# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-25-000869
**Filing Date:** 2025-8
**Character Count:** 33721
**Document Hash:** f391a5cb6f995d9f6b6d87a6cbf13658
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000869.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001162044-25-000869

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21691
- **FILM NUMBER:** 251256200

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
| **<u>The Adirondack Small Cap Fund</u>** | **<u>The Adirondack Small Cap Fund</u>** | **<u>The Adirondack Small Cap Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 89.99%** | **Common Stocks - 89.99%** | **Common Stocks - 89.99%** |
| **Crude Petroleum & Natural Gas - 2.10%** |  |  |
| CNO Financial Group, Inc. | 14519  | 560143  |
| Hillman Solutions Corp. Class A (2) | 43879  | 313296  |
|  |  | 873439  |
| **Agriculture Production-Crops - 2.96%** |  |  |
| Dole PLC (Ireland) | 88021  | 1231414  |
| **Air Transportation Scheduled - 1.41%** |  |  |
| Alaska Air Group, Inc. (2) | 11845  | 586091  |
| **Apparel & Other Finished Products of Fabrics & Similar Material - 1.57%** |  |  |
| Under Armour, Inc. Class A (2) | 95830  | 654519  |
| **Banks - Regional - 1.10%** |  |  |
| Flagstar Financial, Inc. | 43023  | 456044  |
| **Business Services - 2.43%** |  |  |
| Conduent, Inc. (2) | 382402  | 1009541  |
| **Cogeneration Services & Small Power Producers - 2.84%** |  |  |
| AES Corp.  | 112383  | 1182269  |
| **Crude Petroleum & Natural Gas - 4.64%** |  |  |
| Antero Resources Corp. (2) | 31168  | 1255447  |
| Tetra Technologies, Inc. (2) | 200674  | 674265  |
|  |  | 1929712  |
| **Deep Sea Foreign Transportation of Freight - 1.94%** |  |  |
| Ardmore Shipping Corp. (Bermuda)  | 84021  | 806602  |
| **Electric Lighting & Wiring Equipment - 3.10%** |  |  |
| LSI Industries, Inc. | 75943  | 1291790  |
| **Electrical & Electronics - 3.03%** |  |  |
| TTM Technologies, Inc. (2) | 30911  | 1261787  |
| **Fire, Marine & Casualty Insurance - 7.62%** |  |  |
| SiriusPoint Ltd. (Bermuda) (2) | 68709  | 1400977  |
| Tiptree, Inc. Class A | 31574  | 744515  |
| United Fire Group, Inc. | 35797  | 1027374  |
|  |  | 3172865  |
| **Footwear, (No Rubber)- 2.61%** |  |  |
| Steven Madden Ltd. | 24370  | 584393  |
| Wolverine World Wide, Inc. | 27853  | 503582  |
|  |  | 1087975  |
| **Glass Containers - 1.15%** |  |  |
| O-I Glass, Inc. (2) | 32326  | 476485  |
| **Household Audio & Video Equipment - 1.48%** |  |  |
| Knowles Corp. (2) | 34919  | 615273  |
| **In Vitro & In Vivo Diagnostic Substances - 0.79%** |  |  |
| Neogen Corp. (2) | 68842  | 329065  |
| **Industrial Inorganic Chemicals - 1.75%** |  |  |
| LSB Industries, Inc. (2) | 93622  | 730252  |
| **Insurance Agents, Brokers & Services - 1.98%** |  |  |
| Abacus Global Management, Inc. (2) | 20320  | 104445  |
| Crawford & Co. Class A | 68032  | 719779  |
|  |  | 824223  |
| **Life Insurance - 6.17%** |  |  |
| Genworth Financial, Inc. Class A (2) | 178831  | 1391305  |
| Lincoln National Corp.  | 34035  | 1177611  |
|  |  | 2568916  |
| **Meat Packing Plants - 1.84%** |  |  |
| Seaboard Corp. | 268  | 766802  |
| **Pharmaceutical Preparations - 2.73%** |  |  |
| Perrigo plc (Ireland) | 42464  | 1134638  |
| **Plastics, Foil & Coated Paper Bags - 0.54%** |  |  |
| Newell Brands, Inc. | 41955  | 226557  |
| **Primary Smelting & Refining of Nonferrous Metals - 1.90%** |  |  |
| Ferroglobe PLC (United Kingdom) | 215548  | 791061  |
| **Printed Circuit Boards - 0.82%** |  |  |
| Celestica, Inc. (Canada) (2) | 75  | 11708  |
| Sanmina Corp. (2) | 3379  | 330568  |
|  |  | 342276  |
| **Retail-Grocery Stores - 2.25%** |  |  |
| Ingles Markets, Inc. Class A | 14760  | 935489  |
| **Retail-Miscellaneous Retail - 3.06%** |  |  |
| EZCORP, Inc. Class A (2) | 91715  | 1273004  |
| **Security Brokers, Dealers & Flotation Companies - 3.67%** |  |  |
| Virtu Financial, Inc. Class A | 34090  | 1526891  |
| **Services-Automotive Repair, Services & Parking - 1.03%** |  |  |
| Monro, Inc. | 28745  | 428588  |
| **Services-Business Services, NEC - 0.83%** |  |  |
| Research Solutions, Inc. (2) | 120728  | 346489  |
| **Services-Computer Integrated Systems Design - 4.29%** |  |  |
| Kyndryl Holdings, Inc. (2) | 13907  | 583538  |
| Unisys Corp. (2) | 169256  | 766730  |
| Veradigm, Inc. (2) | 92555  | 435009  |
|  |  | 1785276  |
| **Services- Engineering Services - 0.98%** |  |  |
| Mistras Group, Inc. (2) | 50892  | 407645  |
| **Services - Nursing & Personal Care Facilities - 4.70%** |  |  |
| Brookdale Senior Living, Inc. (2) | 103661  | 721481  |
| Healthcare Services Group, Inc. (2) | 82139  | 1234549  |
|  |  | 1956030  |
| **Sporting & Athletic Goods, Nec - 1.03%** |  |  |
| Clarus Corp. | 123447  | 428361  |
| **State Commercial Banks - 2.25%** |  |  |
| Trustco Bank Corp. NY | 28031  | 936796  |
| **Steel Works, Blast Furnaces Rolling Mills - 1.20%** |  |  |
| Metallus, Inc. (2) | 32532  | 501318  |
| **Surgical & Medical Instruments & Apparatus - 2.54%** |  |  |
| Orthofix Medical, Inc. (2) | 94841  | 1057477  |
| **Telephone & Telegraph Apparatus - 1.81%** |  |  |
| Ciena Corp. (2) | 9273  | 754173  |
| **Water Supply - 1.83%** |  |  |
| Pure Cycle Corp. (2) | 71007  | 761195  |
| Total Common Stock | (Cost $28,752,853) | 37448328  |
| **Real Estate Investment Trusts - 5.84%** | **Real Estate Investment Trusts - 5.84%** | **Real Estate Investment Trusts - 5.84%** |
| Brixmor Property Group, Inc. | 15570  | 405443  |
| Chatham Lodging Trust | 128544  | 895952  |
| Healthcare Realty Trust Inc. | 71143  | 1128328  |
| Total Real Estate Investment Trusts | (Cost $2,150,234) | 2429722  |
| **Money Market Registered Investment Companies - 4.04%** | **Money Market Registered Investment Companies - 4.04%** | **Money Market Registered Investment Companies - 4.04%** |
| Federated Treasury Obligation Fund - Institutional Shares - 4.14% (4) | 1679975  | 1679975  |
| Total Money Market Registered Investment Companies | (Cost $1,679,975) | 1679975  |
| **Total Investments - 99.87%** | (Cost $32,583,062) | 41558025  |
| Other Assets in Excess of Liabilities - 0.13% |  | 55594  |
| Total Net Assets - 100.00% |  | 41613620  |
| (1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | (1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. | (1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - quoted prices in active markets for identical securities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of June 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (9) |
| Level 1 - Quoted Prices | $41558025 | $0  |
| Level 2 - Other Significant Observable Inputs | 0 | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $41558025 | $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 | 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 | 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 | 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 | 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 | 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 | 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. | market, such securities are reflected as Level 2. | market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| (4) Variable rate security; the rate shown represents the yield at June 30, 2025. | (4) Variable rate security; the rate shown represents the yield at June 30, 2025. | (4) Variable rate security; the rate shown represents the yield at June 30, 2025. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Adirondack Funds

- **b. Investment Company Act file number:** 811-21691

- **c. CIK number of Registrant:** 0001311981

- **d. LEI of Registrant:** 54930096PEQ7NXEFKK26

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2390 Western Avenue

  - **City:** GUILDERLAND

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 12084

  - **Telephone number:** 518-690-0470

**Item A.2. Information about the Series.**

- **a. Name of Series:** The Adirondack Small Cap Fund

- **b. EDGAR series identifier (if any):** S000004764

- **c. LEI of Series:** 54930083FMYYVP37Z732

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $41693081.90

**Total Liabilities:** $79462.22

**Net Assets:** $41613619.68

**Cash Not Reported:** $23927.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012957 | -4.67%               | 3.95%                | 5.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $467784.28               | $-2253311.94                               |
| Month 2  | $450128.14               | $1010885.18                                |
| Month 3  | $509118.88               | $1557896.06                                |

### Schedule of Portfolio Investments

| Name                                            | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abacus Global Management, Inc.                  | Abacus Global Management, Inc.                            | CUSIP: 00258Y104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20320 | NS      | $104444.80    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                       | AES Corp.                                                 | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    112383 | NS      | $1182269.16   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group, Inc.                          | Alaska Air Group, Inc.                                    | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     11845 | NS      | $586090.60    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                          | Antero Resources Corp.                                    | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     31168 | NS      | $1255447.04   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                          | Ardmore Shipping Corp.                                    | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     84021 | NS      | $806601.60    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                    | Brixmor Property Group, Inc.                              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     15570 | NS      | $405442.80    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living, Inc.                   | Brookdale Senior Living, Inc.                             | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    103661 | NS      | $721480.56    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                       | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     14519 | NS      | $560143.02    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica, Inc.                                 | Celestica, Inc.                                           | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |        75 | NS      | $11708.25     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                           | Chatham Lodging Trust                                     | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128544 | NS      | $895951.68    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp.                                     | Ciena Corp.                                               | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      9273 | NS      | $754173.09    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp.                                    | Clarus Corp.                                              | CUSIP: 18270P109<br>LEI: F174K6FB0TWGSP17QZ32 | Long             | EC               | CORP              | US        |    123447 | NS      | $428361.09    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent, Inc.                                  | Conduent, Inc.                                            | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |    382402 | NS      | $1009541.28   | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co.                                  | Crawford & Co Class A                                     | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     68032 | NS      | $719778.56    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole plc                                        | Dole plc                                                  | CUSIP: G27907107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     88021 | NS      | $1231413.79   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, Inc.                                    | EZCORP, Inc. Class A                                      | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     91715 | NS      | $1273004.20   | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Money Market Obligations Trust | Federated Treasury Obligation Fund - Institutional Shares | CUSIP: 60934N500<br>LEI: 25490005VWJDWX717014 | Long             | STIV             | RF                | US        |   1679975 | NS      | $1679975.21   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe plc                                  | Ferroglobe plc                                            | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    215548 | NS      | $791061.16    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                        | Flagstar Financial, Inc.                                  | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     43023 | NS      | $456043.80    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial, Inc.                        | Genworth Financial, Inc. Class A                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    178831 | NS      | $1391305.18   | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                   | Healthcare Realty Trust, Inc.                             | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     71143 | NS      | $1128327.98   | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group, Inc.                 | Healthcare Services Group, Inc.                           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     82139 | NS      | $1234549.17   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp.                         | Hillman Solutions Corp. Class A                           | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     43879 | NS      | $313296.06    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                            | Ingles Markets, Inc. Class A                              | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     14760 | NS      | $935488.80    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp.                                   | Knowles Corp.                                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     34919 | NS      | $615272.78    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     13907 | NS      | $583537.72    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries, Inc.                            | LSB Industries, Inc.                                      | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     93622 | NS      | $730251.60    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                            | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     75943 | NS      | $1291790.43   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                          | Lincoln National Corp.                                    | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     34035 | NS      | $1177611.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus, Inc.                                  | Metallus, Inc.                                            | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     32532 | NS      | $501318.12    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group, Inc.                             | Mistras Group, Inc.                                       | CUSIP: 60649T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     50892 | NS      | $407644.92    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro, Inc.                                     | Monro, Inc.                                               | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28745 | NS      | $428587.95    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corporation                              | Neogen Corp.                                              | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     68842 | NS      | $329064.76    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands, Inc.                             | Newell Brands, Inc.                                       | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |     41955 | NS      | $226557.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                                 | O-I Glass, Inc.                                           | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32326 | NS      | $476485.24    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical, Inc.                          | Orthofix Medical, Inc.                                    | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     94841 | NS      | $1057477.15   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co. plc                                 | Perrigo Co. plc                                           | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     42464 | NS      | $1134638.08   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp.                                | Pure Cycle Corp.                                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     71007 | NS      | $761195.04    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions, Inc.                        | Research Solutions, Inc.                                  | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    120728 | NS      | $346489.36    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp.                                   | Sanmina Corp.                                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3379 | NS      | $330567.57    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                                  | Seaboard Corp.                                            | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       268 | NS      | $766801.60    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd.                                | SiriusPoint Ltd.                                          | CUSIP: G8192H106<br>LEI: 2LTXLGOFX5N78LZ32691 | Long             | EC               | CORP              | BM        |     68709 | NS      | $1400976.51   | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden, Ltd.                             | Steven Madden, Ltd.                                       | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     24370 | NS      | $584392.60    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies, Inc.                          | TTM Technologies, Inc.                                    | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     30911 | NS      | $1261787.02   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Technologies, Inc.                        | Tetra Technologies, Inc.                                  | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    200674 | NS      | $674264.64    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree, Inc.                                   | Tiptree, Inc. Class A                                     | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31574 | NS      | $744514.92    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustco Bank Corp. NY                           | Trustco Bank Corp. NY                                     | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28031 | NS      | $936796.02    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                              | Under Armour, Inc. Class A                                | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     95830 | NS      | $654518.90    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp.                                    | Unisys Corp.                                              | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |    169256 | NS      | $766729.68    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group, Inc.                         | United Fire Group, Inc.                                   | CUSIP: 910340108<br>LEI: 549300ZRC3FQZU7GNY20 | Long             | EC               | CORP              | US        |     35797 | NS      | $1027373.90   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                    | Veradigm, Inc.                                            | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     92555 | NS      | $435008.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial, Inc.                           | Virtu Financial, Inc. Class A                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     34090 | NS      | $1526891.10   | 3.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                      | Wolverine World Wide, Inc.                                | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     27853 | NS      | $503582.24    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** Adirondack Funds

**Signature:** /s/ Gregory A. Roeder

**Name of Signer:** Gregory A. Roeder

**Title:** President