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<b><u><font style="font-size:14.0pt; font-family:Times New Roman; color:black">CONESTOGA SMALL CAP FUND</font></u></b>
<p><b><font style="font-size:10.0pt">Investment Objective</font></b></p>
<p><font style="font-size:10.0pt; color:black">The Conestoga Small Cap Fund seeks to provide long-term growth of capital.</font></p>
<p><b><font style="font-size:10.0pt">Fees and Expenses of the Fund</font></b></p>
<p><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 Conestoga Small Cap Fund:</font></p>
<p><b><font style="font-size:10.0pt; color:black">Annual Fund Operating Expenses <i>(expenses that you pay each year as a percentage of the value of your investments)</i></font></b></p>
<p><b><font style="font-size:10.0pt">Example</font></b></p>
<p><font style="font-size:10.0pt; color:black">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 (</font><font style="font-size:10.0pt">the Example for one year reflects the contractual expense limitation described above; the amounts for the other years reflect the Fund’s gross expenses)<font style="color:black">. 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></font></p>
<b><font style="font-size:10.0pt; font-family:Times New Roman">Portfolio Turnover</font></b>
<p style="margin-top:6.0pt"><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 (ending Sept 30, 2010) the Fund’s portfolio turnover rate was 22.53% of the average value of its portfolio.</font></p>
<p><b><font style="font-size:10.0pt">Principal Investment Strategies<font style="color:red"></font></font></b></p>
<p><font style="font-size:10.0pt">Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of small-cap companies.  Equity securities include 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 doesn’t expect investment in foreign securities to exceed 20% of the Fund’s total assets.  “Small-cap companies” are companies that, at the time of purchase, have market capitalizations of up to $2.5 billion.  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. </font></p> <p> </p>
<p><b><font style="font-size:10.0pt">Principal Risks</font></b></p>
<p><font style="font-size:10.0pt; color:black">You may lose money by investing in the Fund. The Fund is subject to the following principle risks, more fully described in “Risks Factors” in this prospectus. The Fund’s net asset value and total return may be adversely affected if any of the following occurs:</font></p> <div align="center"> <table width="100%" style="width:100.0%" cellpadding="0" cellspacing="0"> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">The market values of securities acquired by the Fund decline;</font></p> </td> </tr> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">The Adviser does not execute the Fund’s principal investment strategies effectively;</font></p> </td> </tr> </table> </div> <p><font style="display:none"> </font></p> <div align="center"> <table width="100%" style="width:100.0%" cellpadding="0" cellspacing="0"> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">A security’s price fluctuates in response to events affecting the issuer’s profitability or viability;</font></p> </td> </tr> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">Smaller, less seasoned companies lose market share or profits to a greater extent than larger, established companies in times of deteriorating economic conditions;</font></p> </td> </tr> </table> </div> <p><font style="display:none"> </font></p> <div align="center"> <table width="100%" style="width:100.0%" cellpadding="0" cellspacing="0"> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">A company’s earnings do not increase as expected;</font></p> </td> </tr> <tr> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt"> </font></p> </td> <td width="24" style="width:.25in; padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; font-family:Symbol">·</font></p> </td> <td style="padding:0in 0in 0in 0in" valign="top"> <p><font style="font-size:10.0pt; color:black">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.</font></p> </td> </tr> </table> </div> <p><font style="font-size:10.0pt"> </font></p> <p><font style="font-size:10.0pt; display:none"> </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 style="color:black"></font></font></p>
<p><b><font style="font-size:10.0pt">Performance</font></b></p>
<p><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 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.conestogacapital.com/mutual fund.htm</font></p>
<p><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 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%. </font></p>
<p><b><font style="font-size:10.0pt">Average Annual Total Returns as of 12/31/10</font></b></p>
<p><font style="font-size:10.0pt">This table compares the Fund’s average annual total returns for the periods ended December 31, 2010 to those of the Russell 2000 Index and the Russell 2000 Growth Index.  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.</font></p>
<b><u><font style="font-size:14.0pt; font-family:Times New Roman Bold; color:black">Institutional Advisors LargeCap Fund</font></u></b>
<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><b><font style="font-size:10.0pt">Fees and Expenses of the Fund</font></b></p>
<p style="text-align:justify"><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.  You may qualify for </font><u><font style="font-size:10.0pt; color:blue">Sales Charge Waivers</font></u><font style="font-size:10.0pt"> if you and your family invest, or agree to invest in the future, at least $50,000 in the Institutional Advisors LargeCap Fund<font style="color:black">.  More information about these waivers and other discounts is available from your financial professional and in the section “Sales Charge Waivers” on page 18 of the Fund’s prospectus.</font></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"> </font><sup><font style="font-size:10.0pt; font-family:Times New Roman Bold">(1) </font></sup><b><font style="font-size:10.0pt"> </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>
<font style="font-size:11.0pt; font-family:Times New Roman">(1) You may be charged additional fees if you buy, exchange, or sell shares through a broker or agent.</font>
<b><i><font style="font-size:10.0pt; font-family:Times New Roman">Example</font></i></b>
<p style="text-align:justify"><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 </font><font style="font-size:10.0pt; color:black">(</font><font style="font-size:10.0pt">the Example for one year reflects the contractual expense limitation described above; the amounts for the other years reflect the Fund’s gross expenses)</font><font style="font-size:10.0pt; color:black">. 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>
<b><font style="font-size:10.0pt; font-family:Times New Roman">Portfolio Turnover</font></b>
<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. </font><font style="font-size:10.0pt">For the 12 month period ending December 31, 2010, the Fund’s portfolio turnover rate was 24.96% 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">Although it is not a growth fund, the Fund may be suitable for investors who seek the high growth potential opportunities of large- capitalization companies. The Adviser uses a bottom-up approach in selecting securities across a variety of sectors with earnings growth that it expects will exceed that of the S&P 500 Index; where fundamental financial characteristics appear to be strong; and where the business model offers sustainable competitive advantage.</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">A company’s earnings do not increase as expected. </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 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>Institutional Advisors LargeCap Fund</b></p> <p><font style="font-size:10.0pt">(Formerly NPITC Equity Fund)</font></p> <p><font style="font-size:10.0pt">Annual Performance</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 period was for the year ended December 31, 2003: 26.51%. During the same period, the Fund’s worst performing period was for the year ended December 31, 2008: -29.89%. </font></p>
<b><font style="font-size:10.0pt; font-family:Times New Roman">Average Annual Total Returns as of 12/31/2010</font></b>
<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>
.2253
You may lose money by investing in the Fund.
Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.conestogacapital.com/mutual fund.htm
best performing quarter
2009-06-30
.1910
worst performing quarter
2008-12-31
-.2151
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.
.2496
You may lose money by investing in the Fund.
Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.ialfx.com
In the following table, 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.
2012-01-29
2012-01-29
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pure
iso4217:USD
Restated to reflect current fees. In addition, although the Fund has adopted a Shareholder Servicing Plan that will allow the Fund to pay an annual fee of up to 0.25% of its average daily net assets for providing services to the Fund's shareholders, the Fund does not expect to pay any Shareholder Servicing Fees in the current fiscal year.
Conestoga Capital Advisors, LLC "the Adviser" has contractually agreed to limit the Fund's net annual operating expenses to 1.10% of the Fund's average daily net assets until at least January 29, 2012, subject to termination at any time at the option of the Fund.
The Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees and expenses of the independent Trustees, taxes, interest and extraordinary expenses.
Institutional Advisors LLC (the "Adviser") has contractually agreed to limit the Fund's net annual operating expenses to 1.35% of the Fund's average daily net assets until at least January 29, 2012, subject to termination at any time at the option of the Fund.