Schedule of Investments | |||||||
June 30, 2024 (unaudited) | |||||||
The Adirondack Small Cap Fund | |||||||
Shares or Principal | |||||||
Security Description |
|
| Amount ($) |
| Fair Value ($)(1) | ||
| |||||||
Common Stocks - 89.57% | |||||||
Crude Petroleum & Natural Gas - 3.73% | |||||||
CNO Financial Group, Inc. | 25,626 | 710,353 | |||||
Hillman Solutions Corp. Class A (2) | 66,837 | 591,507 | |||||
1,301,860 | |||||||
Agriculture Production-Crops - 3.34% | |||||||
Dole PLC (Ireland) | 94,892 | 1,161,478 | |||||
Air Transportation Scheduled - 1.30% | |||||||
Alaska Air Group, Inc. (2) | 11,172 | 451,349 | |||||
Apparel & Other Finished Products of Fabrics & Similar Material - 1.33% | |||||||
Under Armour, Inc. Class A (2) | 69,495 | 463,532 | |||||
Business Services - 3.80% | |||||||
Conduent, Inc. (2) | 406,822 | 1,326,240 | |||||
Construction Special Trade Contractors - 0.28% | |||||||
Matrix Service Co. (2) | 10,000 | 99,300 | |||||
Crude Petroleum & Natural Gas - 6.14% | |||||||
Antero Resources Corp. (2) | 28,660 | 935,176 | |||||
CNX Resources Corp. (2) | 21,723 | 527,869 | |||||
Tetra Technologies, Inc. (2) | 196,279 | 679,125 | |||||
2,142,170 | |||||||
Deep Sea Foreign Transportation of Freight - 1.59% | |||||||
Ardmore Shipping Corp. (Bermuda) | 24,565 | 553,449 | |||||
Electric Lighting & Wiring Equipment - 2.94% | |||||||
LSI Industries, Inc. | 70,894 | 1,025,836 | |||||
Electrical & Electronics - 2.35% | |||||||
TTM Technologies, Inc. (2) | 42,190 | 819,752 | |||||
Electric & Other Services Combined - 1.39% | |||||||
Allete, Inc. | 7,750 | 483,213 | |||||
Electric Services - 0.79% | |||||||
Talen Energy Corp. (2) | 2,475 | 274,775 | |||||
Fire, Marine & Casualty Insurance - 6.73% | |||||||
SiriusPoint Ltd. (Bermuda) (2) | 89,970 | 1,097,634 | |||||
Tiptree, Inc. Class A | 38,038 | 627,247 | |||||
United Fire Group, Inc. | 29,012 | 623,468 | |||||
2,348,349 | |||||||
Footwear, (No Rubber)- 1.69% | |||||||
Wolverine World Wide, Inc. | 43,537 | 588,620 | |||||
Glass Containers - 1.74% | |||||||
O-I Glass, Inc. (2) | 54,513 | 606,730 | |||||
Household Audio & Video Equipment - 1.74% | |||||||
Knowles Corp. (2) | 35,099 | 605,809 | |||||
Industrial Inorganic Chemicals - 3.25% | |||||||
Tronox Holdings PLC Class A (United Kingdom) | 35,185 | 552,053 | |||||
LSB Industries, Inc. (2) | 70,942 | 580,306 | |||||
1,132,358 | |||||||
Insurance Agents, Brokers & Services - 1.62% | |||||||
Crawford & Co Class A | 65,242 | 563,691 | |||||
Laboratory Analytical Instruments - 0.82% | |||||||
Harvard Bioscience, Inc. (2) | 100,268 | 285,764 | |||||
Life Insurance - 3.17% | |||||||
Genworth Financial, Inc. Class A (2) | 183,332 | 1,107,325 | |||||
Meat Packing Plants - 1.39% | |||||||
Seaboard Corp. | 153 | 483,593 | |||||
Metal Mining - 1.57% | |||||||
Cleveland Cliffs, Inc. (2) | 35,670 | 548,961 | |||||
Mining, Quarrying of Nonmetallic Minerals (No Fuels) - 1.96% | |||||||
MDU Resources Group, Inc. | 27,295 | 685,105 | |||||
Oil & Gas Field Machinery & Equipment - 0.98% | |||||||
Drilling Tools International Corp. (2) | 61,028 | 342,977 | |||||
Plastics, Foil & Coated Paper Bags - 2.53% | |||||||
Pactiv Evergreen, Inc. | 77,841 | 881,160 | |||||
Primary Smelting & Refining of Nonferrous Metals - 1.91% | |||||||
Ferroglobe PLC (United Kingdom) | 124,523 | 667,443 | |||||
Printed Circuit Boards - 1.74% | |||||||
Celestica, Inc. (Canada) (2) | 5,360 | 307,289 | |||||
Sanmina Corp. (2) | 4,524 | 299,715 | |||||
607,004 | |||||||
Retail-Apparel & Accessory Stores - 0.61% | |||||||
Hanesbrands, Inc. (2) | 43,484 | 214,376 | |||||
Retail-Miscellaneous Retail - 2.68% | |||||||
EZCORP, Inc. Class A (2) | 89,161 | 933,516 | |||||
Security Brokers, Dealers & Flotation Companies - 2.44% | |||||||
Virtu Financial, Inc. Class A | 37,971 | 852,449 | |||||
Services-Computer Integrated Systems Design - 5.90% | |||||||
DXC Technology Co. (2) | 3,800 | 72,542 | |||||
Kyndryl Holdings, Inc. (2) | 38,180 | 1,004,516 | |||||
Unisys Corp. (2) | 57,864 | 238,978 | |||||
Veradigm, Inc. (2) | 78,133 | 742,264 | |||||
2,058,300 | |||||||
Services- Engineering Services - 1.42% | |||||||
Mistras Group, Inc. (2) | 59,563 | 493,777 | |||||
Services - Nursing & Personal Care Facilities - 2.02% | |||||||
Healthcare Services Group, Inc. (2) | 66,743 | 706,141 | |||||
Special Industry Machinery - 0.86% | |||||||
Manitex International, Inc. (2) | 67,338 | 298,307 | |||||
Sporting & Athletic Goods, Nec - 1.09% | |||||||
Clarus Corp. | 56,701 | 381,598 | |||||
State Commercial Banks - 3.43% | |||||||
Trustco Bank Corp. NY | 41,542 | 1,195,163 | |||||
Surgical & Medical Instruments & Apparatus - 3.62% | |||||||
Accuray, Inc. (2) | 105,000 | 191,100 | |||||
Orthofix Medical, Inc. (2) | 80,861 | 1,072,217 | |||||
1,263,317 | |||||||
Telephone & Telegraph Apparatus - 1.74% | |||||||
ADTRAN, Inc. (2) | 33,531 | 176,373 | |||||
Ciena Corp. (2) | 6,262 | 301,703 | |||||
Infinera Corp. (2) | 21,173 | 128,944 | |||||
607,020 | |||||||
Water Supply - 1.97% | |||||||
Pure Cycle Corp. (2) | 71,861 | 686,273 | |||||
Total Common Stock | (Cost $ 24,658,456) | 31,248,078 | |||||
Real Estate Investment Trusts - 5.05% | |||||||
Brixmor Property Group, Inc. | 15,570 | 359,511 | |||||
Healthcare Realty Trust, Inc. | 67,246 | 1,108,214 | |||||
JBG Smith Properties | 19,279 | 293,619 | |||||
Total Real Estate Investment Trusts | (Cost $ 1,436,013) | 1,761,345 | |||||
Money Market Registered Investment Companies - 5.52% | |||||||
Federated Treasury Obligation Fund - Institutional Shares - 5.17% (4) | 1,926,287 | 1,926,287 | |||||
Total Money Market Registered Investment Companies | (Cost $ 1,926,287) | 1,926,287 | |||||
Total Investments - 100.14% | (Cost $ 28,020,757) | 34,935,710 | |||||
Liabilities in Excess of Other Assets - -.14% | (49,689) | ||||||
Total Net Assets - 100.00% | 34,886,021 | ||||||
(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, 2024 in valuing the Fund's assets carried at fair value: | |||||||
|
|
|
|
| Investments in |
| Other Financial |
Valuation Inputs |
|
|
| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
|
| $ | 34,935,710 | $ | 0 | |
Level 2 - Other Significant Observable Inputs |
|
| 0 |
| - | ||
Level 3 - Significant Unobservable Inputs |
|
| - |
| - | ||
Total |
|
|
| $ | 34,935,710 | $ | 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. | |||||||
(4) Variable rate security; the rate shown represents the yield at June 30, 2024. |
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NPORT-P Filing
Adirondack Small Cap Fund (ADKSX) NPORT-PThe Adirondack Small Cap Fund (Jun 2024 report)
Filed: 22 Aug 24, 9:17am