Schedule of Investments | |||||||
December 31, 2020 (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 - 97.47% | |||||||
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Accident & Health Insurance - 3.51% |
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CNO Financial Group, Inc. |
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| 81,521 |
| 1,812,212 | ||
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Apparel & Other Finished Products of Fabrics & Similar Material - 2.02% |
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Under Armour, Inc. Class A (2) |
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| 60,794 |
| 1,043,833 | ||
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Business Services - 4.91% |
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Conduent, Inc. (2) |
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| 527,977 |
| 2,534,290 | |
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Cogeneration Services & Small Power Producers - 3.44% |
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Covanta Holding Corp. |
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| 135,121 |
| 1,774,139 | |
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Computer Communications Equipment - 1.54% |
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A10 Networks, Inc. (2) |
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| 80,546 |
| 794,184 | |
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Construction Special Trade Contractors - 1.83% |
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Matrix Service Co. (2) |
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| 85,627 |
| 943,610 | |
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Crude Petroleum & Natural Gas - 2.29% |
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Cabot Oil & Gas Corp. |
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| 72,600 |
| 1,181,928 | |
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Deep Sea Foreign Transportation of Freight - 5.14% |
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Ardmore Shipping Corp. (Bermuda) (2) |
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| 380,272 |
| 1,243,489 | ||
Seacor Holdings, Inc. (2) |
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| 33,915 |
| 1,405,777 | |
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| 2,649,266 |
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Electric Lighting & Wiring Equipment - 3.77% |
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LSI Industries, Inc. |
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| 227,060 |
| 1,943,634 | |
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Electric & Other Services Combined - 2.49% |
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Allete, Inc. |
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| 20,747 |
| 1,285,069 |
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Electrical Industrial Apparatus - 2.52% |
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Graftech International Ltd. |
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| 122,077 |
| 1,301,341 | ||
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Finance Services - 0.89% |
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Mr. Cooper Group, Inc. (2) |
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| 14,774 |
| 458,437 | ||
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Fire, Marine & Casualty Insurance - 3.89% |
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Third Point Reinsurance Ltd. (Bermuda) (2) |
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| 179,643 |
| 1,710,201 | ||
Tiptree, Inc. |
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| 59,599 |
| 299,187 |
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| 2,009,388 |
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Glass Containers - 0.75% |
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O-I Glass, Inc. (2) |
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| 32,697 |
| 389,094 | |
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Heavy Construction Other Than Building Construction-Contractors - 2.32% |
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Williams Industrial Services Group, Inc. (2) |
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| 461,172 |
| 1,199,047 | ||
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Household Audio & Video Equipment - 1.70% |
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Knowles Corp. (2) |
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| 47,709 |
| 879,277 | |
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Investment Advice - 1.69% |
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Lazard Ltd. Class A (Bermuda) |
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| 20,638 |
| 872,987 | ||
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Laboratory Analytical Instruments - 1.05% |
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Harvard Bioscience, Inc. (2) |
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| 126,694 |
| 543,517 | ||
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Life Insurance - 5.06% |
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Genworth Financial, Inc. Class A (2) |
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| 243,403 |
| 920,063 | ||
National Western Life Group, Inc. Class A |
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| 8,191 |
| 1,690,950 | ||
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| 2,611,013 |
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Meat Packing Plants - 1.62% |
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Seaboard Corp. |
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| 275 |
| 833,525 | |
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Ordnance & Accessories (No Vehicles/Guided Missiles) - 2.37% |
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Vista Outdoor, Inc. (2) |
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| 51,352 |
| 1,220,124 | |
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Plastics Products - 0.54% |
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Myers Industries, Inc. |
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| 13,450 |
| 279,491 | |
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Printed Circuit Boards - 5.51% |
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Celestica, Inc. (Canada) (2) |
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| 192,349 |
| 1,552,256 | ||
Sanmina Corp. (2) |
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| 40,393 |
| 1,288,133 | |
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| 2,840,389 |
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Retail-Grocery Stores - 1.82% |
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Ingles Markets, Inc. Class A |
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| 22,000 |
| 938,520 | ||
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Retail-Miscellaneous Shopping Goods Stores - 2.39% |
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The ODP Corp. (2) |
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| 42,070 |
| 1,232,651 | |
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Semiconductors & Related Devices - 2.81% |
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Emcore Corp. (2) |
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| 75,417 |
| 411,023 | |
Photronics, Inc. (2) |
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| 93,258 |
| 1,040,759 | |
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| 1,451,782 |
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Services-Business Services - 1.14% |
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Limelight Networks, Inc. (2) |
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| 147,575 |
| 588,824 | ||
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Services-Computer Integrated Systems Design - 8.69% |
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Allscripts Healthcare Solutions, Inc. (2) |
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| 155,088 |
| 2,239,471 | ||
Unisys Corp. (2) |
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| 114,003 |
| 2,243,579 | |
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| 4,483,050 |
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Services-Engineering Services - 1.38% |
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Hill International, Inc. (2) |
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| 369,817 |
| 710,049 | |
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Special Industry Machinery - 0.74% |
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Manitex International, Inc. (2) |
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| 73,928 |
| 381,469 | ||
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Surety Insurance - 3.74% |
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MGIC Investment Corp. |
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| 100,333 |
| 1,259,179 | |
Old Republic International Corp. |
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| 34,000 |
| 670,140 | ||
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| 1,929,319 |
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Surgical & Medical Instruments & Apparatus - 1.78% |
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Accuray, Inc. (2) |
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| 220,248 |
| 918,434 | |
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Telephone & Telegraph Apparatus - 7.10% |
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ADTRAN, Inc. |
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| 139,098 |
| 2,054,477 | |
Infinera Corp. (2) |
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| 153,656 |
| 1,610,315 | |
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| 3,664,792 |
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Telephone Communications (No Radio Telephone) - 2.10% |
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Vonage Holdings Corp. (2) |
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| 84,241 |
| 1,084,603 | ||
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Television Broadcasting Stations - 0.26% |
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Gray Television, Inc. (2) |
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| 7,637 |
| 136,626 | |
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Title Insurance - 2.53% |
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Stewart Information Services Corp. |
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| 27,000 |
| 1,305,720 | ||
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Water Supply - 0.11% |
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Pure Cycle Corp. (2) |
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| 5,200 |
| 58,396 | |
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Total Common Stock |
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| (Cost $ 38,812,131) |
| 50,284,030 | |
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Real Estate Investment Trusts - 1.32% | |||||||
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Brixmor Property Group, Inc. | 41,300 |
| 683,515 | ||||
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Total Real Estate Investment Trusts | (Cost $ 374,065) |
| 683,515 | ||||
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Money Market Registered Investment Companies - 1.85% | |||||||
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Federated Treasury Obligation Fund - Institutional Shares - .01% (4) | 956,480 |
| 956,480 | ||||
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Total Money Market Registered Investment Companies | (Cost $ 956,480) |
| 956,480 | ||||
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Total Investments - 100.65% | (Cost $ 40,142,676) |
| 51,924,025 | ||||
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Liabilities in Excess of Other Assets - -.65% |
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| (333,353) | ||||
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Total Net Assets - 100.00% |
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| 51,590,672 | ||||
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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 December 31, 2020 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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| $ | 51,924,025 | $ | 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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| $ | 51,924,025 | $ | 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. | |||||||
(3) All or a portion of this security is on loan. | |||||||
(4) Variable rate security; the money market rate shown represents the yield at December 31, 2020. | |||||||
(5) Investment in affiliate. The yield shown represents the 7-day yield in effect at December 31, 2020. | |||||||
(6) Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan. | |||||||
(7) Fair valued security deemed as Level 3 security. | |||||||
(8) Exchange-traded fund. | |||||||
(9) Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized | |||||||
appreciation/depreciation on the instrument. |