Sean M. Leonard

Adirondack Research & Management, Inc. (ARMI) is an independent SEC-registered investment advisor headquartered in Guilderland, New York. The firm was founded by Greg Roeder in 2004 to provide portfolio management services based on individual security selection. ARMI advises Separately Managed Accounts (SMA) and the Adirondack Small Cap Fund (the Fund).

BlackRock Advisors LLC is a SEC-registered investment advisor and mutual fund manager headquartered in New York City. The firm was founded in 1994 and is a subsidiary of BlackRock Capital Holdings, Inc., ultimately held by BlackRock, Inc. (NYSE: BLK). BlackRock Advisors manages assets for US-registered investment companies and 529 Plans.

State Street Research & Management Company (SSR), with a history dating back to 1924, is one of the nation's first investment management organizations. The Boston-based firm is a subsidiary of MetLife (NYSE:MET), one of the world's largest financial services companies. The firm, together with its affiliate SSR Realty, actively manages stock, bond, balanced and real estate portfolios for both institutional and individual investors. SSR manages pension money for many of the largest U.S. corporate pension plans. SSR also manages money for public and union pension plans, foundations, endowments, and mutual funds.