Schedule of Investments | |||||||
June 30, 2021 (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 - 97.10% | |||||||
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Accident & Health Insurance - 3.50% |
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CNO Financial Group, Inc. |
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| 79,920 |
| 1,887,710 | ||
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Agriculture Production - Livestock & Animal Specialties - 1.10% |
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Cal-Maine Foods, Inc. |
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| 16,400 |
| 593,844 | |
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Apparel & Other Finished Products of Fabrics & Similar Material - 1.57% |
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Under Armour, Inc. Class A (2) |
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| 40,000 |
| 846,000 | ||
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Bakery Products - 1.36% |
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Hostess Brands, Inc. (2) |
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| 45,220 |
| 732,112 | |
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Business Services - 5.13% |
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Conduent, Inc. (2) |
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| 368,677 |
| 2,765,077 | |
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Cogeneration Services & Small Power Producers - 4.14% |
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Covanta Holding Corp. |
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| 126,821 |
| 2,233,318 | |
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Computer Communications Equipment - 1.78% |
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A10 Networks, Inc. (2) |
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| 85,184 |
| 959,172 | |
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Construction Special Trade Contractors - 1.61% |
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Matrix Service Co. (2) |
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| 82,626 |
| 867,573 | |
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Crude Petroleum & Natural Gas - 4.85% |
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Antero Resources Corp. (2) |
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| 73,900 |
| 1,110,717 | ||
Cabot Oil & Gas Corp. Class A |
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| 86,100 |
| 1,503,306 | ||
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| 2,614,023 |
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Cutlery, Handtools & General Hardware - 1.14% |
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Landcadia Holdings III, Inc. Class A (2) |
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| 49,761 |
| 617,036 | ||
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Deep Sea Foreign Transportation of Freight - 2.77% |
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Ardmore Shipping Corp. (Bermuda) (2) |
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| 354,724 |
| 1,496,935 | ||
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Electric Lighting & Wiring Equipment - 3.12% |
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LSI Industries, Inc. |
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| 210,153 |
| 1,683,326 | |
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Electric & Other Services Combined - 1.64% |
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Allete, Inc. |
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| 12,637 |
| 884,337 |
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Electrical Industrial Apparatus - 3.28% |
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Graftech International Ltd. |
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| 152,078 |
| 1,767,146 | ||
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Fire, Marine & Casualty Insurance - 5.00% |
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SiriusPoint Ltd. (Bermuda) (2) |
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| 181,381 |
| 1,826,507 | ||
Tiptree, Inc. |
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| 93,800 |
| 872,340 |
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| 2,698,847 |
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Glass Containers - 2.64% |
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O-I Glass, Inc. (2) |
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| 87,281 |
| 1,425,299 | |
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Heavy Construction Other Than Building Construction-Contractors - 2.24% |
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Williams Industrial Services Group, Inc. (2) |
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| 207,300 |
| 1,208,559 | ||
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Household Audio & Video Equipment - 1.35% |
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Knowles Corp. (2) |
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| 36,909 |
| 728,584 | |
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Investment Advice - 1.82% |
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Lazard Ltd. Class A (Bermuda) |
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| 21,738 |
| 983,644 | ||
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Laboratory Analytical Instruments - 1.54% |
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Harvard Bioscience, Inc. (2) |
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| 99,420 |
| 828,169 | ||
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Life Insurance - 4.66% |
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Genworth Financial, Inc. Class A (2) |
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| 190,453 |
| 742,767 | ||
National Western Life Group, Inc. Class A (2) |
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| 7,886 |
| 1,769,539 | ||
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| 2,512,306 |
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Meat Packing Plants - 1.43% |
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Seaboard Corp. |
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| 199 |
| 769,877 | |
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Metal Mining - 0.70% |
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Cleveland-Cliffs, Inc. (2) |
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| 17,600 |
| 379,456 | |
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Plastics Products - 0.52% |
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Myers Industries, Inc. |
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| 13,450 |
| 282,450 | |
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Plastics, Foil & Coated Paper Bags - 1.36% |
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Pactiv Evergreen, Inc. |
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| 48,532 |
| 731,377 | |
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Printed Circuit Boards - 4.25% |
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Celestica, Inc. (Canada) (2) |
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| 212,146 |
| 1,665,346 | ||
Sanmina Corp. (2) |
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| 16,128 |
| 628,347 | |
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| 2,293,693 |
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Retail-Grocery Stores - 1.50% |
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Ingles Markets, Inc. Class A |
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| 13,910 |
| 810,536 | ||
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Retail-Miscellaneous Retail - 0.49% |
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EZCORP, Inc. Class A (2) |
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| 43,726 |
| 263,668 | ||
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Retail-Women't Clothing Stores - 0.96% |
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Chico's FAS, Inc. (2) |
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| 78,348 |
| 515,530 | |
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Semiconductors & Related Devices - 2.91% |
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Emcore Corp. (2) |
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| 41,308 |
| 380,860 | |
Photronics, Inc. (2) |
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| 89,858 |
| 1,187,024 | |
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| 1,567,884 |
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Services-Computer Integrated Systems Design - 6.07% |
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Allscripts Healthcare Solutions, Inc. (2) |
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| 80,767 |
| 1,494,997 | ||
Unisys Corp. (2) |
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| 70,386 |
| 1,781,470 | |
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| 3,276,467 |
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Services-Engineering Services - 1.92% |
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Hill International, Inc. (2) |
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| 415,044 |
| 1,033,460 | ||
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Special Industry Machinery - 1.28% |
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Manitex International, Inc. (2) |
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| 94,351 |
| 687,819 | ||
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State Commercial Banks - 1.90% |
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Trustco Bank Corp. NY |
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| 29,755 |
| 1,022,970 | |
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Surety Insurance - 3.87% |
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MGIC Investment Corp. |
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| 103,933 |
| 1,413,489 | |
Old Republic International Corp. |
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| 27,000 |
| 672,570 | ||
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| 2,086,059 |
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Surgical & Medical Instruments & Apparatus - 1.74% |
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Accuray, Inc. (2) |
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| 207,161 |
| 936,368 | |
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Telephone & Telegraph Apparatus - 6.03% |
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ADTRAN, Inc. |
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| 90,000 |
| 1,858,500 | |
Infinera Corp. (2) |
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| 136,456 |
| 1,391,851 | |
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| 3,250,351 |
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Telephone Communications (No Radio Telephone) - 1.85% |
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Vonage Holdings Corp. (2) |
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| 69,241 |
| 997,763 | ||
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Title Insurance - 1.49% |
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Stewart Information Services Corp. |
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| 14,196 |
| 804,771 | ||
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Water Supply - 0.62% |
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Pure Cycle Corp. (2) |
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| 24,308 |
| 335,936 | |
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Total Common Stock |
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| (Cost $ 36,558,100) |
| 52,379,452 | |
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Real Estate Investment Trusts - 1.50% | |||||||
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Brixmor Property Group, Inc. | 35,400 |
| 810,306 | ||||
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Total Real Estate Investment Trusts | (Cost $ 316,518) |
| 810,306 | ||||
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Money Market Registered Investment Companies - 1.46% | |||||||
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Federated Treasury Obligation Fund - Institutional Shares - .01% (4) | 787,527 |
| 787,527 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 787,527) |
| 787,527 | ||||
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Total Investments - 100.06% | (Cost $ 37,662,145) |
| 53,977,285 | ||||
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Liabilities in Excess of Other Assets - -.06% |
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| (32,715) | ||||
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Total Net Assets - 100.00% |
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| 53,944,570 | ||||
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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, 2021 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 (9) | |
Level 1 - Quoted Prices |
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| $ | 53,977,285 | $ | 0 | |
Level 2 - Other Significant Observable Inputs |
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| 0 |
| - | ||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 53,977,285 | $ | 0 |
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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) All or a portion of this security is on loan. | |||||||
(4) Variable rate security; the money market rate shown represents the yield at June 30, 2021. | |||||||
(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at June 30, 2021. | |||||||
(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. |
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NPORT-P Filing
Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2021 report)
Filed: 16 Aug 21, 10:37am