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

Schedule of Investments

June 30, 2023 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Accident & Health Insurance- 3.12%

CNO Financial Group, Inc.

44,897

1,062,712

Agriculture Production-Crops - 3.55%

Dole PLC (Ireland)

89,333

1,207,782

Air Transportation Scheduled - 0.73%

Alaska Air Group, Inc. (2)

4,640

246,755

Apparel & Other Finished Products of Fabrics & Similar Material - 2.54%

Under Armour, Inc. Class A      (2)

120,345

868,891

Business Services, NEC - 3.52%

Conduent, Inc.     (2)

353,939

1,203,393

Computer Communications Equipment - 0.98%

A10 Networks, Inc.

22,869

333,659

Construction Special Trade Contractors - 0.52%

Matrix Service Co.      (2)

29,970

176,523

Crude Petroleum & Natural Gas - 7.11%

Antero Resources Corp.      (2)

43,035

991,096

CNX Resources Corp.     (2)

42,086

745,764

TETRA Technologies, Inc.   (2)

204,113

689,902

2,426,762

Cutlery, Handtools & General Hardware - 1.71%

Hillman Solutions Corp. Class A      (2)

64,635

582,361

Deep Sea Foreign Transportation of Freight - 1.20%

Ardmore Shipping Corp. (Bermuda)    

33,244

410,563

Electric Lighting & Wiring Equipment - 3.60%

LSI Industries, Inc.

97,992

1,230,780

Electric & Other Services Combined - 1.95%

Allete, Inc.

11,460

664,336

Electrical Industrial Apparatus - 1.70%

Graftech International Ltd.

115,097

580,089

Fire, Marine & Casualty Insurance - 7.21%

SiriusPoint Ltd. (Bermuda)     (2)

142,742

1,288,960

Tiptree, Inc. Class A

78,260

1,174,683

2,463,643

Footwear, (No Rubber)- 2.54%

Wolverine World Wide, Inc.

59,157

869,016

Glass Containers - 4.52%

O-I Glass, Inc.       (2)

72,425

1,544,825

Household Audio & Video Equipment - 1.86%

Knowles Corp.     (2)

35,099

633,888

Industrial Inorganic Chemicals - 1.25%

Tronox Holdings PLC  Class A (United Kingdom)

33,685

428,136

Life Insurance - 6.76%

Genworth Financial, Inc. Class A     (2)

214,757

1,073,785

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

2,970

1,234,213

2,307,998

Meat Packing Plants - 1.33%

Seaboard Corp.

128

455,772

Metal Mining - 1.55%

Cleveland Cliffs, Inc.     (2)

31,600

529,616

Plastics, Foil & Coated Paper Bags - 1.64%

Pactiv Evergreen, Inc.

73,891

559,355

Primary Smelting & Refining of Nonferrous Metals - 0.28%

FerroGlobe PLC (United Kingdom)  (2)

20,000

95,400

Printed Circuit Boards - 4.34%

Celestica, Inc. (Canada)      (2)

83,219

1,206,676

Sanmina Corp.      (2)

4,564

275,072

1,481,748

Retail-Women's Clothing Stores - 2.04%

Chico's FAS, Inc.     (2)

130,332

697,276

Retail-Apparel & Accessory Stores - 0.44%

Hanesbrands, Inc. (2)

33,180

150,637

Retail-Miscellaneous Retail - 1.74%

EZCORP, Inc. Class A     (2)

71,049

595,391

Security Brokers, Dealers & Flotation Companies - 1.86%

Virtu Financial, Inc. Class A

37,228

636,227

Semiconductors & Related Devices- 0.31%

Photronics, Inc.    (2)

4,100

105,739

Services-Computer Integrated Systems Design - 5.66%

Kyndryl Holdings, Inc.     (2)

61,909

822,152

Unisys Corp.      (2)

77,246

307,439

Veradigm, Inc. (2)

63,811

804,019

1,933,610

Special Industry Machinery - 1.15%

Manitex International, Inc.      (2)

72,091

392,175

State Commercial Banks - 3.16%

Trustco Bank Corp. NY

37,734

1,079,570

Surety Insurance - 0.94%

MGIC Investment Corp.

20,362

321,516

Surgical & Medical Instruments & Apparatus - 4.17%

Accuray, Inc.    (2)

177,208

685,795

Orthofix Medical, Inc.     (2)

40,888

738,437

1,424,232

Telephone & Telegraph Apparatus - 4.00%

ADTRAN, Inc.

72,430

762,688

Ciena Corp. (2)

5,464

232,165

Infinera Corp.      (2)

76,694

370,432

1,365,285

Water Supply - 1.78%

Pure Cycle Corp.     (2)

55,321

608,531

Total Common Stock

(Cost $           26,205,664)

31,674,192

Brixmor Property Group, Inc.

15,570

342,540

JBG Smith Properties

21,779

327,556

Total Real Estate Investment Trusts

(Cost $                 479,000)

670,096

Federated Treasury Obligation Fund - Institutional Shares -  4.95 % (4)

1,571,685

1,571,685

Total Money Market Registered Investment Companies

(Cost $             1,571,685)

1,571,685

Total Investments - 99.32%

(Cost $           28,256,349)

33,915,973

Other Assets Less Liabilities - .68%

232,140

Total Net Assets - 100.00%

34,148,113

(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, 2023 in valuing the Fund's assets carried at fair value:

Securities

$

33,915,973

$

0

-

$

33,915,973

$

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, 2023.