# EDGAR Filing Document

**Accession Number:** 0001175813
**File Stem:** 0001398344-25-021836
**Filing Date:** 2025-12
**Character Count:** 226138
**Document Hash:** c746dd32f056992f0c3dcffe955dce8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021836.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001398344-25-021836

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21120
- **FILM NUMBER:** 251551441

**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 Small Cap Fund (Series ID: S000004756)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000012946 | Investors Class     | CCASX           |
| C000142731 | Institutional Class | CCALX           |

### Conestoga SMid Cap Fund (Series ID: S000043859)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000136096 | Investors Class     | CCSMX           |
| C000136097 | Institutional Class | CCSGX           |

### Conestoga Mid Cap Fund (Series ID: S000071969)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000227602 | Institutional Class | CCMAX           |
| C000227603 | Investors Class     | CCMMX           |

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

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

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-21120

<u>Conestoga Funds</u> <br> (Exact name of registrant as specified in charter)

<u>550 E. Swedesford Road, Suite 120&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne, PA</u> <u>19087</u> <br> (Address of principal executive offices) (Zip code)

---

| |
|:---|
| &nbsp;&nbsp;Conestoga Capital Advisors&nbsp;&nbsp;&nbsp;&nbsp; 550 E. Swedesford Road, Suite 120&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wayne, PA&nbsp;&nbsp;&nbsp;&nbsp; 19087 |
| &nbsp;&nbsp;(Name and address of agent for service) |
| &nbsp;&nbsp;With Copy To: |
| &nbsp;&nbsp;Josh Deringer, Esq. |
| &nbsp;&nbsp;Faegre Drinker Biddle & Reath LLP |
| &nbsp;&nbsp;One Logan Square, Suite 2000 |
| &nbsp;&nbsp;Philadelphia, PA 19103 |

---

Registrant's telephone number, including area code: (800) 320-7790

Date of fiscal year end: September 30 <br>Date of reporting period: September 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.

A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1.** **Reports to Stockholders.**

(a) **# Conestoga Small Cap Fund

## Institutional Class (CCALX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Small Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/small-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $87 | 0.90% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index (-7.63% vs. +13.56%) and underperformed the Russell 3000<sup>®</sup> Index (-7.63% vs. +17.41%). The relative shortfall was a combination of style headwinds where low-quality, unprofitable stocks outperformed, coupled with negative stock selection. Technology was the largest detractor, particularly within Software, while Health Care provided some offset earlier in the period.

&nbsp;&nbsp;&nbsp;&nbsp; In Technology, holdings such as Exponent, Inc. and Novanta, Inc. weighed most heavily. Exponent (-38.85%) detracted -211 basis points to relative performance as margins and utilization weakened amid regulatory delays. Novanta (-44.03%) detracted -195 basis points, pressured by tariffs and supply-chain challenges despite exceeding earnings expectations and expanding its share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp; On a positive note, sector allocation effects within Real Estate added modestly to results, while Health Care contributed during late 2024. The Fund's relative positioning in Basic Materials and Telecommunications was positive from an allocation standpoint, though offset by weaker stock selection.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that small-cap growth companies are well positioned for long-term recovery as valuations normalize, economic clarity improves, and company fundamentals are once again rewarded by the marketplace.

## How has the Fund performed over the last ten years?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](if0a2e1bb0e8564657c54a796.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Small Cap Fund - Institutional Class | Russell 2000<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $250000 | $250000 | $250000 |
| Sep-2016 | $296091 | $280309 | $287410 |
| Sep-2017 | $386202 | $339121 | $341175 |
| Sep-2018 | $497223 | $410556 | $401153 |
| Sep-2019 | $480376 | $371003 | $412857 |
| Sep-2020 | $530948 | $429304 | $474791 |
| Sep-2021 | $732522 | $572113 | $626133 |
| Sep-2022 | $522840 | $404645 | $515762 |
| Sep-2023 | $609316 | $443458 | $621293 |
| Sep-2024 | $726238 | $566109 | $839949 |
| Sep-2025 | $670852 | $642859 | $986176 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | 10 Years\* |
| Conestoga Small Cap Fund - Institutional Class | -7.63% | 4.79% | 10.37% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/small-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$3,449,922,885

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$31,315,098

* Portfolio Turnover Rate17%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](idcdcd299616e78203d3d1d71.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i198475526689589b2d923f55.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.4% |
| Consumer Staples | 1.3% |
| Financials | 2.1% |
| Telecommunications | 2.5% |
| Real Estate | 3.6% |
| Consumer Discretionary | 3.8% |
| Money Market | 4.0% |
| Utilities | 4.2% |
| Basic Materials | 7.0% |
| Health Care | 12.3% |
| Technology | 20.0% |
| Industrials | 38.8% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Construction Partners, Inc. - Class A | 4.3% |
| Casella Waste Systems, Inc. - Class A | 4.2% |
| Descartes Systems Group, Inc. (The) | 4.1% |
| RBC Bearings, Inc. | 3.8% |
| ESCO Technologies, Inc. | 3.8% |
| FirstService Corporation | 3.6% |
| Stevanato Group S.p.A. | 3.5% |
| AAON, Inc. | 3.2% |
| Balchem Corporation | 3.2% |
| Merit Medical Systems, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Small Cap Fund - Institutional Class (CCALX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCALX

# Conestoga Small Cap Fund

## Investors Class (CCASX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Small Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/small-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investors Class | $106 | 1.10% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell 2000<sup>®</sup> Growth Index (-7.80% vs. +13.56%) and underperformed the Russell 3000<sup>®</sup> Index (-7.80% vs. +17.41%). The relative shortfall was a combination of style headwinds where low-quality, unprofitable stocks outperformed, coupled with negative stock selection. Technology was the largest detractor, particularly within Software, while Health Care provided some offset earlier in the period.

&nbsp;&nbsp;&nbsp;&nbsp; In Technology, holdings such as Exponent, Inc. and Novanta, Inc. weighed most heavily. Exponent (-38.85%) detracted -211 basis points to relative performance as margins and utilization weakened amid regulatory delays. Novanta (-44.03%) detracted -195 basis points, pressured by tariffs and supply-chain challenges despite exceeding earnings expectations and expanding its share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp; On a positive note, sector allocation effects within Real Estate added modestly to results, while Health Care contributed during late 2024. The Fund's relative positioning in Basic Materials and Telecommunications was positive from an allocation standpoint, though offset by weaker stock selection.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that small-cap growth companies are well positioned for long-term recovery as valuations normalize, economic clarity improves, and company fundamentals are once again rewarded by the marketplace.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](id139131e0ba7a89e3c7c9484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Small Cap Fund - Investors Class | Russell 2000<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $11818 | $11212 | $11496 |
| Sep-2017 | $15382 | $13565 | $13647 |
| Sep-2018 | $19761 | $16422 | $16046 |
| Sep-2019 | $19056 | $14840 | $16514 |
| Sep-2020 | $21018 | $17172 | $18992 |
| Sep-2021 | $28942 | $22885 | $25045 |
| Sep-2022 | $20613 | $16186 | $20630 |
| Sep-2023 | $23978 | $17738 | $24852 |
| Sep-2024 | $28519 | $22644 | $33598 |
| Sep-2025 | $26296 | $25714 | $39447 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | 10 Years\* |
| Conestoga Small Cap Fund - Investors Class | -7.80% | 4.58% | 10.15% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/small-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$3,449,922,885

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$31,315,098

* Portfolio Turnover Rate17%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i08ce703aee58f0893b7b392f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i070d672f905323fab09acb31.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.4% |
| Consumer Staples | 1.3% |
| Financials | 2.1% |
| Telecommunications | 2.5% |
| Real Estate | 3.6% |
| Consumer Discretionary | 3.8% |
| Money Market | 4.0% |
| Utilities | 4.2% |
| Basic Materials | 7.0% |
| Health Care | 12.3% |
| Technology | 20.0% |
| Industrials | 38.8% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Construction Partners, Inc. - Class A | 4.3% |
| Casella Waste Systems, Inc. - Class A | 4.2% |
| Descartes Systems Group, Inc. (The) | 4.1% |
| RBC Bearings, Inc. | 3.8% |
| ESCO Technologies, Inc. | 3.8% |
| FirstService Corporation | 3.6% |
| Stevanato Group S.p.A. | 3.5% |
| AAON, Inc. | 3.2% |
| Balchem Corporation | 3.2% |
| Merit Medical Systems, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Small Cap Fund - Investors Class (CCASX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCASX

# Conestoga SMid Cap Fund

## Institutional Class (CCSGX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga SMid Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/smid-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $83 | 0.85% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell 2500<sup>®</sup> Growth Index (-3.66% vs. +12.62%) and underperformed the Russell 3000<sup>®</sup> Index (-3.66% vs. +17.41%). The relative shortfall was a combination of style headwinds where low-quality, unprofitable stocks outperformed, coupled with negative stock selection. Positive sector allocation was a modest contributor. Technology was the largest detractor, particularly within Software (-2.64%), while Real Estate provided a modest positive contribution.

&nbsp;&nbsp;&nbsp;&nbsp; Within Technology, Exponent (-38.85%) detracted -185 basis points as lower utilization, margin pressure, and regulatory delays hindered results despite earnings above estimates. Novanta (-44.03%) detracted -142 basis points amid trade disruptions, tariffs, and softness in life sciences markets, though management reaffirmed long-term confidence through a $200 million share repurchase authorization.

&nbsp;&nbsp;&nbsp;&nbsp; Sector performance in the benchmark was led by Utilities and Basic Materials, areas where the Fund's allocation was favorable, but stock selection limited relative gains. Real Estate was the weakest benchmark sector but had minimal portfolio impact.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident in the long-term potential of high-quality small- and mid-cap growth companies, particularly as earnings visibility improves, valuation spreads normalize, and company fundamentals are once again rewarded by the marketplace.

## How has the Fund performed over the last ten years?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](if771c620fedfc6ce82a16b4e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga SMid Cap Fund - Institutional Class | Russell 2500<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $250000 | $250000 | $250000 |
| Sep-2016 | $287399 | $277554 | $287410 |
| Sep-2017 | $368239 | $333248 | $341175 |
| Sep-2018 | $492123 | $410326 | $401153 |
| Sep-2019 | $500600 | $393443 | $412857 |
| Sep-2020 | $569495 | $485407 | $474791 |
| Sep-2021 | $771431 | $640624 | $626133 |
| Sep-2022 | $530230 | $452314 | $515762 |
| Sep-2023 | $619388 | $500306 | $621293 |
| Sep-2024 | $782059 | $626398 | $839949 |
| Sep-2025 | $753422 | $705425 | $986176 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | 10 Years\* |
| Conestoga SMid Cap Fund - Institutional Class | -3.66% | 5.76% | 11.66% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500<sup>®</sup> Growth Index | 12.62% | 7.76% | 10.93% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/smid-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$624,459,972

* Total Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$4,821,298

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i096f3be0b38e52df8202d590.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i86f43d8ec6e521169f275efa.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.4% |
| Financials | 1.6% |
| Money Market | 3.3% |
| Real Estate | 3.9% |
| Utilities | 4.4% |
| Basic Materials | 6.7% |
| Health Care | 10.2% |
| Consumer Discretionary | 11.8% |
| Technology | 20.8% |
| Industrials | 37.7% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.4% |
| RBC Bearings, Inc. | 4.2% |
| Construction Partners, Inc. - Class A | 4.2% |
| Rollins, Inc. | 4.1% |
| HEICO Corporation - Class A | 4.0% |
| FirstService Corporation | 3.9% |
| Guidewire Software, Inc. | 3.8% |
| Descartes Systems Group, Inc. (The) | 3.3% |
| Tyler Technologies, Inc. | 3.2% |
| Mercury Systems, Inc. | 3.0% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga SMid Cap Fund - Institutional Class (CCSGX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCSGX

# Conestoga SMid Cap Fund

## Investors Class (CCSMX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga SMid Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/smid-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investors Class | $108 | 1.10% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell 2500<sup>®</sup> Growth Index (-3.91% vs. +12.62%) and underperformed the Russell 3000<sup>®</sup> Index (-3.91% vs. +17.41%). The relative shortfall was a combination of style headwinds where low-quality, unprofitable stocks outperformed, coupled with negative stock selection. Positive sector allocation was a modest contributor. Technology was the largest detractor, particularly within Software (-2.64%), while Real Estate provided a modest positive contribution.

&nbsp;&nbsp;&nbsp;&nbsp; Within Technology, Exponent (-38.85%) detracted -185 basis points as lower utilization, margin pressure, and regulatory delays hindered results despite earnings above estimates. Novanta (-44.03%) detracted -142 basis points amid trade disruptions, tariffs, and softness in life sciences markets, though management reaffirmed long-term confidence through a $200 million share repurchase authorization.

&nbsp;&nbsp;&nbsp;&nbsp; Sector performance in the benchmark was led by Utilities and Basic Materials, areas where the Fund's allocation was favorable, but stock selection limited relative gains. Real Estate was the weakest benchmark sector but had minimal portfolio impact.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident in the long-term potential of high-quality small- and mid-cap growth companies, particularly as earnings visibility improves, valuation spreads normalize, and company fundamentals are once again rewarded by the marketplace.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia18495a3cd4322c8d4fa9bf9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga SMid Cap Fund - Investors Class | Russell 2500<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Sep-2015 | $10000 | $10000 | $10000 |
| Sep-2016 | $11465 | $11102 | $11496 |
| Sep-2017 | $14660 | $13330 | $13647 |
| Sep-2018 | $19534 | $16413 | $16046 |
| Sep-2019 | $19827 | $15738 | $16514 |
| Sep-2020 | $22508 | $19416 | $18992 |
| Sep-2021 | $30405 | $25625 | $25045 |
| Sep-2022 | $20838 | $18093 | $20630 |
| Sep-2023 | $24295 | $20012 | $24852 |
| Sep-2024 | $30594 | $25056 | $33598 |
| Sep-2025 | $29398 | $28217 | $39447 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | 10 Years\* |
| Conestoga SMid Cap Fund - Investors Class | -3.91% | 5.49% | 11.39% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2500<sup>®</sup> Growth Index | 12.62% | 7.76% | 10.93% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/smid-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$624,459,972

* Total Number of Portfolio Holdings43

* Advisory Fee (net of waivers)$4,821,298

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i733d888c2c67ea925af30770.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 96.7% |
| Money Market Funds | 3.3% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i09e24a267e1e107b51314a07.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.4% |
| Financials | 1.6% |
| Money Market | 3.3% |
| Real Estate | 3.9% |
| Utilities | 4.4% |
| Basic Materials | 6.7% |
| Health Care | 10.2% |
| Consumer Discretionary | 11.8% |
| Technology | 20.8% |
| Industrials | 37.7% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.4% |
| RBC Bearings, Inc. | 4.2% |
| Construction Partners, Inc. - Class A | 4.2% |
| Rollins, Inc. | 4.1% |
| HEICO Corporation - Class A | 4.0% |
| FirstService Corporation | 3.9% |
| Guidewire Software, Inc. | 3.8% |
| Descartes Systems Group, Inc. (The) | 3.3% |
| Tyler Technologies, Inc. | 3.2% |
| Mercury Systems, Inc. | 3.0% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga SMid Cap Fund - Investors Class (CCSMX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCSMX

# Conestoga Mid Cap Fund

## Institutional Class (CCMAX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Mid Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/mid-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/. This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $78 | 0.80% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell Midcap<sup>®</sup> Growth Index (-3.99% vs. 22.02%) and underperformed the Russell 3000<sup>®</sup> Index for the Period (-3.99% vs. +17.41%). Stock selection was the primary driver of underperformance, led by weakness in the Technology sector. Software holdings detracted most, as investors favored hardware and semiconductor companies benefiting from AI-driven demand. Style headwinds were also a detractor as low-quality, unprofitable stocks outperformed.

&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. was the largest individual detractor, as slowing contract value growth, reduced federal renewals, and tariff-related cost pressures weighed on results. Copart, Inc., an off-benchmark position, also detracted due to lower purchased vehicle margins, despite solid service revenue growth.

&nbsp;&nbsp;&nbsp;&nbsp; Additional weakness came from Industrials and Consumer Discretionary holdings, which produced positive absolute returns but trailed strong benchmark sector gains. Health Care provided a modest offset, supported by select medical technology holdings, while Utilities modestly detracted.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that its focus on high-quality, mid-cap growth companies with sustainable earnings, strong balance sheets, and durable competitive advantages will position the Fund for long-term success despite near-term challenges.

## How has the Fund performed since inception?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](i8345a502748918ca55c04fd7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Mid Cap Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Jun-2021 | $250000 | $250000 | $250000 |
| Sep-2021 | $258000 | $249875 | $246988 |
| Sep-2022 | $177500 | $205829 | $174131 |
| Sep-2023 | $206750 | $247944 | $204545 |
| Sep-2024 | $250750 | $335204 | $264547 |
| Sep-2025 | $240750 | $393560 | $322810 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year\* | Since Inception (June 29, 2021)\* |
| Conestoga Mid Cap Fund - Institutional Class | -3.99% | -0.88% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.25% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 6.19% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/mid-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$3,297,539

* Total Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i988dcf63dfba9b6284420e4b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.1% |
| Money Market Funds | 4.9% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i08e1809b5f84823e1d26c67c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.9% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Money Market | 5.0% |
| Consumer Discretionary | 18.1% |
| Health Care | 18.4% |
| Technology | 20.5% |
| Industrials | 30.9% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rollins, Inc. | 5.7% |
| HEICO Corporation - Class A | 5.5% |
| Waste Connections, Inc. | 4.3% |
| IDEXX Laboratories, Inc. | 4.3% |
| Veeva Systems, Inc. - Class A | 4.1% |
| Verisk Analytics, Inc. | 4.1% |
| Tyler Technologies, Inc. | 4.0% |
| Copart, Inc. | 3.8% |
| CoStar Group, Inc. | 3.7% |
| Guidewire Software, Inc. | 3.5% |

---

## Material Fund Changes
On November 19, 2025, the Board decided to close and liquidate the Conestoga Mid Cap Fund, following the Adviser's recommendation. The Fund will cease accepting orders for new shares after the close of business on November 24, 2025, and will be fully liquidated on or around January 31, 2026. At that time, all assets will be distributed in cash to shareholders, and all shares will be redeemed and cancelled. Until the liquidation, proceeds from the sale of portfolio securities will be invested in cash equivalents or held in cash, potentially impacting the Fund's ability to meet its investment objective.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Mid Cap Fund - Institutional Class (CCMAX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCMAX

# Conestoga Mid Cap Fund

## Investors Class (CCMMX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Mid Cap Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/mid-cap-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/. This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investors Class | $103 | 1.05% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell Midcap<sup>®</sup> Growth Index (-4.22% vs. +22.02%) and underperformed the Russell 3000<sup>®</sup> Index (-4.22% vs. +17.41%). Stock selection was the primary driver of underperformance, led by weakness in the Technology sector. Software holdings detracted most, as investors favored hardware and semiconductor companies benefiting from AI-driven demand. Style headwinds were also a detractor as low-quality, unprofitable stocks outperformed.

&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. was the largest individual detractor, as slowing contract value growth, reduced federal renewals, and tariff-related cost pressures weighed on results. Copart, Inc., an off-benchmark position, also detracted due to lower purchased vehicle margins, despite solid service revenue growth.

&nbsp;&nbsp;&nbsp;&nbsp; Additional weakness came from Industrials and Consumer Discretionary holdings, which produced positive absolute returns but trailed strong benchmark sector gains. Health Care provided a modest offset, supported by select medical technology holdings, while Utilities modestly detracted.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that its focus on high-quality, mid-cap growth companies with sustainable earnings, strong balance sheets, and durable competitive advantages will position the Fund for long-term success despite near-term challenges.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i97fba00e389f956f1658b932.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Mid Cap Fund - Investors Class | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Jun-2021 | $10000 | $10000 | $10000 |
| Sep-2021 | $10310 | $9995 | $9880 |
| Sep-2022 | $7080 | $8233 | $6965 |
| Sep-2023 | $8230 | $9918 | $8182 |
| Sep-2024 | $9950 | $13408 | $10582 |
| Sep-2025 | $9530 | $15742 | $12912 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | |
|:---|:---|:---|
| | 1 Year\* | Since Inception (June 29, 2021)\* |
| Conestoga Mid Cap Fund - Investors Class | -4.22% | -1.13% |
| Russell 3000<sup>®</sup> Index | 17.41% | 11.25% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 6.19% |

---

#### \* Annualized
*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/mid-cap-fund/ for updated performance information.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$3,297,539

* Total Number of Portfolio Holdings34

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i4317a81114d97c8526b9323d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.1% |
| Money Market Funds | 4.9% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](i76980d1fb6f342c470656473.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.9% |
| Real Estate | 3.7% |
| Utilities | 4.3% |
| Money Market | 5.0% |
| Consumer Discretionary | 18.1% |
| Health Care | 18.4% |
| Technology | 20.5% |
| Industrials | 30.9% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rollins, Inc. | 5.7% |
| HEICO Corporation - Class A | 5.5% |
| Waste Connections, Inc. | 4.3% |
| IDEXX Laboratories, Inc. | 4.3% |
| Veeva Systems, Inc. - Class A | 4.1% |
| Verisk Analytics, Inc. | 4.1% |
| Tyler Technologies, Inc. | 4.0% |
| Copart, Inc. | 3.8% |
| CoStar Group, Inc. | 3.7% |
| Guidewire Software, Inc. | 3.5% |

---

## Material Fund Changes
On November 19, 2025, the Board decided to close and liquidate the Conestoga Mid Cap Fund, following the Adviser's recommendation. The Fund will cease accepting orders for new shares after the close of business on November 24, 2025, and will be fully liquidated on or around January 31, 2026. At that time, all assets will be distributed in cash to shareholders, and all shares will be redeemed and cancelled. Until the liquidation, proceeds from the sale of portfolio securities will be invested in cash equivalents or held in cash, potentially impacting the Fund's ability to meet its investment objective.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Mid Cap Fund - Investors Class (CCMMX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CCMMX

# Conestoga Discovery Fund

## Institutional Class (CMIRX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Discovery Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/discovery-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Institutional Class | $144 | 1.25% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell Microcap<sup>®</sup> Growth Index (+30.15% vs. +33.08%) but overperformed the Russell 3000<sup>®</sup> Index (+30.15% vs. +17.41%). The relative shortfall was primarily due to negative stock selection, although positive sector allocation offset some of the losses. Industrials detracted most significantly, particularly within electronic equipment, while Consumer Discretionary added positively, led by education services.

&nbsp;&nbsp;&nbsp;&nbsp; At the security level, Transcat, Inc. and OrthoPediatrics Corp. were the largest detractors. Transcat (-39.39%) detracted -298 basis points due to weaker calibration demand, margin pressure, and hurricane-related disruptions, despite 15% year-over-year revenue growth and a strengthened regulatory position via acquisition. OrthoPediatrics (-13.29%) detracted -253 basis points amid slowing revenue growth and margin compression, though its Specialty Bracing business and MY01 partnership supported longer-term growth prospects.

&nbsp;&nbsp;&nbsp;&nbsp; Benchmark sector performance was led by Financials (+65.63%) and Industrials (+53.99%), both areas where allocation helped but stock selection lagged.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that disciplined stock selection and a focus on high-quality micro-cap growth companies position the Fund well as market volatility normalizes.

## How has the Fund performed since inception?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](i0b3a561858f29fce1b3580c3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Discovery Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell Microcap<sup>®</sup> Growth Index |
| Nov-2018 | $250000 | $250000 | $249999 |
| Sep-2019 | $270213 | $272292 | $228531 |
| Sep-2020 | $372904 | $313139 | $290702 |
| Sep-2021 | $519635 | $412953 | $413116 |
| Sep-2022 | $355162 | $340161 | $260047 |
| Sep-2023 | $318993 | $409761 | $251975 |
| Sep-2024 | $368223 | $553971 | $318444 |
| Sep-2025 | $479243 | $650412 | $423747 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | Since Inception (November 30, 2018)\*\* |
| Conestoga Discovery Fund - Institutional Class | 30.15% | 5.15% | 9.99% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 15.02% |
| Russell Microcap<sup>®</sup> Growth Index | 33.08% | 7.83% | 8.03% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/discovery-fund/ for updated performance information.*

\* Annualized

*\*\*Performance prior to December 20, 2021, is that of another investment vehicle (the "Predecessor Fund") before the commencement of the Fund's operations. The Predecessor Fund was converted into the Fund on December 20, 2021. The Predecessor Fund was not registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Fund had been registered under the 1940 Act, its performance may have been adversely affected. Returns for the Fund's shares reflect all charges, expenses and fees of the Predecessor Fund.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$5,331,977

* Total Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate31%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](ib4b2ce528daf65c8e5daa98b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.2% |
| Money Market Funds | 4.8% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](ib6e3c622d8829691062d1cf5.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.8% |
| Telecommunications | 3.4% |
| Financials | 3.7% |
| Money Market | 4.8% |
| Consumer Discretionary | 5.7% |
| Consumer Staples | 7.8% |
| Technology | 18.3% |
| Health Care | 23.5% |
| Industrials | 33.6% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Planet Labs PBC - Class A | 7.7% |
| Universal Technical Institute, Inc. | 4.9% |
| Mama's Creations, Inc. | 4.3% |
| Bowman Consulting Group Ltd. | 4.3% |
| I3 Verticals, Inc. - Class A | 4.0% |
| Willdan Group, Inc. | 3.9% |
| Vericel Corporation | 3.9% |
| Palomar Holdings, Inc. | 3.7% |
| Energy Recovery, Inc. | 3.6% |
| iRadimed Corporation | 3.5% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Discovery Fund - Institutional Class (CMIRX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CMIRX

# Conestoga Discovery Fund

## Investors Class (CMCMX)

### Annual Shareholder Report - September 30, 2025
![Image](ia697b923e5e21c70e3fd9203.jpg)

## Fund Overview
This annual shareholder report contains important information about Conestoga Discovery Fund (the "Fund") for the fiscal year ended September 30, 2025 (the "Period"). You can find additional information about the Fund at https://conestogacapital.com/strategies/discovery-fund/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/forms-information/.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Investors Class | $172 | 1.50% |

---

## How did the Fund perform in the past 12 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets experienced significant volatility over the Period, as investors navigated post-election optimism and renewed policy uncertainty. Following a strong 2024, during which the S&P 500<sup>®</sup> Index gained 26.5%, markets reversed course in early 2025 after newly elected President Trump announced sweeping tariffs on imports triggering the sharpest two-day market decline since 2020. Recession concerns rose, yet corporate earnings remained resilient. Equity markets rallied sharply after the market bottomed on April 8, 2025 as economic data continued to improve throughout the year as trade tensions eased. While large-cap stocks recovered swiftly, small caps continued to lag amid shifting market leadership and persistent valuation gaps.

&nbsp;&nbsp;&nbsp;&nbsp; For the Period, the Fund underperformed the Russell Microcap<sup>®</sup> Growth Index (+29.95% vs. +33.08%) but overperformed the Russell 3000<sup>®</sup> Index (+29.95% vs. +17.41%). The relative shortfall was primarily due to negative stock selection, although positive sector allocation offset some of the losses. Industrials detracted most significantly, particularly within electronic equipment, while Consumer Discretionary added positively, led by education services.

&nbsp;&nbsp;&nbsp;&nbsp; At the security level, Transcat, Inc. and OrthoPediatrics Corp. were the largest detractors. Transcat (-39.39%) detracted -298 basis points due to weaker calibration demand, margin pressure, and hurricane-related disruptions, despite 15% year-over-year revenue growth and a strengthened regulatory position via acquisition. OrthoPediatrics (-13.29%) detracted -253 basis points amid slowing revenue growth and margin compression, though its Specialty Bracing business and MY01 partnership supported longer-term growth prospects.

&nbsp;&nbsp;&nbsp;&nbsp; Benchmark sector performance was led by Financials (+65.63%) and Industrials (+53.99%), both areas where allocation helped but stock selection lagged.

&nbsp;&nbsp;&nbsp;&nbsp; Conestoga Capital Advisors, LLC remains confident that disciplined stock selection and a focus on high-quality micro-cap growth companies position the Fund well as market volatility normalizes.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iece573f85416a9c47b5f77b2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Discovery Fund - Investors Class | Russell 3000<sup>®</sup> Index | Russell Microcap<sup>®</sup> Growth Index |
| Nov-2018 | $10000 | $10000 | $9999 |
| Sep-2019 | $10786 | $10892 | $9141 |
| Sep-2020 | $14848 | $12526 | $11627 |
| Sep-2021 | $20638 | $16518 | $16524 |
| Sep-2022 | $14059 | $13606 | $10401 |
| Sep-2023 | $12603 | $16390 | $10079 |
| Sep-2024 | $14517 | $22159 | $12737 |
| Sep-2025 | $18864 | $26016 | $16949 |

---

## Average Annual Total Returns

## (period ended September 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year\* | 5 Years\* | Since Inception (November 30, 2018)\*\* |
| Conestoga Discovery Fund - Investors Class | 29.95% | 4.91% | 9.73% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 15.02% |
| Russell Microcap<sup>®</sup> Growth Index | 33.08% | 7.83% | 8.03% |

---

*The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 494-2755 or visit https://conestogacapital.com/strategies/discovery-fund/ for updated performance information.*

\* Annualized

*\*\*Performance prior to December 20, 2021, is that of another investment vehicle (the "Predecessor Fund") before the commencement of the Fund's operations. The Predecessor Fund was converted into the Fund on December 20, 2021. The Predecessor Fund was not registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act on registered investment companies and by the Internal Revenue Code of 1986 on regulated investment companies. If the Predecessor Fund had been registered under the 1940 Act, its performance may have been adversely affected. Returns for the Fund's shares reflect all charges, expenses and fees of the Predecessor Fund.*

## Fund Statistics

## (as of September 30, 2025)
* Net Assets$5,331,977

* Total Number of Portfolio Holdings31

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate31%

## Asset Weighting (% of total investments)

## (as of September 30, 2025)
![Group By Asset Type Chart](i8d54c136c1dd2c20b9b89ec8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 95.2% |
| Money Market Funds | 4.8% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of September 30, 2025)
![Group By Sector Chart](iba5997cb15d009b6b2f22ccb.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Liabilities in Excess of Other Assets | -0.8% |
| Telecommunications | 3.4% |
| Financials | 3.7% |
| Money Market | 4.8% |
| Consumer Discretionary | 5.7% |
| Consumer Staples | 7.8% |
| Technology | 18.3% |
| Health Care | 23.5% |
| Industrials | 33.6% |

---

## Top 10 Holdings (% of net assets)

## (as of September 30, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Planet Labs PBC - Class A | 7.7% |
| Universal Technical Institute, Inc. | 4.9% |
| Mama's Creations, Inc. | 4.3% |
| Bowman Consulting Group Ltd. | 4.3% |
| I3 Verticals, Inc. - Class A | 4.0% |
| Willdan Group, Inc. | 3.9% |
| Vericel Corporation | 3.9% |
| Palomar Holdings, Inc. | 3.7% |
| Energy Recovery, Inc. | 3.6% |
| iRadimed Corporation | 3.5% |

---

## Material Fund Changes
No material changes occurred for the Fund during the Period.

#### Householding
To avoid sending duplicate copies of materials to households, mailings for accounts held by members of your household may be combined so that only one copy of each annual and semi-annual shareholder report will be mailed. If you prefer to receive multiple copies of the shareholder reports, you may request that by contacting us at (800) 494-2755. Householding will be stopped within 30 days after we receive your request.

# Conestoga Discovery Fund - Investors Class (CMCMX)

## Annual Shareholder Report - September 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://conestogacapital.com/forms-information/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please scan to access the Fund's prospectus, financial information, and holdings.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://conestogacapital.com/forms-information](ia8d77cd3d6881ad6f59f7fdb.jpg)

TSR-AR 093025-CMCMX**

(b) Not applicable

**Item 2.** **Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 12(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3.** **Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee. The name of the audit committee financial expert is Nicholas J. Kovich. Mr. Kovich is "independent" for purposes of this Item.

**Item 4.** **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally
 provided by the accountant in connection with statutory and regulatory filings or engagements were $53,100 and $53,100 with respect to
 the registrant's fiscal years ended September 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed in either of the last
 two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the
 audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for tax compliance, tax advice, and tax planning were $12,800 and $12,000 with respect to the registrant's
 fiscal years ended September 30, 2025 and 2024, respectively. The services comprising these fees are the preparation of the registrant's
 federal income and excise tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. No fees were billed in either of the last
 two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through
 (c) of this Item.

(e)(1) The audit committee has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the fiscal years ended September 30, 2025 and 2024, aggregate non-audit fees of $12,800 and $12,000,
 respectively, were billed by the registrant's accountant for services rendered to the registrant. No non-audit fees were billed
 in either of the last two fiscal years by the registrant's accountant for services rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The principal accountant has not provided any non-audit services to the registrant's investment adviser (not including any sub-adviser
 whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling,
 controlled by, or under common control with the investment adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable

**Item 6.** **Investments.**

(a) Not applicable [schedule filed under Item 7]

(b) Not applicable

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) **Conestoga Funds** 

<u><u>**SMALL CAP FUND**</u></u>

<u><u>**SMID CAP FUND**</u></u>

<u><u>**MID CAP FUND**</u></u>

<u><u>**DISCOVERY FUND**</u></u>

**M a n a g e d B y**![](conestoga_i.jpg)

**Annual Financial Statements and Additional Information**

*September 30, 2025* 

**Table of Contents** 

---

| | |
|:---|:---|
| Schedule of Investments  | 1 |
| Statements of Assets and Liabilities  | 15 |
| Statements of Operations  | 17 |
| Statements of Changes in Net Assets  | 19 |
| Financial Highlights  | 23 |
| Notes to Financial Statements  | 31 |
| Report of Independent Registered Public Accounting Firm  | 49 |
| Additional Information  | 51 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **September 30, 2025**  | **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **September 30, 2025**  | **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **September 30, 2025**  |
| **COMMON STOCKS — 95.6%** | **Shares** | **Value** |
| **Basic Materials — 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Metal Fabricating — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. <sup>(a)</sup>  | 336125 | $131186226 |
| &nbsp;&nbsp;&nbsp; *Specialty Chemicals — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corporation  | 725310 | 108840019 |
| **Consumer Discretionary — 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Education Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 409200 | 44426844 |
| &nbsp;&nbsp;&nbsp; *Home Improvement Retailers — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 663655 | 85478764 |
| **Consumer Staples — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Nondurable Household Products — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Company  | 222351 | 43936558 |
| **Financials — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Financial Data Providers — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup>  | 3922413 | 70681882 |
| **Health Care — 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotechnology — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corporation <sup>(a)</sup>  | 1434200 | 45134274 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 7.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc.  | 1122171 | 98201184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. <sup>(a)</sup>  | 1210895 | 100782791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 449310 | 60059268 |
|  |  | 259043243 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. <sup>(b)</sup>  | 4718031 | 121489298 |
| **Industrials — 38.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Building Materials: Other — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc.  | 494040 | 82731938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Company, Inc. <sup>(a)</sup>  | 978335 | 50550570 |
|  |  | 133282508 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 95.6% (Continued)** | **Shares** | **Value** |
| **Industrials — 38.8% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.  | 1189037 | $111103617 |
| &nbsp;&nbsp;&nbsp; *Commercial Vehicles and Parts — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corporation  | 777925 | 92565296 |
| &nbsp;&nbsp;&nbsp; *Construction — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 1157067 | 146947509 |
| &nbsp;&nbsp;&nbsp; *Defense — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. <sup>(a)</sup>  | 1228133 | 95057494 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.  | 325100 | 78918025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc.  | 615955 | 130034260 |
|  |  | 208952285 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Company  | 704000 | 47217280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc.  | 1183924 | 61717958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.  | 425975 | 73297518 |
|  |  | 182232756 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Gauges & Meters — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. <sup>(b)</sup>  | 279510 | 18729965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. <sup>(a)</sup>  | 961005 | 22352976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc. <sup>(a)(b)</sup>  | 656099 | 48026447 |
|  |  | 89109388 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Other — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc. <sup>(a)</sup>  | 435435 | 81330549 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 1232830 | 85657029 |
| &nbsp;&nbsp;&nbsp; *Industrial Suppliers — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corporation <sup>(a)</sup>  | 3611237 | 33151156 |
| &nbsp;&nbsp;&nbsp; *Machinery: Industrial — 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.  | 77200 | 22973176 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. - Class A  | 806870 | 57174808 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 95.6% (Continued)** | **Shares** | **Value** |
| **Real Estate — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 655260 | $124820477 |
| **Technology — 20.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. <sup>(a)</sup>  | 525304 | 45218168 |
| &nbsp;&nbsp;&nbsp; *Production Technology Equipment — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. <sup>(a)</sup>  | 938737 | 26960527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. <sup>(a)</sup>  | 788315 | 78949747 |
|  |  | 105910274 |
| &nbsp;&nbsp;&nbsp; *Software — 15.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc. <sup>(a)</sup>  | 475836 | 50081739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. <sup>(a)</sup>  | 1495765 | 79425122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup>  | 4408325 | 40159841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) <sup>(a)</sup>  | 1498771 | 141229191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. <sup>(a)</sup>  | 1278250 | 34653358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 1038311 | 75163333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc. <sup>(a)</sup>  | 744230 | 77504112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc. - Class A <sup>(a)</sup>  | 1598257 | 39620791 |
|  |  | 537837487 |
| **Telecommunications — 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications Equipment — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc. <sup>(a)(b)</sup>  | 2399554 | 87487739 |
| **Utilities — 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - Class A <sup>(a)</sup>  | 1536735 | 145805417 |
|  **Total Common Stocks** (Cost $1,946,442,144)  |  | $3296834241 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMALL CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS — 4.0%** | **Shares** | **Value** |
|  Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.80% <sup>(c)</sup> (Cost $137,381,546)  | 137381546 | $137381546 |
|  **Total Investments at Value — 99.6%** (Cost $2,083,823,690) |  | $3434215787 |
| **Other Assets in Excess of Liabilities — 0.4%**  |  | 15707098 |
| **Net Assets — 100.0%**  |  | $3449922885 |

---

---

| | |
|:---|:---|
| <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 (Note 5). |
| <sup>(c)</sup> | The rate shown is the 7-day effective yield as of September 30, 2025. |
| *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  | *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** |
| **COMMON STOCKS — 97.1%** | **Shares** | **Value** |
| **Basic Materials — 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Metal Fabricating — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. <sup>(a)</sup>  | 66545 | $25971848 |
| &nbsp;&nbsp;&nbsp; *Specialty Chemicals — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corporation  | 105965 | 15901108 |
| **Consumer Discretionary — 11.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Consumer Services: Miscellaneous — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc.  | 440645 | 25883487 |
| &nbsp;&nbsp;&nbsp; *Education Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 136935 | 14867033 |
| &nbsp;&nbsp;&nbsp; *Home Improvement Retailers — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 92860 | 11960368 |
| &nbsp;&nbsp;&nbsp; *Recreational Products — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corporation  | 45740 | 14182602 |
| &nbsp;&nbsp;&nbsp; *Recreational Vehicles & Boats — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries  | 71085 | 6621568 |
| **Financials — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Financial Data Providers — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup>  | 542995 | 9784770 |
| **Health Care — 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. <sup>(a)</sup>  | 208253 | 17332897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 102120 | 13650381 |
|  |  | 30983278 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corporation  | 117945 | 6561280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A.  | 653112 | 16817634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc.  | 36230 | 9504216 |
|  |  | 32883130 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 97.1% (Continued)** | **Shares** | **Value** |
| **Industrials — 37.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 98840 | $25114256 |
| &nbsp;&nbsp;&nbsp; *Building Materials: Other — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc.  | 76255 | 12769663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Company, Inc. <sup>(a)</sup>  | 215945 | 11157878 |
|  |  | 23927541 |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 33165 | 13408610 |
| &nbsp;&nbsp;&nbsp; *Construction — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 204215 | 25935305 |
| &nbsp;&nbsp;&nbsp; *Defense — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. <sup>(a)</sup>  | 245150 | 18974610 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.  | 55255 | 13413151 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.  | 73690 | 12679838 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Other — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc. <sup>(a)</sup>  | 76560 | 14299877 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 212565 | 14769016 |
| &nbsp;&nbsp;&nbsp; *Machinery: Engines — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. <sup>(a)</sup>  | 48870 | 8180838 |
| &nbsp;&nbsp;&nbsp; *Machinery: Industrial — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc.  | 408047 | 12898366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corporation  | 75245 | 10568160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.  | 16960 | 5046957 |
|  |  | 28513483 |
| &nbsp;&nbsp;&nbsp; *Machinery: Specialty — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc.  | 192690 | 16370942 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 97.1% (Continued)** | **Shares** | **Value** |
| **Industrials — 37.7% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)</sup>  | 45375 | $7226876 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 85355 | 12711920 |
| **Real Estate — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 126590 | 24114129 |
| **Technology — 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. <sup>(a)</sup>  | 81673 | 7030412 |
| &nbsp;&nbsp;&nbsp; *Production Technology Equipment — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. <sup>(a)</sup>  | 106605 | 10676491 |
| &nbsp;&nbsp;&nbsp; *Software — 18.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup>  | 1142220 | 10405624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) <sup>(a)</sup>  | 220100 | 20740023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <sup>(a)</sup>  | 103785 | 23856020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. <sup>(a)</sup>  | 127200 | 3448392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. <sup>(a)</sup>  | 113135 | 8249804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 198250 | 14351318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc. <sup>(a)</sup>  | 103739 | 10803379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. <sup>(a)</sup>  | 38510 | 20146892 |
|  |  | 112001452 |
| **Utilities — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - Class A <sup>(a)</sup>  | 290955 | 27605810 |
|  **Total Common Stocks** (Cost $455,548,700)  |  | $605993749 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **MONEY MARKET FUNDS — 3.3%** | **Shares** | **Value** |
|  Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.80% <sup>(b)</sup> (Cost $20,812,115)  | 20812115 | $20812115 |
|  **Total Investments at Value — 100.4%** (Cost $476,360,815)  |  | $626805864 |
| **Liabilities in Excess of Other Assets — (0.4%)**  |  | (2345892) |
| **Net Assets — 100.0%** |  | $624459972 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | The rate shown is the 7-day effective yield as of September 30, 2025. |
| *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  | *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> September 30, 2025** |
| **COMMON STOCKS — 95.9%** | **Shares** | **Value** |
| **Consumer Discretionary — 18.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Consumer Services: Miscellaneous — 9.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. <sup>(a)</sup>  | 2778 | $124927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc.  | 3195 | 187674 |
|  |  | 312601 |
| &nbsp;&nbsp;&nbsp; *Education Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 760 | 82513 |
| &nbsp;&nbsp;&nbsp; *Recreational Products — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corporation  | 345 | 106974 |
| &nbsp;&nbsp;&nbsp; *Specialty Retail — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Company  | 1685 | 95826 |
| **Health Care — 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Services — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. - Class A <sup>(a)</sup>  | 455 | 135549 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 9.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. <sup>(a)</sup>  | 220 | 140556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 619 | 82742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS plc  | 375 | 92790 |
|  |  | 316088 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corporation  | 1075 | 59802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc.  | 360 | 94439 |
|  |  | 154241 |
| **Industrials — 30.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 720 | 182945 |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.  | 810 | 75687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 200 | 80860 |
|  |  | 156547 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Pollution Control — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc.  | 530 | 78175 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 95.9% (Continued)** | **Shares** | **Value** |
| **Industrials — 30.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 690 | $47941 |
| &nbsp;&nbsp;&nbsp; *Machinery: Engines — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. <sup>(a)</sup>  | 480 | 80352 |
| &nbsp;&nbsp;&nbsp; *Machinery: Specialty — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc.  | 1190 | 101102 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corporation <sup>(a)</sup>  | 42 | 62854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)</sup>  | 264 | 42047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc.  | 535 | 134558 |
|  |  | 239459 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 550 | 81912 |
| &nbsp;&nbsp;&nbsp; *Trucking — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc.  | 349 | 49132 |
| **Real Estate — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. <sup>(a)</sup>  | 1465 | 123602 |
| **Technology — 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cloudflare, Inc. - Class A <sup>(a)</sup>  | 280 | 60085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. <sup>(a)</sup>  | 270 | 70975 |
|  |  | 131060 |
| &nbsp;&nbsp;&nbsp; *Software — 16.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc. - Class B  | 1295 | 66667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. <sup>(a)</sup>  | 939 | 78951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <sup>(a)</sup>  | 505 | 116079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. <sup>(a)</sup>  | 647 | 47179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 210 | 104725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. <sup>(a)</sup>  | 250 | 130790 |
|  |  | 544391 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 95.9% (Continued)** | **Shares** | **Value** |
| **Utilities — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc.  | 805 | $141519 |
|  **Total Common Stocks** (Cost $2,822,897)  |  | $3161929 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 5.0%** |  |  |
|  Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.80% <sup>(b)</sup> (Cost $163,413)  | 163413 | $163413 |
|  **Total Investments at Value — 100.9%** (Cost $2,986,310)  |  | $3325342 |
| **Liabilities in Excess of Other Assets — (0.9%)**  |  | (27803) |
| **Net Assets — 100.0%** |  | $3297539 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | The rate shown is the 7-day effective yield as of September 30, 2025. |
| *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  | *Schedule of Investments uses the Russell ICB Industry and Sector classification.*  |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> September 30, 2025** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> September 30, 2025** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> September 30, 2025** |
| **COMMON STOCKS — 96.0%** | **Shares** | **Value** |
| **Consumer Discretionary — 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Education Services — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc. <sup>(a)</sup>  | 7940 | $258447 |
| &nbsp;&nbsp;&nbsp; *Entertainment — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunderbird Entertainment Group, Inc. <sup>(a)</sup>  | 41176 | 44141 |
| **Consumer Staples — 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Food Products — 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc. <sup>(a)</sup>  | 21955 | 230747 |
| &nbsp;&nbsp;&nbsp; *Soft Drinks — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Company, Inc. (The) <sup>(a)</sup>  | 4350 | 184745 |
| **Financials — 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Property & Casualty Insurance — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc. <sup>(a)</sup>  | 1671 | 195089 |
| **Health Care — 23.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotechnology — 10.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc. <sup>(a)</sup>  | 29471 | 182425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twist Bioscience Corporation <sup>(a)</sup>  | 5305 | 149283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corporation <sup>(a)</sup>  | 6534 | 205625 |
|  |  | 537333 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc.  | 1404 | 119270 |
| &nbsp;&nbsp;&nbsp; *Health Care Services — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc. <sup>(a)</sup>  | 7240 | 170285 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 8.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc. <sup>(a)</sup>  | 7149 | 182371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corporation  | 2610 | 185727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corporation <sup>(a)</sup>  | 3171 | 58759 |
|  |  | 426857 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 96.0% (Continued)** | **Shares** | **Value** |
| **Industrials — 33.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Construction — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 1303 | $165481 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc. <sup>(a)</sup>  | 12455 | 192056 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Gauges & Meters — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc. <sup>(a)</sup>  | 2385 | 174582 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd. <sup>(a)</sup>  | 5340 | 226202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc. <sup>(a)</sup>  | 2166 | 209431 |
|  |  | 435633 |
| &nbsp;&nbsp;&nbsp; *Industrial Suppliers — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc. <sup>(a)</sup>  | 5199 | 49287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corporation <sup>(a)</sup>  | 19990 | 183508 |
|  |  | 232795 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acuren Corporation <sup>(a)</sup>  | 10165 | 135296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. <sup>(a)</sup>  | 6660 | 182884 |
|  |  | 318180 |
| &nbsp;&nbsp;&nbsp; *Security Services — 1.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc. <sup>(a)</sup>  | 4673 | 56356 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. - Class A <sup>(a)</sup>  | 6602 | 214301 |
| **Technology — 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc.  | 850 | 114614 |
| &nbsp;&nbsp;&nbsp; *Software — 16.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc. <sup>(a)</sup>  | 20000 | 156000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC - Class A <sup>(a)</sup>  | 31765 | 412310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 1965 | 142246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TECSYS, Inc.  | 6035 | 151539 |
|  |  | 862095 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS (Continued)** |
| **COMMON STOCKS — 96.0% (Continued)** | **Shares** | **Value** |
| **Telecommunications — 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications Equipment — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc. <sup>(a)</sup>  | 5040 | $183758 |
|  **Total Common Stocks** (Cost $3,676,501)  |  | $5116765 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 4.8%** |  |  |
|  Morgan Stanley Institutional Liquidity Fund - Advisory Class, 3.80% <sup>(b)</sup> (Cost $257,534)  | 257534 | $257534 |
|  **Total Investments at Value — 100.8%** (Cost $3,934,035)  |  | $5374299 |
| **Liabilities in Excess of Other Assets — (0.8%)**  |  | (42322) |
| **Net Assets — 100.0%** |  | $5331977 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | The rate shown is the 7-day effective yield as of September 30, 2025. |
| *Schedule of Investments uses the Russell ICB Industry and Sector classification.* | *Schedule of Investments uses the Russell ICB Industry and Sector classification.* |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **September 30, 2025** | **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **September 30, 2025** | **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **September 30, 2025** |
|  | **Conestoga <br> Small Cap Fund** | **Conestoga <br> SMid Cap Fund** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $1831781742 | $476360815 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | 252041948 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost  | $2083823690 | $476360815 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (Note 2)  | $3158482338 | $626805864 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value (Notes 2 & 5)  | 275733449 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value  | 3434215787 | 626805864 |
| &nbsp;&nbsp;&nbsp; Receivable for capital shares sold  | 2423003 | 96148 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold  | 59056592 |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 160050 | 164654 |
| &nbsp;&nbsp;&nbsp; Other assets  | 33341 | 12876 |
|  Total assets  | 3495888773 | 627079542 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 4901502 | 547781 |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased  | 38416749 | 1526253 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser (Note 4)  | 2332687 | 379673 |
| &nbsp;&nbsp;&nbsp; Accrued distribution and shareholder servicing fees (Note 4)  | 135643 | 39979 |
| &nbsp;&nbsp;&nbsp; Accrued Trustees' fees (Note 4)  | 64052 | 64052 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 4)  | 41917 | 11622 |
| &nbsp;&nbsp;&nbsp; Accrued legal fees  | 24000 | 24000 |
| &nbsp;&nbsp;&nbsp; Accrued audit fees  | 18300 | 16800 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 31038 | 9410 |
|  Total liabilities  | 45965888 | 2619570 |
|  **CONTINGENCIES AND COMMITMENTS (NOTES 4 & 8)**  | $— | $— |
|  **NET ASSETS**  | $3449922885 | $624459972 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $1960899221 | $465331521 |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | 1489023664 | 159128451 |
|  **NET ASSETS**  | $3449922885 | $624459972 |
|  **NET ASSET VALUE PER SHARE:** |  |  |
|  **INSTITUTIONAL CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Institutional Class  | $2953715413 | $591190234 |
| &nbsp;&nbsp;&nbsp; Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 40846670 | 23162479 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $72.31 | $25.52 |
|  **INVESTORS CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Investors Class  | $496207472 | $33269738 |
| &nbsp;&nbsp;&nbsp; Investors Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 7038829 | 1339722 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $70.50 | $24.83 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> September 30, 2025 (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> September 30, 2025 (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> September 30, 2025 (Continued)** |
|  | **Conestoga <br> Mid Cap Fund** | **Conestoga <br> Discovery Fund** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities, at cost  | $2986310 | $3934035 |
| &nbsp;&nbsp;&nbsp; Investments in securities, at value (Note 2)  | $3325342 | $5374299 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold  |  | 3936 |
| &nbsp;&nbsp;&nbsp; Receivable due from Adviser (Note 4)  | 13013 | 9803 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 18 | 373 |
| &nbsp;&nbsp;&nbsp; Other assets  | 16903 | 8193 |
|  Total assets  | 3355276 | 5396604 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued distribution and shareholder servicing fees (Note 4)  | 7684 | 13491 |
| &nbsp;&nbsp;&nbsp; Accrued Trustees' fees (Note 4)  | 828 | 1269 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 4)  | 6588 | 6608 |
| &nbsp;&nbsp;&nbsp; Accrued legal fees  | 24000 | 24000 |
| &nbsp;&nbsp;&nbsp; Accrued audit fees  | 16800 | 16800 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 1837 | 2459 |
|  Total liabilities  | 57737 | 64627 |
|  **CONTINGENCIES AND COMMITMENTS (NOTES 4 & 8)**  | $— | $— |
|  **NET ASSETS**  | $3297539 | $5331977 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $3222159 | $4090342 |
| &nbsp;&nbsp;&nbsp; Distributable earnings  | 75380 | 1241635 |
|  **NET ASSETS**  | $3297539 | $5331977 |
|  **NET ASSET VALUE PER SHARE:** |  |  |
|  **INSTITUTIONAL CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Institutional Class  | $2794799 | $2969541 |
| &nbsp;&nbsp;&nbsp; Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 290073 | 311169 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $9.63 | $9.54 |
|  **INVESTORS CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Investors Class  | $502740 | $2362436 |
| &nbsp;&nbsp;&nbsp; Investors Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 52747 | 249803 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $9.53 | $9.46 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Year Ended September 30, 2025**  | **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Year Ended September 30, 2025**  | **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Year Ended September 30, 2025**  |
|  | **Conestoga <br> Small Cap Fund** | **Conestoga <br> SMid Cap Fund** |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments  | $8729014 | $3092450 |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated investments (Note 5)  | 1413758 |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (163949) | (27988) |
| &nbsp;&nbsp;&nbsp; Interest  | 1198680 | 162781 |
|  Total investment income  | 11177503 | 3227243 |
|  **EXPENSES**  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 4)  | 35253935 | 5835350 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 1889633 | 317024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 317625 | 19021 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Investors Class (Note 4)  | 1588099 | 95101 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 4)  | 258002 | 258002 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 4)  | 280328 | 118756 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 129321 | 9895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 149714 | 9557 |
| &nbsp;&nbsp;&nbsp; Custody and bank service fees  | 191654 | 51865 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 100176 | 100176 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 116763 | 43565 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 104945 | 22481 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 19582 | 18082 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 4)  | 10950 | 10950 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 9897 | 9897 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 8406 | 5183 |
| &nbsp;&nbsp;&nbsp; Borrowing expenses (Note 10)  | 7336 | 4144 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 31354 | 17028 |
|  Total expenses  | 40467720 | 6946077 |
| &nbsp;&nbsp;&nbsp; Fee reductions and expense reimbursements by the Adviser (Note 4)  | (3938837) | (1014052) |
|  Net expenses  | 36528883 | 5932025 |
|  **NET INVESTMENT LOSS**  | (25351380) | (2704782) |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
|  Net realized gains from unaffiliated investments  | 216336523 | 30119778 |
|  Net realized losses from affiliated investments (Note 5)  | (52975012) |  |
|  Net change in unrealized appreciation (depreciation) on unaffiliated investments  | (458491985) | (53528389) |
|  Net change in unrealized appreciation (depreciation) on affiliated investments (Note 5)  | 10875761 |  |
|  **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS**  | (284254713) | (23408611) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(309606093) | $(26113393) |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Year Ended September 30, 2025 (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Year Ended September 30, 2025 (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Year Ended September 30, 2025 (Continued)** |
|  | **Conestoga <br> Mid Cap Fund** | **Conestoga <br> Discovery Fund** |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from investments  | $16681 | $5926 |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (152) | (227) |
| &nbsp;&nbsp;&nbsp; Interest  | 3108 | 3251 |
|  Total investment income  | 19637 | 8950 |
|  **EXPENSES**  |  |  |
| &nbsp;&nbsp;&nbsp; Legal fees  | 100176 | 100176 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 4)  | 55358 | 55508 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 42160 | 37754 |
| &nbsp;&nbsp;&nbsp; Management fees (Note 4)  | 25304 | 46096 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 18082 | 18082 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 6534 | 6115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 9654 | 10073 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 4)  | 10950 | 10950 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 9072 | 9072 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 5541 | 5644 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 4)  | 4411 | 5902 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 5011 | 4965 |
| &nbsp;&nbsp;&nbsp; Custody and bank service fees  | 2967 | 3725 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Investors Class (Note 4)  | 1279 | 5303 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 2651 | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 256 | 1061 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 16139 | 17227 |
|  Total expenses  | 315545 | 340141 |
| &nbsp;&nbsp;&nbsp; Fee reductions and expense reimbursements by the Adviser (Note 4)  | (288961) | (277218) |
|  Net expenses  | 26584 | 62923 |
|  **NET INVESTMENT LOSS**  | (6947) | (53973) |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
|  Net realized gains (losses) from investments  | (49068) | 227247 |
|  Net change in unrealized appreciation (depreciation) on investments  | (75211) | 1084694 |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS**  | (124279) | 1311941 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(131226) | $1257968 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA SMALL CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA SMALL CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(25351380) | $(19631713) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 163361511 | (2220842) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (447616224) | 702909818 |
|  Net increase (decrease) in net assets resulting from operations  | (309606093) | 681057263 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 2)** |  |  |
| &nbsp;&nbsp;&nbsp; Institutional Class  |  | (26243824) |
| &nbsp;&nbsp;&nbsp; Investors Class  |  | (6455571) |
|  Decrease in net assets from distributions to shareholders  |  | (32699395) |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 593921486 | 859013339 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 19097244 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (902011103) | (673945503) |
|  Net increase (decrease) in Institutional Class net assets from capital share transactions  | (308089617) | 204165080 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 66801087 | 125175867 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 5572497 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (305256348) | (176094660) |
|  Net decrease in Investors Class net assets from capital share transactions  | (238455261) | (45346296) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (856150971) | 807176652 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 4306073856 | 3498897204 |
| &nbsp;&nbsp;&nbsp; End of year  | $3449922885 | $4306073856 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA SMID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA SMID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(2704782) | $(1525449) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 30119778 | (104201) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (53528389) | 124736491 |
|  Net increase (decrease) in net assets resulting from operations  | (26113393) | 123106841 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 65600475 | 353429905 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (161305673) | (96004772) |
|  Net increase (decrease) in Institutional Class net assets from capital share transactions  | (95705198) | 257425133 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 2438447 | 3483376 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (10229846) | (13518396) |
|  Net decrease in Investors Class net assets from capital share transactions  | (7791399) | (10035020) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (129609990) | 370496954 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 754069962 | 383573008 |
| &nbsp;&nbsp;&nbsp; End of year  | $624459972 | $754069962 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA MID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA MID CAP FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(6947) | $(5349) |
| &nbsp;&nbsp;&nbsp; Net realized losses from investments  | (49068) | (96639) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (75211) | 632230 |
|  Net increase (decrease) in net assets resulting from operations  | (131226) | 530242 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 296158 | 322307 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (23044) | (23295) |
|  Net increase in Institutional Class net assets from capital share transactions  | 273114 | 299012 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  |  | 23250 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  |  | (34125) |
|  Net decrease in Investors Class net assets from capital share transactions  |  | (10875) |
|  **TOTAL INCREASE IN NET ASSETS**  | 141888 | 818379 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 3155651 | 2337272 |
| &nbsp;&nbsp;&nbsp; End of year  | $3297539 | $3155651 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA DISCOVERY FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** | **CONESTOGA DISCOVERY FUND<br> STATEMENTS OF CHANGES IN NET ASSETS** |
|  | **Year Ended <br> September 30, <br> 2025** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(53973) | $(36999) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 227247 | (242788) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 1084694 | 658348 |
|  Net increase in net assets resulting from operations  | 1257968 | 378561 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 94622 | 85000 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (34514) | (16200) |
|  Net increase in Institutional Class net assets from capital share transactions  | 60108 | 68800 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 161501 | 2182550 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (444035) | (337866) |
|  Net increase (decrease) in Investors Class net assets from capital share transactions  | (282534) | 1844684 |
|  **TOTAL INCREASE IN NET ASSETS**  | 1035542 | 2292045 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 4296435 | 2004390 |
| &nbsp;&nbsp;&nbsp; End of year  | $5331977 | $4296435 |

---

See accompanying notes to financial statements.<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Year<br> Ended <br> Sept. 30, <br> 2021** |
|  Net asset value at beginning of year  | $78.28 | $66.27 | $59.06 | $87.18 | $63.19 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.47) | (0.33) | (0.29) | (0.45) | (0.56) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (5.50) | 12.95 | 9.93 | (23.17) | 24.55 |
|  Total from investment operations  | (5.97) | 12.62 | 9.64 | (23.62) | 23.99 |
|  Less distributions from net realized gains  |  | (0.61) | (2.43) | (4.50) |  |
|  Net asset value at end of year  | $72.31 | $78.28 | $66.27 | $59.06 | $87.18 |
|  Total return <sup>(b)</sup>  | (7.63%) | 19.19% | 16.54% | (28.62%) | 37.96% |
|  Net assets at end of year (000,000's)  | $2954 | $3527 | $2796 | $2359 | $3386 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 0.99% | 0.99% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(c)</sup>  | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(c)</sup>  | (0.61%) | (0.47%) | (0.44%) | (0.62%) | (0.69%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 17% | 16% | 13% | 24% | 19% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the year. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the years covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(c)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMALL CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Year<br> Ended <br> Sept. 30, <br> 2021** |
|  Net asset value at beginning of year  | $76.46 | $64.88 | $57.97 | $85.83 | $62.33 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.61) | (0.47) | (0.41) | (0.59) | (0.70) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (5.35) | 12.66 | 9.75 | (22.77) | 24.20 |
|  Total from investment operations  | (5.96) | 12.19 | 9.34 | (23.36) | 23.50 |
|  Less distributions from net realized gains  |  | (0.61) | (2.43) | (4.50) |  |
|  Net asset value at end of year  | $70.50 | $76.46 | $64.88 | $57.97 | $85.83 |
|  Total return <sup>(b)</sup>  | (7.80%) | 18.94% | 16.33% | (28.78%) | 37.70% |
|  Net assets at end of year (000,000's)  | $496 | $779 | $703 | $642 | $968 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 1.26% | 1.26% | 1.26% | 1.26% | 1.25% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(c)</sup>  | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(c)</sup>  | (0.82%) | (0.67%) | (0.64%) | (0.82%) | (0.89%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 17% | 16% | 13% | 24% | 19% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the year. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the years covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(c)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Year<br> Ended <br> Sept. 30, <br> 2021** |
|  Net asset value at beginning of year  | $26.49 | $20.98 | $17.96 | $26.13 | $19.29 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.10) | (0.06) | (0.06) | (0.09) | (0.11) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (0.87) | 5.57 | 3.08 | (8.08) | 6.95 |
|  Total from investment operations  | (0.97) | 5.51 | 3.02 | (8.17) | 6.84 |
|  Net asset value at end of year  | $25.52 | $26.49 | $20.98 | $17.96 | $26.13 |
|  Total return <sup>(b)</sup>  | (3.66%) | 26.26% | 16.82% | (31.27%) | 35.46% |
|  Net assets at end of year (000's)  | $591190 | $711283 | $340636 | $272623 | $357479 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 0.99% | 1.02% | 1.07% | 1.07% | 1.10% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(c)</sup>  | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(c)</sup>  | (0.38%) | (0.27%) | (0.29%) | (0.41%) | (0.47%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 11% | 10% | 9% | 15% | 17% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the year. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the years covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(c)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA SMID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** | **Per Share Data for a Share Outstanding Throughout Each Year:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Year<br> Ended <br> Sept. 30, <br> 2021** |
|  Net asset value at beginning of year  | $25.84 | $20.52 | $17.60 | $25.68 | $19.01 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.16) | (0.12) | (0.11) | (0.15) | (0.17) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (0.85) | 5.44 | 3.03 | (7.93) | 6.84 |
|  Total from investment operations  | (1.01) | 5.32 | 2.92 | (8.08) | 6.67 |
|  Net asset value at end of year  | $24.83 | $25.84 | $20.52 | $17.60 | $25.68 |
|  Total return <sup>(b)</sup>  | (3.91%) | 25.93% | 16.59% | (31.46%) | 35.09% |
|  Net assets at end of year (000's)  | $33270 | $42787 | $42937 | $44183 | $64189 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 1.31% | 1.34% | 1.38% | 1.36% | 1.36% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(c)</sup>  | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(c)</sup>  | (0.63%) | (0.51%) | (0.54%) | (0.66%) | (0.71%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 11% | 10% | 9% | 15% | 17% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the year. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the years covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(c)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Period <br> Ended <br> Sept. 30, <br> 2021<sup>(a)</sup>** |
|  Net asset value at beginning of period  | $10.03 | $8.27 | $7.10 | $10.32 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(b)</sup>  | (0.02) | (0.01) | (0.01) | (0.03) | (0.01) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (0.38) | 1.77 | 1.18 | (3.19) | 0.33 |
|  Total from investment operations  | (0.40) | 1.76 | 1.17 | (3.22) | 0.32 |
|  Net asset value at end of period  | $9.63 | $10.03 | $8.27 | $7.10 | $10.32 |
|  Total return <sup>(c)</sup>  | (3.99%) | 21.28% | 16.48% | (31.20%) | 3.20 %<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $2795 | $2631 | $1893 | $1406 | $1168 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 9.22% | 8.73% | 12.10% | 12.20% | 16.18 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 0.80% | 0.80% | 0.80% | 0.80% | 0.80 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (0.18%) | (0.15%) | (0.12%) | (0.36%) | (0.50 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 11% | 5% | 9% | 18% | 1 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations as a series of Conestoga Funds (June 29, 2021) through September 30, 2021. |
| <sup>(b)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA MID CAP FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Year<br> Ended <br> Sept. 30, <br> 2022** | **Period <br> Ended <br> Sept. 30, <br> 2021<sup>(a)</sup>** |
|  Net asset value at beginning of period  | $9.95 | $8.23 | $7.08 | $10.31 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(b)</sup>  | (0.04) | (0.04) | (0.03) | (0.05) | (0.02) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (0.38) | 1.76 | 1.18 | (3.18) | 0.33 |
|  Total from investment operations  | (0.42) | 1.72 | 1.15 | (3.23) | 0.31 |
|  Net asset value at end of period  | $9.53 | $9.95 | $8.23 | $7.08 | $10.31 |
|  Total return <sup>(c)</sup>  | (4.22%) | 20.90% | 16.24% | (31.33%) | 3.10 %<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $503 | $525 | $444 | $395 | $567 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 13.87% | 13.47% | 17.34% | 15.54% | 17.54 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.05% | 1.05% | 1.05% | 1.05% | 1.05 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (0.43%) | (0.39%) | (0.37%) | (0.61%) | (0.73 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 11% | 5% | 9% | 18% | 1 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations as a series of Conestoga Funds (June 29, 2021) through September 30, 2021. |
| <sup>(b)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INSTITUTIONAL CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Period <br> Ended <br> Sept. 30, <br> 2022<sup>(a)</sup>**  |
|  Net asset value at beginning of period  | $7.33 | $6.35 | $7.07 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(b)</sup>  | (0.09) | (0.06) | (0.06) | (0.06) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 2.30 | 1.04 | (0.66) | (2.87) |
|  Total from investment operations  | 2.21 | 0.98 | (0.72) | (2.93) |
|  Net asset value at end of period  | $9.54 | $7.33 | $6.35 | $7.07 |
|  Total return <sup>(c)</sup>  | 30.15% | 15.43% | (10.18%) | (29.30 %)<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $2970 | $2222 | $1864 | $2075 |
|  **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 7.08% | 8.13% | 11.38% | 9.08 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.25% | 1.25% | 1.25% | 1.25 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (1.05%) | (0.87%) | (0.88%) | (0.90 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 31% | 32% | 23% | 27 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations as a series of Conestoga Funds (December 20, 2021) through September 30, 2022. |
| <sup>(b)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** | **CONESTOGA DISCOVERY FUND<br> INVESTORS CLASS<br> FINANCIAL HIGHLIGHTS** |
| **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Year<br> Ended <br> Sept. 30, <br> 2025** | **Year<br> Ended <br> Sept. 30, <br> 2024** | **Year<br> Ended <br> Sept. 30, <br> 2023** | **Period <br> Ended <br> Sept. 30, <br> 2022<sup>(a)</sup>**  |
|  Net asset value at beginning of period  | $7.28 | $6.32 | $7.05 | $10.00 |
|  Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(b)</sup>  | (0.11) | (0.08) | (0.08) | (0.07) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 2.29 | 1.04 | (0.65) | (2.88) |
|  Total from investment operations  | 2.18 | 0.96 | (0.73) | (2.95) |
|  Net asset value at end of period  | $9.46 | $7.28 | $6.32 | $7.05 |
|  Total return <sup>(c)</sup>  | 29.95% | 15.19% | (10.35%) | (29.50 %)<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $2362 | $2075 | $140 | $184 |
|  **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 7.72% | 7.76% | 23.00% | 13.66 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.50% | 1.50% | 1.50% | 1.50 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (1.30%) | (1.15%) | (1.13%) | (1.14 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 31% | 32% | 23% | 27 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations as a series of Conestoga Funds (December 20, 2021) through September 30, 2022. |
| <sup>(b)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(c)</sup> | Total return is a measure of the change in value of an investment in the Fund over the periods covered. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions, if any, or the redemption of Fund shares. The total returns would be lower if the Adviser had not reduced management fees and/or reimbursed expenses (Note 4). |
| <sup>(d)</sup> | Not annualized. |
| <sup>(e)</sup> | Annualized. |
| <sup>(f)</sup> | Ratio was determined after management fee reductions and/or expense reimbursements (Note 4). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS September 30, 2025**

**1. Organization** 

Conestoga Funds (the "Trust") was organized as a Delaware statutory trust on February 5, 2002. The Trust consists of four series, the Conestoga Small Cap Fund (the "Small Cap Fund"), the Conestoga SMid Cap Fund (the "SMid Cap Fund"), the Conestoga Mid Cap Fund (the "Mid Cap Fund") and the Conestoga Discovery Fund (the "Discovery Fund") (individually, a "Fund" and collectively, the "Funds"). The Trust is registered as an open-end diversified management investment company of the series type under the Investment Company Act of 1940, as amended (the "1940 Act"). Each Fund's investment objective is to achieve long-term growth of capital. Each Fund currently offers two classes of shares, Institutional Class and Investors Class. The Mid Cap Fund commenced operations on June 29, 2021 and the Discovery Fund commenced operations on December 20, 2021.

Each Fund's two classes of shares represent interests in the same portfolio of investments, and have the same rights, but the share classes differ primarily in the expenses to which they are subject and have differing investment minimums. Institutional Class shares are sold without any sales loads or distribution fees but are subject to a shareholder servicing fee of up to 0.10% of the average daily net assets allocable to Institutional Class shares and require a $250,000 initial investment. Investors Class shares are sold without any sales loads but are subject to a distribution fee of up to 0.25% and a shareholder servicing fee of up to 0.25% of the average daily net assets allocable to Investors Class shares and require a $2,500 initial investment. The Board of Trustees of the Trust (the "Board" and the members thereof, "Trustees") has determined to limit the shareholder servicing fees paid by Investors Class shares of each Fund to 0.05% of the average daily net assets allocable to Investors Class shares until at least September 30, 2026.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07 ("ASU 2023-07"), Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures. Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is Conestoga Capital Advisors, LLC (the "Adviser" or "Management"). Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)**

**2. Significant Accounting Policies** 

The following is a summary of the Funds' significant accounting policies. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The Funds follow accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies."

**New Accounting Pronouncement** – In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") – Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Management does not believe there will be any impact on the Funds' financial statements.

**Securities valuation** – Each Fund values its portfolio securities at market value as of the close of regular trading on the New York Stock Exchange, Inc. (the "NYSE") (normally 4:00 p.m. Eastern Time) on each business day the NYSE is open for business. The Funds value their listed securities on the basis of the security's last sale price on the security's primary exchange, if available, otherwise at the exchange's most recently quoted bid price. NASDAQ-listed securities are valued at the NASDAQ Official Closing Price. Investments representing shares of other open-end investment companies, including money market funds, are valued at their net asset value ("NAV") as reported by such companies. When using a quoted price and when the market is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Funds value their securities and other assets at fair value, as determined in good faith by the Adviser as the Funds' valuation designee (in such capacity, the "Valuation Designee"), in accordance with procedures established by and under the general supervision of the Board pursuant to Rule 2a-5 under the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are "readily available" for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available. The Funds adopted Pricing and Valuation Guidelines conforming to Rule 2a-5, effective September 8, 2022, and designated the Adviser as Valuation Designee for each of the Funds. Under these procedures, securities held by the Funds may be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade sizes; a temporary lapse in any reliable pricing source; and actions of the securities or

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)**

futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate each Fund's NAV may differ from quoted or published prices for the same securities.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value, and requires additional disclosures about fair value measurements.

Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

● Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the assets or liability, either directly or indirectly; these inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, 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 a Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available

The inputs or methods used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.

The following is a summary of the Funds' investments based on the inputs used to value the investments as of September 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Small Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $3296834241 | $— | $— | $3296834241 |
|  Money Market Funds  | 137381546 |  |  | 137381546 |
|  Total  | $3434215787 | $— | $— | $3434215787 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga SMid Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $605993749 | $— | $— | $605993749 |
|  Money Market Funds  | 20812115 |  |  | 20812115 |
|  Total  | $626805864 | $— | $— | $626805864 |

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**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Mid Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $3161929 | $— | $— | $3161929 |
|  Money Market Funds  | 163413 |  |  | 163413 |
|  Total  | $3325342 | $— | $— | $3325342 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Discovery Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $5116765 | $— | $— | $5116765 |
|  Money Market Funds  | 257534 |  |  | 257534 |
|  Total  | $5374299 | $— | $— | $5374299 |

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Refer to each Fund's Schedule of Investments for a listing of the common stocks by industry and sector type. The Funds did not hold any derivative instruments or any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of or during the year ended September 30, 2025.

**Share valuation –** The NAV per share of each class of each Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares outstanding of that class. The offering price and redemption price per share of each class of each Fund is equal to the NAV per share of such class.

**Cash –** Each Fund's cash may be held in a bank account with balances which may exceed the Federal Deposit Insurance Corporation limit of $250,000. As of September 30, 2025, none of the Funds had a cash balance held in a deposit sweep account.

**Investment income –** Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the security received. Withholding taxes on foreign dividends have been recorded in accordance with the Funds' understanding of the applicable country's rules and tax rates.

**Investment transactions –** Investment transactions are accounted for on the trade date. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common expenses –** Common expenses of the Trust are allocated between the Funds based on the relative net assets of each Fund or the nature of the services performed and the relative applicability to each Fund.

**Distributions to shareholders –** Each Fund distributes to its shareholders any net investment income dividends and net realized capital gains distributions at least once each year. The amount of such dividends and distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)**

to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders during the years ended September 30, 2025 and 2024 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Conestoga Small Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary <br> Income**  | **Long-Term <br> Capital Gain**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total <br> Distributions**  |
|  September 30, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $32699395 | $32699395 |

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| | | | |
|:---|:---|:---|:---|
| **Conestoga SMid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary <br> Income**  | **Long-Term <br> Capital Gain**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
|  September 30, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

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| | | | |
|:---|:---|:---|:---|
| **Conestoga Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary <br> Income**  | **Long-Term <br> Capital Gain**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
|  September 30, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

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| | | | |
|:---|:---|:---|:---|
| **Conestoga Discovery Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ordinary <br> Income**  | **Long-Term <br> Capital Gain**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total**  |
|  September 30, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

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**Allocation between classes –** Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of a Fund based upon its proportionate share of total net assets of that Fund. Class-specific expenses are charged directly to the class incurring the expense. Common expenses that are not attributable to a specific class are allocated daily to each class of shares of a Fund based upon its proportionate share of total net assets.

**Estimates** – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

**Federal income tax** – Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). Qualification generally will relieve each Fund of liability for federal income taxes to the extent each Fund distributes substantially all of its taxable net investment income and net realized capital gains are distributed in accordance with the Code.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of September 30, 2025:

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| | | |
|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  |
|  Tax cost of investments  | $2088340593 | $477874599 |
|  Gross unrealized appreciation  | $1417439779 | $180824550 |
|  Gross unrealized depreciation  | (71564585) | (31893285) |
|  Net unrealized appreciation  | 1345875194 | 148931265 |
|  Undistributed long-term capital gains  | 161547757 | 12169256 |
|  Accumulated capital and other losses  | (18399287) | (1972070) |
|  Distributable earnings  | $1489023664 | $159128451 |

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| | | |
|:---|:---|:---|
|  | **Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Discovery Fund**  |
|  Tax cost of investments  | $2988949 | $3951925 |
|  Gross unrealized appreciation  | $598369 | $1667309 |
|  Gross unrealized depreciation  | (261976) | (244935) |
|  Net unrealized appreciation  | 336393 | 1422374 |
|  Accumulated capital and other losses  | (261013) | (180739) |
|  Distributable earnings  | $75380 | $1241635 |

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The difference between the federal income tax cost of investments and the financial statement cost of portfolio investments for the Funds are due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

For the year ended September 30, 2025, the following reclassifications were made on the Statements of Assets and Liabilities for the Funds as a result of a permanent difference between the financial statements and income tax reporting requirements due in most part to net investment loss:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Paid-in capital  | $(22289086) | $(2101237) | $(6847) | $(46657) |
|  Distributable earnings  | 22289086 | 2101237 | 6847 | 46657 |

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Such reclassifications, the result of permanent differences between financial statement and income tax reporting requirements, had no effect on each Fund's net assets of NAV per share.

Net qualified late year ordinary losses represent losses incurred after December 31, 2024. These losses are deemed to arise on the first day of the Funds' next taxable year. For the year ended September 30, 2025, the Small Cap Fund, SMid Cap Fund, Mid Cap Fund and Discovery Fund deferred until October 1, 2025 qualified late year ordinary losses of $18,399,287, $1,972,070 & $4,711 and $40,868 for federal income tax purposes, respectively.

As of September 30, 2025, the Funds utilized the following capital loss carryforwards ("CLCFs") against current year gains for federal income tax purposes:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Short-term capital loss carryforwards utilized  | $4832422 | $4895650 | $— | $69859 |
|  Long-term capital loss carryforwards utilized  |  | 11905721 |  | 169676 |
|  Total  | $4832422 | $16801371 | $— | $239535 |

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For the year ended September 30, 2025, the Funds had the following CLCFs for federal income tax purposes:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Short-term capital loss carryforwards  | $— | $— | $31967 | $— |
|  Long-term capital loss carryforwards  |  |  | 224335 | 139871 |
|  Total  | $— | $— | $256302 | $139871 |

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These CLCFs, which do not expire, are available to offset net realized capital gains in future years, thereby reducing future taxable gain distributions.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" of being sustained assuming examination by tax authorities. Management has reviewed each Fund's tax positions for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements. The Funds identify their major tax jurisdiction as U.S. Federal.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the year ended September 30, 2025, the Funds did not incur any interest and penalties.

**3. Investment Transactions** 

During the year ended September 30, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Purchases of investment securities  | $654534623 | $76144658 | $529849 | $1408119 |
|  Proceeds from sales of investment securities  | $1180218019 | $185819117 | $335193 | $1776982 |

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**4. Transactions with Related Parties** 

INVESTMENT ADVISORY AGREEMENT

The Small Cap Fund has entered into an Investment Advisory Agreement with the Adviser to provide supervision and assistance in overall management services to the Small Cap Fund. For these services, the Small Cap Fund pays the Adviser a management fee, calculated daily and paid monthly, equal to an annual rate of 0.90% of its average daily net assets. The Adviser has contractually agreed to limit the Small Cap Fund's net annual operating expenses (excluding taxes, extraordinary expenses, reorganization expenses, brokerage commissions, interest, other expenditures that are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to 1.10% (for the Investors Class) and 0.90% (for the Institutional Class) of average daily net assets until at least January 31, 2026. During the year ended September 30, 2025, the Adviser reduced its management fees of $35,253,935 from the Small Cap Fund by $1,030,661 and reimbursed other operating expenses of $2,908,176 under this arrangement. In addition, if at any point during the 24 months following the date that the Adviser reduced its management fees and/or made expense reimbursements, it becomes unnecessary for the Adviser to reduce its management fees or make expense reimbursements, the Adviser may recapture any of its prior management fee reductions or expense reimbursements to the extent such recapture does not cause the Fund's total annual operating expenses to exceed the applicable expense limitation that was in effect

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

at the time of the management fee reduction or expense reimbursement. As of September 30, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

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| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2026** | **September 30,<br> 2027** | **Total** |
|  Small Cap Fund  | $3942587 | $3938837 | $7881424 |

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During the year ended September 30, 2025, the Adviser did not recover any previous management fee reductions or expense reimbursements from the Small Cap Fund.

The SMid Cap Fund has entered into an Investment Advisory Agreement with the Adviser to provide supervision and assistance in overall management services to the SMid Cap Fund. For these services, the SMid Cap Fund pays the Adviser a management fee, calculated daily and paid monthly, equal to an annual rate of 0.85% of its average daily net assets. The Adviser has contractually agreed to limit the SMid Cap Fund's net annual operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to 1.10% (for the Investors Class) and 0.85% (for the Institutional Class) of average daily net assets until at least January 31, 2026. During the year ended September 30, 2025, the Adviser reduced its management fees of $5,835,350 from the SMid Cap Fund by $618,852 and reimbursed other operating expenses of $395,200 under this arrangement. In addition, if at any point during the 24 months following the date that the Adviser reduced its management fees and/or made expense reimbursements, it becomes unnecessary for the Adviser to reduce its management fees or make expense reimbursements, the Adviser may recapture any of its prior management fee reductions or expense reimbursements to the extent such recapture does not cause the Fund's total annual operating expenses to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the management fee reduction or expense reimbursement. As of September 30, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

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| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2026** | **September 30,<br> 2027** | **Total** |
|  SMid Cap Fund  | $921323 | $1014052 | $1935375 |

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During the year ended September 30, 2025, the Adviser did not recover any previous management fee reductions or expense reimbursements from the SMid Cap Fund.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

The Mid Cap Fund has entered into an Investment Advisory Agreement with the Adviser to provide supervision and assistance in overall management services to the Mid Cap Fund. For these services, the Mid Cap Fund pays the Adviser a management fee, calculated daily and paid monthly, equal to an annual rate of 0.80% of its average daily net assets. The Adviser has contractually agreed to limit the Mid Cap Fund's net annual operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to 1.05% (for the Investors Class) and 0.80% (for the Institutional Class) of average daily net assets until at least January 31, 2026. During the year ended September 30, 2025, the Adviser did not collect any of its management fees of $25,304 from the Mid Cap Fund and reimbursed other operating expenses of $263,657 under this arrangement. In addition, if at any point during the 24 months following the date that the Adviser reduced its management fees and/or made expense reimbursements, it becomes unnecessary for the Adviser to reduce its management fees or make expense reimbursements, the Adviser may recapture any of its prior management fee reductions or expense reimbursements to the extent such recapture does not cause the Fund's total annual operating expenses to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the management fee reduction or expense reimbursement. As of September 30, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

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| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2026** | **September 30,<br> 2027** | **Total** |
|  Mid Cap Fund  | $244391 | $288961 | $533352 |

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During the year ended September 30, 2025, the Adviser did not recover any previous management fee reductions or expense reimbursements from the Mid Cap Fund.

The Discovery Fund has entered into an Investment Advisory Agreement with the Adviser to provide supervision and assistance in overall management services to the Discovery Fund. For these services, the Discovery Fund pays the Adviser a management fee, calculated daily and paid monthly, equal to an annual rate of 1.00% of its average daily net assets. The Adviser has contractually agreed to limit the Discovery Fund's net annual operating expenses (excluding interest, taxes, brokerage commissions, other expenditures that are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to 1.50% (for the Investors Class) and 1.25% (for the Institutional Class) of average daily net assets until at least January 31, 2026. During the year ended September 30, 2025, the Adviser did not collect any of its management fees of $46,096 from the Discovery Fund and reimbursed other operating expenses of $231,122 under this arrangement. In addition, if at any point during the 24 months following the date that the Adviser reduced its management fees and/or made expense reimbursements, it becomes unnecessary for the Adviser to reduce

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

its management fees or make expense reimbursements, the Adviser may recapture any of its prior management fee reductions or expense reimbursements to the extent such recapture does not cause the Fund's total annual operating expenses to exceed the current expense limitation or the applicable expense limitation that was in effect at the time of the management fee reduction or expense reimbursement. As of September 30, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the date as stated below:

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| | | | |
|:---|:---|:---|:---|
|  | **September 30, <br> 2026** | **September 30,<br> 2027** | **Total** |
|  Discovery Fund  | $246272 | $277218 | $523490 |

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During the year ended September 30, 2025, the Adviser did not recover any previous management fee reductions or expense reimbursements from the Discovery Fund.

DISTRIBUTION AND SHAREHOLDER SERVICING PLANS

The Trust, on behalf of each Fund, has adopted a distribution plan (the "Distribution Plan"), pursuant to Rule 12b-1 under the 1940 Act, which permits each Fund to pay certain expenses associated with the distribution of Investors Class shares, including, but not limited to, advertising, printing of prospectuses and reports for other than existing shareholders, preparation and distribution of advertising material and sales literature, and payments to dealers and shareholder servicing agents who enter into agreements with the Funds. The Distribution Plan provides that each Fund may reimburse the Distributor (hereinafter defined) for distribution expenses in an amount not exceeding, on an annual basis, 0.25% of the average daily net assets allocable to Investors Class shares. During the year ended September 30, 2025, Investors Class shares of the Small Cap Fund, SMid Cap Fund, Mid Cap Fund and Discovery Fund incurred fees of $1,588,099, $95,101, $1,279, and $5,303, respectively, under the Distribution Plan.

The Trust, on behalf of each Fund, has adopted a Shareholder Servicing Plan under which each Fund may enter into agreements with various shareholder servicing agents, including financial institutions and securities brokers. Each Fund may pay shareholder servicing fees in an amount not exceeding, on an annual basis, 0.10% of the average daily net assets allocable to the Institutional Class shares and 0.25% of the average daily net assets allocable to the Investors Class shares. The Board has approved a limitation on the shareholder servicing fees of 0.05% of the average daily net assets attributable to Investors Class shares that will continue through at least September 30, 2026. During the year ended September 30, 2025, the Funds incurred the following fees under the Shareholder Servicing Plan:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Institutional Class shares  | $1889633 | $317024 | $2651 | $2488 |
|  Investors Class shares  | $317625 | $19021 | $256 | $1061 |

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**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

OTHER SERVICE PROVIDERS

Ultimus Fund Solutions, LLC ("Ultimus") provides fund accounting, transfer agency and certain administration services to the Funds. Each Fund pays Ultimus fees in accordance with the agreements for such services. In addition, each Fund pays out-of-pocket expenses including, but not limited to, postage, supplies and costs related to the pricing of its portfolio securities.

Under the terms of a Distribution Agreement with the Trust, Ultimus Fund Distributors, LLC (the "Distributor") serves as the principal underwriter to each Fund. The Distributor is a wholly-owned subsidiary of Ultimus.

Certain officers of the Trust are also officers of Ultimus and/or the Distributor. An employee of Ultimus serves as the Trust's Anti-Money Laundering Officer.

TRUSTEE COMPENSATION

Trustees affiliated with the Adviser are not compensated by the Trust for their services. Effective January 1, 2025, each Trustee who is not an "interested person" of the Trust as defined in Section 2(a)(19) under the 1940 Act ("Independent Trustee") receives a quarterly retainer of $17,750, $5,000 per quarterly and special in-person meeting, and $2,500 per special telephonic meeting. The Lead Independent Trustee receives an additional annual retainer of $36,400, and the Chair of the Audit Committee receives an additional annual retainer of $30,340, for their respective leadership roles. From January 1, 2024 through December 31, 2024, each Independent Trustee received a quarterly retainer of $15,625, $5,000 per quarterly and special in-person meeting, and $2,500 per special telephonic meeting. The Lead Independent Trustee received an additional annual retainer of $33,000, and the Chair of the Audit Committee received an additional annual retainer of $27,500, for their respective leadership roles. Each Fund pays its proportionate share of such fees.

PRINCIPAL HOLDERS OF FUND SHARES

As of September 30, 2025, the following shareholders owned of record 25% or more of the outstanding shares of each Fund:

---

| | |
|:---|:---|
| **NAME OF RECORD OWNERS** | **% Ownership** |
|  **Conestoga Small Cap Fund**  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Company, Inc. (for the benefit of its customers) | 33% |
| &nbsp;&nbsp;&nbsp; National Financial Services, LLC (for the benefit of its customers) | 26% |
|  **Conestoga SMid Cap Fund**  |  |
| &nbsp;&nbsp;&nbsp; National Financial Services, LLC (for the benefit of its customers) | 62% |
|  **Conestoga Mid Cap Fund** |  |
| &nbsp;&nbsp;&nbsp; Dominion Carolina Gas Transmission, LLC (for the benefit of its customers) | 43% |
|  **Conestoga Discovery Fund** |  |
| &nbsp;&nbsp;&nbsp; RBC Capital Markets, LLC (for the benefit of its customers) | 42% |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

A beneficial owner of 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**5. Affiliated Issuers** 

A company is considered an affiliate of a Fund under the 1940 Act if the Fund's holdings in that company represent 5% or more of the outstanding voting shares of the company. The industry and percentage of net assets for these holdings can be found on the Small Cap Fund's Schedule of Investments. Further information on these holdings for the year ended September 30, 2025 appears below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Digi <br> International, <br> Inc.** | **LeMaitre <br> Vascular, Inc.\*** | **Mesa <br> Laboratories, Inc.** |
|  Percentage of Outstanding Voting Shares Owned  | 6.46% | 4.96% | 5.08% |
|  Shares at Beginning of Year  | 2276606 | 1420521 | 363985 |
|  Shares Purchased During the Year  | 270000 | 20000 | 50000 |
|  Shares Sold During the Year  | (147052) | (318350) | (134475) |
|  Shares at End of Year  | 2399554 | 1122171 | 279510 |
|  Market Value at Beginning of Year  | $62674963 | $131952196 | $47267092 |
|  Cost of Purchases During the Year  | 8196020 | 1749982 | 6612413 |
|  Cost of Sales During the Year  | (5583161) | (16169777) | (19817862) |
|  Change in Unrealized Appreciation (Depreciation)  | 22199917 | (19331217) | (15331678) |
|  Market Value at End of Year  | $87487739 | $98201184 | $18729965 |
|  Net Realized Gains (Losses) During the Year  | $(954069) | $13838276 | $(10691048) |
|  Dividend Income Earned During the Year  | $— | $870801 | $259000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Simulations Plus, <br> Inc.\*\*** | **Stevanato Group <br> S.p.A.** | **Transcat, Inc.** |
|  Percentage of Outstanding Voting Shares Owned  | 0.00% | 9.51% | 7.04% |
|  Shares at Beginning of Year  | 1266380 | 4326581 | 643499 |
|  Shares Purchased During the Year  | 559304 | 515000 | 125000 |
|  Shares Sold During the Year  | (1825684) | (123550) | (112400) |
|  Shares at End of Year  |  | 4718031 | 656099 |
|  Market Value at Beginning of Year  | $40549488 | $86531620 | $77715374 |
|  Cost of Purchases During the Year  | 17738346 | 9881294 | 9217228 |
|  Cost of Sales During the Year  | (78159226) | (3794488) | (13502630) |
|  Change in Unrealized Appreciation (Depreciation)  | 19871392 | 28870872 | (25403525) |
|  Market Value at End of Year  | $— | $121489298 | $48026447 |
|  Net Realized Losses During the Year  | $(48895015) | $(1405705) | $(4867451) |
|  Dividend Income Earned During the Year  | $— | $283957 | $— |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |
|  Market Value at Beginning of Year  | $446690733 |
|  Cost of Purchases During the Year  | 53395283 |
|  Cost of Sales During the Year  | (137027144) |
|  Change in Unrealized Appreciation (Depreciation)  | 10875761 |
|  Market Value at End of Year (with LeMaitre Vascular, Inc.)  | $373934633 |
|  Market Value at End of Year (without LeMaitre Vascular, Inc.)  | $275733449 |
|  Net Realized Losses During the Year  | $(52975012) |
|  Dividend Income Earned During the Year  | $1413758 |

---

\* At September 30, 2025, the company was no longer defined as an affiliate, although it was an affiliate company during the Small Cap Fund's fiscal year.

\*\* As of September 30, 2025, the company was no longer held by the Small Cap Fund.

**6. Capital Share Activity** 

The following table summarizes the capital share activity in Institutional Class shares of the Small Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 7772736 | $593921486 | 12010702 | $859013339 |
|  Reinvested  |  |  | 280347 | 19097244 |
|  Redeemed  | (11985467) | (902011103) | (9413215) | (673945503) |
|  Total  | (4212731) | $(308089617) | 2877834 | $204165080 |

---

The following table summarizes the capital share activity in Investors Class shares of the Small Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 906470 | $66801087 | 1797536 | $125175867 |
|  Reinvested  |  |  | 83608 | 5572497 |
|  Redeemed  | (4055914) | (305256348) | (2534382) | (176094660) |
|  Total  | (3149444) | $(238455261) | (653238) | $(45346296) |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

The following table summarizes the capital share activity in Institutional Class shares of the SMid Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 2526167 | $65600475 | 14669278 | $353429905 |
|  Redeemed  | (6214846) | (161305673) | (4053808) | (96004772) |
|  Total  | (3688679) | $(95705198) | 10615470 | $257425133 |

---

The following table summarizes the capital share activity in Investors Class shares of the SMid Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 95394 | $2438447 | 151112 | $3483376 |
|  Redeemed  | (411657) | (10229846) | (588015) | (13518396) |
|  Total  | (316263) | $(7791399) | (436903) | $(10035020) |

---

The following table summarizes the capital share activity in Institutional Class shares of the Mid Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 30079 | $296158 | 36169 | $322307 |
|  Redeemed  | (2288) | (23044) | (2712) | (23295) |
|  Total  | 27791 | $273114 | 33457 | $299012 |

---

The following table summarizes the capital share activity in Investors Class shares of the Mid Cap Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  |  | $— | 2557 | $23250 |
|  Redeemed  |  |  | (3770) | (34125) |
|  Total  |  | $— | (1213) | $(10875) |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

The following table summarizes the capital share activity in Institutional Class shares of the Discovery Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 12010 | $94622 | 12169 | $85000 |
|  Redeemed  | (4098) | (34514) | (2523) | (16200) |
|  Total  | 7912 | $60108 | 9646 | $68800 |

---

The following table summarizes the capital share activity in Investors Class shares of the Discovery Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 18339 | $161501 | 311119 | $2182550 |
|  Redeemed  | (53636) | (444035) | (48200) | (337866) |
|  Total  | (35297) | $(282534) | 262919 | $1844684 |

---

**7. Industry Risk** 

If a Fund has significant investments in the securities of issuers within a particular industry, any development affecting that industry will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that industry. In addition, this may increase the risk of loss in the Fund and increase the volatility of the Fund's NAV per share. Occasionally, market conditions, regulatory changes or other developments may negatively impact a particular industry. Under the Russell ICB Industry and Sector classification, equity companies are categorized within 11 industries and 45 sectors and 171 subsectors. As of September 30, 2025, the Funds had a significant value of their net assets invested in stocks within the Russell ICB industries as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Russell ICB Industry** | **% Net Assets** |
|  **Small Cap Fund** | &nbsp;&nbsp;&nbsp; Industrials | 38.8% |
|  | &nbsp;&nbsp;&nbsp; Technology | 20.0% |
|  **SMid Cap Fund** | &nbsp;&nbsp;&nbsp; Industrials | 37.7% |
|  | &nbsp;&nbsp;&nbsp; Technology | 20.8% |
|  **Mid Cap Fund** | &nbsp;&nbsp;&nbsp; Industrials | 30.9% |
|  | &nbsp;&nbsp;&nbsp; Technology | 20.5% |
|  **Discovery Fund** | &nbsp;&nbsp;&nbsp; Industrials | 33.6% |
|  | &nbsp;&nbsp;&nbsp; Health Care | 23.5% |

---

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

The Funds consider companies to be "in the same industry" for purposes of industry concentration if the companies are categorized in the same Russell ICB subsector. None of the Funds concentrated their investments by investing more than 25% of their net assets in a single Russell ICB subsector.

**8. Contingencies and Commitments** 

The Funds indemnify the Trust's officers and Trustees for certain liabilities that might arise from the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**9. Recent Market Risk** 

Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability, trade disruption or other events may have a significant impact on a security or a Fund. These types of events and others like them may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include, but are not limited to, embargos, political actions, tariffs, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement, including the forced selling of securities or the inability to participate in impacted markets. The duration of these events could adversely affect a Fund's performance, the performance of the securities in which a Fund invests and may lead to losses on an investment. The ultimate impact of these events on the financial performance of a Fund's investments is not reasonably estimable at this time. Management is actively monitoring these events.

**10. Borrowing Costs** 

From time to time, the Funds may have an overdrawn cash balance at the custodian due to redemptions or market movements. When this occurs, the Funds will incur borrowing costs charged by UMB Bank, NA (the "Custodian"). Accordingly, during the year ended September 30, 2025, the Small Cap Fund and SMid Cap Fund incurred $7,336 and $4,144 of borrowing costs charged by the Custodian, respectively.

**CONESTOGA FUNDS NOTES TO FINANCIAL STATEMENTS (Continued)** 

**11. Subsequent Events** 

The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has noted no such events except for the following:

On November 19, 2025, the Board determined to close and liquidate the Conestoga Mid Cap Fund (for this section, the "Fund") at the recommendation of the Adviser. The Fund will be closed and liquidated on or about January 31, 2026. In connection with the pending liquidation, the Fund discontinued accepting orders for the purchase of Fund shares after the close of business on November 24, 2025. On or around the close of business on January 31, 2026, the Fund will distribute, pro rata, all of its assets in cash to its shareholders, and all outstanding shares will be redeemed and cancelled. Prior to that time, the proceeds from the liquidation of portfolio securities will be invested in cash equivalent securities or held in cash. During this time, the Fund may hold more cash, cash equivalents or other short-term investments than normal, which may prevent the Fund from meeting its stated investment objective.

**CONESTOGA FUNDS** **Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Conestoga Funds

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Conestoga Funds comprising Conestoga Small Cap Fund, Conestoga SMid Cap Fund, Conestoga Mid Cap Fund, and Conestoga Discovery Fund (the "Funds") as of September 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the years ended September 30, 2022, and prior, were audited by other auditors whose report dated November 21, 2022, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting

**CONESTOGA FUNDS REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued)**

principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](conestoga_50.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 25, 2025

**CONESTOGA FUNDS** **Additional Information** **(Unaudited)**

**Changes in and/or Disagreements with Accountants**

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

---

| | |
|:---|:---|
| **Interested Trustees** <br>Robert M. Mitchell, Chairman and <br> Chief Executive Officer<br> Mark S. Clewett, Senior Vice President <br>**Independent Trustees** <br>Nicholas J. Kovich, Lead Independent Trustee<br> James G. Logue<br> Denise C. Marbach<br> M. Eugenie G. Logue<br> James R. Warren <br>**Investment Adviser** <br>Conestoga Capital Advisors, LLC<br> CrossPoint at Valley Forge<br> 550 E. Swedesford Road, Suite 120<br> Wayne, PA 19087 <br>**Dividend Paying Agent, <br> Shareholders' Servicing Agent,<br> Transfer Agent** <br>Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 <br>**Custodian** <br>UMB Bank, NA<br> 928 Grand Blvd.<br> Kansas City, MO 64106 <br>**Distributor** <br>Ultimus Fund Distributors, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246  | <br>**Independent Registered Public Accounting Firm** <br>Cohen & Company, Ltd.<br> 1835 Market Street, Suite 310<br> Philadelphia, PA 19103 <br>**Legal Counsel** <br>Faegre Drinker Biddle & Reath LLP<br> One Logan Square Suite 2000<br> Philadelphia, PA 19103 <br>**Conestoga Funds' Officers** <br>Robert M. Mitchell, Chairman and <br> Chief Executive Officer<br> Duane R. D'Orazio, Secretary and Chief Compliance Officer<br> Mark S. Clewett, Senior Vice President<br> Joseph F. Monahan, Senior Vice President and Treasurer<br> Angela A. Simmons, Assistant Treasurer<br> Daniel D. Bauer, Assistant Treasurer<br> Neil Walker, Assistant Treasurer<br> Stephen L. Preston, Assistant Vice President<br> and Anti-Money Laundering Officer  |

---

*This report is provided for the general information of the shareholders of the Conestoga Small Cap, SMid Cap, Mid Cap and Discovery Funds. This report is not intended for distribution to prospective investors in the Funds, unless preceded or accompanied by an effective prospectus.*

(b) Included in (a)

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16.** **Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

Not applicable

**Item 19.** **Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

[(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Attached hereto](fp0095711-2_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) A separate certification for each principle executive officer and principle financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CRF 270.30a-2(a)): Attached hereto.](fp0095711-2_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30.a-2(b)): Attached hereto.](fp0095711-2_ex99906cert.htm)

---

| | |
|:---|:---|
| [Exhibit 99.CERT](fp0095711-2_ex99cert.htm) | [Certifications required by Rule 30a-2(a) under the Act](fp0095711-2_ex99cert.htm) |
| [Exhibit 99.906CERT](fp0095711-2_ex99906cert.htm) | [Certifications required by Rule 30a-2(b) under the Act](fp0095711-2_ex99906cert.htm) |
| [Exhibit 99.CODE ETH](fp0095711-2_ex99code.htm) | [Code of Ethics](fp0095711-2_ex99code.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| (Registrant) | Conestoga Funds |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Robert M. Mitchell. |
|  |  | Robert M. Mitchell, Chief Executive Officer |
| Date | December 5, 2025 |  |
| Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Robert M. Mitchell |
|  |  | Robert M. Mitchell, Chief Executive Officer |
| Date | December 5, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Joseph F. Monahan |
|  |  | Joseph F. Monahan, Treasurer and Principal Accounting Officer |
| Date | December 5, 2025 |  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**CONESTOGA FUNDS**

**CODE OF CONDUCT FOR**

**PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER**

**I. Covered Officers/Purpose of the Code**

This Code of Conduct (the "Code") applies to the Principal Executive Officer and Principal Financial Officer of Conestoga Funds ("Conestoga") (the "Covered Officers"), each of whom is set forth in Exhibit A, for the purpose of promoting:

1. Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

2. Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in Conestoga's other public communications;

3. Compliance with applicable laws and governmental rules and regulations;

4. The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

5. Accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

A. Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, Conestoga. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with Conestoga.

Certain conflicts of interest that could arise out of the relationships between Covered Officers and Conestoga already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with Conestoga because of their status as "affiliated persons" of Conestoga. Conestoga's and its adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise or result from the contractual relationship between Conestoga and the adviser and the administrator, whose officers or employees also serve as Covered Officers. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for Conestoga or for the adviser or the administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser, the administrator and Conestoga. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the adviser, the administrator and Conestoga and is consistent with the performance by the Covered Officers of their duties as officers of Conestoga. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, Conestoga's Board of Trustees (the "Board") recognizes that the Covered Officers also may be officers or employees of one or more other investment companies covered, or that could become covered, by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of Conestoga.

B. Each Covered Officer must:

1. Not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting
by Conestoga whereby the Covered Officer would benefit personally to the detriment of Conestoga;

2. Not cause Conestoga to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than
the benefit of Conestoga;

3. Report at least annually outside business affiliations or other relationships (e.g., officer, director, governor, trustee, part-time
employment) other than his or her relationship to Conestoga, the adviser or the administrator.

C. There are some conflict of interest situations that may be discussed with the compliance officer who, for purposes of this Code, shall be the Compliance Officer of Conestoga Capital Advisors, LLC (Conestoga's investment adviser) (the "Compliance Officer") if material. Examples of these include:

1. Service as a director on the board of any public or private company;

2. The receipt, as an officer of Conestoga, of any gift in excess of $250;

3. The receipt of any entertainment from any company with which Conestoga has current or prospective business dealings, unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

4. Any ownership interest in, or any consulting or employment relationship with, any of Conestoga's service providers, other than its adviser, principal underwriter, administrator or any affiliated person thereof; or

5. A direct or indirect financial interest in commissions, transaction charges or spreads paid by Conestoga for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

A Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to Conestoga.

B. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about Conestoga to others, whether within or outside Conestoga, including to the Board and auditors, and to governmental regulators and self-regulatory organizations.

C. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of Conestoga, the adviser and the administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents Conestoga file with, or submit to, the SEC and in Conestoga's other public communications.

D. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

A. Each Covered Officer must:

1. Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or
she has received, read, and understands the Code;

2. Annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

3. Not retaliate against any other Covered Officer or any employee of Conestoga or its affiliated persons for reports of potential violations
that are made in good faith; and

4. Notify the Compliance Officer promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of
this Code.

B. The Compliance Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Board, or an appropriate committee thereof, shall consider any requests for waivers from this Code. To the extent required, Conestoga shall disclose any such waivers, as provided by SEC rules.

C. Conestoga will adhere to the following procedures in investigating and enforcing this Code:

1. The Compliance Officer will take all appropriate action to investigate any potential violations reported to him or her;

2. If, after such investigation, the Compliance Officer believes that no violation has occurred, no further action is required;

3. Any matter that the Compliance Officer believes is a violation shall be reported to the Board or the appropriate committee; and

4. If the appropriate committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the adviser or the administrator or their management; or a recommendation to dismiss or impose other appropriate
sanctions on, the Covered Officer.

**V. Other Policies and Procedures**

This Code shall be the sole code of conduct adopted by Conestoga for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies relating to that section. Insofar as other policies or procedures of Conestoga, Conestoga's adviser, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. Conestoga's and its adviser's Codes of Ethics under Rule 17j-1 under the 1940 Act and the adviser's insider trading policies are separate policies that apply to the Covered Officers and others, and are not part of this Code.

**VI. Approval and Amendments**

A majority of the Board, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of Conestoga (the "Independent Trustees"), shall initially approve this Code and any amendments thereto, other than amendments to Exhibit A. To the extent required, Conestoga shall disclose any changes to this Code, as provided by SEC rules.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board; Conestoga's officers, adviser, administrator or counsel; or counsel to the Independent Trustees.

**VIII. Internal Use**

The Code is intended solely for the internal use by Conestoga and does not constitute an admission, by or on behalf of Conestoga, as to any fact, circumstance, or legal conclusion.

Adopted: October 30, 2003

Revised: February 24, 2015

Revised: May 5, 2016

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, Robert M. Mitchell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Conestoga Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 5, 2025 | /s/ Robert M. Mitchell |
|  | Robert M. Mitchell, Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Joseph F. Monahan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Conestoga Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 5, 2025 | /s/ Joseph F. Monahan |
|  | Joseph F. Monahan, Treasurer and Principal Accounting Officer |

---

## Exhibit 99.906

EX-99.906CERT

**<u>CERTIFICATIONS</u>**

Robert M. Mitchell, Chief Executive Officer, and Joseph F. Monahan, Treasurer and Principal Accounting Officer, of Conestoga Funds (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended September 30, 2025 (the "Form
N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| Conestoga Funds | Conestoga Funds |
| /s/ Robert M. Mitchell | /s/ Joseph F. Monahan |
| Robert M. Mitchell, Chief Executive Officer | Joseph F. Monahan, Treasurer and Principal Accounting Officer |
| Date: December 5, 2025 | Date: December 5, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Conestoga Funds and will be retained by Conestoga Funds and furnished to the Securities and Exchange Commission or its staff upon request.***

 ****

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.