Schedule of Investments | |||||||
June 30, 2020 (unaudited) | |||||||
The Adirondack Small Cap Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 98.11% | |||||||
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Accident & Health Insurance - 4.14% |
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CNO Financial Group, Inc. |
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| 173,251 |
| 2,697,518 | |
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Business Services - 2.21% |
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Conduent, Inc. (2) |
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| 603,928 |
| 1,443,388 | |
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Cogeneration Services & Small Power Producters - 3.25% |
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Covanta Holding Corp. |
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| 221,121 |
| 2,120,550 | |
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Computer Communications Equipment - 1.53% |
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A10 Networks, Inc. (2) |
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| 146,171 |
| 995,425 | |
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Construction Special Trade Contractors - 1.51% |
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Matrix Service Co. (2) |
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| 101,197 |
| 983,635 | |
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Crude Petroleum & Natural Gas - 0.98% |
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Cabot Oil & Gas Corp. Class-A |
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| 36,100 |
| 620,198 | ||
Tetra Technologies, Inc. (2) |
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| 34,000 |
| 18,173 | ||
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| 638,371 |
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Deep Sea Foreign Transportation of Freight - 4.71% |
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Ardmore Shipping Corp. (Bermuda) (2) |
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| 384,963 |
| 1,670,740 | ||
Seacor Holdings, Inc. (2) |
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| 49,416 |
| 1,399,461 | |
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| 3,070,201 |
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Electric Lighting & Wiring Equipment - 6.72% |
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Allete, Inc. (2) |
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| 33,104 |
| 1,807,809 | |
LSI Industries, Inc. |
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| 397,516 |
| 2,571,929 | |
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| 4,379,738 |
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Electrical Industrial Apparatus - 1.84% |
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Graftech International, Ltd. (2) |
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| 150,567 |
| 1,201,525 | ||
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Engines & Turgines - 1.62% |
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TPI Composites, Inc. (2) |
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| 45,293 |
| 1,058,497 | |
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Finance Services - 1.74% |
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Mr. Cooper Group, Inc. (2) |
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| 91,100 |
| 1,133,284 | |
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Fire, Marine & Casualty Insurance - 2.53% |
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Third Point Reinsurance, Ltd. (Bermuda) (2) |
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| 219,619 |
| 1,649,339 | ||
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Glass Containers - 0.72% |
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O-I Glass, Inc. (2) |
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| 52,000 |
| 466,960 | |
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Heavy Construction Other Than Building Construction-Contractors - 1.31% |
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Williams Industrial Services Group, Inc. (2) |
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| 652,042 |
| 854,175 | ||
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Household Audio & Video Equipment - 1.61% |
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Knowles Corp. (2) |
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| 68,709 |
| 1,048,499 | |
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Industrial & Commercial Fans & Blowers & Air Purifying - 0.48% |
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CECO Environmental Corp. (2) |
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| 47,499 |
| 313,018 | ||
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Investment Advice - 1.25% |
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Lazard, Ltd. Class-A (Bermuda) |
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| 28,538 |
| 817,043 | ||
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Laboratory Analytical Instruments - 0.91% |
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Harvard Bioscience, Inc. (2) |
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| 190,494 |
| 590,531 | ||
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Life Insurance - 4.92% |
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Genworth Financial, Inc. Class-A (2) |
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| 489,386 |
| 1,130,482 | ||
National Western Life Group, Inc. Class-A (2) |
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| 10,219 |
| 2,076,399 | ||
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| 3,206,881 |
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Meat Packing Plants - 3.36% |
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Seaboard Corp. |
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| 748 |
| 2,194,497 | |
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Ordnance & Accessories (No Vehicles/Guided Missiles) - 3.26% |
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Vista Outdoor, Inc. (2) |
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| 146,976 |
| 2,123,803 | |
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Plastics Products - 0.72% |
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Myers Industries, Inc. |
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| 32,358 |
| 470,809 | |
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Plastics, Materials, Synthetic Resins & Nonvulcan Elastomers - 2.00% |
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Hexcel Corp. (2) |
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| 28,900 |
| 1,306,858 | |
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Printed Cricuit Boards - 6.48% |
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Celestica, Inc. (Canada) (2) |
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| 405,183 |
| 2,767,400 | ||
Sanmina Corp. (2) |
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| 58,154 |
| 1,456,176 | |
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| 4,223,576 |
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Real Estate Investment Trusts - 2.46% |
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Brixmor Property Group, Inc. |
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| 68,400 |
| 876,888 | ||
Colony Credit Real Estate, Inc. |
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| 103,918 |
| 729,504 | ||
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| 1,606,392 |
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Retail-Grocery Stores - 0.23% |
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Ingles Markets, Inc. (2) |
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| 3,500 |
| 150,745 | |
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Retail-Miscellaneous Shopping Goods Stores - 4.98% |
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Office Depot, Inc. (2) |
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| 1,380,700 |
| 3,244,645 | |
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Semiconductors & Related Devices - 2.24% |
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Emcore Corp. (2) |
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| 129,641 |
| 412,258 | |
Photronics, Inc. (2) |
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| 94,175 |
| 1,048,168 | |
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| 1,460,426 |
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Services-Business Services - 2.36% |
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Limelight Networks, Inc. (2) |
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| 209,375 |
| 1,541,000 | ||
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Services-Computer Integrated Systems Design - 5.92% |
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Allscripts Healthcare Solutions, Inc. (2) |
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| 238,900 |
| 1,617,353 | ||
Unisys Corp. (2) |
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| 205,727 |
| 2,244,482 | |
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| 3,861,835 |
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Services-Engineering Services - 1.16% |
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Hill International, Inc. (2) |
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| 498,526 |
| 757,760 | |
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Special Industry Machinery - 0.86% |
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Manitex International, Inc. (2) |
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| 112,921 |
| 561,217 | ||
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Surety Insurance - 2.45% |
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MGIC Investment Corp. |
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| 115,333 |
| 944,577 | |
Old Republic International Corp. |
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| 40,000 |
| 652,400 | ||
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| 1,596,977 |
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Surgical & Medical Instruments & Apparatus - 0.97% |
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Accuray, Inc. (2) |
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| 310,862 |
| 631,050 | |
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Telephone & Telegraph Apparatus - 6.91% |
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ADTRAN, Inc. |
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| 256,804 |
| 2,806,868 | |
Infinera Corp. (2) |
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| 286,773 |
| 1,697,696 | |
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| 4,504,564 |
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Telephone Communications (No Radio Telephone) - 3.15% |
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Vonage Holdings Corp. (2) |
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| 204,341 |
| 2,055,671 | |
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Television Broadcasting Stations - 1.95% |
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Gray Television, Inc. (2) |
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| 91,236 |
| 1,272,742 | |
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Title Insurance - 2.69% |
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Stewart Information Services Corp. |
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| 53,867 |
| 1,751,216 | ||
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Total Common Stock |
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| (Cost $ 71,101,042) |
| 63,984,361 | |
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Preferred Stock - 1.46% | |||||||
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Household Furniture - 0.28% |
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Compass Diversified Holdings, 7.250% Series A Preferred 07/30/2022 (2) |
| 8,400 |
| 180,684 | |||
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Life Insurance - 1.46% |
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Phoenix Companies, Inc. 7.450% 01/15/2032 |
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| 52,929 |
| 770,117 | ||
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Total Preferred Stock |
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| (Cost $ 1,150,185) |
| 950,801 | |
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Money Market Registered Investment Companies - 0.51% | |||||||
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Federated Treasury Obligation Fund - Instructional Shares 0.10% (3) |
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| 335,600 |
| 335,600 | ||
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Total Money Market Registered Investment Companies |
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| (Cost $ 335,600) |
| 335,600 | ||
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Total Investments - 100.08% |
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| (Cost $ 72,586,828) |
| 65,270,762 | ||
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Liabilities in Excessof Other Assets - -0.08% |
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| (53,426) | ||
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Total Net Assets - 100.00% |
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| 65,217,336 | ||
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(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) | |||||||
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The following is a summary of the inputs used as of June 30, 2020 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments | |
Level 1 - Quoted Prices |
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| $ | 64,500,645 | $ | - | |
Level 2 - Other Significant Observable Inputs |
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| 770,117 |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 65,270,762 | $ | - |
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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. | |||||||
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(2) Represents non-income producing securities. | |||||||
(3) Variable rate security; the money market rate shown represents the yield at June 30, 2020. | |||||||
