485BPOS

As filed with the Securities and Exchange Commission on February 20, 2012

File No. 333-90720

ICA No. 811-21120

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933	[X]
Pre-Effective Amendment No. _____	[   ]
Post-Effective Amendment No. 21	[X]
And
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940	[X]
Amendment No. 22

CONESTOGA FUNDS

(Exact name of Registrant as Specified in Trust Instrument)

259 N. Radnor-Chester Road

Radnor Court, Suite 120

Radnor, PA 19087

(Address of Principal Executive Office)

(800) 320-7790

(Area Code and Telephone Number)

Copy to:

Joshua B. Deringer, Esq.

Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering:  As soon as practicable after this registration statement becomes effective.

It is proposed that this filing will become effective:

ýImmediately upon filing pursuant to paragraph (b) ¨on February 1, 2013 pursuant to paragraph (b)

¨60 days after filing pursuant to paragraph (a)(1)

	¨on (date) pursuant to paragraph (a)(1)
¨75 days after filing pursuant to paragraph (a)(2)	¨on (date) pursuant to paragraph (a)(2) of rule 485

If appropriate, check the following box:

¨           this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”) and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the 1933 Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Radnor and State of Pennsylvania, on the 20th day of February, 2013.

CONESTOGA FUNDS

(Registrant)

By:

/s/ William C. Martindale, Jr.

William C. Martindale, Jr., Chairman of the Board, Trustee and CEO

Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities indicated on the 20th day of February, 2013.

/s/ William C. Martindale, Jr.

William C. Martindale, Jr.

Chairman of the Board, Trustee and CEO

/s/ Robert M. Mitchell

Robert M. Mitchell

Trustee and Treasurer

*William B. Blundin

William B. Blundin

Trustee

*Nicholas J. Kovich

Nicholas J. Kovich

Trustee

*Richard E. Ten Haken

Richard E. Ten Haken

Trustee

*Michael R. Walker

Michael R. Walker

Trustee

*By:  /s/ Joshua B. Deringer

Joshua B. Deringer

Attorney-in-Fact

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

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Sep. 30, 2012

Registrant Name

dei_EntityRegistrantName

Conestoga Funds

Central Index Key

dei_EntityCentralIndexKey

0001175813

Amendment Flag

dei_AmendmentFlag

false

Prospectus Date

rr_ProspectusDate

Feb. 01, 2013

Conestoga Small Cap Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Conestoga Small Cap 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 Conestoga Small Cap Fund:

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

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

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 (ended September 30, 2012) the Fund’s portfolio turnover rate was 16.42% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

16.42%

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 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:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

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.

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 “Risks Factors” in this prospectus. The Fund’s net asset value and total return may be adversely affected if any of the following occurs:

- The market values of securities acquired by the Fund decline;

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

- A security’s price fluctuates in response to events affecting the issuer’s profitability or viability;

- Smaller, less seasoned companies lose market share or profits to a greater extent than larger, established companies in times of deteriorating economic conditions;

- A company’s earnings do not increase as expected;

- 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.

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 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.

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.conestogacapital.com/mutual fund.htm

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

Calendar Year Total Return

Annual Return 2003

rr_AnnualReturn2003

33.68%

Annual Return 2004

rr_AnnualReturn2004

18.81%

Annual Return 2005

rr_AnnualReturn2005

4.39%

Annual Return 2006

rr_AnnualReturn2006

9.45%

Annual Return 2007

rr_AnnualReturn2007

6.43%

Annual Return 2008

rr_AnnualReturn2008

(27.35%)

Annual Return 2009

rr_AnnualReturn2009

29.09%

Annual Return 2010

rr_AnnualReturn2010

23.99%

Annual Return 2011

rr_AnnualReturn2011

4.55%

Annual Return 2012

rr_AnnualReturn2012

11.00%

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

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%.

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

best performing quarter

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

19.10%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

worst performing quarter

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2008

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(21.51%)

Performance Table Heading

rr_PerformanceTableHeading

Average Annual Total Returns

as of 12/31/12

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

The 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

This table compares the Fund’s average annual total returns for the periods ended December 31, 2012 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.

Conestoga Small Cap Fund | - Comparison Index - Russell 2000 Index (the performance information for this index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

16.35%

5 Years

rr_AverageAnnualReturnYear05

3.56%

10 Years

rr_AverageAnnualReturnYear10

9.72%

Conestoga Small Cap Fund | - Comparison Index - Russell 2000 Growth Index (the performance information for this index reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

14.59%

5 Years

rr_AverageAnnualReturnYear05

3.49%

10 Years

rr_AverageAnnualReturnYear10

9.80%

Conestoga Small Cap Fund | Conestoga Small Cap Fund

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

1.20%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of the 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

0.02%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.22%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.12%)

^[4]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.10%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

112

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

375

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

659

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,467

1 Year

rr_AverageAnnualReturnYear01

11.00%

5 Years

rr_AverageAnnualReturnYear05

6.18%

10 Years

rr_AverageAnnualReturnYear10

10.05%

Conestoga Small Cap Fund | Conestoga Small Cap Fund | Return After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

10.86%

5 Years

rr_AverageAnnualReturnYear05

5.96%

10 Years

rr_AverageAnnualReturnYear10

9.82%

Conestoga Small Cap Fund | Conestoga Small Cap Fund | Return After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

9.30%

5 Years

rr_AverageAnnualReturnYear05

5.21%

10 Years

rr_AverageAnnualReturnYear10

8.87%

Conestoga Mid Cap Fund

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Conestoga Mid Cap 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 Conestoga Mid Cap Fund:

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

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

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 period beginning March 30, 2012, the commencement of operations of the Fund, and ended September 30, 2012, the Fund’s portfolio turnover rate was 8.71%.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

8.71%

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 Conestoga Mid 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 amount for three years reflects 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:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of mid-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.  “Mid-cap companies” are companies that, at the time of purchase, have market capitalizations of up to $10 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 mid-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.

Risk [Heading]

rr_RiskHeading

Principal Risks

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

You may lose money by investing in the Fund and there is no guarantee that the Fund will achieve its objective. The Fund is subject to the following principal risks. The Fund’s net asset value and total return may be adversely affected if any of the following occurs:

- The market values of securities acquired by the Fund decline;

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

- A security’s price fluctuates in response to events affecting the issuer’s profitability or viability;

- A company’s earnings do not increase as expected;

- Medium capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies;

- 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.

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 bar chart and performance table have been omitted because the Fund has been in operation for less than one calendar year.

Conestoga Mid Cap Fund | Investors Class

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.85%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

0.25%

^[1]

Other Operating Expenses

rr_Component2OtherExpensesOverAssets

6.08%

Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of the 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

6.33%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

7.18%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(5.83%)

^[5]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.35%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

137

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,594

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

2,987

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

6,213

Conestoga Mid Cap Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.85%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Service Fees

rr_Component1OtherExpensesOverAssets

none

Other Operating Expenses

rr_Component2OtherExpensesOverAssets

6.08%

Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of the 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

6.08%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

6.93%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(5.83%)

^[5]

Total Annual Fund Operating Expenses After Fee Waiver

rr_NetExpensesOverAssets

1.10%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

112

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,525

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

2,883

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

6,056

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 26.84% of the average portfolio value.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

26.84%

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:

o          The market values of securities acquired by the Fund decline.

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

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

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

o          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 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

Bar Chart Narrative [Text Block]

rr_BarChartNarrativeTextBlock

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.

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%

Annual Return 2012

rr_AnnualReturn2012

15.35%

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

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 12/31/2012:

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

16.00%

5 Years

rr_AverageAnnualReturnYear05

none

10 Years

rr_AverageAnnualReturnYear10

none

Since Inception

rr_AverageAnnualReturnSinceInception

19.24%

^[6]

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 (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 the 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%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.35%

Fee Waiver

rr_FeeWaiverOrReimbursementOverAssets

(0.15%)

^[3]

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

15.34%

5 Years

rr_AverageAnnualReturnYear05

none

10 Years

rr_AverageAnnualReturnYear10

none

Since Inception

rr_AverageAnnualReturnSinceInception

17.26%

^[6]

Institutional Advisors LargeCap Fund | Institutional Advisors LargeCap Fund | Return After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

14.61%

5 Years

rr_AverageAnnualReturnYear05

none

10 Years

rr_AverageAnnualReturnYear10

none

Since Inception

rr_AverageAnnualReturnSinceInception

16.76%

^[6]

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

12.70%

5 Years

rr_AverageAnnualReturnYear05

none

10 Years

rr_AverageAnnualReturnYear10

none

Since Inception

rr_AverageAnnualReturnSinceInception

14.89%

^[6]

[1] The Fund has adopted a Shareholder Servicing Plan on behalf of the Investors Class 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 Investors Class shareholders.

[2] 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.

[3] 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 February 1, 2014, subject to termination at any time at the option of the Fund.

[4] 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 February 1, 2014, subject to termination at any time at the option of the Fund.

[5] 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 and interest) to 1.35% (for the Investors Class) and 1.10% (for the Institutional Class) of the Fund's average daily net assets until at least February 1, 2014, subject to termination at any time at the option of the Fund. 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 three years from the date on 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.

[6] The Institutional Advisors LargeCap Fund's Inception date is March 31, 2009.

XML

Conestoga Small Cap Fund

Investment Objective

The Conestoga Small Cap 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 Conestoga Small Cap Fund:

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

Annual Fund Operating Expenses		Conestoga Small Cap Fund
Management Fees		1.20%
Distribution (12b-1) Fees		none
Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of the 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]	0.02%
Total Annual Fund Operating Expenses		1.22%
Fee Waiver	[2]	(0.12%)
Total Annual Fund Operating Expenses After Fee Waiver		1.10%

Example

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:

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
Conestoga Small Cap Fund	112	375	659	1,467

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 (ended September 30, 2012) the Fund’s portfolio turnover rate was 16.42% of the average value of its portfolio.

Principal Investment Strategies

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.

Principal Risks

You may lose money by investing in the Fund. The Fund is subject to the following principal 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:

- The market values of securities acquired by the Fund decline;

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

- A security’s price fluctuates in response to events affecting the issuer’s profitability or viability;

- Smaller, less seasoned companies lose market share or profits to a greater extent than larger, established companies in times of deteriorating economic conditions;

- A company’s earnings do not increase as expected;

- 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.

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 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.

Calendar Year Total Return

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%.

Average Annual Total Returns

as of 12/31/12

This table compares the Fund’s average annual total returns for the periods ended December 31, 2012 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.

Average Annual Total Returns	1 Year	5 Years	10 Years
Conestoga Small Cap Fund - Comparison Index - Russell 2000 Index (the performance information for this index reflects no deduction for fees, expenses or taxes)	16.35%	3.56%	9.72%
Conestoga Small Cap Fund - Comparison Index - Russell 2000 Growth Index (the performance information for this index reflects no deduction for fees, expenses or taxes)	14.59%	3.49%	9.80%
Conestoga Small Cap Fund	11.00%	6.18%	10.05%
Conestoga Small Cap Fund Return After Taxes on Distributions	10.86%	5.96%	9.82%
Conestoga Small Cap Fund Return After Taxes on Distributions and Sale of Fund Shares	9.30%	5.21%	8.87%

Conestoga Mid Cap Fund

Investment Objective

The Conestoga Mid Cap 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 Conestoga Mid Cap Fund:

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

Annual Fund Operating Expenses Conestoga Mid Cap Fund		Investors Class		Institutional Class
Management Fees		0.85%		0.85%
Distribution (12b-1) Fees		none		none
Service Fees		0.25%	[1]	none
Other Operating Expenses		6.08%		6.08%
Other Expenses (the Adviser pays all Fund expenses except Rule 12b-1 fees, shareholder servicing fees, interest, taxes, brokerage commissions, expenses of the 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)		6.33%		6.08%
Total Annual Fund Operating Expenses		7.18%		6.93%
Fee Waiver	[2]	(5.83%)		(5.83%)
Total Annual Fund Operating Expenses After Fee Waiver		1.35%		1.10%

Example

This Example is intended to help you compare the cost of investing in the Conestoga Mid 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 amount for three years reflects 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:

Expense Example Conestoga Mid Cap Fund (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
Investors Class	137	1,594	2,987	6,213
Institutional Class	112	1,525	2,883	6,056

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 period beginning March 30, 2012, the commencement of operations of the Fund, and ended September 30, 2012, the Fund’s portfolio turnover rate was 8.71%.

Principal Investment Strategies

Under normal market circumstances, the Fund invests at least 80% of its net assets in equity securities of mid-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.  “Mid-cap companies” are companies that, at the time of purchase, have market capitalizations of up to $10 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 mid-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.

Principal Risks

You may lose money by investing in the Fund and there is no guarantee that the Fund will achieve its objective. The Fund is subject to the following principal risks. The Fund’s net asset value and total return may be adversely affected if any of the following occurs:

- The market values of securities acquired by the Fund decline;

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

- A security’s price fluctuates in response to events affecting the issuer’s profitability or viability;

- A company’s earnings do not increase as expected;

- Medium capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies;

- 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.

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 bar chart and performance table have been omitted because the Fund has been in operation for less than one calendar year.

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 (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 the 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)		0.16%
Total Annual Fund Operating Expenses		1.35%
Fee Waiver	[1]	(0.15%)
Total Annual Fund Operating Expenses After Fee Waiver		1.20%

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

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 26.84% 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:

o          The market values of securities acquired by the Fund decline.

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

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

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

o          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

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 12/31/2012:

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	5 Years	10 Years	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)	16.00%	none	none	19.24%	[1]
Institutional Advisors LargeCap Fund	15.34%	none	none	17.26%	[1]
Institutional Advisors LargeCap Fund Return After Taxes on Distributions	14.61%	none	none	16.76%	[1]
Institutional Advisors LargeCap Fund Return After Taxes on Distributions and Sale of Fund Shares	12.70%	none	none	14.89%	[1]

[1] 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.

[2] 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 February 1, 2014, subject to termination at any time at the option of the Fund.

[1] The Fund has adopted a Shareholder Servicing Plan on behalf of the Investors Class 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 Investors Class shareholders.

[2] 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 and interest) to 1.35% (for the Investors Class) and 1.10% (for the Institutional Class) of the Fund's average daily net assets until at least February 1, 2014, subject to termination at any time at the option of the Fund. 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 three years from the date on 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.

[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 February 1, 2014, subject to termination at any time at the option of the Fund.

[1] The Institutional Advisors LargeCap Fund's Inception date is March 31, 2009.