NPORT-EX 2 adirondacknportex.htm NPORT-EX




Schedule of Investments

December 31, 2020 (unaudited)

The Adirondack Small Cap Fund

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares or Principal

 

 

Security Description

 

 

Amount ($)

 

Fair Value ($)(1)

 

 

 

 

 

 

Common Stocks - 97.47%

 

 

 

 

 

 

 

 

Accident & Health Insurance - 3.51%

 

 

 

 

 

CNO Financial Group, Inc.

 

 

81,521

 

1,812,212

 

 

 

 

 

 

 

 

Apparel & Other Finished Products of Fabrics & Similar Material - 2.02%

 

 

 

 

Under Armour, Inc. Class A (2)

 

 

60,794

 

1,043,833

 

 

 

 

 

 

 

 

Business Services - 4.91%

 

 

 

 

 

Conduent, Inc. (2)

 

 

 

527,977

 

2,534,290

 

 

 

 

 

 

 

 

Cogeneration Services & Small Power Producers - 3.44%

 

 

 

 

 

Covanta Holding Corp.

 

 

 

135,121

 

1,774,139

 

 

 

 

 

 

 

 

Computer Communications Equipment - 1.54%

 

 

 

 

 

A10 Networks, Inc. (2)

 

 

 

80,546

 

794,184

 

 

 

 

 

 

 

 

Construction Special Trade Contractors - 1.83%

 

 

 

 

 

Matrix Service Co. (2)

 

 

 

85,627

 

943,610

 

 

 

 

 

 

 

 

Crude Petroleum & Natural Gas - 2.29%

 

 

 

 

 

Cabot Oil & Gas Corp.

 

 

 

72,600

 

1,181,928

 

 

 

 

 

 

 

 

Deep Sea Foreign Transportation of Freight - 5.14%

 

 

 

 

 

Ardmore Shipping Corp. (Bermuda) (2)

 

 

380,272

 

1,243,489

Seacor Holdings, Inc. (2)

 

 

 

33,915

 

1,405,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,649,266

 

 

 

 

 

 

 

 

Electric Lighting & Wiring Equipment - 3.77%

 

 

 

 

 

LSI Industries, Inc.

 

 

 

227,060

 

1,943,634

 

 

 

 

 

 

 

 

Electric & Other Services Combined - 2.49%

 

 

 

 

 

Allete, Inc.

 

 

 

 

20,747

 

1,285,069

 

 

 

 

 

 

 

 

Electrical Industrial Apparatus - 2.52%

 

 

 

 

 

Graftech International Ltd.

 

 

122,077

 

1,301,341

 

 

 

 

 

 

 

 

Finance Services - 0.89%

 

 

 

 

 

Mr. Cooper Group, Inc. (2)

 

 

14,774

 

458,437

 

 

 

 

 

 

 

 

Fire, Marine & Casualty Insurance - 3.89%

 

 

 

 

 

Third Point Reinsurance Ltd. (Bermuda) (2)

 

 

179,643

 

1,710,201

Tiptree, Inc.

 

 

 

 

59,599

 

299,187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,009,388

 

 

 

 

 

 

 

 

Glass Containers - 0.75%

 

 

 

 

 

O-I Glass, Inc. (2)

 

 

 

32,697

 

389,094

 

 

 

 

 

 

 

 

Heavy Construction Other Than Building Construction-Contractors - 2.32%

 

 

 

 

Williams Industrial Services Group, Inc. (2)

 

 

461,172

 

1,199,047

 

 

 

 

 

 

 

 

Household Audio & Video Equipment - 1.70%

 

 

 

 

 

Knowles Corp. (2)

 

 

 

47,709

 

879,277

 

 

 

 

 

 

 

 

Investment Advice - 1.69%

 

 

 

 

 

Lazard Ltd. Class A (Bermuda)

 

 

20,638

 

872,987

 

 

 

 

 

 

 

 

Laboratory Analytical Instruments - 1.05%

 

 

 

 

 

Harvard Bioscience, Inc. (2)

 

 

126,694

 

543,517

 

 

 

 

 

 

 

 

Life Insurance - 5.06%

 

 

 

 

 

 

Genworth Financial, Inc. Class A (2)

 

 

243,403

 

920,063

National Western Life Group, Inc. Class A

 

 

8,191

 

1,690,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,611,013

 

 

 

 

 

 

 

 

Meat Packing Plants - 1.62%

 

 

 

 

 

Seaboard Corp.

 

 

 

275

 

833,525

 

 

 

 

 

 

 

 

Ordnance & Accessories (No Vehicles/Guided Missiles) - 2.37%

 

 

 

 

 

Vista Outdoor, Inc. (2)

 

 

 

51,352

 

1,220,124

 

 

 

 

 

 

 

 

Plastics Products - 0.54%

 

 

 

 

 

Myers Industries, Inc.

 

 

 

13,450

 

279,491

 

 

 

 

 

 

 

 

Printed Circuit Boards - 5.51%

 

 

 

 

 

Celestica, Inc. (Canada) (2)

 

 

192,349

 

1,552,256

Sanmina Corp. (2)

 

 

 

40,393

 

1,288,133

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,840,389

 

 

 

 

 

 

 

 

Retail-Grocery Stores - 1.82%

 

 

 

 

 

Ingles Markets, Inc. Class A

 

 

22,000

 

938,520

 

 

 

 

 

 

 

 

Retail-Miscellaneous Shopping Goods Stores - 2.39%

 

 

 

 

 

The ODP Corp. (2)

 

 

 

42,070

 

1,232,651

 

 

 

 

 

 

 

 

Semiconductors & Related Devices - 2.81%

 

 

 

 

 

Emcore Corp. (2)

 

 

 

75,417

 

411,023

Photronics, Inc. (2)

 

 

 

93,258

 

1,040,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,451,782

 

 

 

 

 

 

 

 

Services-Business Services - 1.14%

 

 

 

 

 

Limelight Networks, Inc. (2)

 

 

147,575

 

588,824

 

 

 

 

 

 

 

 

Services-Computer Integrated Systems Design - 8.69%

 

 

 

 

 

Allscripts Healthcare Solutions, Inc. (2)

 

 

155,088

 

2,239,471

Unisys Corp. (2)

 

 

 

114,003

 

2,243,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,483,050

 

 

 

 

 

 

 

 

Services-Engineering Services - 1.38%

 

 

 

 

 

Hill International, Inc. (2)

 

 

 

369,817

 

710,049

 

 

 

 

 

 

 

 

Special Industry Machinery - 0.74%

 

 

 

 

 

Manitex International, Inc. (2)

 

 

73,928

 

381,469

 

 

 

 

 

 

 

 

Surety Insurance - 3.74%

 

 

 

 

 

MGIC Investment Corp.

 

 

 

100,333

 

1,259,179

Old Republic International Corp.

 

 

34,000

 

670,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,929,319

 

 

 

 

 

 

 

 

Surgical & Medical Instruments & Apparatus - 1.78%

 

 

 

 

 

Accuray, Inc. (2)

 

 

 

220,248

 

918,434

 

 

 

 

 

 

 

 

Telephone & Telegraph Apparatus - 7.10%

 

 

 

 

 

ADTRAN, Inc.

 

 

 

139,098

 

2,054,477

Infinera Corp. (2)

 

 

 

153,656

 

1,610,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,664,792

 

 

 

 

 

 

 

 

Telephone Communications (No Radio Telephone) - 2.10%

 

 

 

 

 

Vonage Holdings Corp. (2)

 

 

84,241

 

1,084,603

 

 

 

 

 

 

 

 

Television Broadcasting Stations - 0.26%

 

 

 

 

 

Gray Television, Inc. (2)

 

 

 

7,637

 

136,626

 

 

 

 

 

 

 

 

Title Insurance - 2.53%

 

 

 

 

 

 

Stewart Information Services Corp.

 

 

27,000

 

1,305,720

 

 

 

 

 

 

 

 

Water Supply - 0.11%

 

 

 

 

 

 

Pure Cycle Corp. (2)

 

 

 

5,200

 

58,396

 

 

 

 

 

 

 

 

Total Common Stock

 

 

 

(Cost $             38,812,131)

 

50,284,030

 

 

 

 

 

 

 

 

Real Estate Investment Trusts - 1.32%

 

 

 

 

Brixmor Property Group, Inc.

41,300

 

683,515

 

 

 

 

Total Real Estate Investment Trusts

(Cost $                  374,065)

 

683,515

 

 

 

 

Money Market Registered Investment Companies - 1.85%

 

 

 

 

Federated Treasury Obligation Fund - Institutional Shares - .01% (4)

956,480

 

956,480

 

 

 

 

Total Money Market Registered Investment Companies

(Cost $                  956,480)

 

956,480

 

 

 

 

Total Investments - 100.65%

(Cost $             40,142,676)

 

51,924,025

 

 

 

 

Liabilities in Excess of Other Assets - -.65%

 

 

(333,353)

 

 

 

 

Total Net Assets - 100.00%

 

 

51,590,672

 

 

 

 

 

 

 

 

 

 

 

 

(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 December 31, 2020 in valuing the Fund's assets carried at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in

 

Other Financial

Valuation Inputs

 

 

 

Securities

 

Instruments (9)

Level 1 - Quoted Prices

 

 

$

51,924,025

$

0

Level 2 - Other Significant Observable Inputs

 

 

0

 

-

Level 3 - Significant Unobservable Inputs

 

 

-

 

-

Total

 

 

 

$

51,924,025

$

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.

(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.