Paradigm Value Fund Paradigm Value Fund Shares Risks of Small Capitalization Companies Risks in General Risks of Investing in Common Stocks Value Investing Risk Sector Risk Investment Management Risk S&P 500 Index (does not reflect deductions for fees, expenses or taxes) Russell 2000 Value Index (does not reflect deductions for fees, expenses or taxes) Paradigm Select Fund Paradigm Select Fund Shares Risks of Small and Mid Capitalization Companies S&P 500 Index (does not reflect deductions for fees, expenses or taxes) Russell 2500 Index (does not reflect deductions for fees, expenses or taxes) Paradigm Micro-Cap Fund Paradigm Micro-Cap Fund Shares Risks of Micro Capitalization Companies Growth Risk S&P 500 Index (does not reflect deductions for fees, expenses or taxes) Russell Microcap Index (does not reflect deductions for fees, expenses or taxes) Index3Member Index5Member