# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-26-000472
**Filing Date:** 2026-5
**Character Count:** 22777
**Document Hash:** 6b9463f1303e5dc9c091706b3031f444
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000472.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001162044-26-000472

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**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:** 261039638

**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:** 2026-03-31

**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:** $50121270.36

**Total Liabilities:** $108008.43

**Net Assets:** $50013261.93

**Cash Not Reported:** $38553.27

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012957 | 5.27%                | 1.81%                | -5.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $665920.09               | $1975082.61                                |
| Month 2  | $577277.89               | $368772.35                                 |
| Month 3  | $435880.30               | $-3209480.13                               |

### 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        |     98265 | NS      | $1384553.85   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group, Inc.                          | Alaska Air Group, Inc.                                    | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     21893 | NS      | $805224.54    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| American Coastal Insurance Corp.                | American Coastal Insurance Corp.                          | CUSIP: 910710102<br>LEI: 5299002P9105LJQA8G51 | Long             | EC               | CORP              | US        |     25104 | NS      | $282420.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                          | Antero Resources Corp.                                    | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     41559 | NS      | $1763763.96   | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                          | Ardmore Shipping Corp.                                    | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |    104782 | NS      | $1597925.50   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland, Inc.                                   | Ashland, Inc.                                             | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |     18323 | NS      | $1018942.03   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International, Inc.                      | Baxter International, Inc.                                | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     61679 | NS      | $1036207.20   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living, Inc.                   | Brookdale Senior Living, Inc.                             | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |     98431 | NS      | $1346536.08   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                       | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     12819 | NS      | $526348.14    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters, Inc.                                   | Carters, Inc.                                             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     31272 | NS      | $1118286.72   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                           | Chatham Lodging Trust                                     | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    158482 | NS      | $1247253.34   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp.                                    | Clarus Corp.                                              | CUSIP: 18270P109<br>LEI: F174K6FB0TWGSP17QZ32 | Long             | EC               | CORP              | US        |    182245 | NS      | $495706.40    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent, Inc.                                  | Conduent, Inc.                                            | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |    324501 | NS      | $415361.28    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co.                                  | Crawford & Co Class A                                     | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     69459 | NS      | $692506.23    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole plc                                        | Dole plc                                                  | CUSIP: G27907107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    102168 | NS      | $1459980.72   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, Inc.                                    | EZCORP, Inc. Class A                                      | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     64611 | NS      | $1639827.18   | 3.28%             |  |  |  | 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        |   5570098 | NS      | $5570097.65   | 11.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe plc                                  | Ferroglobe plc                                            | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |     80469 | NS      | $331532.28    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                        | Flagstar Financial, Inc.                                  | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     74351 | NS      | $979202.67    | 1.96%             |  |  |  | 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        |     82326 | NS      | $698947.74    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial, Inc.                        | Genworth Financial, Inc. Class A                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     65911 | NS      | $535197.32    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenlight Capital RE, Ltd.                     | Greenlight Capital RE, Ltd.                               | CUSIP: 029141509<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     17820 | NS      | $308107.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                   | Healthcare Realty Trust, Inc.                             | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     71237 | NS      | $1210316.63   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group, Inc.                 | Healthcare Services Group, Inc.                           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     93003 | NS      | $1725205.65   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp.                         | Hillman Solutions Corp. Class A                           | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32648 | NS      | $271631.36    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                            | Ingles Markets, Inc. Class A                              | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     15765 | NS      | $1417115.85   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp.                                   | Knowles Corp.                                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     29215 | NS      | $750241.20    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     37942 | NS      | $497799.04    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries, Inc.                            | LSB Industries, Inc.                                      | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     35532 | NS      | $529426.80    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                            | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     72517 | NS      | $1348816.20   | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Limoneira Co.                                   | Limoneira Co.                                             | CUSIP: 532746104<br>LEI: 549300UCPZVJGYHI7550 | Long             | EC               | CORP              | US        |     46460 | NS      | $623493.20    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                          | Lincoln National Corp.                                    | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     39880 | NS      | $1415740.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus, Inc.                                  | Metallus, Inc.                                            | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     32532 | NS      | $531572.88    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group, Inc.                             | Mistras Group, Inc.                                       | CUSIP: 60649T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54134 | NS      | $800100.52    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro, Inc.                                     | Monro, Inc.                                               | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19838 | NS      | $318201.52    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextdoor Holdings, Inc.                         | Nextdoor Holdings, Inc.                                   | CUSIP: 65345M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    375160 | NS      | $525224.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                                 | O-I Glass, Inc.                                           | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74024 | NS      | $777992.24    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Properties, Inc.                          | Orion Properties, Inc.                                    | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192379 | NS      | $413614.85    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical, Inc.                          | Orthofix Medical, Inc.                                    | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69068 | NS      | $792209.96    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co. plc                                 | Perrigo Co. plc                                           | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     81026 | NS      | $870219.24    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp.                                | Pure Cycle Corp.                                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     74507 | NS      | $749540.42    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions, Inc.                        | Research Solutions, Inc.                                  | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    196979 | NS      | $445172.54    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp.                                   | Sanmina Corp.                                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      2810 | NS      | $364288.40    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd.                                | SiriusPoint Ltd.                                          | CUSIP: G8192H106<br>LEI: 2LTXLGOFX5N78LZ32691 | Long             | EC               | CORP              | BM        |     58738 | NS      | $1265216.52   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden, Ltd.                             | Steven Madden, Ltd.                                       | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     23412 | NS      | $794135.04    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies, Inc.                          | TTM Technologies, Inc.                                    | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      5000 | NS      | $487100.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Technologies, Inc.                        | Tetra Technologies, Inc.                                  | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |     28710 | NS      | $244609.20    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree, Inc.                                   | Tiptree, Inc. Class A                                     | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47410 | NS      | $802177.20    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp.                                    | Unisys Corp.                                              | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |      8500 | NS      | $17595.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group, Inc.                         | United Fire Group, Inc.                                   | CUSIP: 910340108<br>LEI: 549300ZRC3FQZU7GNY20 | Long             | EC               | CORP              | US        |     37605 | NS      | $1393641.30   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                    | Veradigm, Inc.                                            | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     61573 | NS      | $286314.45    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology, Inc.                              | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     70689 | NS      | $1272402.00   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International plc                   | Weatherford International plc                             | CUSIP: G48833118<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     12229 | NS      | $1156618.82   | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                      | Wolverine World Wide, Inc.                                | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     35780 | NS      | $583929.60    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** Adirondack Funds

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

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

**Title:** President