Schedule of Investments | |||||||
June 30, 2022 (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 - 96.60% | |||||||
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Accident & Health Insurance- 4.73% |
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CNO Financial Group, Inc. |
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| 61,980 |
| 1,121,218 | |
Hillman Solutions Corp. Class A (2) |
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| 42,494 |
| 367,148 | ||
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| 1,488,366 |
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Agriculture Production-Crops - 1.73% |
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Dole PLC (Ireland) |
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| 64,388 |
| 544,723 | |
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Agriculture Production - Livestock & Animal Specialties - 0.98% |
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Cal-Maine Foods, Inc. |
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| 6,210 |
| 306,836 | |
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Apparel & Other Finished Products of Fabrics & Similar Material - 1.04% |
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Under Armour, Inc. Class A (2) |
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| 39,300 |
| 327,369 | ||
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Bakery Products - 1.69% |
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Hostess Brands, Inc. Class A (2) |
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| 25,000 |
| 530,250 | ||
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Business Services, NEC - 4.80% |
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Conduent, Inc. (2) |
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| 348,939 |
| 1,507,417 | |
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Computer Communications Equipment - 1.62% |
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A10 Networks, Inc. |
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| 35,400 |
| 509,052 | |
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Construction Special Trade Contractors - 1.31% |
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Matrix Service Co. (2) |
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| 81,567 |
| 412,729 | |
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Crude Petroleum & Natural Gas - 5.19% |
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Antero Resources Corp. (2) |
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| 26,800 |
| 821,420 | ||
CNX Resources Corp. (2) |
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| 49,111 |
| 808,367 | |
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| 1,629,787 |
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Deep Sea Foreign Transportation of Freight - 2.40% |
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Ardmore Shipping Corp. (Bermuda) (2) |
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| 108,213 |
| 754,245 | ||
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Electric Lighting & Wiring Equipment - 4.05% |
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LSI Industries, Inc. |
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| 206,151 |
| 1,271,952 | |
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Electric & Other Services Combined - 1.78% |
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Allete, Inc. |
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| 9,492 |
| 557,940 |
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Electrical Industrial Apparatus - 2.67% |
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Graftech International Ltd. |
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| 118,578 |
| 838,347 | |
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Fire, Marine & Casualty Insurance - 5.54% |
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SiriusPoint Ltd. (Bermuda) (2) |
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| 153,381 |
| 831,325 | ||
Tiptree, Inc. Class A |
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| 85,516 |
| 908,180 | |
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| 1,739,505 |
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Footwear, (No Rubber)- 1.71% |
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Wolverine World Wide, Inc. |
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| 26,639 |
| 537,042 | ||
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Glass Containers - 3.62% |
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O-I Glass, Inc. (2) |
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| 81,250 |
| 1,137,500 | |
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Household Audio & Video Equipment - 1.70% |
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Knowles Corp. (2) |
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| 30,859 |
| 534,787 | |
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Industrial Inorganic Chemicals - 0.93% |
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Venator Materials PLC (United Kingdom) (2) |
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| 140,319 |
| 291,864 | ||
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Investment Advice - 1.53% |
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Lazard Ltd. Class A (Bermuda) |
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| 14,820 |
| 480,316 | ||
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Laboratory Analytical Instruments - 0.59% |
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Harvard Bioscience, Inc. (2) |
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| 51,830 |
| 186,588 | ||
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Life Insurance - 5.78% |
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Genworth Financial, Inc. Class A (2) |
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| 265,204 |
| 936,170 | ||
National Western Life Group, Inc. Class A (2) |
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| 4,346 |
| 880,934 | ||
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| 1,817,104 |
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Meat Packing Plants - 1.51% |
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Seaboard Corp. |
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| 122 |
| 473,675 | |
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Metal Mining - 1.51% |
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Cleveland Cliffs, Inc. (2) |
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| 30,900 |
| 474,933 | |
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Plastics, Foil & Coated Paper Bags - 1.08% |
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Pactiv Evergreen, Inc. |
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| 33,965 |
| 338,291 | |
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Printed Circuit Boards - 5.44% |
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Celestica, Inc. (Canada) (2) |
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| 123,440 |
| 1,199,837 | ||
Sanmina Corp. (2) |
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| 12,528 |
| 510,265 | |
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| 1,710,102 |
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Retail-Women's Clothing Stores - 2.79% |
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Chico's FAS, Inc. (2) |
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| 176,419 |
| 876,802 | |
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Retail-Apparel & Accessory Stores - 2.20% |
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Hanesbrands, Inc. |
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| 67,150 |
| 690,974 | |
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Retail-Miscellaneous Retail - 1.12% |
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EZCORP, Inc. Class A (2) |
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| 46,845 |
| 351,806 | |
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Semiconductors & Related Devices- 1.21% |
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Photronics, Inc. (2) |
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| 19,540 |
| 380,639 | |
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Services-Computer Integrated Systems Design - 4.96% |
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Allscripts Healthcare Solutions, Inc. (2) |
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| 19,742 |
| 292,774 | ||
Kyndryl Holdings, Inc. (2) |
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| 57,700 |
| 564,306 | |
Unisys Corp. (2) |
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| 58,183 |
| 699,941 | |
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| 1,557,021 |
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Services-Engineering Services - 1.74% |
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Hill International, Inc. (2) |
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| 324,914 |
| 545,856 | |
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Special Industry Machinery - 1.02% |
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Manitex International, Inc. (2) |
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| 49,242 |
| 319,580 | ||
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State Commercial Banks - 3.34% |
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Trustco Bank Corp. NY |
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| 33,985 |
| 1,048,097 | |
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Surety Insurance - 3.66% |
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MGIC Investment Corp. |
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| 61,442 |
| 774,169 | |
Old Republic International Corp. |
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| 16,810 |
| 375,872 | ||
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| 1,150,041 |
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Surgical & Medical Instruments & Apparatus - 2.47% |
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Accuray, Inc. (2) |
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| 207,130 |
| 405,975 | |
Orthofix Medical, Inc. (2) |
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| 15,650 |
| 368,401 | |
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| 774,376 |
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Telephone & Telegraph Apparatus - 5.59% |
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ADTRAN, Inc. |
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| 62,595 |
| 1,097,290 | |
Infinera Corp. (2) |
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| 122,700 |
| 657,672 | |
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| 1,754,962 |
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Textile Mill Products - 0.80% |
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United Natural Foods, Inc. (2) |
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| 17,804 |
| 250,324 | ||
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Water Supply - 0.77% |
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Pure Cycle Corp. (2) |
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| 23,086 |
| 243,326 | |
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Total Common Stock |
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| (Cost $ 27,393,019) |
| 30,344,524 | |
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Real Estate Investment Trusts - 1.41% | |||||||
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Brixmor Property Group, Inc. | 21,900 |
| 442,599 | ||||
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Total Real Estate Investment Trusts | (Cost $ 201,698) |
| 442,599 | ||||
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Money Market Registered Investment Companies - 1.42% | |||||||
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Federated Treasury Obligation Fund - Institutional Shares - 1.37 % (4) | 445,267 |
| 445,267 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 445,267) |
| 445,267 | ||||
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Total Investments - 99.42% | (Cost $ 28,039,984) |
| 31,232,390 | ||||
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Other Assets Less Liabilities - .58% |
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| 180,854 | ||||
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Total Net Assets - 100.00% |
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| 31,413,244 | ||||
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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, 2022 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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| $ | 31,232,390 | $ | 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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| $ | 31,232,390 | $ | 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. | |||||||
(4) Variable rate security; the rate shown represents the yield at June 30, 2022. |
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NPORT-P Filing
Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2022 report)
Filed: 15 Aug 22, 10:50am