# EDGAR Filing Document

**Accession Number:** 0001196878
**File Stem:** 0001413042-26-000162
**Filing Date:** 2026-3
**Character Count:** 240925
**Document Hash:** e164ee746c7ff09c4d4ccb09299314a8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001413042-26-000162.hdr.sgml**: 20260303

**ACCESSION NUMBER**: 0001413042-26-000162

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260303

**DATE AS OF CHANGE**: 20260303

**EFFECTIVENESS DATE**: 20260303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PARADIGM FUNDS
- **CENTRAL INDEX KEY:** 0001196878

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** OH

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21233
- **FILM NUMBER:** 26714120

**BUSINESS ADDRESS:**
- **STREET 1:** NINE ELK STREET
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12207
- **BUSINESS PHONE:** 5184313516

## Series and Classes Contracts Data

### Paradigm Value Fund (Series ID: S000005314)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000014505 | Paradigm Value Fund | PVFAX           |

### Paradigm Select Fund (Series ID: S000005316)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000014507 | Paradigm Select Fund | PFSLX           |

### Paradigm Micro-Cap Fund (Series ID: S000020362)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000057148 | Paradigm Micro-Cap Fund | PVIVX           |

?xml version='1.0' encoding='ASCII'?

---

| |
|:---|
| UNITED STATES |
| SECURITIES AND EXCHANGE COMMISSION |
| Washington, D.C. 20549 |
| **FORM N-CSR** |
| **CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** |
| **INVESTMENT COMPANIES** |
| Investment Company Act file number 811-21233 |
| **<u>PARADIGM FUNDS</u>** |
| (Exact name of registrant as specified in charter) |
| <u>Nine Elk Street, Albany, NY 12207-1002</u> |
| (Address of principal executive offices) (Zip code) |
| Peter J. McMillen |
| <u>Nine Elk Street, Albany, NY 12207-1002</u> |
| (Name and address of agent for service) |
| **Registrant's telephone number, including area code: (518) 431-3500** |
| **Date of fiscal year end: December 31** |
| **Date of reporting period: December 31, 2025** |

---

**Item 1. Reports to Stockholders.**

## Paradigm Value Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: PVFAX* 

### Annual Shareholder Report

### December 31, 2025
This annual shareholder report contains important information about the Paradigm Value Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/. You can also request this information by contacting us at 1-800-595-3044.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Paradigm Value Fund | $137 | 1.33% |

---

**Management's Discussion of Fund Performance**

The Paradigm Value Fund (the"Fund") increased 5.72% in 2025, compared to a 12.59% increase for its benchmark, the Russell 2000 Value Index. Since inception (January 1, 2003) on an annualized basis, the Fund has returned 11.59%, compared to 9.34% for the benchmark.

The Industrials sector was the largest contributor to the portfolio in 2025 due to strong stock selection and an overweight allocation to the sector. Our overweight position in the Information Technology sector also resulted in the sector being an additional top contributor to the portfolio for the year.

The Health Care sector underperformed in 2025. It was the largest detractor to the portfolio due to stock-specific challenges in the Health Care Equipment & Supplies and Life Sciences Tools & Services industries.

**How did the Fund perform over the past 10 years?**

***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

![Ad2 Performance Graph](fp0097179-3_ar41.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Paradigm Value Fund | 5.72% | 6.95% | 10.19% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 2000<sup>®</sup> Value Index | 12.59% | 8.88% | 9.27% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $46598469 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate (%) | 27% |
| Total Advisory Fees Paid ($) | $612629 |

---

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% of Total Investments** |
| EMCOR Group Inc. | 7.5% |
| Kulicke & Soffa Industries Inc. | 4.4% |
| RadNet, Inc. | 4.2% |
| Insight Enterprises, Inc. | 4.2% |
| A10 Networks, Inc. | 4.2% |
| Addus HomeCare Corporation | 4.1% |
| Enviri Corporation | 3.8% |
| American Eagle Outfitters, Inc. | 3.8% |
| Tactile Systems Technology, Inc. | 3.7% |
| Sensient Technologies Corporation | 3.5% |

---

**Sectors (% of Total Investments)**

![Af Image](fp0097179-3_ar42.jpg)

**Material Fund Changes**

Effective May 1, 2025, the Fund contractually reduced the Management Fees to 1.25%.

**Availability of Additional Information about the Fund**

Additional information is available at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/, including its:

* Prospectus 

* Holdings 

* Fund Commentary

* Financial Information 

* Proxy Voting information 

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-595-3044 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

## Paradigm Select Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: PFSLX* 

### Annual Shareholder Report

### December 31, 2025
This annual shareholder report contains important information about the Paradigm Select Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/. You can also request this information by contacting us at 1-800-595-3044.

**This report describes changes to the Fund that occurred during the reporting period.**

**What were the Fund costs for the last year?**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Paradigm Select Fund | $123 | 1.15% |

---

**Management's Discussion of Fund Performance**

The Paradigm Select Fund (the "Fund") appreciated 13.27% in 2025, compared to an increase of 11.91% for its benchmark, the Russell 2500 Index. Since inception (January 1, 2005) on an annualized basis, the Fund has returned 10.45%, compared to 8.93% for the benchmark.

The Information Technology sector, followed by the Industrials sector, were the largest contributors to the portfolio in 2025 primarily due to overweight sector allocations. Strong stock selection in the Information Technology sector also contributed to the portfolio, outperforming with a return of 33.73% versus the benchmark return of 15.49% for the year.

There were no material detractors to the portfolio in 2025.

**How did the Fund perform over the past 10 years?**

***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

![Ad2 Performance Graph](fp0097179-4_ar41.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Paradigm Select Fund | 13.27% | 10.12% | 13.10% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell 2500<sup>®</sup> Index | 11.91% | 7.26% | 10.41% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $124190872 |
| Number of Portfolio Holdings | 42 |
| Portfolio Turnover Rate (%) | 15% |
| Total Advisory Fees Paid ($) | $1350370 |
| Total Advisory Fees Before Waiver ($) | $1492674 |

---

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% of Total Investments** |
| Natera, Inc. | 11.0% |
| EMCOR Group Inc. | 7.6% |
| Lumentum Holdings Inc. | 7.3% |
| Goldman Sachs FS Government Fund Institutional Class | 6.5% |
| Globus Medical, Inc. - Class A | 6.1% |
| Teradyne, Inc. | 5.2% |
| Marvell Technology, Inc. | 4.7% |
| Carpenter Technology Corporation | 4.0% |
| Zurn Elkay Water Solutions Corporation | 3.8% |
| Builders FirstSource, Inc. | 3.5% |

---

**Sectors (% of Total Investments)**

![Af Image](fp0097179-4_ar42.jpg)

**Material Fund Changes**

Effective May 1, 2025, the Fund contractually reduced the Management Fees to 1.15%.

**Availability of Additional Information about the Fund**

Additional information is available at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/, including its:

* Prospectus 

* Holdings 

* Fund Commentary

* Financial Information 

* Proxy Voting information 

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-595-3044 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

## Paradigm Micro-Cap Fund
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *TICKER: PVIVX* 

### Annual Shareholder Report

### December 31, 2025
This annual shareholder report contains important information about the Paradigm Micro-Cap Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/. You can also request this information by contacting us at 1-800-595-3044.

**What were the Fund costs for the last year?**

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 Investment**  | **Costs Paid as a Percentage of a $10,000 Investment**  |
| Paradigm Micro-Cap Fund | $122 | 1.25% |

---

**Management's Discussion of Fund Performance**

The Paradigm Micro-Cap Fund (the "Fund") decreased 4.79% in 2025, compared to an increase of 22.98% for its benchmark, the Russell Microcap Index. Since inception (January 1, 2008) on an annualized basis, the Fund has returned 8.93%, compared to 7.76% for the benchmark.

The Industrials sector was the largest contributor to the portfolio in 2025 due to an overweight allocation to the sector. Stocks in the Commercial and Professional Services industry outperformed, returning 16.72% versus (25.73%) for the benchmark. Likewise, stocks in the Commercial Services & Supplies industry performed strongly returning 132.79% versus 8.64% for the benchmark.

Health Care was the largest detractor to the portfolio in 2025 due to stock-specific challenges in the Health Care Equipment & Supplies and Life Sciences Tools & Services industries. Strong stock selection in the Healthcare Providers & Services industry partially offset the negative performance of the sector for the year.

**How did the Fund perform over the past 10 years?**

***The Fund's past performance is not a good predictor of the Fund's future performance.*** *The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.*

![Ad2 Performance Graph](fp0097179-5_ar41.jpg)

**Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Paradigm Micro-Cap Fund | -4.79% | 5.29% | 11.81% |
| S&P 500<sup>®</sup> Index | 17.88% | 14.42% | 14.82% |
| Russell Microcap<sup>®</sup> Index | 22.98% | 7.32% | 9.58% |

---

**Fund Statistics**

---

| | |
|:---|:---|
| Net Assets ($) | $134272610 |
| Number of Portfolio Holdings | 40 |
| Portfolio Turnover Rate (%) | 87% |
| Total Advisory Fees Paid ($) | $1802626 |

---

**What did the Fund invest in?**

---

| | |
|:---|:---|
| **Top 10 Holdings** | **% of Total Investments** |
| Modine Manufacturing Company | 9.8% |
| Goldman Sachs FS Government Fund Institutional Class | 9.2% |
| Onto Innovation Inc. | 5.8% |
| The Ensign Group, Inc. | 5.1% |
| Integra LifeSciences Holdings Corporation | 4.5% |
| Orthofix Medical, Inc. | 4.4% |
| Enviri Corp. | 3.9% |
| Veeco Instruments Inc. | 3.8% |
| The Pennant Group, Inc. | 3.7% |
| Extreme Networks, Inc. | 3.7% |

---

**Sectors (% of Total Investments)**

![Af Image](fp0097179-5_ar42.jpg)

**Availability of Additional Information about the Fund**

Additional information is available at https://www.paradigmcapital.com/paradigm-capital-products/fact-sheets-forms-filings/, including its:

* Prospectus 

* Holdings 

* Fund Commentary

* Financial Information 

* Proxy Voting information 

**Important Notice Regarding Delivery of Shareholder Documents**

In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports, and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send you only one copy of these materials for as long as you remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-595-3044 and we will begin sending you separate copies of these materials within 30 days after we receive your request.

---

| | | |
|:---|:---|:---|
| **Item 2. Code of Ethics.** |  |  |
| The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. | The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and the principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. |
| **Item 3. Audit Committee Financial Expert.** | **Item 3. Audit Committee Financial Expert.** |  |
| The registrant's Board of Trustees has determined that William P. Phalen is an audit committee financial expert. Mr. Phalen is independent for purposes of this Item 3. | The registrant's Board of Trustees has determined that William P. Phalen is an audit committee financial expert. Mr. Phalen is independent for purposes of this Item 3. | The registrant's Board of Trustees has determined that William P. Phalen is an audit committee financial expert. Mr. Phalen is independent for purposes of this Item 3. |
| **Item 4. Principal Accountant Fees and Services.** | **Item 4. Principal Accountant Fees and Services.** |  |
| (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (a-d) The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant to the registrant. The principal accountant has provided no services to the adviser or any entity controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
|  | FYE 12/31/25 | FYE 12/31/24 |
| Audit Fees | $33400 | $32400 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $10500 | $10500 |
| All Other Fees | $1000 | $1000 |
| Nature of Tax Fees: includes fees for services performed with respect to tax compliance. | Nature of Tax Fees: includes fees for services performed with respect to tax compliance. | Nature of Tax Fees: includes fees for services performed with respect to tax compliance. |
| All Other Fees: Semi-Annual Report and Semi-Annual Financials review. | All Other Fees: Semi-Annual Report and Semi-Annual Financials review. | All Other Fees: Semi-Annual Report and Semi-Annual Financials review. |
| (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. | (e) (1) The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
| (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. | (e) (2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. | (f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. |
| (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant , the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant , the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. | (g) The following table indicates the aggregate non-audit fees billed by the registrant's principal accountant for services to the registrant , the registrant's investment adviser (not sub-adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant, for the last two years. |
| Non-Audit Fees | FYE 12/31/25 | FYE 12/31/24 |
| Registrant | $11500 | $11500 |
| Registrant's Investment Adviser | $0 | $0 |
| (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. | (h) The principal accountant provided no services to the investment adviser or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant. |
| (i) Not applicable. |  |  |
| (j) Not applicable. |  |  |
| **Item 5. Audit Committee of Listed Companies.** | **Item 5. Audit Committee of Listed Companies.** |  |
| Not applicable. | Not applicable. | Not applicable. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Item 6. Investments.** | **Item 6. Investments.** |  |  |
| **Paradigm Value Fund** | **Paradigm Value Fund** | **Paradigm Value Fund** | **Paradigm Value Fund** |
|  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |
| **Computer Communications Equipment** | **Computer Communications Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109600 | A10 Networks, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp; 1938824 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Extreme Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2604824 | 5.59% |
| **Computer Peripheral Equipment, NEC** | **Computer Peripheral Equipment, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160000 | Xerox Holdings Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379200 | 0.81% |
| **Dental Equipment & Supplies** | **Dental Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600200 | 3.43% |
| **Electrical Work** | **Electrical Work** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3487203 | 7.48% |
| **In Vitro & In Vivo Diagnostic Substances** | **In Vitro & In Vivo Diagnostic Substances** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31200 | QuidelOrtho Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891072 | 1.91% |
| **Industrial Organic Chemicals** | **Industrial Organic Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17500 | Sensient Technologies Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1644125 | 3.53% |
| **Laboratory Analytical Instruments** | **Laboratory Analytical Instruments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12500 | Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209375 | 2.60% |
| **Measuring & Controlling Devices, NEC** | **Measuring & Controlling Devices, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Onto Innovation Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631440 | 1.35% |
| **National Commercial Banks** | **National Commercial Banks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32000 | First Merchants Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 | National Bank Holdings Corporation - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342090 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541450 | 3.31% |
| **Printed Circuit Boards** | **Printed Circuit Boards** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912080 | 1.96% |
| **Retail - Catalog & Mail-Order Houses** | **Retail - Catalog & Mail-Order Houses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24064 | Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960494 | 4.21% |
| **Retail - Family Clothing Stores** | **Retail - Family Clothing Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67600 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782612 | 3.83% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44600 | Kulicke & Soffa Industries Inc. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2031976 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11700 | Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988767 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020743 | 6.48% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | Concentrix Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245322 | 0.53% |
| **Services - Health Services** | **Services - Health Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | The Pennant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563000 | 1.21% |
| **Services - Help Supply Services** | **Services - Help Supply Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35200 | Kforce Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088384 | 2.34% |
| **Services - Home Health Care Services** | **Services - Home Health Care Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17800 | Addus HomeCare Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911542 | 4.10% |
| **Services - Medical Laboratories** | **Services - Medical Laboratories** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27700 | RadNet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976395 | 4.24% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6666 | Consensus Cloud Solutions Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145452 | 0.31% |
| **Services - Services, NEC** | **Services - Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Enviri Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1792000 | 3.85% |
| **Services - Skilled Nursing Care Facilities** | **Services - Skilled Nursing Care Facilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045200 | 2.24% |
| **Special Industry Machinery (No Metalworking Machinery)** | **Special Industry Machinery (No Metalworking Machinery)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3200 | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912064 | 1.96% |
| **Special Industry Machinery, NEC** | **Special Industry Machinery, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26800 | Azenta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 | Veeco Instruments Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857400 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1748768 | 3.75% |
| **State Commercial Banks** | **State Commercial Banks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6000 | Banner Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375960 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22000 | Renasant Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774840 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1150800 | 2.47% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Integra LifeSciences Holdings Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Orthofix Medical Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1212800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Tactile Systems Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3946400 | 8.47% |
| **Telegraph & Other Message Communications** | **Telegraph & Other Message Communications** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7200 | Ziff Davis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253080 | 0.54% |
| **Telephone & Telegraph Apparatus** | **Telephone & Telegraph Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | ADTRAN Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521400 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | Fabrinet (Thailand) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365840 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1887240 | 4.05% |
| **Transportation Services** | **Transportation Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5800 | GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983680 | 2.11% |
| **Water, Sewer, Pipeline, Comm & Power Line Construction** | **Water, Sewer, Pipeline, Comm & Power Line Construction** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | Primoris Services Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620700 | 1.33% |
| **Wholesale - Computers & Peripheral Equipment & Software** | **Wholesale - Computers & Peripheral Equipment & Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10832 | TD SYNNEX Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1627291 | 3.49% |
| **Women's, Misses': and Juniors Outerwear** | **Women's, Misses': and Juniors Outerwear** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | J. Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274400 | 0.59% |
| **Wood Household Furniture, (No Upholstered)** | **Wood Household Furniture, (No Upholstered)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | MasterBrand, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883200 | 1.90% |
| **Total for Common Stocks (Cost $20,017,430)** | **Total for Common Stocks (Cost $20,017,430)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44719736 | 95.97% |
| **REAL ESTATE INVESTMENT TRUSTS** | **REAL ESTATE INVESTMENT TRUSTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10450 | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451610 | 3.11% |
| **Total for Real Estate Investment Trusts (Cost $292,493)** | **Total for Real Estate Investment Trusts (Cost $292,493)** |  |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496311 | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496311 | 1.07% |
| **Total for Money Market Funds (Cost $496,311)** | **Total for Money Market Funds (Cost $496,311)** |  |  |
| **Total Investment Securities** | **Total Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46667657 | 100.15% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,806,234)** |  |  |
| **Liabilities in Excess of Other Assets** | **Liabilities in Excess of Other Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69188) | -0.15% |
| **Net Assets** |  | $&nbsp;&nbsp;&nbsp;&nbsp; 46598469 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |
| \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Paradigm Select Fund** | **Paradigm Select Fund** | **Paradigm Select Fund** | **Paradigm Select Fund** |
|  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |
| **Communications Equipment, NEC** | **Communications Equipment, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24600 | Lumentum Holdings Inc. \* | $&nbsp;&nbsp;&nbsp;&nbsp; 9067314 | 7.30% |
| **Dental Equipment & Supplies** | **Dental Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | DENTSPLY SIRONA Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914400 | 0.74% |
| **Electrical Work** | **Electrical Work** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15400 | EMCOR Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9421566 | 7.59% |
| **Electromedical & Electrotherapeutic Apparatus** | **Electromedical & Electrotherapeutic Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10200 | Masimo Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326612 | 1.07% |
| **Fire, Marine & Casualty Insurance** | **Fire, Marine & Casualty Insurance** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6450 | American Financial Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881586 | 0.71% |
| **General Industrial Machinery & Equipment** | **General Industrial Machinery & Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102300 | Zurn Elkay Water Solutions Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4755927 | 3.83% |
| **In Vitro & In Vivo Diagnostic Substances** | **In Vitro & In Vivo Diagnostic Substances** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62390 | QuidelOrtho Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1781858 | 1.43% |
| **Industrial Organic Chemicals** | **Industrial Organic Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27100 | Sensient Technologies Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2546045 | 2.05% |
| **Instruments for Measurement & Testing of Electricity & Electric Signals** | **Instruments for Measurement & Testing of Electricity & Electric Signals** | **Instruments for Measurement & Testing of Electricity & Electric Signals** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33650 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6513294 | 5.24% |
| **Laboratory Analytical Instruments** | **Laboratory Analytical Instruments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2418750 | 1.95% |
| **Life Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | F&G Annuities & Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10921 | 0.01% |
| **Measuring & Controlling Devices, NEC** | **Measuring & Controlling Devices, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Onto Innovation Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894320 | 1.53% |
| **Miscellaneous Manufacturing Industries** | **Miscellaneous Manufacturing Industries** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16600 | Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526552 | 0.42% |
| **Motors & Generators** | **Motors & Generators** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12200 | Regal Rexnord Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1711904 | 1.38% |
| **Printed Circuit Boards** | **Printed Circuit Boards** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13400 | Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3055468 | 2.46% |
| **Retail - Catalog & Mail-Order Houses** | **Retail - Catalog & Mail-Order Houses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629400 | 1.31% |
| **Retail - Lumber & Other Building Materials Dealers** | **Retail - Lumber & Other Building Materials Dealers** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42700 | Builders FirstSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4393403 | 3.54% |
| **Search, Detection, Navigation, Guidance, Aeronautical Systems** | **Search, Detection, Navigation, Guidance, Aeronautical Systems** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19075 | Garmin Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3869364 | 3.12% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80175 | Kulicke & Soffa Industries Inc. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3652773 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69400 | Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5897612 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12800 | Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081728 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10632113 | 8.56% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Concentrix Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831600 | 0.67% |
| **Services - Medical Laboratories** | **Services - Medical Laboratories** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59400 | Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13607946 | 10.96% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32100 | Progress Software Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1379016 | 1.11% |
| **Services - Services, NEC** | **Services - Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | Enviri Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1433600 | 1.15% |
| **Services - Skilled Nursing Care Facilities** | **Services - Skilled Nursing Care Facilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1742000 | 1.40% |
| **Special Industry Machinery, NEC** | **Special Industry Machinery, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12000 | Axcelis Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964080 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Veeco Instruments Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143200 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107280 | 1.70% |
| **Steel Pipe & Tubes** | **Steel Pipe & Tubes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18000 | ATI Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2065680 | 1.66% |
| **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)** | **Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15600 | Carpenter Technology Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4911504 | 3.95% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86200 | Globus Medical, Inc. - Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7526122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | Integra LifeSciences Holdings Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1366200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Orthofix Medical Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1516000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60000 | Tactile Systems Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12148322 | 9.78% |
| **Telephone & Telegraph Apparatus** | **Telephone & Telegraph Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72300 | ADTRAN Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628287 | 0.51% |
| **Title Insurance** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5900 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322081 | 0.26% |
| **Wholesale - Computers & Peripheral Equipment & Software** | **Wholesale - Computers & Peripheral Equipment & Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10000 | TD SYNNEX Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1502300 | 1.21% |
| **Wholesale - Lumber & Other Construction Materials** | **Wholesale - Lumber & Other Construction Materials** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42000 | Boise Cascade Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3091200 | 2.49% |
| **Wholesale- Medical, Dental & Hospital Equipment & Supplies** | **Wholesale- Medical, Dental & Hospital Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | Accendra Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672000 | 0.54% |
| **Wood Household Furniture, (No Upholstered)** | **Wood Household Furniture, (No Upholstered)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80000 | MasterBrand, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883200 | 0.71% |
| **Total for Common Stocks (Cost $51,113,805)** | **Total for Common Stocks (Cost $51,113,805)** | &nbsp;&nbsp;&nbsp;&nbsp; 114676813 | 92.34% |
| **REAL ESTATE INVESTMENT TRUSTS** | **REAL ESTATE INVESTMENT TRUSTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10350 | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437718 | 1.16% |
| **Total for Real Estate Investment Trusts (Cost $1,225,246)** | **Total for Real Estate Investment Trusts (Cost $1,225,246)** |  |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8068869 | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8068869 | 6.49% |
| **Total for Money Market Funds (Cost $8,068,869)** | **Total for Money Market Funds (Cost $8,068,869)** |  |  |
| **Total Investment Securities** | **Total Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 124183400 | 99.99% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $60,407,920)** |  |  |
| **Other Assets in Excess of Liabilities** | **Other Assets in Excess of Liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472 | 0.01% |
| **Net Assets** |  | $124190872 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |
| \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Paradigm Micro-Cap Fund** | **Paradigm Micro-Cap Fund** | **Paradigm Micro-Cap Fund** | **Paradigm Micro-Cap Fund** |
|  |  | **Schedule of Investments** | **Schedule of Investments** |
|  |  | **December 31, 2025** | **December 31, 2025** |
| **Shares** |  | **Fair Value** | **% of Net Assets** |
| **COMMON STOCKS** | **COMMON STOCKS** |  |  |
| **Computer Communications Equipment** | **Computer Communications Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188300 | A10 Networks, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp; 3331027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Extreme Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4995000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8326027 | 6.20% |
| **Electric Housewares & Fans** | **Electric Housewares & Fans** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Helen of Troy Limited \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2975000 | 2.22% |
| **Footwear (No Rubber)** | **Footwear (No Rubber)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217000 | 0.91% |
| **Household Audio & Video Equipment** | **Household Audio & Video Equipment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149200 | Arlo Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087308 | 1.56% |
| **In Vitro & In Vivo Diagnostic Substances** | **In Vitro & In Vivo Diagnostic Substances** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | QuidelOrtho Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998400 | 2.98% |
| **Industrial Organic Chemicals** | **Industrial Organic Chemicals** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5950 | Sensient Technologies Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559002 | 0.42% |
| **Instruments For Measurement & Testing of Electricity & Electric Signals** | **Instruments For Measurement & Testing of Electricity & Electric Signals** | **Instruments For Measurement & Testing of Electricity & Electric Signals** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Cohu, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327000 | 1.73% |
| **Measuring & Controlling Devices, NEC** | **Measuring & Controlling Devices, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | Onto Innovation Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7893000 | 5.88% |
| **Motor Vehicle Parts & Accessories** | **Motor Vehicle Parts & Accessories** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Modine Manufacturing Company \* | &nbsp;&nbsp;&nbsp;&nbsp; 13351000 | 9.94% |
| **Orthopedic, Prosthetic & Surgical Appliances & Supplies** | **Orthopedic, Prosthetic & Surgical Appliances & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Enovis Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729600 | 2.78% |
| **Plastics Products, NEC** | **Plastics Products, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370000 | 2.51% |
| **Retail - Catalog & Mail-Order Houses** | **Retail - Catalog & Mail-Order Houses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3258800 | 2.43% |
| **Retail - Family Clothing Stores** | **Retail - Family Clothing Stores** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13300 | American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350721 | 0.26% |
| **Retail - Retail Stores, NEC** | **Retail - Retail Stores, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4016000 | 2.99% |
| **Semiconductors & Related Devices** | **Semiconductors & Related Devices** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33700 | Kulicke & Soffa Industries Inc. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535372 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140000 | Penguin Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2738400 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273772 | 3.18% |
| **Services - Business Services, NEC** | **Services - Business Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | Concentrix Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831600 | 0.62% |
| **Services - Computer Integrated Systems Design** | **Services - Computer Integrated Systems Design** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Ribbon Communications Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864000 | 0.64% |
| **Services - Computer Programming Services** | **Services - Computer Programming Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | TruBridge, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207000 | 1.64% |
| **Services - Health Services** | **Services - Health Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | The Pennant Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067000 | 3.77% |
| **Services - Help Supply Services** | **Services - Help Supply Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | Cross Country Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | TTEC Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525500 | 1.14% |
| **Services - Home Health Care Services** | **Services - Home Health Care Services** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19700 | Addus HomeCare Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115583 | 1.58% |
| **Services - Prepackaged Software** | **Services - Prepackaged Software** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Cerence Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10900 | Progress Software Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468264 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675264 | 2.74% |
| **Services - Services, NEC** | **Services - Services, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Enviri Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376000 | 4.00% |
| **Services - Skilled Nursing Care Facilities** | **Services - Skilled Nursing Care Facilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | The Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968000 | 5.19% |
| **Special Industry Machinery (No Metalworking Machinery)** | **Special Industry Machinery (No Metalworking Machinery)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11600 | Kadant Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306232 | 2.46% |
| **Special Industry Machinery, NEC** | **Special Industry Machinery, NEC** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9800 | Azenta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | Veeco Instruments Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5144400 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470348 | 4.07% |
| **Surgical & Medical Instruments & Apparatus** | **Surgical & Medical Instruments & Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | AngioDynamics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60900 | AtriCure, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409204 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | Integra LifeSciences Holdings Corporation \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | Orthofix Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6064000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | Tactile Systems Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900000 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20151204 | 15.01% |
| **Telephone & Telegraph Apparatus** | **Telephone & Telegraph Apparatus** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | ADTRAN Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607000 | 1.94% |
| **Women's, Misses', and Juniors Outerwear** | **Women's, Misses', and Juniors Outerwear** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147000 | J.Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016840 | 1.50% |
| **Total for Common Stocks (Cost $78,329,926)** | **Total for Common Stocks (Cost $78,329,926)** | &nbsp;&nbsp;&nbsp;&nbsp; 123914201 | 92.29% |
| **CONTINGENT VALUE RIGHTS** | **CONTINGENT VALUE RIGHTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | Pacira BioSciences Inc. Contingent Value Rights \* + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102000 | 0.08% |
| **Total for Contingent Value Rights (Cost $186,000)** | **Total for Contingent Value Rights (Cost $186,000)** |  |  |
| **MONEY MARKET FUNDS** | **MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 12626714 | Goldman Sachs Financial Square Government Fund |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Institutional Class - 3.61% \*\* | &nbsp;&nbsp;&nbsp;&nbsp; 12626714 | 9.40% |
| **Total for Money Market Funds (Cost $12,626,714)** | **Total for Money Market Funds (Cost $12,626,714)** |  |  |
| **Total Investment Securities** | **Total Investment Securities** | &nbsp;&nbsp;&nbsp;&nbsp; 136642915 | 101.77% |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $91,142,640)** |  |  |
| **Liabilities in Excess of Other Assets** | **Liabilities in Excess of Other Assets** | &nbsp;&nbsp;&nbsp;&nbsp; (2370305) | -1.77% |
| **Net Assets** |  | $134272610 | 100.00% |
| \* Non-Income Producing Securities. | \* Non-Income Producing Securities. |  |  |
| \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. | \*\* The rate shown represents the 7-day yield at December 31, 2025. |
| + Level 3. | + Level 3. |  |  |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** | **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.** |
| **Paradigm Funds** | | |
| **Statements of Assets and Liabilities** | **Value** | **Select** |
| **&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025** | **Fund** | **Fund** |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\* | $46667657 | $124183400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | 50165 | 91064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 46717952 | &nbsp;&nbsp;&nbsp;&nbsp;124334916 |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 51117 | 122583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 119483 | 144044 |
| Net Assets | $46598469 | $124190872 |
| Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $20751938 | $60439250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp; 25846531 | &nbsp;&nbsp;&nbsp;&nbsp; 63751622 |
| Net Assets | $46598469 | $124190872 |
| Net Asset Value, Offering and Redemption Price (Note 2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91.24 |
| \* Investments at Identified Cost | $20806234 | $60407920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961195 | &nbsp;&nbsp;&nbsp;&nbsp; 1361075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |  |
| **Statements of Operations** |  |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December 31, 2025** |  |  |
| Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign taxes of $0 and $0, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp; 535506 | $&nbsp;&nbsp;&nbsp;&nbsp;1086030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535506 | &nbsp;&nbsp;&nbsp;&nbsp; 1086030 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisor Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612629 | &nbsp;&nbsp;&nbsp;&nbsp; 1492674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612629 | &nbsp;&nbsp;&nbsp;&nbsp; 1492674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Expenses Waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 612629 | &nbsp;&nbsp;&nbsp;&nbsp; 1350370 |
| Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264340) |
| Realized and Unrealized Gain (Loss) on Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 8536971 | &nbsp;&nbsp;&nbsp;&nbsp; 1205848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (6114208) | &nbsp;&nbsp;&nbsp;&nbsp; 11833289 |
| Net Realized and Unrealized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 2422763 | &nbsp;&nbsp;&nbsp;&nbsp; 13039137 |
| Net Increase in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp;2345640 | $12774797 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | |
|:---|:---|
| **Paradigm Funds** | |
| **Statement of Assets and Liabilities** | **Micro-Cap** |
| **&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2025** | **Fund** |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Securities at Fair Value\* | $136642915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund Shares Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends Receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 136749937 |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 147108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2477327 |
| Net Assets | $134272610 |
| Net Assets Consist of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid In Capital | $&nbsp;&nbsp;&nbsp;&nbsp; 88935053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp; 45337557 |
| Net Assets | $134272610 |
| Net Asset Value, Offering and Redemption Price (Note 2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44.83 |
| \* Investments at Identified Cost | $&nbsp;&nbsp;&nbsp;&nbsp; 91142640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares Outstanding (Unlimited number of shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2995417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; authorized without par value) |  |
| **Statement of Operations** |  |
| **&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December 31, 2025** |  |
| Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends (Net of foreign taxes $0) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768812 |
| Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Advisor Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1802626 |
| Net Investment Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1033814) |
| Realized and Unrealized Gain (Loss) on Investments: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp; 18598999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Net Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp; (26556555) |
| Net Realized and Unrealized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7957556) |
| Net Decrease in Net Assets from Operations | $&nbsp;&nbsp;&nbsp;&nbsp; (8991370) |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Paradigm Funds** | | | | |
| **Statements of Changes in Net Assets** | **Value Fund** | **Value Fund** | **Select Fund** | **Select Fund** |
|  | 1/1/2025 | 1/1/2024 | 1/1/2025 | 1/1/2024 |
|  | to | to | to | to |
|  | 12/31/2025 | 12/31/2024 | 12/31/2025 | 12/31/2024 |
| From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | $&nbsp;&nbsp;&nbsp;&nbsp; (77123) | $&nbsp;&nbsp;&nbsp;&nbsp;(243873) | $&nbsp;&nbsp;&nbsp;&nbsp; (264340) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 8536971 | 6427259 | 1205848 | 3637942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | (6114208) | (85021) | 11833289 | 15259500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase in Net Assets from Operations | 2345640 | 6098365 | 12774797 | &nbsp;&nbsp;&nbsp;&nbsp; 18913923 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;(8155535) | &nbsp;&nbsp;&nbsp;&nbsp;(6037857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23415) |
| From Capital Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | 1208091 | 1635894 | &nbsp;&nbsp;&nbsp;&nbsp; 11027135 | &nbsp;&nbsp;&nbsp;&nbsp; 14562413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Redemption Fees (Note 2) | 231 | 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp; 7673751 | &nbsp;&nbsp;&nbsp;&nbsp; 5929185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | (6337564) | (8333601) | &nbsp;&nbsp;&nbsp;&nbsp;(29957976) | &nbsp;&nbsp;&nbsp;&nbsp;(17460873) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | 2544509 | (767802) | &nbsp;&nbsp;&nbsp;&nbsp;(18758701) | &nbsp;&nbsp;&nbsp;&nbsp; (2864962) |
| Net Increase (Decrease) in Net Assets | (3265386) | (707294) | &nbsp;&nbsp;&nbsp;&nbsp; (6157742) | &nbsp;&nbsp;&nbsp;&nbsp; 16025546 |
| Net Assets at Beginning of Year | 49863855 | 50571149 | 130348614 | &nbsp;&nbsp;&nbsp;&nbsp;114323068 |
| Net Assets at End of Year | $46598469 | $49863855 | $124190872 | $130348614 |
| Share Transactions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | 21948 | 27447 | 135578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 156448 | &nbsp;&nbsp;&nbsp;&nbsp; 107471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | (120189) | (139485) | (392391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228941) |
| Net Increase (Decrease) in Shares | 58207 | (4567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(254983) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38091) |
| Shares Outstanding Beginning of Year | 902988 | 907555 | &nbsp;&nbsp;&nbsp;&nbsp; 1616058 | &nbsp;&nbsp;&nbsp;&nbsp; 1654149 |
| Shares Outstanding End of Year | 961195 | 902988 | &nbsp;&nbsp;&nbsp;&nbsp; 1361075 | &nbsp;&nbsp;&nbsp;&nbsp; 1616058 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| **Paradigm Funds** | | |
| **Statements of Changes in Net Assets** | **Micro-Cap Fund** | **Micro-Cap Fund** |
|  | 1/1/2025 | 1/1/2024 |
|  | to | to |
|  | 12/31/2025 | 12/31/2024 |
| From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Loss | $(1033814) | $(1208535) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gain on Investments | 18598999 | &nbsp;&nbsp;&nbsp;&nbsp; 10996156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments | (26556555) | &nbsp;&nbsp;&nbsp;&nbsp; 10619147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) in Net Assets from Operations | (8991370) | &nbsp;&nbsp;&nbsp;&nbsp; 20406768 |
| From Distributions to Shareholders: | &nbsp;&nbsp;&nbsp;&nbsp;(18560520) | &nbsp;&nbsp;&nbsp;&nbsp;(10148863) |
| From Capital Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds From Sale of Shares | &nbsp;&nbsp;&nbsp;&nbsp; 4939357 | &nbsp;&nbsp;&nbsp;&nbsp; 11761916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares Issued on Reinvestment of Dividends | &nbsp;&nbsp;&nbsp;&nbsp; 18515361 | &nbsp;&nbsp;&nbsp;&nbsp; 10026592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of Shares Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(29606277) | &nbsp;&nbsp;&nbsp;&nbsp;(17155302) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Increase (Decrease) from Shareholder Activity | &nbsp;&nbsp;&nbsp;&nbsp; (6146274) | &nbsp;&nbsp;&nbsp;&nbsp; 4641795 |
| Net Increase (Decrease) in Net Assets | (33698164) | 14899700 |
| Net Assets at Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;167970774 | &nbsp;&nbsp;&nbsp;&nbsp;153071074 |
| Net Assets at End of Year | $134272610 | $167970774 |
| Share Transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(593504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313391) |
| Net Increase (Decrease) in Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85709 |
| Shares Outstanding Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp; 3082921 | &nbsp;&nbsp;&nbsp;&nbsp; 2997212 |
| Shares Outstanding End of Year | &nbsp;&nbsp;&nbsp;&nbsp; 2995417 | &nbsp;&nbsp;&nbsp;&nbsp; 3082921 |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paradigm Value Fund** | | | | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout each year: | 1/1/2025 |  | 1/1/2024 |  | 1/1/2023 |  | 1/1/2022 | 1/1/2021 |
|  | to |  | to |  | to |  | to | to |
|  | 12/31/2025 |  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2022 | 12/31/2021 |
| Net Asset Value - Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp;55.22 |  | $&nbsp;&nbsp;&nbsp;&nbsp;55.72 |  | $&nbsp;&nbsp;&nbsp;&nbsp;52.32 |  | $&nbsp;&nbsp;&nbsp;&nbsp;71.43 | $&nbsp;&nbsp;&nbsp;&nbsp;56.29 |
| Net Investment Loss (a) | &nbsp;&nbsp;&nbsp;&nbsp; (0.09) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (0.53) |
| Net Gain (Loss) on Investments (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 |  | &nbsp;&nbsp;&nbsp;&nbsp; (14.28) | &nbsp;&nbsp;&nbsp;&nbsp; 17.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 3.27 |  | 7.04 |  | 7.01 |  | (14.57) | 17.03 |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp; (10.01) |  | &nbsp;&nbsp;&nbsp;&nbsp; (7.54) |  | &nbsp;&nbsp;&nbsp;&nbsp; (3.61) |  | &nbsp;&nbsp;&nbsp;&nbsp; (4.55) | &nbsp;&nbsp;&nbsp;&nbsp; (1.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (10.01) |  | &nbsp;&nbsp;&nbsp;&nbsp; (7.54) |  | &nbsp;&nbsp;&nbsp;&nbsp; (3.61) |  | &nbsp;&nbsp;&nbsp;&nbsp; (4.55) | &nbsp;&nbsp;&nbsp;&nbsp; (1.91) |
| Proceeds from Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | 0.01 | 0.02 |
| Net Asset Value - End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;48.48 |  | $&nbsp;&nbsp;&nbsp;&nbsp;55.22 |  | $&nbsp;&nbsp;&nbsp;&nbsp;55.72 |  | $&nbsp;&nbsp;&nbsp;&nbsp;52.32 | $&nbsp;&nbsp;&nbsp;&nbsp;71.43 |
| Total Return (b) | 5.72% |  | 12.65% |  | 13.31% |  | (20.42)% | 30.30% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $46598 |  | $49864 |  | $50571 |  | $48520 | $76200 |
| Ratio of Expenses to Average Net Assets | 1.33% |  | 1.50% |  | 1.50% |  | 1.50% | 1.50% |
| Ratio of Net Investment Loss to Average |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | (0.17)% |  | (0.47)% |  | (0.48)% |  | (0.50)% | (0.78)% |
| Portfolio Turnover Rate | 26.94% |  | 25.56% |  | 12.04% |  | 1.87% | 10.61% |
| (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. |
| (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay |
| on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paradigm Select Fund** | | | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout each year: | 1/1/2025 |  | 1/1/2024 | 1/1/2023 |  | 1/1/2022 | 1/1/2021 |
|  | to |  | to | to |  | to | to |
|  | 12/31/2025 |  | 12/31/2024 | 12/31/2023 |  | 12/31/2022 | 12/31/2021 |
| Net Asset Value - Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp;80.66 |  | $&nbsp;&nbsp;&nbsp;&nbsp;69.11 | $&nbsp;&nbsp;&nbsp;&nbsp;54.61 |  | $&nbsp;&nbsp;&nbsp;&nbsp;74.25 | $&nbsp;&nbsp;&nbsp;&nbsp;56.71 |
| Net Investment Income (Loss) (a) | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.19) |
| Net Gain (Loss) on Investments (Realized and Unrealized) | 10.89 |  | 11.54 | 14.49 |  | (19.64) | 17.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 10.71 |  | 11.55 | 14.71 |  | (19.66) | 17.59 |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.13) |
| Proceeds from Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | 0.03 | 0.08 |
| Net Asset Value - End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;91.24 |  | $&nbsp;&nbsp;&nbsp;&nbsp;80.66 | $&nbsp;&nbsp;&nbsp;&nbsp;69.11 |  | $&nbsp;&nbsp;&nbsp;&nbsp;54.61 | $&nbsp;&nbsp;&nbsp;&nbsp;74.25 |
| Total Return (b) | 13.27% |  | 16.73% | 26.94% |  | (26.44)% | 31.16% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $124191 |  | $130349 | $114323 |  | $93491 | $148527 |
| Before Waiver |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.27% |  | 1.50% | 1.50% |  | 1.50% | 1.50% |
| After Waiver |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets (c) | 1.15% |  | 1.15% | 1.15% |  | 1.15% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Income (Loss) to Average |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets (c) | (0.23)% |  | 0.01% | 0.36% |  | (0.04)% | (0.28)% |
| Portfolio Turnover Rate | 15.49% |  | 15.11% | 21.49% |  | 29.45% | 8.64% |
| (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. |
| (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay |
| on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. | (c) Such percentages reflect an expense waiver by the Advisor. See Note 4. |
| + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | + Amount calculated is less than $0.005.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Paradigm Micro-Cap Fund** | | | | | | | | |
| **Financial Highlights** |  |  |  |  |  |  |  |  |
| Selected data for a share outstanding throughout each year: | 1/1/2025 |  | 1/1/2024 |  | 1/1/2023 |  | 1/1/2022 | 1/1/2021 |
|  | to |  | to |  | to |  | to | to |
|  | 12/31/2025 |  | 12/31/2024 |  | 12/31/2023 |  | 12/31/2022 | 12/31/2021 |
| Net Asset Value - Beginning of Year | $&nbsp;&nbsp;&nbsp;&nbsp;54.48 |  | $&nbsp;&nbsp;&nbsp;&nbsp;51.07 |  | $&nbsp;&nbsp;&nbsp;&nbsp;43.32 |  | $&nbsp;&nbsp;&nbsp;&nbsp;54.57 | $&nbsp;&nbsp;&nbsp;&nbsp;43.13 |
| Net Investment Loss (a) | (0.36) |  | (0.41) |  | (0.39) |  | (0.41) | (0.47) |
| Net Gain (Loss) on Investments (Realized and Unrealized) | (2.15) |  | 7.31 |  | 8.14 |  | (10.85) | 12.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | (2.51) |  | 6.90 |  | 7.75 |  | (11.26) | 12.04 |
| Distributions (From Net Investment Income) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| Distributions (From Capital Gains) | &nbsp;&nbsp;&nbsp;&nbsp; (7.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; (3.49) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp; (7.14) |  | &nbsp;&nbsp;&nbsp;&nbsp; (3.49) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp; (0.61) |
| Proceeds from Redemption Fees (Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | + | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 |
| Net Asset Value - End of Year | $&nbsp;&nbsp;&nbsp;&nbsp;44.83 |  | $&nbsp;&nbsp;&nbsp;&nbsp;54.48 |  | $&nbsp;&nbsp;&nbsp;&nbsp;51.07 |  | $&nbsp;&nbsp;&nbsp;&nbsp;43.32 | $&nbsp;&nbsp;&nbsp;&nbsp;54.57 |
| Total Return (b) | (4.79)% |  | 13.52% |  | 17.89% |  | (20.62)% | 27.94% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |  |  |
| Net Assets - End of Year (Thousands) | $134273 |  | $167971 |  | $153071 |  | $113330 | $160046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Expenses to Average Net Assets | 1.25% |  | 1.25% |  | 1.25% |  | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ratio of Net Investment Loss to Average |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | (0.72)% |  | (0.74)% |  | (0.82)% |  | (0.92)% | (0.91)% |
| Portfolio Turnover Rate | 86.64% |  | 47.87% |  | 38.31% |  | 34.91% | 46.02% |
| (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. | (a) Per share amount calculated using the average shares method. |
| (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund | (b) Total return represents the rate that the investor would have earned or lost on an investment in the Fund |
| assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay | assuming reinvestment of dividends. Returns do not reflect the deduction of taxes a shareholder would pay |
| on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | on Fund distributions or redemption of Fund shares.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. | + Amount calculated is less than $0.005. |
| The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. | The accompanying notes are an integral part of these financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** | **NOTES TO THE FINANCIAL STATEMENTS** |
| **PARADIGM FUNDS** | **PARADIGM FUNDS** | **PARADIGM FUNDS** | **PARADIGM FUNDS** | **PARADIGM FUNDS** |
| **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| 1.) ORGANIZATION |  |  |  |  |
| Paradigm Funds (the "Trust") is an open-end management investment company that was organized in Ohio as a business trust on September 13, 2002, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Paradigm Value Fund ("Value") commenced operations on January 1, 2003. Value's investment objective is long-term capital appreciation. The Paradigm Select Fund ("Select") commenced operations on January 1, 2005. Select's investment objective is long-term capital appreciation. The Paradigm Micro-Cap Fund ("Micro-Cap") commenced operations on January 1, 2008. Micro-Cap's investment objective is long-term capital appreciation. Under normal circumstances, Micro-Cap invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. Value, Select and Micro-Cap are all diversified funds. The advisor to Value, Select and Micro-Cap (each a "Fund" and collectively the "Funds") is Paradigm Funds Advisor LLC (the "Advisor"). | Paradigm Funds (the "Trust") is an open-end management investment company that was organized in Ohio as a business trust on September 13, 2002, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Paradigm Value Fund ("Value") commenced operations on January 1, 2003. Value's investment objective is long-term capital appreciation. The Paradigm Select Fund ("Select") commenced operations on January 1, 2005. Select's investment objective is long-term capital appreciation. The Paradigm Micro-Cap Fund ("Micro-Cap") commenced operations on January 1, 2008. Micro-Cap's investment objective is long-term capital appreciation. Under normal circumstances, Micro-Cap invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. Value, Select and Micro-Cap are all diversified funds. The advisor to Value, Select and Micro-Cap (each a "Fund" and collectively the "Funds") is Paradigm Funds Advisor LLC (the "Advisor"). | Paradigm Funds (the "Trust") is an open-end management investment company that was organized in Ohio as a business trust on September 13, 2002, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Paradigm Value Fund ("Value") commenced operations on January 1, 2003. Value's investment objective is long-term capital appreciation. The Paradigm Select Fund ("Select") commenced operations on January 1, 2005. Select's investment objective is long-term capital appreciation. The Paradigm Micro-Cap Fund ("Micro-Cap") commenced operations on January 1, 2008. Micro-Cap's investment objective is long-term capital appreciation. Under normal circumstances, Micro-Cap invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. Value, Select and Micro-Cap are all diversified funds. The advisor to Value, Select and Micro-Cap (each a "Fund" and collectively the "Funds") is Paradigm Funds Advisor LLC (the "Advisor"). | Paradigm Funds (the "Trust") is an open-end management investment company that was organized in Ohio as a business trust on September 13, 2002, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Paradigm Value Fund ("Value") commenced operations on January 1, 2003. Value's investment objective is long-term capital appreciation. The Paradigm Select Fund ("Select") commenced operations on January 1, 2005. Select's investment objective is long-term capital appreciation. The Paradigm Micro-Cap Fund ("Micro-Cap") commenced operations on January 1, 2008. Micro-Cap's investment objective is long-term capital appreciation. Under normal circumstances, Micro-Cap invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. Value, Select and Micro-Cap are all diversified funds. The advisor to Value, Select and Micro-Cap (each a "Fund" and collectively the "Funds") is Paradigm Funds Advisor LLC (the "Advisor"). | Paradigm Funds (the "Trust") is an open-end management investment company that was organized in Ohio as a business trust on September 13, 2002, that offers shares of beneficial interest in a number of separate series, each series representing a distinct fund with its own investment objectives and policies. The Paradigm Value Fund ("Value") commenced operations on January 1, 2003. Value's investment objective is long-term capital appreciation. The Paradigm Select Fund ("Select") commenced operations on January 1, 2005. Select's investment objective is long-term capital appreciation. The Paradigm Micro-Cap Fund ("Micro-Cap") commenced operations on January 1, 2008. Micro-Cap's investment objective is long-term capital appreciation. Under normal circumstances, Micro-Cap invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. Value, Select and Micro-Cap are all diversified funds. The advisor to Value, Select and Micro-Cap (each a "Fund" and collectively the "Funds") is Paradigm Funds Advisor LLC (the "Advisor"). |
| 2.) SIGNIFICANT ACCOUNTING POLICIES | 2.) SIGNIFICANT ACCOUNTING POLICIES |  |  |  |
| The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). | The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. | The Funds follow the significant accounting policies described in this section. |
| *REPORTING SEGMENTS:* |  |  |  |  |
| Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and his role, the Chief Executive Officer at the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and his role, the Chief Executive Officer at the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and his role, the Chief Executive Officer at the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and his role, the Chief Executive Officer at the Advisor is deemed to be the Chief Operating Decision Maker. | Each Fund is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the investment manager to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and his role, the Chief Executive Officer at the Advisor is deemed to be the Chief Operating Decision Maker. |
| *SECURITY VALUATION:* |  |  |  |  |
| All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. | All investments in securities are recorded at their estimated fair value, as described in Note 3. |
| *SECURITY TRANSACTIONS AND OTHER:* | *SECURITY TRANSACTIONS AND OTHER:* |  |  |  |
| Security transactions are recorded based on the trade date for financial statement reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Funds use the highest cost basis which is a form of specific identification in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | Security transactions are recorded based on the trade date for financial statement reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Funds use the highest cost basis which is a form of specific identification in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | Security transactions are recorded based on the trade date for financial statement reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Funds use the highest cost basis which is a form of specific identification in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | Security transactions are recorded based on the trade date for financial statement reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Funds use the highest cost basis which is a form of specific identification in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. | Security transactions are recorded based on the trade date for financial statement reporting purposes. Dividend income is recognized on the ex-dividend date. Interest income, if any, is recognized on an accrual basis. The Funds use the highest cost basis which is a form of specific identification in computing gain or loss on sale of investment securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The Funds may invest in real estate investment trusts ("REITs") that pay distributions to their shareholders based on available funds from operations. It is common for these distributions to exceed the REITs' taxable earnings and profits resulting in the excess portion of such distribution to be designated as return of capital. Distributions received from REITs are generally recorded as dividend income and, if necessary, are reclassified annually in accordance with tax information provided by the underlying REITs. |
| *SHARE VALUATION:* |  |  |  |  |
| Each Fund's net asset value (the "NAV") is calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for each Fund is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of each Fund are subject to a redemption fee of 2% if redeemed within 90 days or less of purchase. During the fiscal year ended December 31, 2025, proceeds from redemption fees were $231, $3,557 and $5,285 for Value, Select and Micro-Cap, respectively. | Each Fund's net asset value (the "NAV") is calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for each Fund is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of each Fund are subject to a redemption fee of 2% if redeemed within 90 days or less of purchase. During the fiscal year ended December 31, 2025, proceeds from redemption fees were $231, $3,557 and $5,285 for Value, Select and Micro-Cap, respectively. | Each Fund's net asset value (the "NAV") is calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for each Fund is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of each Fund are subject to a redemption fee of 2% if redeemed within 90 days or less of purchase. During the fiscal year ended December 31, 2025, proceeds from redemption fees were $231, $3,557 and $5,285 for Value, Select and Micro-Cap, respectively. | Each Fund's net asset value (the "NAV") is calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for each Fund is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of each Fund are subject to a redemption fee of 2% if redeemed within 90 days or less of purchase. During the fiscal year ended December 31, 2025, proceeds from redemption fees were $231, $3,557 and $5,285 for Value, Select and Micro-Cap, respectively. | Each Fund's net asset value (the "NAV") is calculated as of the close of trading on the New York Stock Exchange (the "Exchange") (normally 4:00 p.m. Eastern time) every day the Exchange is open. The NAV for each Fund is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the net asset value per share, except that shares of each Fund are subject to a redemption fee of 2% if redeemed within 90 days or less of purchase. During the fiscal year ended December 31, 2025, proceeds from redemption fees were $231, $3,557 and $5,285 for Value, Select and Micro-Cap, respectively. |
| *INCOME TAXES:* |  |  |  |  |
| The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. | The Funds' policy is to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all of their taxable income to shareholders. Therefore, no federal income tax provision is required. It is the Funds' policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Code. This Internal Revenue Code requirement may cause an excess of distributions over the book year-end accumulated income. In addition, it is the Funds' policy to distribute annually, after the end of the fiscal year, any remaining net investment income and net realized capital gains. |
| The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and New York State tax authorities; the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and New York State tax authorities; the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and New York State tax authorities; the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and New York State tax authorities; the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. | The Funds recognize the tax benefits of certain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years. The Funds identify their major tax jurisdictions as U.S. Federal and New York State tax authorities; the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the fiscal year ended December 31, 2025, the Funds did not incur any interest or penalties. |
| In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Funds' financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Funds' financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Funds' financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Funds' financial statements. | In December 2023, the FASB issued Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. As a result of each Fund's continued compliance with the IRC requirements of regulated investment companies and each Fund's limited, if any, exposure to foreign withholding taxes on dividends received, management has determined that there is no material impact of the ASU on the Funds' financial statements. |
| *ESTIMATES:* |  |  |  |  |
| The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. |
| *DISTRIBUTIONS TO SHAREHOLDERS:* | *DISTRIBUTIONS TO SHAREHOLDERS:* |  |  |  |
| Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. These adjustments were primarily attributed to the reclassification of net operating loss and the use of equalization for tax purposes. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. These adjustments were primarily attributed to the reclassification of net operating loss and the use of equalization for tax purposes. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. These adjustments were primarily attributed to the reclassification of net operating loss and the use of equalization for tax purposes. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. These adjustments were primarily attributed to the reclassification of net operating loss and the use of equalization for tax purposes. | Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of any Fund. These adjustments were primarily attributed to the reclassification of net operating loss and the use of equalization for tax purposes. |
| <u>Value</u> |  |  |  |  |
| Paid in Capital | $304313 |  |  |  |
| Total Distributable Earnings | ($304313) |  |  |  |
| <u>Select</u> |  |  |  |  |
| Paid in Capital | ($264340) |  |  |  |
| Total Distributable Earnings | $264340 |  |  |  |
| <u>Micro-Cap</u> |  |  |  |  |
| Paid in Capital | ($884660) |  |  |  |
| Total Distributable Earnings | $884660 |  |  |  |
| 3.) SECURITIES VALUATIONS |  |  |  |  |
| The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: |
| Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. | Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities. |
| Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. | Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the assets or liabilities, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the assets or liabilities, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the assets or liabilities, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the assets or liabilities, and would be based on the best information available. | Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the assets or liabilities, and would be based on the best information available. |
| The availability of inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. | The availability of inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| *FAIR VALUE MEASUREMENTS:* |  |  |  |  |
| A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. | A description of the valuation techniques applied to the Funds' major categories of assets measured at fair value on a recurring basis follows. |
| *Equity securities (common stocks and REITs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, subject to review of the Board of Trustees (the "Trustees" or the "Board") and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks and REITs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, subject to review of the Board of Trustees (the "Trustees" or the "Board") and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks and REITs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, subject to review of the Board of Trustees (the "Trustees" or the "Board") and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks and REITs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, subject to review of the Board of Trustees (the "Trustees" or the "Board") and are categorized in level 2 or level 3, when appropriate. | *Equity securities (common stocks and REITs).* Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Valuation Committee believes such prices accurately reflect the fair value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. Generally, if the security is traded in an active market and is valued at the last sale price, the security is categorized as a level 1 security, and if an equity security is valued by the pricing service at its last bid, it is generally categorized as a level 2 security. When market quotations are not readily available, when the Valuation Committee determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Valuation Committee, subject to review of the Board of Trustees (the "Trustees" or the "Board") and are categorized in level 2 or level 3, when appropriate. |
| *Money market funds.* Money market funds are valued at net asset value provided by the underlying funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the underlying funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the underlying funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the underlying funds and are classified in level 1 of the fair value hierarchy. | *Money market funds.* Money market funds are valued at net asset value provided by the underlying funds and are classified in level 1 of the fair value hierarchy. |
| In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, the Valuation Committee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act") and oversees the Valuation Committee. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, the Valuation Committee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act") and oversees the Valuation Committee. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, the Valuation Committee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act") and oversees the Valuation Committee. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, the Valuation Committee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act") and oversees the Valuation Committee. | In accordance with the Trust's Valuation and Fair Value Pricing Policies and Procedures, the Valuation Committee is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. There is no single standard for determining fair value, since fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Valuation Committee would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods. The Board maintains responsibilities for the fair value determinations under Rule 2a-5 under the Investment Company Act of 1940 (the "1940 Act") and oversees the Valuation Committee. |
| The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025: | The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025: |
| **Value:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $&nbsp;&nbsp;&nbsp;&nbsp;44719736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;44719736 |
| Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1451610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1451610 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496311 |
| Total | $&nbsp;&nbsp;&nbsp;&nbsp;46667657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;46667657 |
| **Select:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $114676813 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $114676813 |
| Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 1437718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437718 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8068869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8068869 |
| Total | $124183400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $124183400 |
| **Micro-Cap:** |  |  |  |  |
| <u>Valuation Inputs of Assets</u> | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $123914201 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $123914201 |
| Contingent Value Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102000 |
| Money Market Funds | &nbsp;&nbsp;&nbsp;&nbsp; 12626714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp; 12626714 |
| Total | $136540915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp; 102000 | $136642915 |
| The Funds did not hold any material level 3 assets during the fiscal year ended December 31, 2025. As of December 31, 2025, level 3 contingent value rights held in Micro-Cap represented 0.08% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded. | The Funds did not hold any material level 3 assets during the fiscal year ended December 31, 2025. As of December 31, 2025, level 3 contingent value rights held in Micro-Cap represented 0.08% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded. | The Funds did not hold any material level 3 assets during the fiscal year ended December 31, 2025. As of December 31, 2025, level 3 contingent value rights held in Micro-Cap represented 0.08% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded. | The Funds did not hold any material level 3 assets during the fiscal year ended December 31, 2025. As of December 31, 2025, level 3 contingent value rights held in Micro-Cap represented 0.08% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded. | The Funds did not hold any material level 3 assets during the fiscal year ended December 31, 2025. As of December 31, 2025, level 3 contingent value rights held in Micro-Cap represented 0.08% of the Fund's net assets. A reconciliation of level 3 investments, including certain disclosures related to significant inputs used in valuing level 3 investments, is therefore excluded. |
| The Funds did not invest in derivative instruments during the fiscal year ended December 31, 2025. | The Funds did not invest in derivative instruments during the fiscal year ended December 31, 2025. | The Funds did not invest in derivative instruments during the fiscal year ended December 31, 2025. | The Funds did not invest in derivative instruments during the fiscal year ended December 31, 2025. | The Funds did not invest in derivative instruments during the fiscal year ended December 31, 2025. |
| 4.) INVESTMENT ADVISORY AGREEMENTS | 4.) INVESTMENT ADVISORY AGREEMENTS |  |  |  |
| The Trust, with respect to each of the Funds, has an investment advisory agreement (collectively the "Management Agreements") with the Advisor. Under the terms of the Management Agreements, the Advisor manages the investment portfolios of the Funds, subject to policies adopted by the Trustees. Under the Management Agreements, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds. The Advisor pays all operating expenses of the Funds with the exception of taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short) and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund may be a party and indemnification of the Trustees and Trust officers with respect thereto. The Funds will also pay expenses that they are authorized to pay pursuant to Rule 12b-1 under the 1940 Act, as amended (none are currently authorized). The Advisor also pays the salaries and fees of all of its officers and employees that serve as Trustees and Trust Officers. For its services and payment of certain Fund expenses as described below, the Advisor receives an annual investment management fee of 1.25%, 1.15% and 1.25% of the average daily net assets from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor received investment management fees of Value and Select was 1.50% of each Fund's average daily net assets. The Advisor's investment management fee is accrued daily and is typically paid monthly. As a result of the above calculations, for the fiscal year ended December 31, 2025, the Advisor earned management fees (before the waivers described below) totaling $612,629, $1,492,674 and $1,802,626 for Value, Select and Micro-Cap, respectively. At December 31, 2025, $51,117, $122,583 and $147,108 was due to the Advisor from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor has contractually agreed to waive management fees and/or reimburse Select to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in acquired funds) at 1.15% of daily net assets through April 30, 2025. The Advisor waived $142,304 for the fiscal year ended December 31, 2025, for Select, pursuant to its contractual agreement. There is no recapture provision to this waiver. | The Trust, with respect to each of the Funds, has an investment advisory agreement (collectively the "Management Agreements") with the Advisor. Under the terms of the Management Agreements, the Advisor manages the investment portfolios of the Funds, subject to policies adopted by the Trustees. Under the Management Agreements, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds. The Advisor pays all operating expenses of the Funds with the exception of taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short) and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund may be a party and indemnification of the Trustees and Trust officers with respect thereto. The Funds will also pay expenses that they are authorized to pay pursuant to Rule 12b-1 under the 1940 Act, as amended (none are currently authorized). The Advisor also pays the salaries and fees of all of its officers and employees that serve as Trustees and Trust Officers. For its services and payment of certain Fund expenses as described below, the Advisor receives an annual investment management fee of 1.25%, 1.15% and 1.25% of the average daily net assets from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor received investment management fees of Value and Select was 1.50% of each Fund's average daily net assets. The Advisor's investment management fee is accrued daily and is typically paid monthly. As a result of the above calculations, for the fiscal year ended December 31, 2025, the Advisor earned management fees (before the waivers described below) totaling $612,629, $1,492,674 and $1,802,626 for Value, Select and Micro-Cap, respectively. At December 31, 2025, $51,117, $122,583 and $147,108 was due to the Advisor from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor has contractually agreed to waive management fees and/or reimburse Select to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in acquired funds) at 1.15% of daily net assets through April 30, 2025. The Advisor waived $142,304 for the fiscal year ended December 31, 2025, for Select, pursuant to its contractual agreement. There is no recapture provision to this waiver. | The Trust, with respect to each of the Funds, has an investment advisory agreement (collectively the "Management Agreements") with the Advisor. Under the terms of the Management Agreements, the Advisor manages the investment portfolios of the Funds, subject to policies adopted by the Trustees. Under the Management Agreements, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds. The Advisor pays all operating expenses of the Funds with the exception of taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short) and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund may be a party and indemnification of the Trustees and Trust officers with respect thereto. The Funds will also pay expenses that they are authorized to pay pursuant to Rule 12b-1 under the 1940 Act, as amended (none are currently authorized). The Advisor also pays the salaries and fees of all of its officers and employees that serve as Trustees and Trust Officers. For its services and payment of certain Fund expenses as described below, the Advisor receives an annual investment management fee of 1.25%, 1.15% and 1.25% of the average daily net assets from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor received investment management fees of Value and Select was 1.50% of each Fund's average daily net assets. The Advisor's investment management fee is accrued daily and is typically paid monthly. As a result of the above calculations, for the fiscal year ended December 31, 2025, the Advisor earned management fees (before the waivers described below) totaling $612,629, $1,492,674 and $1,802,626 for Value, Select and Micro-Cap, respectively. At December 31, 2025, $51,117, $122,583 and $147,108 was due to the Advisor from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor has contractually agreed to waive management fees and/or reimburse Select to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in acquired funds) at 1.15% of daily net assets through April 30, 2025. The Advisor waived $142,304 for the fiscal year ended December 31, 2025, for Select, pursuant to its contractual agreement. There is no recapture provision to this waiver. | The Trust, with respect to each of the Funds, has an investment advisory agreement (collectively the "Management Agreements") with the Advisor. Under the terms of the Management Agreements, the Advisor manages the investment portfolios of the Funds, subject to policies adopted by the Trustees. Under the Management Agreements, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds. The Advisor pays all operating expenses of the Funds with the exception of taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short) and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund may be a party and indemnification of the Trustees and Trust officers with respect thereto. The Funds will also pay expenses that they are authorized to pay pursuant to Rule 12b-1 under the 1940 Act, as amended (none are currently authorized). The Advisor also pays the salaries and fees of all of its officers and employees that serve as Trustees and Trust Officers. For its services and payment of certain Fund expenses as described below, the Advisor receives an annual investment management fee of 1.25%, 1.15% and 1.25% of the average daily net assets from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor received investment management fees of Value and Select was 1.50% of each Fund's average daily net assets. The Advisor's investment management fee is accrued daily and is typically paid monthly. As a result of the above calculations, for the fiscal year ended December 31, 2025, the Advisor earned management fees (before the waivers described below) totaling $612,629, $1,492,674 and $1,802,626 for Value, Select and Micro-Cap, respectively. At December 31, 2025, $51,117, $122,583 and $147,108 was due to the Advisor from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor has contractually agreed to waive management fees and/or reimburse Select to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in acquired funds) at 1.15% of daily net assets through April 30, 2025. The Advisor waived $142,304 for the fiscal year ended December 31, 2025, for Select, pursuant to its contractual agreement. There is no recapture provision to this waiver. | The Trust, with respect to each of the Funds, has an investment advisory agreement (collectively the "Management Agreements") with the Advisor. Under the terms of the Management Agreements, the Advisor manages the investment portfolios of the Funds, subject to policies adopted by the Trustees. Under the Management Agreements, the Advisor, at its own expense and without reimbursement from the Trust, furnishes office space and all necessary office facilities, equipment and executive personnel necessary for managing the assets of the Funds. The Advisor pays all operating expenses of the Funds with the exception of taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expenses on securities sold short) and such extraordinary or non-recurring expenses as may arise, including litigation to which a Fund may be a party and indemnification of the Trustees and Trust officers with respect thereto. The Funds will also pay expenses that they are authorized to pay pursuant to Rule 12b-1 under the 1940 Act, as amended (none are currently authorized). The Advisor also pays the salaries and fees of all of its officers and employees that serve as Trustees and Trust Officers. For its services and payment of certain Fund expenses as described below, the Advisor receives an annual investment management fee of 1.25%, 1.15% and 1.25% of the average daily net assets from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor received investment management fees of Value and Select was 1.50% of each Fund's average daily net assets. The Advisor's investment management fee is accrued daily and is typically paid monthly. As a result of the above calculations, for the fiscal year ended December 31, 2025, the Advisor earned management fees (before the waivers described below) totaling $612,629, $1,492,674 and $1,802,626 for Value, Select and Micro-Cap, respectively. At December 31, 2025, $51,117, $122,583 and $147,108 was due to the Advisor from Value, Select and Micro-Cap, respectively. Prior to May 1, 2025, the Advisor has contractually agreed to waive management fees and/or reimburse Select to the extent necessary to maintain total annual operating expenses of the Fund (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in acquired funds) at 1.15% of daily net assets through April 30, 2025. The Advisor waived $142,304 for the fiscal year ended December 31, 2025, for Select, pursuant to its contractual agreement. There is no recapture provision to this waiver. |
| 5.) RELATED PARTY TRANSACTIONS | 5.) RELATED PARTY TRANSACTIONS |  |  |  |
| Certain officers and shareholders of the Advisor are also officers and/or a Trustee of the Trust. These individuals may receive benefits from the Advisor resulting from management fees paid to the Advisor from the Funds. | Certain officers and shareholders of the Advisor are also officers and/or a Trustee of the Trust. These individuals may receive benefits from the Advisor resulting from management fees paid to the Advisor from the Funds. | Certain officers and shareholders of the Advisor are also officers and/or a Trustee of the Trust. These individuals may receive benefits from the Advisor resulting from management fees paid to the Advisor from the Funds. | Certain officers and shareholders of the Advisor are also officers and/or a Trustee of the Trust. These individuals may receive benefits from the Advisor resulting from management fees paid to the Advisor from the Funds. | Certain officers and shareholders of the Advisor are also officers and/or a Trustee of the Trust. These individuals may receive benefits from the Advisor resulting from management fees paid to the Advisor from the Funds. |
| The Trustees who are not interested persons of the Funds were each paid $10,000, except Mr. Gary Greenhouse who received $8,000, for a total of $38,000, in Trustees fees for the fiscal year ended December 31, 2025, for the Trust. Under the Management Agreements, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $10,000, except Mr. Gary Greenhouse who received $8,000, for a total of $38,000, in Trustees fees for the fiscal year ended December 31, 2025, for the Trust. Under the Management Agreements, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $10,000, except Mr. Gary Greenhouse who received $8,000, for a total of $38,000, in Trustees fees for the fiscal year ended December 31, 2025, for the Trust. Under the Management Agreements, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $10,000, except Mr. Gary Greenhouse who received $8,000, for a total of $38,000, in Trustees fees for the fiscal year ended December 31, 2025, for the Trust. Under the Management Agreements, the Advisor pays these fees. | The Trustees who are not interested persons of the Funds were each paid $10,000, except Mr. Gary Greenhouse who received $8,000, for a total of $38,000, in Trustees fees for the fiscal year ended December 31, 2025, for the Trust. Under the Management Agreements, the Advisor pays these fees. |
| 6.) INVESTMENTS |  |  |  |  |
| For the fiscal year ended December 31, 2025, purchases and sales of investment securities other than U.S. government obligations and short-term investments were as follows: | For the fiscal year ended December 31, 2025, purchases and sales of investment securities other than U.S. government obligations and short-term investments were as follows: | For the fiscal year ended December 31, 2025, purchases and sales of investment securities other than U.S. government obligations and short-term investments were as follows: | For the fiscal year ended December 31, 2025, purchases and sales of investment securities other than U.S. government obligations and short-term investments were as follows: | For the fiscal year ended December 31, 2025, purchases and sales of investment securities other than U.S. government obligations and short-term investments were as follows: |
|  | Value | Select | Micro-Cap |  |
| Purchases | $11932400 | $17554470 | $117612449 |  |
| Sales | $17978120 | $33493548 | $144572053 |  |
| There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. | There were no purchases or sales of U.S. Government obligations. |
| 7.) CONTROL OWNERSHIP |  |  |  |  |
| The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. Candace King Weir, beneficial owner located at 9 Elk Street, Albany, New York 12207, held, in aggregate, 43.54%, of Select and 79.53% of Micro-Cap, and therefore may be deemed to control Select and Micro-Cap. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. Candace King Weir, beneficial owner located at 9 Elk Street, Albany, New York 12207, held, in aggregate, 43.54%, of Select and 79.53% of Micro-Cap, and therefore may be deemed to control Select and Micro-Cap. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. Candace King Weir, beneficial owner located at 9 Elk Street, Albany, New York 12207, held, in aggregate, 43.54%, of Select and 79.53% of Micro-Cap, and therefore may be deemed to control Select and Micro-Cap. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. Candace King Weir, beneficial owner located at 9 Elk Street, Albany, New York 12207, held, in aggregate, 43.54%, of Select and 79.53% of Micro-Cap, and therefore may be deemed to control Select and Micro-Cap. | The beneficial ownership, either directly or indirectly, of more than 25% of the voting shares of a fund creates a presumption of control of the fund, under section 2(a)(9) of the 1940 Act. Candace King Weir, beneficial owner located at 9 Elk Street, Albany, New York 12207, held, in aggregate, 43.54%, of Select and 79.53% of Micro-Cap, and therefore may be deemed to control Select and Micro-Cap. |
| 8.) TAX MATTERS |  |  |  |  |
| For federal income tax purposes, at December 31, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at December 31, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at December 31, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at December 31, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: | For federal income tax purposes, at December 31, 2025, the cost of securities on a tax basis and the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) were as follows: |
|  | Value | Select | Micro-Cap |  |
| Cost of Investments | $20821126 | $60432157 | $&nbsp;&nbsp;&nbsp;&nbsp; 91333843 |  |
| Gross Unrealized Appreciation | $27001029 | $66921975 | $&nbsp;&nbsp;&nbsp;&nbsp; 49181561 |  |
| Gross Unrealized Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;(1154498) | &nbsp;&nbsp;&nbsp;&nbsp; (3170732) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3872489) |  |
| Net Unrealized Appreciation |  |  |  |  |
| (Depreciation) on Investments | $25846531 | $63751243 | $&nbsp;&nbsp;&nbsp;&nbsp; 45309072 |  |
| The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: | The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: | The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: | The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: | The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 were as follows: |
|  | Fiscal Year Ended |  | Fiscal Year Ended |  |
|  | December 31, 2025 |  | December 31, 2024 |  |
| <u>Value</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp; 8155535 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6037857 |  |
|  | $8155535 |  | $&nbsp;&nbsp;&nbsp;&nbsp;6037857 |  |
| <u>Select</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23415 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173750 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp; 173838 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23415 |  |
| <u>Micro-Cap</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term Capital Gain | &nbsp;&nbsp;&nbsp;&nbsp;18560520 |  | &nbsp;&nbsp;&nbsp;&nbsp; 10148863 |  |
|  | $18560520 |  | $10148863 |  |
| As of December 31, 2025, the components of distributable earnings on a tax basis were as follows: | As of December 31, 2025, the components of distributable earnings on a tax basis were as follows: | As of December 31, 2025, the components of distributable earnings on a tax basis were as follows: | As of December 31, 2025, the components of distributable earnings on a tax basis were as follows: | As of December 31, 2025, the components of distributable earnings on a tax basis were as follows: |
|  |  | Value | Select |  |
| Accumulated Undistributed Capital Gains | Accumulated Undistributed Capital Gains | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 |  |
| Net Unrealized Appreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;25846531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63751243 |  |
|  |  | $25846531 | $&nbsp;&nbsp;&nbsp;&nbsp; 63751622 |  |
|  |  | Micro-Cap |  |  |
| Accumulated Undistributed Capital Gains | Accumulated Undistributed Capital Gains | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28485 |  |  |
| Net Unrealized Appreciation |  | &nbsp;&nbsp;&nbsp;&nbsp;45309072 |  |  |
|  |  | $45337557 |  |  |
| The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and temporary tax basis adjustments resulting from underlying investment mergers. All capital loss carryforwards have no expiration. Select utilized $998,451 of Short-Term Capital Loss Carryforward during the year ended December 31, 2025. | The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and temporary tax basis adjustments resulting from underlying investment mergers. All capital loss carryforwards have no expiration. Select utilized $998,451 of Short-Term Capital Loss Carryforward during the year ended December 31, 2025. | The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and temporary tax basis adjustments resulting from underlying investment mergers. All capital loss carryforwards have no expiration. Select utilized $998,451 of Short-Term Capital Loss Carryforward during the year ended December 31, 2025. | The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and temporary tax basis adjustments resulting from underlying investment mergers. All capital loss carryforwards have no expiration. Select utilized $998,451 of Short-Term Capital Loss Carryforward during the year ended December 31, 2025. | The difference between book basis and tax basis unrealized appreciation (depreciation) is attributable to the tax deferral of losses on wash sales and temporary tax basis adjustments resulting from underlying investment mergers. All capital loss carryforwards have no expiration. Select utilized $998,451 of Short-Term Capital Loss Carryforward during the year ended December 31, 2025. |
| 9.) SECTOR CONCENTRATION RISK | 9.) SECTOR CONCENTRATION RISK |  |  |  |
| If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, Value had 30% and 30% of investments held invested in stocks within the Health Care and the Information Technology sectors, respectively; Select had 31%, 28% and 27% of its investments held invested in stocks within the Information Technology, Health Care and Industrials sectors, respectively; and Micro-Cap had 33% and 33% of its investments held invested in stocks within the Health Care and Information Technology sectors, respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, Value had 30% and 30% of investments held invested in stocks within the Health Care and the Information Technology sectors, respectively; Select had 31%, 28% and 27% of its investments held invested in stocks within the Information Technology, Health Care and Industrials sectors, respectively; and Micro-Cap had 33% and 33% of its investments held invested in stocks within the Health Care and Information Technology sectors, respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, Value had 30% and 30% of investments held invested in stocks within the Health Care and the Information Technology sectors, respectively; Select had 31%, 28% and 27% of its investments held invested in stocks within the Information Technology, Health Care and Industrials sectors, respectively; and Micro-Cap had 33% and 33% of its investments held invested in stocks within the Health Care and Information Technology sectors, respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, Value had 30% and 30% of investments held invested in stocks within the Health Care and the Information Technology sectors, respectively; Select had 31%, 28% and 27% of its investments held invested in stocks within the Information Technology, Health Care and Industrials sectors, respectively; and Micro-Cap had 33% and 33% of its investments held invested in stocks within the Health Care and Information Technology sectors, respectively. | If a Fund has significant investments in the securities of issuers in industries within a particular sector, any development affecting that sector will have a greater impact on the value of the net assets of a Fund than would be the case if a Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio will be adversely affected. As of December 31, 2025, Value had 30% and 30% of investments held invested in stocks within the Health Care and the Information Technology sectors, respectively; Select had 31%, 28% and 27% of its investments held invested in stocks within the Information Technology, Health Care and Industrials sectors, respectively; and Micro-Cap had 33% and 33% of its investments held invested in stocks within the Health Care and Information Technology sectors, respectively. |
| 10.) SUBSEQUENT EVENTS |  |  |  |  |
| Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. | Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has concluded that there is no impact requiring adjustment to or disclosure in the financial statements. |

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|:---|
| **<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>** |
| To the Shareholders and Board of Trustees of |
| Paradigm Funds |
| <u>Opinion on the Financial Statements</u> |
| We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Paradigm Funds comprising Paradigm Value Find, Paradigm Select Fund, and Paradigm Micro-Cap Fund (the "Funds") as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. |
| <u>Basis for Opinion</u> |
| These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. |
| We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud. |
| Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. |
| We have served as the Funds' auditor since 2004. |
| /s/ Cohen & Company, Ltd. |
| COHEN & COMPANY, LTD. |
| Milwaukee, Wisconsin |
| February 24, 2026 |

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|:---|
| **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment<br> Companies.** |
| None. |
| **Item 9. Proxy Disclosures for Open-End Management Investment Companies.** |
| Not applicable. |
| **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management<br> Investment Companies.** |
| Included under Item 7. The registrant paid the Chief Compliance Officer $0 for the fiscal year ended December 31, 2025. |
| **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** |
| Not applicable. |
| **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 13. Portfolio Managers of Closed-End Management Investment Companies.** |
| Not applicable. |
| **Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** |
| Not applicable. |
| **Item 15. Submission of Matters to a Vote of Security Holders.** |
| There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees. |
| **Item 16. Controls and Procedures.** |
| (a) The Registrant's president and chief financial officer concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a -3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a -3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a -15(b) or 240.15d -15(b)) are effective in design and operation. |
| (b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |

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|:---|
| **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment<br> Companies.** |
| Not applicable. |
| **Item 18. Recovery of Erroneously Awarded Compensation.** |
| Not applicable. |
| **Item 19. Exhibits.** |
| (a)(1) Code of Ethics. [Filed herewith.](paraofficerscode.htm) |
| (a)(2) Not applicable. |
| (a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex99cert.htm) |
| (b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. [Filed herewith.](ex906cert.htm) |

---

---

| |
|:---|
| **SIGNATURES** |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| Paradigm Funds |
| By: <u>/s/ Candace King Weir</u> |
| Candace King Weir |
| President |
| Date: <u>3/2/2026</u> |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By: <u>/s/ Candace King Weir</u> |
| Candace King Weir |
| President (Principal Executive Officer) |
| Date: <u>3/2/2026</u> |
| By: <u>/s/ Peter J. McMillen</u> |
| Peter J. McMillen |
| Chief Financial Officer (Principal Financial Officer) |
| Date: <u>3/2/2026</u> |

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## Ex-99.Cert

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| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Candace King Weir, certify that: | I, Candace King Weir, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Paradigm Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>3/2/2026</u> | <u>/s/Candace King Weir</u> |
|  |  | Candace King Weir |
|  |  | President |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
|  |  | EX.99.CERT |
| **CERTIFICATIONS** | **CERTIFICATIONS** | **CERTIFICATIONS** |
| I, Peter J. McMillen, certify that: | I, Peter J. McMillen, certify that: |  |
| 1. | I have reviewed this report on Form N-CSR of Paradigm Funds; |  |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and | evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and | disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
| 5. | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): | The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
| (a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and |
| (b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
|  | Date: <u>3/2/2026</u> | <u>/s/Peter J. McMillen</u> |
|  |  | Peter J. McMillen |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Ex-99.Code

**PARADIGM FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I.** **Covered Officers/Purpose of the Code**

This code of ethics (this "Code") for Paradigm Funds (the "Trust") applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

* honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

* full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust;

* compliance with applicable laws and governmental rules and regulations;

* the prompt internal reporting of violations of this Code to an appropriate person or persons identified in this Code; and

* accountability for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the Investment Company Act and the Investment Advisers Act.

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Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

* not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

* not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

* not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; 

* report at least annually any affiliations or other relationships related to conflicts of interest that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

* service as a director on the board of any public company;

* the receipt of any non-nominal gifts;

-2- <br>

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* the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any questions of impropriety;

* any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and 

* a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **Disclosure and Compliance**<br>

* Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Trust.

* Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators and self-regulatory organizations.

* Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust.

* It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. 

**IV.** **Reporting and Accountability**

Each Covered Officer must:

* upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board , in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this Code;

* annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that the Covered Officer has complied with the requirements of this Code;

* not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith; and

-3- <br>

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* notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code. 

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

* the Compliance Officer for the Trust will take all appropriate action to investigate any potential violations reported to the Compliance Officer;

* the Compliance Officer will review with the outside legal counsel to the Trust the findings and conclusions of such investigation;

* if, after such investigation and review, the Compliance Officer believes that no violation has occurred, the Compliance Officer is not required to take any further action;

* any matter that the Compliance Officer believes is a violation will be reported to the Committee;

* if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures (including changes to this Code); notification of the violation to appropriate personnel of the investment adviser or the administrator or its board; or a recommendation to take disciplinary action against the Covered Officer, which may include, without limitation, dismissal; 

* the Board will be responsible for granting waivers, as appropriate; and

* any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** 

**Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

-4- <br>

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**VI.** 

**Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII.** 

**Confidentiality**

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

**VIII.** 

**Internal Use**

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

Date: December 12, 2003

## Exhibit 99.906

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| | | | |
|:---|:---|:---|:---|
|  |  |  | EX.99.906CERT |
| **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** | **Certification Pursuant to Section 906 of the Sarbanes-Oxley Act** |  |
| Candace King Weir, President, and Peter J. McMillen, Chief Financial Officer of Paradigm Funds (the "Registrant"), each certify to the best of his or her knowledge that: | Candace King Weir, President, and Peter J. McMillen, Chief Financial Officer of Paradigm Funds (the "Registrant"), each certify to the best of his or her knowledge that: | Candace King Weir, President, and Peter J. McMillen, Chief Financial Officer of Paradigm Funds (the "Registrant"), each certify to the best of his or her knowledge that: | Candace King Weir, President, and Peter J. McMillen, Chief Financial Officer of Paradigm Funds (the "Registrant"), each certify to the best of his or her knowledge that: |
| 1. | The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and | The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and |
| 2. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. | The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
|  | President (Principal Executive Officer) | Chief Financial Officer (Principal Financial Officer) | Chief Financial Officer (Principal Financial Officer) |
|  | Paradigm Funds | Paradigm Funds |  |
|  | <u>/s/Candace King Weir</u> | <u>/s/Peter J. McMillen</u> |  |
|  | Candace King Weir | Peter J. McMillen |  |
|  | Date: <u>3/2/2026</u> | Date: <u>3/2/2026</u> |  |
| A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Paradigm Funds and will be retained by Paradigm Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Paradigm Funds and will be retained by Paradigm Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Paradigm Funds and will be retained by Paradigm Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. | A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Paradigm Funds and will be retained by Paradigm Funds and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. |
| This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. | This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission. |

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