Adirondack Small Cap Fund

The fund aims to fulfill its stated objective by constructing a varied portfolio of equity investments in smaller, undervalued companies, as determined by its investment advisor. These small-cap enterprises are defined by the advisor as having market values comparable to or lower than those included in the Russell 2000 Index. Typically, at least 80% of the fund's total capital will be allocated to common stocks of such companies. Furthermore, the fund has the option to invest up to 15% of its assets in sponsored American Depositary Receipts (ADRs) issued by international entities.