0001162044-12-000942.txt : 20121003 0001162044-12-000942.hdr.sgml : 20121003 20121003170018 ACCESSION NUMBER: 0001162044-12-000942 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121003 DATE AS OF CHANGE: 20121003 EFFECTIVENESS DATE: 20121003 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONESTOGA FUNDS CENTRAL INDEX KEY: 0001175813 IRS NUMBER: 223865089 FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-90720 FILM NUMBER: 121127389 BUSINESS ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: RADNOR COURT, SUITE 120 CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6109439950 MAIL ADDRESS: STREET 1: 259 N. RADNOR-CHESTER ROAD STREET 2: RADNOR COURT, SUITE 120 CITY: RADNOR STATE: PA ZIP: 19087 0001175813 S000025244 Institutional Advisors LargeCap Fund C000075213 Institutional Advisors LargeCap Fund IALFX 497 1 xbrlcover.htm Institutional Advisors LargeCap Fund

Conestoga Funds

Institutional Advisors LargeCap Fund



Incorporated herein by reference is the definitive version of the prospectus for the Institutional Advisors LargeCap Fund filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on September 18, 2012 (SEC Accession No. 0001162044-12-000898).




Exhibit Index


Index NoDescription of Exhibit

1.

EX-101.INS

XBRL Instance Document

2.

EX-101.SCH

XBRL Taxonomy Extension Schema Document

3.

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

4.

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

5.

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

6.    EX-101.PRE ………………………………………….XBRL Taxonomy Extension Presentation Linkbase


EX-101.PRE 2 ialfx-20120915_pre.xml EX-101.INS 3 ialfx-20120915.xml Other 2012-09-15 false Conestoga Funds 0001175813 2012-09-15 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ShareholderFeesData column dei_LegalEntityAxis compact fil_S000025244Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/OperatingExpensesData column dei_LegalEntityAxis compact fil_S000025244Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 0 0 0 0 0 <div style="display:none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> 0.0118 0.0001 0.0016 0.0135 -0.0015 0.0120 <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExample column dei_LegalEntityAxis compact fil_S000025244Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000025244Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/PerformanceTableData column dei_LegalEntityAxis compact fil_S000025244Member row primary compact * ~</div> <div style="display:none">~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000025244Member row primary compact * row rr_PerformanceMeasureAxis compact * ~</div> 122 413 725 1611 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column period compact * row dei_LegalEntityAxis compact fil_S000025244Member row primary compact * ~</div> -0.2161 0.2651 0.0563 0.0543 0.1373 0.0983 -0.2989 0.1960 0.1442 0.0170 0.0170 0.1797 0.0130 0.1754 0.0137 0.1544 0.0211 0.2049 <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&#8217;s gross expenses). The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;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 &#8220;turns over&#8221; its portfolio).&#160; A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. &#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160; During the most recent fiscal year, </font><font style="font-size:10.0pt">the Fund&#8217;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 &amp; Poor&#8217;s 500 Index (&#8220;S&amp;P 500 Index&#8221;)).&#160; 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">&nbsp;</font></p> <p style="text-align:justify"><font style="font-size:10.0pt">The Adviser&#8217;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 &#8220;Risk Factors&#8221;. The Fund&#8217;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&#160; </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&#160; </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&#160; </font><font style="font-size:10.0pt">The Adviser does not execute the Fund&#8217;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&#160; </font><font style="font-size:10.0pt">Security prices fluctuate in response to events affecting an issuer&#8217;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&#160; </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">&nbsp;</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&#8217;s performance from year to year and by showing how the Fund&#8217;s average annual returns for one year, five year, ten year, and since the Fund&#8217;s inception compare with those of broad measures of market performance.&#160;&#160; Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160; Updated performance information is available on the Fund&#8217;s website: www.ialfx.com.</font></p> <p><font style="font-size:10.0pt; color:black">&nbsp;</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"> (&#8220;NPITC&#8221;) Equity Fund, a collective investment fund, was converted to the Fund.&#160; 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.&#160; The data below reflects NPITC Equity Fund&#8217;s performance information over a period before the Fund&#8217;s registration statement became effective; the relevant account was not registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;) 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.&#160; </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.&#160; 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">&nbsp;</font></p> <p style="text-align:justify"><font style="font-size:10.0pt; color:black">During the period shown in the chart, the Fund&#8217;s best performing quarter was for the three months ended December 31, 2003: 26.51%. During the same period, the Fund&#8217;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.&#160; These after-tax returns do not reflect the effect of any applicable state or local taxes.&#160; Your after-tax returns may differ from those shown.&#160; After-tax returns are not relevant to shareholders investing through tax-deferred programs such as an IRA plan.&#160;&#160; 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> 0001175813 2012-09-15 2012-09-15 0001175813 fil:S000025244Member 2012-09-15 2012-09-15 0001175813 fil:S000025244Memberfil:C000075213Member 2012-09-15 2012-09-15 0001175813 fil:S000025244Memberfil:C000075213Memberrr:AfterTaxesOnDistributionsMember 2012-09-15 2012-09-15 0001175813 fil:S000025244Memberfil:C000075213Memberrr:AfterTaxesOnDistributionsAndSalesMember 2012-09-15 2012-09-15 0001175813 fil:S000025244Memberfil:SP500Member 2012-09-15 2012-09-15 pure iso4217:USD 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 EX-101.SCH 4 ialfx-20120915.xsd EX-101.CAL 5 ialfx-20120915_cal.xml EX-101.DEF 6 ialfx-20120915_def.xml EX-101.LAB 7 ialfx-20120915_lab.xml Series [Axis] Series [Axis] Series Series Institutional Advisors LargeCap Fund Institutional Advisors LargeCap Fund Share Class [Axis] Share Class [Axis] Share Classes Share Classes Institutional Advisors LargeCap Fund Institutional Advisors LargeCap Fund {75213} Performance Measure [Axis] Performance Measure [Axis] Before Taxes Before Taxes Return After Taxes on Distributions Return After Taxes on Distributions Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions and Sale of Fund Shares Comparison Index - S&P 500 Index (the performance information for this index reflects no deduction for fees, expenses or taxes) Comparison Index - S&P 500 Index (the performance information for this index reflects no deduction for fees, expenses or taxes) Risk/Return: Risk/Return: Objective [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Primary [Text Block] Expense [Heading] Expense [Heading] Expense Narrative [Text Block] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Caption [Text] Shareholder Fees [Table] Shareholder Fees [Table] Operating Expenses Caption [Text] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Annual Fund Operating Expenses [Table] Expense Example [Heading] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example Narrative [Text Block] Expense Example, With Redemption [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Expense Example, No Redemption [Table] Portfolio Turnover [Heading] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover [Text Block] Strategy [Heading] Strategy [Heading] Strategy Narrative [Text Block] Strategy Narrative [Text Block] Risk [Heading] Risk [Heading] Risk Narrative [Text Block] Risk Narrative [Text Block] Bar Chart and Performance Table [Heading] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Narrative [Text Block] Bar Chart [Heading] Bar Chart [Heading] Bar Chart [Table] Bar Chart [Table] Bar Chart Closing [Text Block] Bar Chart Closing [Text Block] Performance Table Heading Performance Table Heading Performance Table Narrative Performance Table Narrative Performance [Table] Performance [Table] Market Index Performance [Table] Market Index Performance [Table] Shareholder Fees: Shareholder Fees: Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of the lower of purchase or sale price) Maximum deferred sales charge (load) (as a percentage of the lower of purchase or sale price) Maximum Sales charge (load) imposed on reinvested dividends (as a percentage of purchase price) Maximum Sales charge (load) imposed on reinvested dividends (as a percentage of purchase price) Redemption Fee Redemption fees Redemption fees Exchange fees Exchange fees Operating Expenses: Operating Expenses: Management Fees Management Fees Distribution and Service (12b-1) Fees Distribution and Service (12b-1) Fees Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of Independent Trustees, 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) Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of Independent Trustees, 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) Total Annual Fund Operating Expenses Total Annual Fund Operating Expenses Fee Waiver or Reimbursement Fee Waiver Fee Waiver Total Annual Fund Operating Expenses After Fee Waiver Total Annual Fund Operating Expenses After Fee Waiver Expense Example: Expense Example: 1 Year Expense Example, with Redemption, 1 Year 3 Years Expense Example, with Redemption, 3 Years 5 Years Expense Example, with Redemption, 5 Years 10 Years Expense Example, with Redemption, 10 Years Bar Chart Table: Bar Chart Table: Annual Return 2002 Annual Return 2002 Annual Return 2003 Annual Return 2003 Annual Return 2004 Annual Return 2004 Annual Return 2005 Annual Return 2005 Annual Return 2006 Annual Return 2006 Annual Return 2007 Annual Return 2007 Annual Return 2008 Annual Return 2008 Annual Return 2009 Annual Return 2009 Annual Return 2010 Annual Return 2010 Annual Return 2011 Annual Return 2011 Average Annual Return: Average Annual Return: 1 Year 1 Year Since Inception Since Inception Risk/Return Detail [Table] Risk/Return Detail [Table] Document Type Document Type Document Period End Date Document Period End Date Registrant Name Registrant Name Central Index Key Central Index Key Amendment Flag Amendment Flag Prospectus Date Prospectus Date Portfolio Turnover, Rate Portfolio Turnover, Rate Risk Lose Money [Text] Risk Lose Money [Text] Performance Availability Website Address [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Performance Past Does Not Indicate Future [Text] Label Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return, Date Highest Quarterly Return Highest Quarterly Return Label Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return, Date Lowest Quarterly Return Lowest Quarterly Return Performance Table Uses Highest Federal Rate Performance Table 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XML 11 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Sep. 15, 2012
Registrant Name dei_EntityRegistrantName Conestoga Funds
Central Index Key dei_EntityCentralIndexKey 0001175813
Amendment Flag dei_AmendmentFlag false
Prospectus Date rr_ProspectusDate Sep. 15, 2012
Institutional Advisors LargeCap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Objective [Heading] rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Institutional Advisors LargeCap Fund seeks to provide long-term growth of capital.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Advisors LargeCap Fund.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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, the Fund’s portfolio turnover rate was 25.93% of the average portfolio value.

Portfolio Turnover, Rate rr_PortfolioTurnoverRate 25.93%
Expense Example [Heading] rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

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.

 

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.

Risk [Heading] rr_RiskHeading

Principal Risks

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

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:

The market values of securities acquired by the Fund decline.

Large capitalization securities underperform other segments of the equity market or equity markets as a whole.

The Adviser does not execute the Fund’s principal investment strategies effectively.

Security prices fluctuate in response to events affecting an issuer’s profitability or viability.

There is no assurance that large companies can withstand serious deterioration during periods of severe economic distress.

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.

 

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.

Risk Lose Money [Text] rr_RiskLoseMoney You may lose money by investing in the Fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

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.

 

On March 31, 2009 the National Penn ITC (“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 Institutional Advisors, a business unit of National Penn Investors Trust Company, the predecessor investment entity to 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.  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 NPITC Equity Fund.

Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.ialfx.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading

Institutional Advisors LargeCap Fund

(Formerly NPITC Equity Fund)

Calendar Year Total Return*

Annual Return 2002 rr_AnnualReturn2002 (21.61%)
Annual Return 2003 rr_AnnualReturn2003 26.51%
Annual Return 2004 rr_AnnualReturn2004 5.63%
Annual Return 2005 rr_AnnualReturn2005 5.43%
Annual Return 2006 rr_AnnualReturn2006 13.73%
Annual Return 2007 rr_AnnualReturn2007 9.83%
Annual Return 2008 rr_AnnualReturn2008 (29.89%)
Annual Return 2009 rr_AnnualReturn2009 19.60%
Annual Return 2010 rr_AnnualReturn2010 14.42%
Annual Return 2011 rr_AnnualReturn2011 1.70%
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock

* Sales loads are not reflected in the bar chart.  If these amounts were reflected returns would be less than those shown.

 

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%.

Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Performing Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Dec. 31, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 26.51%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Performing Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (29.89%)
Performance Table Heading rr_PerformanceTableHeading

Average Annual Total Returns

as of 12/31/2011:

Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate after-tax returns are calculated using the historical highest individual federal marginal income tax rates.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred After-tax returns are not relevant to shareholders investing through tax-deferred programs such as an IRA plan.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock

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.

Institutional Advisors LargeCap Fund | Comparison Index - S&P 500 Index (the performance information for this index reflects no deduction for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 2.11%
Since Inception rr_AverageAnnualReturnSinceInception 20.49% [2]
Institutional Advisors LargeCap Fund | Institutional Advisors LargeCap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum deferred sales charge (load) (as a percentage of the lower of purchase or sale price) rr_MaximumDeferredSalesChargeOverOther none
Maximum Sales charge (load) imposed on reinvested dividends (as a percentage of purchase price) rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none
Redemption fees rr_RedemptionFee none
Exchange fees rr_ExchangeFee none
Management Fees rr_ManagementFeesOverAssets 1.18%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.01%
Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of Independent Trustees, 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) rr_OtherExpensesOverAssets 0.16% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.35%
Fee Waiver rr_FeeWaiverOrReimbursementOverAssets (0.15%) [1]
Total Annual Fund Operating Expenses After Fee Waiver rr_NetExpensesOverAssets 1.20%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 122
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 413
Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 725
Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 1,611
1 Year rr_AverageAnnualReturnYear01 1.70%
Since Inception rr_AverageAnnualReturnSinceInception 17.97% [2]
Institutional Advisors LargeCap Fund | Institutional Advisors LargeCap Fund | Return After Taxes on Distributions
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.30%
Since Inception rr_AverageAnnualReturnSinceInception 17.54% [2]
Institutional Advisors LargeCap Fund | Institutional Advisors LargeCap Fund | Return After Taxes on Distributions and Sale of Fund Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 1.37%
Since Inception rr_AverageAnnualReturnSinceInception 15.44% [2]
[1] 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.
[2] Fund Inception Date 3/31/2009
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Institutional Advisors LargeCap Fund

Investment Objective

The Institutional Advisors LargeCap Fund seeks to provide long-term growth of capital.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Advisors LargeCap Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)
Institutional Advisors LargeCap Fund
Maximum sales charge (load) imposed on purchases (as a percentage of offering price) none
Maximum deferred sales charge (load) (as a percentage of the lower of purchase or sale price) none
Maximum Sales charge (load) imposed on reinvested dividends (as a percentage of purchase price) none
Redemption fees none
Exchange fees none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
Institutional Advisors LargeCap Fund
Management Fees 1.18%
Distribution and Service (12b-1) Fees 0.01%
Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of Independent Trustees, 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) [1] 0.16%
Total Annual Fund Operating Expenses 1.35%
Fee Waiver [1] (0.15%)
Total Annual Fund Operating Expenses After Fee Waiver 1.20%
[1] 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.

Example

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:

Expense Example (USD $)
Expense Example, with Redemption, 1 Year
Expense Example, with Redemption, 3 Years
Expense Example, with Redemption, 5 Years
Expense Example, with Redemption, 10 Years
Institutional Advisors LargeCap Fund
122 413 725 1,611
~ http://xbrl.sec.gov/rr/role/ExpenseExampleNoRedemption column dei_LegalEntityAxis compact fil_S000025244Member column rr_ProspectusShareClassAxis compact * row primary compact * ~

Portfolio Turnover

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, the Fund’s portfolio turnover rate was 25.93% of the average portfolio value.

Principal Investment Strategies

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.

 

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.

Principal Risks

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:

The market values of securities acquired by the Fund decline.

Large capitalization securities underperform other segments of the equity market or equity markets as a whole.

The Adviser does not execute the Fund’s principal investment strategies effectively.

Security prices fluctuate in response to events affecting an issuer’s profitability or viability.

There is no assurance that large companies can withstand serious deterioration during periods of severe economic distress.

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.

 

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.

Performance

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.

 

On March 31, 2009 the National Penn ITC (“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 Institutional Advisors, a business unit of National Penn Investors Trust Company, the predecessor investment entity to 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.  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 NPITC Equity Fund.

Institutional Advisors LargeCap Fund

(Formerly NPITC Equity Fund)

Calendar Year Total Return*

Bar Chart

* Sales loads are not reflected in the bar chart.  If these amounts were reflected returns would be less than those shown.

 

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%.

Average Annual Total Returns

as of 12/31/2011:

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.

Average Annual Total Returns
1 Year
Since Inception
Institutional Advisors LargeCap Fund Comparison Index - S&P 500 Index (the performance information for this index reflects no deduction for fees, expenses or taxes)
2.11% 20.49% [1]
Institutional Advisors LargeCap Fund
1.70% 17.97% [1]
Institutional Advisors LargeCap Fund Return After Taxes on Distributions
1.30% 17.54% [1]
Institutional Advisors LargeCap Fund Return After Taxes on Distributions and Sale of Fund Shares
1.37% 15.44% [1]
[1] Fund Inception Date 3/31/2009
~ http://xbrl.sec.gov/rr/role/MarketIndexPerformanceData column dei_LegalEntityAxis compact fil_S000025244Member row primary compact * row rr_PerformanceMeasureAxis compact * ~
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