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Name | Symbol | Market | Type |
---|---|---|---|
Acadian Emerging Markets Debt Fund Insti (MM) | NASDAQ:AEMDX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-06400
The Advisors Inner Circle Fund
(Exact name of registrant as specified in charter)
SEI Investments
One Freedom Valley Drive
Oaks, PA 19456
(Address of principal executive offices) (Zip code)
CT Corporation
101 Federal Street
Boston, MA 02110
(Name and address of agent for service)
Registrants telephone number, including area code: (877) 446-3863
Date of fiscal year end: October 31, 2012
Date of reporting period: October 31, 2012
Item 1. Reports to Stockholders.
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
TABLE OF CONTENTS | ||||
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21 |
The AlphaOne Funds file their complete schedule of fund holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds Forms N-Q are available on the SEC website at http://www.sec.gov, and may be reviewed and copied at the SECs Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0300.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, as well as information relating to how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available (i) without charge, upon request, by calling 855-4-ALPHAONE; and (ii) on the SECs website at http://www.sec.gov.
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
Thank you for your support during the AlphaOne Micro Cap Equity Funds first full year in operations. Our investment team has a long history of managing micro cap portfolios and we are gratified to serve new clients this year and to see your Funds assets grow as more investors have allocated a share of their portfolios to micro cap through an investment in the Fund.
During the past twelve months, the Fund returned 11.74% (I Class Shares), 11.30% (Investor Class Shares) and 10.97% (R Class Shares) versus 12.08% for the Russell 2000 Index. Since inception on March 31, 2011, the Funds annualized return was 0.78% (I Class Shares), 0.46% (Investor Class Shares) and 0.20% (R Class Shares) the Russell 2000 Index has declined over that period, with an annualized return of -0.50%.
We believe the U.S. economy stands at a unique point historically. Today, our economy is grappling with many widely recognized stresses: too much debt, relatively high unemployment, and the growing funding requirements of social programs such as Social Security and Medicare. Additionally, we have witnessed a recent expansion of the money supply in the form of repeated quantitative easing by the Federal Reserve. Much debate on the pros and cons of this form of monetary policy has accompanied each subsequent Federal Reserve action.
Within the framework of our bottom up stock picking, we do believe there is a need for continued quantitative easing until the U.S. economic situation shows fundamental improvement. Without improved fundamentals, a tightening of the money supply or the removal of monetary stimulus will forestall any economic recovery. If the Federal Reserve Bank were to end its monetary expansion program (essentially, the purchase of longer maturity fixed income securities), the result would be higher long-term interest rates. These higher interest rates would be detrimental to an economy in the middle of a debt deleveraging cycle, and we believe would result in even slower economic activity.
Amidst this backdrop, the AlphaOne Micro Cap Equity Fund has performed basically in line with the Russell 2000 Index over the past year, appreciating by nearly 12% (I Class Shares). Positive contribution to performance came from the Energy, Financial Services, Health Care and Producer Durables sectors. The Consumer Discretionary and Technology sectors were net detractors.
As we would expect in a relatively concentrated stock pickers portfolio, stock selection once again was the primary driver of portfolio performance. During the past six months, two of the best performing portfolio names were Banner Corporation (BANR) and AZZ Inc. (AZZ). BANR is a multi-billion dollar bank serving the Pacific Northwest. Strong earnings, raised guidance and the announced takeover of another regional bank provided the fuel for the stocks price performance. AZZ manufactures electrical distribution components and equipment for U.S. commercial uses. The stock price increased in conjunction with rising earnings-per-share estimates.
Over the past year, Financial Services and Health Care have been the strongest sectors for the Fund producing positive contributions from numerous positions, including regional banking, medical devices, and clinical services.
The largest detractor over the last six months came from the Technology sector. GSI Group (GSIG) designs and develops laser-based solutions for manufacturers. Presently, the company is seeking to sell its semiconductor etching business. Although weak capital equipment spending could hurt the companys near-term earnings, we approve of management and favor the remaining businesses for the long term.
Despite some important wins in individual names, the Technology sector together with Consumer Discretionary has detracted marginally over the last 12 months.
1
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
In terms of portfolio positioning going forward, we continue to believe that the economy is in a low growth and low interest rate environment in which individuals and companies will seek to reduce debt in order to control costs. As such, we look for companies that can provide earnings growth at a pace substantially above GDP. We believe that the Financial Services (via reduced credit costs), Producer Durables (rising revenue and lower interest expense) and Health Care (reduced regulatory risk and increased demand) sectors should all enjoy above average earnings growth for the foreseeable future. We have been less sanguine about the Consumer Discretionary and Energy sectors. For both sectors, we need to see improved pricing power which will drive consistent earnings growth. For Consumer Discretionary, that will entail wage growth above inflation. For Energy companies, that will require a commodity price deck sufficiently high enough to drive increased demand for oil services.
Sincerely,
The AlphaOne Capital Partners Team
The above commentary represents managements assessment of the Fund and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.
Definition of the Comparative Indices
Russell 2000 Index is an unmanaged index comprised of 2,000 stocks of U.S. companies with small market capitalization
2
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
Growth of a $250,000 Investment
Average Annual Total
Return for
the Periods Ended October 31, 2012* |
||||
One Year Return | Annualized Inception to Date** | |||
I Class Shares |
11.74% | 0.78% | ||
Investor Class Shares |
11.30% | 0.46% | ||
R Class Shares |
10.97% | 0.20% | ||
Russell 2000 Index |
12.08% | -0.50% |
* | If the Adviser had not limited certain expenses, the Funds total return would have been lower. |
** | The Fund commenced operations on March 31, 2011. |
| The graph is based on only I Class Shares; performance for Investor Class Shares and R Class Shares would be lower due to differences in fee structures. |
The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. There are no assurances that the Fund will meet its stated objectives. The Funds holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities. The Funds performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Funds returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
There are no assurances that the Fund will meet its stated objectives. The Funds holdings and allocations are subject to change because it is actively managed and should not be considered recommendations to buy individual securities.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
See definition of comparative index on page 2.
3
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
Sector Weightings* (unaudited) |
* Percentages based on total investments.
Shares | Value | |||||||
HEALTH CARE 13.7% | ||||||||
Accuray* |
73,000 | $ | 508,080 | |||||
BioScrip* |
113,283 | 1,043,337 | ||||||
Hanger Orthopedic Group* |
54,698 | 1,386,594 | ||||||
HMS Holdings* |
19,404 | 448,038 | ||||||
Merit Medical Systems* |
70,486 | 1,017,818 | ||||||
MWI Veterinary Supply* |
9,038 | 949,171 | ||||||
National Research |
23,921 | 1,212,316 | ||||||
Natus Medical* |
87,856 | 992,773 | ||||||
Synergetics USA* |
95,905 | 420,064 | ||||||
US Physical Therapy |
57,859 | 1,544,835 | ||||||
Vocera Communications* |
30,749 | 826,841 | ||||||
|
|
|||||||
10,349,867 | ||||||||
|
|
|||||||
PRODUCER DURABLES 28.7% | ||||||||
Altra Holdings |
50,516 | 910,298 | ||||||
Astronics* |
36,507 | 847,327 | ||||||
Astronics, Cl B* |
5,246 | 119,863 | ||||||
AZZ |
20,140 | 794,321 | ||||||
CRA International* |
65,877 | 1,102,781 | ||||||
Douglas Dynamics |
60,958 | 925,952 | ||||||
DXP Enterprises* |
22,086 | 1,087,294 | ||||||
Exponent* |
14,534 | 799,079 | ||||||
Forrester Research |
27,339 | 791,191 | ||||||
GP Strategies* |
34,628 | 666,589 | ||||||
Great Lakes Dredge & Dock |
175,739 | 1,397,125 | ||||||
Hurco* |
44,495 | 1,022,495 | ||||||
Knight Transportation |
52,227 | 789,672 | ||||||
LB Foster, Cl A |
34,897 | 1,151,950 | ||||||
LMI Aerospace* |
56,606 | 1,136,649 | ||||||
Marten Transport |
37,681 | 697,099 | ||||||
Multi-Color |
49,233 | 1,118,574 | ||||||
Old Dominion Freight Line* |
27,350 | 917,319 | ||||||
On Assignment* |
51,231 | 977,488 | ||||||
Raven Industries |
25,809 | 704,328 | ||||||
Standard Parking* |
36,224 | 827,718 | ||||||
Team* |
28,944 | 948,784 | ||||||
Thermon Group Holdings* |
42,107 | 1,045,938 | ||||||
Titan Machinery* |
40,393 | 955,294 | ||||||
|
|
|||||||
21,735,128 | ||||||||
|
|
|||||||
TECHNOLOGY 8.0% | ||||||||
AXT* |
210,604 | 676,039 | ||||||
Computer Task Group* |
60,240 | 1,123,476 | ||||||
Dynamics Research* |
34,675 | 223,653 | ||||||
GSI Group* |
129,815 | 1,008,663 |
The accompanying notes are an integral part of the financial statements.
4
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
COMMON STOCK continued | ||||||||
Shares | Value | |||||||
TECHNOLOGY continued | ||||||||
II-VI* |
36,404 | $ | 601,030 | |||||
IXYS |
89,896 | 855,810 | ||||||
Methode Electronics |
101,135 | 1,023,486 | ||||||
PDF Solutions* |
38,496 | 509,687 | ||||||
|
|
|||||||
6,021,844 | ||||||||
|
|
|||||||
Total Common Stock
|
63,269,430 | |||||||
|
|
|||||||
CASH EQUIVALENT 7.3% | ||||||||
BlackRock Liquidity Funds
|
5,522,057 | 5,522,057 | ||||||
|
|
|||||||
Total Investments 90.9%
|
$ | 68,791,487 | ||||||
|
|
Percentages are based on Net Assets of $75,689,753. | ||||
* | Non-income producing security. | |||
| More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | |||
(A) | The rate reported is the 7-day effective yield as of October 31, 2012. | |||
Cl | Class |
As of October 31, 2012 all of the Funds investments are Level 1.
For the year ended October 31, 2012, there were no transfers between Level 1 and Level 2 assets and liabilities.
For more information on valuation inputs, see Note 2 Significant Accounting Policies in the Notes to Financial Statements.
The accompanying notes are an integral part of the financial statements.
5
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
The accompanying notes are an integral part of the financial statements.
6
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
F OR T HE Y EAR E NDED | ||
O CTOBER 31, 2012 |
The accompanying notes are an integral part of the financial statements.
7
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
Amounts designated as are $0 or zero shares.
* | Commenced operations on March 31, 2011. |
| See Note 8 in the Notes to Financial Statements. |
The accompanying notes are an integral part of the financial statements.
8
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
| Commenced operations on March 31, 2011. |
^ | Calculation performed using average shares for the period. |
| Total return is for the period indicated and has not been annualized. Total return would have been lower had certain expenses not been waived or assumed by the Adviser during the period. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. |
* | Annualized |
** | Not Annualized |
Amounts designated as are $0.
The accompanying notes are an integral part of the financial statements.
9
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
NOTES TO FINANCIAL STATEMENTS |
1. Organization:
The Advisors Inner Circle Fund (the Trust) is organized as a Massachusetts business trust under an Amended and Restated Agreement and Declaration of Trust dated February 18, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company with 45 funds. The AlphaOne Micro Cap Equity Fund and the AlphaOne U.S. Equity Long Short Fund (the AlphaOne Funds) are each series of the Trust. The financial statements herein are those of the AlphaOne Micro Cap Equity Fund (the Fund). The Fund, which commenced operations on March 31, 2011, is diversified and seeks long-term capital appreciation. The financial statements of the remaining funds of the Trust are presented separately. The assets of each Fund are segregated, and a shareholders interest is limited to the Fund in which shares are held.
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies followed by the Fund:
Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the fair value of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Security Valuation Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Values of debt securities are generally reported at the last sales price if the security is actively traded. If a debt security is not actively traded it is valued at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.
Securities for which market prices are not readily available are valued in accordance with Fair Value Procedures established by the Funds Board of Trustees (the Board). The Funds Fair Value Procedures are implemented through a Fair Value Committee (the Committee) designated by the Board. Some of the more common reasons that may necessitate that a security be valued using Fair Value Procedures include: the securitys trading has been halted or suspended; the security has been de-listed from a national exchange; the securitys primary trading market is temporarily closed at a time when under normal conditions it would be open; the security has not been traded for an extended period of time; the securitys primary pricing source is not able or willing to provide a price; or trading of the security is subject to local government-imposed restrictions. When a security is valued in accordance with the Fair Value Procedures, the Committee will determine the value after taking into consideration relevant information reasonably available to the Committee. As of October 31, 2012, there were no securities valued in accordance with the Fair Value Procedures.
In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or abilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1 Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
Level 2 Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board, etc.); and
Level 3 Prices, inputs or proprietary modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).
Effective May 1, 2012, the Fund adopted Accounting Standards Update (ASU) No. 2011-04 Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (IFRS).
10
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 requires reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity, and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 requires reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The adoption of ASU 2011-04 had no impact on the Funds net assets.
Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement.
For the year ended October 31, 2012, there have been no significant changes to the Funds fair value methodologies.
Federal Income Taxes It is the Funds intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to its shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.
The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Funds tax return to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Fund did not record any tax provision in the current period. However, managements conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three open tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of and during the year ended October 31, 2012, the Fund did not have any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended October 31, 2012, the Fund did not incur any interest or penalties.
S ecurity Transactions and Investment Income Security transactions are accounted for on trade date for financial reporting purposes. Costs used in determining realized gains or losses on the sale of investment securities are based on the specific identification method. Dividend income is recorded on the ex-dividend date. Interest income is recognized on the accrual basis from settlement date.
Classes Class specific expenses, such as distribution fees and shareholder servicing fees, are borne by that class of shares. Income, realized and unrealized gains/losses and non-class specific expenses are allocated to the respective class on the basis of relative daily net assets.
Expenses Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the Fund based on the number of funds in the Trust and/or relative net assets.
Dividends and Distributions to Shareholders Dividends from net investment income, if any, are declared and paid annually by the Fund. Any net realized capital gains are distributed to shareholders at least annually.
Organization and Offering Costs Organization costs of the Fund, which commenced operations on March 31, 2011, have been expensed as incurred. Offering costs, including costs of printing initial prospectuses and registration fees, were amortized to expense over twelve months. As of October 31, 2012, the Fund had no remaining offering fees to be amortized.
Redemption Fees The Fund retains a redemption fee of 2.00% on redemptions of capital shares held for less than 90 days. The redemption fee is recorded as an increase paid-in capital. For the year ended October 31, 2012, there were no redemption fees retained.
3. Transactions with Affiliates:
Certain officers and a trustee of the Trust are also officers of SEI Investments Global Fund Services (the Administrator), a wholly owned subsidiary of SEI Investments Company and/or SEI Investments Distribution Co. (the Distributor). Such officers are paid no fees by the Trust, other than the Chief Compliance Officer (CCO) as described below, for serving as officers of the Trust.
A portion of the services provided by the CCO and his staff, whom are employees of the Administrator, are paid for by the Trust as incurred. The services include regulatory oversight of the Trusts Advisors and service providers as required by SEC regulations. The CCOs services and fees have been approved by and are reviewed by the Board.
11
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
4. Administration, Distribution, Transfer Agent and Custodian Agreements:
The AlphaOne Funds and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services for an annual fee equal to 0.11% of the first $750 million and 0.09% of average daily net assets over $750 million of the AlphaOne Funds average daily net assets, subject to a minimum fee of $255,000 for the two initial AlphaOne Funds, each with three classes of shares. Due to these minimums, the annual administration fee the AlphaOne Funds pay will exceed the above percentages at low asset levels.
The Fund has adopted the Distribution Plan (the Plan) for the Investor Class Shares and R Class Shares. Under the Plan, the Distributor, or third parties that enter into agreements with the Distributor, may receive up to 0.25% of the Funds average daily net assets attributable to the Investor Class Shares and R Class Shares as compensation for distribution services. The Distributor will not receive any compensation for the distribution of I Class Shares of the Fund.
The Fund entered into shareholder servicing agreements with third-party service providers pursuant to which the service providers provide certain shareholder services to Fund shareholders (the Service Plan). Under the Service Plan, the Fund may pay service providers a fee at a rate of up to 0.25% annually of the average daily net assets attributable to R Class Shares, subject to the arrangement for provision of shareholder and administrative services. For the year ended October 31, 2012, the Fund incurred $241 of shareholder servicing fees, an effective rate of 0.25%.
DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. The Fund may earn cash management credits which can be used to offset transfer agent expenses. During the year ended October 31, 2012, the Fund earned credits of $3 of cash management credits. This amount is included in Fees Paid Indirectly on the Statements of Operations.
Union Bank, N.A. acts as custodian (the Custodian) for the Fund. The Custodian plays no role in determining the investment policies of the Fund or which securities are to be purchased or sold by the Fund.
5. Investment Advisory Agreement:
AlphaOne Investment Services, LLC serves as the Adviser (the Adviser) to the Fund. For its services under the Advisory Agreement, the Adviser is entitled to a fee, which is calculated daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund. The Adviser may, from its own resources, compensate broker dealers whose clients purchase shares of the Fund. The Adviser has contractually agreed to reduce fees and reimburse expenses to the extent necessary to keep each Funds net operating expenses (excluding 12b-1 Fees, Shareholder Servicing Fees, dividend and interest expense on securities sold short, taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses (collectively, excluded expenses)) from exceeding 1.50% of the Funds average daily net assets until March 1, 2013. In addition, the Adviser has voluntarily agreed to further reduce its fees and/or reimburse expenses in order to keep the Fund net operating expenses (excluding excluded expenses) from exceeding 1.42% of the Funds average daily net assets. The Adviser intends to continue this voluntary expense limitation until further notice, but may discontinue all or part of it at any time.
If at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Adviser may retain the difference between the Funds total annual fund operating expenses (not including excluded expenses) and the amounts listed above to recapture all or a portion of its prior fee reductions or expense reimbursements made during the preceding three-year period during which this agreement was in place. As of October 31, 2012, pursuant to the above, fees which were previously waived and reimbursed by the Adviser which may be subject to possible future reimbursement to the Adviser were $217,665, expiring in 2014, and $193,403, expiring in 2015.
6. Investment Transactions:
The cost of security purchases and proceeds from security sales, other than short-term securities, for the year ended October 31, 2012, were as follows:
Purchases |
Sales and
Maturities |
|||||||
AlphaOne Micro Cap Equity Fund |
$ | 75,076,524 | $ | 21,165,261 |
There were no purchases or sales of long-term U.S. Government securities for the Fund.
12
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
7. Federal Tax Information:
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.
Accordingly, the following permanent differences that are primarily attributable to net operating losses and carryover wash sales from an in-kind contribution have been reclassified to (from) the following accounts:
Undistributed Net
Investment Income |
Accumulated Net
Realized Loss |
Paid-in Capital | ||||||||||
AlphaOne Micro Cap Equity Fund |
$ | 395 | $ | (73,218 | ) | $ | 72,823 |
These reclassifications had no impact on the net assets or net values of the Fund.
The tax character of dividends and distributions declared during the fiscal year ended October 31, 2012 was a follows:
Ordinary Income |
Long-Term
Capital Gain |
Total | ||||||||||
AlphaOne Micro Cap Equity Fund |
$ | 23,021 | $ | 5 | $ | 23,026 |
For tax purposes, short-term gains are considered ordinary income.
As of October 31, 2012, the components of Distributable Earnings on a tax basis were as follows:
Undistributed
Long-Term Capital Gain |
Late-Year
Loss Deferral |
Unrealized
Appreciation (Depreciation) |
Total Net
Distributable Earnings |
|||||||||||||
AlphaOne Micro Cap Equity Fund |
$ | 3,631,598 | $ | (184,088 | ) | $ | 4,747,815 | $ | 8,195,325 |
Deferred late-year losses represent ordinary losses realized on investment transactions from January 1, 2012 through October 31, 2012 and specified losses realized on investment transactions from November 1, 2011 through October 31, 2012, that, in accordance with Federal income tax regulations, the Fund defers and treats as having arisen in the following fiscal year.
The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held by the Fund at October 31, 2012 were as follows:
Federal
Tax Cost |
Aggregate
Gross Unrealized Appreciation |
Aggregate
Gross Unrealized Depreciation |
Net
Unrealized Appreciation |
|||||||||||||
AlphaOne Micro Cap Equity Fund |
$ | 64,043,672 | $ | 7,948,672 | $ | (3,200,857 | ) | $ | 4,747,815 |
8. In Kind:
On January 3, 2012, the I Class Shares of the Fund had a contribution in-kind from a separate account. As a result of the transfer, the securities and cash or receivables/payables were exchanged tax-free as follows:
Shares Issued | Net Assets | Unrealized Gain | ||||||||||
AlphaOne Micro Cap Equity Fund |
4,974,108 | $ | 44,751,554 | $ | 3,104,623 |
9. Indemnifications:
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Funds maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.
10. Other:
At October 31, 2012, 52% of I Class Shares outstanding were held by three shareholders and 84% of Investor Class Shares outstanding were held by three shareholders on record owning 10% or greater of the aggregate total shares outstanding. 45% of Investor Class Shares outstanding and 100% of R Class Shares outstanding of the Fund were held by an affiliate of the Investment Adviser.
13
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
11. Recent Accounting Pronouncement:
In December 2011, the Financial Accounting Standards Board issued a further update to the guidance Balance Sheet Disclosures about Offsetting Assets and Liabilities . The amendments to this standard require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The amended guidance is effective for interim and annual reporting periods beginning after January 1, 2013. At this time, management is evaluating the implications of this update and its impact on the financial statements has not been determined.
12. Subsequent Event:
The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.
14
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM |
To the Board of Trustees of The Advisors Inner Circle Fund and Shareholders of
AlphaOne Micro Cap Equity Fund
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the AlphaOne Micro Cap Equity Fund (one of the series constituting The Advisors Inner Circle Fund (the Trust)) as of October 31, 2012, and the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year then ended and for the period from March 31, 2011 (commencement of operations) to October 31, 2011. These financial statements and financial highlights are the responsibility of the Trusts management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Trusts internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trusts internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the AlphaOne Micro Cap Equity Fund of The Advisors Inner Circle Fund at October 31, 2012, the results of its operations for the year then ended and the changes in its net assets and its financial highlights for the year then ended and for the period from March 31, 2011 (commencement of operations) to October 31, 2011, in conformity with U.S. generally accepted accounting principles.
Philadelphia, Pennsylvania
December 27, 2012
15
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
DISCLOSURE OF FUND EXPENSES (Unaudited) |
All mutual funds have operating expenses. As a shareholder of a mutual fund, your investment is affected by these ongoing costs, which include (among others) costs for portfolio management, administrative services, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns.
Operating expenses such as these are deducted from a mutual funds gross income and directly reduce its final investment return. These expenses are expressed as a percentage of a mutual funds average net assets; this percentage is known as a mutual funds expense ratio.
The following examples are intended to help you understand the ongoing fees (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table on the following page illustrates your Funds costs in two ways.
Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The Expenses Paid During Period column shows the actual dollar expense incurred by a $1,000 investment in the Fund, and the Ending Account Value number is derived from deducting that expense from the Funds gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under Expenses Paid During Period.
Hypothetical 5% Return. This section helps you compare your Funds costs with those of other mutual funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to make this 5% calculation. You can assess your Funds comparative cost by comparing the hypothetical result for your Fund in the Expenses Paid During Period column with those that appear in the same charts in the shareholder reports for other mutual funds.
Note: Because the hypothetical return is set at 5% for comparison purposes NOT your Funds actual return the account values shown may not apply to your specific investment.
Beginning
Account Value 5/1/12 |
Ending
Account Value 10/31/12 |
Annualized
Expense Ratios |
Expenses
Paid During Period* |
|||||||||||||
Actual Fund Return |
||||||||||||||||
AlphaOne Micro Cap Equity Fund, I Class Shares |
$1,000.00 | $1,026.00 | 1.42% | $7.25 | ||||||||||||
AlphaOne Micro Cap Equity Fund, Investor Class Shares |
1,000.00 | 1,022.90 | 1.67% | 8.52 | ||||||||||||
AlphaOne Micro Cap Equity Fund, R Class Shares |
1,000.00 | 1,021.90 | 1.92% | 9.78 | ||||||||||||
Hypothetical 5% Return |
||||||||||||||||
AlphaOne Micro Cap Equity Fund, I Class Shares |
$1,000.00 | $1,018.05 | 1.42% | $7.22 | ||||||||||||
AlphaOne Micro Cap Equity Fund, Investor Class Shares |
1,000.00 | 1,016.84 | 1.67% | 8.49 | ||||||||||||
AlphaOne Micro Cap Equity Fund, R Class Shares |
1,000.00 | 1,015.58 | 1.92% | 9.75 |
* | Expenses are equal to the Funds annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
16
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
TRUSTEES AND OFFICERS OF THE ADVISORS INNER CIRCLE FUND (Unaudited) |
Set forth below are the names, ages, position with the Trust, term of office, and the principal occupations for the last five years of each of the persons currently serving as the Trustees and Officers of the Trust. Trustees who are deemed not to be interested persons of the Trust are referred to as Independent Board Members. Messrs. Nesher and Doran are Trustees who maybe deemed to be interested persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Trusts Distributor. The Trusts Statement of Additional Information (SAI) includes additional information about the Trustees and Officers. The SAI may be obtained without charge by calling 1-877-362-4099. The following chart lists Trustees and Officers as of October 31, 2012.
1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust |
3 | Denotes Trustees who may be deemed to be interested persons of the Fund as that term is defined in the 1940 Act by virtue of their affiliation with the Distributor and/or its affiliates. |
4 | Board Members oversee 45 funds in The Advisors Inner Circle Fund. |
5 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., public companies) or other investment companies under the 1940 act. |
17
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
TRUSTEES AND OFFICERS OF THE ADVISORS INNER CIRCLE FUND (Unaudited) |
1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust |
3 | Board Members oversee 45 funds in The Advisors Inner Circle Fund. |
4 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., public companies) or other investment companies under the 1940 act. |
18
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
TRUSTEES AND OFFICERS OF THE ADVISORS INNER CIRCLE FUND (Unaudited) |
1 | Unless otherwise noted, the business address of each trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
2 | Each Trustee shall hold office during the lifetime of this trust until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed in accordance with the Trusts Declaration of Trust |
3 | Board Members oversee 45 funds in The Advisors Inner Circle Fund. |
4 | Directorships of Companies required to report to the securities and Exchange Commission under the Securities Exchange act of 1934 (i.e., public companies) or other investment companies under the 1940 act. |
19
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
TRUSTEES AND OFFICERS OF THE ADVISORS INNER CIRCLE FUND (Unaudited) |
Name, Address, Age 1 |
Position(s) Held with
the Trust and Length of Time Served |
Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Officer |
|||
OFFICERS (continued) | ||||||
RUSSELL EMERY 50 yrs. old |
Chief Compliance Officer (Since 2006) |
Chief Compliance Officer of SEI Structured Credit Fund, LP and SEI Alpha Strategy Portfolios, LP since June 2007. Chief Compliance Officer of SEI Opportunity Fund, L.P., SEI Institutional Managed Trust, SEI Asset Allocation Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Daily Income Trust, SEI Liquid Asset Trust and SEI Tax Exempt Trust since March 2006. Director of Investment Product Management and Development, SEI Investments, since February 2003. Senior Investments Analyst - Equity Team, SEI Investments, from March 2000 to February 2003. | None. | |||
DIANNE M. SULZBACH 35 yrs. old |
Vice President and Secretary (Since 2011) |
Counsel at SEI Investments since 2010. Associate at Morrison & Foerster LLP from 2003 to 2006. Associate at Stradley Ronon Stevens & Young LLP from 2002 to 2003. | None. | |||
TIMOTHY D. BARTO 44 yrs. old |
Vice President and Assistant Secretary (Since 1999) |
General Counsel and Secretary of SIMC and the Administrator since 2004. Vice President of SIMC and the Administrator since 1999. Vice President and Assistant Secretary of SEI Investments since 2001. Assistant Secretary of SIMC, the Administrator and the Distributor, and Vice President of the Distributor from 1999 to 2003. | None. | |||
KERI ROHN 32 yrs. old |
Privacy Officer (Since 2009) AML Officer (Since 2011) |
Compliance Officer at SEI Investments since 2003. | None. | |||
JOHN MUNCH 41 yrs. old |
Vice President and Assistant Secretary (since 2012) |
Attorney - SEI Investments Company since 2001. | None. |
1 | Unless otherwise noted, the business address of each officer is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456. |
20
THE ADVISORS INNER CIRCLE FUND | A LPHA O NE M ICRO C AP E QUITY F UND | |
O CTOBER 31, 2012 | ||
NOTICE TO SHAREHOLDERS (Unaudited) |
For shareholders that do not have an October 31, 2012, tax year end, this notice is for informational purposes only. For shareholders with an October 31, 2012, tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended October 31, 2012, the Fund is designating the following items with regard to distributions paid during the year.
Long-Term Capital
Gain Distributions |
Ordinary
Income Distributions |
Total
Distributions |
Qualifying
Deduction (1) |
Qualifying
Dividend Income (2) |
U.S.
Government Interest (3) |
Interest
Related Dividends (4) |
Short-Term
Capital Gain Dividends (5) |
|||||||
0.02% | 99.98% | 100.00% | 16.29% | 16.04% | 0.00% | 0.00% | 100.00% |
(1) | Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). |
(2) | The percentage in this column represents the amount of Qualifying Dividend Income as created by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of the Fund to designate the maximum amount permitted by law. |
(3) | U.S. Government Interest represents the amount of interest that was derived from direct U.S. Government obligations and distributed during the fiscal year. This amount is reflected as a percentage of ordinary income. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Advisors Inner Circle Fund AlphaOne Micro Cap Equity Fund who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income. |
(4) | The percentage in this column represents the amount of Interest Related Dividends as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of net investment income distributions that is exempt from U.S withholding tax when paid to foreign investors. |
(5) | The percentage in this column represents the amount of Short-Term Capital Gain Dividends as created by the American Jobs Creation Act of 2004 and is reflected as a percentage of short-term capital gain distributions that is exempt from U.S withholding tax when paid to foreign investors. |
The information reported herein may differ from the information and distributions taxable to the shareholder for the calendar year ending December 31, 2012. Complete information will be computed and reported with your 2012 Form 1099-DIV.
21
The AlphaOne Funds
P.O. Box 219009
Kansas City, MO 64121-9009
1-855-4-ALPHAONE
Adviser:
AlphaOne Investment Services, LLC
One Tower Bridge
100 Front Street, Suite 1250
West Conshohocken, PA 19428
Distributor:
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, PA 19456
Administrator:
SEI Investments Global Funds Services
Oaks, PA 19456
Legal Counsel:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Ave., N.W.
Washington, DC 20004
Independent Registered Public Accounting Firm:
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103
This information must be preceded or accompanied by a
current prospectus for the Funds described.
ACP-AR-001-0200
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrants principal executive officer, principal financial officer, controller or principal accounting officer, and any person who performs a similar function.
Item 3. Audit Committee Financial Expert.
(a)(1) The Registrants board of trustees has determined that the Registrant has at least one audit committee financial expert serving on the audit committee.
(a)(2) The audit committee financial experts are John Darr and George Sullivan, and they are independent as defined in Form N-CSR Item 3(a)(2).
Item 4. Principal Accountant Fees and Services.
Fees billed by PricewaterhouseCoopers LLP (PwC) related to the Trust
PwC billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years was as follows:
2012 | 2011 | |||||||||||||||||||||||||
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
|||||||||||||||||||||
(a) |
Audit Fees | $ | 250,692 | $ | 0 | $ | 0 | $ | 209,462 | $ | 0 | $ | 0 | |||||||||||||
(b) |
Audit-Related Fees | $ | 12,000 | $ | 0 | $ | 0 | $ | 11,286 | $ | 0 | $ | 0 | |||||||||||||
(c) |
Tax Fees | $ | 55,000 | $ | 0 | $ | 0 | $ | 56,000 | $ | 0 | $ | 0 | |||||||||||||
(d) |
All Other Fees | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
Fees billed by Ernst & Young LLP (E&Y) related to the Trust
E&Y billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years was as follows:
2012 | 2011 | |||||||||||||||||
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
|||||||||||||
(a) |
Audit Fees | $ | 406,500 | N/A | N/A | $ | 341,200 | N/A | N/A | |||||||||
(b) |
Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||
(c) |
Tax Fees | $ | 11,292 | N/A | N/A | N/A | N/A | N/A | ||||||||||
(d) |
All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A |
Fees billed by Deloitte & Touche LLP (D&T) related to the Trust
D&T billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years was as follows:
2012 | 2011 | |||||||||||||||
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
All fees and
services to the Trust that were pre- approved |
All fees and
services to service affiliates that were pre- approved |
All other fees
and services to service affiliates that did not require pre- approval |
|||||||||||
(a) |
Audit Fees | $ | 120,000 | N/A | N/A | N/A | N/A | N/A | ||||||||
(b) |
Audit-Related Fees | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||
(c) |
Tax Fees | $ | 69,000 | N/A | N/A | N/A | N/A | N/A | ||||||||
(d) |
All Other Fees | N/A | N/A | N/A | N/A | N/A | N/A |
(e)(1) Not applicable.
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (PwC):
2012 | 2011 | |||||||
Audit-Related Fees |
5 | % | 4 | % | ||||
Tax Fees |
23 | % | 20 | % | ||||
All Other Fees |
0 | % | 0 | % |
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (E&Y):
2012 | 2011 | |||||||
Audit-Related Fees |
0 | % | 0 | % | ||||
Tax Fees |
3 | % | 0 | % | ||||
All Other Fees |
0 | % | 0 | % |
(e)(2) Percentage of fees billed applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows (D&T):
2012 | 2011 | |||||||
Audit-Related Fees |
0 | % | N/A | |||||
Tax Fees |
58 | % | N/A | |||||
All Other Fees |
0 | % | N/A |
(f) Not applicable.
(g) The aggregate non-audit fees and services billed by PwC for the last two fiscal years were $29,771,000 and $34,500,000 for 2012 and 2011, respectively.
(g) The aggregate non-audit fees and services billed by E&Y for the last two fiscal years were $0 and $0 for 2012 and 2011, respectively.
(g) The aggregate non-audit fees and services billed by D&T for the last two fiscal years were $0 and $0 for 2012 and 2011, respectively.
(h) During the past fiscal year, all non-audit services provided by Registrants principal accountant to either Registrants investment adviser or to any entity controlling, controlled by, or under common control with Registrants investment adviser that provides ongoing services to Registrant were pre-approved by the audit committee of Registrants Board of Trustees. Included in the audit committees pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed Registrants.
Not applicable to open-end management investment companies.
Item 6. Schedule of Investments
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005.
Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrants Board of Trustees during the period covered by this report.
Item 11. Controls and Procedures.
(a) The Registrants principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrants disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There has been no change in the Registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics attached hereto.
(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.
(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an exhibit.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Advisors Inner Circle Fund | |||||
By (Signature and Title)* |
/s/ M ICHAEL B EATTIE |
|||||
Michael Beattie, President | ||||||
Date: January 4, 2013 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* |
/s/ M ICHAEL B EATTIE |
|||||
Michael Beattie, President | ||||||
Date: January 4, 2013 | ||||||
By (Signature and Title)* |
/s/ M ICHAEL L AWSON |
|||||
Michael Lawson, Treasurer, Controller & CFO |
||||||
Date: January 4, 2013 |
* | Print the name and title of each signing officer under his or her signature. |
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