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CONESTOGA FUNDS
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0"><b><u>CONESTOGA SMALL CAP FUND</u></b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investment Objective</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Conestoga Small Cap Fund seeks to provide
long-term growth of capital.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fees and Expenses of the Fund</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses
that you may pay if you buy and hold shares of the Conestoga Small Cap Fund:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Annual Fund Operating Expenses</b> <b><i></i></b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b><i>(expenses that you pay each year as a percentage of the value of your investments)</i></b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Example</i></b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Conestoga Small Cap Fund with the cost of investing in other mutual funds. The Example assumes that
you invest $10,000 in the Fund for the time periods indicated (the Example for one year reflects the contractual expense limitation
described above; the amounts for the other years reflect the Fund's gross expenses) and then redeem all of your shares at the end
of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses
remain the same. Although your actual costs may be higher or lower, under these assumptions, your costs would be:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Portfolio Turnover</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction
costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual
fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year (ended September 30,
2016) the Fund's portfolio turnover rate was 24% of the average value of its portfolio.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Principal Investment Strategies</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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: 0; text-align: justify"><b>Principal Risks</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You may lose money by investing in the Fund.
The Fund is subject to the following principal risks, more fully described in "Risk Factors" in this prospectus. The
Fund's net asset value and total return may be adversely affected for a number of reasons, including, without limitation, if any
of the following occurs:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; text-align: justify"><font style="font-family: Symbol">·</font></td>
<td style="width: 94%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The market values of securities acquired by the Fund decline;</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; text-align: justify"><font style="font-family: Symbol">·</font></td>
<td style="width: 94%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">The Adviser does not execute the Fund's principal investment strategies effectively;</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; text-align: justify"><font style="font-family: Symbol">·</font></td>
<td style="width: 94%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">A security's price fluctuates in response to events affecting the issuer's profitability or viability;</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; text-align: justify"><font style="font-family: Symbol">·</font></td>
<td style="width: 94%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Smaller, less seasoned companies lose market share or profits to a greater extent than larger, established companies in times of deteriorating economic conditions;</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 3%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif"> </font></td>
<td style="width: 3%; text-align: justify"><font style="font-family: Symbol">·</font></td>
<td style="width: 94%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">A company's earnings do not increase as expected.</font></td></tr>
</table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Foreign securities markets may be more volatile
and subject to less governmental supervision than their counterparts in the U.S. Foreign securities are subject to fluctuations
in currency exchange rates.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">By itself, the Fund does not constitute a complete
investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of
their investment.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"><b>Performance</b></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following information provides some indication
of the risks of investing in the Fund by showing changes in the performance of Investors Class shares of the Fund from year to
year and by showing how the Fund's average annual returns for one, five and ten year periods compare with those of broad measures
of market performance. Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is available on the Fund's website: <u>www.conestogacapital.com/mutual-funds/</u>.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The returns below represent the returns for
Investors Class shares of the Small Cap Fund (formerly, "Shares"). Institutional Class shares and Investors Class shares
of the Small Cap Fund have returns that are substantially similar because they represent investments in the same portfolio securities
and differ only to the extent that they have different expenses.</p>
0.0090
0.0090
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.0020
0.0011
0.0011
.0150
.0110
0.0110
0.0090
112
92
435
330
781
587
1756
1322
0.0643
-0.2735
0.2909
0.2399
0.0455
0.1100
0.4926
-0.0805
0.0803
0.1407
0.1407
0.1375
0.0822
0.2131
0.1132
0.2131
0.1132
0.1342
0.1314
0.1075
0.1446
0.1374
0.0928
0.0902
0.0758
0.0707
0.0776
0.1135
0.1112
0.0968
0.0908
0.0713
0.1106
0.1111
2002-10-01
2002-10-01
2002-10-01
2014-08-13
2014-08-13
2002-10-01
2002-10-01
January 31, 2018
0.24
You may lose money by investing in the Fund.
www.conestogacapital.com/mutual-funds/
Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
The following information provides some indication of the risks of investing in the Fund by showing changes in the performance of Investors Class shares of the Fund from year to year and by showing how the Fund’s average annual returns for one, five and ten year periods compare with those of broad measures of market performance.
2009-06-30
2008-12-31
-0.2151
0.1910
best performing quarter
worst performing quarter
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<p style="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Calendar Year Total Return</b></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; text-align: left; text-indent: 0px">Average Annual
Total Returns<br />
as of 12/31/16</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period shown in the chart, the Fund's
best performing quarter was for the three months ended 06/30/2009: 19.10%. During the same period, the Fund's worst performing
quarter was for the three months ended 12/31/2008: -21.51%.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table compares the Fund's average annual
total returns for Investors Class shares for the periods ended December 31, 2016 to those of the Russell 2000 Index and the Russell
2000 Growth Index. Institutional Class shares and Investors Class shares of the Fund have returns that are substantially similar
because they represent investments in the same portfolio securities and differ only to the extent that they have different expenses.
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates. These after-tax
returns do not reflect the effect of any applicable state or local taxes. Your after-tax returns may differ from those shown. After-tax
returns are not relevant to shareholders investing through tax-deferred programs such as an IRA plan. Future results may be different
from those shown.</p>
The after-tax returns are calculated using the historical highest individual federal marginal income tax rates.
After-tax returns are not relevant to shareholders investing through tax-deferred programs such as an IRA plan.
Returns after taxes on distributions and after taxes on distributions and sale of Fund shares are shown for Investors Class shares only and will differ for Institutional Class shares.
CCASX
CCALX
The Board of Trustees of the Trust will limit the Distribution (12b-1) Fees charged to Investors Class shares of the Fund to 0.05% of the average daily net assets attributable to Investors Class shares until at least September 30, 2017. The Total Annual Fund Operating Expenses for Investors Class Shares reflect the maximum 0.25% in Distribution (12b-1) fees authorized under the Distribution Plan for Investors Class Shares and do not match the ratio of total expenses to average net assets in the financial highlights for Investors Class Shares, which reflect the 0.05% in Distribution (12b-1) Fees paid by Investors Class Shares for the fiscal year ended September 30, 2016.
The Fund has adopted Shareholder Servicing Plans on behalf of the Investors Class and the Institutional Class that will allow the Fund to pay an annual fee of up to 0.25% (for Investors Class) and 0.10% (for Institutional Class) of its average daily net assets for providing services to the Fund's Investors Class shareholders and Institutional Class shareholders, respectively.
Conestoga Capital Advisors, LLC (the "Adviser") has contractually agreed to limit the Fund's 'Total Annual Fund Operating Expenses' (excluding taxes, extraordinary expenses, reorganization expenses, brokerage commissions, interest, other expenditures that are capitalized in accordance with generally accepted accounting principles, and other extraordinary expenses not incurred in the ordinary course of such Fund's business) to 0.90% (for the Institutional Class) and 1.10% (for the Investors Class) of the Fund's average daily net assets until at least January 31, 2018, subject to termination at any time at the option of the Board of Trustees (the "Board"). If it becomes unnecessary for the Adviser to waive fees or make reimbursements, the Adviser may recapture any of its prior waivers or reimbursements for a period not to exceed two fiscal years after the fiscal year in which the waiver or reimbursement was made to the extent such a recapture does not cause the "Total Annual Fund Operating Expenses" to exceed the applicable expense limitation that was in effect at the time of the waiver or reimbursement.
Return before taxes. Returns after taxes on distributions and after taxes on distributions and sale of Fund shares are shown for Investors Class shares only and will differ for Institutional Class shares.