# EDGAR Filing Document

**Accession Number:** 0001175813
**File Stem:** 0001752724-23-023465
**Filing Date:** 2023-2
**Character Count:** 48411
**Document Hash:** 59484f9649618535a4df3cdb921edf1f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-023465.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001752724-23-023465

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONESTOGA FUNDS
- **CENTRAL INDEX KEY:** 0001175813
- **IRS NUMBER:** 223865089
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21120
- **FILM NUMBER:** 23627165

**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 MICRO CAP FUND (Series ID: S000074583)

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

## Nport-Ex

---

| |
|:---|
| **CONESTOGA SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1%** | **Shares** | **Value** |
| **Basic Materials - 6.3%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metal Fabricating - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 373109 | $34818532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 389675 | 81578461 |
|  |  | 116396993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Chemicals - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corporation | 638560 | 77974562 |
| **Consumer Discretionary - 5.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Improvement Retailers - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 646330 | 75827436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Products - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Factory Holding Corporation <sup>(a)</sup> | 906388 | 82689777 |
| **Consumer Staples - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Nondurable Household Products - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WD-40 Company | 200351 | 32298585 |
| **Financials - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Data Providers - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 2102000 | 39412500 |
| **Health Care - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation <sup>(a)</sup> | 1553540 | 40920244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Management Services - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Research Corporation | 503399 | 18776783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicell, Inc. <sup>(a)</sup> | 912325 | 45999427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 6.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. <sup>(b)</sup> | 1275696 | 58707530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 1200295 | 84764833 |

---

---

| |
|:---|
| **CONESTOGA SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Value** |
| **Health Care - 13.0% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 6.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation <sup>(a)</sup> | 360810 | $61088741 |
|  |  | 204561104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neogen Corporation <sup>(a)</sup> | 3363566 | 51227110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. <sup>(b)</sup> | 2040000 | 36658800 |
|  |  | 87885910 |
| **Industrials - 31.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials: Other - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 856790 | 75963001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Company, Inc. <sup>(a)</sup> | 978485 | 41419270 |
|  |  | 117382271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building: Climate Control - 4.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc. | 1752325 | 131985119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)(b)</sup> | 3035866 | 81027264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense - 5.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(a)</sup> | 573110 | 95096142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 1413898 | 63257797 |
|  |  | 158353939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Diversified Industrials - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 676430 | 59214682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Control & Filter - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 1068183 | 58151883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. <sup>(b)</sup> | 390205 | 64855973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)(b)</sup> | 483824 | 34288607 |
|  |  | 99144580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 1418105 | 140520024 |

---

---

| |
|:---|
| **CONESTOGA SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Value** |
| **Industrials - 31.9% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Suppliers - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corporation <sup>(a)</sup> | 3824750 | $27576447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Construction & Handling - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. <sup>(b)</sup> | 1472915 | 53260606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Industrial - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies Corporation | 546830 | 49941984 |
| **Real Estate - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 750235 | 91941299 |
| **Technology - 31.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. <sup>(a)</sup> | 530085 | 44511237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Digital Services - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Healthcare Corporation - Class A <sup>(a)</sup> | 1932354 | 21236570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Production Technology Equipment - 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Azenta, Inc. <sup>(a)</sup> | 863497 | 50272795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. <sup>(a)</sup> | 844165 | 114696699 |
|  |  | 164969494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 23.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altair Engineering, Inc. - Class A <sup>(a)</sup> | 1466230 | 66669478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)</sup> | 969915 | 65246182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | 1784196 | 124269251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model N, Inc. <sup>(a)(b)</sup> | 2566719 | 104106123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycor HCM, Inc. <sup>(a)</sup> | 2794930 | 68391937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROS Holdings, Inc. <sup>(a)</sup> | 2104665 | 51059173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 1232765 | 33124396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus, Inc. <sup>(b)</sup> | 1510746 | 55247981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 949180 | 121903187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex, Inc. - Class A <sup>(a)</sup> | 1869290 | 27123398 |
|  |  | 717141106 |

---

---

| |
|:---|
| **CONESTOGA SMALL CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.1% (Continued)** | **Shares** | **Value** |
| **Utilities - 6.3%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waste & Disposal Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 1755035 | $139191826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Water - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evoqua Water Technologies Corporation <sup>(a)</sup> | 1337075 | 52948170 |
| **Total Investments at Value - 99.1%** (Cost $2,223,857,962) |  | $3031241822 |
| **Other Assets in Excess of Liabilities - 0.9%** |  | 27287745 |
| **Net Assets - 100.0%** |  | $3058529567 |

---

<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.

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

---

| |
|:---|
| **CONESTOGA SMID CAP FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.1%** | **Shares** | **Value** |
| **Basic Materials - 4.3%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metal Fabricating - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. <sup>(a)</sup> | 41000 | $8583350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Chemicals - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corporation | 45185 | 5517540 |
| **Consumer Discretionary - 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services: Miscellaneous - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 296787 | 10844597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Education Services - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 68545 | 4325190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Home Improvement Retailers - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 43665 | 5122778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels & Motels - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 28670 | 6833495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Products - 2.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 28095 | 8493961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Vehicles & Boats - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI Industries | 38850 | 3591683 |
| **Financials - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Data Providers - 1.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A <sup>(a)</sup> | 216845 | 4065844 |
| **Health Care - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Services - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicell, Inc. <sup>(a)</sup> | 105000 | 5294100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 5.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc. <sup>(a)</sup> | 127108 | 8976367 |

---

---

| |
|:---|
| **CONESTOGA SMID CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.1% (Continued)** | **Shares** | **Value** |
| **Health Care - 15.1% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 5.7% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation <sup>(a)</sup> | 57440 | $9725166 |
|  |  | 18701533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | 88000 | 7293440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neogen Corporation <sup>(a)</sup> | 283561 | 4318634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stevanato Group S.p.A. | 191120 | 3434426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 21000 | 5242230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 21589 | 5080971 |
|  |  | 25369701 |
| **Industrials - 36.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 64000 | 7670400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building Materials: Other - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 50000 | 4433000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Company, Inc. <sup>(a)</sup> | 144455 | 6114780 |
|  |  | 10547780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building: Climate Control - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 28005 | 6984447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 270000 | 7206300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Defense - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. <sup>(a)</sup> | 56000 | 9292080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. <sup>(a)</sup> | 145000 | 6487300 |
|  |  | 15779380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corporation | 100000 | 4711000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 130405 | 12921831 |

---

---

| |
|:---|
| **CONESTOGA SMID CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.1% (Continued)** | **Shares** | **Value** |
| **Industrials - 36.0% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Suppliers - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corporation <sup>(a)</sup> | 515895 | $3719603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Construction & Handling - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 176782 | 6392437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Engines - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 16040 | 1614586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Industrial - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EVI Industries, Inc. <sup>(a)</sup> | 270917 | 6466789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John Bean Technologies Corporation | 45305 | 4137706 |
|  |  | 10604495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Specialty - 2.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 112915 | 7594663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 3.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corporation <sup>(a)</sup> | 20295 | 12148181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transaction Processing Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 54920 | 9641755 |
| **Real Estate - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 3.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstService Corporation | 93575 | 11467616 |
| **Technology - 21.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 19000 | 6386660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. <sup>(a)</sup> | 51483 | 4323028 |
|  |  | 10709688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Digital Services - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive Healthcare Corporation - Class A <sup>(a)</sup> | 257755 | 2832727 |

---

---

| |
|:---|
| **CONESTOGA SMID CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.1% (Continued)** | **Shares** | **Value** |
| **Technology - 21.4% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Production Technology Equipment - 2.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novanta, Inc. <sup>(a)</sup> | 68645 | $9326796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 14.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altair Engineering, Inc. - Class A <sup>(a)</sup> | 84070 | 3822663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc. (The) <sup>(a)</sup> | 145075 | 10104474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)</sup> | 50000 | 3393000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>(a)</sup> | 69445 | 4344479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Commerce, Inc. <sup>(a)</sup> | 110000 | 1573000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycor HCM, Inc. <sup>(a)</sup> | 191680 | 4690410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 128105 | 3442181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc. <sup>(a)</sup> | 68334 | 8776136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 21205 | 6836704 |
|  |  | 46983047 |
| **Utilities - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waste & Disposal Services - 4.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 190000 | 15068900 |
| **Total Investments at Value - 98.1%** (Cost $287,377,818) |  | $320669404 |
| **Other Assets in Excess of Liabilities - 1.9%** |  | 6270936 |
| **Net Assets - 100.0%** |  | $326940340 |

---

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

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

---

| |
|:---|
| **CONESTOGA MID CAP FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3%** | **Shares** | **Value** |
| **Consumer Discretionary - 18.7%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Consumer Services: Miscellaneous - 9.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc. <sup>(a)</sup> | 1440 | $87682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc. | 2395 | 87513 |
|  |  | 175195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Education Services - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 465 | 29342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Hotels & Motels - 2.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 195 | 46478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Recreational Products - 3.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corporation | 210 | 63489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Specialty Retail - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Company | 165 | 37120 |
| **Financials - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Financial Data Providers - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 125 | 50151 |
| **Health Care - 20.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A <sup>(a)</sup> | 355 | 57290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 7.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. <sup>(a)</sup> | 150 | 61195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corporation <sup>(a)</sup> | 320 | 54179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS plc | 170 | 31397 |
|  |  | 146771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Supplies - 10.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)</sup> | 120 | 25308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corporation | 820 | 67961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 140 | 34948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 255 | 60014 |
|  |  | 188231 |

---

---

| |
|:---|
| **CONESTOGA MID CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (Continued)** | **Shares** | **Value** |
| **Industrials - 24.4%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Aerospace - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corporation - Class A | 625 | $74906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Building: Climate Control - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 120 | 29928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Containers & Packaging - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corporation | 570 | 29150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corporation | 540 | 25439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc. <sup>(a)</sup> | 18 | 26019 |
|  |  | 51458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Pollution Control - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 315 | 34830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Engines - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. <sup>(a)</sup> | 150 | 15099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Specialty - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 915 | 61543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 5.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 450 | 25538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 400 | 70567 |
|  |  | 96105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transaction Processing Services - 3.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 385 | 67591 |
| **Real Estate - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Real Estate Services - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc. <sup>(a)</sup> | 1135 | 87713 |

---

---

| |
|:---|
| **CONESTOGA MID CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 98.3% (Continued)** | **Shares** | **Value** |
| **Technology - 22.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Computer Services - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. <sup>(a)</sup> | 255 | $85716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 18.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANSYS, Inc. <sup>(a)</sup> | 255 | 61605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)</sup> | 275 | 18662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc. <sup>(a)</sup> | 1250 | 61113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc. <sup>(a)</sup> | 395 | 24711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lightspeed Commerce, Inc. <sup>(a)</sup> | 1075 | 15373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualtrics International, Inc. - Class A <sup>(a)</sup> | 1830 | 18995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 175 | 75615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. <sup>(a)</sup> | 210 | 67706 |
|  |  | 343780 |
| **Utilities - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waste & Disposal Services - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Connections, Inc. | 595 | 78873 |
| **Total Investments at Value - 98.3%** (Cost $2,320,758) |  | $1850759 |
| **Other Assets in Excess of Liabilities - 1.7%** |  | 32574 |
| **Net Assets - 100.0%** |  | $1883333 |

---

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

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

---

| |
|:---|
| **CONESTOGA MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022 (Unaudited)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.9%** | **Shares** | **Value** |
| **Basic Materials - 1.9%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Metal Fabricating - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 471 | $43954 |
| **Consumer Discretionary - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Entertainment - 3.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thunderbird Entertainment Group, Inc. <sup>(a)</sup> | 33801 | 91266 |
| **Financials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Property & Casualty Insurance - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>(a)</sup> | 1511 | 68237 |
| **Health Care - 26.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Biotechnology - 8.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alpha Teknova, Inc. <sup>(a)</sup> | 13811 | 77894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NanoString Technologies, Inc. <sup>(a)</sup> | 5280 | 42082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vericel Corporation <sup>(a)</sup> | 3049 | 80311 |
|  |  | 200287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Facilities - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | 924 | 74872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Health Care Services - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Catalyst, Inc. <sup>(a)</sup> | 5232 | 55616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phreesia, Inc. <sup>(a)</sup> | 2500 | 80900 |
|  |  | 136516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Medical Equipment - 8.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioLife Solutions, Inc. <sup>(a)</sup> | 4199 | 76422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OrthoPediatrics Corporation <sup>(a)</sup> | 1829 | 72666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semler Scientific, Inc. <sup>(a)</sup> | 1681 | 55473 |
|  |  | 204561 |
| **Industrials - 38.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Construction - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction Partners, Inc. - Class A <sup>(a)</sup> | 3853 | 102836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 7.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 441 | 73299 |

---

---

| |
|:---|
| **CONESTOGA MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Value** |
| **Industrials - 38.8% (Continued)** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Electronic Equipment: Gauges & Meters - 7.3% (Continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transcat, Inc. <sup>(a)</sup> | 1365 | $96737 |
|  |  | 170036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Engineering & Contracting Services - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willdan Group, Inc. <sup>(a)</sup> | 3061 | 54639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Industrial Suppliers - 5.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CryoPort, Inc. <sup>(a)</sup> | 3132 | 54340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hillman Solutions Corporation <sup>(a)</sup> | 9800 | 70658 |
|  |  | 124998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Machinery: Construction & Handling - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 2047 | 74019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Professional Business Support Services - 8.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc. <sup>(a)</sup> | 1940 | 86117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NV5 Global, Inc. <sup>(a)</sup> | 769 | 101754 |
|  |  | 187871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Security Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ShotSpotter, Inc. <sup>(a)</sup> | 2740 | 92694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Transaction Processing Services - 4.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I3 Verticals, Inc. - Class A <sup>(a)</sup> | 3852 | 93758 |
| **Technology - 18.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Software - 18.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Model N, Inc. <sup>(a)</sup> | 2852 | 115677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Olo, Inc. - Class A <sup>(a)</sup> | 10450 | 65312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PROS Holdings, Inc. <sup>(a)</sup> | 3053 | 74066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. <sup>(a)</sup> | 1800 | 48366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 1893 | 69227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TECSYS, Inc. | 2925 | 56248 |
|  |  | 428896 |

---

---

| |
|:---|
| **CONESTOGA MICRO CAP FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 96.9% (Continued)** | **Shares** | **Value** |
| **Telecommunications - 4.4%** | **Telecommunications - 4.4%** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Telecommunications Equipment - 4.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digi International, Inc. <sup>(a)</sup> | 2820 | $103071 |
| **Total Investments at Value - 96.9%** (Cost $2,386,869) |  | $2252511 |
| **Other Assets in Excess of Liabilities - 3.1%** |  | 71747 |
| **Net Assets - 100.0%** |  | $2324258 |

---

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Wayne

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19087

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

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

- **a. Name of Series:** CONESTOGA MICRO CAP FUND

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2359689.79

**Total Liabilities:** $35431.59

**Net Assets:** $2324258.20

**Cash Not Reported:** $53810.07

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232594 | 10.47%               | -3.59%               | -3.32%               |
| Class ID C000232593 | 10.50%               | -3.59%               | -3.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8685.57                 | $229874.12                                 |
| Month 2  | $-25836.95               | $-59923.44                                 |
| Month 3  | $21902.07                | $-101237.39                                |

### Schedule of Portfolio Investments

| Name                                | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Douglas Dynamics Inc.               | Douglas Dynamics, Inc.                | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |      2047 | NS      | $74019.52     | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecsys Inc                          | TECSYS, Inc.                          | CUSIP: 878950104<br>LEI: 549300YOTEBVOTQEP762 | Long             | EC               | CORP              | US        |      2925 | NS      | $56247.75     | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc             | U.S. Physical Therapy, Inc.           | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |       924 | NS      | $74871.72     | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                     | Q2 Holdings, Inc.                     | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |      1800 | NS      | $48366.00     | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp              | Hillman Solutions Corporation         | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9800 | NS      | $70658.00     | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Thunderbird Entertainment Group Inc | Thunderbird Entertainment Group, Inc. | CUSIP: 88605U107<br>LEI: 549300UXXHTSX6VCMJ56 | Long             | EC               | CORP              | US        |     33801 | NS      | $91266.08     | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Semler Scientific Inc               | Semler Scientific, Inc.               | CUSIP: 81684M104<br>LEI: 549300ZHL16S29QTW485 | Long             | EC               | CORP              | US        |      1681 | NS      | $55473.00     | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| PROS Holdings Inc.                  | PROS Holdings, Inc.                   | CUSIP: 74346Y103<br>LEI: 549300LPE1KNL5RWKQ48 | Long             | EC               | CORP              | US        |      3053 | NS      | $74065.78     | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vericel Corporation                 | Vericel Corporation                   | CUSIP: 92346J108<br>LEI: 54930076YM3PLTDR4B91 | Long             | EC               | CORP              | US        |      3049 | NS      | $80310.66     | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Teknova Inc                   | ALPHA TEKNOVA INC                     | CUSIP: 02080L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13811 | NS      | $77894.04     | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                | Palomar Holdings, Inc.                | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |      1511 | NS      | $68236.76     | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cryoport Inc                        | CRYOPORT, INC.                        | CUSIP: 229050307<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3132 | NS      | $54340.20     | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Construction Partners Inc.          | Construction Partners, Inc.           | CUSIP: 21044C107<br>LEI: 549300MHLFL4E8JLZU44 | Long             | EC               | CORP              | US        |      3853 | NS      | $102836.57    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthopediatrics Corp.               | OrthoPediatrics Corp.                 | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |      1829 | NS      | $72666.17     | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ShotSpotter Inc.                    | ShotSpotter, Inc.                     | CUSIP: 82536T107<br>LEI: 549300MQV8SOWVNVZ667 | Long             | EC               | CORP              | US        |      2740 | NS      | $92694.20     | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NanoString Technologies Inc.        | NANOSTRING TECHNOLOGIES, INC.         | CUSIP: 63009R109<br>LEI: 549300G4CK0Y3WRDMY89 | Long             | EC               | CORP              | US        |      5280 | NS      | $42081.60     | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Catalyst Incorporation       | Health Catalyst, Inc.                 | CUSIP: 42225T107<br>LEI: 549300223PL6GWKVJG92 | Long             | EC               | CORP              | US        |      5232 | NS      | $55616.16     | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Biolife Solutions                   | Biolife Solutions, Inc.               | CUSIP: 09062W204<br>LEI: 549300G2IVCMC2TJDW72 | Long             | EC               | CORP              | US        |      4199 | NS      | $76421.80     | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcat Inc.                       | TRANSCAT, INC.                        | CUSIP: 893529107<br>LEI: 54930081E40TSSHUOS40 | Long             | EC               | CORP              | US        |      1365 | NS      | $96737.55     | 4.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc.             | Digi International, Inc.              | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      2820 | NS      | $103071.00    | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals INC                    | I3 Verticals, Inc. - Class A          | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |      3852 | NS      | $93757.68     | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc    | MONTROSE ENVIRONMENTAL GROUP I COM    | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |      1940 | NS      | $86116.60     | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                        | Phreesia Inc.                         | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |      2500 | NS      | $80900.00     | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Flex Inc                      | OMEGA FLEX, INC.                      | CUSIP: 682095104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       471 | NS      | $43953.72     | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Olo Inc.                            | OLO INC - CLASS A                     | CUSIP: 68134L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10450 | NS      | $65312.50     | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesa Laboratories Inc.              | Mesa Laboratories, Inc.               | CUSIP: 59064R109<br>LEI: 549300ZCG738WLX8ZW79 | Long             | EC               | CORP              | US        |       441 | NS      | $73298.61     | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Model N Inc.                        | MODEL N, INC.                         | CUSIP: 607525102<br>LEI: 549300WCIL3W0EYSBN94 | Long             | EC               | CORP              | US        |      2852 | NS      | $115677.12    | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc.                  | WILLDAN GROUP, INC.                   | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      3061 | NS      | $54638.85     | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Simulations Plus Inc.               | Simulations Plus, Inc.                | CUSIP: 829214105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1893 | NS      | $69227.01     | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| NV5 Global Inc.                     | NV5 Global, Inc.                      | CUSIP: 62945V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       769 | NS      | $101754.08    | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Conestoga Micro Cap Fund

**Signature:** Daniel Bauer

**Name of Signer:** Daniel Bauer

**Title:** Assistant Treasurer