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<p><b><font style="font-size:10.0pt">Investment Objective</font></b></p>
<p><font style="font-size:10.0pt; color:black">The Institutional Advisors LargeCap Fund seeks to provide long-term growth of capital.</font></p>
<p style="text-align:justify; line-height:12.0pt"><b><font style="font-size:10.0pt; color:black">Fees and Expenses of the Fund</font></b><font style="font-size:10.0pt; color:black"></font></p>
<p style="text-align:justify; line-height:12.0pt"><font style="font-size:10.0pt; color:black">This table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Advisors LargeCap Fund. </font></p>
<p><b><font style="font-size:10.0pt">Shareholder Fees (fees paid directly from your investment)</font></b><font style="font-size:10.0pt; color:black"></font></p>
<p><b><font style="font-size:10.0pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</font></b><font style="font-size:10.0pt; color:black"></font></p>
<p style="text-align:justify; line-height:12.0pt"><b><i><font style="font-size:10.0pt; color:black">Example</font></i></b><font style="font-size:10.0pt; color:black"></font></p>
<p style="text-align:justify; line-height:12.0pt"><font style="font-size:10.0pt; color:black">This example is intended to help you compare the cost of investing in the Institutional Advisors LargeCap 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). 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:</font></p>
<p style="text-align:justify"><b><font style="font-size:10.0pt">Portfolio Turnover</font></b><font style="font-size:8.0pt; font-family:Goudy Old Style"></font></p>
<p style="text-align:justify"><font style="font-size:10.0pt; color:black">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, </font><font style="font-size:10.0pt">the Fund’s portfolio turnover rate was 25.93% of the average portfolio value.</font></p>
<p><b><font style="font-size:10.0pt">Principal Investment Strategies</font></b><font style="font-size:10.0pt; color:black"></font></p>
<p style="text-align:justify"><font style="font-size:10.0pt">Under normal market conditions, the Fund invests at least 80% of its net assets in the equity securities of large-capitalization companies (generally, companies in the $5 billion and more capitalization range of the Standard & Poor’s 500 Index (“S&P 500 Index”)).  The Fund will not change this policy unless it notifies shareholders at least 60 days in advance. Equity securities include convertible securities and domestic common stocks, among other things.</font></p> <p style="text-align:justify"><font style="font-size:10.0pt"> </font></p> <p style="text-align:justify"><font style="font-size:10.0pt">The Adviser’s style can best be described as a long-term, disciplined investment approach aimed at providing clients with strong returns, but which is absent of leverage, aggressive or untested techniques, and market timing. The Adviser focuses on providing superior investment performance along with reduced volatility, offering disciplined proprietary investment strategies, while maintaining broad sector and portfolio diversification.</font><font style="font-size:10.0pt"> </font></p>
<p><b><font style="font-size:10.0pt">Principal Risks</font></b></p>
<p style="text-align:justify"><font style="font-size:10.0pt">You may lose money by investing in the Fund. The Fund is subject to the following principal risks, more fully described in the section of this prospectus entitled “Risk Factors”. The Fund’s net asset value and total returns may be adversely affected if any of the following occurs: </font></p> <p style="margin-top:6.0pt; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-indent:-.25in; tab-stops:.25in"><font style="font-size:10.0pt; font-family:Courier New; color:blue">o  </font><font style="font-size:10.0pt">The market values of securities acquired by the Fund decline.</font></p> <p style="margin-top:6.0pt; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-indent:-.25in; tab-stops:.25in"><font style="font-size:10.0pt; font-family:Courier New; color:blue">o  </font><font style="font-size:10.0pt">Large capitalization securities underperform other segments of the equity market or equity markets as a whole.</font></p> <p style="margin-top:6.0pt; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-indent:-.25in; tab-stops:.25in"><font style="font-size:10.0pt; font-family:Courier New; color:blue">o  </font><font style="font-size:10.0pt">The Adviser does not execute the Fund’s principal investment strategies effectively.</font></p> <p style="margin-top:6.0pt; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-indent:-.25in; tab-stops:.25in"><font style="font-size:10.0pt; font-family:Courier New; color:blue">o  </font><font style="font-size:10.0pt">Security prices fluctuate in response to events affecting an issuer’s profitability or viability.</font><font style="font-size:10.0pt"></font></p> <p style="margin-top:6.0pt; margin-right:0in; margin-bottom:0in; margin-left:.25in; margin-bottom:.0001pt; text-indent:-.25in; tab-stops:.25in"><font style="font-size:10.0pt; font-family:Courier New; color:blue">o  </font><font style="font-size:10.0pt">There is no assurance that large companies can withstand serious deterioration during periods of severe economic distress.</font></p> <p style="margin-top:6.0pt"><font style="font-size:10.0pt">An investment in the Fund is not a deposit of National Penn Bank or any of its affiliates and is not insured or guaranteed by the FDIC or any other government agency.</font></p> <p><font style="font-size:10.0pt"> </font></p> <p><font style="font-size:10.0pt">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.</font></p>
<p><b><font style="font-size:10.0pt">Performance</font></b></p>
<p style="text-align:justify"><font style="font-size:10.0pt; color:black">The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year, five year, ten year, and since the Fund’s inception 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: www.ialfx.com.</font></p> <p><font style="font-size:10.0pt; color:black"> </font></p> <p style="text-align:justify"><font style="font-size:10.0pt">On March 31, 2009 the </font><font style="font-size:10.0pt">National Penn ITC</font><font style="font-size:10.0pt"> (“NPITC”) Equity Fund, a collective investment fund, was converted to the Fund.  The information below, for periods prior to March 31, 2009, includes the past performance of the NPITC Equity Fund, a separate account managed by </font><font style="font-size:10.0pt">Institutional Advisors, a business unit of National Penn Investors Trust Company, the predecessor investment entity to </font><font style="font-size:10.0pt">the Adviser in a fashion that is in all material respects equivalent to the management of the Fund.  The data below reflects NPITC Equity Fund’s performance information over a period before the Fund’s registration statement became effective; the relevant account was not registered under the Investment Company Act of 1940, as amended (the “1940 Act”) and therefore was not subject to certain investment restrictions that are imposed by the 1940 Act; and if the relevant account was registered under the 1940 Act, its performance may have been adversely affected.  </font><font style="font-size:10.0pt">The prior performance has been restated to reflect the imposition of the total expenses of the Fund for its initial fiscal year rather than the actual expenses of the </font><font style="font-size:10.0pt">NPITC Equity Fund</font><font style="font-size:10.0pt">.</font></p>
<p><b><font style="font-size:10.0pt">Institutional Advisors LargeCap Fund</font></b></p> <p><b><font style="font-size:10.0pt">(Formerly NPITC Equity Fund)</font></b></p> <p><b><font style="font-size:10.0pt">Calendar Year Total Return*</font></b></p>
<p style="text-align:justify"><font style="font-size:10.0pt; color:black">* Sales loads are not reflected in the bar chart.  If these amounts were reflected returns would be less than those shown.</font></p> <p style="text-align:justify"><font style="font-size:10.0pt; color:black"> </font></p> <p style="text-align:justify"><font style="font-size:10.0pt; color:black">During the period shown in the chart, the Fund’s best performing quarter was for the three months ended December 31, 2003: 26.51%. During the same period, the Fund’s worst performing quarter was for the three months ended December 31, 2008: -29.89%. </font></p>
<p style="text-align:justify"><font style="font-size:10.0pt">In the following table, 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.</font></p>
<p><b><font style="font-size:10.0pt">Average Annual Total Returns</font></b></p> <p><b><font style="font-size:10.0pt">as of 12/31/2011:</font></b></p>
.2593
<font style="font-size:10.0pt; font-family:Times New Roman">You may lose money by investing in the Fund. </font>
<font style="font-size:10.0pt; font-family:Times New Roman; color:black">Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</font>
<font style="font-size:10.0pt; font-family:Times New Roman; color:black">www.ialfx.com</font>
<font style="font-size:10.0pt; font-family:Times New Roman; color:black">Best Performing Quarter </font>
2003-12-31
.2651
<font style="font-size:10.0pt; font-family:Times New Roman; color:black">Worst Performing Quarter </font>
2008-12-31
-.2989
<font style="font-size:10.0pt; font-family:Times New Roman">after-tax returns are calculated using the historical highest individual federal marginal income tax rates.</font>
<font style="font-size:10.0pt; font-family:Times New Roman">After-tax returns are not relevant to shareholders investing through tax-deferred programs such as an IRA plan.</font>
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Institutional Advisors LLC (the "Adviser") has contractually agreed to limit the Fund's net annual operating expenses to 1.20% of the Fund's average daily net assets until at least September 15, 2013, subject to termination at any time at the option of the Fund.
Fund Inception Date 3/31/2009