# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-25-001226
**Filing Date:** 2025-11
**Character Count:** 23482
**Document Hash:** 6aa146843f99593e9399f6a579cb7a4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001226.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001162044-25-001226

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251534434

**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           |

## 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:** 2025-09-30

**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:** $46704679.27

**Total Liabilities:** $65754.49

**Net Assets:** $46638924.78

**Cash Not Reported:** $16886.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012957 | 1.97%                | 7.74%                | 1.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $423776.04               | $425613.67                                 |
| Month 2  | $426881.11               | $2786281.46                                |
| Month 3  | $724332.22               | $-198236.69                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AES Corp.                                       | AES Corp.                                                 | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |    114051 | NS      | $1500911.16   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group, Inc.                          | Alaska Air Group, Inc.                                    | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     12445 | NS      | $619512.10    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                          | Antero Resources Corp.                                    | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     37981 | NS      | $1274642.36   | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                          | Ardmore Shipping Corp.                                    | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     88700 | NS      | $1052869.00   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                    | Brixmor Property Group, Inc.                              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     13324 | NS      | $368808.32    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living, Inc.                   | Brookdale Senior Living, Inc.                             | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    100747 | NS      | $853327.09    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                       | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     13819 | NS      | $546541.45    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters, Inc.                                   | Carters, Inc.                                             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     26200 | NS      | $739364.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                           | Chatham Lodging Trust                                     | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    145335 | NS      | $975197.85    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp.                                     | Ciena Corp.                                               | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      3735 | NS      | $544077.45    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp.                                    | Clarus Corp.                                              | CUSIP: 18270P109<br>LEI: F174K6FB0TWGSP17QZ32 | Long             | EC               | CORP              | US        |     99035 | NS      | $346622.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent, Inc.                                  | Conduent, Inc.                                            | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |    361526 | NS      | $1012272.80   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co.                                  | Crawford & Co Class A                                     | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     68032 | NS      | $727942.40    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole plc                                        | Dole plc                                                  | CUSIP: G27907107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     92013 | NS      | $1236654.72   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, Inc.                                    | EZCORP, Inc. Class A                                      | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     71091 | NS      | $1353572.64   | 2.90%             |  |  |  | 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        |   3780511 | NS      | $3780511.11   | 8.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe plc                                  | Ferroglobe plc                                            | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |    132601 | NS      | $603334.55    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                        | Flagstar Financial, Inc.                                  | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     65936 | NS      | $761560.80    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin BSP Realty Trust, Inc.                 | Franklin BSP Realty Trust, Inc.                           | CUSIP: 35243J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27816 | NS      | $302081.76    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial, Inc.                        | Genworth Financial, Inc. Class A                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     84646 | NS      | $753349.40    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                   | Healthcare Realty Trust, Inc.                             | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     71143 | NS      | $1282708.29   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group, Inc.                 | Healthcare Services Group, Inc.                           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     93003 | NS      | $1565240.49   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp.                         | Hillman Solutions Corp. Class A                           | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39251 | NS      | $360324.18    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                            | Ingles Markets, Inc. Class A                              | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     15765 | NS      | $1096613.40   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp.                                   | Knowles Corp.                                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     32035 | NS      | $746735.85    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     17755 | NS      | $533182.65    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries, Inc.                            | LSB Industries, Inc.                                      | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     91121 | NS      | $718033.48    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                            | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     59500 | NS      | $1404795.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Limoneira Co.                                   | Limoneira Co.                                             | CUSIP: 532746104<br>LEI: 549300UCPZVJGYHI7550 | Long             | EC               | CORP              | US        |      2810 | NS      | $41728.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                          | Lincoln National Corp.                                    | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     34035 | NS      | $1372631.55   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus, Inc.                                  | Metallus, Inc.                                            | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     32532 | NS      | $537753.96    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group, Inc.                             | Mistras Group, Inc.                                       | CUSIP: 60649T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52918 | NS      | $520713.12    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro, Inc.                                     | Monro, Inc.                                               | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39880 | NS      | $716643.60    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corporation                              | Neogen Corp.                                              | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |     33678 | NS      | $192301.38    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Newell Brands, Inc.                             | Newell Brands, Inc.                                       | CUSIP: 651229106<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | EC               | CORP              | US        |     40000 | NS      | $209600.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextdoor Holdings, Inc.                         | Nextdoor Holdings, Inc.                                   | CUSIP: 65345M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    147967 | NS      | $309251.03    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                                 | O-I Glass, Inc.                                           | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     55012 | NS      | $713505.64    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical, Inc.                          | Orthofix Medical, Inc.                                    | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76283 | NS      | $1116783.12   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo plc                                     | Perrigo plc                                               | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     61202 | NS      | $1362968.54   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp.                                | Pure Cycle Corp.                                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72007 | NS      | $797117.49    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions, Inc.                        | Research Solutions, Inc.                                  | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    135080 | NS      | $503848.40    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp.                                   | Sanmina Corp.                                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      3000 | NS      | $345330.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                                  | Seaboard Corp.                                            | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       166 | NS      | $605402.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd.                                | SiriusPoint Ltd.                                          | CUSIP: G8192H106<br>LEI: 2LTXLGOFX5N78LZ32691 | Long             | EC               | CORP              | BM        |     66709 | NS      | $1206765.81   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden, Ltd.                             | Steven Madden, Ltd.                                       | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     24891 | NS      | $833350.68    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies, Inc.                          | TTM Technologies, Inc.                                    | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     23200 | NS      | $1336320.00   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Technologies, Inc.                        | Tetra Technologies, Inc.                                  | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    124079 | NS      | $713454.25    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree, Inc.                                   | Tiptree, Inc. Class A                                     | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31717 | NS      | $608014.89    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustco Bank Corp. NY                           | Trustco Bank Corp. NY                                     | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18848 | NS      | $684182.40    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                              | Under Armour, Inc. Class A                                | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     88365 | NS      | $440941.35    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp.                                    | Unisys Corp.                                              | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |    150138 | NS      | $585538.20    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group, Inc.                         | United Fire Group, Inc.                                   | CUSIP: 910340108<br>LEI: 549300ZRC3FQZU7GNY20 | Long             | EC               | CORP              | US        |     37605 | NS      | $1143944.10   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                    | Veradigm, Inc.                                            | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     85781 | NS      | $411748.80    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial, Inc.                           | Virtu Financial, Inc. Class A                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     26183 | NS      | $929496.50    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International plc                   | Weatherford International plc                             | CUSIP: G48833118<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      9433 | NS      | $645500.19    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                      | Wolverine World Wide, Inc.                                | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     16816 | NS      | $461431.04    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Adirondack Funds

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

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

**Title:** President