Schedule of Investments | |||||||
June 30, 2023 (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 - 92.76% | |||||||
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Accident & Health Insurance- 3.12% |
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CNO Financial Group, Inc. |
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| 44,897 |
| 1,062,712 | ||
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Agriculture Production-Crops - 3.55% |
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Dole PLC (Ireland) |
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| 89,333 |
| 1,207,782 | |
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Air Transportation Scheduled - 0.73% |
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Alaska Air Group, Inc. (2) |
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| 4,640 |
| 246,755 | ||
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Apparel & Other Finished Products of Fabrics & Similar Material - 2.54% |
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Under Armour, Inc. Class A (2) |
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| 120,345 |
| 868,891 | ||
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Business Services, NEC - 3.52% |
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Conduent, Inc. (2) |
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| 353,939 |
| 1,203,393 | |
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Computer Communications Equipment - 0.98% |
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A10 Networks, Inc. |
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| 22,869 |
| 333,659 | |
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Construction Special Trade Contractors - 0.52% |
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Matrix Service Co. (2) |
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| 29,970 |
| 176,523 | |
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Crude Petroleum & Natural Gas - 7.11% |
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Antero Resources Corp. (2) |
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| 43,035 |
| 991,096 | ||
CNX Resources Corp. (2) |
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| 42,086 |
| 745,764 | ||
TETRA Technologies, Inc. (2) |
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| 204,113 |
| 689,902 | ||
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| 2,426,762 |
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Cutlery, Handtools & General Hardware - 1.71% |
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Hillman Solutions Corp. Class A (2) |
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| 64,635 |
| 582,361 | ||
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Deep Sea Foreign Transportation of Freight - 1.20% |
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Ardmore Shipping Corp. (Bermuda) |
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| 33,244 |
| 410,563 | ||
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Electric Lighting & Wiring Equipment - 3.60% |
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LSI Industries, Inc. |
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| 97,992 |
| 1,230,780 | |
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Electric & Other Services Combined - 1.95% |
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Allete, Inc. |
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| 11,460 |
| 664,336 |
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Electrical Industrial Apparatus - 1.70% |
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Graftech International Ltd. |
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| 115,097 |
| 580,089 | ||
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Fire, Marine & Casualty Insurance - 7.21% |
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SiriusPoint Ltd. (Bermuda) (2) |
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| 142,742 |
| 1,288,960 | ||
Tiptree, Inc. Class A |
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| 78,260 |
| 1,174,683 | |
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| 2,463,643 |
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Footwear, (No Rubber)- 2.54% |
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Wolverine World Wide, Inc. |
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| 59,157 |
| 869,016 | ||
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Glass Containers - 4.52% |
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O-I Glass, Inc. (2) |
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| 72,425 |
| 1,544,825 | |
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Household Audio & Video Equipment - 1.86% |
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Knowles Corp. (2) |
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| 35,099 |
| 633,888 | |
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Industrial Inorganic Chemicals - 1.25% |
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Tronox Holdings PLC Class A (United Kingdom) |
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| 33,685 |
| 428,136 | ||
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Life Insurance - 6.76% |
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Genworth Financial, Inc. Class A (2) |
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| 214,757 |
| 1,073,785 | ||
National Western Life Group, Inc. Class A (2) |
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| 2,970 |
| 1,234,213 | ||
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| 2,307,998 |
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Meat Packing Plants - 1.33% |
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Seaboard Corp. |
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| 128 |
| 455,772 | |
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Metal Mining - 1.55% |
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Cleveland Cliffs, Inc. (2) |
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| 31,600 |
| 529,616 | ||
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Plastics, Foil & Coated Paper Bags - 1.64% |
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Pactiv Evergreen, Inc. |
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| 73,891 |
| 559,355 | |
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Primary Smelting & Refining of Nonferrous Metals - 0.28% |
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FerroGlobe PLC (United Kingdom) (2) |
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| 20,000 |
| 95,400 | ||
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Printed Circuit Boards - 4.34% |
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Celestica, Inc. (Canada) (2) |
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| 83,219 |
| 1,206,676 | ||
Sanmina Corp. (2) |
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| 4,564 |
| 275,072 | |
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| 1,481,748 |
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Retail-Women's Clothing Stores - 2.04% |
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Chico's FAS, Inc. (2) |
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| 130,332 |
| 697,276 | |
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Retail-Apparel & Accessory Stores - 0.44% |
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Hanesbrands, Inc. (2) |
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| 33,180 |
| 150,637 | |
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Retail-Miscellaneous Retail - 1.74% |
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EZCORP, Inc. Class A (2) |
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| 71,049 |
| 595,391 | ||
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Security Brokers, Dealers & Flotation Companies - 1.86% |
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Virtu Financial, Inc. Class A |
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| 37,228 |
| 636,227 | ||
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Semiconductors & Related Devices- 0.31% |
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Photronics, Inc. (2) |
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| 4,100 |
| 105,739 | |
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Services-Computer Integrated Systems Design - 5.66% |
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Kyndryl Holdings, Inc. (2) |
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| 61,909 |
| 822,152 | ||
Unisys Corp. (2) |
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| 77,246 |
| 307,439 | |
Veradigm, Inc. (2) |
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| 63,811 |
| 804,019 | |
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| 1,933,610 |
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Special Industry Machinery - 1.15% |
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Manitex International, Inc. (2) |
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| 72,091 |
| 392,175 | ||
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State Commercial Banks - 3.16% |
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Trustco Bank Corp. NY |
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| 37,734 |
| 1,079,570 | |
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Surety Insurance - 0.94% |
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MGIC Investment Corp. |
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| 20,362 |
| 321,516 | |
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Surgical & Medical Instruments & Apparatus - 4.17% |
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Accuray, Inc. (2) |
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| 177,208 |
| 685,795 | |
Orthofix Medical, Inc. (2) |
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| 40,888 |
| 738,437 | ||
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| 1,424,232 |
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Telephone & Telegraph Apparatus - 4.00% |
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ADTRAN, Inc. |
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| 72,430 |
| 762,688 | |
Ciena Corp. (2) |
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| 5,464 |
| 232,165 | |
Infinera Corp. (2) |
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| 76,694 |
| 370,432 | |
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| 1,365,285 |
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Water Supply - 1.78% |
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Pure Cycle Corp. (2) |
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| 55,321 |
| 608,531 | |
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Total Common Stock |
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| (Cost $ 26,205,664) |
| 31,674,192 | |
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Real Estate Investment Trusts - 1.96% | |||||||
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Brixmor Property Group, Inc. | 15,570 |
| 342,540 | ||||
JBG Smith Properties | 21,779 |
| 327,556 | ||||
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Total Real Estate Investment Trusts | (Cost $ 479,000) |
| 670,096 | ||||
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Money Market Registered Investment Companies - 4.60% | |||||||
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Federated Treasury Obligation Fund - Institutional Shares - 4.95 % (4) | 1,571,685 |
| 1,571,685 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 1,571,685) |
| 1,571,685 | ||||
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Total Investments - 99.32% | (Cost $ 28,256,349) |
| 33,915,973 | ||||
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Other Assets Less Liabilities - .68% |
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| 232,140 | ||
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Total Net Assets - 100.00% |
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| 34,148,113 | ||||
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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, 2023 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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| $ | 33,915,973 | $ | 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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| $ | 33,915,973 | $ | 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, 2023. |
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NPORT-P Filing
Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2023 report)
Filed: 4 Aug 23, 1:42pm