Adirondack Small Cap Fund (ADKSX) NPORT-P The Adirondack Small Cap Fund (Jun 2021 report)

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