%

Trustco Bank Corp. NY

30,938

1,162,959

Surety Insurance - 2.96%

MGIC Investment Corp.

61,442

798,746

Old Republic International Corp.

8,890

214,693

1,013,439

Surgical & Medical Instruments & Apparatus - 3.58%

Accuray, Inc.  (2)

183,917

384,387

Orthofix Medical, Inc.   (2)

40,912

839,923

1,224,310

Telephone & Telegraph Apparatus - 4.85%

ADTRAN, Inc.

44,345

833,243

Infinera Corp.    (2)

122,700

826,998

1,660,241

Textile Mill Products - 1.00%

Unifi, Inc.  (2)

39,796

342,644

Water Supply - 1.22%

Pure Cycle Corp.   (2)

39,962

418,802

Total Common Stock

(Cost $               27,209,559)

32,474,524

Brixmor Property Group, Inc.

21,320

483,324

Total Real Estate Investment Trusts

(Cost $                    190,168)

483,324

Federated Treasury Obligation Fund - Institutional Shares - 4.14 % (4)

1,437,146

1,437,146

Total Money Market Registered Investment Companies

(Cost $                 1,437,146)

1,437,146

Total Investments - 100.46%

(Cost $               28,836,873)

34,394,994

Liabilities in Excess of Other Assets - -.46%

(156,853)

Total Net Assets - 100.00%

34,238,141

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

Securities

$

34,394,994

$

0

-

$

34,394,994

$

       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 December 31, 2022.