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

Schedule of Investments

December 31, 2023 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Crude Petroleum & Natural Gas - 3.94%

CNO Financial Group, Inc.

28,800

803,520

Hillman Solutions Corp. Class A (2)

66,837

615,569

1,419,089

Agriculture Production-Crops - 3.22%

Dole PLC (Ireland)

94,133

1,156,895

Air Transportation Scheduled - 1.22%

Alaska Air Group, Inc.  (2)

11,172

436,490

Apparel & Other Finished Products of Fabrics & Similar Material - 3.34%

Under Armour, Inc. Class A   (2)

136,945

1,203,747

Business Services - 3.82%

Conduent, Inc.   (2)

377,538

1,378,014

Construction Special Trade Contractors - 0.53%

Matrix Service Co.   (2)

19,612

191,805

Crude Petroleum & Natural Gas - 6.45%

Antero Resources Corp.   (2)

42,274

958,774

CNX Resources Corp.   (2)

37,035

740,700

Tetra Technologies, Inc.   (2)

138,234

624,818

2,324,292

Deep Sea Foreign Transportation of Freight - 1.42%

Ardmore Shipping Corp. (Bermuda)    

36,458

513,693

Electric Lighting & Wiring Equipment - 2.62%

LSI Industries, Inc.

67,165

945,683

Electric & Other Services Combined - 1.94%

Allete, Inc.

11,460

700,894

Electric Services - 1.10%

Talen Energy Corp.  (2)

6,225

398,400

Electrical Industrial Apparatus - 0.11%

Graftech International Ltd. (2)

17,506

38,338

Fire, Marine & Casualty Insurance - 8.30%

SiriusPoint Ltd. (Bermuda)    (2)

119,021

1,380,644

Tiptree, Inc. Class A

55,281

1,048,128

United Fire Group, Inc.

28,106

565,493

2,994,265

Footwear, (No Rubber)- 0.78%

Wolverine World Wide, Inc.

31,437

279,475

Glass Containers - 3.48%

O-I Glass, Inc.   (2)

76,525

1,253,479

Household Audio & Video Equipment - 1.74%

Knowles Corp.   (2)

35,099

628,623

Industrial Inorganic Chemicals - 1.46%

Tronox Holdings PLC  Class A (United Kingdom)

37,185

526,540

Laboratory Analytical Instruments - 1.23%

Harvard Bioscience, Inc. (2)

82,578

441,792

Life Insurance - 5.00%

Genworth Financial, Inc. Class A   (2)

201,084

1,343,241

National Western Life Group, Inc. Class A   

950

458,869

1,802,110

Meat Packing Plants - 1.30%

Seaboard Corp.

131

467,683

Metal Mining - 4.12%

Cleveland Cliffs, Inc.  (2)

33,100

675,902

Ferroglobe PLC (United Kingdom)  (2)

124,523

810,645

1,486,547

Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.65%

MDU Resources Group, Inc.

30,123

596,435

Oil & Gas Field Machinery & Equipment - 0.83%

Drilling Tools International Corp.  (2)

93,581

299,459

Plastics, Foil & Coated Paper Bags - 3.02%

Pactiv Evergreen, Inc.

79,541

1,090,507

Printed Circuit Boards - 3.32%

Celestica, Inc. (Canada)    (2)

10,060

294,557

Sanmina Corp.    (2)

4,564

234,453

TTM Technologies, Inc.  (2)

42,190

667,024

1,196,034

Retail-Apparel & Accessory Stores - 0.79%

Hanesbrands, Inc.  (2)

63,908

285,030

Retail-Miscellaneous Retail - 1.79%

EZCORP, Inc. Class A    (2)

73,839

645,353

Security Brokers, Dealers & Flotation Companies - 2.15%

Virtu Financial, Inc. Class A

38,228

774,499

Semiconductors & Related Devices- 0.36%

Photronics, Inc.   (2)

4,100

128,617

Services-Computer Integrated Systems Design - 6.51%

Kyndryl Holdings, Inc.  (2)

62,909

1,307,249

Unisys Corp.   (2)

63,776

358,421

Veradigm, Inc.  (2)

64,843

680,203

2,345,873

Services- Engineering Services - 0.87%

Mistras Group, Inc.  (2)

43,028

314,965

Special Industry Machinery - 1.30%

Manitex International, Inc.   (2)

53,605

468,508

State Commercial Banks - 3.37%

Trustco Bank Corp. NY

39,110

1,214,365

Surgical & Medical Instruments & Apparatus - 3.97%

Accuray, Inc.    (2)

177,208

501,499

Orthofix Medical, Inc.  (2)

69,078

931,171

1,432,670

Telephone & Telegraph Apparatus - 3.06%

ADTRAN, Inc.  

82,730

607,238

Ciena Corp.  (2)

5,946

267,629

Infinera Corp.    (2)

47,827

227,178

1,102,045

Water Supply - 1.82%

Pure Cycle Corp.  (2)

62,828

657,809

Total Common Stock

(Cost $          25,982,725)

33,140,023

Brixmor Property Group, Inc.

15,570

362,314

Healthcare Realty Trust, Inc.  (2)

6,784

116,888

JBG Smith Properties

21,779

370,461

Total Real Estate Investment Trusts

(Cost $                586,496)

849,663

Federated Treasury Obligation Fund - Institutional Shares -  5.210% (4)

2,133,235

2,133,235

Total Money Market Registered Investment Companies

(Cost $            2,133,235)

2,133,235

Total Investments - 100.18%

(Cost $           28,702,456)

36,122,921

Liabilities in Excess of Other Assets - -.18%

(65,437)

Total Net Assets - 100.00%

36,057,484

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

Securities

$

36,122,921

$

0

-

$

36,122,921

$

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, 2023.