# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-23-000275
**Filing Date:** 2023-2
**Character Count:** 33058
**Document Hash:** e9681f4684a8824ec43a50ebcb2b3f32
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-23-000275.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001162044-23-000275

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230227

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adirondack Funds
- **CENTRAL INDEX KEY:** 0001311981
- **IRS NUMBER:** 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:** 23671543

**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** |
| **December 31, 2022 (unaudited)** | **December 31, 2022 (unaudited)** | **December 31, 2022 (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 - 94.85%** | **Common Stocks - 94.85%** | **Common Stocks - 94.85%** |
| **Accident & Health Insurance- 4.14%** |  |  |
| CNO Financial Group, Inc. | 61980  | 1416243  |
| **Agriculture Production-Crops - 2.52%** |  |  |
| Dole PLC (Ireland) | 89333  | 862063  |
| **Agriculture Production - Livestock & Animal Specialties - 1.14%** |  |  |
| Cal-Maine Foods, Inc.  | 7183  | 391114  |
| **Apparel & Other Finished Products of Fabrics & Similar Material - 1.71%** |  |  |
| Under Armour, Inc. Class A (2) | 57568  | 584891  |
| **Business Services, NEC - 4.13%** |  |  |
| Conduent, Inc. (2) | 348939  | 1413203  |
| **Computer Communications Equipment - 1.11%** |  |  |
| A10 Networks, Inc. | 22869  | 380311  |
| **Construction Special Trade Contractors - 1.07%** |  |  |
| Matrix Service Co. (2) | 59099  | 367596  |
| **Crude Petroleum & Natural Gas - 7.16%** |  |  |
| Antero Resources Corp. (2) | 31470  | 975255  |
| CNX Resources Corp. (2) | 64314  | 1083048  |
| TETRA Technologies, Inc. (2) | 113772  | 393651  |
|  |  | 2451954  |
| **Cutlery, Handtools & General Hardware - 1.32%** |  |  |
| Hillman Solutions Corp. Class A (2) | 62835  | 453040  |
| **Deep Sea Foreign Transportation of Freight - 0.84%** |  |  |
| Ardmore Shipping Corp. (Bermuda) (2) | 19960  | 287624  |
| **Electric Lighting & Wiring Equipment - 4.89%** |  |  |
| LSI Industries, Inc. | 136747  | 1673783  |
| **Electric & Other Services Combined - 1.93%** |  |  |
| Allete, Inc. | 10260  | 661873  |
| **Electrical Industrial Apparatus - 1.66%** |  |  |
| Graftech International Ltd. | 119317  | 567949  |
| **Fire, Marine & Casualty Insurance - 6.56%** |  |  |
| SiriusPoint Ltd. (Bermuda) (2) | 175059  | 1032848  |
| Tiptree, Inc. Class A | 87778  | 1214848  |
|  |  | 2247696  |
| **Footwear, (No Rubber)- 1.89%** |  |  |
| Wolverine World Wide, Inc. | 59157  | 646586  |
| **Glass Containers - 4.13%** |  |  |
| O-I Glass, Inc. (2) | 85245  | 1412510  |
| **Household Audio & Video Equipment - 1.68%** |  |  |
| Knowles Corp. (2) | 35099  | 576326  |
| **Industrial Inorganic Chemicals - 0.93%** |  |  |
| Tronox Holdings PLC Class A (United Kingdom) | 23261  | 318908  |
| **Life Insurance - 7.68%** |  |  |
| Genworth Financial, Inc. Class A (2) | 266306  | 1408759  |
| National Western Life Group, Inc. Class A  | 4346  | 1221226  |
|  |  | 2629985  |
| **Meat Packing Plants - 1.35%** |  |  |
| Seaboard Corp. | 122  | 460576  |
| **Metal Mining - 1.55%** |  |  |
| Cleveland Cliffs, Inc. (2) | 33000  | 531630  |
| **Plastics, Foil & Coated Paper Bags - 1.13%** |  |  |
| Pactiv Evergreen, Inc. | 33965  | 385842  |
| **Printed Circuit Boards - 5.52%** |  |  |
| Celestica, Inc. (Canada) (2) | 120500  | 1358035  |
| Sanmina Corp. (2) | 9300  | 532797  |
|  |  | 1890832  |
| **Retail-Women's Clothing Stores - 1.86%** |  |  |
| Chico's FAS, Inc. (2) | 129550  | 637386  |
| **Retail-Apparel & Accessory Stores - 1.03%** |  |  |
| Hanesbrands, Inc. | 55230  | 351263  |
| **Retail-Miscellaneous Retail - 1.61%** |  |  |
| EZCORP, Inc. Class A (2) | 67549  | 550524  |
| **Security Brokers, Dealers & Flotation Companies - 1.47%** |  |  |
| Virtu Financial, Inc. Class A | 24642  | 502943  |
| **Semiconductors & Related Devices- 0.51%** |  |  |
| Photronics, Inc. (2) | 10429  | 175520  |
| **Services-Computer Integrated Systems Design - 4.70%** |  |  |
| Allscripts Healthcare Solutions, Inc. (2) | 28656  | 505492  |
| Kyndryl Holdings, Inc. (2) | 61909  | 688428  |
| Unisys Corp. (2) | 81036  | 414094  |
|  |  | 1608014  |
| **Special Industry Machinery - 0.62%** |  |  |
| Manitex International, Inc. (2) | 53486  | 213944  |
| **State Commercial Banks - 3.40%** |  |  |
| Trustco Bank Corp. NY | 30938  | 1162959  |
| **Surety Insurance - 2.96%** |  |  |
| MGIC Investment Corp. | 61442  | 798746  |
| Old Republic International Corp. | 8890  | 214693  |
|  |  | 1013439  |
| **Surgical & Medical Instruments & Apparatus - 3.58%** |  |  |
| Accuray, Inc. (2) | 183917  | 384387  |
| Orthofix Medical, Inc. (2) | 40912  | 839923  |
|  |  | 1224310  |
| **Telephone & Telegraph Apparatus - 4.85%** |  |  |
| ADTRAN, Inc. | 44345  | 833243  |
| Infinera Corp. (2) | 122700  | 826998  |
|  |  | 1660241  |
| **Textile Mill Products - 1.00%** |  |  |
| Unifi, Inc. (2) | 39796  | 342644  |
| **Water Supply - 1.22%** |  |  |
| Pure Cycle Corp. (2) | 39962  | 418802  |
| Total Common Stock | (Cost $27,209,559) | 32474524  |
| **Real Estate Investment Trusts - 1.41%** | **Real Estate Investment Trusts - 1.41%** | **Real Estate Investment Trusts - 1.41%** |
| Brixmor Property Group, Inc. | 21320  | 483324  |
| Total Real Estate Investment Trusts | (Cost $190,168) | 483324  |
| **Money Market Registered Investment Companies - 4.20%** | **Money Market Registered Investment Companies - 4.20%** | **Money Market Registered Investment Companies - 4.20%** |
| Federated Treasury Obligation Fund - Institutional Shares - 4.14 % (4) | 1437146  | 1437146  |
| Total Money Market Registered Investment Companies | (Cost $1,437,146) | 1437146  |
| **Total Investments - 100.46%** | (Cost $28,836,873) | 34394994  |
| Liabilities in Excess of Other Assets - -.46% |  | (156853) |
| Total Net Assets - 100.00% |  | 34238141  |
| (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;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of December 31, 2022 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (9) |
| Level 1 - Quoted Prices | $34394994 | $0  |
| Level 2 - Other Significant Observable Inputs | 0 | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $34394994 | $0  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 2022. | (4) Variable rate security; the rate shown represents the yield at December 31, 2022. | (4) Variable rate security; the rate shown represents the yield at December 31, 2022. |

---

## 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:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $34512089.48

**Total Liabilities:** $273948.29

**Net Assets:** $34238141.18

**Cash Not Reported:** $1000.00

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012957 | 13.79%               | 7.25%                | -1.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $246828.32               | $3895342.25                                |
| Month 2  | $499001.23               | $1803617.97                                |
| Month 3  | $71603.28                | $-645016.12                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| A10 Networks, Inc.                              | A10 Networks, Inc.                                        | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |     22869 | NS      | $380311.47    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN, Inc.                                    | ADTRAN, Inc.                                              | CUSIP: 00738A106<br>LEI: 549300XWTHXJVGKWU616 | Long             | EC               | CORP              | US        |     44345 | NS      | $833242.55    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Accuray, Inc.                                   | Accuray, Inc.                                             | CUSIP: 004397105<br>LEI: 549300G28LY4TZKZJG51 | Long             | EC               | CORP              | US        |    183917 | NS      | $384386.53    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Allete, Inc.                                    | Allete, Inc.                                              | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |     10260 | NS      | $661872.60    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Allscripts Healthcare Solutions, Inc.           | Allscripts Healthcare Solutions, Inc.                     | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     28656 | NS      | $505491.84    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                          | Antero Resources Corp.                                    | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     31470 | NS      | $975255.30    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                          | Ardmore Shipping Corp. (Bermuda)                          | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |     19960 | NS      | $287623.60    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                    | Brixmor Property Group, Inc.                              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     21320 | NS      | $483324.40    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                       | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     61980 | NS      | $1416243.00   | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| CNX Resources Corp.                             | CNX Resources Corp.                                       | CUSIP: 12653C108<br>LEI: 549300JK3KH8PWM3B226 | Long             | EC               | CORP              | US        |     64314 | NS      | $1083047.76   | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods, Inc.                           | Cal-Maine Foods, Inc.                                     | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      7183 | NS      | $391114.35    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica, Inc.                                 | Celestica, Inc. (Canada)                                  | CUSIP: 15101Q108<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |    120500 | NS      | $1358035.00   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Chico's FAS, Inc.                               | Chico's FAS, Inc.                                         | CUSIP: 168615102<br>LEI: 5299003ESGN5T1MFXY13 | Long             | EC               | CORP              | US        |    129550 | NS      | $637386.00    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cleveland Cliffs, Inc.                          | Cleveland Cliffs, Inc.                                    | CUSIP: 185899101<br>LEI: 549300TM2WLI2BJMDD86 | Long             | EC               | CORP              | US        |     33000 | NS      | $531630.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent, Inc.                                  | Conduent, Inc.                                            | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |    348939 | NS      | $1413202.95   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                        | Dole PLC (Ireland)                                        | CUSIP: G27907107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     89333 | NS      | $862063.45    | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, Inc.                                    | EZCORP, Inc. Class A                                      | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     67549 | NS      | $550524.35    | 1.61%             |  |  |  | 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        |   1437146 | NS      | $1437146.40   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial, Inc.                        | Genworth Financial, Inc. Class A                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |    266306 | NS      | $1408758.74   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Graftech International Ltd.                     | Graftech International Ltd.                               | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |    119317 | NS      | $567948.92    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanesbrands, Inc.                               | Hanesbrands, Inc.                                         | CUSIP: 410345102<br>LEI: GX5LWVWZLL5S4W1L2F20 | Long             | EC               | CORP              | US        |     55230 | NS      | $351262.80    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp.                         | Hillman Solutions Corp. Class A                           | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62835 | NS      | $453040.35    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Infinera Corp.                                  | Infinera Corp.                                            | CUSIP: 45667G103<br>LEI: 549300ZOF66WPV3H0H17 | Long             | EC               | CORP              | US        |    122700 | NS      | $826998.00    | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp.                                   | Knowles Corp.                                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     35099 | NS      | $576325.58    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     61909 | NS      | $688428.08    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                            | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |    136747 | NS      | $1673783.28   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp.                           | MGIC Investment Corp.                                     | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |     61442 | NS      | $798746.00    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Manitex International, Inc.                     | Manitex International, Inc.                               | CUSIP: 563420108<br>LEI: 549300QZ9TZ4MVXPZQ53 | Long             | EC               | CORP              | US        |     53486 | NS      | $213944.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co.                              | Matrix Service Co.                                        | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     59099 | NS      | $367595.78    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Western Life Group, Inc.               | National Western Life Group, Inc. Class A                 | CUSIP: 638517102<br>LEI: 549300HPXNVHFT1BJ192 | Long             | EC               | CORP              | US        |      4346 | NS      | $1221226.00   | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                                 | O-I Glass, Inc.                                           | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85245 | NS      | $1412509.65   | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp.                | Old Republic International Corp.                          | CUSIP: 680223104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8890 | NS      | $214693.50    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical, Inc.                          | Orthofix Medical, Inc.                                    | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40912 | NS      | $839923.36    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pactiv Evergreen, Inc.                          | Pactiv Evergreen, Inc.                                    | CUSIP: 69526K105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33965 | NS      | $385842.40    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics, Inc.                                | Photronics, Inc.                                          | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     10429 | NS      | $175520.07    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp.                                | Pure Cycle Corp.                                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39962 | NS      | $418801.76    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp.                                   | Sanmina Corp.                                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      9300 | NS      | $532797.03    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                                  | Seaboard Corp.                                            | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |       122 | NS      | $460575.62    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd.                                | SiriusPoint Ltd. (Bermuda)                                | CUSIP: G8192H106<br>LEI: 2LTXLGOFX5N78LZ32691 | Long             | EC               | CORP              | BM        |    175059 | NS      | $1032848.10   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TETRA Technologies, Inc.                        | TETRA Technologies, Inc.                                  | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |    113772 | NS      | $393651.12    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree, Inc.                                   | Tiptree, Inc. Class A                                     | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87778 | NS      | $1214847.52   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Tronox Holdings PLC                             | Tronox Holdings PLC Class A (United Kingdom)              | CUSIP: G9087Q102<br>LEI: 549300NRVC84SGJSXV06 | Long             | EC               | CORP              | GB        |     23261 | NS      | $318908.31    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustco Bank Corp N Y                           | Trustco Bank Corp. NY                                     | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30938 | NS      | $1162959.42   | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                              | Under Armour, Inc. Class A                                | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     57568 | NS      | $584890.88    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Unifi, Inc.                                     | Unifi, Inc.                                               | CUSIP: 904677200<br>LEI: 549300MW5LPO0M2LNO04 | Long             | EC               | CORP              | US        |     39796 | NS      | $342643.56    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp.                                    | Unisys Corp.                                              | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     81036 | NS      | $414093.96    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial, Inc.                           | Virtu Financial, Inc. Class A                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     24642 | NS      | $502943.22    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                      | Wolverine World Wide, Inc.                                | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     59157 | NS      | $646586.01    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Adirondack Funds

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

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

**Title:** President