Adirondack Small Cap Fund

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The fund seeks to achieve its objective by investing in a diversified portfolio of undervalued common stocks of small capitalization companies as determined by the Advisor. Under normal circumstances, at least 80% of the fund’s total assets will be invested in common stocks of small capitalization companies. It will invests primarily in the common stock of domestic companies but may occasionally invest up to 15% of its total assets in sponsored ADRs issued by foreign companies.