# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-25-001275
**Filing Date:** 2025-12
**Character Count:** 82350
**Document Hash:** 3e7e97a682293c11b9beccdcb7aaa588
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001275.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001162044-25-001275

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adirondack Funds
- **CENTRAL INDEX KEY:** 0001311981

**ORGANIZATION NAME:**
- **EIN:** 201993634
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21691
- **FILM NUMBER:** 251555676

**BUSINESS ADDRESS:**
- **STREET 1:** 2390 WESTERN AVENUE
- **CITY:** GUILDERLAND
- **STATE:** NY
- **ZIP:** 12084
- **BUSINESS PHONE:** 518-690-0470

**MAIL ADDRESS:**
- **STREET 1:** 2390 WESTERN AVENUE
- **CITY:** GUILDERLAND
- **STATE:** NY
- **ZIP:** 12084

## Series and Classes Contracts Data

### Adirondack Small Cap Fund (Series ID: S000004764)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000012957 | Adirondack Small Cap Fund | ADKSX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 **FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-21691</u>

<u>Adirondack Funds</u>

(Exact name of Registrant as specified in charter)

<u>2390 Western Avenue, Guilderland, NY 12084</u>

(Address of principal executive offices)(Zip code)

Gregory A. Roeder, Adirondack Research and Management, Inc.

<u>2390 Western Avenue, Guilderland, NY 12084</u>

(Name and address of agent for service)

Copy to:

JoAnn M. Strasser, Thompson Hine LLP

41 South High Street, Suite 1700, Columbus, Ohio 43215

Registrant's telephone number, including area code: <u>(518) 690-0470</u>

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>September 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A Registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A Registrant is not required to respond to the collection of information contained in Form N-CSR 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 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. § 3507.

**Item 1. Reports to Stockholders.**

![AFunds3c](image_001.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT

**September 30, 2025 (Unaudited)**

THE ADIRONDACK SMALL CAP FUND

***ADKSX***

This semi-annual shareholder report contains important information about the Adirondack Small Cap Fund – ADKSX (the "Fund") for the period April 1, 2025 to September 30, 2025.

**<u>expense Information</u>**

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fund Name | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;The Adirondack Small Cap Fund | &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;1.48% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

In response to shifting market conditions, the Fund trimmed several outperforming positions to raise cash reserves. This strategic move aimed to prepare the portfolio for anticipated volatility following a period marked by investor complacency. The Fund also proactively upgraded its holdings, positioning itself for potentially more challenging market environments.

U.S. equity market performance has continued to be driven primarily by Technology stocks, in addition to select industrial companies benefiting from the ongoing expansion in artificial intelligence. This concentration of returns has resulted in defensive sectors—such as Staples, Healthcare, and Real Estate—being less favored by investors. The Fund's contrarian investment approach suggests that these out-of-favor sectors may present interesting investment opportunities in the future.

Starting in July, short- and intermediate-term Treasury rates declined, influenced by market expectations of forthcoming rate cuts. Meanwhile, longer-term rates remained elevated for much of the summer before eventually trending downward. Notably, this reduction in rates did not result in widening credit spreads—a typical indicator of market anxiety. Instead, high-yield credit spreads stayed relatively narrow, implying that investors were not excessively concerned about credit risk. This stands in contrast to the equities of many highly leveraged small cap companies, which continue to reflect a more pessimistic outlook. Current credit market conditions recall the words of Citicorp CEO Chuck Prince shortly before the 2007 financial crisis: "As long as the music is playing, you have to get up and dance." High-yield credit spreads have tightened further as declining money market rates prompt investors to take on greater risk. The Fund, however, prefers a more cautious approach at this time.

Looking ahead, the Fund anticipates increased market volatility that could test the resolve of short-term investors. Patience remains a key competitive advantage, and the Fund is well-positioned to identify new opportunities as the market becomes more selective. With ample capacity, the Adirondack Small Cap Fund seeks to attract like-minded, contrarian investors to join its pursuit of long-term capital appreciation.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

**FOR PERIODS ENDING SEPTEMBER 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;<u>1 Year</u> | &nbsp;&nbsp;<u>5 Years</u> | &nbsp;&nbsp;<u>10 Years</u> |
| &nbsp;&nbsp;Adirondack Small Cap Fund | &nbsp;&nbsp;16.73% | &nbsp;&nbsp;20.83% | &nbsp;&nbsp;9.51% |
| &nbsp;&nbsp;Standard & Poor's 500 Index \* | &nbsp;&nbsp;17.60% | &nbsp;&nbsp;16.47% | &nbsp;&nbsp;15.30% |
| &nbsp;&nbsp;iShares Russell 2000 Value ETF | &nbsp;&nbsp;7.70% | &nbsp;&nbsp;14.33% | &nbsp;&nbsp;9.05% |
| &nbsp;&nbsp;Morningstar US Small Cap Broad Value Extended Index | &nbsp;&nbsp;7.08% | &nbsp;&nbsp;15.97% | &nbsp;&nbsp;9.45% |

---

\* The Fund's broad-based securities market index (benchmark index) is the Standard & Poor's 500 Index (S&P 500). The S&P 500 is a market value-weighted index of 500 stocks seen as indicators of U.S. equities. You cannot invest directly in an index.

![](image_002.jpg)

**Past performance is not a good predictor of future performance.** The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Updated performance data current to the most recent month-end can be obtained by calling 1-888-686-2729.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;PAID BY FUND: |
| &nbsp;&nbsp;$46638925 | &nbsp;&nbsp;56 | &nbsp;&nbsp;23.66% | &nbsp;&nbsp;$218640 |

---

**<u>SECTOR WEIGHTINGS</u>**

The following chart gives a visual breakdown of the Fund by the sectors the underlying securities represent as a percentage of the portfolio of investments. Sectors are categorized using Global Industry Classification Standard (GICS®) classifications.

![](image_001.gif)

**T** **top ten holdings (% OF Net ASsets)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund - Institutional Shares | &nbsp;&nbsp;8.10% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Healthcare Services Group, Inc. | &nbsp;&nbsp;3.36% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;3.22% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;3.01% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;2.94% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;2.92% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;EZCORP, Inc. Class A | &nbsp;&nbsp;2.90% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;TTM Technologies, Inc. | &nbsp;&nbsp;2.87% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;2.75% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Antero Resources Corp. | &nbsp;&nbsp;2.73% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;34.80% |

---

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-686-2729, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Fund or your financial intermediary.

**<u>ADDITIONAL INFORMATION</u>**

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.adirondackfunds.com/fund-performance/ or contact the Fund at 1-888-686-2729.

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![](image_003.jpg)

**The Adirondack Small Cap Fund**

**ADKSX**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*SEPTEMBER 30, 2025*

*(UNAUDITED)*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;SCHEDULE OF INVESTMENTS | &nbsp;&nbsp;SCHEDULE OF INVESTMENTS |  |
| &nbsp;&nbsp;September 30, 2025 (Unaudited) | &nbsp;&nbsp;September 30, 2025 (Unaudited) |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 85.12%** | &nbsp;&nbsp;**COMMON STOCKS - 85.12%** |  |
| &nbsp;&nbsp;**Accident & Health Insurance - 1.17%** | &nbsp;&nbsp;**Accident & Health Insurance - 1.17%** |  |
| &nbsp;&nbsp;13819 | &nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 546541 |
| &nbsp;&nbsp;**Agriculture Production - Crops - 2.74%** | &nbsp;&nbsp;**Agriculture Production - Crops - 2.74%** |  |
| &nbsp;&nbsp;92013 | &nbsp;&nbsp;Dole PLC (Ireland) | &nbsp;&nbsp;1236655 |
| &nbsp;&nbsp;2810 | &nbsp;&nbsp;Limoneira Co. \* | &nbsp;&nbsp;41729 |
|  |  | &nbsp;&nbsp;1278384 |
| &nbsp;&nbsp;**Air Transportation, Scheduled - 1.33%** | &nbsp;&nbsp;**Air Transportation, Scheduled - 1.33%** |  |
| &nbsp;&nbsp;12445 | &nbsp;&nbsp;Alaska Air Group, Inc. \* | &nbsp;&nbsp;619512 |
| &nbsp;&nbsp;**Apparel & Other Finished Products of Fabrics & Similar Material - 2.53%** | &nbsp;&nbsp;**Apparel & Other Finished Products of Fabrics & Similar Material - 2.53%** |  |
| &nbsp;&nbsp;88365 | &nbsp;&nbsp;Under Armour, Inc. Class A \* | &nbsp;&nbsp;440941 |
| &nbsp;&nbsp;26200 | &nbsp;&nbsp;Carters, Inc. \* | &nbsp;&nbsp;739364 |
|  |  | &nbsp;&nbsp;1180305 |
| &nbsp;&nbsp;**Business Services - 2.17%** | &nbsp;&nbsp;**Business Services - 2.17%** |  |
| &nbsp;&nbsp;361526 | &nbsp;&nbsp;Conduent, Inc. \* | &nbsp;&nbsp;1012273 |
| &nbsp;&nbsp;**Cogeneration Services & Small Power Producers - 3.22%** | &nbsp;&nbsp;**Cogeneration Services & Small Power Producers - 3.22%** |  |
| &nbsp;&nbsp;114051 | &nbsp;&nbsp;Aes Corp. | &nbsp;&nbsp;1500911 |
| &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 4.26%** | &nbsp;&nbsp;**Crude Petroleum & Natural Gas - 4.26%** |  |
| &nbsp;&nbsp;37981 | &nbsp;&nbsp;Antero Resources Corp. \* | &nbsp;&nbsp;1274642 |
| &nbsp;&nbsp;124079 | &nbsp;&nbsp;Tetra Technologies, Inc. \* | &nbsp;&nbsp;713454 |
|  |  | &nbsp;&nbsp;1988096 |
| &nbsp;&nbsp;**Cutlery, Handtools & General Hardware - 0.77%** | &nbsp;&nbsp;**Cutlery, Handtools & General Hardware - 0.77%** |  |
| &nbsp;&nbsp;39251 | &nbsp;&nbsp;Hillman Solutions Corp. Class A \* | &nbsp;&nbsp;360324 |
| &nbsp;&nbsp;**Deep Sea Foreign Transportation of Freight - 2.26%** | &nbsp;&nbsp;**Deep Sea Foreign Transportation of Freight - 2.26%** |  |
| &nbsp;&nbsp;88700 | &nbsp;&nbsp;Ardmore Shipping Corp. (Bermuda) | &nbsp;&nbsp;1052869 |
| &nbsp;&nbsp;**Electric Lighting & Wiring Equipment - 3.01%** | &nbsp;&nbsp;**Electric Lighting & Wiring Equipment - 3.01%** |  |
| &nbsp;&nbsp;59500 | &nbsp;&nbsp;LSI Industries, Inc. | &nbsp;&nbsp;1404795 |
| &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 6.35%** | &nbsp;&nbsp;**Fire, Marine & Casualty Insurance - 6.35%** |  |
| &nbsp;&nbsp;66709 | &nbsp;&nbsp;SiriusPoint Ltd. (Bermuda) \* | &nbsp;&nbsp;1206766 |
| &nbsp;&nbsp;31717 | &nbsp;&nbsp;Tiptree, Inc. Class A | &nbsp;&nbsp;608015 |

---

37,605 United Fire Group, Inc. <u>1,143,944</u> <br> 2,958,725

*The accompanying notes are an integral part of these financial statements.*

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) | &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) |  |
| &nbsp;&nbsp;September 30, 2025 (Unaudited) | &nbsp;&nbsp;September 30, 2025 (Unaudited) |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**Footwear, (No Rubber) - 2.78%** | &nbsp;&nbsp;**Footwear, (No Rubber) - 2.78%** |  |
| &nbsp;&nbsp;16816 | &nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 461431 |
| &nbsp;&nbsp;24891 | &nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833351 |
|  |  | &nbsp;&nbsp;1294782 |
| &nbsp;&nbsp;**Glass Containers - 1.53%** | &nbsp;&nbsp;**Glass Containers - 1.53%** |  |
| &nbsp;&nbsp;55012 | &nbsp;&nbsp;O-I Glass, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713506 |
| &nbsp;&nbsp;**Household Audio & Video Equipment - 1.60%** | &nbsp;&nbsp;**Household Audio & Video Equipment - 1.60%** |  |
| &nbsp;&nbsp;32035 | &nbsp;&nbsp;Knowles Corp. \* | &nbsp;&nbsp;746736 |
| &nbsp;&nbsp;**Industrial Inorganic Chemicals - 1.54%** | &nbsp;&nbsp;**Industrial Inorganic Chemicals - 1.54%** |  |
| &nbsp;&nbsp;91121 | &nbsp;&nbsp;LSB Industries, Inc. \* | &nbsp;&nbsp;718033 |
| &nbsp;&nbsp;**Insurance Agents, Brokers & Service - 1.56%** | &nbsp;&nbsp;**Insurance Agents, Brokers & Service - 1.56%** |  |
| &nbsp;&nbsp;68032 | &nbsp;&nbsp;Crawford & Co. Class A | &nbsp;&nbsp;727942 |
| &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 0.41%** | &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 0.41%** |  |
| &nbsp;&nbsp;33678 | &nbsp;&nbsp;Neogen Corp. \* | &nbsp;&nbsp;192301 |
| &nbsp;&nbsp;**Life Insurance - 4.56%** | &nbsp;&nbsp;**Life Insurance - 4.56%** |  |
| &nbsp;&nbsp;84646 | &nbsp;&nbsp;Genworth Financial, Inc. Class A \* | &nbsp;&nbsp;753349 |
| &nbsp;&nbsp;34035 | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;1372632 |
|  |  | &nbsp;&nbsp;2125981 |
| &nbsp;&nbsp;**Meat Packing Plants - 1.30%** | &nbsp;&nbsp;**Meat Packing Plants - 1.30%** |  |
| &nbsp;&nbsp;166 | &nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;605402 |
| &nbsp;&nbsp;**Metal Mining - 1.29%** | &nbsp;&nbsp;**Metal Mining - 1.29%** |  |
| &nbsp;&nbsp;132601 | &nbsp;&nbsp;Ferroglobe PLC (United Kingdom) | &nbsp;&nbsp;603335 |
| &nbsp;&nbsp;**Oil & Gas Field Machinery & Equipment - 1.38%** | &nbsp;&nbsp;**Oil & Gas Field Machinery & Equipment - 1.38%** |  |
| &nbsp;&nbsp;9433 | &nbsp;&nbsp;Weatherford International PLC \* | &nbsp;&nbsp;645500 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 2.92%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 2.92%** |  |
| &nbsp;&nbsp;61202 | &nbsp;&nbsp;Perrigo Co. PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362969 |
| &nbsp;&nbsp;**Plastics Products - 0.45%** | &nbsp;&nbsp;**Plastics Products - 0.45%** |  |
| &nbsp;&nbsp;40000 | &nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209600 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) | &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) |  |
| &nbsp;&nbsp;September 30, 2025 (Unaudited) | &nbsp;&nbsp;September 30, 2025 (Unaudited) |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**Printed Circuit Boards - 3.61%** | &nbsp;&nbsp;**Printed Circuit Boards - 3.61%** |  |
| &nbsp;&nbsp;3000 | &nbsp;&nbsp;Sanmina Corp. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 345330 |
| &nbsp;&nbsp;23200 | &nbsp;&nbsp;TTM Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1336320 |
|  |  | &nbsp;&nbsp;1681650 |
| &nbsp;&nbsp;**Retail-Grocery Stores - 2.35%** | &nbsp;&nbsp;**Retail-Grocery Stores - 2.35%** |  |
| &nbsp;&nbsp;15765 | &nbsp;&nbsp;Ingles Markets, Inc. Class A | &nbsp;&nbsp;1096613 |
| &nbsp;&nbsp;**Retail-Miscellaneous Retail - 2.90%** | &nbsp;&nbsp;**Retail-Miscellaneous Retail - 2.90%** |  |
| &nbsp;&nbsp;71091 | &nbsp;&nbsp;EZCORP, Inc. Class A \* | &nbsp;&nbsp;1353573 |
| &nbsp;&nbsp;**Savings Institutions, Not Federally Chartered - 1.63%** | &nbsp;&nbsp;**Savings Institutions, Not Federally Chartered - 1.63%** |  |
| &nbsp;&nbsp;65936 | &nbsp;&nbsp;Flagstar Financial, Inc. | &nbsp;&nbsp;761561 |
| &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 1.99%** | &nbsp;&nbsp;**Security Brokers, Dealers & Flotation Companies - 1.99%** |  |
| &nbsp;&nbsp;26183 | &nbsp;&nbsp;Virtu Financial, Inc. Class A | &nbsp;&nbsp;929497 |
| &nbsp;&nbsp;**Services-Automotive Repair, Services & Parking - 1.54%** | &nbsp;&nbsp;**Services-Automotive Repair, Services & Parking - 1.54%** |  |
| &nbsp;&nbsp;39880 | &nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;716644 |
| &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 3.28%** | &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 3.28%** |  |
| &nbsp;&nbsp;17755 | &nbsp;&nbsp;Kyndryl Holdings, Inc. \* | &nbsp;&nbsp;533183 |
| &nbsp;&nbsp;150138 | &nbsp;&nbsp;Unisys Corp. \* | &nbsp;&nbsp;585538 |
| &nbsp;&nbsp;85781 | &nbsp;&nbsp;Veradigm, Inc. \* | &nbsp;&nbsp;411749 |
|  |  | &nbsp;&nbsp;1530470 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.66%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.66%** |  |
| &nbsp;&nbsp;147967 | &nbsp;&nbsp;Nextdoor Holdings, Inc. Class A \* | &nbsp;&nbsp;309251 |
| &nbsp;&nbsp;**Services-Business Services - 1.08%** | &nbsp;&nbsp;**Services-Business Services - 1.08%** |  |
| &nbsp;&nbsp;135080 | &nbsp;&nbsp;Research Solutions, Inc. \* | &nbsp;&nbsp;503848 |
| &nbsp;&nbsp;**Services-Engineering Services - 1.12%** | &nbsp;&nbsp;**Services-Engineering Services - 1.12%** |  |
| &nbsp;&nbsp;52918 | &nbsp;&nbsp;Mistras Group, Inc. \* | &nbsp;&nbsp;520713 |
| &nbsp;&nbsp;**Services-Nursing & Personal Care Facilities - 5.19%** | &nbsp;&nbsp;**Services-Nursing & Personal Care Facilities - 5.19%** |  |
| &nbsp;&nbsp;100747 | &nbsp;&nbsp;Brookdale Senior Living, Inc. \* | &nbsp;&nbsp;853327 |
| &nbsp;&nbsp;93003 | &nbsp;&nbsp;Healthcare Services Group, Inc. \* | &nbsp;&nbsp;1565240 |
|  |  | &nbsp;&nbsp;2418567 |

---

*The accompanying notes are an integral part of these financial statements.*

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) | &nbsp;&nbsp;SCHEDULE OF INVESTMENTS (CONTINUED) |  |
| &nbsp;&nbsp;September 30, 2025 (Unaudited) | &nbsp;&nbsp;September 30, 2025 (Unaudited) |  |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**Sporting & Athletic Goods - 0.74%** | &nbsp;&nbsp;**Sporting & Athletic Goods - 0.74%** |  |
| &nbsp;&nbsp;99035 | &nbsp;&nbsp;Clarus Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 346623 |
| &nbsp;&nbsp;**State Commercial Banks - 1.47%** | &nbsp;&nbsp;**State Commercial Banks - 1.47%** |  |
| &nbsp;&nbsp;18848 | &nbsp;&nbsp;Trustco Bank Corp. NY | &nbsp;&nbsp;684182 |
| &nbsp;&nbsp;**Steel Works, Blasts Furnaces Rolling Mills - 1.15%** | &nbsp;&nbsp;**Steel Works, Blasts Furnaces Rolling Mills - 1.15%** |  |
| &nbsp;&nbsp;32532 | &nbsp;&nbsp;Metallus, Inc. \* | &nbsp;&nbsp;537754 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.40%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 2.40%** |  |
| &nbsp;&nbsp;76283 | &nbsp;&nbsp;Orthofix Medical, Inc. \* | &nbsp;&nbsp;1116783 |
| &nbsp;&nbsp;**Telephone & Telephone Apparatus - 1.17%** | &nbsp;&nbsp;**Telephone & Telephone Apparatus - 1.17%** |  |
| &nbsp;&nbsp;3735 | &nbsp;&nbsp;Ciena Corp. \* | &nbsp;&nbsp;544077 |
| &nbsp;&nbsp;**Water Supply - 1.71%** | &nbsp;&nbsp;**Water Supply - 1.71%** |  |
| &nbsp;&nbsp;72007 | &nbsp;&nbsp;Pure Cycle Corp. \* | &nbsp;&nbsp;797118 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $28,097,668) - 85.12% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $28,097,668) - 85.12% | &nbsp;&nbsp; 39697746 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 6.28%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 6.28%** |  |
| &nbsp;&nbsp;13324 | &nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368808 |
| &nbsp;&nbsp;145335 | &nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975198 |
| &nbsp;&nbsp;27816 | &nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302082 |
| &nbsp;&nbsp;71143 | &nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282708 |
| &nbsp;&nbsp;TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,540,253) - 6.28% | &nbsp;&nbsp;TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,540,253) - 6.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928796 |
| &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 8.10%** | &nbsp;&nbsp;**SHORT-TERM INVESTMENT - 8.10%** |  |
| &nbsp;&nbsp;3780511 | &nbsp;&nbsp;Federated Hermes Treasury Obligations Fund - Institutional Shares 3.98% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3780511 |
| &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT (Cost $3,780,511) - 8.10% | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT (Cost $3,780,511) - 8.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3780511 |
| &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $34,418,432) - 99.50%** | &nbsp;&nbsp;**TOTAL INVESTMENTS (Cost $34,418,432) - 99.50%** | &nbsp;&nbsp; 46407053 |
| &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES, NET - 0.50%** | &nbsp;&nbsp;**OTHER ASSETS LESS LIABILITIES, NET - 0.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231872 |
| &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;**NET ASSETS - 100.00%** | &nbsp;&nbsp;$46638925 |

---

\* Non-income producing securities during the period. <br> \*\* Variable rate security; the money market rate shown represents the yield at September 30, 2025.

*The accompanying notes are an integral part of these financial statements.*

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;STATEMENT OF ASSETS AND LIABILITIES | &nbsp;&nbsp;STATEMENT OF ASSETS AND LIABILITIES |  |
| &nbsp;&nbsp;September 30, 2025 (Unaudited) | &nbsp;&nbsp;September 30, 2025 (Unaudited) |  |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $34,418,432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Securities, at Fair Value (Cost $34,418,432) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 46407053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46704513 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Redemptions | &nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Advisor | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65588 |
| &nbsp;&nbsp;Net Assets |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 46638925 |
| &nbsp;&nbsp;Net Assets Consist of: | &nbsp;&nbsp;Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 31406843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15232082 |
| &nbsp;&nbsp;Net Assets, for 1,352,997 Shares Outstanding | &nbsp;&nbsp;Net Assets, for 1,352,997 Shares Outstanding | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 46638925 |
| &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.47 |

---

*The accompanying notes are an integral part of these financial statements.*

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |  |
| &nbsp;&nbsp;STATEMENT OF OPERATIONS | &nbsp;&nbsp;STATEMENT OF OPERATIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025 (UNAUDITED) |
| &nbsp;&nbsp;Investment Income: | &nbsp;&nbsp;Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 316240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365255 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and Mailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5651) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307212 |
| &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58043 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments: | &nbsp;&nbsp;Realized and Unrealized Gain on Investments: |  |
| &nbsp;&nbsp; Realized Gain on Investments | &nbsp;&nbsp; Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3002021 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3329127 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments | &nbsp;&nbsp;Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6331148 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;6389191 |

---

*The accompanying notes are an integral part of these financial statements.*

 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |
| &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS | &nbsp;&nbsp;STATEMENTS OF CHANGES IN NET ASSETS |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 |
| &nbsp;&nbsp;Increase (Decrease) in Net Assets From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58043 | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (48615) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3002021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2454580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3329127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6389191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097948 |
| &nbsp;&nbsp;Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Dividends and Distributions Paid to Shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;Capital Share Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (432589) |
| &nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7956125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665359 |
| &nbsp;&nbsp;Net Assets: |  |  |
| &nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38682800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36017441 |
| &nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$46638925 | &nbsp;&nbsp;$38682800 |

---

*The accompanying notes are an integral part of these financial statements.*

 

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** | &nbsp;&nbsp;**The Adirondack Small Cap Fund** |
| &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS | &nbsp;&nbsp;FINANCIAL HIGHLIGHTS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SELECTED DATA FOR A SHARE OUTSTANDING THROUGHT THE PERIOD/YEAR. |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended | &nbsp;&nbsp;Years Ended |
|  | &nbsp;&nbsp;9/30/2025 | &nbsp;&nbsp;3/31/2025 | &nbsp;&nbsp;3/31/2024 | &nbsp;&nbsp;3/31/2023 | &nbsp;&nbsp;3/31/2022 | &nbsp;&nbsp;3/31/2021 |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.32 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 23.34 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 23.17 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.35 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.99 |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06) |
| &nbsp;&nbsp; Net Gain on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.38 |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.47 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 29.74 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 27.32 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 23.34 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 23.17 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 21.35 |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;15.90% &nbsp;&nbsp;(b) | &nbsp;&nbsp;8.86% | &nbsp;&nbsp;17.05% | &nbsp;&nbsp;0.73% | &nbsp;&nbsp;8.52% | &nbsp;&nbsp;94.50% |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 46639 | &nbsp;&nbsp;$38683 | &nbsp;&nbsp;$36017 | &nbsp;&nbsp;$34416 | &nbsp;&nbsp;$46702 | &nbsp;&nbsp;$56464 |
| &nbsp;&nbsp; Before Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.51% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.53% | &nbsp;&nbsp;1.59% | &nbsp;&nbsp;1.59% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Gain (Loss) to Average Net Assets | &nbsp;&nbsp;0.25% &nbsp;&nbsp;(a) | &nbsp;&nbsp; (0.18)% | &nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; (0.27)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.38)% |
| &nbsp;&nbsp; After Waivers and Reimbursements |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.48% &nbsp;&nbsp;(a) | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;1.48% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;1.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Gain (Loss) to Average Net Assets | &nbsp;&nbsp;0.28% &nbsp;&nbsp;(a) | &nbsp;&nbsp; (0.13)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.16)% | &nbsp;&nbsp; (0.45)% | &nbsp;&nbsp; (0.38)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;23.66% &nbsp;&nbsp;(b) | &nbsp;&nbsp;38.91% | &nbsp;&nbsp;32.99% | &nbsp;&nbsp;28.07% | &nbsp;&nbsp;21.81% | &nbsp;&nbsp;32.52% |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the year. |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;(a) Annualized. |  |  |  |  |  |  |
| &nbsp;&nbsp;(b) Not annualized. |  |  |  |  |  |  |

---

*The accompanying notes are an integral part of these financial statements.*

 

 

**The Adirondack Small Cap Fund**

NOTES TO FINANCIAL STATEMENTS

SePTEMBER 30, 2025 (UNAUDITED)

**Note 1. Organization**

The Adirondack Small Cap Fund (the "Fund") is the only series of Adirondack Funds (the "Trust"), an open-end, diversified, investment company that was organized as an Ohio business trust on December 8, 2004. The Trust is permitted to issue an unlimited number of shares of beneficial interest of separate series. The Fund commenced investment operations April 6, 2005. The Fund's investment objective is long-term capital appreciation. The Fund's principal investment strategy is to invest in a diversified portfolio of equity securities of small capitalization companies that the Fund's investment advisor, Adirondack Research & Management, Inc. (the "Advisor"), believes are undervalued.

**Note 2. Summary of Significant Accounting Policies**

*The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification Topic 946, including Financial Accounting Standards Board Accounting Standards Update 2013-08 applicable to investment companies.* 

 

*Security Valuation:* All investments in securities are recorded at their estimated fair value according to the procedures described in Note 3.

*Foreign currency:* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

*Federal Income Taxes:* The Fund makes no provision for federal income or excise tax. The Fund intends to qualify each year as a "regulated investment company" ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of its taxable income. The Fund also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Fund could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Fund's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken in the Fund's 2025 tax returns. The Fund identifies its major tax jurisdiction as U.S. federal, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended September 30, 2025, the Fund did not incur any interest or penalties.

*Distributions to Shareholders:* The Fund intends to distribute to its shareholders substantially all of its net realized capital gains and net investment income, if any, at year-end. Distributions will be recorded on the ex-dividend date.

*Security Transactions and Investment Income:* The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. Discounts and premiums are amortized over the useful lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

*Use of Estimates:* The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

*Reclassifications:* The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations which may differ from GAAP. These differences are due to different treatments for items such as net short-term gains, deferral of wash sales losses, flow through income from real estate investment trusts and net investment losses. Permanent differences such as tax return of capital, capital gains retained and net investment losses, if any, would be reclassified against capital.

**Note 3. Security Valuations** 

***Processes and Structure***

 ****

The Board of Trustees has adopted guidelines for valuing securities including in circumstances in which market quotes are not readily available and the Board of Trustees has the responsibility for determining fair value prices.

***Fair Value Pricing Policy***

If market quotations are not readily available, the security will be valued at fair value (the amount which the owner might reasonably expect to receive for the security upon its current sale) as determined in good faith by the Board of Trustees ("Fair Value" Pricing). The Board of Trustees uses reasonable diligence in determining whether market quotations are readily available. If, for example, the Board of Trustees determines that one source of market value is unreliable, the Board of Trustees will diligently seek market quotations from other sources, such as other brokers or pricing services, before concluding that market quotations are not available. Fair Value Pricing is not permitted when market quotations are readily available.

***Hierarchy of Fair Value Inputs***

The Fund utilizes various methods to measure the fair value of most of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted
prices in active markets for identical assets or liabilities that the Fund has the ability to access.

· *Level 2.* Observable inputs
other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. These inputs
may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment
speeds, credit risk, yield curves, default rates, and similar data.

· *Level 3.* Unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the company's own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information
available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

***Fair Value Measurements***

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.

*Equity securities (common stocks and real estate investment trusts).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized in Level 2. Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also categorized in Level 2.

*Short term investments.* Investments in other open-end investment companies, including money market funds, are valued at the investment company's net asset value per share. These securities will be categorized in Level 1 of the fair value hierarchy.

The following table summarizes the inputs used to value the Fund's assets and liabilities measured at fair value as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** | &nbsp;&nbsp;**Financial Instruments—Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***Level 1*** | &nbsp;&nbsp;***Level 2*** | &nbsp;&nbsp;***Level 3*** | &nbsp;&nbsp;***Fair Value*** |
| &nbsp;&nbsp;Common Stocks \* | &nbsp;&nbsp;$39697746 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$39697746 |
| &nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;2928796 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;2928796 |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;3780511 | &nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;3780511 |
|  | &nbsp;&nbsp;$46407053 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$46407053 |

---

The Fund did not hold any Level 3 assets during the six months ended September 30, 2025. The Fund did not hold any derivative instruments at any time during the six months ended September 30, 2025. There were no significant transfers into and out of Level 1 or Level 2 during the period. It is the Fund's policy to recognize transfers into and out of all levels at the end of the reporting period.

\* Industry classifications of these categories are detailed on the Fund's Schedule of Investments.

**Note 4. Investment Management Agreement and Related Party**

The Fund has a management agreement (the "Agreement") with the Advisor to furnish investment advisory and management services to the Fund. Gregory A. Roeder and Matthew Reiner, each an officer of the Fund, are shareholders of the Advisor. Under the Agreement, the Advisor earns a monthly fee from the Fund. The monthly fee is based on an annual rate of 1.08% of the Fund's average daily net assets. The Advisor agrees to waive fees or reimburse the Fund should the total operating expenses of the Fund exceed 1.48% until August 1, 2026. The Advisor's obligation to waive fees or reimburse expenses excludes brokerage fees and commissions, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), taxes, extraordinary expenses, and costs of acquired funds. Any waiver or reimbursement by the Advisor is subject to repayment by the Fund within three years after the waived and/or reimbursed expenses occurred, if the Fund is able to make repayment without exceeding the lessor of its current expense limitation or the expense limitation in effect at the time of the reduction, and the repayment is approved by the Board of Trustees. For the six months ended September 30, 2025, the Advisor earned advisory fees of $224,291. As of September 30, 2025, the Fund owed the Advisor $40,193. For the six months ended September 30, 2025, the Advisor waived fees of $5,651.

The Advisor has the ability to recoup previously waived fees or expenses in accordance with the Expense Limitation Agreement as follows:

---

| | | |
|:---|:---|:---|
| Fiscal Year End | Expiration | Amount |
| March 31, 2023 | March 31, 2026 | $40114 |
| March 31, 2024 | March 31, 2027 | $36739 |
| March 31, 2025 | March 31, 2028 | $19643 |

---

***<u>Related Party</u>***

An employee of the Advisor is also, independently, the Chief Compliance Officer of the Fund. The Board of Trustees approves the annual compliance officer fees paid directly by the Fund to this individual. This individual was the Chief Compliance Officer of the Fund before becoming an employee of the Advisor.

**Note 5. Segment Reporting**

The Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of the Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for the Fund is the information utilized for the day-to-day management of the Fund. The Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to the Fund based on performance measurements. Due to the significance of oversight and its role, the Advisor is deemed to be the Chief Operating Decision Maker.

**Note 6. Capital Share Transactions**

The Fund is authorized to issue an unlimited number of shares of separate series. Transactions in capital for the six months ended September 30, 2025 and year ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>September 30, 2025</u>** | &nbsp;&nbsp; **<u>September 30, 2025</u>** | &nbsp;&nbsp; **<u>March 31, 2025</u>** | &nbsp;&nbsp; **<u>March 31, 2025</u>** |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares sold | &nbsp;&nbsp;138830 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4241511 | &nbsp;&nbsp;159397 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;4785311 |
| &nbsp;&nbsp;Shares reinvested | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; (86316) | &nbsp;&nbsp; (2674577) | &nbsp;&nbsp; (177051) | &nbsp;&nbsp; (5217900) |
| &nbsp;&nbsp; Net increase/(decrease) | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 52514</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;1566934</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(17654)</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;(432589)</u> |

---

**Note 7. Investment Transactions**

For the six months ended September 30, 2025, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $9,325,165 and $10,751,936, respectively.

**Note 8. Tax Matters**

As of March 31, 2025, the tax basis components of unrealized appreciation (depreciation) and cost of investment securities were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Federal tax cost of investments, including short-term investments \* | &nbsp;&nbsp;<u>$30587259</u> |
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$10960251 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3019428) |
| &nbsp;&nbsp;Net tax appreciation of investments | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 7940823</u> |

---

\* The difference between the book cost and tax cost of investments represents the tax deferral of losses on wash sales.

The Fund's distributable earnings on a tax basis is determined only at the end of each fiscal year. As of March 31, 2025, the Fund's most recent fiscal year end, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Undistributed ordinary income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484398 |
| &nbsp;&nbsp;Undistributed capital gains | &nbsp;&nbsp;417670 |
| &nbsp;&nbsp;Net Unrealized Appreciation of Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7940823 |
| &nbsp;&nbsp; Total Distributable Earnings | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp; 8842891</u> |

---

Under current tax law, net capital losses realized after October 31 and net ordinary losses incurred after December 31 may be deferred and treated as occurring on the first day of the following year. The Fund utilized $863,650 of its capital loss carryforward during the year ended March 31, 2025.

Ordinary income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from GAAP.

No distributions were paid during the six months ended September 30, 2025 and years ended March 31, 2025 and 2024.

**Note 9. Commitments and Contingencies**

In the normal course of business, the Fund may enter into contracts that contain a variety of representations and warranties and provide general indemnifications. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated; however, management considers the risk of loss from such claims to be remote.

**Note 10. Control and Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of a fund under section 2(a)(9) of the Investment Company Act of 1940, as amended. As of September 30, 2025, National Financial Services Corp., for the benefit of its customers, owned approximately 37% of the Fund.

**Note 11. Risk Factors**

Overall market risks may also affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions and depressions, tariffs and trade wars, climate change and climate-related events or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**Note 12. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Fund through the issuance of these financial statements and has noted no such events requiring disclosure.

**The Adirondack Small Cap Fund**

ADDITIONAL INFORMATION

SEPTEMBER 30, 2025 (UNAUDITED)

***Proxy Voting*** - A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Fund at (888) 686-2729 and (2) from Fund documents filed with the SEC on the SEC's website at <u>www.sec.gov</u>. A review of how the Fund voted on company proxies can be obtained at the Fund's transfer agent's website, <u>www.mutualss.com</u>.

***Renewal of Management Agreement*** - At a meeting of the Board of Adirondack Funds (held May 22, 2025), the Board of Trustees considered renewal of the advisory contract ("Management Agreement") with Adirondack Research & Management, Inc. ("ARMI" or "Advisor"). The Trustees relied upon the advice of legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement, and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Management Agreement.

 ****

The Board considered several items when determining whether to renew the Management Agreement, including:

1. Quality/Nature of Services of ARMI to the Fund.

The Trustees agreed that they were satisfied with the quality and nature of services the Fund receives from the Advisor; the quality and nature of services provided by the Advisor remained consistent from year to year and within the Trustees' expectations. Among other factors, the Trustees noted that:

&nbsp;&nbsp;&nbsp;&nbsp;· The Advisor continued to provide
administrative services to the Fund at no cost to the Fund, when normally these services are provided by an administrator and charged
to the shareholder.

2. Performance

The Trustees reviewed the Fund's performance and were pleased with its strong short and long term performance. The Fund outperformed its benchmark, the Standard & Poor's 500 Index, for the 1 and 5-year periods; outperformed its Morningstar Small Cap Value Peer Group for the 1, 3, and 5-year periods; outperformed the iShares Russell 2000 Value ETF (IWN) for the 1, 3, 5, and 10-year periods and the Since Inception period; and outperformed the Morningstar US Small Cap Broad Value Extended Index for the 1, 3, and 5-year periods.

3. Management Fee

Taking into consideration the Advisor's quality of service, the Board deemed the Management Fee reasonable. The Management Fee remains at 1.08% (above the average (0.96%) and median (0.97%) for no load, non-institutional, actively managed open-end small cap value funds with less than $100MM in assets). The Management Fee at 1.08% is less than the high advisory fee of 1.46% for no load, non-institutional, actively managed open-end small cap value funds with less than $100MM in assets. The annualized Expense Ratio is 1.48% (slightly above the average (1.41%) and median (1.42%) expense ratio for no load, non-institutional, actively managed open-end small cap value funds with less than $100MM in assets). The annualized Expense Ratio at 1.48% is less than the high Expense Ratio of 2.00% for no load, non-institutional, actively managed open-end small cap value funds with less than $100MM in assets. The annualized Expense Ratio at 1.48% is above the Morningstar small cap value category average expense ratio at 1.18%; slightly above the median at 1.42%. Per Morningstar, the Fund overall is rated 4 Stars (out of 5). The Fund is rated 5 Stars for the 3-year period, 5 Stars for the 5-year period, and 3 Stars for the 10-year period, and the expense level is "High" according to Morningstar.

The Advisor points out that it does not pass along any Shareholder Servicing fees to the Fund (platform fees associated with Shareholder Servicing). Shareholder Servicing is the second highest expense of the Advisor for the Fund (after personnel). The Advisor has lowered its fee when economies of scale have allowed.

4. Profitability

The Trustees reviewed the profitability of the Advisor. Specifically, the Trustees considered the gross and net advisory fees earned by the Advisor as well as the direct expenses of the Advisor for servicing the Fund. The Trustees were reminded that they should consider the Advisor's net profit before taking into account any marketing and distribution expenses. The Trustees reviewed the revenue, recoupment, and finances of the Advisor and assessed the Advisor's financial condition from its income statement and balance sheet. The Trustees concluded the Advisor's profitability to be not excessive both in terms of dollars earned and as a percentage of revenue considering the services provided by the Advisor.

5. Economies of Scale

Per the Fund's Annual Report, the Total Annual Fund Operating Expense Ratio for the Fiscal Year ended March 31, 2025 (after waivers/reimbursements by the Advisor) was the same as last year at 1.48%. In fact, it has been 1.48% for the last three Fiscal Years. The Trustees noted that the Advisor hopes to keep expenses relatively stable/declining slightly by watching expenses closely and taking cost savings when available. The Trustees also agreed that, in light of all of the information considered, the absence of breakpoints was acceptable.

Having requested and received such information from the Advisor as the Trustees believed to be reasonably necessary to evaluate the terms of the advisory agreement, upon motion duly made and seconded, the renewal of the Management Agreement was approved by the unanimous vote of the Trustees, including those Trustees who are not "interested persons" of the Trust as defined in the 1940 Act.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The Registrant has not adopted procedures by which shareholders may recommend nominees to the Registrant's board of directors.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing of this report.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no significant changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) EX-99.CODE ETH. Not applicable.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; EX-99.906CERT. Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and 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.

<u>Adirondack Funds</u>

By <u>/s/Gregory A. Roeder</u>

\*Gregory A. Roeder

President and Principal Executive Officer

Date <u>December 8, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By <u>/s/Gregory A. Roeder</u>

\*Gregory A. Roeder

President and Principal Executive Officer

Date <u>December 8, 2025</u>

By <u>/s/Matthew Reiner</u>

\*Matthew Reiner

Treasurer and Principal Financial Officer

Date <u>December 8, 2025</u>

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

## Ex-99.Cert

<u>CERTIFICATION</u>

I, Gregory A. Roeder, certify that:

1. I have reviewed this report on Form N-CSR of Adirondack Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>December 8, 2025</u>

<u>/s/ Gregory A. Roeder</u>

Gregory A. Roeder

President and Principal Executive Officer

<u>CERTIFICATION</u>

I, Matthew Reiner, certify that:

1. I have reviewed this report on Form N-CSR of Adirondack Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>December 8, 2025</u>

<u>/s/ Matthew Reiner</u>

Matthew Reiner

Treasurer and Principal Financial Officer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

<u>Gregory A. Roeder</u>, President & Principal Executive Officer, and <u>Matthew Reiner</u>, Treasurer & Principal Financial Officer of <u>Adirondack Funds</u> (the "Registrant"), each certify to the best of his or her knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President & Principal Executive Officer

Treasurer & Principal Financial Officer

Adirondack Funds

Adirondack Funds

/s/ <u>Gregory A. Roeder</u>

/s/ <u>Matthew Reiner</u>

Gregory A. Roeder

Matthew Reiner

Date: <u>December 8, 2025</u>

Date: <u>December 8, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Adirondack Funds</u> and will be retained by <u>Adirondack Funds</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

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