(null)


  
    NPORT-P
    false
    
      
      
        
          0001196878
          XXXXXXXX
        
      
      
      
      
        S000005316
        C000014507
      
      
      
    
  
  
    
      PARADIGM FUNDS
      811-21233
      0001196878
      549300PJ2B0KCKLXZR09
      NINE ELK STREET
      ALBANY
      
      12207
      518-431-3500
      Paradigm Select Fund
      S000005316
      549300MOWYRO1YRYAC56
      2022-12-31
      2022-03-31
      N
    
    
      149716543.85
      3372785.68
      146343758.17
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      0.00
      961.54
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        Allegheny Technologies Incorporated
        ZW1LRE7C3H17O2ZN9B45
        Allegheny Technologies Incorporated
        01741R102
        
          
        
        15750.00
        NS
        USD
        422730.00
        0.29
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Eagle Outfitters, Inc.
        5299001Z9HXK01DHW793
        American Eagle Outfitters, Inc.
        02553E106
        
          
        
        100900.00
        NS
        USD
        1695120.00
        1.16
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Financial Group Inc.
        549300AFOM7IVKIU1G39
        American Financial Group Inc.
        025932104
        
          
        
        6450.00
        NS
        USD
        939249.00
        0.64
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        American Woodmark Corporation
        5299007PFSDWMA74RB56
        American Woodmark Corporation
        030506109
        
          
        
        21455.00
        NS
        USD
        1050222.25
        0.72
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Best Buy Co., Inc.
        HL5XPTVRV0O8TUN5LL90
        Best Buy Co., Inc.
        086516101
        
          
        
        44500.00
        NS
        USD
        4045050.00
        2.76
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Black Knight, Inc.
        549300TUSNXS3BFFML48
        Black Knight, Inc.
        09215C105
        
          
        
        1809.00
        NS
        USD
        104903.91
        0.07
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Boise Cascade Company
        549300Z8B8LSRHC7XA55
        Boise Cascade Company
        09739D100
        
          
        
        46500.00
        NS
        USD
        3230355.00
        2.21
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource, Inc.
        549300W0SKP6L3H7DP63
        Builders FirstSource, Inc.
        12008R107
        
          
        
        116800.00
        NS
        USD
        7538272.00
        5.15
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cannae Holdings, Inc.
        549300OGRF1ICI7D2V77
        Cannae Holdings, Inc.
        13765N107
        
          
        
        6700.00
        NS
        USD
        160264.00
        0.11
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carpenter Technology Corporation
        DX6I6ZD3X5WNNCDJKP85
        Carpenter Technology Corporation
        144285103
        
          
        
        13800.00
        NS
        USD
        579324.00
        0.40
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Consensus Cloud Solutions, Inc.
        N/A
        Consensus Cloud Solutions, Inc.
        20848V105
        
          
        
        11100.00
        NS
        USD
        667443.00
        0.46
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ducommun Incorporated
        549300Z71HMWF90S2214
        Ducommun Incorporated
        264147109
        
          
        
        39400.00
        NS
        USD
        2064166.00
        1.41
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EMCOR Group, Inc.
        529900X0SQJB2J7YDU43
        EMCOR Group, Inc.
        29084Q100
        
          
        
        39100.00
        NS
        USD
        4403833.00
        3.01
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        EnerSys
        7ZS3DE5PN30BYUJFWP05
        EnerSys
        29275Y102
        
          
        
        26200.00
        NS
        USD
        1953734.00
        1.34
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Entegris, Inc.
        IYX6OWO7BT5DKO3BYG52
        Entegris, Inc.
        29362U104
        
          
        
        11600.00
        NS
        USD
        1522616.00
        1.04
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fabrinet
        5493004TETZ6IYF7CV44
        Fabrinet (Thailand)
        G3323L100
        
          
        
        12100.00
        NS
        USD
        1272073.00
        0.87
        Long
        EC
        CORP
        KY
        N
        
        1
        
          N
          N
          N
        
      
      
        Fidelity National Financial, Inc.
        549300CAZYIH39SYQ287
        Fidelity National Financial, Inc
        31620R303
        
          
        
        5900.00
        NS
        USD
        288156.00
        0.20
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Foot Locker, Inc.
        549300X383CBNP6MTV94
        Foot Locker, Inc.
        344849104
        
          
        
        74800.00
        NS
        USD
        2218568.00
        1.52
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        FormFactor, Inc.
        549300YCEEO6SZD1ZR61
        FormFactor, Inc.
        346375108
        
          
        
        51200.00
        NS
        USD
        2151936.00
        1.47
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Garmin Ltd.
        2549001E0HIPIJQ0W046
        Garmin Ltd. (Switzerland)
        H2906T109
        
          
        
        31200.00
        NS
        USD
        3700632.00
        2.53
        Long
        EC
        CORP
        CH
        N
        
        1
        
          N
          N
          N
        
      
      
        Globus Medical, Inc.
        5299003M2P4CIK0RF205
        Globus Medical, Inc. Class A
        379577208
        
          
        
        114600.00
        NS
        USD
        8455188.00
        5.78
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hillenbrand, Inc.
        U246OE781574J2BUD366
        Hillenbrand, Inc.
        431571108
        
          
        
        67200.00
        NS
        USD
        2968224.00
        2.03
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IAC/InterActiveCorp.
        15OMOPB0A8K0EFUVD031
        IAC/InterActiveCorp.
        44891N208
        
          
        
        17800.00
        NS
        USD
        1784984.00
        1.22
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        II-VI Incorporated
        549300O5C25A0MMHHU33
        II-VI Incorporated
        902104108
        
          
        
        33300.00
        NS
        USD
        2413917.00
        1.65
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Innospec Inc.
        213800SQBACNY5IWJO68
        Innospec Inc.
        45768S105
        
          
        
        1775.00
        NS
        USD
        164276.25
        0.11
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Insight Enterprises, Inc.
        529900S8991TYW6YP792
        Insight Enterprises, Inc.
        45765U103
        
          
        
        13400.00
        NS
        USD
        1438088.00
        0.98
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jabil Circuit, Inc.
        5493000CGCQY2OQU7669
        Jabil, Inc.
        466313103
        
          
        
        37100.00
        NS
        USD
        2290183.00
        1.56
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kelly Services, Inc.
        N/A
        Kelly Services, Inc. - Class A
        488152208
        
          
        
        98825.00
        NS
        USD
        2143514.25
        1.46
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kforce Inc.
        5493003RDQQDVXY2SK46
        Kforce Inc.
        493732101
        
          
        
        83000.00
        NS
        USD
        6139510.00
        4.20
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kulicke & Soffa Industries Inc.
        529900H6BEIRBF429744
        Kulicke & Soffa Industries Inc. (Singapore)
        501242101
        
          
        
        115800.00
        NS
        USD
        6487116.00
        4.43
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lumentum Holdings Inc.
        549300JLWRRC38DWEF52
        Lumentum Holdings Inc.
        55024U109
        
          
        
        42100.00
        NS
        USD
        4108960.00
        2.81
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MKS Instruments, Inc.
        549300KEQATBHAGVF505
        MKS Instruments, Inc.
        55306N104
        
          
        
        26400.00
        NS
        USD
        3960000.00
        2.71
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology, Inc.
        8DF36O58U3QIHUCGZB18
        Marvell Technology, Inc.
        573874104
        
          
        
        92525.00
        NS
        USD
        6634967.75
        4.53
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Masimo Corporation
        549300Q4A8JK0PIYCU29
        Masimo Corporation
        574795100
        
          
        
        19800.00
        NS
        USD
        2881692.00
        1.97
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Match Group, Inc.
        15OMOPB0A8K0EFUVD031
        Match Group, Inc.
        57667L107
        
          
        
        17382.00
        NS
        USD
        1890118.68
        1.29
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MaxLinear, Inc.
        549300EMOI0SM2IY4F64
        MaxLinear, Inc.
        57776J100
        
          
        
        43400.00
        NS
        USD
        2532390.00
        1.73
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mid-America Apartment Communities Inc.
        549300FQZKFR5YNSHZ21
        Mid-America Apartment Communities Inc.
        59522J103
        
          
        
        8400.00
        NS
        USD
        1759380.00
        1.20
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Natera, Inc.
        N/A
        Natera, Inc.
        632307104
        
          
        
        48500.00
        NS
        USD
        1972980.00
        1.35
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Onto Innovation Inc.
        549300V1USTYXJ7TNR79
        Onto Innovation Inc.
        683344105
        
          
        
        23000.00
        NS
        USD
        1998470.00
        1.37
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        PerkinElmer, Inc.
        549300IKL1SDPFI7N655
        PerkinElmer, Inc.
        714046109
        
          
        
        35700.00
        NS
        USD
        6228222.00
        4.26
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Progress Software Corporation
        549300R65B3JG6972S24
        Progress Software Corporation
        743312100
        
          
        
        32100.00
        NS
        USD
        1511589.00
        1.03
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Qorvo, Inc.
        254900YAUJV2EUEVBR11
        Qorvo, Inc.
        74736K101
        
          
        
        12800.00
        NS
        USD
        1588480.00
        1.09
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Regal-Beloit Corporation
        QH78R09VCJGQKPBPYU33
        Regal Rexnord Corp.
        758750103
        
          
        
        12200.00
        NS
        USD
        1815116.00
        1.24
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SEI Daily Income Trust - SDIT Short Duration Government Fund
        549300NRAJ39MCMGSN10
        SEI Daily Income Trust Government Fund Class F
        783965593
        
          
        
        10459045.84
        NS
        USD
        10459045.84
        7.15
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Sensient Technologies Corporation
        CMMZHMFZQG86EI7WZU92
        Sensient Technologies Corporation
        81725T100
        
          
        
        26800.00
        NS
        USD
        2249860.00
        1.54
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Skyworks Solutions, Inc.
        549300WZ3ORQ2BVKBD96
        Skyworks Solutions, Inc.
        83088M102
        
          
        
        26700.00
        NS
        USD
        3558576.00
        2.43
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Summit Materials, Inc.
        549300C97P3BW8QROE16
        Summit Materials, Inc. - Class A
        86614U100
        
          
        
        32700.00
        NS
        USD
        1015662.00
        0.69
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TD SYNNEX Corporation
        5493004HI6PFLF46NS53
        TD SYNNEX Corporation
        87162W100
        
          
        
        28200.00
        NS
        USD
        2910522.00
        1.99
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teradyne, Inc.
        C3X4YJ278QNZHRJULN75
        Teradyne, Inc.
        880770102
        
          
        
        43400.00
        NS
        USD
        5131182.00
        3.51
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        The Ensign Group, Inc.
        5493003K4HEEA8Q0BC72
        The Ensign Group, Inc.
        29358P101
        
          
        
        20300.00
        NS
        USD
        1827203.00
        1.25
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Vimeo, Inc.
        N/A
        Vimeo, Inc.
        92719V100
        
          
        
        28800.00
        NS
        USD
        342144.00
        0.23
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WESCO International, Inc.
        529900TXOGREY3WNJ434
        WESCO International, Inc.
        95082P105
        
          
        
        13700.00
        NS
        USD
        1782918.00
        1.22
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Westlake Chemical Corp
        GOXNEVUM0LL78B1OS344
        Westlake Corp.
        960413102
        
          
        
        4350.00
        NS
        USD
        536790.00
        0.37
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ziff Davis Inc.
        5493008OJYGLHD7MXA18
        Ziff Davis Inc.
        48123V102
        
          
        
        33100.00
        NS
        USD
        3203418.00
        2.19
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zurn Water Solutions Corporation
        549300AM3633XDFU1Q85
        Zurn Water Solutions Corp.
        98983L108
        
          
        
        82400.00
        NS
        USD
        2916960.00
        1.99
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-20
      Paradigm Funds
      /s/ Robert A. Benton
      Robert A. Benton
      Chief Financial Officer
    
  
  XXXX

Paradigm Select Fund
			Schedule of Investments
			March 31, 2022 (Unaudited)
Shares					Fair Value	% of Net Assets

COMMON STOCKS

Aircraft Parts & Auxiliary Equipment, NEC
39,400	Ducommun Incorporated *				$ 2,064,166	1.41%

Chemical & Allied Products
1,775	Innospec Inc.				164,276	0.11%

Communications Equipment, NEC
42,100	Lumentum Holdings Inc. *				4,108,960	2.81%

Electrical Work
39,100	EMCOR Group Inc.				4,403,833	3.01%

Electromedical & Electrotherapeutic Apparatus
19,800	Masimo Corporation *				2,881,692	1.97%

Fire, Marine & Casualty Insurance
6,450	American Financial Group Inc.				939,249	0.64%

General Industrial Machinery & Equipment
12,200	Regal Rexnord Corp.				1,815,116
82,400	Zurn Water Solutions Corp.				2,916,960
					4,732,076	3.23%

Industrial Instruments For Measurement, Display, and Control
26,400	MKS Instruments, Inc.				3,960,000	2.71%

Industrial Organic Chemicals
26,800	Sensient Technologies Corporation				2,249,860
4,350	Westlake Corp.				536,790
					2,786,650	1.90%

Instruments For Measurement & Testing of Electricity & Electric Signals
43,400	Teradyne, Inc.				5,131,182	3.51%

Laboratory Analytical Instruments
35,700	PerkinElmer Inc.				6,228,222	4.26%

Measuring & Controlling Devices, NEC
23,000	Onto Innovation Inc. *				1,998,470	1.37%

Millwood, Veneer, Plywood & Structural Wood Members
21,455	American Woodmark Corp. *				1,050,222	0.72%

Mining & Quarrying of Nonmetallic Minerals (No Fuels)
32,700	Summit Materials, Inc. - Class A *				1,015,662	0.69%

Miscellaneous Manufacturing Industries
67,200	Hillenbrand, Inc.				2,968,224	2.03%

Optical Instruments & Lenses
33,300	II-VI Incorporated *				2,413,917	1.65%

Plastics Products
11,600	Entegris, Inc.				1,522,616	1.04%

Printed Circuit Boards
37,100	Jabil Circuit, Inc.				2,290,183	1.56%

Retail - Catalog & Mail-Order Houses
13,400	Insight Enterprises, Inc. *				1,438,088	0.98%

Retail - Eating & Drinking Places
6,700	Cannae Holdings, Inc. *				160,264	0.11%

Retail - Family Clothing Stores
100,900	American Eagle Outfitters, Inc.				1,695,120	1.16%

Retail - Lumber & Other Building Materials Dealers
116,800	Builders FirstSource, Inc. *				7,538,272	5.15%

Retail - Radio, TV & Consumer Electronics Stores
44,500	Best Buy Co., Inc.				4,045,050	2.76%

Retail - Retail Stores, NEC
17,800	IAC/InterActiveCorp.				1,784,984	1.22%
Retail - Shoe Stores
74,800	Foot Locker, Inc.				2,218,568	1.52%

Search, Detection, Navigation, Guidance, Aeronautical Systems
31,200	Garmin Ltd. (Switzerland)				3,700,632	2.53%

Semiconductors & Related Devices
51,200	FormFactor, Inc. *				2,151,936
115,800	Kulicke & Soffa Industries Inc. (Singapore)				6,487,116
92,525	Marvell Technology, Inc.				6,634,968
43,400	MaxLinear, Inc. *				2,532,390
12,800	Qorvo, Inc. *				1,588,480
26,700	Skyworks Solutions, Inc.				3,558,576
					22,953,466	15.67%

Services - Computer Programming, Data Processing, Etc.
28,800	Vimeo, Inc. *				342,144	0.23%

Services - Help Supply Services
98,825	Kelly Services, Inc. - Class A				2,143,514
83,000	Kforce Inc.				6,139,510
					8,283,024	5.66%

Services - Medical Laboratories
48,500	Natera, Inc. *				1,972,980	1.35%

Services - Personal Services
17,382	Match Group, Inc. *				1,890,119	1.29%

Services - Prepackaged Software
1,809	Black Knight, Inc. *				104,904
11,100	Consensus Cloud Solutions Inc. *				667,443
32,100	Progress Software Corporation				1,511,589
					2,283,936	1.56%

Services - Skilled Nursing Care Facilities
20,300	The Ensign Group, Inc.				1,827,203	1.25%

Steel Pipe & Tubes
15,750	Allegheny Technologies Incorporated *				422,730	0.29%

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
13,800	Carpenter Technology Corporation				579,324	0.40%

Surgical & Medical Instruments & Apparatus
114,600	Globus Medical, Inc. - Class A *				8,455,188	5.78%

Telegraph & Other Message Communications
33,100	Ziff Davis Inc. *				3,203,418	2.19%

Telephone & Telegraph Apparatus
12,100	Fabrinet * (Thailand)				1,272,073	0.87%

Title Insurance
5,900	Fidelity National Financial, Inc.				288,156	0.20%

Wholesale - Computers & Peripheral Equipment & Software
28,200	TD SYNNEX Corporation				2,910,522	1.99%

Wholesale - Electrical Apparatus & Equipment, Wiring Supplies
26,200	EnerSys				1,953,734
13,700	WESCO International Inc. *				1,782,918
					3,736,652	2.55%

Wholesale - Lumber & Other Construction Materials
46,500	Boise Cascade Company				3,230,355	2.21%

Total for Common Stocks (Cost $108,026,308)					136,891,868	93.54%

REAL ESTATE INVESTMENT TRUSTS
8,400	Mid-America Apartment Communities Inc.				1,759,380	1.20%
Total for Real Estate Investment Trusts (Cost $924,583)

MONEY MARKET FUNDS
10,459,046	SEI Daily Income Trust Government Fund CL F 0.12% **				10,459,046	7.15%
Total for Money Market Funds (Cost $10,459,046)

Total Investment Securities					149,110,294	101.89%
	(Cost $119,409,937)

Liabilities in Excess of Other Assets					(2,766,536)	-1.89%

Net Assets					$146,343,758	100.00%


* Non-Income Producing Securities.
** The rate shown represents the 7-day yield at March 31, 2022.

1. SECURITY TRANSACTIONS

For Federal income tax purposes, the cost of securities owned at March 31, 2022, was $119,409,937. At March 31, 2022, 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 Appreciation			$ 37,782,244
		Unrealized Depreciation			(8,081,887)
		Unrealized Appreciation			$ 29,700,357

2. SECURITIES VALUATIONS

The Fund utilizes various methods to measure the fair value 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, 2022:


Valuation of Inputs and Assets		Level 1		Level 2	Level 3	Total
Common Stocks		$136,891,868		$ -	$ -	$ 136,891,868
Real Estate Investment Trusts		1,759,380		-	-	1,759,380
Money Market Funds		10,459,046		-	-	10,459,046
Total		$149,110,294		$ -	$ -	$ 149,110,294

Refer to the Fund's Schedule of Investments for a listing of securities by industry. The Fund did not hold any Level 3 assets or liabilities during the fiscal quarter ended March 31, 2022.