0001175813
2017-07-31
2017-07-31
0001175813
conestoga:S000004756Member
2017-07-31
2017-07-31
iso4217:USD
xbrli:pure
497
2016-09-30
CONESTOGA FUNDS
0001175813
false
2017-07-31
2017-09-30
2017-01-31
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONESTOGA FUNDS</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONESTOGA SMALL CAP FUND</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Supplement dated July 31, 2017<br />
to the Prospectus and Summary Prospectus<br />
dated January 31, 2017</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND
THAT CONTAINED IN THE PROSPECTUS AND SUMMARY PROSPECTUS. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS AND
THE SUMMARY PROSPECTUS.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">1.</td><td>Effective September 30, 2017, the disclosure under “Principal Investment Strategies” on page 5 of the Fund’s
Prospectus and page 2 of the Fund’s Summary Prospectus is revised to read:</td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principal Investment Strategies</b><br />
Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of small-cap companies.
Equity securities include American depositary receipts (“ADRs”), convertible securities, foreign and domestic common
and preferred stocks, rights and warrants. While there is no limit on investing in foreign securities, the Fund does not expect
investments in foreign securities to exceed 20% of the Fund’s total assets. The Fund’s adviser considers small market
capitalization (“small-cap”) companies for this purpose to be those companies that, at the time of initial purchase
(including the existing portfolio), have market capitalizations generally within the range of companies included in the Russell
2000® Index on a rolling three-year basis. The Fund will not change this policy unless it notifies shareholders at least 60
days in advance. For purposes of this policy, “net assets” includes any borrowings for investment purposes. The Adviser
follows an investment style sometimes called “GARP” or “Growth At a Reasonable Price.” The Adviser generally
invests the Fund’s assets in small-cap companies with expected earnings growth that exceed that of the average of all U.S.
publicly traded companies, where valuations seem reasonable compared to the expected earnings growth, where fundamental financial
characteristics appear to be strong, where (in the Adviser’s opinion) the business model offers sustainable competitive advantage,
and where management has an important ownership stake in the company. The Adviser uses a bottom-up approach in selecting securities.
There is no guarantee that the Fund will achieve its objective.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE
REFERENCE</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONESTOGA FUNDS</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CONESTOGA SMALL CAP FUND</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Supplement dated July 31, 2017<br />
to the Prospectus and Summary Prospectus<br />
dated January 31, 2017</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND
THAT CONTAINED IN THE PROSPECTUS AND SUMMARY PROSPECTUS. THIS SUPPLEMENT SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS AND
THE SUMMARY PROSPECTUS.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">1.</td><td>Effective September 30, 2017, the disclosure under “Principal Investment Strategies” on page 5 of the Fund’s
Prospectus and page 2 of the Fund’s Summary Prospectus is revised to read:</td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principal Investment Strategies</b><br />
Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of small-cap companies.
Equity securities include American depositary receipts (“ADRs”), convertible securities, foreign and domestic common
and preferred stocks, rights and warrants. While there is no limit on investing in foreign securities, the Fund does not expect
investments in foreign securities to exceed 20% of the Fund’s total assets. The Fund’s adviser considers small market
capitalization (“small-cap”) companies for this purpose to be those companies that, at the time of initial purchase
(including the existing portfolio), have market capitalizations generally within the range of companies included in the Russell
2000® Index on a rolling three-year basis. The Fund will not change this policy unless it notifies shareholders at least 60
days in advance. For purposes of this policy, “net assets” includes any borrowings for investment purposes. The Adviser
follows an investment style sometimes called “GARP” or “Growth At a Reasonable Price.” The Adviser generally
invests the Fund’s assets in small-cap companies with expected earnings growth that exceed that of the average of all U.S.
publicly traded companies, where valuations seem reasonable compared to the expected earnings growth, where fundamental financial
characteristics appear to be strong, where (in the Adviser’s opinion) the business model offers sustainable competitive advantage,
and where management has an important ownership stake in the company. The Adviser uses a bottom-up approach in selecting securities.
There is no guarantee that the Fund will achieve its objective.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE
REFERENCE</p>