Adirondack Research & Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBOTT LABS	COM	002824100	429	6,585	SH		SOLE		0	0	6,585
ACCURAY INC	COM	004397105	1,803	439,811	SH		SOLE		439,811	0	0
ADTRAN INC	COM	00738A106	4,895	329,650	SH		SOLE		329,650	0	0
ADVANTAGE OIL & GAS LTD	COM	00765F101	2,370	764,353	SH		SOLE		764,353	0	0
AEROHIVE NETWORKS INC	COM	007786106	1,133	285,400	SH		SOLE		285,400	0	0
ALCOA CORP	COM	013872106	218	5,128	SH		SOLE		0	0	5,128
ALLSCRIPTS HEALTHCARE SOLUTN	COM	01988P108	6,254	521,177	SH		SOLE		521,177	0	0
AMPCO-PITTSBURGH CORP	COM	032037103	1,365	132,261	SH		SOLE		114,730	0	17,531
ANTERO RES CORP	COM	03674X106	775	38,085	SH		SOLE		0	0	38,085
ARDMORE SHIPPING CORP	COM	Y0207T100	3,238	394,837	SH		SOLE		394,837	0	0
AT&T INC	COM	00206R102	434	13,556	SH		SOLE		0	0	13,556
AUTOWEB INC	COM	05335B100	962	212,872	SH		SOLE		212,872	0	0
BOSTON SCIENTIFIC CORP	COM	101137107	471	14,315	SH		SOLE		0	0	14,315
BROOKLINE BANCORP INC DEL	COM	11373M107	2,141	115,106	SH		SOLE		115,106	0	0
CAPITAL SR LIVING CORP	COM	140475104	397	40,765	SH		SOLE		0	0	40,765
CARRIZO OIL & GAS INC	COM	144577103	3,097	111,200	SH		SOLE		111,200	0	0
CECO ENVIRONMENTAL CORP	COM	125141101	797	128,398	SH		SOLE		107,726	0	20,672
CELESTICA INC	SUB VTG SHS	15101Q108	5,182	436,532	SH		SOLE		436,532	0	0
CHICOS FAS INC	COM	168615102	2,505	307,730	SH		SOLE		307,730	0	0
CIENA CORP	COM NEW	171779309	6,028	228,670	SH		SOLE		198,700	0	29,970
CISION LTD	SHS	G1992S109	532	35,295	SH		SOLE		0	0	35,295
CLARUS CORP NEW	COM	18270P109	7,814	944,426	SH		SOLE		869,256	0	75,170
CLEVELAND CLIFFS INC	COM	185899101	4,222	500,856	SH		SOLE		500,856	0	0
CNO FINL GROUP INC	COM	12621E103	2,964	155,697	SH		SOLE		155,697	0	0
COCA COLA EUROPEAN PARTNERS	SHS	G25839104	282	6,810	SH		SOLE		0	0	6,810
COMPASS DIVERSIFIED HOLDINGS	SH BEN INT	20451Q104	976	55,786	SH		SOLE		0	0	55,786
COMSTOCK RES INC	NOTE 7.750% 4/0	205768AM6	713	698,611	SH		SOLE		0	0	698,611
CONDUENT INC	COM	206787103	4,345	239,297	SH		SOLE		226,234	0	13,063
CONSOLIDATED EDISON INC	COM	209115104	337	4,315	SH		SOLE		0	0	4,315
COVANTA HLDG CORP	COM	22282E102	6,302	381,965	SH		SOLE		381,965	0	0
COWEN INC	CL A NEW	223622606	5,918	427,268	SH		SOLE		427,268	0	0
CRAWFORD & CO	CL A	224633206	249	28,745	SH		SOLE		0	0	28,745
CSS INDS INC	COM	125906107	3,126	184,972	SH		SOLE		184,972	0	0
CUI GLOBAL INC	COM NEW	126576206	33	11,869	SH		SOLE		0	0	11,869
DANA INCORPORATED	COM	235825205	1,494	74,000	SH		SOLE		74,000	0	0
DONNELLEY FINL SOLUTIONS INC	COM	25787G100	5,799	333,839	SH		SOLE		333,839	0	0
DOWDUPONT INC	COM	26078J100	613	9,003	SH		SOLE		0	0	9,003
EXELON CORP	COM	30161N101	424	10,140	SH		SOLE		0	0	10,140
FLAHERTY & CRUMRINE DYN PFD	SHS	33848W106	545	24,650	SH		SOLE		0	0	24,650
FLY LEASING LTD	SPONSORED ADR	34407D109	4,727	336,031	SH		SOLE		304,786	0	31,245
GCP APPLIED TECHNOLOGIES INC	COM	36164Y101	253	8,815	SH		SOLE		0	0	8,815
GENERAL ELECTRIC CO	COM	369604103	366	27,804	SH		SOLE		0	0	27,804
GENWORTH FINL INC	COM CL A	37247D106	4,689	1,041,641	SH		SOLE		1,015,241	0	26,400
GRACE W R & CO DEL NEW	COM	38388F108	775	10,778	SH		SOLE		0	0	10,778
GRAY TELEVISION INC	COM	389375106	6,611	418,430	SH		SOLE		418,430	0	0
GREENHILL & CO INC	COM	395259104	3,018	106,257	SH		SOLE		106,257	0	0
GUESS INC	COM	401617105	2,521	117,820	SH		SOLE		117,820	0	0
HARTFORD FINL SVCS GROUP INC	COM	416515104	486	9,222	SH		SOLE		0	0	9,222
HARVARD BIOSCIENCE INC	COM	416906105	2,285	427,172	SH		SOLE		427,172	0	0
HORIZON GLOBAL CORP	COM	44052W104	3,101	520,362	SH		SOLE		520,362	0	0
HOUGHTON MIFFLIN HARCOURT CO	COM	44157R109	2,370	309,838	SH		SOLE		309,838	0	0
INFINERA CORPORATION	COM	45667G103	3,593	367,790	SH		SOLE		331,530	0	36,260
INVACARE CORP	COM	461203101	4,192	226,950	SH		SOLE		200,126	0	26,824
INVESTORS REAL ESTATE TR	SH BEN INT	461730103	922	166,712	SH		SOLE		166,712	0	0
IPASS INC	COM	46261V108	10	30,366	SH		SOLE		30,366	0	0
JAKKS PAC INC	COM	47012E106	1,061	324,065	SH		SOLE		324,065	0	0
JETBLUE AIRWAYS CORP	COM	477143101	3,502	184,505	SH		SOLE		184,505	0	0
JOHNSON & JOHNSON	COM	478160104	206	1,558	SH		SOLE		0	0	1,558
KEY TRONIC CORP	COM	493144109	476	58,088	SH		SOLE		0	0	58,088
KIMBELL RTY PARTNERS LP	UNIT	49435R102	905	40,956	SH		SOLE		0	0	40,956
LOGMEIN INC	COM	54142L109	496	6,102	SH		SOLE		0	0	6,102
LSI INDS INC	COM	50216C108	1,986	371,872	SH		SOLE		371,872	0	0
LYDALL INC DEL	COM	550819106	315	7,210	SH		SOLE		7,210	0	0
MANITEX INTL INC	COM	563420108	1,859	148,971	SH		SOLE		148,971	0	0
MATRIX SVC CO	COM	576853105	1,699	92,585	SH		SOLE		92,585	0	0
MCDERMOTT INTL INC	COM	580037703	4,618	235,000	SH		SOLE		235,000	0	0
METLIFE INC	COM	59156R108	426	9,303	SH		SOLE		0	0	9,303
MFA FINL INC	COM	55272X102	4,976	656,452	SH		SOLE		656,452	0	0
MGIC INVT CORP WIS	COM	552848103	5,042	470,300	SH		SOLE		470,300	0	0
MICROSOFT CORP	COM	594918104	554	5,255	SH		SOLE		0	0	5,255
MONDELEZ INTL INC	CL A	609207105	346	8,050	SH		SOLE		0	0	8,050
NATIONAL WESTN LIFE INS CO	CL A	638517102	5,343	17,389	SH		SOLE		17,389	0	0
NATIONSTAR MTG HLDGS INC	COM	63861C109	4,778	272,548	SH		SOLE		272,548	0	0
NCI BUILDING SYS INC	COM NEW	628852204	408	26,390	SH		SOLE		0	0	26,390
NEWELL BRANDS INC	COM	651229106	723	27,586	SH		SOLE		0	0	27,586
NISOURCE INC	COM	65473P105	308	11,965	SH		SOLE		0	0	11,965
NUANCE COMMUNICATIONS INC	COM	67020Y100	1,045	70,775	SH		SOLE		0	0	70,775
OFFICE DEPOT INC	COM	676220106	3,406	1,335,866	SH		SOLE		1,335,866	0	0
ORION ENERGY SYSTEMS INC	COM	686275108	1,462	1,328,938	SH		SOLE		1,328,938	0	0
ORION ENGINEERED CARBONS S A	COM	L72967109	4,662	150,460	SH		SOLE		137,198	0	13,262
OWENS ILL INC	COM NEW	690768403	6,115	361,738	SH		SOLE		340,838	0	20,900
PAN AMERICAN SILVER CORP	COM	697900108	3,784	211,403	SH		SOLE		211,403	0	0
PFIZER INC	COM	717081103	347	8,985	SH		SOLE		0	0	8,985
PURECYCLE CORP	COM NEW	746228303	1,661	173,934	SH		SOLE		173,934	0	0
QUICKLOGIC CORP	COM	74837P108	337	294,775	SH		SOLE		272,975	0	21,800
REALNETWORKS INC	COM NEW	75605L708	197	53,155	SH		SOLE		52,580	0	575
RED LION HOTELS CORP	COM	756764106	748	61,097	SH		SOLE		0	0	61,097
ROWAN COMPANIES PLC	SHS CL A	G7665A101	3,360	207,140	SH		SOLE		207,140	0	0
SANMINA CORPORATION	COM	801056102	4,065	138,754	SH		SOLE		138,754	0	0
SEABOARD CORP	COM	811543107	3,574	902	SH		SOLE		902	0	0
SEACHANGE INTL INC	COM	811699107	573	167,498	SH		SOLE		167,498	0	0
SEACOR HOLDINGS INC	COM	811904101	3,078	53,752	SH		SOLE		53,752	0	0
SOUTHWESTERN ENERGY CO	COM	845467109	1,969	371,600	SH		SOLE		371,600	0	0
STEWART INFORMATION SVCS COR	COM	860372101	5,751	133,535	SH		SOLE		133,535	0	0
SUPERIOR DRILLING PRODS INC	COM	868153107	542	281,470	SH		SOLE		260,470	0	21,000
TECHNIPFMC PLC	COM	G87110105	535	16,060	SH		SOLE		0	0	16,060
TECK RESOURCES LTD	CL B	878742204	451	17,805	SH		SOLE		0	0	17,805
TETRA TECHNOLOGIES INC DEL	COM	88162F105	3,359	754,860	SH		SOLE		754,860	0	0
THESTREET INC	COM	88368Q103	194	88,991	SH		SOLE		88,991	0	0
TOWER INTL INC	COM	891826109	543	17,064	SH		SOLE		17,064	0	0
TRAVELCENTERS OF AMER LLC	COM	894174101	1,823	520,870	SH		SOLE		520,870	0	0
TRI POINTE GROUP INC	COM	87265H109	3,428	209,537	SH		SOLE		209,537	0	0
TRINITY BIOTECH PLC	SPON ADR NEW	896438306	2,565	513,013	SH		SOLE		513,013	0	0
TRIUMPH GROUP INC NEW	COM	896818101	3,855	196,693	SH		SOLE		196,693	0	0
TRUSTCO BK CORP N Y	COM	898349105	378	41,795	SH		SOLE		0	0	41,795
UNITED NAT FOODS INC	COM	911163103	5,065	123,775	SH		SOLE		103,600	0	20,175
VANGUARD SCOTTSDALE FDS	INT-TERM CORP	92206C870	210	2,505	SH		SOLE		0	0	2,505
VANGUARD SCOTTSDALE FDS	SHRT TRM CORP BD	92206C409	246	3,150	SH		SOLE		0	0	3,150
VERIZON COMMUNICATIONS INC	COM	92343V104	995	18,947	SH		SOLE		0	0	18,947
VISHAY INTERTECHNOLOGY INC	COM	928298108	5,076	218,811	SH		SOLE		218,811	0	0
VONAGE HLDGS CORP	COM	92886T201	6,974	541,019	SH		SOLE		541,019	0	0
XCERRA CORP	COM	98400J108	2,463	176,335	SH		SOLE		176,335	0	0
XEROX CORP	COM	984121103	422	16,400	SH		SOLE		0	0	16,400