N-PX 1 adirondacknpx200908.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21691

Adirondack Funds

(Exact name of registrant as specified in charter)

26 Vly Road

Albany, New York 12205

(Address of principal executive offices)

(Zip code)

Gregory A. Roeder

Adirondack Research and Management, Inc.

26 Vly Road

Alabany, New York 12205

(Name and address of agent for service)

Copies to:

JoAnn M. Strasser

Thompson Hine LLP

312 Walnut Street, 14th Floor

Cincinnati, Ohio 45202

Registrant's telephone number, including area code: 518-439-7507

Date of fiscal year end: March 31

Date of reporting period: June 30, 2009

Form N-PX is to be used by a registered management investment company, other than a small business investment company registered on Form N-5 (Sections 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than August 31 of each year, containing the registrant's proxy voting record for the most recent twelve-month period ended June 30, pursuant to section 30 of the Investment Company Act of 1940 and rule 30b1-4 thereunder (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-PX in its regulatory, disclosure review, inspection, and policymaking notes.

A registrant is required to disclose the information specified by Form N-PX, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-PX unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. PROXY VOTING RECORD:

Disclose the following information for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the registrant was entitled to vote:

(a).

The name of the issuer of the portfolio security;

(b).

The exchange ticker symbol of the portfolio security;

(c).

The Council on Uniform Securities Identification Procedures ("CUSIP") number for the portfolio security;

(d).

The shareholder meeting date;

(e).

A brief identification of the matter voted on;

(f).

Whether the matter was proposed by the issuer or by a security holder;

(g).

Whether the Registrant cast its vote on the matter;

(h).

How the Registrant cast its vote (e.g., for or against proposal, or abstain; for or withhold regarding election of directors); and

(i).

Whether the Registrant cast its vote for or against management.

The Adirondack Small Cap Fund

AMERICAN EAGLE OUTFITTERS INC.

	Ticker Symbol:AEO	Cusip Number:02553E106
	Record Date: 4/20/2009	Meeting Date: 6/16/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1a-c

Elect three directors

For

Issuer

For

With

Amend stock incentive plan

For

Issuer

For

With

Ratify Ernst & Young as independant auditor

For

Issuer

For

With

ASSURED GUARANTY LTD

	Ticker Symbol:AGO	Cusip Number:G0585R106
	Record Date: 3/17/2009	Meeting Date: 5/7/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect four class II directors

For

Issuer

For

With

Amend Long term incentive plan

For

Issuer

For

With

Amend employee stock purchase plan

For

Issuer

For

With

Ratify PricewaterhouseCoppers LLP as auditor

For

Issuer

For

With

Direct the company to vote for directors and ratify auditors of Assured Guaranty Re Ltd (subsidiary)

For

Issuer

For

With

Transact other such business if any lawfully brough before the meeting.

For

Issuer

For

With

ASSURED GUARANTY LTD

	Ticker Symbol:AGO	Cusip Number:G0585R106
	Record Date: 2/6/2009	Meeting Date: 3/16/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Special meeting to approve issuance of additional shares to acquire Dexia Holdings Inc.

For

Issuer

For

With

Approval of share issuance to WLR recovery fund.

For

Issuer

For

With

AVID TECHNOLOGY, INC.

	Ticker Symbol:AVID	Cusip Number:05367P100
	Record Date: 4/2/2009	Meeting Date: 5/28/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect three directors

For

Issuer

For

With

Ratfy the selection of Erst & Young LLP as auditor

For

Issuer

For

With

AXT, INC

	Ticker Symbol:AXTI	Cusip Number:00246W103
	Record Date: 4/2/2009	Meeting Date: 5/26/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 1 directors

Against

Issuer

For

Against

Ratify the appointment of Burr,Pilger & Mayer LLP

Against

Issuer

For

Against

BGC PARTNERS, INC.

	Ticker Symbol:BGCP	Cusip Number:05541T101
	Record Date: 10/27/2008	Meeting Date: 12/8/2008

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect five directors. Lutnick,Dalton,Koshland,Sloane,Weis

For

Issuer

For

With

CALPINE CORPORATION

	Ticker Symbol:CPN	Cusip Number:131347304
	Record Date: 3/12/2009	Meeting Date: 5/7/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect nine directors

For

Issuer

For

With

Amend and Restate Bylaws

For

Issuer

For

With

Ratify Pricewaterhousecoopers LLP

For

Issuer

For

With

CARDIAC SCIENCE CORPORATION

	Ticker Symbol:CSCX	Cusip Number:14141A108
	Record Date: 3/30/2009	Meeting Date: 6/21/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect two directors

For

Issuer

For

With

CONSECO INC.

	Ticker Symbol:CNO	Cusip Number:208464883
	Record Date: 3/16/2009	Meeting Date: 5/12/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect nine directors.

For

Issuer

For

With

Approve shareholder rights plan.

For

Issuer

For

With

Approve long-term incentive plan.

For

Issuer

For

With

Ratify PricewaterhouseCoopers LLP as auditor.

For

Issuer

For

With

CROWN HOLDINGS, INC

	Ticker Symbol:CCK	Cusip Number:228368106
	Record Date: 3/10/2009	Meeting Date: 4/23/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 10 directors

For

Issuer

For

With

Ratify the appoinment of PricewaterhouseCoopers LLP as auditor

For

Issuer

For

With

CYBEX INTERNATIONAL INC.

	Ticker Symbol:CYBX	Cusip Number:23252E106
	Record Date: 3/18/2009	Meeting Date: 5/6/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect three directors

Against

Issuer

For

With

Approve such other business that may properly come before the meeting.

Abstained

Issuer

For

With

DDI CORP

	Ticker Symbol:DDIC	Cusip Number:233162502
	Record Date: 3/31/2009	Meeting Date: 5/12/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 7 directors

For

Issuer

For

With

DIEBOLD, INCORPORATED

	Ticker Symbol:DBD	Cusip Number:253651103
	Record Date: 2/27/2009	Meeting Date: 4/23/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 9 directors

For

Issuer

For

With

Ratify the appoinment of KPMG LLP as auditor

For

Issuer

For

With

Approve amended and restated performance incentive plan

For

Issuer

For

With

DREAMWORKS ANIMATION SKG

	Ticker Symbol:DWA	Cusip Number:26153C103
	Record Date: 4/20/2009	Meeting Date: 6/10/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect ten directors

For

Issuer

For

With

Approve amended incentive compensation plan

For

Issuer

For

With

Ratify the appointment of Ernst & Young LLP

For

Issuer

For

With

DYNEGY, INC.

	Ticker Symbol:DYN	Cusip Number:26817G102
	Record Date: 3/24/2009	Meeting Date: 5/22/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect eight directors

For

Issuer

For

With

Ratify appointment of Ernst & Young LLP

For

Issuer

For

With

Stockholder proposal regarding greenhouse gas emissions.

Against

Stockholder

Against

With

GENWORTH FINANCIAL INC.

	Ticker Symbol:GNW	Cusip Number:37247D106
	Record Date: 3/20/2009	Meeting Date: 5/13/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1A-I

Elect 9 directors

For

Issuer

For

With

Approval of Incentive plan amendment

For

Issuer

For

With

Ratify KPMG LLP as Audit firm.

For

Issuer

For

With

HOOPER HOLMES

	Ticker Symbol:HH	Cusip Number:439104100
	Record Date: 3/31/2009	Meeting Date: 5/19/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect three directors

For

Issuer

For

With

Ratify KPMG LLP as independent auditor

For

Issuer

For

With

I2 TECHNOLOGIES, INC.

	Ticker Symbol:ITWO	Cusip Number:465754208
	Record Date: 4/2/2009	Meeting Date: 5/28/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 1 director

For

Issuer

For

With

Ratify appointment of Grant Thornton LLP

For

Issuer

For

With

INGLES MARKETS INCORPORATED

	Ticker Symbol:IMKTA	Cusip Number:457030104
	Record Date: 12/22/2008	Meeting Date: 2/10/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Reelect two directors

Against

Issuer

For

With

Stockholder proposal concerning severance agreements.

For

Issuer

Against

Shareholder proposal concerning animal welfare progress report.

Against

Issuer

Against

With

IPASS INC.

	Ticker Symbol:IPAS	Cusip Number:46261V108
	Record Date: 4/29/2009	Meeting Date: 6/24/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 3 directors

For

Issuer

For

With

Ratify KPMG LLP as auditor

For

Issuer

For

With

Approve board declassification

For

Issuer

For

With

IXIA

	Ticker Symbol:XXIA	Cusip Number:45071R109
	Record Date: 4/3/2009	Meeting Date: 5/28/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect five directors.

For

Issuer

For

With

Approve amendment to equity incentive plan.

For

Issuer

For

With

Ratify the appoinment of Independant accounting firm.

For

Issuer

For

With

JOURNAL COMMUNICATIONS

	Ticker Symbol:JRN	Cusip Number:481130102
	Record Date: 2/26/2009	Meeting Date: 4/30/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 3 directors

For

Issuer

For

With

Ratify the appointment of Pricewaterhouse Coopers LLP as auditor.

For

Issuer

For

With

KNIGHT CAPITAL GROUP, INC.

	Ticker Symbol:NITE	Cusip Number:499005106
	Record Date: 4/1/2009	Meeting Date: 5/13/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1a-h

Elect 8 directors

For

Issuer

For

With

Approve executive incentive plan.

For

Issuer

For

With

Ratify the appoinment of Pricewaterhousecoopers LLP

For

Issuer

For

With

LINCARE HOLDINGS INC.

	Ticker Symbol:LNCR	Cusip Number:532791100
	Record Date: 3/16/2009	Meeting Date: 5/11/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect five directors

For

Issuer

For

With

Approve 2009 emploee stock purchase plan

For

Issuer

For

With

Ratify KPMG LLP as auditor

For

Issuer

For

With

Conduct other business as may properly come before the annual meeting.

For

Issuer

For

With

MONTPEILIER RE HOLDINGS LTD

	Ticker Symbol:MRH	Cusip Number:G62185106
	Record Date: 3/31/2009	Meeting Date: 5/20/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect eight directors.

For

Issuer

For

With

Appoint Pricewaterhousecoopers as auditor.

For

Issuer

For

With

MYR GROUP INC

	Ticker Symbol:MYRG	Cusip Number:55405W104
	Record Date: 3/20/2009	Meeting Date: 5/12/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect two directors

For

Issuer

For

With

NEWELL RUBBERMAID INC.

	Ticker Symbol:NWL	Cusip Number:651229106
	Record Date: 3/13/2009	Meeting Date: 5/5/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1a-d

Elect 4 directors

For

Issuer

For

With

Ratify appointment of Ernst & Young LLP

For

Issuer

For

With

OWENS ILLINOIS INC.

	Ticker Symbol:OI	Cusip Number:690768403
	Record Date: 2/24/2009	Meeting Date: 4/23/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect four directors

For

Issuer

For

With

Ratify selection of Ernst & Young LLP as auditor

For

Issuer

For

With

Increase maximun directors from 11 to 12

For

Issuer

For

With

Amend incentive comp plan

For

Issuer

For

With

PEPSIAMERICAS, INC

	Ticker Symbol:PAS	Cusip Number:71343P200
	Record Date: 3/10/2009	Meeting Date: 5/7/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1A-J

Elect 10 Directors proposed by Management.

For

Issuer

For

With

Approve long term incentive plan.

For

Issuer

For

With

Ratify appoinment of Independent Auditors.

For

Issuer

For

With

PEROT SYSTEMS CORPORATION

	Ticker Symbol:PER	Cusip Number:714265105
	Record Date: 3/16/2009	Meeting Date: 5/13/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 12 directors

For

Issuer

For

With

Ratfy appointment of Pricewaterhousecoopers LLP

For

Issuer

For

With

PMA CAPITAL CORP

	Ticker Symbol:PMACA	Cusip Number:693419202
	Record Date: 3/11/2009	Meeting Date: 5/6/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect three directors.

For

Issuer

For

With

Ratify the appoinment of Beard Miller Co LLP as auditor.

For

Issuer

For

With

POST PROPERTIES INC.

	Ticker Symbol:PPS	Cusip Number:737464107
	Record Date: 4/15/2009	Meeting Date: 6/9/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect entire board of directors

For

Issuer

For

With

Ratify the appointment of Deloitte & Touche LLP as auditor

For

Issuer

For

With

Conduct other such business that may properly come before the meeting.

For

Issuer

For

With

PZENA INVESTMENT MANAGEMENT INC.

	Ticker Symbol:PZN	Cusip Number:74731Q103
	Record Date: 4/15/2009	Meeting Date: 5/19/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect five directors

For

Issuer

For

With

Ratify Ernst & Young LLP as Auditor

For

Issuer

For

With

Approve amendment to equity incentive plan

For

Issuer

For

With

RRI ENERGY, INC.

	Ticker Symbol:RRI	Cusip Number:74971X107
	Record Date: 5/13/2009	Meeting Date: 6/18/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1a-1e

Elect 5 directors

For

Issuer

For

With

Ratify the selection of KPMG LLP as independant auditor.

For

Issuer

For

With

SANMINA-SCI CORP.

	Ticker Symbol:SANM	Cusip Number:800907107
	Record Date: 12/4/2008	Meeting Date: 1/26/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

1a-i

Elect nine directors

For

Issuer

For

With

Ratify the appointment of KPMG as auditor

For

Issuer

For

With

Approve incentive compensation plan

For

Issuer

For

With

SELECTIVE INSURANCE GROUP, INC

	Ticker Symbol:SIGI	Cusip Number:816300107
	Record Date: 3/9/2009	Meeting Date: 4/29/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect three directors

For

Issuer

For

With

Approve stock purchase plan amendment.

For

Issuer

For

With

Ratify appointment of KPMG LLP as auditors

For

Issuer

For

With

Stockholder proposal regarding board declassification

For

Stockholder

For

With

SINCLAIR BROADCAST GROUP, INC.

	Ticker Symbol:SBGI	Cusip Number:829226109
	Record Date: 3/4/2009	Meeting Date: 6/4/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect the slate of directors proposed by management

Against

Issuer

For

Against

Ratify Pricewaterhousecoopers as auditor.

For

Issuer

For

With

SOUTHWEST AIRLINES CO

	Ticker Symbol:LUV	Cusip Number:844741108
	Record Date: 3/24/2009	Meeting Date: 5/20/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect nine directors

For

Issuer

For

With

Approve amended and restated employee stock purchase plan

For

Issuer

For

With

Ratify the selection of Ernst & Young LLP as auditor

For

Issuer

For

With

Shareholder proposal for reincorporation in a shareholder freindly state (North Dakota)

Against

Issuer

For

With

Shareholder proposal concerning healthcare reform.

Against

Issuer

For

With

THE COOPER COMPANIES, INC.

	Ticker Symbol:COO	Cusip Number:216648402
	Record Date: 2/3/2009	Meeting Date: 3/18/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect nine directors

For

Issuer

For

With

Approve restated long term incentive plan

For

Issuer

For

With

Approve restated long term incentive plan for directors

For

Issuer

For

With

Ratify the appoinment of KPMG LLP

For

Issuer

For

With

THE PHOENIX COMPANIES INC.

	Ticker Symbol:PNX	Cusip Number:71902E109
	Record Date: 3/4/2009	Meeting Date: 5/1/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 5 directors.

For

Issuer

For

With

Ratify the appointment of Pricewaterhousecoopers LLP as Auditor.

For

Issuer

For

With

Approve long term incentive performance plan.

For

Issuer

For

With

Grant the board authority to effect a reverse stock split.

For

Issuer

For

With

TIER TECHNOLOGIES INC.

	Ticker Symbol:TIER	Cusip Number:8865OQ100
	Record Date: 2/24/2009	Meeting Date: 3/11/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect seven directors

For

Issuer

For

With

Ratify McGladrey & Pullen LLP as auditor

For

Issuer

For

With

Shareholder rights proposal

For

Stockholder

Against

Special meeting proposal

Against

Issuer

Against

With

TOOTSIE ROLL INDUSTRIES INC

	Ticker Symbol:TR	Cusip Number:890516107
	Record Date: 5/4/2009	Meeting Date: 3/10/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 5 directors

Against

Issuer

For

Against

Ratify the appoinment of Pricewaterhousecoopers LLC

For

Issuer

For

With

UNISOURCE ENERGY CORPORATION

	Ticker Symbol:UNS	Cusip Number:909205106
	Record Date: 3/16/2009	Meeting Date: 5/8/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 14 directors

For

Issuer

For

With

Ratify the selection of Price Waterhousecoopers as Independant auditor.

For

Issuer

For

With

VASCULAR SOLUTIONS INC

	Ticker Symbol:VASC	Cusip Number:92231M109
	Record Date: 2/23/2009	Meeting Date: 4/21/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect 7 directors

For

Issuer

For

With

Ratify selection of Virchow Krause & Co as auditor

For

Issuer

For

With

VIRTUS INVESTMENT PARTNERS INC.

	Ticker Symbol:VRTS	Cusip Number:92828Q109
	Record Date: 3/23/2009	Meeting Date: 5/21/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect two directors

For

Issuer

For

With

Ratify the appointment of Pricewaterhousecoopers LLP

For

Issuer

For

With

WARNER MUSIC GROUP CORP

	Ticker Symbol:WMG	Cusip Number:934550104
	Record Date: 1/9/2009	Meeting Date: 2/23/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect tweleve directors

Against

Issuer

For

Against

Ratify the appointment of Ernst & Young LLP

For

Issuer

For

With

WD-40 COMPANY

	Ticker Symbol:WDFC	Cusip Number:929236107
	Record Date: 10/17/2008	Meeting Date: 12/9/2008

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect eight directors

For

Issuer

For

With

Approve bylaw change to reduce the minimum number of directors from nine to seven

For

Issuer

For

With

Approve company performance incentive plan

For

Issuer

For

With

Ratify the appointment of Pricewaterhousecoopers LLP

For

Issuer

For

With

YOUBET.COM INC

	Ticker Symbol:UBET	Cusip Number:987413101
	Record Date: 4/24/2009	Meeting Date: 6/1/2009

Proposal #

Proposal

Vote

Author

MRV*

vs. Mgmt

Elect eight directors

For

Issuer

For

With

Admend certifate of incorporation to restrict certain tranfers of the compnay's common stock.

Against

Issuer

For

Against

Adopt a shareholder rights plan.

Against

Issuer

For

Against

* Management Recommended Vote

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Adirondack Funds

By /s/Gregory A. Roeder

* Gregory A. Roeder

President and Chief Compliance Officer

By /s/Matthew Reiner

* Matthew Reiner

Treasurer and Principal Financial Officer

Date: August 18, 2009

*Print the name and title of each signing officer under his or her signature.