# EDGAR Filing Document

**Accession Number:** 0001311981
**File Stem:** 0001162044-26-000183
**Filing Date:** 2026-2
**Character Count:** 35156
**Document Hash:** eacf8188f3f5ce46d8f5a699f1be6a71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000183.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001162044-26-000183

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26697221

**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, 2025 (unaudited)** | **December 31, 2025 (unaudited)** | **December 31, 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 - 82.37%** | **Common Stocks - 82.37%** | **Common Stocks - 82.37%** |
| **Accident & Health Insurance - 1.93%** |  |  |
| CNO Financial Group, Inc. | 13819  | 586893  |
| Hillman Solutions Corp. Class A (2) | 39251  | 339914  |
|  |  | 926807  |
| **Agriculture Production-Crops - 4.26%** |  |  |
| Dole PLC (Ireland) | 102168  | 1531498  |
| Limoneira Co. | 41195  | 520087  |
|  |  | 2051585  |
| **Air Transportation Scheduled - 1.69%** |  |  |
| Alaska Air Group, Inc. (2) | 16135  | 811591  |
| **Apparel & Other Finished Products of Fabrics & Similar Material - 2.62%** |  |  |
| Carters, Inc. | 30024  | 973678  |
| Under Armour, Inc. Class A (2) | 58000  | 288260  |
|  |  | 1261938  |
| **Banks - Regional - 1.87%** |  |  |
| Flagstar Financial, Inc. | 71590  | 901318  |
| **Business Services - 1.43%** |  |  |
| Conduent, Inc. (2) | 358633  | 688575  |
| **Cogeneration Services & Small Power Producers - 2.99%** |  |  |
| AES Corp.  | 100317  | 1438546  |
| **Crude Petroleum & Natural Gas - 3.75%** |  |  |
| Antero Resources Corp. (2) | 40209  | 1385602  |
| Tetra Technologies, Inc. (2) | 44467  | 416656  |
|  |  | 1802258  |
| **Deep Sea Foreign Transportation of Freight - 2.41%** |  |  |
| Ardmore Shipping Corp. (Bermuda)  | 109287  | 1157349  |
| **Electric Lighting & Wiring Equipment - 2.76%** |  |  |
| LSI Industries, Inc. | 72517  | 1328511  |
| **Electrical & Electronics - 1.54%** |  |  |
| TTM Technologies, Inc. (2) | 10762  | 742578  |
| **Electronic Components & Accessories - 2.13%** |  |  |
| Vishay Intertechnology, Inc. | 70689  | 1024284  |
| **Fire, Marine & Casualty Insurance - 7.23%** |  |  |
| Greenlight Capital RE, Ltd. (Cayman Islands) (2) | 11137  | 162377  |
| SiriusPoint Ltd. (Bermuda) (2) | 58738  | 1285775  |
| Tiptree, Inc. Class A | 36363  | 664352  |
| United Fire Group, Inc. | 37605  | 1366942  |
|  |  | 3479446  |
| **Footwear, (No Rubber)- 2.32%** |  |  |
| Steven Madden Ltd. | 12552  | 522665  |
| Wolverine World Wide, Inc. | 32655  | 592688  |
|  |  | 1115354  |
| **Glass Containers - 2.04%** |  |  |
| O-I Glass, Inc. (2) | 66524  | 981894  |
| **Household Audio & Video Equipment - 1.31%** |  |  |
| Knowles Corp. (2) | 29341  | 628778  |
| **Industrial Inorganic Chemicals - 1.33%** |  |  |
| LSB Industries, Inc. (2) | 75442  | 641257  |
| **Insurance Agents, Brokers & Services - 1.59%** |  |  |
| Crawford & Co. Class A | 68032  | 765360  |
| **Life Insurance - 4.32%** |  |  |
| Genworth Financial, Inc. Class A (2) | 62449  | 563914  |
| Lincoln National Corp.  | 34035  | 1515579  |
|  |  | 2079493  |
| **Meat Packing Plants - 0.80%** |  |  |
| Seaboard Corp. | 87  | 386699  |
| **Oil & Gas Filed Machinery & Equipment - 1.91%** |  |  |
| Weatherford International plc | 11729  | 917912  |
| **Pharmaceutical Preparations - 2.16%** |  |  |
| Perrigo plc (Ireland) | 74586  | 1038237  |
| **Metal Mining - 0.77%** |  |  |
| Ferroglobe PLC (United Kingdom) | 80269  | 372448  |
| **Printed Circuit Boards - 0.69%** |  |  |
| Sanmina Corp. (2) | 2200  | 330154  |
| **Retail-Grocery Stores - 2.25%** |  |  |
| Ingles Markets, Inc. Class A | 15765  | 1080691  |
| **Retail-Miscellaneous Retail - 2.72%** |  |  |
| EZCORP, Inc. Class A (2) | 67384  | 1308597  |
| **Security Brokers, Dealers & Flotation Companies - 0.83%** |  |  |
| Virtu Financial, Inc. Class A | 12000  | 399840  |
| **Services-Automotive Repair, Services & Parking - 0.97%** |  |  |
| Monro, Inc. | 23212  | 465168  |
| **Services-Business Services, NEC - 0.84%** |  |  |
| Research Solutions, Inc. (2) | 137498  | 404244  |
| **Services-Computer Integrated Systems Design - 2.06%** |  |  |
| Kyndryl Holdings, Inc. (2) | 18943  | 503126  |
| Unisys Corp. (2) | 45309  | 125053  |
| Veradigm, Inc. (2) | 76061  | 365093  |
|  |  | 993272  |
| **Services - Computer Processing & Data Preparation - 1.17%** |  |  |
| Nextdoor Holdings, Inc. (2) | 267717  | 562206  |
| **Services- Engineering Services - 1.39%** |  |  |
| Mistras Group, Inc. (2) | 52918  | 669413  |
| **Services - Nursing & Personal Care Facilities - 5.96%** |  |  |
| Brookdale Senior Living, Inc. (2) | 100747  | 1087060  |
| Healthcare Services Group, Inc. (2) | 93003  | 1778217  |
|  |  | 2865277  |
| **Sporting & Athletic Goods, Nec - 1.17%** |  |  |
| Clarus Corp. | 168485  | 564425  |
| **State Commercial Banks - 0.66%** |  |  |
| Trustco Bank Corp. NY | 7646  | 316009  |
| **Steel Works, Blast Furnaces Rolling Mills - 1.16%** |  |  |
| Metallus, Inc. (2) | 32532  | 558249  |
| **Surgical & Medical Instruments & Apparatus - 3.70%** |  |  |
| Baxter International, Inc. (2) |  |  |
| Orthofix Medical, Inc. (2) | 64127  | 972165  |
|  | 42398  | 810226  |
|  |  | 1782391  |
| **Water Supply - 1.64%** |  |  |
| Pure Cycle Corp. (2) | 72007  | 791357  |
| Total Common Stock | (Cost $28,367,495) | 39633511  |
| **Real Estate Investment Trusts - 6.96%** | **Real Estate Investment Trusts - 6.96%** | **Real Estate Investment Trusts - 6.96%** |
| Brixmor Property Group, Inc. | 13324  | 349355  |
| Chatham Lodging Trust | 156303  | 1064423  |
| Franklin BSP Realty Trust, Inc. | 72615  | 728328  |
| Healthcare Realty Trust Inc. | 71143  | 1205874  |
| Total Real Estate Investment Trusts | (Cost $3,069,268) | 3347981  |
| **Money Market Registered Investment Companies - 10.81%** | **Money Market Registered Investment Companies - 10.81%** | **Money Market Registered Investment Companies - 10.81%** |
| Federated Treasury Obligation Fund - Institutional Shares - 3.62% (4) | 5200433  | 5200433  |
| Total Money Market Registered Investment Companies | (Cost $5,200,433) | 5200433  |
| **Total Investments - 100.14%** | (Cost $36,637,196) | 48181925  |
| Other Assets in Excess of Liabilities - (0.14%) |  | (67231) |
| Total Net Assets - 100.00% |  | 48114694  |
| (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. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities |
| • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • 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 December 31, 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 December 31, 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 December 31, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (9) |
| Level 1 - Quoted Prices | $48181925 | $0  |
| Level 2 - Other Significant Observable Inputs | - | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $48181925 | $0  |
| &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;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;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;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;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;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;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;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;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;market, such securities are reflected as Level 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market, such securities are reflected as Level 2. | &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, 2025. | (4) Variable rate security; the rate shown represents the yield at December 31, 2025. | (4) Variable rate security; the rate shown represents the yield at December 31, 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:** 2025-12-31

**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:** $48282592.28

**Total Liabilities:** $167897.87

**Net Assets:** $48114694.41

**Cash Not Reported:** $7515.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012957 | -0.23%               | 3.00%                | 0.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1011632.74              | $-1070146.83                               |
| Month 2  | $684008.16               | $672413.32                                 |
| Month 3  | $346326.52               | $-46158.85                                 |

### 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        |    100317 | NS      | $1438545.78   | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group, Inc.                          | Alaska Air Group, Inc.                                    | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     16135 | NS      | $811590.50    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp.                          | Antero Resources Corp.                                    | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     40209 | NS      | $1385602.14   | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp.                          | Ardmore Shipping Corp.                                    | CUSIP: Y0207T100<br>LEI: 549300J8HD7K6BHD8O28 | Long             | EC               | CORP              | MH        |    109287 | NS      | $1157349.33   | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International, Inc.                      | Baxter International, Inc.                                | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Long             | EC               | CORP              | US        |     42398 | NS      | $810225.78    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group, Inc.                    | Brixmor Property Group, Inc.                              | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     13324 | NS      | $349355.28    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookdale Senior Living, Inc.                   | Brookdale Senior Living, Inc.                             | CUSIP: 112463104<br>LEI: LH7MQB13NWY7CJ9VC445 | Long             | EC               | CORP              | US        |    100747 | NS      | $1087060.13   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| CNO Financial Group, Inc.                       | CNO Financial Group, Inc.                                 | CUSIP: 12621E103<br>LEI: 11XPYHB76MPM4Y4P2897 | Long             | EC               | CORP              | US        |     13819 | NS      | $586892.93    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Carters, Inc.                                   | Carters, Inc.                                             | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     30024 | NS      | $973678.32    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                           | Chatham Lodging Trust                                     | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156303 | NS      | $1064423.43   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarus Corp.                                    | Clarus Corp.                                              | CUSIP: 18270P109<br>LEI: F174K6FB0TWGSP17QZ32 | Long             | EC               | CORP              | US        |    168485 | NS      | $564424.75    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Conduent, Inc.                                  | Conduent, Inc.                                            | CUSIP: 206787103<br>LEI: 549300SFJ2D2CYY6CQ11 | Long             | EC               | CORP              | US        |    358633 | NS      | $688575.36    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Crawford & Co.                                  | Crawford & Co Class A                                     | CUSIP: 224633206<br>LEI: 7TZZFJ2GPOGLWIKIXY82 | Long             | EC               | CORP              | US        |     68032 | NS      | $765360.00    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole plc                                        | Dole plc                                                  | CUSIP: G27907107<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    102168 | NS      | $1531498.32   | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP, Inc.                                    | EZCORP, Inc. Class A                                      | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     67384 | NS      | $1308597.28   | 2.72%             |  |  |  | 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        |   5200433 | NS      | $5200433.30   | 10.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe plc                                  | Ferroglobe plc                                            | CUSIP: G33856108<br>LEI: 2138005GCFJACFTZUD90 | Long             | EC               | CORP              | GB        |     80269 | NS      | $372448.16    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Financial, Inc.                        | Flagstar Financial, Inc.                                  | CUSIP: 649445400<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |     71590 | NS      | $901318.10    | 1.87%             |  |  |  | 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        |     72615 | NS      | $728328.45    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Genworth Financial, Inc.                        | Genworth Financial, Inc. Class A                          | CUSIP: 37247D106<br>LEI: 549300EMCG286BDNKJ33 | Long             | EC               | CORP              | US        |     62449 | NS      | $563914.47    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenlight Capital RE, Ltd.                     | Greenlight Capital RE, Ltd.                               | CUSIP: 029141509<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     11137 | NS      | $162377.46    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust, Inc.                   | Healthcare Realty Trust, Inc.                             | CUSIP: 42226K105<br>LEI: 549300CB86LH2IOKHH22 | Long             | EC               | CORP              | US        |     71143 | NS      | $1205873.85   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group, Inc.                 | Healthcare Services Group, Inc.                           | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     93003 | NS      | $1778217.36   | 3.70%             |  |  |  | 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      | $339913.66    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets, Inc.                            | Ingles Markets, Inc. Class A                              | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |     15765 | NS      | $1080690.75   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp.                                   | Knowles Corp.                                             | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |     29341 | NS      | $628777.63    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings, Inc.                          | Kyndryl Holdings, Inc.                                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     18943 | NS      | $503126.08    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries, Inc.                            | LSB Industries, Inc.                                      | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |     75442 | NS      | $641257.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries, Inc.                            | LSI Industries, Inc.                                      | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     72517 | NS      | $1328511.44   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Limoneira Co.                                   | Limoneira Co.                                             | CUSIP: 532746104<br>LEI: 549300UCPZVJGYHI7550 | Long             | EC               | CORP              | US        |     41195 | NS      | $520086.88    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                          | Lincoln National Corp.                                    | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     34035 | NS      | $1515578.55   | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Metallus, Inc.                                  | Metallus, Inc.                                            | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     32532 | NS      | $558249.12    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mistras Group, Inc.                             | Mistras Group, Inc.                                       | CUSIP: 60649T107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52918 | NS      | $669412.70    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Monro, Inc.                                     | Monro, Inc.                                               | CUSIP: 610236101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23212 | NS      | $465168.48    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextdoor Holdings, Inc.                         | Nextdoor Holdings, Inc.                                   | CUSIP: 65345M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    267717 | NS      | $562205.70    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| O-I Glass, Inc.                                 | O-I Glass, Inc.                                           | CUSIP: 67098H104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66524 | NS      | $981894.24    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical, Inc.                          | Orthofix Medical, Inc.                                    | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64127 | NS      | $972165.32    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo plc                                     | Perrigo plc                                               | CUSIP: G97822103<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     74586 | NS      | $1038237.12   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp.                                | Pure Cycle Corp.                                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72007 | NS      | $791356.93    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions, Inc.                        | Research Solutions, Inc.                                  | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    137498 | NS      | $404244.12    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp.                                   | Sanmina Corp.                                             | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      2200 | NS      | $330154.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp.                                  | Seaboard Corp.                                            | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |        87 | NS      | $386699.34    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd.                                | SiriusPoint Ltd.                                          | CUSIP: G8192H106<br>LEI: 2LTXLGOFX5N78LZ32691 | Long             | EC               | CORP              | BM        |     58738 | NS      | $1285774.82   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden, Ltd.                             | Steven Madden, Ltd.                                       | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     12552 | NS      | $522665.28    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies, Inc.                          | TTM Technologies, Inc.                                    | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     10762 | NS      | $742578.00    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Technologies, Inc.                        | Tetra Technologies, Inc.                                  | CUSIP: 88162F105<br>LEI: 549300T5W131705EK832 | Long             | EC               | CORP              | US        |     44467 | NS      | $416655.79    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiptree, Inc.                                   | Tiptree, Inc. Class A                                     | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36363 | NS      | $664352.01    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustco Bank Corp. NY                           | Trustco Bank Corp. NY                                     | CUSIP: 898349204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7646 | NS      | $316009.18    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour, Inc.                              | Under Armour, Inc. Class A                                | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     58000 | NS      | $288260.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp.                                    | Unisys Corp.                                              | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     45309 | NS      | $125052.84    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| United Fire Group, Inc.                         | United Fire Group, Inc.                                   | CUSIP: 910340108<br>LEI: 549300ZRC3FQZU7GNY20 | Long             | EC               | CORP              | US        |     37605 | NS      | $1366941.75   | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Veradigm Inc                                    | Veradigm, Inc.                                            | CUSIP: 01988P108<br>LEI: Y68YJHVB1GU4TAU3C223 | Long             | EC               | CORP              | US        |     76061 | NS      | $365092.80    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial, Inc.                           | Virtu Financial, Inc. Class A                             | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     12000 | NS      | $399840.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology, Inc.                    | Vishay Intertechnology, Inc.                              | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     70689 | NS      | $1024283.61   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International plc                   | Weatherford International plc                             | CUSIP: G48833118<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     11729 | NS      | $917911.54    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine World Wide, Inc.                      | Wolverine World Wide, Inc.                                | CUSIP: 978097103<br>LEI: 549300OVC7PK14LQ8D87 | Long             | EC               | CORP              | US        |     32655 | NS      | $592688.25    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Adirondack Funds

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

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

**Title:** President