Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2024 report)

Schedule of Investments

June 30, 2024 (unaudited)

The Adirondack Small Cap Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Common Stocks - 89.57%

Crude Petroleum & Natural Gas - 3.73%

CNO Financial Group, Inc.

25,626

710,353

Hillman Solutions Corp. Class A (2)

66,837

591,507

1,301,860

Agriculture Production-Crops - 3.34%

Dole PLC (Ireland)

94,892

1,161,478

Air Transportation Scheduled - 1.30%

Alaska Air Group, Inc.  (2)

11,172

451,349

Apparel & Other Finished Products of Fabrics & Similar Material - 1.33%

Under Armour, Inc. Class A   (2)

69,495

463,532

Business Services - 3.80%

Conduent, Inc.   (2)

406,822

1,326,240

Construction Special Trade Contractors - 0.28%

Matrix Service Co.   (2)

10,000

99,300

Crude Petroleum & Natural Gas - 6.14%

Antero Resources Corp.   (2)

28,660

935,176

CNX Resources Corp.   (2)

21,723

527,869

Tetra Technologies, Inc.   (2)

196,279

679,125

2,142,170

Deep Sea Foreign Transportation of Freight - 1.59%

Ardmore Shipping Corp. (Bermuda)    

24,565

553,449

Electric Lighting & Wiring Equipment - 2.94%

LSI Industries, Inc.

70,894

1,025,836

Electrical & Electronics - 2.35%

TTM Technologies, Inc. (2)

42,190

819,752

Electric & Other Services Combined - 1.39%

Allete, Inc.

7,750

483,213

Electric Services - 0.79%

Talen Energy Corp.  (2)

2,475

274,775

Fire, Marine & Casualty Insurance - 6.73%

SiriusPoint Ltd. (Bermuda)    (2)

89,970

1,097,634

Tiptree, Inc. Class A

38,038

627,247

United Fire Group, Inc.

29,012

623,468

2,348,349

Footwear, (No Rubber)- 1.69%

Wolverine World Wide, Inc.

43,537

588,620

Glass Containers - 1.74%

O-I Glass, Inc.   (2)

54,513

606,730

Household Audio & Video Equipment - 1.74%

Knowles Corp.   (2)

35,099

605,809

Industrial Inorganic Chemicals - 3.25%

Tronox Holdings PLC  Class A (United Kingdom)

35,185

552,053

LSB Industries, Inc. (2)

70,942

580,306

1,132,358

Insurance Agents, Brokers & Services - 1.62%

Crawford & Co Class A

65,242

563,691

Laboratory Analytical Instruments - 0.82%

Harvard Bioscience, Inc. (2)

100,268

285,764

Life Insurance - 3.17%

Genworth Financial, Inc. Class A   (2)

183,332

1,107,325

Meat Packing Plants - 1.39%

Seaboard Corp.

153

483,593

Metal Mining - 1.57%

Cleveland Cliffs, Inc.  (2)

35,670

548,961

Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.96%

MDU Resources Group, Inc.

27,295

685,105

Oil & Gas Field Machinery & Equipment - 0.98%

Drilling Tools International Corp.  (2)

61,028

342,977

Plastics, Foil & Coated Paper Bags - 2.53%

Pactiv Evergreen, Inc.

77,841

881,160

Primary Smelting & Refining of Nonferrous Metals - 1.91%

Ferroglobe PLC (United Kingdom)

124,523

667,443

Printed Circuit Boards - 1.74%

Celestica, Inc. (Canada)    (2)

5,360

307,289

Sanmina Corp.    (2)

4,524

299,715

607,004

Retail-Apparel & Accessory Stores - 0.61%

Hanesbrands, Inc.  (2)

43,484

214,376

Retail-Miscellaneous Retail - 2.68%

EZCORP, Inc. Class A    (2)

89,161

933,516

Security Brokers, Dealers & Flotation Companies - 2.44%

Virtu Financial, Inc. Class A

37,971

852,449

Services-Computer Integrated Systems Design - 5.90%

DXC Technology Co. (2)

3,800

72,542

Kyndryl Holdings, Inc.  (2)

38,180

1,004,516

Unisys Corp.   (2)

57,864

238,978

Veradigm, Inc.  (2)

78,133

742,264

2,058,300

Services- Engineering Services - 1.42%

Mistras Group, Inc.  (2)

59,563

493,777

Services - Nursing & Personal Care Facilities - 2.02%

Healthcare Services Group, Inc. (2)

66,743

706,141

Special Industry Machinery - 0.86%

Manitex International, Inc.   (2)

67,338

298,307

Sporting & Athletic Goods, Nec - 1.09%

Clarus Corp.

56,701

381,598

State Commercial Banks - 3.43%

Trustco Bank Corp. NY

41,542

1,195,163

Surgical & Medical Instruments & Apparatus - 3.62%

Accuray, Inc.    (2)

105,000

191,100

Orthofix Medical, Inc.  (2)

80,861

1,072,217

1,263,317

Telephone & Telegraph Apparatus - 1.74%

ADTRAN, Inc. (2)

33,531

176,373

Ciena Corp.  (2)

6,262

301,703

Infinera Corp.    (2)

21,173

128,944

607,020

Water Supply - 1.97%

Pure Cycle Corp.  (2)

71,861

686,273

Total Common Stock

(Cost $          24,658,456)

31,248,078

Real Estate Investment Trusts - 5.05%

Brixmor Property Group, Inc.

15,570

359,511

Healthcare Realty Trust, Inc.

67,246

1,108,214

JBG Smith Properties

19,279

293,619

Total Real Estate Investment Trusts

(Cost $             1,436,013)

1,761,345

Money Market Registered Investment Companies - 5.52%

Federated Treasury Obligation Fund - Institutional Shares -  5.17% (4)

1,926,287

1,926,287

Total Money Market Registered Investment Companies

(Cost $             1,926,287)

1,926,287

Total Investments - 100.14%

(Cost $           28,020,757)

34,935,710

Liabilities in Excess of Other Assets - -.14%

(49,689)

Total Net Assets - 100.00%

34,886,021

(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, 2024 in valuing the Fund's assets carried at fair value:

Securities

$

34,935,710

$

0

-

$

34,935,710

$

       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, 2024.