0001196878 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:RisksOfSmallCapitalizationCompaniesMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:RisksInGeneralMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:RisksOfInvestingInCommonStocksMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:ValueInvestingRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:SectorRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:InvestmentManagementRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2016-01-01 2016-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2017-01-01 2017-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2018-01-01 2018-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2019-01-01 2019-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2020-01-01 2020-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2021-01-01 2021-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2022-01-01 2022-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2023-01-01 2023-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2024-01-01 2024-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:C000014505Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index1Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index1Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index1Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index2Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index2Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005314Member paradigm:Index2Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005316Member 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:RisksOfSmallAndMidCapitalizationCompaniesMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:RisksInGeneralMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:RisksOfInvestingInCommonStocksMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:SectorRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:InvestmentManagementRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2016-01-01 2016-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2017-01-01 2017-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2018-01-01 2018-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2019-01-01 2019-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2020-01-01 2020-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2021-01-01 2021-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2022-01-01 2022-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2023-01-01 2023-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2024-01-01 2024-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:C000014507Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index3Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index3Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index3Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index4Member 2025-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index4Member 2021-01-01 2025-12-31 0001196878 paradigm:S000005316Member paradigm:Index4Member 2016-01-01 2025-12-31 0001196878 paradigm:S000020362Member 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:RisksOfMicroCapitalizationCompaniesMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:RisksOfSmallAndMidCapitalizationCompaniesMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:RisksInGeneralMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:RisksOfInvestingInCommonStocksMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:ValueInvestingRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:GrowthRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:SectorRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:InvestmentManagementRiskMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2016-01-01 2016-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2017-01-01 2017-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2018-01-01 2018-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2019-01-01 2019-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2020-01-01 2020-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2021-01-01 2021-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2022-01-01 2022-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2023-01-01 2023-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2024-01-01 2024-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2025-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2021-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member 2016-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:C000057148Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index5Member 2025-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index5Member 2021-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index5Member 2016-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index6Member 2025-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index6Member 2021-01-01 2025-12-31 0001196878 paradigm:S000020362Member paradigm:Index6Member 2016-01-01 2025-12-31 0001196878 paradigm:S000005314Member oef:RiskLoseMoneyMember 2026-05-01 2026-05-01 0001196878 paradigm:S000005316Member oef:RiskLoseMoneyMember 2026-05-01 2026-05-01 0001196878 paradigm:S000020362Member oef:RiskLoseMoneyMember 2026-05-01 2026-05-01 iso4217:USD pure false 485BPOS 2026-05-01 0001196878 N-1A PARADIGM FUNDS 2026-05-01 Summary Section - Paradigm Value Fund Investment Objective <div id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zsaMGUuQhiw6"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Paradigm Value Fund (the “Value Fund” or the “Fund”) seeks long-term capital appreciation. </span></td></tr></table> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zpBJW2SJA6xi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> Shareholder Fees (fees paid directly from your investment) 0.0000 0.0000 0.0000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0000 0.0000 0.0001 0.0126 The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. May 1, 2025 Expense Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_z6Kjy1ZWj89k" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 128 400 692 1523 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zu5lZHdVey5i" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zsIL4Q5w27j3">26.94%</span> of the average value of its portfolio.</p> 0.2694 The Principal Investment Strategy of the Fund <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zR6sdm4bk2R9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Value Fund invests primarily in the common stocks of small capitalization companies ($2.5 billion or less at the time of purchase) that the Paradigm Funds Advisor LLC (the “Advisor”) believes have the potential for capital appreciation. The Value Fund primarily invests in companies that exhibit attractive valuations on several metrics, such as price to earnings, price to cash flow, price to book and price to revenue. The Fund may be overweight in certain sectors at various times. Securities are sold when they have realized their anticipated value or if new investment opportunities with higher expected returns are acquired. The Fund may continue to hold securities of companies whose capitalization has, since the time of purchase, grown to exceed $2.5 billion.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_914_ecustom--RisksOfSmallCapitalizationCompaniesMember_zAMVDpEgQuCc">Risks of Small Capitalization Companies</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests in the stocks of small capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small capitalization companies may experience higher failure rates than do larger companies. The trading volume of securities of small capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_913_ecustom--RisksInGeneralMember_zlj9GGrVdw04">Risks in General</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund’s performance. <span id="xdx_90F_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zDezltjY4WHd">You could lose money by investing in the Fund.</span> Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p> You could lose money by investing in the Fund. <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_912_ecustom--RisksOfInvestingInCommonStocksMember_zRxWD02vLSy2">Risks of Investing in Common Stocks</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_913_ecustom--ValueInvestingRiskMember_zd108MBTHJg">Value Investing Risk</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Value investing attempts to identify companies selling at a discount to their intrinsic value. Value investing is subject to the risk that a company’s intrinsic value may never be fully realized by the market or that a company judged by the advisor to be undervalued may actually be appropriately priced.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_916_ecustom--SectorRiskMember_zMY83evEe2lb">Sector Risk</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Healthcare Sector Risk </i>- Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other factors impacting the healthcare sector include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Industrials Sector Risk </i>- The value of securities issued by companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Information Technology Sector Risk </i>- Market or economic factors impacting information technology companies could have an effect on the value of the Fund’s investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. Information technology companies face intense competition, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_916_ecustom--InvestmentManagementRiskMember_zgFweoNmlD15">Investment Management Risk</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor’s strategy may fail to produce the intended results.</p> Performance <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zQZ8ZVy1EHU4" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zE5ecK5GKtQg">The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&amp;P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell 2000 Value Index).</span> <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zkKYjUi1Okt3">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_905_eoef--PerformanceAvailabilityWebSiteAddress_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zkIVFf6zW7s4">www.paradigm-funds.com</span> or by calling <span id="xdx_90D_eoef--PerformanceAvailabilityPhone_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zVuKGktDJvu6">1-800-595-3044</span>. The bar chart shows calendar year total returns for the Fund for each of the last 10 years.</p> The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell 2000 Value Index). The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.paradigm-funds.com 1-800-595-3044 0.1729 0.1406 -0.0207 0.2227 0.1778 0.3030 -0.2042 0.1331 0.1265 0.0572 <div id="xdx_A87_eoef--BarChartClosingTextBlock_zBoGoGPo5Z1k"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_zMDQJVnWWe">Best Quarter</span> (<span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_z4XHOjUnyVze">December 31, 2020</span>) +<span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_zf97wb9sL1h6">33.41%</span></span></td> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_zPvRJjHj52V9">Worst Quarter</span> (<span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_zjC6NCLpHU25">March 31, 2020</span>) <span id="xdx_90D_eoef--BarChartLowestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member__oef--ClassAxis__custom--C000014505Member_zGY4zjaRjak3">-32.30%</span></span></td></tr> </table> Best Quarter 2020-12-31 0.3341 Worst Quarter 2020-03-31 -0.3230 AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/25 0.0572 0.0695 0.1019 0.0145 0.0462 0.0798 0.0650 0.0531 0.0789 0.1788 0.1442 0.1482 0.1259 0.0888 0.0927 <p id="xdx_A82_eoef--PerformanceTableClosingTextBlock_zDQHyUYhvgqa" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_zntDP1yhPgDd">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260501__20260501__dei--LegalEntityAxis__custom--S000005314Member_z6IMxoRrffhj">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Summary Section - Paradigm Select Fund Investment Objective <div id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_zvX2W9qvs0ih"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Paradigm Select Fund (the “Select Fund” or the “Fund”) seeks long-term capital appreciation. </span></td></tr></table> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zZ8JOdfnUQS2" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> Shareholder Fees (fees paid directly from your investment) 0.0000 0.0000 0.0000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0115 0.0000 0.0000 0.0001 0.0116 The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. May 1, 2025 Expense Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zm8Hak4zBigj" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 118 368 638 1409 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_zqfW7ajXRkpd" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_zHpTvwbtgyC">15.49%</span> of the average value of its portfolio.</p> 0.1549 The Principal Investment Strategy of the Fund <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_zmuQps6wbzze" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Select Fund invests primarily in the common stocks of companies with market capitalizations between $500 million and $10 billion at the time of purchase that the Advisor believes have the potential for capital appreciation. The Fund may be overweight in certain sectors at various times. Securities are sold when they have realized their anticipated value or if new investment opportunities with higher expected returns are acquired.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_912_ecustom--RisksOfSmallAndMidCapitalizationCompaniesMember_z5tUUXIm4sU7">Risks of Small and Mid Capitalization Companies</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund invests in the stocks of small and mid capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small and mid capitalization companies may experience higher failure rates than do larger companies. The trading volume of securities of small and mid capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks in General</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund’s performance. <span id="xdx_903_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zloqXlQ96Hu5">You could lose money by investing in the Fund.</span> Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p> You could lose money by investing in the Fund. <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks of Investing in Common Stocks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sector Risk</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Healthcare Sector Risk </i>- Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other factors impacting the healthcare sector include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Industrials Sector Risk </i>- The value of securities issued by companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Information Technology Sector Risk </i>- Market or economic factors impacting information technology companies could have an effect on the value of the Fund’s investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. Information technology companies face intense competition, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Management Risk</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor’s strategy may fail to produce the intended results.</p> Performance <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zatIataR0YPk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_905_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_zQW1eZ2jR1e7">The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&amp;P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell 2500 Index).</span> <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_zoE5tURgmIk9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_904_eoef--PerformanceAvailabilityWebSiteAddress_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_zQWH3w5nh7o1">www.paradigm-funds.com</span> or by calling <span id="xdx_90B_eoef--PerformanceAvailabilityPhone_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_z5HIdEMNloN4">1-800-595-3044</span>. The bar chart shows calendar year total returns for the Fund for each of the last 10 years.</p> The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell 2500 Index). The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.paradigm-funds.com 1-800-595-3044 0.1598 0.1612 -0.0993 0.3832 0.2605 0.3116 -0.2644 0.2694 0.1673 0.1327 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zRk1fx35TyBk"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_906_eoef--HighestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zsPlW7jnbunh">Best Quarter</span> (<span id="xdx_909_eoef--BarChartHighestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zRBfZPpohNt">June 30, 2020</span>) +<span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zoDGipZ9J6ii">30.35%</span></span></td> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zfD2WNLcCed8">Worst Quarter</span> (<span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zFADwOYjdoRk">March 31, 2020</span>) <span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member__oef--ClassAxis__custom--C000014507Member_zF2WUEGwhmmd">-28.82%</span></span></td></tr> </table> Best Quarter 2020-06-30 0.3035 Worst Quarter 2020-03-31 -0.2882 AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/25 0.1327 0.1012 0.1310 0.1324 0.1007 0.1277 0.0789 0.0802 0.1082 0.1788 0.1442 0.1482 0.1191 0.0726 0.1041 <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zsfqM7Vkl5qk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90F_eoef--PerformanceTableUsesHighestFederalRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_z0VjPu4UkX0g">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260501__20260501__dei--LegalEntityAxis__custom--S000005316Member_zFexRmRA0XZf">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Summary Section - Paradigm Micro-Cap Fund Investment Objective <div id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zTUtJbH6oFX1"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif">The Paradigm Micro-Cap Fund (the “Micro-Cap Fund” or the “Fund”) seeks long-term capital appreciation. </span></td></tr></table> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zm6v03GDex4e" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following table describes the expenses and fees that you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> Shareholder Fees (fees paid directly from your investment) 0.0000 0.0000 0.0000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0.0000 0.0000 0.0001 0.0126 The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Expense Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_z2BVe7oWdhxh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% annual return each year and that the Fund’s operating expenses remain the same each year. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</p> 128 400 692 1523 Portfolio Turnover <p id="xdx_A88_eoef--PortfolioTurnoverTextBlock_z08XenCbwKjf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zMLH595Pgtae">86.64%</span> of the average value of its portfolio.</p> 0.8664 The Principal Investment Strategy of the Fund <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zUAivGbf2uDh" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Under normal circumstances, the Micro-Cap Fund invests at least 80% of its net assets in the common stocks of U.S. micro-cap companies. The Fund generally considers a company to be a micro-cap company if, at the time of purchase, its market capitalization is within the range of capitalizations of companies in the Russell Microcap® Index as of the most recent reconstitution date. As of March 31, 2026, the range of market capitalizations for the Russell Microcap® Index was $3 million to $8.937 billion. The capitalizations of companies within the Russell Microcap® Index may increase or decrease due to market conditions. The Fund may be overweight in certain sectors at various times. Stocks are sold when they have realized the value anticipated by the Advisor or if new investment opportunities with higher expected returns are acquired. The Fund may continue to hold stocks of companies whose capitalization has, since the time of purchase, grown to exceed the capitalization limits. Additional purchases of a company’s stock will not qualify, however, as a micro-cap stock, unless at the time of purchase, the company is able to satisfy the definition of a micro-cap. The Advisor primarily searches for companies within the market capitalization range of the Russell Microcap® Index that exhibit attractive valuations and solid growth prospects.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_915_ecustom--RisksOfMicroCapitalizationCompaniesMember_z8prnD7F70Y">Risks of Micro Capitalization Companies</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The prices of micro-cap stocks are generally more volatile and their markets are less liquid relative to larger-cap securities. Therefore, the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger-cap companies or other asset classes.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks of Small and Mid Capitalization Companies</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Fund may also invest up to 20% of its net assets in the common stocks of small and mid capitalization companies, which may subject the Fund to additional risks. The earnings and prospects of these companies are generally more volatile than larger companies. Small and mid capitalization companies may experience higher failure rates than do larger companies. The trading volume of stocks of small and mid capitalization companies is normally less than that of larger companies and, therefore, may disproportionately affect their market price, tending to make them fall more in response to selling pressure than is the case with larger companies.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks in General</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is the risk that these and other factors may adversely affect the Fund’s performance. <span id="xdx_907_eoef--RiskTextBlock_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z44mh7HgZzBa">You could lose money by investing in the Fund.</span> Additionally, unexpected local, regional or global events, such as war; acts of terrorism; financial, political or social disruptions; natural, environmental or man-made disasters; the spread of infectious illnesses or other public health issues; and recessions and depressions could have a significant impact on the Fund and its investments and may impair market liquidity. Such events can cause investor fear, which can adversely affect the economies of nations, regions and the market in general, in ways that cannot necessarily be foreseen.</p> You could lose money by investing in the Fund. <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Risks of Investing in Common Stocks</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Value Investing Risk</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Value investing attempts to identify companies selling at a discount to their intrinsic value. Value investing is subject to the risk that a company’s intrinsic value may never be fully realized by the market or that a company judged by the Advisor to be undervalued may actually be appropriately priced.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_91E_ecustom--GrowthRiskMember_zHYMsLfdbLh5">Growth Risk</span></b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Growth companies are those that the Advisor believes will have revenue and earnings that grow faster than the economy as a whole, offering above-average prospects for capital appreciation and little or no emphasis on dividend income. If the Advisor’s perceptions of a company’s growth potential are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Sector Risk</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Healthcare Sector Risk </i>- Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by regulatory changes. Other factors impacting the healthcare sector include rising costs of medical products and services, pricing pressure and limited product lines, loss or impairment of intellectual property rights and litigation regarding product or service liability.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Industrials Sector Risk </i>- The value of securities issued by companies in the industrial sector may be adversely affected by supply and demand related to their specific products or services and industrial sector products in general. Government regulations, world events, economic conditions and exchange rates may adversely affect the performance of companies in the industrials sector.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i> </i></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Information Technology Sector Risk </i>- Market or economic factors impacting information technology companies could have an effect on the value of the Fund’s investments. The value of stocks of information technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition. Information technology companies face intense competition, which may have an adverse effect on profit margins. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investment Management Risk</b></p> <p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">The Advisor’s strategy may fail to produce the intended results.</p> Performance <p id="xdx_A83_eoef--PerformanceNarrativeTextBlock_zCgErkzflCEf" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zWo3WVG2N9Sg">The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&amp;P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell Microcap Index).</span> <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zduMJSKdzbN9">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span> Updated performance information is available on the Fund’s website at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zb3LgZCtEalb">www.paradigm-funds.com</span> or by calling <span id="xdx_90C_eoef--PerformanceAvailabilityPhone_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_z45j7JgqBdqk">1-800-595-3044</span>. The bar chart shows calendar year total returns for the Fund for each of the last 10 years.</p> The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for 1 year, 5 years, and 10 years compare with those of a broad measure of market performance (the S&P 500 Index) and an additional index with characteristics relevant to the Fund (the Russell Microcap Index). The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.paradigm-funds.com 1-800-595-3044 0.2733 0.1579 -0.1096 0.2238 0.4685 0.2794 -0.2062 0.1789 0.1352 -0.0479 <div id="xdx_A82_eoef--BarChartClosingTextBlock_zSQ2Cr5gJ4n"></div> <table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_eoef--HighestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_zgOva7GXiq5i">Best Quarter</span> (<span id="xdx_90B_eoef--BarChartHighestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_z8WRMErU2pEf">December 31, 2020</span>) <span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_zWb4OIdcH4Yh">+40.18%</span></span></td> <td style="width: 50%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 11pt"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_zFp4J5i5PR4i">Worst Quarter</span> (<span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_zE7OHSYfNGRc">March 31, 2020</span>) <span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member__oef--ClassAxis__custom--C000057148Member_z4RCQ9ZrtLl7">-29.21%</span></span></td></tr> </table> Best Quarter 2020-12-31 0.4018 Worst Quarter 2020-03-31 -0.2921 AVERAGE ANNUAL TOTAL RETURN FOR THE PERIODS ENDED 12/31/25 -0.0479 0.0529 0.1181 -0.0786 0.0425 0.1035 -0.0058 0.0415 0.0938 0.1788 0.1442 0.1482 0.2298 0.0732 0.0958 <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zeqnswdr6rv1" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><span id="xdx_90D_eoef--PerformanceTableUsesHighestFederalRate_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zHVdY3SjUIk7">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260501__20260501__dei--LegalEntityAxis__custom--S000020362Member_zHNczVKlk7i">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span></p> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses have been restated to reflect a contractual reduction of the Management Fees to 1.25% effective May 1, 2025. The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies. Total Annual Fund Operating Expenses have been restated to reflect a contractual reduction of the Management Fees to 1.15% effective May 1, 2025. The Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.