| Paradigm Value Fund | |||||||||
| Schedule of Investments | |||||||||
| March 31, 2020 (Unaudited) | |||||||||
| Shares | Fair Value | % of Net Assets | |||||||
| COMMON STOCKS | |||||||||
| Air Courier Services | |||||||||
| 61,000 | Air Transport Services Group, Inc. * | $ 1,115,080 | 3.14% | ||||||
| Aircraft Parts & Auxiliary Equipment, NEC | |||||||||
| 10,000 | Ducommun Incorporated * | 248,500 | 0.70% | ||||||
| Communications Equipment, NEC | |||||||||
| 10,000 | Lumentum Holdings Inc. * | 737,000 | |||||||
| 25,000 | Vocera Communications, Inc. * | 531,000 | |||||||
| 1,268,000 | 3.57% | ||||||||
| Communications Services, NEC | |||||||||
| 80,000 | Calix, Inc. * | 566,400 | 1.60% | ||||||
| Computer Communications Equipment | |||||||||
| 124,300 | A10 Networks, Inc. * | 771,903 | |||||||
| 110,000 | Extreme Networks, Inc. * | 339,900 | |||||||
| 1,111,803 | 3.13% | ||||||||
| Construction - Special Trade Contractors | |||||||||
| 76,800 | Matrix Service Co. * | 727,296 | 2.05% | ||||||
| Electrical Work | |||||||||
| 19,700 | EMCOR Group Inc. | 1,208,004 | 3.40% | ||||||
| Electronic Computers | |||||||||
| 6,000 | Omnicell, Inc. * | 393,480 | 1.11% | ||||||
| Footwear, (No Rubber) | |||||||||
| 20,000 | Caleres, Inc. | 104,000 | 0.29% | ||||||
| Heavy Construction Other Than Building Construction - Contractors | |||||||||
| 4,000 | Granite Construction Incorporated | 60,720 | 0.17% | ||||||
| Industrial Organic Chemicals | |||||||||
| 21,700 | Sensient Technologies Corporation | 944,167 | 2.66% | ||||||
| Laboratory Analytical Instruments | |||||||||
| 17,100 | PerkinElmer Inc. | 1,287,288 | 3.63% | ||||||
| Millwood, Veneer, Plywood, & Structural Wood Members | |||||||||
| 5,000 | American Woodmark Corporation * | 227,850 | |||||||
| 29,000 | Jeld-Wen Holding, Inc. * | 282,170 | |||||||
| 510,020 | 1.44% | ||||||||
| Mining & Quarrying of Nonmetallic Minerals (No Fuels) | |||||||||
| 53,000 | Summit Materials, Inc. - Class A * | 795,000 | 2.24% | ||||||
| National Commercial Banks | |||||||||
| 34,000 | First Merchants Corporation | 900,660 | |||||||
| 14,936 | National Bank Holdings Corporation - Class A | 356,970 | |||||||
| 1,257,630 | 3.54% | ||||||||
| Office Machines, NEC | |||||||||
| 40,000 | Pitney Bowes Inc. | 81,600 | 0.23% | ||||||
| Optical Instruments & Lenses | |||||||||
| 20,000 | II-VI Incorporated * | 570,000 | 1.61% | ||||||
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | |||||||||
| 120,000 | RTI Surgical, Inc. * | 205,200 | 0.58% | ||||||
| Printed Circuit Boards | |||||||||
| 15,000 | Jabil Circuit, Inc. | 368,700 | 1.04% | ||||||
| Retail - Apparel & Accessory Stores | |||||||||
| 170,800 | Express Inc. * | 254,492 | |||||||
| 40,000 | Tilly’s, Inc. - Class A | 165,200 | |||||||
| 419,692 | 1.18% | ||||||||
| Retail - Catalog & Mail-Order Houses | |||||||||
| 7,000 | Insight Enterprises, Inc. * | 294,910 | 0.83% | ||||||
| Retail - Family Clothing Stores | |||||||||
| 67,600 | American Eagle Outfitters, Inc. | 537,420 | 1.51% | ||||||
| Retail - Retail Stores, NEC | |||||||||
| 6,900 | IAC/InterActiveCorp. * | 1,236,687 | 3.48% | ||||||
| Retail - Shoe Stores | |||||||||
| 19,500 | Designer Brands Inc. - Class A | 97,110 | |||||||
| 24,800 | Foot Locker, Inc. | 546,840 | |||||||
| 643,950 | 1.81% | ||||||||
| Retail - Women's Clothing Stores | |||||||||
| 70,900 | RTW Retailwinds, Inc. * | 14,896 | 0.04% | ||||||
| Semiconductors & Related Devices | |||||||||
| 61,600 | Kulicke & Soffa Industries Inc. (Singapore) | 1,285,592 | |||||||
| 7,588 | Marvell Technology Group Ltd. (Bermuda) | 171,717 | |||||||
| 40,000 | NeoPhotonics Corporation * | 290,000 | |||||||
| 15,600 | Qorvo, Inc. * | 1,257,828 | |||||||
| 3,005,137 | 8.47% | ||||||||
| Services - Business Services, NEC | |||||||||
| 21,400 | Tabula Rasa HealthCare, Inc. * | 1,119,006 | 3.15% | ||||||
| Services - Computer Integrated Systems Design | |||||||||
| 20,000 | Allscripts Healthcare Solutions, Inc. * | 140,800 | |||||||
| 100,000 | Ribbon Communications Inc. * | 303,000 | |||||||
| 443,800 | 1.25% | ||||||||
| Services - Help Supply Services | |||||||||
| 44,400 | Kforce Inc. | 1,135,308 | 3.20% | ||||||
| Services - Home Health Care Services | |||||||||
| 18,500 | Addus HomeCare Corporation * | 1,250,600 | 3.52% | ||||||
| Services - Hospitals | |||||||||
| 17,400 | Magellan Health Services Inc. * | 837,114 | |||||||
| 21,650 | Mednax, Inc. * | 252,006 | |||||||
| 1,089,120 | 3.07% | ||||||||
| Services - Management Services | |||||||||
| 60,000 | R1 RCM Inc. * | 545,400 | 1.54% | ||||||
| Services - Skilled Nursing Care Facilities | |||||||||
| 10,000 | The Ensign Group, Inc. | 376,100 | 1.06% | ||||||
| Special Industry Machinery (No Metalworking Machinery) | |||||||||
| 3,500 | Kadant Inc. | 261,275 | 0.74% | ||||||
| Special Industry Machinery, NEC | |||||||||
| 39,600 | Brooks Automation, Inc. | 1,207,800 | 3.40% | ||||||
| State Commercial Banks | |||||||||
| 21,000 | Banner Corporation | 693,840 | |||||||
| 8,448 | Prosperity Bancshares, Inc. | 407,616 | |||||||
| 36,000 | Renasant Corporation | 786,240 | |||||||
| 1,887,696 | 5.33% | ||||||||
| Telegraph & Other Message Communications | |||||||||
| 18,400 | j2 Global, Inc. | 1,377,240 | 3.88% | ||||||
| Telephone & Telegraph Apparatus | |||||||||
| 6,000 | Fabrinet (Thailand) * | 327,360 | 0.92% | ||||||
| Transportation Services | |||||||||
| 15,400 | GATX Corp. | 963,424 | 2.71% | ||||||
| Water, Sewer, Pipeline, Comm & Power Line Construction | |||||||||
| 25,000 | Primoris Services Corporation | 397,500 | 1.12% | ||||||
| Wholesale - Computers & Peripheral Equipment & Software | |||||||||
| 10,832 | SYNNEX Corporation | 791,819 | 2.23% | ||||||
| Total for Common Stocks (Cost $25,280,417) | 32,149,028 | 90.57% | |||||||
| REAL ESTATE INVESTMENT TRUSTS | |||||||||
| 19,000 | Blackstone Mortgage Trust, Inc. - Class A | 353,780 | |||||||
| 11,650 | Mid-America Apartment Communities Inc. | 1,200,300 | |||||||
| 38,000 | TPG RE Finance Trust, Inc. | 208,620 | |||||||
| Total for Real Estate Investment Trusts (Cost $1,592,016) | 1,762,700 | 4.97% | |||||||
| MONEY MARKET FUNDS | |||||||||
| 1,294,341 | SEI Daily Income Trust Government Fund CL F 0.24% ** | 1,294,341 | 3.65% | ||||||
| Total for Money Market Funds (Cost $1,294,341) | |||||||||
| Total Investment Securities | 35,206,069 | 99.19% | |||||||
| (Cost $28,166,774) | |||||||||
| Other Assets in Excess of Liabilities | 286,887 | 0.81% | |||||||
| Net Assets | $ 35,492,956 | 100.00% | |||||||
| * Non-Income Producing Securities. | |||||||||
| ** The rate shown represents the 7-day yield at March 31, 2020. | |||||||||
| 1. SECURITY TRANSACTIONS | |||||||||
| For Federal income tax purposes, the cost of securities owned at March 31, 2020, was $28,166,774. At March 31, 2020, the composition of gross unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) of investments was as follows: | |||||||||
| Unrealized Gain | $ 13,243,285 | ||||||||
| Unrealized Loss | (6,203,990) | ||||||||
| Unrealized Gain | $ 7,039,295 | ||||||||
| 2. SECURITIES VALUATIONS | |||||||||
| The Fund utilizes various methods to measure the fair value of most of its 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 that the Fund has the ability to access. | |||||||||
| 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 in 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||||||
| The availability of observable 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. | |||||||||
| FAIR VALUE MEASUREMENTS | |||||||||
| A description of the valuation techniques applied to the Fund’s major categories of assets measured at fair value on a recurring basis follows. | |||||||||
| Equity securities (common stocks and real estate investment trusts). 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 Adviser 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 Adviser 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 Adviser, 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 funds and are classified in level 1 of the fair value hierarchy. | |||||||||
| In accordance with the Trust’s good faith pricing guidelines, the Adviser 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 Adviser 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 following table summarizes the inputs used to value the Fund’s assets measured at fair value as of March 31, 2020: | |||||||||
| Valuation of Inputs and Assets | Level 1 | Level 2 | Level 3 | Total | |||||
| Common Stocks | $ 32,149,028 | $ - | $ - | $ 32,149,028 | |||||
| Real Estate Investment Trusts | 1,762,700 | - | - | 1,762,700 | |||||
| Money Market Funds | 1,294,341 | - | - | 1,294,341 | |||||
| Total | $ 35,206,069 | $ - | $ - | $ 35,206,069 | |||||