Adirondack Small Cap Fund (ADKSX) NPORT-P The Adirondack Small Cap Fund (Dec 2020 report)

Schedule of Investments
December 31, 2020 (unaudited)
The Adirondack Small Cap Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 97.47%
Accident & Health Insurance - 3.51%
CNO Financial Group, Inc.		81,521		1,812,212
Apparel & Other Finished Products of Fabrics & Similar Material - 2.02%
Under Armour, Inc. Class A (2)		60,794		1,043,833
Business Services - 4.91%
Conduent, Inc. (2)		527,977		2,534,290
Cogeneration Services & Small Power Producers - 3.44%
Covanta Holding Corp.		135,121		1,774,139
Computer Communications Equipment - 1.54%
A10 Networks, Inc. (2)		80,546		794,184
Construction Special Trade Contractors - 1.83%
Matrix Service Co. (2)		85,627		943,610
Crude Petroleum & Natural Gas - 2.29%
Cabot Oil & Gas Corp.		72,600		1,181,928
Deep Sea Foreign Transportation of Freight - 5.14%
Ardmore Shipping Corp. (Bermuda) (2)		380,272		1,243,489
Seacor Holdings, Inc. (2)		33,915		1,405,777
				2,649,266
Electric Lighting & Wiring Equipment - 3.77%
LSI Industries, Inc.		227,060		1,943,634
Electric & Other Services Combined - 2.49%
Allete, Inc.		20,747		1,285,069
Electrical Industrial Apparatus - 2.52%
Graftech International Ltd.		122,077		1,301,341
Finance Services - 0.89%
Mr. Cooper Group, Inc. (2)		14,774		458,437
Fire, Marine & Casualty Insurance - 3.89%
Third Point Reinsurance Ltd. (Bermuda) (2)		179,643		1,710,201
Tiptree, Inc.		59,599		299,187
				2,009,388
Glass Containers - 0.75%
O-I Glass, Inc. (2)		32,697		389,094
Heavy Construction Other Than Building Construction-Contractors - 2.32%
Williams Industrial Services Group, Inc. (2)		461,172		1,199,047
Household Audio & Video Equipment - 1.70%
Knowles Corp. (2)		47,709		879,277
Investment Advice - 1.69%
Lazard Ltd. Class A (Bermuda)		20,638		872,987
Laboratory Analytical Instruments - 1.05%
Harvard Bioscience, Inc. (2)		126,694		543,517
Life Insurance - 5.06%
Genworth Financial, Inc. Class A (2)		243,403		920,063
National Western Life Group, Inc. Class A		8,191		1,690,950
				2,611,013
Meat Packing Plants - 1.62%
Seaboard Corp.		275		833,525
Ordnance & Accessories (No Vehicles/Guided Missiles) - 2.37%
Vista Outdoor, Inc. (2)		51,352		1,220,124
Plastics Products - 0.54%
Myers Industries, Inc.		13,450		279,491
Printed Circuit Boards - 5.51%
Celestica, Inc. (Canada) (2)		192,349		1,552,256
Sanmina Corp. (2)		40,393		1,288,133
				2,840,389
Retail-Grocery Stores - 1.82%
Ingles Markets, Inc. Class A		22,000		938,520
Retail-Miscellaneous Shopping Goods Stores - 2.39%
The ODP Corp. (2)		42,070		1,232,651
Semiconductors & Related Devices - 2.81%
Emcore Corp. (2)		75,417		411,023
Photronics, Inc. (2)		93,258		1,040,759
				1,451,782
Services-Business Services - 1.14%
Limelight Networks, Inc. (2)		147,575		588,824
Services-Computer Integrated Systems Design - 8.69%
Allscripts Healthcare Solutions, Inc. (2)		155,088		2,239,471
Unisys Corp. (2)		114,003		2,243,579
				4,483,050
Services-Engineering Services - 1.38%
Hill International, Inc. (2)		369,817		710,049
Special Industry Machinery - 0.74%
Manitex International, Inc. (2)		73,928		381,469
Surety Insurance - 3.74%
MGIC Investment Corp.		100,333		1,259,179
Old Republic International Corp.		34,000		670,140
				1,929,319
Surgical & Medical Instruments & Apparatus - 1.78%
Accuray, Inc. (2)		220,248		918,434
Telephone & Telegraph Apparatus - 7.10%
ADTRAN, Inc.		139,098		2,054,477
Infinera Corp. (2)		153,656		1,610,315
				3,664,792
Telephone Communications (No Radio Telephone) - 2.10%
Vonage Holdings Corp. (2)		84,241		1,084,603
Television Broadcasting Stations - 0.26%
Gray Television, Inc. (2)		7,637		136,626
Title Insurance - 2.53%
Stewart Information Services Corp.		27,000		1,305,720
Water Supply - 0.11%
Pure Cycle Corp. (2)		5,200		58,396
Total Common Stock		(Cost $             38,812,131)		50,284,030
Real Estate Investment Trusts - 1.32%
Brixmor Property Group, Inc.		41,300		683,515
Total Real Estate Investment Trusts		(Cost $                  374,065)		683,515
Money Market Registered Investment Companies - 1.85%
Federated Treasury Obligation Fund - Institutional Shares - .01% (4)		956,480		956,480
Total Money Market Registered Investment Companies		(Cost $                  956,480)		956,480
Total Investments - 100.65%		(Cost $             40,142,676)		51,924,025
Liabilities in Excess of Other Assets - -.65%				(333,353)
Total Net Assets - 100.00%				51,590,672
(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, 2020 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments (9)
Level 1 - Quoted Prices	$	51,924,025	$	0
Level 2 - Other Significant Observable Inputs		0		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	51,924,025	$	0
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.
(3)  All or a portion of this security is on loan.
(4) Variable rate security; the money market rate shown represents the yield at  December 31, 2020.
(5)  Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020.
(6)  Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan.
(7)  Fair valued security deemed as Level 3 security.
(8)  Exchange-traded fund.
(9)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized
appreciation/depreciation on the instrument.