Paradigm Funds

2011 Dividends & Capital Gains
Paradigm Value Fund As of 12/29/11 Dividend $0.00 Short-Term Capital Gain $0.00 Long-Term Capital Gain $0.7805	Paradigm Select Fund As of 12/29/11 Dividend $0.0542 Short-Term Capital Gain $0.00 Long-Term Capital Gain $0.00
Paradigm Opportunity Fund As of 12/29/11 Dividend $0.00 Short-Term Capital Gain $0.00 Long-Term Capital Gain $0.2091	Paradigm Micro-Cap Fund* As of 12/29/11 Dividend $0.00 Short-Term Capital Gain $0.00 Long-Term Capital Gain $0.00

Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. You may obtain performance data current to the most recent month-end by calling the transfer agent at 1-800-239-0732. Investors should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. You may obtain a prospectus on this website or by calling the transfer agent at 1-800-239-0732. The prospectus should be read carefully before investing. Rafferty Capital Markets, distributor.


Paradigm Opportunity Fund:	NAV: 25.42	Day Change: -0.18
Paradigm Select Fund:	NAV: 30.80	Day Change: -0.32
Paradigm Value Fund:	NAV: 52.50	Day Change: -0.55
*Paradigm Micro-Cap Fund:**	NAV: 20.56	Day Change: -0.02