# EDGAR Filing Document

**Accession Number:** 0001175813
**File Stem:** 0001398344-25-011305
**Filing Date:** 2025-6
**Character Count:** 215752
**Document Hash:** d936416a4758de95c36f4db405d021de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011305.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011305

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21120
- **FILM NUMBER:** 251025476

**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 <u>811-21120</u>

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

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

---

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

---

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

Date of fiscal year end: September 30 <br>Date of reporting period: March 31, 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 the 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)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i412433fc4d30626914dcb1ef.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/small-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $43 | 0.90% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index and also underperformed its primary benchmark, the Russell 2000<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Stock selection effects detracted from returns relative to the Russell 2000<sup>®</sup> Growth Index, while sector allocations added to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection effects were most prominent in the Industrials sector where Exponent Inc., AAON Inc., and Transcat Inc. each detracted from returns over the six months ended March 31, 2025. Stock selection was also challenging in the Consumer Discretionary sector, where the Fund's positions in SiteOne Landscape Supply Inc. and Fox Factory Holding Corp. detracted from relative returns. Fox Factory Holding Corp. was sold from the Fund during the six months ended March 31, 2025. Stock selection was notably positive in the Basic Materials and Health Care sectors.

&nbsp;&nbsp;&nbsp;&nbsp; Positive sector allocation effects were driven by the Fund's overweight to Utilities and Technology, and by underweights to Health Care and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;

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

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](i75785c4b3033ba8f0df0f6e3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Small Cap Fund - Institutional Class | Russell 2000<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Mar-2015 | $250000 | $250000 | $250000 |
| Mar-2016 | $248618 | $220389 | $249144 |
| Mar-2017 | $306170 | $271153 | $294156 |
| Mar-2018 | $387177 | $321670 | $334788 |
| Mar-2019 | $431032 | $334064 | $364138 |
| Mar-2020 | $386571 | $271997 | $330909 |
| Mar-2021 | $643913 | $517341 | $537821 |
| Mar-2022 | $616457 | $443220 | $601953 |
| Mar-2023 | $588596 | $396256 | $550304 |
| Mar-2024 | $663409 | $476881 | $711506 |
| Mar-2025 | $614619 | $453707 | $762869 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | 10 Years\*\* |
| Conestoga Small Cap Fund - Institutional Class | -10.53% | -7.35% | 9.72% | 9.41% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 11.80% |
| Russell 2000<sup>®</sup> Growth Index | -9.60% | -4.86% | 10.78% | 6.14% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$3,604,422,011

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$16,883,750

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](ic242bde831c046b7757dec5c.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i44b58021d802c9b7bc2ead9f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.4% |
| Consumer Staples | 1.6% |
| Telecommunications | 1.9% |
| Consumer Discretionary | 2.3% |
| Financials | 2.9% |
| Real Estate | 3.6% |
| Utilities | 4.7% |
| Basic Materials | 6.8% |
| Health Care | 13.8% |
| Technology | 24.1% |
| Industrials | 37.9% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.7% |
| Descartes Systems Group, Inc. (The) | 4.4% |
| Construction Partners, Inc. - Class A | 3.8% |
| Merit Medical Systems, Inc. | 3.7% |
| RBC Bearings, Inc. | 3.7% |
| FirstService Corporation | 3.6% |
| Exponent, Inc. | 3.5% |
| ESCO Technologies, Inc. | 3.3% |
| Balchem Corporation | 3.1% |
| Simpson Manufacturing Company, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCALX

# Conestoga Small Cap Fund

## Investors Class (CCASX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i1762e279e0db2a8aff80b89e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/small-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $52 | 1.10% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index and also underperformed its primary benchmark, the Russell 2000<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Stock selection effects detracted from returns relative to the Russell 2000<sup>®</sup> Growth Index, while sector allocations added to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection effects were most prominent in the Industrials sector where Exponent Inc., AAON Inc., and Transcat Inc. each detracted from returns over the six months ended March 31, 2025. Stock selection was also challenging in the Consumer Discretionary sector, where the Fund's positions in SiteOne Landscape Supply Inc. and Fox Factory Holding Corp. detracted from relative returns. Fox Factory Holding Corp. was sold from the Fund during the six months ended March 31, 2025. Stock selection was notably positive in the Basic Materials and Health Care sectors.

&nbsp;&nbsp;&nbsp;&nbsp; Positive sector allocation effects were driven by the Fund's overweight to Utilities and Technology, and by underweights to Health Care and Energy.

&nbsp;&nbsp;&nbsp;&nbsp;

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i809438e39d161ae2f0c3ab82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Small Cap Fund - Investors Class | Russell 2000<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Mar-2015 | $10000 | $10000 | $10000 |
| Mar-2016 | $9922 | $8816 | $9966 |
| Mar-2017 | $12196 | $10846 | $11766 |
| Mar-2018 | $15388 | $12867 | $13392 |
| Mar-2019 | $17099 | $13363 | $14566 |
| Mar-2020 | $15301 | $10880 | $13236 |
| Mar-2021 | $25440 | $20694 | $21513 |
| Mar-2022 | $24310 | $17729 | $24078 |
| Mar-2023 | $23164 | $15850 | $22012 |
| Mar-2024 | $26053 | $19075 | $28460 |
| Mar-2025 | $24090 | $18148 | $30515 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | 10 Years\*\* |
| Conestoga Small Cap Fund - Investors Class | -10.61% | -7.54% | 9.50% | 9.19% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 11.80% |
| Russell 2000<sup>®</sup> Growth Index | -9.60% | -4.86% | 10.78% | 6.14% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$3,604,422,011

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$16,883,750

* Portfolio Turnover Rate11%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](i3b944bc469a2bc833ae76603.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](if259d08147c98fce418ec189.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 0.4% |
| Consumer Staples | 1.6% |
| Telecommunications | 1.9% |
| Consumer Discretionary | 2.3% |
| Financials | 2.9% |
| Real Estate | 3.6% |
| Utilities | 4.7% |
| Basic Materials | 6.8% |
| Health Care | 13.8% |
| Technology | 24.1% |
| Industrials | 37.9% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.7% |
| Descartes Systems Group, Inc. (The) | 4.4% |
| Construction Partners, Inc. - Class A | 3.8% |
| Merit Medical Systems, Inc. | 3.7% |
| RBC Bearings, Inc. | 3.7% |
| FirstService Corporation | 3.6% |
| Exponent, Inc. | 3.5% |
| ESCO Technologies, Inc. | 3.3% |
| Balchem Corporation | 3.1% |
| Simpson Manufacturing Company, Inc. | 2.9% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCASX

# Conestoga SMid Cap Fund

## Institutional Class (CCSGX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i2d4350316ed0b4cfc6ace345.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga SMid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/smid-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $41 | 0.85% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index but outperformed its primary benchmark, the Russell 2500<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Positive stock selection was the primary driver of the outperformance while sector allocation effects detracted modestly.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most positive in the Industrials, Technology, and Basic Materials sectors. Performance was broad-based in the Industrials sector with nine of the Fund's eleven positions adding value. Axon Enterprise Inc. was the leading contributor over the last six months ended March 31, 2025. Within Technology, the Fund's holdings in the software industry added the most value with positions in Paycor HCM leading the way higher. Basic Materials was another strong area for the Fund as both positions in the sector, RBC Bearings Inc. and Balchem Corp., contributed to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection proved most challenging in the Health Care sector. Shares of Neogen Corp., Teleflex Inc., and Bio-Techne Corp. traded sharply lower over the last six months ended March, 31, 2025. The Fund was also hurt by its lack of exposure to the Consumer Staples, Energy, and Telecommunications sectors.

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

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](ib6a5ce232d65ac4f6337a429.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga SMid Cap Fund - Institutional Class | Russell 2500<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Mar-2015 | $250000 | $250000 | $250000 |
| Mar-2016 | $236038 | $226081 | $249144 |
| Mar-2017 | $288198 | $270781 | $294156 |
| Mar-2018 | $378483 | $324721 | $334788 |
| Mar-2019 | $421312 | $349219 | $364138 |
| Mar-2020 | $386857 | $298934 | $330909 |
| Mar-2021 | $635571 | $560496 | $537821 |
| Mar-2022 | $622324 | $503794 | $601953 |
| Mar-2023 | $558253 | $451643 | $550304 |
| Mar-2024 | $668552 | $547043 | $711506 |
| Mar-2025 | $667741 | $512205 | $762869 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | 10 Years\*\* |
| Conestoga SMid Cap Fund - Institutional Class | -6.76% | -0.12% | 11.54% | 10.32% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 11.80% |
| Russell 2500<sup>®</sup> Growth Index | -8.63% | -6.37% | 11.37% | 7.44% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$643,662,088

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$2,575,273

* Portfolio Turnover Rate8%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](iaf7aad057dea1f4635d62631.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i07cac674e4d3d119bbc80b1f.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 2.3% |
| Real Estate | 3.9% |
| Utilities | 4.9% |
| Basic Materials | 5.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 12.6% |
| Technology | 22.0% |
| Industrials | 37.0% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.9% |
| Rollins, Inc. | 4.0% |
| FirstService Corporation | 3.9% |
| Tyler Technologies, Inc. | 3.8% |
| Watsco, Inc. | 3.6% |
| Descartes Systems Group, Inc. (The) | 3.6% |
| Construction Partners, Inc. - Class A | 3.6% |
| Merit Medical Systems, Inc. | 3.5% |
| RBC Bearings, Inc. | 3.5% |
| HEICO Corporation - Class A | 3.4% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCSGX

# Conestoga SMid Cap Fund

## Investors Class (CCSMX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](ia4b6cb576844d0121d371f6f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga SMid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/smid-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $53 | 1.10% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index but outperformed its primary benchmark, the Russell 2500<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Positive stock selection was the primary driver of the outperformance while sector allocation effects detracted modestly.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most positive in the Industrials, Technology, and Basic Materials sectors. Performance was broad-based in the Industrials sector with nine of the Fund's eleven positions adding value. Axon Enterprise Inc. was the leading contributor over the last six months ended March 31, 2025. Within Technology, the Fund's holdings in the software industry added the most value with positions in Paycor HCM leading the way higher. Basic Materials was another strong area for the Fund as both positions in the sector, RBC Bearings Inc. and Balchem Corp., contributed to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection proved most challenging in the Health Care sector. Shares of Neogen Corp., Teleflex Inc., and Bio-Techne Corp. traded sharply lower over the last six months ended March, 31, 2025. The Fund was also hurt by its lack of exposure to the Consumer Staples, Energy, and Telecommunications sectors.

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

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i4133056f81fd0489d7ac213e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga SMid Cap Fund - Investors Class | Russell 2500<sup>®</sup> Growth Index | Russell 3000<sup>®</sup> Index |
| Mar-2015 | $10000 | $10000 | $10000 |
| Mar-2016 | $9420 | $9043 | $9966 |
| Mar-2017 | $11466 | $10831 | $11766 |
| Mar-2018 | $15029 | $12989 | $13392 |
| Mar-2019 | $16680 | $13969 | $14566 |
| Mar-2020 | $15289 | $11957 | $13236 |
| Mar-2021 | $25046 | $22420 | $21513 |
| Mar-2022 | $24461 | $20152 | $24078 |
| Mar-2023 | $21895 | $18066 | $22012 |
| Mar-2024 | $26150 | $21882 | $28460 |
| Mar-2025 | $26053 | $20488 | $30515 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | 10 Years\*\* |
| Conestoga SMid Cap Fund - Investors Class | -6.89% | -0.37% | 11.25% | 10.05% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 11.80% |
| Russell 2500<sup>®</sup> Growth Index | -8.63% | -6.37% | 11.37% | 7.44% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$643,662,088

* Total Number of Portfolio Holdings45

* Advisory Fee (net of waivers)$2,575,273

* Portfolio Turnover Rate8%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](i853d34c06148f1ee1f518296.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i1359dab6a013d0bc797e4dd7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Financials | 2.3% |
| Real Estate | 3.9% |
| Utilities | 4.9% |
| Basic Materials | 5.9% |
| Health Care | 11.4% |
| Consumer Discretionary | 12.6% |
| Technology | 22.0% |
| Industrials | 37.0% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Casella Waste Systems, Inc. - Class A | 4.9% |
| Rollins, Inc. | 4.0% |
| FirstService Corporation | 3.9% |
| Tyler Technologies, Inc. | 3.8% |
| Watsco, Inc. | 3.6% |
| Descartes Systems Group, Inc. (The) | 3.6% |
| Construction Partners, Inc. - Class A | 3.6% |
| Merit Medical Systems, Inc. | 3.5% |
| RBC Bearings, Inc. | 3.5% |
| HEICO Corporation - Class A | 3.4% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCSMX

# Conestoga Mid Cap Fund

## Institutional Class (CCMAX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i1c5ec4390c38a37bf76f9dda.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/mid-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $39 | 0.80% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index and its primary benchmark, the Russell Midcap<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Both stock selection and sector allocation effects detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most negative in the Technology sector. Artificial intelligence-related stocks experienced outsized returns in 2024 and the Fund's lack of holdings in these types of companies generated significant underperformance relative to the Russell 3000<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Growth Index. While this reversed in the first quarter of 2025, the impact over the six months ended March 31, 2025, was still negative. Other technology stocks which generated negative stock selection effects were Gartner Inc. and Bentley Systems Inc.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection was also negative in the Health Care sector, where the Fund's positions in Bio-Techne Corp., West Pharmaceutical Services Inc., and Teleflex Inc. detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection was most positive in the Consumer Discretionary sector, led by Rollins Inc. and Copart Inc.

## How has the Fund performed since inception?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](ibbe76c024733922e1ba814e9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Mid Cap Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Jun-2021 | $250000 | $250000 | $250000 |
| Mar-2022 | $233250 | $258644 | $222069 |
| Mar-2023 | $206250 | $236452 | $203154 |
| Mar-2024 | $241500 | $305717 | $256549 |
| Mar-2025 | $241000 | $327786 | $265716 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | Since Inception (June 29, 2021)\*\* |
| Conestoga Mid Cap Fund - Institutional Class | -3.89% | -0.21% | -0.97% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 7.48% |
| Russell Midcap<sup>®</sup> Growth Index | 0.44% | 3.57% | 1.64% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$3,084,864

* Total Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate5%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](i088e8e62ba386eee499d6ba9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i14bcfb997ba7f476bb75e5ee.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 4.6% |
| Financials | 1.9% |
| Real Estate | 3.5% |
| Utilities | 5.1% |
| Health Care | 15.1% |
| Consumer Discretionary | 19.3% |
| Technology | 21.5% |
| Industrials | 29.0% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rollins, Inc. | 5.6% |
| HEICO Corporation - Class A | 5.5% |
| Verisk Analytics, Inc. | 5.2% |
| Waste Connections, Inc. | 5.1% |
| Copart, Inc. | 4.7% |
| Tyler Technologies, Inc. | 4.7% |
| Fortinet, Inc. | 4.0% |
| Roper Technologies, Inc. | 3.8% |
| CoStar Group, Inc. | 3.5% |
| Gartner, Inc. | 3.4% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCMAX

# Conestoga Mid Cap Fund

## Investors Class (CCMMX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i68c78950f5f8d8d5b127c812.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Mid Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/mid-cap-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $51 | 1.05% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund underperformed the Russell 3000<sup>®</sup> Index and its primary benchmark, the Russell Midcap<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Both stock selection and sector allocation effects detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most negative in the Technology sector. Artificial intelligence-related stocks experienced outsized returns in 2024 and the Fund's lack of holdings in these types of companies generated significant underperformance relative to the Russell 3000<sup>®</sup> Index and the Russell Midcap<sup>®</sup> Growth Index. While this reversed in the first quarter of 2025, the impact over the six months ended March 31, 2025, was still negative. Other technology stocks which generated negative stock selection effects were Gartner Inc. and Bentley Systems Inc.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection was also negative in the Health Care sector, where the Fund's positions in Bio-Techne Corp., West Pharmaceutical Services Inc., and Teleflex Inc. detracted from relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection was most positive in the Consumer Discretionary sector, led by Rollins Inc. and Copart Inc.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ic33a202b5cfc4a1543aa231b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Mid Cap Fund - Investors Class | Russell 3000<sup>®</sup> Index | Russell Midcap<sup>®</sup> Growth Index |
| Jun-2021 | $10000 | $10000 | $10000 |
| Mar-2022 | $9310 | $10346 | $8883 |
| Mar-2023 | $8210 | $9458 | $8126 |
| Mar-2024 | $9590 | $12229 | $10262 |
| Mar-2025 | $9550 | $13111 | $10629 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | Since Inception (June 29, 2021)\*\* |
| Conestoga Mid Cap Fund - Investors Class | -4.02% | -0.42% | -1.22% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 7.48% |
| Russell Midcap<sup>®</sup> Growth Index | 0.44% | 3.57% | 1.64% |

---

#### \* Not annualized

#### \*\* 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 March 31, 2025)
* Net Assets$3,084,864

* Total Number of Portfolio Holdings32

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate5%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](i7cece2bfd3d161d2b6c6fa67.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i241823e3743caf9195b3dc45.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 4.6% |
| Financials | 1.9% |
| Real Estate | 3.5% |
| Utilities | 5.1% |
| Health Care | 15.1% |
| Consumer Discretionary | 19.3% |
| Technology | 21.5% |
| Industrials | 29.0% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rollins, Inc. | 5.6% |
| HEICO Corporation - Class A | 5.5% |
| Verisk Analytics, Inc. | 5.2% |
| Waste Connections, Inc. | 5.1% |
| Copart, Inc. | 4.7% |
| Tyler Technologies, Inc. | 4.7% |
| Fortinet, Inc. | 4.0% |
| Roper Technologies, Inc. | 3.8% |
| CoStar Group, Inc. | 3.5% |
| Gartner, Inc. | 3.4% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CCMMX

# Conestoga Discovery Fund

## Institutional Class (CMIRX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](icb167a590f6b785f99ce685b.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/discovery-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $63 | 1.25% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund outperformed the Russell 3000<sup>®</sup> Index and its primary benchmark, the Russell Microcap<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Positive stock selection was the primary driver of the outperformance while sector allocation effects also contributed to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most positive in the Health Care, Technology, and Consumer Discretionary sectors. In the Health Care sector, both positions in the biotechnology industry, Alpha Teknova Inc. and Vericel Corp., contributed to performance. Phreesia Inc. and iRadimed Corp. were other holdings in the sector that were additive. Within Technology, four of the Fund's six holdings in the software industry contributed to relative results with positions in Planet Labs and Olo Inc. leading the way higher. In the Consumer Discretionary sector, the position in Universal Technical Institute Inc. was one of the Fund's strongest performers over the last six months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection proved most challenging in the Industrials sector. Five of the Fund's holdings in the sector detracted from relative returns. Montrose Environmental Group Inc., Transcat Inc., and Hillman Solutions Corp. were the biggest laggards in the sector.

## How has the Fund performed since inception?

### Total Return Based on $250,000 Investment
![Growth of 10K Chart](if7f50518832e17495a1ddb7d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Discovery Fund - Institutional Class | Russell 3000<sup>®</sup> Index | Russell Microcap<sup>®</sup> Growth Index |
| Nov-2018 | $250000 | $250000 | $249999 |
| Mar-2019 | $269333 | $258574 | $252976 |
| Mar-2020 | $236257 | $234978 | $197430 |
| Mar-2021 | $524799 | $381905 | $440434 |
| Mar-2022 | $449102 | $427445 | $328087 |
| Mar-2023 | $375759 | $390770 | $269087 |
| Mar-2024 | $372745 | $505239 | $310615 |
| Mar-2025 | $370233 | $541712 | $292183 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | Since Inception (November 30, 2018)\*\*\* |
| Conestoga Discovery Fund - Institutional Class | 0.55% | -0.67% | 9.40% | 6.40% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 12.99% |
| Russell Microcap<sup>®</sup> Growth Index | -8.24% | -5.94% | 8.15% | 2.49% |

---

*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.*

\*Not annualized

\*\* 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 March 31, 2025)
* Net Assets$4,145,969

* Total Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate8%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](i4b5915fd16b62a1792b0fd71.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i2b7c7f9def176d80a2bcbc21.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 2.3% |
| Telecommunications | 3.5% |
| Financials | 4.4% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 7.5% |
| Technology | 18.5% |
| Health Care | 23.0% |
| Industrials | 34.8% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Universal Technical Institute, Inc. | 5.1% |
| Phreesia, Inc. | 4.6% |
| Palomar Holdings, Inc. | 4.4% |
| Willdan Group, Inc. | 4.3% |
| TECSYS, Inc. | 4.2% |
| I3 Verticals, Inc. - Class A | 4.1% |
| Construction Partners, Inc. - Class A | 3.8% |
| Olo, Inc. - Class A | 3.7% |
| Hillman Solutions Corporation | 3.7% |
| BioLife Solutions, Inc. | 3.5% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CMIRX

# Conestoga Discovery Fund

## Investors Class (CMCMX)

### Semi-Annual Shareholder Report - March 31, 2025
![Image](i91a093597d91a24d178b7eec.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about Conestoga Discovery Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund athttps://conestogacapital.com/forms-information/. You can also request this information by contacting us at (800) 494-2755 or by visiting https://conestogacapital.com/strategies/discovery-fund/.

## What were the Fund's annualized costs for the last six months?
(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 | $75 | 1.50% |

---

## How did the Fund perform in the past 6 months and what affected its performance?
&nbsp;&nbsp;&nbsp;&nbsp; Equity markets were volatile over the last six months ended March 31, 2025. A rally in U.S. equities which picked up steam after the November elections rolled into the new year with an enthusiasm for an economy that would remain strong and a forecast for moderating inflation, lower interest rates, an extension of lower tax rates, and lower regulation. But rising concerns about a slowdown in earnings from large capitalization technology companies, geopolitical tensions, and the President's announcement that tariffs would be detailed in early April pushed equities sharply lower to end the first quarter. Investors shifted to safety and U.S. Treasury yields fell.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund outperformed the Russell 3000<sup>®</sup> Index and its primary benchmark, the Russell Microcap<sup>®</sup> Growth Index, over the last six months ended March 31, 2025. Positive stock selection was the primary driver of the outperformance while sector allocation effects also contributed to relative returns.

&nbsp;&nbsp;&nbsp;&nbsp; Stock selection effects were most positive in the Health Care, Technology, and Consumer Discretionary sectors. In the Health Care sector, both positions in the biotechnology industry, Alpha Teknova Inc. and Vericel Corp., contributed to performance. Phreesia Inc. and iRadimed Corp. were other holdings in the sector that were additive. Within Technology, four of the Fund's six holdings in the software industry contributed to relative results with positions in Planet Labs and Olo Inc. leading the way higher. In the Consumer Discretionary sector, the position in Universal Technical Institute Inc. was one of the Fund's strongest performers over the last six months ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp; Negative stock selection proved most challenging in the Industrials sector. Five of the Fund's holdings in the sector detracted from relative returns. Montrose Environmental Group Inc., Transcat Inc., and Hillman Solutions Corp. were the biggest laggards in the sector.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](iba5445ea2ccc6d0274365a14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Conestoga Discovery Fund - Investors Class | Russell 3000<sup>®</sup> Index | Russell Microcap<sup>®</sup> Growth Index |
| Nov-2018 | $10000 | $10000 | $9999 |
| Mar-2019 | $10764 | $10343 | $10119 |
| Mar-2020 | $9419 | $9399 | $7897 |
| Mar-2021 | $20870 | $15276 | $17617 |
| Mar-2022 | $17808 | $17098 | $13123 |
| Mar-2023 | $14876 | $15631 | $10763 |
| Mar-2024 | $14717 | $20210 | $12424 |
| Mar-2025 | $14597 | $21668 | $11687 |

---

## Average Total Returns

## (period ended March 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | 6 Months\* | 1 Year\*\* | 5 Years\*\* | Since Inception (November 30, 2018)\*\*\* |
| Conestoga Discovery Fund - Investors Class | 0.55% | -0.81% | 9.16% | 6.16% |
| Russell 3000<sup>®</sup> Index | -2.21% | 7.22% | 18.18% | 12.99% |
| Russell Microcap<sup>®</sup> Growth Index | -8.24% | -5.94% | 8.15% | 2.49% |

---

*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.*

\*Not annualized

\*\* 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 March 31, 2025)
* Net Assets$4,145,969

* Total Number of Portfolio Holdings30

* Advisory Fee (net of waivers)$0

* Portfolio Turnover Rate8%

## Asset Weighting (% of total investments)

## (as of March 31, 2025)
![Group By Asset Type Chart](ie94a60e8bce83bae364f00e0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Common Stocks | 100.0% |

---

## What did the Fund invest in?

### Sector Weighting (% of net assets)

### (as of March 31, 2025)
![Group By Sector Chart](i6242a469246567034d204ba7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Other Assets in Excess of Liabilities | 2.3% |
| Telecommunications | 3.5% |
| Financials | 4.4% |
| Consumer Staples | 6.0% |
| Consumer Discretionary | 7.5% |
| Technology | 18.5% |
| Health Care | 23.0% |
| Industrials | 34.8% |

---

## Top 10 Holdings (% of net assets)

## (as of March 31, 2025)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Universal Technical Institute, Inc. | 5.1% |
| Phreesia, Inc. | 4.6% |
| Palomar Holdings, Inc. | 4.4% |
| Willdan Group, Inc. | 4.3% |
| TECSYS, Inc. | 4.2% |
| I3 Verticals, Inc. - Class A | 4.1% |
| Construction Partners, Inc. - Class A | 3.8% |
| Olo, Inc. - Class A | 3.7% |
| Hillman Solutions Corporation | 3.7% |
| BioLife Solutions, Inc. | 3.5% |

---

## Material Fund Changes
No material changes occurred for the Fund during the six-month period ended March 31, 2025.

#### 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)

## Semi-Annual Shareholder Report - March 31, 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](i67fb82bd0c4d4fb188ffa7de.jpg)

TSR-SAR 033125-CMCMX**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

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

Not required

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

Not required

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

Not required

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

Not applicable

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

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(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**![](cone_i.jpg)

**SEMI-ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

*March 31, 2025 (Unaudited)* 

**Table of Contents** 

---

| | |
|:---|:---|
| Schedule of Investments  | 1 |
| Statements of Assets and Liabilities  | 13 |
| Statements of Operations  | 15 |
| Statements of Changes in Net Assets  | 17 |
| Financial Highlights  | 21 |
| Notes to Financial Statements  | 29 |
| Additional Information  | 46 |

---

---

| | | |
|:---|:---|:---|
| **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **March 31, 2025 (Unaudited)** | **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **March 31, 2025 (Unaudited)** | **CONESTOGA SMALL CAP FUND<br> Schedule of Investments** <br> **March 31, 2025 (Unaudited)** |
| **COMMON STOCKS — 99.6%** | **Shares** | **Value** |
| **Basic Materials — 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Metal Fabricating — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. <sup>(a)</sup>  | 409225 | $131676328 |
| &nbsp;&nbsp;&nbsp; *Specialty Chemicals — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corporation  | 673460 | 111794360 |
| **Consumer Discretionary — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Home Improvement Retailers — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 682980 | 82941091 |
| **Consumer Staples — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Nondurable Household Products — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WD-40 Company  | 231051 | 56376444 |
| **Financials — 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Financial Data Providers — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup>  | 3869338 | 103698258 |
| **Health Care — 13.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotechnology — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corporation <sup>(a)</sup>  | 1457550 | 65035881 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 8.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. <sup>(b)</sup>  | 1152896 | 96727975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. <sup>(a)</sup>  | 1258320 | 133017007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 489010 | 62221632 |
|  |  | 291966614 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corporation <sup>(a)</sup>  | 5194941 | 45040138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. <sup>(b)</sup>  | 4727706 | 96539757 |
|  |  | 141579895 |
| **Industrials — 37.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Building Materials: Other — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc.  | 673840 | 105846787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Company, Inc. <sup>(a)</sup>  | 1065610 | 61911941 |
|  |  | 167758728 |

---

---

| | | |
|:---|:---|:---|
| **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 — 99.6% (Continued)** | **Shares** | **Value** |
| **Industrials — 37.9% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc.  | 1347212 | $105257674 |
| &nbsp;&nbsp;&nbsp; *Commercial Vehicles and Parts — 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corporation  | 982175 | 72238971 |
| &nbsp;&nbsp;&nbsp; *Construction — 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 1903117 | 136777019 |
| &nbsp;&nbsp;&nbsp; *Defense — 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. <sup>(a)</sup>  | 1278133 | 55074751 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 6.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.  | 340750 | 99335440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc.  | 745455 | 118616800 |
|  |  | 217952240 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crane NXT Company  | 704000 | 36185600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc.  | 1403124 | 45026249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.  | 436625 | 64048521 |
|  |  | 145260370 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Gauges & Meters — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. <sup>(b)</sup>  | 409585 | 48601356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc. <sup>(a)(b)</sup>  | 658900 | 49055105 |
|  |  | 97656461 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Other — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc. <sup>(a)</sup>  | 446310 | 57475802 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 1578530 | 127955642 |
| &nbsp;&nbsp;&nbsp; *Industrial Suppliers — 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corporation <sup>(a)</sup>  | 5164108 | 45392509 |
| &nbsp;&nbsp;&nbsp; *Machinery: Industrial — 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corporation  | 561030 | 68557866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.  | 124000 | 41776840 |
|  |  | 110334706 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UL Solutions, Inc. - Class A  | 509870 | 28756668 |

---

---

| | | |
|:---|:---|:---|
| **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 — 99.6% (Continued)** | **Shares** | **Value** |
| **Real Estate — 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 781435 | $129679138 |
| **Technology — 24.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. <sup>(a)</sup>  | 672929 | 51082041 |
| &nbsp;&nbsp;&nbsp; *Production Technology Equipment — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. <sup>(a)</sup>  | 1355187 | 46943678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. <sup>(a)</sup>  | 798165 | 102061358 |
|  |  | 149005036 |
| &nbsp;&nbsp;&nbsp; *Software — 18.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc. <sup>(a)</sup>  | 518286 | 37596467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackLine, Inc. <sup>(a)</sup>  | 1509615 | 73095558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup>  | 6919675 | 62484665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) <sup>(a)</sup>  | 1583046 | 159618528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. <sup>(a)</sup>  | 1263000 | 34694610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 1052436 | 84205404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. <sup>(b)</sup>  | 1806234 | 44288858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc. <sup>(a)</sup>  | 748230 | 99312568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc. - Class A <sup>(a)</sup>  | 2079877 | 72816494 |
|  |  | 668113152 |
| **Telecommunications — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications Equipment — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc. <sup>(a)(b)</sup>  | 2519481 | 70117156 |
| **Utilities — 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - Class A <sup>(a)</sup>  | 1531335 | 170759166 |
|  **Total Investments at Value — 99.6%** (Cost $2,386,182,912)  |  | $3591716101 |
| **Other Assets in Excess of Liabilities — 0.4%**  |  | 12705910 |
| **Net Assets — 100.0%**  |  | $3604422011 |

---

---

| | |
|:---|:---|
| <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). |
| *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> March 31, 2025 (Unaudited)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> March 31, 2025 (Unaudited)** | **CONESTOGA SMID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> March 31, 2025 (Unaudited)** |
| **COMMON STOCKS — 100.0%** | **Shares** | **Value** |
| **Basic Materials — 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Metal Fabricating — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc. <sup>(a)</sup>  | 69435 | $22342100 |
| &nbsp;&nbsp;&nbsp; *Specialty Chemicals — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corporation  | 94430 | 15675380 |
| **Consumer Discretionary — 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp; *Consumer Services: Miscellaneous — 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc.  | 473730 | 25595632 |
| &nbsp;&nbsp;&nbsp; *Education Services — 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 138935 | 17650302 |
| &nbsp;&nbsp;&nbsp; *Home Improvement Retailers — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 99580 | 12092995 |
| &nbsp;&nbsp;&nbsp; *Recreational Products — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corporation  | 58305 | 18561397 |
| &nbsp;&nbsp;&nbsp; *Recreational Vehicles & Boats — 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCI Industries  | 79485 | 6949374 |
| **Financials — 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Financial Data Providers — 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup>  | 558280 | 14961904 |
| **Health Care — 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc. <sup>(a)</sup>  | 214113 | 22633885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 129880 | 16525931 |
|  |  | 39159816 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corporation  | 147655 | 8657013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neogen Corporation <sup>(a)</sup>  | 555496 | 4816150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A.  | 671497 | 13711969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc.  | 30660 | 6864161 |
|  |  | 34049293 |

---

---

| | | |
|:---|:---|:---|
| **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 — 100.0% (Continued)** | **Shares** | **Value** |
| **Industrials — 37.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 104505 | $22047420 |
| &nbsp;&nbsp;&nbsp; *Building Materials: Other — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc.  | 78400 | 12315072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trex Company, Inc. <sup>(a)</sup>  | 222065 | 12901976 |
|  |  | 25217048 |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 46205 | 23486002 |
| &nbsp;&nbsp;&nbsp; *Construction — 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 322050 | 23145733 |
| &nbsp;&nbsp;&nbsp; *Defense — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. <sup>(a)</sup>  | 4500 | 2366775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc. <sup>(a)</sup>  | 217705 | 9380908 |
|  |  | 11747683 |
| &nbsp;&nbsp;&nbsp; *Diversified Industrials — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.  | 56815 | 16562709 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc.  | 75765 | 11113968 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Other — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc. <sup>(a)</sup>  | 78715 | 10136918 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 240575 | 19501009 |
| &nbsp;&nbsp;&nbsp; *Machinery: Engines — 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. <sup>(a)</sup>  | 70000 | 8865500 |
| &nbsp;&nbsp;&nbsp; *Machinery: Industrial — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVI Industries, Inc.  | 438172 | 7352526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corporation  | 76125 | 9302475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kadant, Inc.  | 20750 | 6990883 |
|  |  | 23645884 |
| &nbsp;&nbsp;&nbsp; *Machinery: Specialty — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc.  | 201890 | 16859834 |

---

---

| | | |
|:---|:---|:---|
| **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 — 100.0% (Continued)** | **Shares** | **Value** |
| **Industrials — 37.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corporation <sup>(a)</sup>  | 750 | $1383120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)</sup>  | 46655 | 8740348 |
|  |  | 10123468 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 87815 | 16035019 |
| **Real Estate — 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstService Corporation  | 150130 | 24914073 |
| **Technology — 22.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc. <sup>(a)</sup>  | 104983 | 7969260 |
| &nbsp;&nbsp;&nbsp; *Production Technology Equipment — 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc. <sup>(a)</sup>  | 109605 | 14015191 |
| &nbsp;&nbsp;&nbsp; *Software — 18.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup>  | 1219500 | 11012085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Descartes Systems Group, Inc. (The) <sup>(a)</sup>  | 231660 | 23358278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <sup>(a)</sup>  | 112360 | 21051769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; nCino, Inc. <sup>(a)</sup>  | 159000 | 4367730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. <sup>(a)</sup>  | 97285 | 6422756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 209465 | 16759295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc. <sup>(a)</sup>  | 95644 | 12694828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. <sup>(a)</sup>  | 41560 | 24162568 |
|  |  | 119829309 |
| **Utilities — 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 4.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. - Class A <sup>(a)</sup>  | 281925 | 31437457 |
|  **Total Investments at Value — 100.0%** (Cost $518,824,275)  |  | $643691678 |
| **Liabilities in Excess of Other Assets — (0.0%) <sup>(b)</sup>**  |  | (29590) |
| **Net Assets — 100.0%**  |  | $643662088 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| *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> March 31, 2025 (Unaudited)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> March 31, 2025 (Unaudited)** | **CONESTOGA MID CAP FUND<br> SCHEDULE OF INVESTMENTS <br> March 31, 2025 (Unaudited)** |
| **COMMON STOCKS — 95.4%** | **Shares** | **Value** |
| **Consumer Discretionary — 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp; *Consumer Services: Miscellaneous — 10.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc. <sup>(a)</sup>  | 2593 | $146738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc.  | 3195 | 172626 |
|  |  | 319364 |
| &nbsp;&nbsp;&nbsp; *Education Services — 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 700 | 88928 |
| &nbsp;&nbsp;&nbsp; *Recreational Products — 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pool Corporation  | 320 | 101872 |
| &nbsp;&nbsp;&nbsp; *Specialty Retail — 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Company  | 1550 | 85405 |
| **Financials — 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp; *Financial Data Providers — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc.  | 130 | 59103 |
| **Health Care — 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Health Care Services — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. - Class A <sup>(a)</sup>  | 420 | 97285 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 7.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. <sup>(a)</sup>  | 210 | 88190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repligen Corporation <sup>(a)</sup>  | 564 | 71763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS plc  | 345 | 78194 |
|  |  | 238147 |
| &nbsp;&nbsp;&nbsp; *Medical Supplies — 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corporation  | 985 | 57750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc.  | 325 | 72761 |
|  |  | 130511 |
| **Industrials — 29.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Aerospace — 5.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HEICO Corporation - Class A  | 800 | 168776 |
| &nbsp;&nbsp;&nbsp; *Building: Climate Control — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.  | 185 | 94035 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Gauges & Meters — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. <sup>(a)</sup>  | 48 | 56684 |

---

---

| | | |
|:---|:---|:---|
| **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 — 95.4% (Continued)** | **Shares** | **Value** |
| **Industrials — 29.0% (Continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Pollution Control — 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc.  | 485 | $57938 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc.  | 630 | 51068 |
| &nbsp;&nbsp;&nbsp; *Machinery: Engines — 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generac Holdings, Inc. <sup>(a)</sup>  | 440 | 55726 |
| &nbsp;&nbsp;&nbsp; *Machinery: Specialty — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc.  | 1100 | 91861 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 6.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)</sup>  | 154 | 28850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc.  | 535 | 159227 |
|  |  | 188077 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc.  | 510 | 93126 |
| &nbsp;&nbsp;&nbsp; *Trucking — 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc.  | 219 | 36234 |
| **Real Estate — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Real Estate Services — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc. <sup>(a)</sup>  | 1365 | 108149 |
| **Technology — 21.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Computer Services — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc. <sup>(a)</sup>  | 250 | 104935 |
| &nbsp;&nbsp;&nbsp; *Software — 18.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc. - Class B  | 1180 | 46421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc. <sup>(a)</sup>  | 1275 | 122731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <sup>(a)</sup>  | 470 | 88059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc. <sup>(a)</sup>  | 587 | 38754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.  | 200 | 117916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. <sup>(a)</sup>  | 250 | 145348 |
|  |  | 559229 |

---

---

| | | |
|:---|:---|:---|
| **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 — 95.4% (Continued)** | **Shares** | **Value** |
| **Utilities — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp; *Waste & Disposal Services — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc.  | 805 | $157128 |
|  **Total Investments at Value — 95.4%** (Cost $2,597,128)  |  | $2943581 |
| **Other Assets in Excess of Liabilities — 4.6%**  |  | 141283 |
| **Net Assets — 100.0%**  |  | $3084864 |

---

<sup>(a)</sup> Non-income producing security. <br> *Schedule of Investments uses the Russell ICB Industry and Sector classification.* <br> See accompanying notes to financial statements.

---

| | | |
|:---|:---|:---|
| **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2025 (Unaudited)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2025 (Unaudited)** | **CONESTOGA DISCOVERY FUND<br> SCHEDULE OF INVESTMENTS<br> March 31, 2025 (Unaudited)** |
| **COMMON STOCKS — 97.7%** | **Shares** | **Value** |
| **Consumer Discretionary — 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Education Services — 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc. <sup>(a)</sup>  | 8285 | $212759 |
| &nbsp;&nbsp;&nbsp; *Entertainment — 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thunderbird Entertainment Group, Inc. <sup>(a)</sup>  | 82736 | 96801 |
| **Consumer Staples — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Food Products — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mama's Creations, Inc. <sup>(a)</sup>  | 21855 | 142276 |
| &nbsp;&nbsp;&nbsp; *Soft Drinks — 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vita Coco Company, Inc. (The) <sup>(a)</sup>  | 3490 | 106969 |
| **Financials — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp; *Property & Casualty Insurance — 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palomar Holdings, Inc. <sup>(a)</sup>  | 1326 | 181768 |
| **Health Care — 23.0%** |  |  |
| &nbsp;&nbsp;&nbsp; *Biotechnology — 5.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alpha Teknova, Inc. <sup>(a)</sup>  | 18506 | 96046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corporation <sup>(a)</sup>  | 3199 | 142740 |
|  |  | 238786 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities — 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Physical Therapy, Inc.  | 1459 | 105573 |
| &nbsp;&nbsp;&nbsp; *Health Care Services — 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc. <sup>(a)</sup>  | 7500 | 191700 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment — 10.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc. <sup>(a)</sup>  | 6354 | 145125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iRadimed Corporation  | 2690 | 141171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corporation <sup>(a)</sup>  | 5304 | 130638 |
|  |  | 416934 |

---

---

| | | |
|:---|:---|:---|
| **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 — 97.7% (Continued)** | **Shares** | **Value** |
| **Industrials — 34.8%** |  |  |
| &nbsp;&nbsp;&nbsp; *Construction — 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc. - Class A <sup>(a)</sup>  | 2168 | $155814 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Control & Filter — 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Recovery, Inc. <sup>(a)</sup>  | 8780 | 139514 |
| &nbsp;&nbsp;&nbsp; *Electronic Equipment: Gauges & Meters — 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transcat, Inc. <sup>(a)</sup>  | 1815 | 135127 |
| &nbsp;&nbsp;&nbsp; *Engineering & Contracting Services — 7.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd. <sup>(a)</sup>  | 5400 | 117882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Willdan Group, Inc. <sup>(a)</sup>  | 4331 | 176358 |
|  |  | 294240 |
| &nbsp;&nbsp;&nbsp; *Industrial Suppliers — 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc. <sup>(a)</sup>  | 6937 | 42177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corporation <sup>(a)</sup>  | 17220 | 151364 |
|  |  | 193541 |
| &nbsp;&nbsp;&nbsp; *Professional Business Support Services — 5.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc. <sup>(a)</sup>  | 6750 | 96255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NV5 Global, Inc. <sup>(a)</sup>  | 7111 | 137029 |
|  |  | 233284 |
| &nbsp;&nbsp;&nbsp; *Security Services — 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SoundThinking, Inc. <sup>(a)</sup>  | 7370 | 124921 |
| &nbsp;&nbsp;&nbsp; *Transaction Processing Services — 4.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I3 Verticals, Inc. - Class A <sup>(a)</sup>  | 6822 | 168299 |
| **Technology — 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Software — 18.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N-able, Inc. <sup>(a)</sup>  | 13030 | 92383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olo, Inc. - Class A <sup>(a)</sup>  | 25740 | 155470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Labs PBC - Class A <sup>(a)</sup>  | 36115 | 122069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <sup>(a)</sup>  | 1510 | 120815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc.  | 4148 | 101709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TECSYS, Inc.  | 6235 | 172896 |
|  |  | 765342 |

---

---

| | | |
|:---|:---|:---|
| **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 — 97.7% (Continued)** | **Shares** | **Value** |
| **Telecommunications — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp; *Telecommunications Equipment — 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc. <sup>(a)</sup>  | 5210 | $144994 |
|  **Total Investments at Value — 97.7%** (Cost $3,798,609)  |  | $4048642 |
| **Other Assets in Excess of Liabilities — 2.3%**  |  | 97327 |
| **Net Assets — 100.0%**  |  | $4145969 |

---

<sup>(a)</sup> Non-income producing security. <br> *Schedule of Investments uses the Russell ICB Industry and Sector classification.* <br> See accompanying notes to financial statements.

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **March 31, 2025 (Unaudited)** | **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **March 31, 2025 (Unaudited)** | **CONESTOGA FUNDS<br> Statements of Assets and Liabilities** <br> **March 31, 2025 (Unaudited)** |
|  | **Conestoga <br> Small Cap Fund** | **Conestoga <br> SMid Cap Fund** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $1993761768 | $518824275 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | 392421144 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at cost  | $2386182912 | $518824275 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (Note 2)  | $3186385894 | $643691678 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value (Notes 2 & 5)  | 405330207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments, at value  | 3591716101 | 643691678 |
| &nbsp;&nbsp;&nbsp; Cash (Note 2)  | 19691704 |  |
| &nbsp;&nbsp;&nbsp; Receivable for capital shares sold  | 2438540 | 151085 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold  |  | 1565427 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 264967 | 40523 |
| &nbsp;&nbsp;&nbsp; Other assets  | 53828 | 32874 |
|  Total assets  | 3614165140 | 645481587 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian  |  | 944901 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 2194732 | 280905 |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased  | 4704271 |  |
| &nbsp;&nbsp;&nbsp; Payable to Adviser (Note 4)  | 2513693 | 432575 |
| &nbsp;&nbsp;&nbsp; Accrued distribution and shareholder servicing fees (Note 4)  | 158916 | 50980 |
| &nbsp;&nbsp;&nbsp; Accrued Trustees' fees (Note 4)  | 64185 | 64185 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 4)  | 50182 | 11845 |
| &nbsp;&nbsp;&nbsp; Accrued legal fees  | 16000 | 16000 |
| &nbsp;&nbsp;&nbsp; Accrued audit fees  | 9150 | 8400 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 32000 | 9708 |
|  Total liabilities  | 9743129 | 1819499 |
|  **CONTINGENCIES AND COMMITMENTS (NOTES 4 & 8)**  | $— | $— |
|  **NET ASSETS**  | $3604422011 | $643662088 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $2253433673 | $507415396 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings  | 1350988338 | 136246692 |
|  **NET ASSETS**  | $3604422011 | $643662088 |
|  **NET ASSET VALUE PER SHARE:** |  |  |
|  **INSTITUTIONAL CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Institutional Class  | $3054943271 | $607047307 |
| &nbsp;&nbsp;&nbsp; Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 43617344 | 24576741 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $70.04 | $24.70 |
|  **INVESTORS CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Investors Class  | $549478740 | $36614781 |
| &nbsp;&nbsp;&nbsp; Investors Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 8039323 | 1521675 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $68.35 | $24.06 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> March 31, 2025 (Unaudited) (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> March 31, 2025 (Unaudited) (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF ASSETS AND LIABILITIES<br> March 31, 2025 (Unaudited) (Continued)** |
|  | **Conestoga <br> Mid Cap Fund** | **Conestoga <br> Discovery Fund** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $2597128 | $3798609 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value (Note 2)  | $2943581 | $4048642 |
| &nbsp;&nbsp;&nbsp; Cash (Note 2)  | 130498 | 83038 |
| &nbsp;&nbsp;&nbsp; Receivable due from Adviser (Note 4)  | 35390 | 27982 |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 290 | 1383 |
| &nbsp;&nbsp;&nbsp; Other assets  | 15392 | 26220 |
|  Total assets  | 3125151 | 4187265 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp; Accrued distribution and shareholder servicing fees (Note 4)  | 6824 | 12091 |
| &nbsp;&nbsp;&nbsp; Accrued Trustees' fees (Note 4)  | 765 | 1065 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 4)  | 6330 | 2330 |
| &nbsp;&nbsp;&nbsp; Accrued legal fees  | 16000 | 16000 |
| &nbsp;&nbsp;&nbsp; Accrued audit fees  | 8400 | 8400 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 1968 | 1410 |
|  Total liabilities  | 40287 | 41296 |
|  **CONTINGENCIES AND COMMITMENTS (NOTES 4 & 8)**  | $— | $— |
|  **NET ASSETS**  | $3084864 | $4145969 |
|  **NET ASSETS CONSIST OF:** |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $3007433 | $4161153 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (deficit)  | 77431 | (15184) |
|  **NET ASSETS**  | $3084864 | $4145969 |
|  **NET ASSET VALUE PER SHARE:** |  |  |
|  **INSTITUTIONAL CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Institutional Class  | $2581002 | $2211435 |
| &nbsp;&nbsp;&nbsp; Institutional Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 267624 | 299896 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $9.64 | $7.37 |
|  **INVESTORS CLASS** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets applicable to Investors Class  | $503862 | $1934534 |
| &nbsp;&nbsp;&nbsp; Investors Class shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 52747 | 264388 |
| &nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share (Note 2)  | $9.55 | $7.32 |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Six Months Ended March 31, 2025 (Unaudited)** | **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Six Months Ended March 31, 2025 (Unaudited)** | **CONESTOGA FUNDS<br> Statements of Operations** <br> **For the Six Months Ended March 31, 2025 (Unaudited)** |
|  | **Conestoga <br> Small Cap Fund** | **Conestoga <br> SMid Cap Fund** |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments  | $4512980 | $1516215 |
| &nbsp;&nbsp;&nbsp; Dividend income from affiliated investments (Note 5)  | 599698 |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (32405) | (6193) |
| &nbsp;&nbsp;&nbsp; Interest  | 928199 | 119832 |
|  Total investment income  | 6008472 | 1629854 |
|  **EXPENSES**  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 4)  | 19002289 | 3100990 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 972863 | 162915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 182825 | 10330 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Investors Class (Note 4)  | 914118 | 51650 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 4)  | 128937 | 128937 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 4)  | 147207 | 59788 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 77587 | 5198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 87573 | 5077 |
| &nbsp;&nbsp;&nbsp; Custody and bank service fees  | 101020 | 28488 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 55058 | 55058 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 73990 | 15902 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 67461 | 19541 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 10050 | 9300 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 4)  | 5475 | 5475 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 4948 | 4948 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 3353 | 3453 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 17404 | 11306 |
|  Total expenses  | 21852158 | 3678356 |
| &nbsp;&nbsp;&nbsp; Fee reductions and expense reimbursements by the Adviser (Note 4)  | (2118539) | (525717) |
|  Net expenses  | 19733619 | 3152639 |
|  **NET INVESTMENT LOSS**  | (13725147) | (1522785) |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
|  Net realized gains from unaffiliated investments  | 171552242 | 33734905 |
|  Net realized gains from affiliated investments (Note 5)  | 9295704 |  |
|  Net change in unrealized appreciation (depreciation) on unaffiliated investments  | (528383673) | (79106035) |
|  Net change in unrealized appreciation (depreciation) on affiliated investments (Note 5)  | (64091459) |  |
|  **NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS**  | (411627186) | (45371130) |
|  **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $(425352333) | $(46893915) |

---

See accompanying notes to financial statements.<br>

---

| | | |
|:---|:---|:---|
| **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Six Months Ended March 31, 2025 (Unaudited) (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Six Months Ended March 31, 2025 (Unaudited) (Continued)** | **CONESTOGA FUNDS<br> STATEMENTS OF OPERATIONS<br> For the Six Months Ended March 31, 2025 (Unaudited) (Continued)** |
|  | **Conestoga <br> Mid Cap Fund** | **Conestoga <br> Discovery Fund** |
|  **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income from unaffiliated investments  | $8005 | $2939 |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (76) | (112) |
| &nbsp;&nbsp;&nbsp; Interest  | 1064 | 1898 |
|  Total investment income  | 8993 | 4725 |
|  **EXPENSES**  |  |  |
| &nbsp;&nbsp;&nbsp; Legal fees  | 55058 | 55058 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 4)  | 27083 | 27152 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 20780 | 17118 |
| &nbsp;&nbsp;&nbsp; Management fees (Note 4)  | 12407 | 22542 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 9300 | 9300 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 3125 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 4795 | 6404 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 4)  | 5475 | 5475 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 4948 | 4948 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 4143 | 4112 |
| &nbsp;&nbsp;&nbsp; Shareholder reporting expenses  | 3341 | 3441 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 4)  | 2034 | 2688 |
| &nbsp;&nbsp;&nbsp; Distribution fees - Investors Class (Note 4)  | 644 | 2663 |
| &nbsp;&nbsp;&nbsp; Shareholder servicing fees (Note 4)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class  | 1293 | 1189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors Class  | 129 | 533 |
| &nbsp;&nbsp;&nbsp; Custody and bank service fees  | 1197 | 1570 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 10279 | 10684 |
|  Total expenses  | 166031 | 176393 |
| &nbsp;&nbsp;&nbsp; Fee reductions and expense reimbursements by the Adviser (Note 4)  | (152980) | (145552) |
|  Net expenses  | 13051 | 30841 |
|  **NET INVESTMENT LOSS**  | (4058) | (26116) |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS** |  |  |
|  Net realized gains (losses) from unaffiliated investments  | (50480) | 179459 |
|  Net change in unrealized appreciation (depreciation) on unaffiliated investments  | (67790) | (105537) |
|  **NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS**  | (118270) | 73922 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(122328) | $47806 |

---

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** |
|  | **Six Months <br> Ended <br> March 31, 2025<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(13725147) | $(19631713) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 180847946 | (2220842) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (592475132) | 702909818 |
|  Net increase (decrease) in net assets resulting from operations  | (425352333) | 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  | 378629211 | 859013339 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 19097244 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (487816532) | (673945503) |
|  Net increase (decrease) in Institutional Class net assets from capital share transactions  | (109187321) | 204165080 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 35573557 | 125175867 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions to shareholders  |  | 5572497 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (202685748) | (176094660) |
|  Net decrease in Investors Class net assets from capital share transactions  | (167112191) | (45346296) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (701651845) | 807176652 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 4306073856 | 3498897204 |
| &nbsp;&nbsp;&nbsp; End of period  | $3604422011 | $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** |
|  | **Six Months <br> Ended <br> March 31, 2025<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(1522785) | $(1525449) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 33734905 | (104201) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (79106035) | 124736491 |
|  Net increase (decrease) in net assets resulting from operations  | (46893915) | 123106841 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 35271236 | 353429905 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (95328845) | (96004772) |
|  Net increase (decrease) in Institutional Class net assets from capital share transactions  | (60057609) | 257425133 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 1208394 | 3483376 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (4664744) | (13518396) |
|  Net decrease in Investors Class net assets from capital share transactions  | (3456350) | (10035020) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (110407874) | 370496954 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 754069962 | 383573008 |
| &nbsp;&nbsp;&nbsp; End of period  | $643662088 | $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** |
|  | **Six Months <br> Ended <br> March 31, 2025<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(4058) | $(5349) |
| &nbsp;&nbsp;&nbsp; Net realized losses from investments  | (50480) | (96639) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (67790) | 632230 |
|  Net increase (decrease) in net assets resulting from operations  | (122328) | 530242 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 74585 | 322307 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (23044) | (23295) |
|  Net increase in Institutional Class net assets from capital share transactions  | 51541 | 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 (DECREASE) IN NET ASSETS**  | (70787) | 818379 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 3155651 | 2337272 |
| &nbsp;&nbsp;&nbsp; End of period  | $3084864 | $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** |
|  | **Six Months <br> Ended <br> March 31, 2025<br> (Unaudited)** | **Year Ended <br> September 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(26116) | $(36999) |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from investments  | 179459 | (242788) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | (105537) | 658348 |
|  Net increase in net assets resulting from operations  | 47806 | 378561 |
|  **CAPITAL SHARE TRANSACTIONS (Note 6)** |  |  |
|  **Institutional Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  |  | 85000 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (27500) | (16200) |
|  Net increase (decrease) in Institutional Class net assets from capital share transactions  | (27500) | 68800 |
|  **Investors Class** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 19039 | 2182550 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (189811) | (337866) |
|  Net increase (decrease) in Investors Class net assets from capital share transactions  | (170772) | 1844684 |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | (150466) | 2292045 |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 4296435 | 2004390 |
| &nbsp;&nbsp;&nbsp; End of period  | $4145969 | $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** | **CONESTOGA SMALL 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:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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** | **Year <br> Ended<br> Sept. 30, <br> 2020** |
|  Net asset value at beginning of period  | $78.28 | $66.27 | $59.06 | $87.18 | $63.19 | $58.40 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.24) | (0.33) | (0.29) | (0.45) | (0.56) | (0.33) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (8.00) | 12.95 | 9.93 | (23.17) | 24.55 | 6.39 |
|  Total from investment operations  | (8.24) | 12.62 | 9.64 | (23.62) | 23.99 | 6.06 |
|  Less distributions from net realized gains  |  | (0.61) | (2.43) | (4.50) |  | (1.27) |
|  Net asset value at end of period  | $70.04 | $78.28 | $66.27 | $59.06 | $87.18 | $63.19 |
|  Total return <sup>(b)</sup>  | (10.53 %)<sup>(c)</sup> | 19.19% | 16.54% | (28.62%) | 37.96% | 10.53% |
|  Net assets at end of period (000,000's)  | $3055 | $3527 | $2796 | $2359 | $3386 | $2204 |
|  **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 0.99 %<sup>(d)</sup> | 0.99% | 0.98% | 0.98% | 0.98% | 1.00% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(e)</sup>  | 0.90 %<sup>(d)</sup> | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(e)</sup>  | (0.62 %)<sup>(d)</sup> | (0.47%) | (0.44%) | (0.62%) | (0.69%) | (0.56%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 11 %<sup>(c)</sup> | 16% | 13% | 24% | 19% | 22% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(b)</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>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</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** | **CONESTOGA SMALL 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:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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** | **Year<br> Ended <br> Sept. 30, <br> 2020** |
|  Net asset value at beginning of period  | $76.46 | $64.88 | $57.97 | $85.83 | $62.33 | $57.74 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.32) | (0.47) | (0.41) | (0.59) | (0.70) | (0.44) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (7.79) | 12.66 | 9.75 | (22.77) | 24.20 | 6.30 |
|  Total from investment operations  | (8.11) | 12.19 | 9.34 | (23.36) | 23.50 | 5.86 |
|  Less distributions from net realized gains  |  | (0.61) | (2.43) | (4.50) |  | (1.27) |
|  Net asset value at end of period  | $68.35 | $76.46 | $64.88 | $57.97 | $85.83 | $62.33 |
|  Total return <sup>(b)</sup>  | (10.61 %)<sup>(c)</sup> | 18.94% | 16.33% | (28.78%) | 37.70% | 10.30% |
|  Net assets at end of period (000,000's)  | $549 | $779 | $703 | $642 | $968 | $805 |
|  **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 1.26 %<sup>(d)</sup> | 1.26% | 1.26% | 1.26% | 1.25% | 1.28% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.10 %<sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(e)</sup>  | (0.82 %)<sup>(d)</sup> | (0.67%) | (0.64%) | (0.82%) | (0.89%) | (0.75%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 11 %<sup>(c)</sup> | 16% | 13% | 24% | 19% | 22% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(b)</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>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</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** | **CONESTOGA SMID 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:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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** | **Year<br> Ended <br> Sept. 30, <br> 2020**  |
|  Net asset value at beginning of period  | $26.49 | $20.98 | $17.96 | $26.13 | $19.29 | $17.18 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.05) | (0.06) | (0.06) | (0.09) | (0.11) | (0.06) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (1.74) | 5.57 | 3.08 | (8.08) | 6.95 | 2.40 |
|  Total from investment operations  | (1.79) | 5.51 | 3.02 | (8.17) | 6.84 | 2.34 |
|  Less distributions from net realized gains  |  |  |  |  |  | (0.23) |
|  Net asset value at end of period  | $24.70 | $26.49 | $20.98 | $17.96 | $26.13 | $19.29 |
|  Total return <sup>(b)</sup>  | (6.76 %)<sup>(c)</sup> | 26.26% | 16.82% | (31.27%) | 35.46% | 13.76% |
|  Net assets at end of period (000's)  | $607047 | $711283 | $340636 | $272623 | $357479 | $188836 |
|  **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 0.99 %<sup>(d)</sup> | 1.02% | 1.07% | 1.07% | 1.10% | 1.26% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(e)</sup>  | 0.85 %<sup>(d)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(e)</sup>  | (0.40 %)<sup>(d)</sup> | (0.27%) | (0.29%) | (0.41%) | (0.47%) | (0.34%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 8 %<sup>(c)</sup> | 10% | 9% | 15% | 17% | 11% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(b)</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>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</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** | **CONESTOGA SMID 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:** | **Per Share Data for a Share Outstanding Throughout Each Period:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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** | **Year<br> Ended <br> Sept. 30, <br> 2020**  |
|  Net asset value at beginning of period  | $25.84 | $20.52 | $17.60 | $25.68 | $19.01 | $16.97 |
|  Income (loss) from investment operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment loss <sup>(a)</sup>  | (0.08) | (0.12) | (0.11) | (0.15) | (0.17) | (0.10) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | (1.70) | 5.44 | 3.03 | (7.93) | 6.84 | 2.37 |
|  Total from investment operations  | (1.78) | 5.32 | 2.92 | (8.08) | 6.67 | 2.27 |
|  Less distributions from net realized gains  |  |  |  |  |  | (0.23) |
|  Net asset value at end of period  | $24.06 | $25.84 | $20.52 | $17.60 | $25.68 | $19.01 |
|  Total return <sup>(b)</sup>  | (6.89 %)<sup>(c)</sup> | 25.93% | 16.59% | (31.46%) | 35.09% | 13.52% |
|  Net assets at end of period (000's)  | $36615 | $42787 | $42937 | $44183 | $64189 | $50577 |
|  **Ratios/supplementary data:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 1.31 %<sup>(d)</sup> | 1.34% | 1.38% | 1.36% | 1.36% | 1.51% |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(e)</sup>  | 1.10 %<sup>(d)</sup> | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(e)</sup>  | (0.65 %)<sup>(d)</sup> | (0.51%) | (0.54%) | (0.66%) | (0.71%) | (0.57%) |
| &nbsp;&nbsp; Portfolio turnover rate  | 8 %<sup>(c)</sup> | 10% | 9% | 15% | 17% | 11% |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Per share net investment loss has been determined on the basis of average number of shares outstanding during the period. |
| <sup>(b)</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>(c)</sup> | Not annualized. |
| <sup>(d)</sup> | Annualized. |
| <sup>(e)</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:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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>  | (0.01) | (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  | (0.39) | 1.76 | 1.17 | (3.22) | 0.32 |
|  Net asset value at end of period  | $9.64 | $10.03 | $8.27 | $7.10 | $10.32 |
|  Total return <sup>(c)</sup>  | (3.89 %)<sup>(d)</sup> | 21.28% | 16.48% | (31.20%) | 3.20 %<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $2581 | $2631 | $1893 | $1406 | $1168 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 9.95 %<sup>(e)</sup> | 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 %<sup>(e)</sup> | 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>  | (0.22 %)<sup>(e)</sup> | (0.15%) | (0.12%) | (0.36%) | (0.50 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 5 %<sup>(d)</sup> | 5% | 9% | 18% | 1 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations (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:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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>  | (0.02) | (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  | (0.40) | 1.72 | 1.15 | (3.23) | 0.31 |
|  Net asset value at end of period  | $9.55 | $9.95 | $8.23 | $7.08 | $10.31 |
|  Total return <sup>(c)</sup>  | (4.02 %)<sup>(d)</sup> | 20.90% | 16.24% | (31.33%) | 3.10 %<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $504 | $525 | $444 | $395 | $567 |
|  **Ratios/supplementary data:** |  |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 14.43 %<sup>(e)</sup> | 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 %<sup>(e)</sup> | 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>  | (0.47 %)<sup>(e)</sup> | (0.39%) | (0.37%) | (0.61%) | (0.73 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 5 %<sup>(d)</sup> | 5% | 9% | 18% | 1 %<sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Represents the period from the commencement of operations (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:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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>  | (0.04) | (0.06) | (0.06) | (0.06) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 0.08 | 1.04 | (0.66) | (2.87) |
|  Total from investment operations  | 0.04 | 0.98 | (0.72) | (2.93) |
|  Net asset value at end of period  | $7.37 | $7.33 | $6.35 | $7.07 |
|  Total return <sup>(c)</sup>  | 0.55 %<sup>(d)</sup> | 15.43% | (10.18%) | (29.30 %)<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $2211 | $2222 | $1864 | $2075 |
|  **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 7.40 %<sup>(e)</sup> | 8.13% | 11.38% | 9.08 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.25 %<sup>(e)</sup> | 1.25% | 1.25% | 1.25 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (1.04 %)<sup>(e)</sup> | (0.87%) | (0.88%) | (0.90 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 8 %<sup>(d)</sup> | 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:** |
|  | **Six Months<br> Ended <br> March 31, <br> 2025<br> (Unaudited)** | **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>  | (0.05) | (0.08) | (0.08) | (0.07) |
| &nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 0.09 | 1.04 | (0.65) | (2.88) |
|  Total from investment operations  | 0.04 | 0.96 | (0.73) | (2.95) |
|  Net asset value at end of period  | $7.32 | $7.28 | $6.32 | $7.05 |
|  Total return <sup>(c)</sup>  | 0.55 %<sup>(d)</sup> | 15.19% | (10.35%) | (29.50 %)<sup>(d)</sup> |
|  Net assets at end of period (000's)  | $1935 | $2075 | $140 | $184 |
|  **Ratios/supplementary data:** |  |  |  |  |
| &nbsp;&nbsp; Ratio of total expenses to average net assets  | 8.28 %<sup>(e)</sup> | 7.76% | 23.00% | 13.66 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net expenses to average net assets <sup>(f)</sup>  | 1.50 %<sup>(e)</sup> | 1.50% | 1.50% | 1.50 %<sup>(e)</sup> |
| &nbsp;&nbsp; Ratio of net investment loss to average net assets <sup>(f)</sup>  | (1.29 %)<sup>(e)</sup> | (1.15%) | (1.13%) | (1.14 %)<sup>(e)</sup> |
| &nbsp;&nbsp; Portfolio turnover rate  | 8 %<sup>(d)</sup> | 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 March 31, 2025 (Unaudited)**

**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, 2025.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). 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"). 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."

**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, the securities will 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 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

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

● 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 March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Small Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $3591716101 | $— | $— | $3591716101 |
|  Total  | $3591716101 | $— | $— | $3591716101 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga SMid Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $643691678 | $— | $— | $643691678 |
|  Total  | $643691678 | $— | $— | $643691678 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Mid Cap Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $2943581 | $— | $— | $2943581 |
|  Total  | $2943581 | $— | $— | $2943581 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Conestoga Discovery Fund** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
|  Common Stocks  | $4048642 | $— | $— | $4048642 |
|  Total  | $4048642 | $— | $— | $4048642 |

---

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 six months ended March 31, 2025.

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

**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 is held in a bank account with balances which may exceed the Federal Deposit Insurance Corporation ("FDIC") limit of $250,000. As of March 31, 2025, the cash balances reflected on the Statements of Assets and Liabilities for each Fund represent the amount 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 to shareholders are recorded on the ex-dividend date. The tax character of distributions paid to shareholders during the periods ended March 31, 2025 and September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **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**  |
|  March 31, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $32699395 | $32699395 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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**  |
|  March 31, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **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**  |
|  March 31, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| **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**  |
|  March 31, 2025  | $— | $— | $— |
|  September 30, 2024  | $— | $— | $— |

---

**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.

**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.

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

The following information is computed on a tax basis for each item as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  |
|  Tax cost of investments  | $2389400561 | $520390803 |
|  Gross unrealized appreciation  | $1452594292 | $168097530 |
|  Gross unrealized depreciation  | (250278752) | (44796655) |
|  Net unrealized appreciation  | 1202315540 | 123300875 |
|  Accumulated ordinary loss  | (29062140) | (2891310) |
|  Capital loss carryforwards  | (4832422) | (16801371) |
|  Other gains  | 182567360 | 32638498 |
|  Accumulated earnings  | $1350988338 | $136246692 |

---

---

| | | |
|:---|:---|:---|
|  | **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  | $2599767 | $3812449 |
|  Gross unrealized appreciation  | $618209 | $924824 |
|  Gross unrealized depreciation  | (274395) | (688631) |
|  Net unrealized appreciation  | 343814 | 236193 |
|  Accumulated ordinary loss  | (8669) | (59667) |
|  Capital loss carryforwards  | (207234) | (379407) |
|  Other gains (losses)  | (50480) | 187697 |
|  Accumulated earnings (deficit)  | $77431 | $(15184) |

---

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.

As of September 30, 2024, the Funds had the following capital loss carryfowards ("CLCFs") for federal income tax purposes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Short-term capital loss carryforwards  | $4832422 | $4895650 | $30388 | $69860 |
|  Long-term capital loss carryforwards  |  | 11905721 | 176846 | 309547 |
|  Total  | $4832422 | $16801371 | $207234 | $379407 |

---

These CLCFs, which do not expire, are available to offset net realized capital gains in the current and 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 the current and 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 six months ended March 31, 2025, the Funds did not incur any interest and penalties.

**3. Investment Transactions** 

During the six months ended March 31, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Purchases of investment securities  | $444284627 | $59665084 | $149641 | $363886 |
|  Proceeds from sales of investment securities  | $547894536 | $109686710 | $179342 | $562854 |

---

**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 six months ended March 31, 2025, the Adviser reduced its management fees of $19,002,289 from the Small Cap Fund by $555,961 and reimbursed other operating expenses of $1,562,578 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 March 31, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2026** | **March 31, <br> 2027** | **Total** |
|  Small Cap Fund  | $1663840 | $3942587 | $2118539 | $7724966 |

---

During the six months ended March 31, 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 six months ended March 31, 2025, the Adviser reduced its management fees of $3,100,990 from the SMid Cap Fund by $322,590 and reimbursed other operating expenses of $203,127 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 March 31, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2026** | **March 31, <br> 2027** | **Total** |
|  SMid Cap Fund  | $428879 | $921323 | $525717 | $1875919 |

---

During the six months ended March 31, 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 six months ended March 31, 2025, the Adviser did not collect any of its management fees of $12,407 from the Mid Cap Fund and reimbursed other operating expenses of $140,573 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 March 31, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the dates as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2026** | **March 31, <br> 2027** | **Total** |
|  Mid Cap Fund  | $124050 | $244391 | $152980 | $521421 |

---

During the six months ended March 31, 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 six months ended March 31, 2025, the Adviser did not collect any of its management fees of $22,542 from the Discovery Fund and reimbursed other operating expenses of $123,010 under this arrangement. In addition, if at any point during the 24 months following the date that the Adviser reduced its management fees

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

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 March 31, 2025, the Adviser may seek recovery of management fee reductions and expense reimbursements no later than the date as stated below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, <br> 2025** | **September 30, <br> 2026** | **March 31, <br> 2027** | **Total** |
|  Discovery Fund  | $128619 | $246272 | $145552 | $520443 |

---

During the six months ended March 31, 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 six months ended March 31, 2025, Investors Class shares of the Small Cap Fund, SMid Cap Fund, Mid Cap Fund and Discovery Fund incurred fees of $914,118, $51,650, $644, and $2,663, 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

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

to Investors Class shares that will continue through at least September 30, 2025. During the six months ended March 31, 2025, the Funds incurred the following fees under the Shareholder Servicing Plan:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Fund**  | **SMid Cap Fund**  | **Mid Cap Fund** | **Discovery Fund** |
|  Institutional Class shares  | $972863 | $162915 | $1293 | $1189 |
|  Investors Class shares  | $182825 | $10330 | $129 | $533 |

---

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 (except that such retainer is $36,400 for the Lead Independent Trustee and $30,340 for the Chair of the Audit Committee, annually) and $5,000 per quarterly and special in-person meeting, and $2,500 per special telephonic meeting. From January 1, 2024 through December 31, 2024, each Independent Trustee received a quarterly retainer of $15,625 (except that such retainer was $33,000 for the Lead Independent Trustee and $27,500 for the Chair of the Audit Committee, annually), $5,000 per quarterly and special in-person meeting, and $2,500 per special telephonic meeting. Each Fund pays its proportionate share of such fees.

PRINCIPAL HOLDERS OF FUND SHARES

As of March 31, 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) | 31% |
| &nbsp;&nbsp;&nbsp; National Financial Services, LLC (for the benefit of its customers) | 27% |

---

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

---

| | |
|:---|:---|
| **NAME OF RECORD OWNERS** | **% Ownership** |
|  **Conestoga SMid Cap Fund**  |  |
| &nbsp;&nbsp;&nbsp; National Financial Services, LLC (for the benefit of its customers) | 63% |
|  **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) | 45% |

---

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 six months ended March 31, 2025 appears below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Digi <br> International, <br> Inc.** | **LeMaitre <br> Vascular, Inc.** | **Mesa <br> Laboratories, Inc.** |
|  Percentage of Outstanding Voting Shares Owned  | 6.83% | 5.11% | 7.54% |
|  Shares at Beginning of Period  | 2276606 | 1420521 | 363985 |
|  Shares Purchased During the Period  | 270000 |  | 50000 |
|  Shares Sold During the Period  | (27125) | (267625) | (4400) |
|  Shares at End of Period  | 2519481 | 1152896 | 409585 |
|  Market Value at Beginning of Period  | $62674963 | $131952196 | $47267092 |
|  Cost of Purchases During the Period  | 8196020 |  | 6612414 |
|  Cost of Sales During the Period  | (1030918) | (14345412) | (769215) |
|  Change in Unrealized Appreciation (Depreciation)  | 277091 | (20878809) | (4508935) |
|  Market Value at End of Period  | $70117156 | $96727975 | $48601356 |
|  Net Realized Gains (Losses) During the Period  | $(241331) | $11303643 | $(214979) |
|  Dividend Income Earned During the Period  | $— | $427223 | $132475 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Simulations Plus, <br> Inc.** | **Stevanato Group <br> S.p.A.** | **Transcat, Inc.** |
|  Percentage of Outstanding Voting Shares Owned  | 8.98% | 9.53% | 7.08% |
|  Shares at Beginning of Period  | 1266380 | 4326581 | 643499 |
|  Shares Purchased During the Period  | 559304 | 452000 | 22251 |
|  Shares Sold During the Period  | (19450) | (50875) | (6850) |
|  Shares at End of Period  | 1806234 | 4727706 | 658900 |
|  Market Value at Beginning of Period  | $40549488 | $86531620 | $77715374 |
|  Cost of Purchases During the Period  | 17738346 | 8250173 | 1641987 |
|  Cost of Sales During the Period  | (1083133) | (1588843) | (890486) |
|  Change in Unrealized Appreciation (Depreciation)  | (12915843) | 3346807 | (29411770) |
|  Market Value at End of Period  | $44288858 | $96539757 | $49055105 |
|  Net Realized Losses During the Period  | $(588518) | $(562687) | $(400424) |
|  Dividend Income Earned During the Period  | $— | $— | $— |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |
|  Market Value at Beginning of Period  | $446690733 |
|  Cost of Purchases During the Period  | 42438940 |
|  Cost of Sales During the Period  | (19708007) |
|  Change in Unrealized Appreciation (Depreciation)  | (64091459) |
|  Market Value at End of Period  | $405330207 |
|  Net Realized Gains During the Period  | $9295704 |
|  Dividend Income Earned During the Period  | $559698 |

---

**6. Capital Share Activity** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 4787810 | $378629211 | 12010702 | $859013339 |
|  Reinvested  |  |  | 280347 | 19097244 |
|  Redeemed  | (6229867) | (487816532) | (9413215) | (673945503) |
|  Total  | (1442057) | $(109187321) | 2877834 | $204165080 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 464281 | $35573557 | 1797536 | $125175867 |
|  Reinvested  |  |  | 83608 | 5572497 |
|  Redeemed  | (2613231) | (202685748) | (2534382) | (176094660) |
|  Total  | (2148950) | $(167112191) | (653238) | $(45346296) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 1325722 | $35271236 | 14669278 | $353429905 |
|  Redeemed  | (3600139) | (95328845) | (4053808) | (96004772) |
|  Total  | (2274417) | $(60057609) | 10615470 | $257425133 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 46185 | $1208394 | 151112 | $3483376 |
|  Redeemed  | (180495) | (4664744) | (588015) | (13518396) |
|  Total  | (134310) | $(3456350) | (436903) | $(10035020) |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 7630 | $74585 | 36169 | $322307 |
|  Redeemed  | (2288) | (23044) | (2712) | (23295) |
|  Total  | 5342 | $51541 | 33457 | $299012 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 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) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  |  | $— | 12169 | $85000 |
|  Redeemed  | (3361) | (27500) | (2523) | (16200) |
|  Total  | (3361) | $(27500) | 9646 | $68800 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended <br> March 31, 2025** | **For the Six Months Ended <br> March 31, 2025** | **For the Year Ended <br> September 30, 2024** | **For the Year Ended <br> September 30, 2024** |
|  | **Shares** | **Value** | **Shares** | **Value** |
|  Issued  | 2359 | $19039 | 311119 | $2182550 |
|  Redeemed  | (23071) | (189811) | (48200) | (337866) |
|  Total  | (20712) | $(170772) | 262919 | $1844684 |

---

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

**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 March 31, 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 | 37.9% |
|  | &nbsp;&nbsp;&nbsp; Technology | 24.1% |
|  **SMid Cap Fund** | &nbsp;&nbsp;&nbsp; Industrials | 37.0% |
|  | &nbsp;&nbsp;&nbsp; Technology | 22.0% |
|  **Mid Cap Fund** | &nbsp;&nbsp;&nbsp; Industrials | 29.0% |
|  | &nbsp;&nbsp;&nbsp; Technology | 21.5% |
|  **Discovery Fund** | &nbsp;&nbsp;&nbsp; Industrials | 34.8% |
|  | &nbsp;&nbsp;&nbsp; Health Care | 23.0% |

---

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

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

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. 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.

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

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

There were no changes in 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**

At an in-person meeting held on November 11, 2024, the Board of Trustees (the "Board") of the Conestoga Funds (the "Trust") considered the annual renewals of the advisory agreements with Conestoga Capital Advisors, LLC ("CCA" or the "Adviser") on behalf of 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," together with the Small Cap Fund, the SMid Cap Fund and the Mid Cap Fund, the "Funds," each a "Fund"), respectively (the "Investment Advisory Agreements") between each Fund and the Adviser.

The Independent Trustees reviewed and considered the nature, extent and quality of the investment advisory services provided by CCA under the Investment Advisory Agreements, including portfolio management, investment research, equity securities trading and monitoring for best execution, and adviser resources dedicated to the Funds. The Independent Trustees also reviewed and considered the nature, extent and quality of the non-advisory and administrative services provided to the Funds by the Adviser, including accounting, clerical, bookkeeping, business management and planning, and the provision of supplies, office space and utilities. In addition, the Independent Trustees considered CCA's regulatory and compliance policies, procedures, and systems. The Independent Trustees evaluated the Adviser's capabilities in providing (or overseeing) the administrative, legal and compliance services needed to support the management

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

of the Funds, and the information that regularly had been provided by the Trust's Chief Compliance Officer to the Trustees at prior Board meetings. The Independent Trustees also considered CCA's willingness to add personnel as the Funds have grown to ensure that appropriate staffing levels were maintained.

Based on their consideration and review of the foregoing information, the Independent Trustees determined that the Funds benefited from the nature, extent, and quality of these services, as well as CCA's ability to continue to provide these services based on the Adviser's experience, operations, and resources and concluded that they supported the continuation of the Investment Advisory Agreements.

The Independent Trustees placed a significant emphasis on the investment performance of each of the Funds. The Independent Trustees considered whether the Funds operated within their investment objectives and styles and considered each Fund's record of compliance with its investment restrictions. While consideration was given to performance reports and discussions throughout the year, particular attention in assessing performance was given to information furnished in connection with the contract renewals. The Independent Trustees also took into consideration CCA's explanations for each Fund's performance, as well as the Adviser's expectations for the acceptable performance of each Fund over longer-term periods. In addition, the Independent Trustees reviewed a Morningstar Risk Analysis for each of the Funds and considered CCA's discussion of Fund performance on a risk-adjusted basis.

The Independent Trustees reviewed information comparing the Small Cap Fund's total returns for various periods ended September 30, 2024 (annualized for periods greater than one year) to the performance of: (1) the Russell 2000 Growth Index, (2) six other comparable small cap mutual funds provided by CCA (the "Small Cap Peer Group"), and (3) other mutual funds included in the FUSE peer group that consisted of the Small Cap Fund and thirteen other small growth funds with similar pricing characteristics (the "FUSE Peer Group") and the FUSE peer universe that consisted of the FUSE Peer Group and all other small growth funds with similar pricing features, excluding outliers (the "FUSE Peer Universe").

The Independent Trustees noted that the Small Cap Fund (Investors Share Class) outperformed the Russell 2000 Growth Index for the quarter, 10-year and since inception periods and underperformed the Index for the year-to-date and one-year periods. The Independent Trustees also considered the Fund's performance against the Small Cap Peer Group, noting that the Fund (Investors Share Class) ranked fifth on a year-to-date, three-year, and five-year annual return basis. The Independent Trustees reviewed the Small Cap Fund's performance against the FUSE Peer Group, noting that the Small Cap Fund (Investors Class Shares) had outperformed the FUSE Peer Group median for the three-month, three-year, ten-year and since inception periods ended September 30, 2024, but had underperformed the Index for the one-year and five-year periods. The Independent Trustees also reviewed the Small Cap Fund's performance against the FUSE

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

Peer Universe, noting that the Small Cap Fund (Investors Class Shares) had outperformed the FUSE Peer Universe median for the three-month, ten-year and since inception periods ended September 30, 2024, but had underperformed the for the one-year, three-year and five-year periods.

The Independent Trustees reviewed information comparing the SMid Cap Fund's total returns for various periods ended September 30, 2024 (annualized for periods greater than one year) to the performance of: (1) the Russell 2500 Growth Index, (2) five other comparable smid cap mutual funds provided by CCA (the "SMid Cap Peer Group"), and (3) other mutual funds included in the FUSE peer group that consisted of the SMid Cap Fund and twelve other smid growth funds with similar pricing characteristics (the "FUSE Peer Group") and the FUSE peer universe that consisted of the FUSE Peer Group and all other mid-cap growth funds with similar pricing features, excluding outliers (the "FUSE Peer Universe").

The Independent Trustees noted that the SMid Cap Fund (Investors Share Class) outperformed the Russell 2500 Growth Index for the quarter, year-to-date, one-year, three-year, ten-year and since inception periods. The Independent Trustees also considered the Fund's performance against the SMid Cap Peer Group, noting that the Fund (Investors Share Class) ranked fourth on a year-to-date annual return basis, third on a one-year annual return basis and fifth on a three-year annual return basis. The Independent Trustees reviewed the SMid Cap Fund's performance against the FUSE Peer Group, noting that the SMid Cap Fund (Investors Class Shares) had outperformed the Peer Group median for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended September 30, 2024. The Independent Trustees also reviewed the SMid Cap Fund's performance against the FUSE Peer Universe, noting that the SMid Cap Fund (Investors Class Shares) had outperformed the Peer Universe median for the three-month, one-year, three-year and ten-year periods ended September 30, 2024, and slightly underperformed for the since inception period.

With respect to the Mid Cap Fund, the Independent Trustees considered the limited performance history of the Fund. The Independent Trustees reviewed information comparing the Mid Cap Fund's total returns for various periods ended September 30, 2024 (annualized for periods greater than one year) to the performance of: (1) the Russell Mid Cap Growth Index, (2) five other comparable mid cap mutual funds provided by CCA (the "Mid Cap Peer Group"), and (3) other mutual funds included in the FUSE peer group that consisted of the Mid Cap Fund and thirteen other mid-cap growth funds with similar pricing characteristics (the "FUSE Peer Group") and the FUSE peer universe that consisted of the FUSE Peer Group and all other mid-cap growth funds with similar pricing features, excluding outliers (the "FUSE Peer Universe").

The Independent Trustees noted that the Mid Cap Fund (Investors Share Class) had outperformed the Russell Mid Cap Growth Index for the three-month period ended September 30, 2024, but had underperformed the Index for the year-to-date and one-

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

year periods. The Independent Trustees also considered the Fund's performance against the Mid Cap Peer Group, noting that the Fund (Investors Share Class) ranked fourth on a year-to-date basis and fifth on a one-year annual return basis. The Independent Trustees reviewed the Mid Cap Fund's performance against the FUSE Peer Group, noting that the Mid Cap Fund (Investors Class Shares) had outperformed the FUSE Peer Group median for the three-month period ended September 30, 2024 and underperformed for the one-year, three-year and since inception periods. The Independent Trustees also reviewed the Mid Cap Fund's performance against the FUSE Peer Universe, noting that the Mid Cap Fund (Investors Class Shares) had outperformed the FUSE Peer Universe median for the three-month and since inception periods ended September 30, 2024.

The Independent Trustees reviewed information comparing the Discovery Fund's total returns for various periods ended September 30, 2024 (annualized for periods great than one year) to the performance of: (1) the Russell Micro Cap Growth Index, (2) five other comparable micro cap mutual funds provided by CCA (the "Micro Cap Peer Group"), and (3) other mutual funds included in the FUSE peer group that consisted of the Discovery Fund and nine other micro cap growth funds with similar pricing characteristics (the "FUSE Peer Group") and the FUSE peer universe that consisted of the FUSE Peer Group and all other small growth funds with similar pricing features, excluding outliers (the "FUSE Peer Universe").

The Independent Trustees noted that the Discovery Fund (Investors Share Class) had underperformed the Russell Micro Cap Growth Index for the year-to-date, one-year, and three-year periods ended September 30, 2024, but had outperformed the Index for the since inception period. The Independent Trustees also considered the Discovery Fund's against the Micro Cap Peer Group, noting that the Discovery Fund (Investors Share Class) ranked sixth on a year-to-date, one-year and one-year annual return basis. The Independent Trustee reviewed the Discovery Fund's performance against the FUSE Peer Group, noting that the Discovery Fund (Investors Class Shares) had outperformed the FUSE Peer Group median for the three-month period, but had underperformed for the one-year and since inception periods ended September 30, 2024. The Independent Trustees also reviewed the Discovery Fund's performance against the FUSE Peer Universe, noting that the Discovery Fund (Investors Class Shares) had outperformed the FUSE Peer Universe median for the three-month, but had underperformed for the one-year and since inception periods ended September 30, 2024. The Independent Trustees took into consideration CCA's explanation for the recent underperformance of the Discovery Fund and noted that they would continue to monitor future performance.

Based on the foregoing, the Independent Trustees concluded that CCA's performance in managing each of the Funds indicated that the Adviser's continued management will benefit the Funds and their shareholders.

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

The Independent Trustees considered the Funds' expense levels, including the effect of the Funds' expense limitation arrangements with CCA, which apply on a Fund-by-Fund basis and require CCA to assume the operating expenses of the Funds (with exceptions) above a certain limit. The Independent Trustees considered the Adviser's undertaking to continue such expense limitations until at least January 31, 2026, at current levels. The Independent Trustees compared the net expense ratios and net management fees of the Small Cap Fund, SMid Cap Fund, Mid Cap Fund, and Discovery Fund to the net expense ratios and net management fees of each Fund's respective FUSE Peer Group and FUSE Peer Universe. The Independent Trustees noted that the net management fee and net expense ratio for each Class of each Fund was in the 40th percentile or better of the FUSE Peer Group, except for: (1) the net advisory fee of the Small Cap Fund (Institutional Class Shares), which was seven basis points higher than the median of the FUSE Peer Group and in the 79th percentile; and (2) the net expense ratio of the Discovery Fund (Investors Class Shares), which was in the 56th percentile of the FUSE Peer Group. The Independent Trustees also discussed the competitiveness of the Discovery Fund's net expense ratio as compared to the FUSE Peer Universe in light of the size of the Fund.

Overall, the Independent Trustees concluded that the management fees paid by the Small Cap Fund, SMid Cap Fund, Mid Cap Fund, and the Discovery Fund were reasonable in comparison to the management fees of the respective peer groups. The Independent Trustees also concluded that the management fees paid by the Funds to CCA were reasonable in comparison to the management fees charged by the Adviser to its other advisory clients, particularly when considering the nature of the services provided to Fund shareholders versus CCA's other clients. While intending to continuously monitor the fee structures of the Funds, the Independent Trustees found their expense structures to be acceptable in view of the nature and structure of Fund operations, CCA's contractual agreements to limit Fund operating expenses, and, with respect to the Mid Cap Fund and the Discovery Fund, the size of the Funds.

The Independent Trustees reviewed the costs of the services provided by CCA and discussed the profitability of the Small Cap Fund, SMid Cap Fund, Mid Cap Fund, and Discovery Fund advisory relationships to the Adviser. The Independent Trustees considered "fall-out benefits" that could be derived by CCA from its relationship with the Funds. The Independent Trustees also considered CCA's use of "soft dollar" arrangements. Under such arrangements, it was noted, brokerage commissions paid by the Funds and/or other accounts managed by CCA would be used to pay for research that a securities broker obtains from third parties. The Independent Trustees considered CCA's representation that the Funds' fee structures reflect economies of scale and considered the asset size of the Mid Cap Fund and the Discovery Fund and potential economies of scale in the future. The Independent Trustees also considered the entrepreneurial risk undertaken by CCA in managing and operating the Trust and the Funds and they considered the Adviser's commitment to the continued successful operation of the Funds.

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

After further discussion and consultation with Independent Trustee counsel, the Independent Trustees agreed that they have been provided with sufficient information with which to approve the Investment Advisory Agreements for another year with respect to each of the Funds.

Following further consideration of the foregoing factors and such other matters as were deemed relevant, with no single factor being determinative and each Trustee not necessarily attributing the same weight to each factor, the Independent Trustees concluded that the management fee rates of the Funds continued to be supported by the services provided by CCA to the Funds, as well as the costs that were incurred and benefits that were gained by the Adviser in providing such services. As a result, the Independent Trustees concluded that it was in the best interests of the Funds' shareholders to approve the continuation of the Investment Advisory Agreements and the Independent Trustees determined to approve the Investment Advisory Agreements.

---

| | |
|:---|:---|
| **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.**

Included under Item 7

**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.**

(a) Not applicable

(b) 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) Code of Ethics: Not applicable.

(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.](fp0093085-2_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.](fp0093085-2_ex99906cert.htm)

---

| | |
|:---|:---|
| [Exhibit 99.CERT](fp0093085-2_ex99cert.htm) | [Certifications required by Rule 30a-2(a) under the Act](fp0093085-2_ex99cert.htm) |
| [Exhibit 99.906CERT](fp0093085-2_ex99906cert.htm) | [Certifications required by Rule 30a-2(b) under the Act](fp0093085-2_ex99906cert.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 | June 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.

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| | | |
|:---|:---|:---|
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Robert M. Mitchell |
|  |  | Robert M. Mitchell, Chief Executive Officer |
| Date | June 5, 2025 |  |
| By (Signature and Title)\* | By (Signature and Title)\* | /s/ Joseph F. Monahan |
|  |  | Joseph F. Monahan, Treasurer and Chief Financial Officer |
| Date | June 5, 2025 |  |

---

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

## 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: June 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: June 5, 2025 | /s/ Joseph F. Monahan |
|  | Joseph F. Manahan, Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

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

Robert M. Mitchell, Chief Executive Officer, and Joseph F. Monahan, Chief Financial 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 March 31, 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 Chief Financial Officer |
| Date: June 5, 2025 | Date: June 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.