# EDGAR Filing Document

**Accession Number:** 0001175813
**File Stem:** 0000910472-26-003436
**Filing Date:** 2026-2
**Character Count:** 42142
**Document Hash:** baf3ae705977933207b6d779ea8e95e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-003436.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0000910472-26-003436

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONESTOGA FUNDS
- **CENTRAL INDEX KEY:** 0001175813

**ORGANIZATION NAME:**
- **EIN:** 223865089
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21120
- **FILM NUMBER:** 26699818

**BUSINESS ADDRESS:**
- **STREET 1:** 550 E. SWEDESFORD ROAD
- **STREET 2:** SUITE 120
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 6109439950

**MAIL ADDRESS:**
- **STREET 1:** 550 E. SWEDESFORD ROAD
- **STREET 2:** SUITE 120
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

## Series and Classes Contracts Data

### CONESTOGA DISCOVERY FUND (Series ID: S000074583)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000232593 | Investors Class     | CMCMX           |
| C000232594 | Institutional Class | CMIRX           |

## Nport-Ex

**CONESTOGA SMALL CAP FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5%** | **Shares** | **Value** |
| **Basic Materials - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metal Fabricating - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 291175 | $130571605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Chemicals - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corporation | 626885 | 96139084 |
| **Consumer Discretionary - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Education Services - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 508600 | 51572040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Improvement Retailers - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 572030 | 71252057 |
| **Consumer Staples - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nondurable Household Products - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Company | 209901 | 41329507 |
| **Financials - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Data Providers - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 3151413 | 76012082 |
| **Health Care - 13.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation <sup>(a)</sup> | 1531475 | 55148415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 984321 | 79828433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 1064570 | 93831200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation <sup>(a)</sup> | 503935 | 82574789 |
|  |  | 256234422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. <sup>(b)</sup> | 4423906 | 89008988 |

---

**CONESTOGA SMALL CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 38.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials: Other - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 437865 | $70702062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building: Climate Control - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 1025462 | 78191478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Commercial Vehicles and Parts - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corporation | 684675 | 74348858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 992267 | 107710583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>(a)</sup> | 279000 | 20414430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 1059408 | 77347378 |
|  |  | 97761808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 6.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 318300 | 93430599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 527215 | 103012539 |
|  |  | 196443138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Control & Filter - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane NXT Company | 704000 | 33137280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 1085849 | 58082063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 380000 | 60853200 |
|  |  | 152072543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 91000 | 15871310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mirion Technologies, Inc. <sup>(a)</sup> | 1353005 | 31687377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)(b)</sup> | 626699 | 35552634 |
|  |  | 83111321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Other - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(a)</sup> | 383035 | 76629982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 1219205 | 84685979 |

---

**CONESTOGA SMALL CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 38.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Suppliers - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corporation <sup>(a)</sup> | 3877612 | $33580120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Industrial - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant, Inc. | 115900 | 33033818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions, Inc. - Class A | 714870 | 56374648 |
| **Real Estate - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 568660 | 88443690 |
| **Technology - 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. <sup>(a)</sup> | 584654 | 50426407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Production Technology Equipment - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azenta, Inc. <sup>(a)</sup> | 806537 | 26825421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. <sup>(a)</sup> | 804740 | 95756012 |
|  |  | 122581433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 15.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilysys, Inc. <sup>(a)</sup> | 422586 | 50220120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 1282015 | 70882609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 5843050 | 46452248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | 1315146 | 115285699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nCino, Inc. <sup>(a)</sup> | 1537250 | 39415090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 887311 | 64028362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 336793 | 30018360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex, Inc. - Class A <sup>(a)</sup> | 1598257 | 31917192 |
|  |  | 448219680 |
| **Telecommunications - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications Equipment - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digi International, Inc. <sup>(a)(b)</sup> | 2016279 | 87284718 |

---

**CONESTOGA SMALL CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.5% (Continued)** | **Shares** | **Value** |
| **Utilities - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waste & Disposal Services - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 1359135 | $133113682 |
| **Total Common Stocks** (Cost $1,780,548,804) |  | $2941984148 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.6%** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.44% <sup>(c)</sup> (Cost $18,088,774) | 18088774 | $18088774 |
| **Total Investments at Value - 100.1%** (Cost $1,798,637,578) |  | $2960072922 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (1767730) |
| **Net Assets - 100.0%** |  | $2958305192 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The Fund owned 5% or more of the company's outstanding voting shares thereby making the company an affiliate of the Fund as that term is defined in the Investment Company Act of 1940.

<sup>(c)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

*Schedule of Investments uses the Russell ICB Industry and Sector classification.* 

**CONESTOGA SMID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| **Basic Materials - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metal Fabricating - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 58650 | $26300420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Chemicals - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corporation | 105965 | 16250792 |
| **Consumer Discretionary - 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services: Miscellaneous - 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 394145 | 23656583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Education Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 136935 | 13885209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Improvement Retailers - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 88000 | 10961280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Products - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 52000 | 11895000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Vehicles & Boats - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 70000 | 8493800 |
| **Financials - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Data Providers - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 542995 | 13097039 |
| **Health Care - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 6.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 195453 | 17227227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation <sup>(a)</sup> | 115820 | 18978265 |
|  |  | 36205492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | 130000 | 7645300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. | 604112 | 12154734 |

---

**CONESTOGA SMID CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8% (Continued)** | **Shares** | **Value** |
| **Health Care - 11.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 5.5% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 43980 | $12100657 |
|  |  | 31900691 |
| **Industrials - 37.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 68000 | 17165240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials: Other - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 76255 | 12312895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building: Climate Control - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 97800 | 7457250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 41265 | 13904242 |
|  |  | 21361492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 204215 | 22167538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Karman Holdings, Inc. <sup>(a)</sup> | 50700 | 3709719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 244000 | 17814440 |
|  |  | 21524159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 61630 | 18090254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Control & Filter - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 73690 | 11800717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Other - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. <sup>(a)</sup> | 76560 | 15316594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 215065 | 14938415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Industrial - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 408047 | 10054278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corporation | 66445 | 10011268 |

---

**CONESTOGA SMID CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8% (Continued)** | **Shares** | **Value** |
| **Industrials - 37.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Industrial - 4.4% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kadant, Inc. | 18660 | $5318473 |
|  |  | 25384019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Specialty - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 192690 | 15794799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corporation <sup>(a)</sup> | 45375 | 6919687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transaction Processing Services - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 85355 | 15575580 |
| **Real Estate - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 126590 | 19688543 |
| **Technology - 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. <sup>(a)</sup> | 84900 | 7322625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Production Technology Equipment - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. <sup>(a)</sup> | 106605 | 12684929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 17.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 1342220 | 10670649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | 220100 | 19293966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>(a)</sup> | 93000 | 18693930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nCino, Inc. <sup>(a)</sup> | 244810 | 6276928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies, Inc. <sup>(a)</sup> | 139235 | 10127954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 198250 | 14305720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 60339 | 5378015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 38510 | 17481615 |
|  |  | 102228777 |

---

**CONESTOGA SMID CAP FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.8% (Continued)** | **Shares** | **Value** |
| **Utilities - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waste & Disposal Services - 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 290955 | $28496133 |
| **Total Common Stocks** (Cost $446,907,129) |  | $581418702 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 0.3%** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.44% <sup>(b)</sup> (Cost $1,501,446) | 1501446 | $1501446 |
| **Total Investments at Value - 100.1%** (Cost $448,408,575) |  | $582920148 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (317240) |
| **Net Assets - 100.0%** |  | $582602908 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

*Schedule of Investments uses the Russell ICB Industry and Sector classification.* 

**CONESTOGA MID CAP FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 99.9%** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.44% <sup>(a)</sup> (Cost $1,553,592) | 1553592 | $1553592 |
| **Other Assets in Excess of Liabilities - 0.1%** |  | 818 |
| **Net Assets - 100.0%** |  | $1554410 |

---

<sup>(a)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

**CONESTOGA DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS**

**December 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.5%** | **Shares** | **Value** |
| **Consumer Discretionary - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Education Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc. <sup>(a)</sup> | 8800 | $229944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Retailers - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oddity Tech Ltd. - Class A <sup>(a)</sup> | 3040 | 122147 |
| **Consumer Staples - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Food Products - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mama's Creations, Inc. <sup>(a)</sup> | 18280 | 246597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Soft Drinks - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)</sup> | 2920 | 154789 |
| **Financials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Property & Casualty Insurance - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>(a)</sup> | 2061 | 277740 |
| **Health Care - 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology - 10.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Teknova, Inc. <sup>(a)</sup> | 31806 | 120863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twist Bioscience Corporation <sup>(a)</sup> | 5675 | 180011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation <sup>(a)</sup> | 7004 | 252214 |
|  |  | 553088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 1534 | 119790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Services - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. <sup>(a)</sup> | 11105 | 187897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 8.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. <sup>(a)</sup> | 7834 | 189426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iRadimed Corporation | 2085 | 202829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OrthoPediatrics Corporation <sup>(a)</sup> | 4816 | 85532 |
|  |  | 477787 |

---

**CONESTOGA DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.5% (Continued)** | **Shares** | **Value** |
| **Industrials - 35.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 1423 | $154467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electrical Components - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electrovaya, Inc. <sup>(a)</sup> | 26270 | 207533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Control & Filter - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Recovery, Inc. <sup>(a)</sup> | 13345 | 180024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)</sup> | 2995 | 169906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 7.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd. <sup>(a)</sup> | 5725 | 189040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group, Inc. <sup>(a)</sup> | 2006 | 207942 |
|  |  | 396982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Suppliers - 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CryoPort, Inc. <sup>(a)</sup> | 15949 | 153110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corporation <sup>(a)</sup> | 21380 | 185151 |
|  |  | 338261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc. <sup>(a)</sup> | 7140 | 177286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIC Solutions, Inc. <sup>(a)</sup> | 10865 | 109845 |
|  |  | 287131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Security Services - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundThinking, Inc. <sup>(a)</sup> | 5373 | 43145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transaction Processing Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I3 Verticals, Inc. - Class A <sup>(a)</sup> | 7282 | 183434 |
| **Technology - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 1330 | 136711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 13.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N-able, Inc. <sup>(a)</sup> | 25210 | 188571 |

---

**CONESTOGA DISCOVERY FUND**

**SCHEDULE OF INVESTMENTS (Continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 97.5% (Continued)** | **Shares** | **Value** |
| **Technology - 15.5% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 13.0% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Labs PBC - Class A <sup>(a)</sup> | 8275 | $163183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 2960 | 213594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TECSYS, Inc. | 6675 | 148852 |
|  |  | 714200 |
| **Telecommunications - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications Equipment - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digi International, Inc. <sup>(a)</sup> | 4170 | 180519 |
| **Total Common Stocks** (Cost $4,382,021) |  | $5362092 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 2.6%** | **Shares** | **Value** |
| Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.44% <sup>(b)</sup> (Cost $145,129) | 145129 | $145129 |
| **Total Investments at Value - 100.1%** (Cost $4,527,150) |  | $5507221 |
| **Liabilities in Excess of Other Assets - (0.1%)** |  | (3890) |
| **Net Assets - 100.0%** |  | $5503331 |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> The rate shown is the 7-day effective yield as of December 31, 2025.

*Schedule of Investments uses the Russell ICB Industry and Sector classification.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Conestoga Funds

- **b. Investment Company Act file number:** 811-21120

- **c. CIK number of Registrant:** 0001175813

- **d. LEI of Registrant:** 254900HISFTK3A613G41

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 E. Swedesford Road

  - **City:** Wayne

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19087

  - **Telephone number:** 800-320-7790

**Item A.2. Information about the Series.**

- **a. Name of Series:** CONESTOGA DISCOVERY FUND

- **b. EDGAR series identifier (if any):** S000074583

- **c. LEI of Series:** 549300JKOJ17PG4JBR62

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5557359.14

**Total Liabilities:** $54027.84

**Net Assets:** $5503331.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232593 | -1.06%               | -3.42%               | 2.74%                |
| Class ID C000232594 | -0.94%               | -3.49%               | 2.82%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $198553.10               | $-245027.68                                |
| Month 2  | $0.00                    | $-172711.11                                |
| Month 3  | $189974.63               | $-42453.76                                 |

### Schedule of Portfolio Investments

| Name                                         | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TIC Solutions Inc.                           | Acuren Corporation                          | CUSIP: 00510N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10865 | NS      | $109845.15    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Teknova Inc                            | Alpha Teknova, Inc.                         | CUSIP: 02080L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31806 | NS      | $120862.80    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Biolife Solutions Inc.                       | BioLife Solutions, Inc.                     | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |      7834 | NS      | $189426.12    | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                  | Bowman Consulting Group Limited             | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5725 | NS      | $189039.50    | 3.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.                   | Construction Partners, Inc.                 | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      1423 | NS      | $154466.65    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport Inc                                 | CryoPort, Inc.                              | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |     15949 | NS      | $153110.40    | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.                      | Digi International, Inc.                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      4170 | NS      | $180519.30    | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Electrovaya Inc                              | Electrovaya, Inc.                           | CUSIP: 28617B606<br>LEI: 529900I7K6S0AGKS2R30 | Long             | EC               | CORP              | CA        |     26270 | NS      | $207533.00    | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Recovery Inc.                         | Energy Recovery, Inc.                       | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |     13345 | NS      | $180024.05    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp                       | Hillman Solutions Corporation               | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21380 | NS      | $185150.80    | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Iradimed Corp.                               | iRadimed Corporation                        | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      2085 | NS      | $202828.80    | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals INC                             | I3 Verticals, Inc.                          | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |      7282 | NS      | $183433.58    | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations, Inc                        | Mama's Creations, Inc.                      | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18280 | NS      | $246597.20    | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc             | MONTROSE ENVIRONMENTAL GROUP I COM          | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |      7140 | NS      | $177286.20    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley Institutional Liquidity Funds | Morgan Stanley Institutional Liquidity Fund | CUSIP: 61747C608<br>LEI: 5493000A332Y142SOW84 | Long             | STIV             | RF                | US        |    145129 | PA      | $145128.59    | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| N-Able Inc.                                  | N-able Inc                                  | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25210 | NS      | $188570.80    | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthopediatrics Corp.                        | OrthoPediatrics Corporation                 | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |      4816 | NS      | $85532.16     | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                         | Palomar Holdings, Inc.                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      2061 | NS      | $277740.36    | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                                 | Phreesia, Inc.                              | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |     11105 | NS      | $187896.60    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs Pbc                              | Planet Labs PBC Class A                     | CUSIP: 72703X106<br>LEI: 254900Q7PVI3HTQBRB44 | Long             | EC               | CORP              | US        |      8275 | NS      | $163183.00    | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                              | Q2 Holdings, Inc.                           | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      2960 | NS      | $213593.60    | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SoundThinking Inc                            | SoundThinking, Inc.                         | CUSIP: 82536T107<br>LEI: 549300MQV8SOWVNVZ667 | Long             | EC               | CORP              | US        |      5373 | NS      | $43145.19     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecsys Inc                                   | TECSYS, Inc.                                | CUSIP: 878950104<br>LEI: 549300YOTEBVOTQEP762 | Long             | EC               | CORP              | CA        |      6675 | NS      | $148852.50    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc.                                | Transcat, Inc.                              | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      2995 | NS      | $169906.35    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Twist Bioscience Corporation                 | Twist Bioscience Corporation                | CUSIP: 90184D100<br>LEI: 549300T23BL59LCOH584 | Long             | EC               | CORP              | US        |      5675 | NS      | $180011.00    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                      | US Physical Therapy, Inc.                   | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |      1534 | NS      | $119790.06    | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute, Inc.          | Universal Technical Institute, Inc.         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      8800 | NS      | $229944.00    | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corporation                          | Vericel Corporation                         | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      7004 | NS      | $252214.04    | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| The Vita Coco Company Inc                    | Vita Coco Company, Inc. (The)               | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |      2920 | NS      | $154789.20    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc                   | Climb Global Solutions, Inc.                | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |      1330 | NS      | $136710.70    | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc.                           | Willdan Group, Inc.                         | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      2006 | NS      | $207941.96    | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd.                             | Oddity Tech Ltd.                            | CUSIP: M7518J104<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |      3040 | NS      | $122147.20    | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

**Name of Applicant:** Conestoga Discovery Fund

**Signature:** Daniel D. Bauer

**Name of Signer:** Daniel D. Bauer

**Title:** Assistant Treasurer