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THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

MANAGER’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

Aviva Investors Core Aggregate Fixed Income Fund

The cumulative net of fee return of the Aviva Investors Core Aggregate Fixed Income Fund (the “Fund”) and the Barclays Capital US Aggregate Bond Index for the fiscal period ended December 31, 2010, is as follows:


				Cumulative Return
				for the fiscal
	One Month			period ended 12/31/10

Aviva Investors Core
Aggregate Fixed Income Fund		(0.92	)%		(1.91	)%
Barclays Capital US
Aggregate Bond Index		(1.08	)%		(1.80	)%

In December 2010, the Core Aggregate Fixed Income Mutual Fund returned -0.92%, while the Barclays Capital U.S. Aggregate Index returned -1.08%, a positive difference of 0.16%. The positive relative performance was generated by favorable asset allocation and security selection positioning. Since its inception October 6, 2010, the Core Aggregate Mutual Fund returned -1.91%, while the Barclays Capital U.S. Aggregate Index returned -1.80%.

Treasury rates rose and the yield curve steepened following the announcement of the Fed’s Treasury purchases, as economic data improved and the likelihood of a double-dip recession decreased. The steepening of the Treasury curve had a negative impact on fund performance, because further flattening was expected following the announcement of the Fed purchase program.

Spreads narrowed across all spread asset classes, as economic conditions improved and risk appetites returned. An overweight to spread asset classes added to performance, especially within commercial mortgage-backed securities (CMBS), investment grade credit and high yield credit.

Along with asset allocation, security selection was a positive contributor to performance. Banking names such as JP Morgan and Bank of America, along with consumer cyclicals such as Home Depot provided positive performance within investment grade credit. Within securitized assets, positive security selection performance came from non-super senior CMBS bonds and credit card asset-backed securities.

Market Review

U.S. economic growth is continuing on a path of recovery. The sustainability of growth has improved, and we see less risk to the downside. We expect U.S. growth to proceed at a sustainable yet moderate pace in 2011, based on better prospects for consumption and slowly improving labor markets. While the impact from restocking business inventories and fiscal stimulus is beginning to fade, we’re encouraged by strong corporate profits; improving consumption, driven by auto and retail sales; and increased exports, led by strong growth from developing countries.

Since the last FOMC (Federal Open Market Committee) meeting, committee members have remained concerned about the sluggish nature of economic growth, potential deflation risks and stubbornly high unemployment. The Federal Reserve Committee (Fed) again left the federal funds rate at 0 to 0.25% at the December 14 meeting. The Fed has a dual mandate to seek maximum sustainable employment and price stability. The rate of core inflation —around 1% — is below the Fed’s target zone of 1.75% to 2.0%, and unemployment, at 9.8%, is well above the 5.5% to 6.5% natural rate. So the Fed has chosen to implement another round of quantitative easing (QE2) to keep borrowing rates low and spur borrowing and economic growth. The Fed is expected to buy back $600 billion in Treasuries through June 2011, thereby pumping more liquidity into the system.

Treasury rates rose following the announcement of the Fed’s Treasury purchases, as economic data improved and the likelihood of a double dip decreased. Ten-year Treasury rates increased by 78 basis points (bps) to close the fourth quarter at 3.29%, while the spread between 10-year and 2-year Treasuries widened by approximately 61 bps to 270 bps. The Standard & Poor’s 500 Index increased 10.76% in the fourth quarter and ended the year up 15.06% year to date. The Barclays Capital U.S. Aggregated Index outperformed duration-adjusted Treasuries by 171 bps year to date, with 97 bps coming in the fourth quarter.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Spreads narrowed across all spread asset classes, as economic conditions improved and risk appetites returned. U.S. investment grade corporate bond spreads narrowed by 14 bps, commercial mortgage-backed securities (CMBS) spreads narrowed by 53 bps, U.S. mortgage-backed securities (MBS) spreads narrowed by 82 bps, and U.S. high yield corporate bond spreads narrowed by 78 bps. The best-performing asset classes vs. duration-adjusted Treasuries for the quarter were high yield corporate bonds (+519 bps), CMBS (+265 bps) and MBS (+176 bps). For the year, the best-performing asset classes vs. duration-adjusted Treasuries were CMBS (+1551 bps), high yield corporate bonds (+974 bps) and MBS (+225 bps).

Investment Outlook

Looking forward, we see credit fundamentals remaining strong and commercial real estate fundamentals bottoming. Balance sheets are in good shape, default rates are expected to continue to decline, and corporate earnings growth should remain positive. Commercial real estate will benefit from moderate economic growth and limited supply, which will help continue to stabilize delinquency rates across all property types.

The technical conditions for all spread asset classes have turned more positive. Market risk appetites have improved on the basis of more manageable global uncertainty, reduced fears of an economic soft patch, and asset price increases driven by the Fed’s QE2 program. The uncertainty surrounding the timing and ultimate resolution of European sovereign debt, banking and fiscal issues will likely keep the markets on heightened alert over the next one to two years.

We believe strong fundamentals, improved technicals and relatively attractive valuations bode well for credit spread performance. The bias for spreads in 2011 is stable to modestly tighter. At current levels, we continue to believe that investors are being adequately compensated for the risks and that there is good value across all spread asset classes.

We expect overall bond yields to remain lower for longer, as the Fed continues its policy of supporting growth in the near term. We expect the 10-year Treasury to range between 2.75% and 3.75% in the first half of 2011. With the issuance of Treasuries expected to remain at historically high levels and continued improvement in economic conditions, however, we expect yields to increase only gradually over the intermediate term.

The risks to our economic and investment outlook are focused on:

	1.		European sovereign fiscal issues and the related spillover risks into the global economy

	2.		The ability of China to successfully slow down overheated property markets and inflation

	3.		The impact of financial reform regulation on the financial industry and economy

	4.		The idiosyncratic risks associated with shareholder-friendly activities from corporations

	5.		Risks surrounding the Fed’s ultimate exit from highly stimulative monetary policy

Data Source: Barclays Capital Live (live.barcap.com)

Past performance is not indicative of future results. This commentary contains the current opinions of Aviva Investors and is not intended to be, and should not be interpreted as, a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice. This commentary is distributed for informational purposes only and is not a recommendation or investment advice. The information herein is based on sources which Aviva Investors believes to be reliable, but it is not guaranteed to be accurate or complete.

Forward-looking statements, opinions and other information contained in this article are subject to change continually and without notice and may no longer be true after the date of publication. Any such statements speak only to the date they are made and Aviva Investors North America assumes no duty and does not undertake to update forward-looking statements. Such statements are subject to numerous assumptions, risks and uncertainties, which may change over time. Actual results may differ substantially from those anticipated in forward-looking statements. Past performance is not indicative of future results. There is potential for profit or loss with any investment.

No part of this commentary may be reproduced in any form, or referred to in any other publication, without the express written permission of Aviva Investors North America, Inc.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

MANAGER’S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE

Aviva Investors High Yield Bond Fund

The cumulative net of fee return of the Aviva Investors High Yield Bond Fund (the “Fund”) and the Barclays Global High Yield 2% Capped Index excluding CMBS & Emerging Markets, Hedged for the fiscal period ended December 31, 2010, is as follows:


				Cumulative Return
				for the fiscal
	One Month			period ended 12/31/10

Aviva Investors
High Yield Bond Fund		1.90	%		0.98	%
Barclays Global High Yield 2%
Capped Index excluding CMBS & Emerging Markets, Hedged		1.82	%		0.74	%

From its inception October 18, 2010, through December 31, 2010, the High Yield Bond Fund returned 0.98%, while the Barclays Capital Global High Yield Constrained Index returned 0.74% for the same period. The fund’s outperformance benefited from its overweight in Bs and underweight in BBs, although the underweight in CCCs hurt performance slightly. Positive security selection also contributed to the outperformance.

We would like to reiterate our recommendation of a marketweight to the high yield asset class — mainly BB and B rated bonds — with a focus on credit selection.

Market Review

The fourth quarter ended the year on a good note for the high yield asset class. The Barclays Capital Global High Yield Constrained Index returned 2.48% for the quarter, bringing the annual return to 15.14%. October’s return of 2.47% was boosted by a healthy third-quarter earnings season, while investors kept their eyes on the mid-term election and the Federal Open Market Committee meetings. The high yield market was strong going into November, with the Federal Reserve’s (Fed’s) announcement of a $600 billion asset repurchase plan. The market took a turn mid-month, however, when concerns surrounding sovereign debt, especially the peripherals, returned; a second round of quantitative easing (QE) backload risk loomed; and worries arose around tighter policy out of China. The high yield market ended with a loss of 1.78% for November, the first negative return since May. With Treasury yields moving higher in December, risky assets outperformed again. Equities benefited most from the risk-on trade, with the Standard & Poor’s 500 Index (S&P 500) returning 6.68%, and high yield assets followed suit, returning 1.82% for the month.

This makes high yield bonds one of the best performing credit asset classes for the year, returning 15.14%. According to Barclays Capital, global high yield bond returns were in line with U.S. equities (S&P 500 returned 15.06%), and outperformed crossover credits (14.07% Barclays Capital Crossover Index), emerging market bonds (12.84% Barclays Capital Global Emerging Market Index), investment grade bonds (8.47% Barclays Capital U.S. Credit Index) and U.S. government bonds (5.52% Barclays Capital U.S. Government Index).

Most of the year’s spread tightening occurred in the fourth quarter. Global high yield corporate spreads were at 682 basis points (bps) and 655 bps, respectively at the end of 2009 and at the end of the third quarter of 2010. Spreads tightened further by 66 bps from the end of the third quarter to 589 bps on December 31, 2010. The 589-bps level is right around the lowest level of the year (581 bps on April 26). Current spreads are slightly above the long-term average of 550 bps.

We saw a record $83.4 billion of new issues priced in the fourth quarter, the most active quarter on record. Issuers raised around $30 billion in both October and November and $22 billion in December. For the full year, new issuance totaled $262.7 billion, which is the most the high yield market has raised annually in the past 17 years and 72% more than the previous peak of $152.6 billion in 2009.

Additionally, lower-quality companies have become more dominant issuers in the new issuance market. CCC issues made up 24% of the fourth-quarter issuance volume, vs. 11% a quarter ago. Most of the increase in CCC issuance came from the decrease in BB issuance. BB issuance only accounted for 19% of total issuance, down from 31% in the third quarter. B issuance was largely unchanged, at 56%.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

On the demand side, fund flows were strong in the last quarter of the year. AMG Data Services recorded $4 billion of inflows in the fourth quarter, bringing the year-to-date figure to $13 billion, though less than half of the $32.7 billion 2009 absorbed. Throughout the year, high yield assets grew by 8%.

From a quality perspective, the fourth quarter reversed the risk-off trade we had seen until the third quarter. Lower-quality bonds outperformed higher-quality bonds consistently in the last three months of the year. Investors scrambled for higher yields, as QE2 served as a catalyst for risky assets. BB credits were hurt the most by the rotation away from bonds into stocks, returning only 0.76% in the fourth quarter, while B’s and the more equity-like CCCs and below returned 3.11% and 6.26%, respectively. For the full year, lower qualities outperformed higher qualities again. CCCs and below had the highest return of 19.57%, while B’s returned 14.17% and BBs registered a gain of 13.78%.

All sectors produced positive returns for the year. The financial sectors were among the best performers throughout the year, returning 24.10%. Insurance companies even posted a remarkable 37.73% full-year return, mostly helped by the largest issuer and the best performer in the industry, AIG, which returned 68.64%. High beta sectors such as gaming and media noncable returned 20.24% and 16.20%, respectively. Technology, despite its strong run in the last quarter with a gain of 6.84%, only returned 15.29% for the full year, in line with the overall market. Electric, the underperformer in previous quarters, unsurprisingly finished at the bottom on the return ranking, with only a 3.23% gain.

The Moody’s Investors Service U.S. issuer-weighted default rate continued its downward trend and reached 3.3% at the end of November, its lowest level since the end of 2008 and down from the November 2009 peak of 13.48%. According to J.P. Morgan, default activity slowed significantly in 2010. Only 44 companies and $19.8 billion of bonds and loans defaulted during the year. To compare, 118 issuers with $184 billion defaulted in 2009. We expect default rates to continue trending lower, despite being below historical averages, as liquidity improves and the new issuance market remains strong, allowing bond issuers to negotiate for maturity extensions and covenant amendments. Moody’s currently forecasts that the default rate will decline to 2.1% by the end of November 2011. Recovery rates returned to about 40% in 2010, which is in line with the historical level and up from the 2009 level of under 30%. Senior secured bonds were able to recover 48.5 cents on the dollar on average, while senior and senior subordinated bonds recovered 36.5 cents and 22.2 cents in 2010, as reported by J.P. Morgan.

Following a year with a record volume of fallen angels, at $150 billion, 2010 has seen a positive credit trend. According to J.P. Morgan, rising stars outpaced fallen angels year to date at 20 to 13 on an issuer basis and at $32.9 billion to $28.0 billion on a volume basis. The upgrade to downgrade ratio is at its highest level since 2002 on both an issuer and a volume basis.

Outlook and Strategy

The year 2010 should be remembered as a time when macroeconomic improvements, healthy corporate balance sheets, strong retail inflows and accommodative Fed policies placed a strong bid on risky assets. Following its highest return in history of 62.33% in 2009, the high yield asset class returned 15.14% in 2010.

We expect fundamentals to continue improving in the coming year, but do not expect the high yield asset class to achieve double-digit returns again. At the end of November, we lowered our recommendation on the high yield asset class from moderate overweight to marketweight. While we continue to recommend a strategic allocation to the high yield asset class, we believe current price levels are pointing toward a fair valuation. With the majority of the high yield assets trading above par, half of the callable bonds trading within 2 points of call price or above, yields and default rates at historical lows, and spreads slightly above historical averages, we see limited price appreciation opportunity for the high yield asset class in 2011. In our opinion, most of the coming year’s return will derive from “carry,” or coupon return.

Nevertheless, we still consider the high yield asset class as a favorable credit asset class. While any further spread tightening will likely be squeezed by rising Treasury yields for the other credit asset classes, the high yield market will continue to benefit from its usually low, and currently negative, correlation to Treasuries. The demand for high yield is expected to remain strong, given its advantageous yields compared to other fixed income assets. The strong primary market of 2010 has helped push out the great maturity walls to 2013 to 2016. According to Barclays Capital, only $180 billion is coming due in 2011 and 2012. The new-issuance-friendly market also allowed many companies to obtain lower-cost financing and improve their capital structure. Corporate cash balances spiked to an



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

all-time high of $1.93 trillion, according to Barclays Capital. The recent largest leveraged buyouts were not as heavily levered as those in 2009. Default risk going forward is minimal. Based on these factors, we believe high yield bonds remain appealing to investors who prefer an asset class with a high current yield, but with less dependency on economic recovery and earnings growth than equities have.

On the economic front, 2010 ended on a good note. The Institute for Supply Management non-manufacturing index, at 57 in December, was better than expected and at its highest since May 2006. The Chicago Purchasing Managers Index also came in at its highest level in 20 years. Initial jobless claims were reported at 400,000, the lowest level since the summer of 2008. ADP private payrolls reported a gain of 297,000, significantly above expectations of 100,000. Holiday sales mostly surprised investors to the upside. Last but not least, many investors increased their 2011 economic growth forecasts after President Obama enacted a tax-cut extension. (Source: Bloomberg)

Investors should remain cautious going into 2011, however, as volatility remains. The Ireland debt crisis did not affect the market as much as Greece’s did in March, but the situation in Europe is still alarming. The Chinese government put aggressive tightening policies in place recently to combat inflation and rising asset prices. The large flows into emerging market funds could be seen as the first sign of a bubble. The U.S. unemployment rate is still close to 10% and is unlikely to experience large improvements in the near future. Domestic municipal governments face their worst budget situation ever, with record defaults in municipal debt. Lastly, it is still unclear whether the economy can sustain its recovery after QE2 ends in June 2011.

In all, we believe 2011 will be driven less by beta and more by idiosyncratic, security-specific risk. We would like to reiterate our recommendation of a marketweight to the high yield asset class — mainly BB and B rated bonds — with a focus on credit selection.

Sources: Barclays Capital; J.P. Morgan; AMG Data Services; Moody’s Investors Service; Bank of America

No part of this commentary may be reproduced in any form, or referred to in any other publication, without the express written permission of Aviva Investors North America, Inc.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors Core Aggregate Fixed Income Fund

December 31, 2010

Sector Weightings (Unaudited)†:

(BAR GRAPH)

† Percentages are based on total investments.


	Face
	Amount		Value

Mortgage-Backed Securities — 39.9%
Bear Stearns Commercial Mortgage Securities, Ser 2006-PW11, Cl AM
5.623%, 03/11/39 (A)	$	200,000	$	210,318
FHLMC
6.500%, 03/01/38		189,946		210,818
6.000%, 10/01/37		462,544		501,610
4.500%, 04/01/25		90,101		94,296
4.500%, 08/01/40		796,977		817,697
4.000%, 05/01/25		106,335		109,924
FNMA
6.000%, 10/01/37		53,873		58,631
5.500%, 12/01/23		69,578		74,868
5.500%, 07/01/38		100,000		107,071
5.500%, 07/01/40		788,524		844,158
5.000%, 08/01/40		983,199		1,034,505
4.500%, 03/01/24		177,270		185,967
4.500%, 11/01/40		99,869		102,637
4.000%, 09/01/24		197,384		203,645
4.000%, 09/01/40		223,942		223,070
4.000%, 10/01/40		149,536		149,000
4.000%, 11/01/40		99,805		99,386
3.500%, 09/01/25		196,271		198,142
3.500%, 11/01/25		99,566		100,515
GNMA
4.500%, 02/15/40		103,176		107,292
JPMorgan Chase Commercial Mortgage Securities, Ser 2005-CB11
5.335%, 08/12/37 (A)		200,000		215,543
Morgan Stanley Capital I
6.280%, 01/11/43 (A)		200,000		220,738

Total Mortgage-Backed Securities (Cost $5,931,585)				5,869,831

Corporate Bonds — 30.8%
Aerospace/Defense — 0.4%
BE Aerospace
8.500%, 07/01/18		50,000		54,875

Banking — 6.5%
Citigroup
5.000%, 09/15/14		100,000		103,535
Credit Suisse USA
6.500%, 01/15/12		100,000		105,676
Goldman Sachs Group
6.000%, 05/01/14		100,000		110,247
JPMorgan Chase Capital XVII
5.850%, 08/01/35		150,000		142,040
Merrill Lynch
6.220%, 09/15/26		100,000		95,121
6.110%, 01/29/37		100,000		90,546
Morgan Stanley
6.625%, 04/01/18		100,000		108,634
4.750%, 04/01/14		50,000		51,240
Wachovia
5.750%, 02/01/18		75,000		83,395
Wells Fargo
6.375%, 08/01/11		50,000		51,611
Wells Fargo Capital XV
9.750%, 12/31/49 (A)		25,000		27,937

				969,982

Chemicals — 0.6%
Dow Chemical
2.500%, 02/15/16		35,000		33,696
Nova Chemicals
8.625%, 11/01/19		50,000		54,875

				88,571

Diversified Manufacturing — 0.4%
Textron
5.600%, 12/01/17		50,000		52,584

Electric — 2.0%
AES
8.000%, 06/01/20		50,000		53,250
Exelon Generation
5.200%, 10/01/19		25,000		26,200
National Rural Utilities Cooperative Finance
10.375%, 11/01/18		50,000		69,071
Public Service of Colorado
4.875%, 03/01/13		75,000		80,647
Southern Power
6.250%, 07/15/12		50,000		53,777

				282,945

Food and Beverage — 0.4%
Anheuser-Busch InBev Worldwide
7.750%, 01/15/19 (B)		50,000		62,314

Gaming — 0.3%
Scientific Games International
9.250%, 06/15/19		50,000		51,875

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors Core Aggregate Fixed Income Fund

December 31, 2010


	Face
	Amount		Value

Health Insurance — 0.6%
Coventry Health Care
5.950%, 03/15/17	$	50,000	$	50,900
UnitedHealth Group
3.875%, 10/15/20		10,000		9,559
WellPoint
4.350%, 08/15/20		25,000		24,853

				85,312

Healthcare — 1.4%
Covidien International Finance
6.000%, 10/15/17		50,000		56,906
HCA
7.875%, 02/15/20		50,000		53,750
Hospira
6.050%, 03/30/17		75,000		84,135

				194,791

Independent — 0.9%
Anadarko Petroleum
6.375%, 09/15/17		50,000		54,540
Occidental Petroleum
4.100%, 02/01/21		20,000		20,370
Plains Exploration & Production
8.625%, 10/15/19		50,000		55,000

				129,910

Integrated — 0.4%
Marathon Oil
5.900%, 03/15/18		50,000		56,775

Life — 1.5%
Genworth Financial
5.750%, 06/15/14		100,000		103,730
Hartford Financial Services Group
4.625%, 07/15/13		50,000		52,719
Prudential Financial
7.375%, 06/15/19		50,000		59,047

				215,496

Media Cable — 0.8%
Comcast
5.850%, 11/15/15		50,000		56,264
DIRECTV Holdings
7.625%, 05/15/16		50,000		55,499

				111,763

Metals and Mining — 2.4%
ArcelorMittal
9.850%, 06/01/19		25,000		31,643
Consol Energy
8.250%, 04/01/20 (B)		50,000		54,250
Freeport-McMoRan Copper
8.375%, 04/01/17		100,000		110,761
Rio Tinto Alcan
6.125%, 12/15/33		50,000		53,534
United States Steel
7.375%, 04/01/20		50,000		51,500
Vale Overseas
6.875%, 11/21/36		50,000		55,124

				356,812

Non-Captive Diversified — 1.5%
General Electric Capital
5.450%, 01/15/13		210,000		225,943

Oil Field Services — 0.3%
Weatherford International
6.500%, 08/01/36		50,000		51,227

Other Agency — 1.0%
Ally Financial
1.750%, 10/30/12		150,000		152,725

Property & Casualty — 0.5%
Allstate
6.125%, 05/15/37 (A)		25,000		25,063
Progressive
6.700%, 06/15/37 (A)		50,000		51,442

				76,505

Paper — 0.5%
Boise Paper Holdings
8.000%, 04/01/20		50,000		53,750
International Paper
7.950%, 06/15/18		15,000		17,875

				71,625

Pharmaceuticals — 0.5%
Watson Pharmaceuticals
6.125%, 08/15/19		75,000		83,191

Pipelines — 0.8%
NuStar Logistics
4.800%, 09/01/20		50,000		48,585
Plains All American Pipeline
8.750%, 05/01/19		25,000		31,073
Williams Partners
6.300%, 04/15/40		50,000		52,222

				131,880

Refining — 0.3%
Valero Energy
6.625%, 06/15/37		50,000		50,941

REITS — 0.8%
HCP
6.700%, 01/30/18		50,000		53,720
Hospitality Properties Trust
7.875%, 08/15/14		25,000		27,674
Simon Property Group
5.650%, 02/01/20		25,000		27,092

				108,486

Retailers — 1.2%
CVS Caremark
6.250%, 06/01/27		25,000		27,565
Home Depot
5.875%, 12/16/36		50,000		52,183
Wal-Mart Stores
3.250%, 10/25/20		100,000		94,179

				173,927

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors Core Aggregate Fixed Income Fund

December 31, 2010


	Face
	Amount		Value

Sovereigns — 1.1%
Brazilian Government International Bond
5.625%, 01/07/41	$	100,000	$	99,750
Mexico Government International Bond
5.625%, 01/15/17		55,000		61,105

				160,855

Technology — 1.0%
DuPont Fabros Technology
8.500%, 12/15/17		50,000		53,750
Equifax
4.450%, 12/01/14		50,000		52,675
Motorola
6.000%, 11/15/17		25,000		26,542

				132,967

Tobacco — 0.5%
Altria Group
10.200%, 02/06/39		50,000		72,477

Wireless — 1.4%
America Movil
5.000%, 10/16/19		100,000		104,580
CC Holdings GS V
7.750%, 05/01/17 (B)		50,000		54,875
Nextel Communications
7.375%, 08/01/15		50,000		50,312

				209,767

Wirelines — 0.8%
AT&T
6.700%, 11/15/13		100,000		113,692

Total Corporate Bonds (Cost $4,658,693)				4,530,213

U.S. Treasury Obligations — 21.8%
U.S. Treasury Bond
4.375%, 05/15/40		300,000		301,499
U.S. Treasury Notes
2.625%, 08/15/20		175,000		165,935
2.375%, 07/31/17		250,000		246,758
1.250%, 08/31/15		625,000		607,959
0.500%, 10/15/13		1,200,000		1,186,594
0.375%, 09/30/12		700,000		698,442

Total U.S. Treasury Obligations (Cost $3,278,646)				3,207,187

U.S. Government Agency Obligations — 3.3%
FHLMC
3.750%, 03/27/19		75,000		77,775
1.750%, 09/10/15		140,000		137,763
0.875%, 10/28/13		275,000		273,752

Total U.S. Government Agency Obligations (Cost $500,518)				489,290

Asset-Backed Securities — 3.1%
CenterPoint Energy Transition Bond, Ser 2008-A, Cl A1
4.192%, 02/01/20		118,367		127,257
Citibank Credit Card Issuance Trust, Ser 2003-A10
4.750%, 12/10/15		100,000		108,967
Discover Card Master Trust, Ser 2007-A1, Cl A1
5.650%, 03/16/20		100,000		113,629
World Financial Network Credit Card Master Trust, Ser 2010-A, Cl A
3.960%, 04/15/19		100,000		102,692

Total Asset-Backed Securities (Cost $464,800)				452,545

Municipal Bond — 0.1%
Los Angeles Department of Water & Power
6.603%, 07/01/50		10,000		10,304

Total Municipal Bond (Cost $10,000)				10,304

Cash Equivalent — 0.4%
Union Bank Institutional Trust III,
0.200% (C)		59,532		59,532

Total Cash Equivalent (Cost $59,532)				59,532

Total Investments — 99.4% (Cost $14,903,774)			$	14,618,902

Percentages are based on net assets of $14,706,682.


(A)		Variable rate security — Rate disclosed is the rate in effect on December 31, 2010.

(B)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees.

(C)		The rate shown is the 7-day effective yield as of December 31, 2010.


Cl	—	Class
FHLMC	—	Federal Home Loan Mortgage Corporation
FNMA	—	Federal National Mortgage Association
GNMA	—	Government National Mortgage Association
REITS	—	Real Estate Investment Trusts
Ser	—	Series

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors High Yield Bond Fund

December 31, 2010

Sector Weightings (Unaudited)†:

† Percentages are based on total investments.


	Face
	Amount		Value

Corporate Bonds — 97.8%
Aerospace/Defense — 2.1%
BE Aerospace
8.500%, 07/01/18	$	125,000	$	137,187
Bombardier
7.750%, 03/15/20 (A)		175,000		189,438

				326,625

Automotive — 2.3%
Ford Motor Credit
8.125%, 01/15/20		175,000		203,933
Goodyear Tire & Rubber
8.750%, 08/15/20		125,000		132,188

				336,121

Banking — 1.9%
Capital One Capital VI
8.875%, 05/15/40		175,000		183,531
Citigroup Capital XXI
8.300%, 12/21/57 (B)		100,000		104,500

				288,031

Building Materials — 0.7%
Masco
7.125%, 03/15/20		100,000		104,789

Chemicals — 5.1%
Huntsman International
8.625%, 03/15/21 (A)		200,000		217,000
Lyondell Chemical
11.000%, 05/01/18		125,000		142,188
Nova Chemicals
8.625%, 11/01/19		175,000		192,062
Polypore International
7.500%, 11/15/17 (A)		125,000		128,125
Vertellus Specialties
9.375%, 10/01/15 (A)		100,000		106,250

				785,625

Construction Machinery — 1.4%
Case New Holland
7.875%, 12/01/17 (A)		125,000		137,187
RSC Equipment Rental
9.500%, 12/01/14		75,000		79,125

				216,312

Consumer Cyclical Services — 1.2%
Garda World Security
9.750%, 03/15/17 (A)		100,000		107,750
ServiceMaster
10.750%, 07/15/15 (A)		75,000		80,625

				188,375

Consumer Products — 2.1%
ACCO Brands
10.625%, 03/15/15		100,000		113,000
Prestige Brands
8.250%, 04/01/18 (A)		75,000		78,000
Spectrum Brands Holdings
9.500%, 06/15/18 (A)		125,000		137,500

				328,500

Diversified Manufacturing — 0.7%
CPM Holdings
10.625%, 09/01/14 (A)		100,000		107,500

Electric — 3.9%
AES
8.000%, 06/01/20		125,000		133,125
Calpine
7.875%, 07/31/20 (A)		125,000		127,188
Energy Future Holdings
10.000%, 01/15/20 (A)		150,000		155,066
GenOn Energy
7.875%, 06/15/17		75,000		73,125
NRG Energy
7.375%, 01/15/17		100,000		103,250

				591,754

Entertainment — 0.8%
AMC Entertainment Holdings
9.750%, 12/01/20 (A)		75,000		78,375
NAI Entertainment Holdings
8.250%, 12/15/17 (A)		35,000		36,925

				115,300

Food and Beverage — 0.9%
R&R Ice Cream
8.375%, 11/15/17		100,000		140,366

Gaming — 5.4%
MGM Resorts International
11.125%, 11/15/17		125,000		144,375
6.625%, 07/15/15		100,000		92,125
Mohegan Tribal Gaming Authority
11.500%, 11/01/17 (A)		75,000		69,562
8.000%, 04/01/12		50,000		42,000
Peermont Global Pty
7.750%, 04/30/14		100,000		116,301
Scientific Games International
9.250%, 06/15/19		100,000		103,750
Seminole Indian Tribe of Florida
7.750%, 10/01/17 (A)		100,000		103,750
Wynn Las Vegas
7.875%, 11/01/17		125,000		135,313

				807,176

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors High Yield Bond Fund

December 31, 2010


	Face
	Amount		Value

Healthcare — 4.9%
Biomet
10.375%, 10/15/17	$	100,000	$	109,750
Care UK Health & Social Care
9.750%, 08/01/17		100,000		160,999
HCA
7.875%, 02/15/20		75,000		80,625
5.750%, 03/15/14		100,000		99,000
HCA Holdings
7.750%, 05/15/21 (A)		50,000		50,125
Omnicare
7.750%, 06/01/20		100,000		103,500
Prospect Medical Holdings
12.750%, 07/15/14		125,000		138,125

				742,124

Home Construction — 2.0%
KB Home
6.250%, 06/15/15		150,000		149,250
Lennar
6.500%, 04/15/16		150,000		147,000

				296,250

Independent — 6.9%
Berry Petroleum
6.750%, 11/01/20		100,000		100,750
Chesapeake Energy
6.875%, 08/15/18		100,000		102,000
Connacher Oil and Gas
10.250%, 12/15/15 (A)		100,000		101,000
Denbury Resources
8.250%, 02/15/20		175,000		190,750
Linn Energy
7.750%, 02/01/21 (A)		175,000		180,250
OPTI Canada
9.750%, 08/15/13 (A)		75,000		75,375
Petrohawk Energy
7.250%, 08/15/18		75,000		76,125
Plains Exploration & Production
8.625%, 10/15/19		100,000		110,000
QEP Resources
6.875%, 03/01/21		100,000		105,500

				1,041,750

Industrial Other — 2.9%
Exova
10.500%, 10/15/18		100,000		156,905
Thermadyne Holdings
9.000%, 12/15/17 (A)		150,000		155,438
Viskase
9.875%, 01/15/18 (A)		125,000		130,938

				443,281

Life — 0.5%
Genworth Financial
6.150%, 11/15/66 (B)		100,000		79,500

Lodging — 2.0%
Felcor Lodging
10.000%, 10/01/14		100,000		112,500
Host Hotels & Resorts
6.000%, 11/01/20 (A)		75,000		74,250
Wyndham Worldwide
7.375%, 03/01/20		100,000		110,120

				296,870

Media Cable — 2.3%
Cablevision Systems
8.625%, 09/15/17		100,000		109,375
CET 21 spol sro
9.000%, 11/01/17		100,000		138,358
Insight Communications
9.375%, 07/15/18 (A)		100,000		107,000

				354,733

Media Noncable — 3.4%
Citadel Broadcasting
7.750%, 12/15/18 (A)		35,000		36,400
Clear Channel Worldwide Holdings
9.250%, 12/15/17		100,000		109,250
GeoEye
9.625%, 10/01/15		100,000		113,500
Intelsat Luxembourg
11.500%, 02/04/17		225,000		249,750

				508,900

Metals and Mining — 3.9%
Consol Energy
8.250%, 04/01/20 (A)		150,000		162,750
Steel Dynamics
7.625%, 03/15/20 (A)		175,000		188,125
United States Steel
7.375%, 04/01/20		125,000		128,750
Vedanta Resources
9.500%, 07/18/18 (A)		100,000		109,875

				589,500

Non-Captive Consumer — 0.6%
American General Finance
5.850%, 06/01/13		100,000		91,250
Non-Captive Diversified — 2.6%
Ally Financial
7.500%, 09/15/20 (A)		150,000		158,063
CIT Group
7.000%, 05/01/15		100,000		100,500
International Lease Finance
8.250%, 12/15/20		110,000		113,437

				372,000

Oil Field Services — 3.2%
CHC Helicopter
9.250%, 10/15/20 (A)		150,000		156,000
Hornbeck Offshore Services
8.000%, 09/01/17		80,000		82,000
McJunkin Red Man
9.500%, 12/15/16 (A)		75,000		71,250

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors High Yield Bond Fund

December 31, 2010


	Face
	Amount		Value

Oil Field Services (continued)
Pride International
6.875%, 08/15/20	$	100,000	$	104,250
Trinidad Drilling
7.875%, 01/15/19 (A)		75,000		76,125

				489,625

Packaging — 3.3%
Ardagh Packaging Finance
7.375%, 10/15/17		100,000		135,016
Berry Plastics
9.500%, 05/15/18		100,000		100,750
Consol Glass
7.625%, 04/15/14		100,000		135,016
Reynolds Group Issuer
7.125%, 04/15/19 (A)		125,000		127,813

				498,595

Paper — 4.1%
Cascades
7.750%, 12/15/17		100,000		104,750
Georgia-Pacific
5.400%, 11/01/20 (A)		150,000		148,581
Potlatch
7.500%, 11/01/19		200,000		210,000
Verso Paper Holdings
11.500%, 07/01/14		100,000		110,250
9.125%, 08/01/14		50,000		51,750

				625,331

Pharmaceuticals — 2.4%
Mylan
7.625%, 07/15/17 (A)		175,000		187,031
6.000%, 11/15/18 (A)		75,000		73,875
Valeant Pharmaceuticals International
6.750%, 10/01/17 (A)		100,000		99,750

				360,656

Pipelines — 2.0%
Energy Transfer Equity
7.500%, 10/15/20		100,000		103,500
Genesis Energy
7.875%, 12/15/18 (A)		100,000		99,750
Sabine Pass LNG
7.500%, 11/30/16		100,000		94,250

				297,500

Railroads — 1.3%
RailAmerica
9.250%, 07/01/17		175,000		193,156

Retailers — 5.0%
Asbury Automotive Group
8.375%, 11/15/20 (A)		75,000		77,812
Giraffe Acquisition
9.125%, 12/01/18 (A)		150,000		157,125
JC Penney
7.400%, 04/01/37		150,000		143,250
QVC
7.375%, 10/15/20 (A)		150,000		157,875
Rent-A-Center
6.625%, 11/15/20 (A)		100,000		100,000
Rite Aid
9.750%, 06/12/16		100,000		110,625

				746,687

Supermarkets — 0.7%
SUPERVALU
8.000%, 05/01/16		100,000		96,250

Technology — 6.4%
DuPont Fabros Technology
8.500%, 12/15/17		100,000		107,500
First Data
12.625%, 01/15/21 (A)		22,000		21,120
9.875%, 09/24/15		6,000		5,745
8.875%, 08/15/20 (A)		75,000		79,500
8.250%, 01/15/21 (A)		22,000		21,230
Freescale Semiconductor
10.750%, 08/01/20 (A)		75,000		82,125
Interactive Data
10.250%, 08/01/18 (A)		100,000		108,937
Iron Mountain
8.750%, 07/15/18		100,000		105,500
Jabil Circuit
5.625%, 12/15/20		200,000		197,500
SunGard Data Systems
7.375%, 11/15/18 (A)		100,000		101,000
Trans Union
11.375%, 06/15/18 (A)		125,000		143,125

				973,282

Textile — 0.6%
Hanesbrands
6.375%, 12/15/20 (A)		100,000		95,500

Wireless — 3.9%
Clearwire Communications
12.000%, 12/01/15 (A)		100,000		108,500
Cricket Communications
7.750%, 10/15/20 (A)		100,000		95,500
Digicel Group
8.875%, 01/15/15 (A)		125,000		126,875
Sprint Capital
6.900%, 05/01/19		150,000		148,875
Wind Acquisition Finance
11.750%, 07/15/17 (A)		100,000		113,250

				593,000

Wirelines — 4.4%
Cincinnati Bell
8.375%, 10/15/20		150,000		144,375
Equinix
8.125%, 03/01/18		100,000		105,000
Frontier Communications
8.500%, 04/15/20		100,000		109,750
Global Crossing
9.000%, 11/15/19 (A)		50,000		49,750

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Schedule of Investments
Aviva Investors High Yield Bond Fund

December 31, 2010


	Face
	Amount/Shares		Value

Wirelines (continued)
Global Crossing UK Finance
10.750%, 12/15/14	$	100,000	$	104,000
Level 3 Financing
10.000%, 02/01/18		75,000		72,375
Windstream
8.125%, 09/01/18		75,000		79,125

				664,375

Total Corporate Bonds (Cost $14,862,035)				14,786,589

Cash Equivalent — 0.3%
Union Bank Institutional Trust III,
0.200% (C)		41,753		41,753

Total Cash Equivalent (Cost $41,753)				41,753

Total Investments — 98.1% (Cost $14,903,788)			$	14,828,342

Percentages are based on net assets of $15,119,487.


(A)		Securities sold within terms of a private placement memorandum, exempt from registration under Section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “accredited investors.” These securities have been determined to be liquid under guidelines established by the board of Trustees.

(B)		Variable rate security — Rate disclosed is the rate in effect on December 31, 2010.

(C)		The rate shown is the 7-day effective yield as of December 31, 2010.

A summary of the outstanding forward foreign currency contracts held by the Fund at December 31, 2010, is as follows:

Currency to

Unrealized

Counterparty

Maturity Date

Deliver

Receive

(Depreciation)

JPMorgan Chase

1/11/11-1/31/11

EUR 499,000

USD 653,478

(13,548

)

JPMorgan Chase

1/11/11-1/31/11

GBP 205,500

USD 317,481

(2,881

)

(16,429

)

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Statements of Assets and Liabilities

December 31, 2010


	Core Aggregate
	Fixed Income			High Yield
	Fund			Bond Fund

Assets:
Investments at Value (Cost $14,903,774 and $14,903,788, respectively)	$	14,618,902		$	14,828,342
Foreign Currency (Cost $0 and $3,007, respectively)		—			4,296
Interest Receivable		109,951			303,096
Reimbursement from Adviser		24,906			29,264
Receivable for Investment Securities Sold		—			20,450
Deferred Offering costs		13,108			13,521
Prepaid Expenses		566			566

Total Assets		14,767,433			15,199,535

Liabilities:
Unrealized loss on forward foreign currency contracts		—			16,429
Payable due to Administrator		6,296			6,444
Payable due to Investment Adviser		3,738			6,377
Payable due to Trustees		2,111			2,138
Chief Compliance Officer Fees Payable		1,528			1,548
Other Accrued Expenses		47,078			47,112

Total Liabilities		60,751			80,048

Net Assets	$	14,706,682		$	15,119,487

Net Assets Consist of:
Paid-in Capital	$	15,075,399		$	15,163,120
Undistributed Net Investment Income		231			43,456
Accumulated Realized Gain (Loss) on Investments		(84,076	)		5,022
Net Unrealized Depreciation on Investments		(284,872	)		(75,446	)
Net Unrealized Depreciation on Foreign Currency		—			(16,665	)

Net Assets	$	14,706,682		$	15,119,487

Institutional Shares:
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		1,507,756			1,516,377

Net Asset Value, Offering and Redemption Price Per Share	$	9.75		$	9.97

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Statements of Operation

For the period ended December 31, 2010


	Core Aggregate
	Fixed Income			High Yield
	Fund⁽¹⁾			Bond Fund⁽²⁾

Investment Income:
Interest Income	$	85,208		$	204,838

Total Investment Income		85,208			204,838

Expenses:
Administration Fees		17,555			15,321
Investment Advisory Fees		10,362			15,056
Trustees’ Fees		2,111			2,138
Chief Compliance Officer Fees		1,528			1,548
Audit Fees		18,785			19,026
Transfer Agent Fees		11,037			9,879
Offering Costs		10,961			10,394
Printing Fees		9,936			10,064
Legal Fees		5,477			5,548
Pricing Fees		3,750			3,000
Registration and Filing Fees		1,549			1,548
Custodian Fees		1,250			2,500
Miscellaneous Fees		1,616			1,634

Total Expenses		95,917			97,656
Less: Fees Waived by Adviser		(10,362	)		(15,056	)
Less: Fees Reimbursed by Adviser		(68,287	)		(64,535	)

Net Expenses		17,268			18,065

Net Investment Income		67,940			186,773

Net Realized Gain (Loss) on Investments		(63,433	)		5,022
Net Realized Gain on Foreign Currency		—			48,237
Net Change in Unrealized Depreciation on Investments		(284,872	)		(75,446	)
Net Change in Unrealized Depreciation on Foreign Currency		—			(16,665	)

Net Realized and Unrealized Loss on Investments		(348,305	)		(38,852	)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(280,365	)	$	147,921

Amounts designated as “__” are $0 or have been rounded to $0.


⁽¹⁾		Fund commenced operations on October 6, 2010.

⁽²⁾		Fund commenced operations on October 18, 2010.

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Statements of Changes in Net Assets

For the period ended December 31, 2010


	Core Aggregate
	Fixed Income			High Yield
	Fund⁽¹⁾			Bond Fund⁽²⁾

Operations:
Net Investment Income	$	67,940		$	186,773
Net Realized Gain (Loss) on Investments and Foreign Currency		(63,433	)		53,259
Net Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(284,872	)		(92,111	)

Net Increase (Decrease) in Net Assets Resulting from Operations		(280,365	)		147,921

Dividends and Distributions:
Net Investment Income		(88,352	)		(191,554	)

Total Dividends and Distributions		(88,352	)		(191,554	)

Capital Share Transactions:
Issued		15,000,300			15,000,300
In Lieu of Dividends and Distributions		75,099			162,820

Net Increase in Net Assets Derived From Capital Share Transactions		15,075,399			15,163,120

Total Increase in Net Assets		14,706,682			15,119,487

Net Assets:
Beginning of Period		—			—

End of Period	$	14,706,682		$	15,119,487

Undistributed Net Investment Income	$	231		$	43,456

Shares Transactions:
Issued		1,500,030			1,500,030
In Lieu of Dividends and Distributions		7,726			16,347

Net Increase in Shares Outstanding from Share Transactions		1,507,756			1,516,377

Amounts designated as “___” are $0 or zero shares.


⁽¹⁾		Fund commenced operations on October 6, 2010.

⁽²⁾		Fund commenced operations on October 18, 2010.

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Financial Highlights

For a Share Outstanding Throughout Each Period

For the Period Ended December 31, 2010


																														Ratio
	Net				Realized and						Dividends						Net					Net					Ratio of			of Net
	Asset				Unrealized						from						Asset					Assets,		Ratio of			Gross			Investment
	Value,		Net		Gains			Total			Net						Value					End		Net Expenses			Expenses			Income			Portfolio
	Beginning		Investment		(Losses) on			from			Investment			Total			End		Total			of Period		to Average			to Average			to Average			Turnover
	of Period		Income⁽³⁾		Investments			Operations			Income			Dividends			of Period		Return⁽⁴⁾			(000)		Net Assets			Net Assets			Net Assets			Rate⁽⁵⁾
Core Aggregate Fixed Income Fund
2010⁽¹⁾	$	10.00	$	0.05	$	(0.24	)	$	(0.19	)	$	(0.06	)	$	(0.06	)	$	9.75		(1.91	)%	$	14,707		0.50	%		2.78	%		1.97	%		30	%

High Yield Bond Fund
2010⁽²⁾	$	10.00	$	0.12	$	(0.02	)	$	0.10		$	(0.13	)	$	(0.13	)	$	9.97		0.98	%	$	15,119		0.60	%		3.24	%		6.20	%		4	%


⁽¹⁾		Fund commenced operations on October 6, 2010. All ratios for the period have been annualized, unless otherwise indicated.

⁽²⁾		Fund commenced operations on October 18, 2010. All ratios for the period have been annualized, unless otherwise indicated.

⁽³⁾		Per share calculations were performed using average shares for the period.

⁽⁴⁾		Total returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

⁽⁵⁾		Portfolio turnover rate is for the period indicated and has not been annualized.

The accompanying notes are an integral part of the financial statements.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Notes to Financial Statements

December 31, 2010

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, as an open-end management investment company with 35 Funds. The financial statements herein are those of the Aviva Investors Core Aggregate Fixed Income Fund and Aviva Investors High Yield Bond Fund (the “Funds”), which are both diversified funds. The Trust is authorized to offer Institutional and Investor share classes for the Funds. The Institutional share class of the Aviva Investors Core Aggregate Fixed Income Fund commenced operations on October 6, 2010 and the Institutional share class Aviva Investors High Yield Bond Fund commenced operations on October 18, 2010. The Aviva Investors Core Aggregate Fixed Income Fund seeks to provide total return that exceeds the total return of the broad U.S. dollar denominated investment grade bond market. The Aviva Investors High Yield Bond Fund seeks to produce a high total return through high income and capital appreciation. The Funds may change their investment objective without shareholder approval. The financial statements of the remaining funds in the Trust are presented separately. The assets of each fund are segregated, and a shareholder’s interest is limited to the fund in which shares are held.

Significant Accounting Policies:

The following is a summary of the Significant Accounting Policies followed by the Funds.

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 reported amounts 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, and could have a material impact to the Funds.

Security Valuation — If available, debt securities are priced based upon values provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities 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. Prices for most securities held in the Funds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing agent, the Funds seek to obtain a bid price from at least one independent broker. Debt instruments having a maturity greater than 60 days, for which market quotations are readily available, are valued at the average of the latest bid and asked prices.

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 security’s trading has been halted or suspended; the security has been de-listed from a national exchange; the security’s 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 security’s 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.

For securities in the Funds that principally trade on a foreign market or exchange, a significant gap in time can exist between the time of a particular security’s last trade and the time at which the Fund calculates its net asset value. The closing prices of such securities may no longer reflect their market value at the time the Fund calculates net asset value if an event that could materially affect the value of those securities (a “Significant Event”) has occurred between the time of the security’s last close and the time that the Fund calculates net asset value. A Significant Event may relate to a single issuer or to an entire market sector. If the Adviser of the Fund becomes aware of a Significant Event that has occurred with respect to a security or group of securities after the closing of the exchange or market on which the security or securities principally trade, but before the time at which the Fund calculates its net asset value, it may request that a Committee Meeting be called. In addition, the Funds’ Administrator monitors price movements among certain selected indices,



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Notes to Financial Statements (continued)

December 31, 2010

securities and/or baskets of securities that may be an indicator that the closing prices received earlier from foreign exchanges or markets may not reflect market value at the time the Fund calculates its net asset value. If price movements in a monitored index or security exceed levels established by the Administrator, the Administrator notifies the Adviser for the Fund that such limits have been exceeded. In such event, the Adviser makes the determination whether a Committee Meeting should be called based on the information provided.

As of December 31, 2010, there were no securities valued in accordance with fair value procedures.

In accordance with the authoritative guidance on fair value measurements and disclosure under GAAP, the Funds disclose the fair value of their 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 liabilities (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 Funds have 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 exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported by little or no market activity).

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.

As of December 31, 2010, all the investments and forward foreign currency contracts for the Funds are classified as Level 2. For the period ended December 31, 2010, there were no Level 3 securities. For details of investment classifications, reference the Schedule of Investment.

For the period ended December 31, 2010, there have been no significant transfers between Level 1 and Level 2 assets and liabilities.

For the period ended December 31, 2010, the Trust’s fair valuation methodologies were consistently applied throughout the period.

Federal Income Taxes — It is the Funds’ intention to continue to qualify as regulated investment companies for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended. Accordingly, no provisions for Federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns 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 Funds did not record any tax provision in the current period. However, management’s 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 3 tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

Security Transactions and Investment Income — Security transactions are accounted for on trade date, for financial reporting purposes. Costs used in determining realized gains and 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. Discounts and premiums on securities purchased are accreted and amortized using the scientific interest method, which approximates the effective interest method.

Repurchase Agreements — In connection with transactions involving repurchase agreements, a third party custodian bank takes possession of the underlying securities (“collateral”), the value of which exceeds the principal amount of the repurchase transaction, including accrued interest. Such collateral will be cash, debt securities issued or guaranteed by the U.S. Government, securities that at the time the repurchase agreement is entered into are rated in the highest category by a nationally recognized statistical rating organization (“NRSRO”) or unrated category by an NRSRO, as determined by the Adviser. In the event



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Notes to Financial Statements (continued)

December 31, 2010

of default on the obligation to repurchase, the Funds have the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. In the event of default or bankruptcy by the counterparty to the agreement, realization and/or retention of the collateral or proceeds may be subject to legal proceedings. At December 31, 2010, the Funds did not hold repurchase agreements.

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investments on the Statement of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains or losses from forward foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid.

Forward Foreign Currency Exchange Contracts — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Fund as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default. The High Yield Bond Fund held open forward foreign currency contracts at December 31, 2010.

Investments in REITs — With respect to the Funds, dividend income is recorded based on the income included in distributions received from the REIT investments using published REIT reclassifications including some management estimates when actual amounts are not available. Distributions received in excess of any estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

Expenses — Most expenses of the Trust can be directly attributed to a particular Fund. Expenses that cannot be directly attributed to a Fund are apportioned among the Funds of the Trust based on the number of Funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Funds’ distribute their respective net investment income annually. Any net realized capital gains are distributed at least annually. All distributions are recorded on ex-dividend date.

Offering Costs — The Funds’ offering costs, which include registration fees, typesetting and prospectus printing, and preparation of the initial registration statement, are being amortized over a twelve month period from inception. As of December 31, 2010, the amounts remaining still to be amortized for the Core Aggregate Fixed Income Fund and High Yield Bond Fund were $13,108 and $13,521, respectively.

3. Transactions with Affiliates:

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”) and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust for serving as officers of the Trust.

A portion of the services provided by the Chief Compliance Officer (“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 Trust’s Advisors and service providers as required by SEC regulations. The CCO’s services and fees have been approved by and are reviewed by the Board.

4. Administration, Distribution, Transfer Agency and Custodian Agreements:

The Funds and the Administrator, a wholly-owned subsidiary of SEI Investments Company, are parties to an Administration Agreement under which the Administrator provides administrative services for an annual fee equal to a minimum of $75,000 per Fund for the first year increasing to $100,000 in subsequent years and $15,000 per additional class opened after the initial launch or 0.08% of the first $1 billion, 0.07% of the next $2 billion, and 0.06% of the Funds’ average daily net assets in excess of $3 billion.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Notes to Financial Statements (continued)

December 31, 2010

The Trust and the Distributor are parties to a Distribution Agreement. The Distributor receives no fees under the agreement.

DST Systems, Inc. (the “Transfer Agent”) serves as the transfer agent and dividend disbursing agent for the Funds under a transfer agency agreement.

Union Bank, N.A. acts as Custodian (the “Custodian”) for the Funds. The Custodian plays no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds.

5. Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Funds at a fee calculated at an annual rate of the average daily net assets for each Fund, as follows:


	Rate
Core Aggregate Fixed Income Fund		0.30	%
High Yield Bond Fund		0.50	%

For each Fund, the Adviser has contractually agreed to reduce fees and reimburse expenses, to the extent necessary, to keep the Funds’ total annual operating expenses from exceeding 0.50% and 0.60% of the average daily net assets of Aviva Investors Core Aggregate Fixed Income Fund and Aviva Investors High Yield Bond Fund, respectively. The Advisor does not have the ability to recapture previously waived fees or reimbursed expenses.

6. Investment Transactions:

For the fiscal period ended December 31, 2010, the purchases and sales and maturities of investment securities other than long-term U.S. Government and short-term securities were:


			Sales and
	Purchases		Maturities
Core Aggregate Fixed Income Fund	$	6,300,082	$	573,333
High Yield Bond Fund		15,482,221		613 638

Purchases and sales and maturities of long-term U.S. Government securities were $12,861,624 and $3,738,429, respectively, for the Core Aggregate Fixed Income Fund. There were no purchases or sales and maturities of long-term U.S. Government securities for the High Yield Bond Fund.

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. generally accepted accounting principles.

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 the year. The 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 these differences arise.

Accordingly, the following permanent differences, primarily attributable to paydown adjustments and foreign currency gain/loss have been reclassified to (from) the following accounts:


	Undistributed		Accumulated
	Net Investment		Net Realized
	Income (Loss)		Gain/(Loss)
Core Aggregate Fixed Income Fund	$	20,643	$	(20,643	)
High Yield Bond Fund		48,237		(48,237	)

The tax character of dividends and distributions declared during the fiscal period ended December 31, 2010, were as follows:


	Ordinary		Long-Term
	Income		Capital Gain		Total
Core Aggregate Fixed Income Fund 2010	$	88,352	$	—	$	88,352
High Yield Bond Fund 2010		191,554		—		191,554

As of December 31, 2010, the components of Distributable Earnings/(Accumulated Losses) on a tax basis were as follows:


	Core Aggregate
	Fixed Income			High Yield
	Fund			Bond Fund
Undistributed Ordinary Income	$	231		$	32,049
Post-October Losses		(80,681	)		—
Capital Loss Carryforwards		(697	)		—
Unrealized Appreciation		(287,570	)		(75,682	)


Total Distributable Earnings/(Accumulated Losses)	$	(368,717	)	$	(43,633	)

Post-October Losses represent losses on investment transactions from November 1, 2010 through December 31, 2010, that, in accordance with Federal income tax regulations, a Fund may elect to defer and treat as having risen in the following year.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Notes to Financial Statements (continued)

December 31, 2010

For Federal income tax purposes, capital carryforwards represent realized losses of the Funds that may be carried forward for a maximum of eight years and applied against future capital gains as follows:


			Total Capital
			Loss
	Expires		Carryforward
	2018		12/31/10
Core Aggregate Fixed Income Fund	$	697	$	697
High Yield Bond Fund		—		—

During the period ended December 31, 2010, the Funds did not utilize capital loss carryforwards to offset capital gains.

The Federal tax cost and aggregate gross unrealized appreciation and depreciation for the investments held (excluding accumulated foreign capital gains tax on appreciated securities and foreign currency) by the Funds at December 31, 2010, were as follows:


	Core
	Aggregate
	Fixed Income			High Yield
	Fund			Bond Fund
Federal Tax Cost	$	14,906,472		$	14,903,788
Gross Unrealized Appreciation		19,530			102,945
Gross Unrealized Depreciation		(307,100	)		(178,391	)


Net Unrealized Depreciation	$	(287,570	)	$	(75,446	)

8. Concentration of Risk:

The market values of the Funds’ investments will change in response to interest rate changes and other factors. Rising interest rates tend to cause the prices of debt securities (especially those with longer maturities) and the Fund’s share price to fall. Rising interest rates may also cause investors to pay off mortgage-backed and asset-backed securities later than anticipated, forcing the Fund to keep its money invested at lower rates. Falling interest rates, however, generally cause investors to pay off mortgage-backed and asset-backed securities earlier than expected, forcing the Fund to reinvest the money at a lower interest rate.

The credit rating or financial condition of an issuer may affect the value of a debt security. Generally, the lower the quality rating of a security, the greater the risk that the issuer will fail to pay interest fully and return principal in a timely manner. If an issuer defaults or becomes unable to honor its financial obligations, the security may lose some or all of its value. The issuer of an investment-grade security is more likely to pay interest and repay principal than an issuer of a lower rated bond. Adverse economic conditions or changing circumstances, however, may weaken the capacity of the issuer to pay interest and repay principal.

Each Fund may invest in securities of foreign issuers in various countries. These investments may involve certain considerations and risks not typically associated with investments in the United States, as a result of, among other factors, the possibility of future political and economic developments and the level of governmental supervision and regulation of securities markets in the respective countries. The market values each Fund’s investments may change in response to interest rate changes and other factors. During periods of falling interest rates, the values of fixed income securities generally rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Changes by recognized rating agencies in the ratings of any fixed income security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. Also, the ability of the issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country, industry or region.

Certain securities held by the Funds are valued on the basis of a price provided by a principal market maker. The prices provided by the principal market makers are estimates that may differ from the value that would be realized if the securities were sold.

9. Other:

At December 31, 2010, the percentage of total shares outstanding held by shareholders for each Fund, which comprised of omnibus accounts that were held on behalf of several individual shareholders was as follows:


	No. of		%
	Shareholders		Ownership
Core Aggregate Fixed Income Fund		1		100	%
High Yield Bond Fund		1		100	%

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claim is considered remote.


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

We have audited the accompanying statement of assets and liabilities of Aviva Investors Core Aggregate Fixed Income Fund and Aviva Investors High Yield Bond Fund (collectively, the Funds) (two of the series constituting The Advisors’ Inner Circle Fund), including the schedule of investments, as of December 31, 2010, and the related statements of operations and cash flows for the period from October 6, 2010 (commencement of operations) to December 31, 2010 for the Aviva Investors Core Aggregate Fixed Income Fund and the period from October 18, 2010 (commencement of operations) to December 31, 2010 for the Aviva Investors High Yield Bond Fund, the statements of changes in net assets for each of the periods then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ 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 Funds’ 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 Funds’ 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 December 31, 2010, by correspondence with the custodian and brokers. 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 Aviva Investors Core Aggregate Fixed Income Fund and Aviva Investors High Yield Bond Fund of The Advisors’ Inner Circle Fund at December 31, 2010, the results of their operations for the period from October 6, 2010 (commencement of operations) to December 31, 2010 for the Aviva Investors Core Aggregate Fixed Income Fund and the period from October 18, 2010 (commencement of operations) to December 31, 2010 for the Aviva Investors High Yield Bond Fund, the changes in their net assets for each of the periods then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

February 28, 2011


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

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 fund’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of a mutual fund’s average net assets; this percentage is known as a mutual fund’s expense ratio. The following examples use the expense ratio and are intended to help you understand the ongoing costs (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.

• 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 cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s 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 Fund’s 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 Fund’s 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 Fund’s actual return —the account values shown may not apply to your specific investment.

Beginning

Ending

Expenses

Account

Annualized

Paid

Value

Expense

During

10/06/10

12/31/10

Ratios

Period

Aviva Investors Core Aggregate Fixed Income Fund

Actual Fund Return

1,000.00

980.90

0.50

1.18

⁽¹⁾

Hypothetical 5% Return

1,000.00

1,022.68

0.50

2.55

⁽²⁾

Beginning

Ending

Expenses

Account

Annualized

Paid

Value

Expense

During

10/18/10

12/31/10

Ratios

Period

Aviva Investors High Yield Bond Fund

Actual Fund Return

1,000.00

1,009.80

0.60

1.24

⁽¹⁾

Hypothetical 5% Return

1,000.00

1,022.18

0.60

3.06

⁽²⁾


(1)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 86/365 and 75/365, respectively (to reflect the period since inception).

(2)		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six month period).


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)

Number of

Portfolios

Term of

Principal

in The Advisors’

Other

Name,

Position(s)

Office and

Occupation(s)

Inner Circle Fund

Directorships

Address,

Held with

Length of

During Past

Overseen by

Held by

Age¹

the Trust

Time Served²

5 Years

Board Member

Board Member³

INTERESTED

BOARD MEMBERS

ROBERT A. NESHER 64 yrs. old

Chairman
of the Board of Trustees

(Since 1991)

Currently performs various services on behalf of SEI Investments for which Mr. Nesher is compensated.

Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds. SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, and SEI Alpha Strategy Portfolios, L.P., Director of SEI Global Master Fund, plc, SEI Global Assets Fund, plc, SEI Global Investments Fund, plc, SEI Investments Global, Limited SEI Investments — Global Fund Services, Limited, SEI Investments (Europe), Limited, SEI Investments — Unit Trust Management (UK), Limited, SEI Global Nominee Ltd., SEI Opportunity Fund, L.P. SEI Structured Credit Fund, L.P. SEI Multi- Strategy Funds plc., and SEI Islamic Investments Fund plc.

WILLIAM M. DORAN 1701 Market
Street Philadelphia,
PA 19103
70 yrs. old

Trustee
(Since 1992)

Self-employed Consultant since 2003. Partner, Morgan, Lewis & Bockius LLP (law firm) from 1976- 2003, counsel to the Trust, SEI, SIMC, the Administrator and the Distributor. Secretary of SEI Investments since 1978.

Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Index Funds. SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, and SEI Alpha Strategy Portfolios, L.P., Director of SEI since 1974. Director of the Distributor since 2003. Director of SEI Investments — Global Fund Services, Limited, SEI Investments Global, Limited, SEI investments (Europe), Limited, SEI Investments (Asia), Limited, SEI Asset Korea Co., Ltd., SEI Global Nominee Limited and SEI Investments — Unit Trust Management (UK) Limited.


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 Trust’s Declaration of Trust.

3		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 registered under the 1940 Act.


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)

Number of

Funds

Term of

Principal

in The Advisors’

Other

Name,

Position(s)

Office and

Occupation(s)

Inner Circle Fund

Directorships

Address,

Held with

Length of

During Past

Overseen by

Held by

Date of Birth¹

the Trust

Time Served²

5 Years

Board Member

Board Member³

INTERESTED

BOARD MEMBERS (continued)

JAMES M. STOREY
79 yrs. old

Trustee

(Since 1994)

Attorney, Solo Practitioner since 1994. Partner, Dechert, September 1987- December 1993.

Trustee of The Advisors’ Inner Circle Fund II, Bishop Street Funds, Massachusetts Health and Education Tax-Exempt Trust, and U.S. Charitable Gift Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, and SEI Alpha Strategy Portfolios, L.P.

GEORGE J. SULLIVAN, JR.
68 yrs. old

Trustee

(Since 1999)

Self-Employed Consultant, Newfound Consultants, Inc. since April 1997.

Trustee of the Advisors’ Inner Circle Fund II, Bishop Street Funds, State Street Navigator Securities Lending Trust, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional International Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, and SEI Alpha Strategy Portfolios, L.P., Director of SEI Opportunity Fund, L.P., SEI Structured Credit Fund, L.P., member of the independent review committee for SEI’s Canadian-registered mutual funds.

BETTY L. KRIKORIAN
67 yrs. old

Trustee

(Since 2005)

Vice President Compliance, AARP Financial Inc. since September 2008. Self-Employed Legal and Financial Services Consultant since 2003. In-house Counsel, State Street Bank Global Securities and Cash Operations from 1995 to 2003.

Trustee of The Advisors’ Inner Circle Fund II and Bishop Street Funds.

CHARLES E. CARLBOM
76 yrs. old

Trustee

(Since 2005)

Self-Employed Business Consultant, Business Project Inc. since 1997. CEO and President, United Grocers Inc. from 1997 to 2000.

Director, Crown Pacific, Inc. Trustee of The Advisors’ Inner Circle Fund II and Bishop Street Funds.


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 Trust’s Declaration of Trust.

3		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 registered under the 1940 Act.


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)

Number of

Funds

Term of

Principal

in The Advisors’

Other

Name,

Position(s)

Office and

Occupation(s)

Inner Circle Fund

Directorships

Address,

Held with

Length of

During Past

Overseen by

Held by

Date of Birth¹

the Trust

Time Served²

5 Years

Board Member

Board Member³

INTERESTED

BOARD MEMBERS (continued)

MITCHELL A. JOHNSON
68 yrs. old

Trustee

(Since 2005)

Retired.

Trustee of the Advisors’ Inner Circle Fund II, and Bishop Street Funds, SEI Asset Allocation Trust, SEI Daily Income Trust, SEI Institutional Inter- national Trust, SEI Institutional Investments Trust, SEI Institutional Managed Trust, SEI Liquid Asset Trust, SEI Tax Exempt Trust, and SEI Alpha Strategy Portfolios, L.P.

JOHN K. DARR
66 yrs. old

Trustee

(Since 2008)

CEO, Office of Finance, FHL Banks from 1992 to 2007.

Director of Federal Home Loan Bank of Pittsburgh and Manna, Inc. and Trustee of the Advisors’ Inner Circle Fund II and Bishop Street Funds.

OFFICERS

PHILIP T. MASTERSON
46 yrs. old

President

(Since 2008)

Managing Director of SEI Investments since 2006. Vice President and Assistant Secretary of the Administrator from 2004 to 2006. General Counsel of Citco Mutual Fund Services from 2003 to 2004. Vice President and Associate Counsel for the Oppenheimer Funds from 2001 to 2003.

N/A

MICHAEL LAWSON
50 yrs. old

Treasurer, Controller and Chief Financial Officer

(Since 2005)

Director, SEI Investments, Fund Accounting since July 2005. Manager, SEI Investments Fund Accounting from April 1995 to February 1998 and November 1998 to July 2005.

N/A


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 Trust’s Declaration of Trust.

3		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 registered under the 1940 Act.


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)


				Number of
				Funds
		Term of	Principal	in The Advisors’	Other
Name,	Position(s)	Office and	Occupation(s)	Inner Circle Fund	Directorships
Address,	Held with	Length of	During Past	Overseen by	Held by
Date of Birth¹	the Trust	Time Served²	5 Years	Board Member	Board Member³

OFFICERS (continued)

RUSSELL EMERY 47 yrs. old	Chief Compliance Officer	(Since 2006)	Director of Investment Product Management and Development at SEI investments since February 2003. Senior Investment Analyst, Equity team at SEI Investments from March 2000 to February 2003.	N/A	N/A

JOSEPH M. GALLO 37 yrs. old	Vice President and Secretary	(Since 2007)	Corporate Counsel of SEI since 2007; Associate Counsel, ICMA Retirement Corporation 2004-2007; Federal Investigator, U.S. Department of Labor 2002-2004; U.S. Securities and Exchange Commission—Division of Investment Management, 2003	N/A	N/A

CAROLYN F. MEAD 53 yrs. old	Vice President and Assistant Secretary	(Since 2007)	Corporate Counsel of SEI since 2007; Associate, Stradley, Ronon, Stevens & Young 2004-2007; Counsel, ING Variable Annuities, 1999-2002.	N/A	N/A

JAMES NDIAYE 42 yrs. old	Vice President and Assistant Secretary	(Since 2004)	Employed by SEI Investments Company since 2004. Vice President, Deutsche Asset Management from 2003-2004. Associate, Morgan, Lewis & Bockius LLP from 2000-2003. Counsel, Assistant Vice President, ING Variable Annuities Group from 1999- 2000.	N/A	N/A


THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

TRUSTEES AND OFFICERS OF THE ADVISORS’ INNER CIRCLE FUND (Unaudited)


				Number of
				Funds
		Term of	Principal	in The Advisors’	Other
Name,	Position(s)	Office and	Occupation(s)	Inner Circle Fund	Directorships
Address,	Held with	Length of	During Past	Overseen by	Held by
Date of Birth¹	the Trust	Time Served²	5 Years	Board Member	Board Member³

OFFICERS (continued)

TIMOTHY D. BARTO 42 yrs. old	Vice President and Assistant Secretary	(Since 2000)	General Counsel, Vice President and Assistant Secretary of SEI Investments Global Funds Services since 1999; Associate, Dechert (law firm) from 1997-1999; Associate, Richter, Miller & Finn (law firm) from 1994-1997.	N/A	N/A

MICHAEL BEATTIE 45 yrs. old	Vice President	(Since 2009)	Director of Client Services at SEI since 2004.	N/A	N/A

ANDREW S. DECKER 47 yrs. old	AML Officer	(Since 2008)	Compliance Officer and Product Manager, SEI, 2005 — 2008. Vice President, Old Mutual Capital, 2000 — 2005. Operations Director, Prudential Investments, 1998 — 2000.	N/A	N/A


1		Unless otherwise noted, the business address of each Trustee is SEI Investments Company, 1 Freedom Valley Drive, Oaks, Pennsylvania 19456.



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

NOTICE TO SHAREHOLDERS (Unaudited)

For shareholders that do not have a December 31, 2010 tax year end, this notice is for informational purposes only. For shareholders with a December 31, 2010 tax year end, please consult your tax adviser as to the pertinence of this notice. For the fiscal year ended December 31, 2010, the portfolio is designating the following items with regard to distributions paid during the year.

Dividends

Qualifying For

Corporate

Long Term

Ordinary

Dividends

Qualifying

U.S.

Interest

Short-Term

Capital Gain

Income

Total

Receivable

Dividend

Government

Related

Capital Gain

Distribution

Distributions

Deduction (1)

Income (2)

Interest (3)

Dividends (4)

Dividends (5)

Aviva Investors Core Aggregate Fixed Income Fund

0.00%

100.00%

0.00%

11.60%

100.00%

0.00%

Aviva Investors High Yield Bond Fund

0.00%

100.00%

0.00%

77.73%

0.00%


(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 each of the aforementioned funds 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 total ordinary income distributions (the total of short-term capital gain and net investment income distributions). Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders of the Funds 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 a percentage of net investment income that is exempt from U.S. withholding tax when paid for 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 ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

Board Considerations in Approving the Advisory Agreement. Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at its August 10-11, 2010 meeting, the Board of Trustees (the “Board”) of The Advisors’ Inner Circle Fund (the “Trust”) considered the approval of the advisory agreement (the “Advisory Agreement”) for an initial two-year term. The Advisory Agreement, after the initial two-year term, must be approved: (i) by the vote of the Trustees or by a vote of the shareholders of the Funds; and (ii) by the vote of a majority of the Trustees who are not parties to the Advisory Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), cast in person at a meeting called for the purpose of voting on such approval. Each year after the initial two-year term, the Board calls and holds a meeting to decide whether to renew the Advisory Agreement for an additional one-year term. In preparation for the meeting, the Board requests and reviews a wide variety of information from the Adviser.

Prior to the meeting, the Board, including the Independent Trustees advised by their independent legal counsel, reviewed written materials from the Adviser regarding, among other things: (i) the nature, extent and quality of the services to be provided by the Adviser; (ii) the investment performance of the Adviser and (iii) the costs of the services to be provided, as discussed in further detail below.

At the meeting, representatives from the Adviser, along with other service providers of the Funds, presented additional oral and written information to help the Board evaluate the Adviser’s fees and other aspects of the Advisory Agreement. Among other things, the representatives provided an overview of the Adviser, including its history, assets under management, ownership structure, investment personnel, and business plan. The representatives also discussed each Fund’s proposed objective, strategy, share class structure, advisory fee and expense limitation arrangement. The Trustees then discussed the written materials that the Board received before the meeting, the Adviser’s oral presentation and any other information that the Board received at the meeting, and deliberated on the approval of the Advisory Agreement in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important, controlling or determinative of its decision.

Nature, Extent and Quality of Services Provided by the Adviser

In considering the nature, extent and quality of the services to be provided by the Adviser, the Board reviewed the portfolio management services to be provided by the Adviser to the Funds. Among other things, the Board considered the quality of the Adviser’s portfolio management personnel. The Adviser’s registration form (“Form ADV”) was provided to the Board, as was the response of the Adviser to a detailed series of questions which included, among other things, information about the background and experience of the portfolio managers primarily responsible for the day-to-day management of the Funds.

The Trustees also considered other services to be provided to the Funds by the Adviser, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations. Based on the factors above, as well as those discussed below, the Board concluded that it was satisfied with the nature, extent and quality of the services to be provided to the Funds by the Adviser.

Investment Performance of the Fund

The Board then reviewed the performance of certain composites managed by the Adviser that had investment objectives, policies, strategies and risks substantially similar to those of each Fund. The Board, using written materials provided prior to and at the meeting, considered the performance of each composite to its respective benchmark index for various trailing periods. The Adviser’s representatives noted that the Core Aggregate Composite’s performance was generally comparable to that of its benchmark index, which would also be the benchmark index for the Core Aggregate Fixed Income Fund, and that during the calendar year 2009, the Core Aggregate Composite had significantly outperformed the Index. With respect to the U.S. High Yield Constrained Composite, the strategy similar to the High Yield Bond Fund, the Adviser’s representatives noted that the Composite’s performance was generally comparable to its benchmark index.

Cost of Services Provided and Economies of Scale

In concluding that the advisory fees payable by each Fund to the Adviser were reasonable, the Trustees reviewed a report of the proposed fees to be paid by the Funds to the Adviser as well as the expected costs of services to be provided by and the expected profits to be realized by the Adviser from its relationship with the Funds, and concluded that such profits were not excessive. The Trustees also reviewed reports comparing the expense ratio and advisory fees to be paid by the Funds to those paid by other comparable mutual funds and noted that each Fund’s expected total fees and expenses, after waivers, were within the range of the average fees and expenses incurred by other peer funds. The Board concluded that the advisory fees were the result of arm’s length negotiations and appeared



THE ADVISORS’ INNER CIRCLE FUND		AVIVA INVESTORS FUNDS

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

reasonable in light of the services to be rendered. The Board also considered the Adviser’s commitment to managing the Funds and its willingness to enter into expense limitation and fee waiver arrangements. Because it was not possible to determine the profitability that the Adviser might achieve with respect to the Funds, the Trustees did not make any conclusions regarding the Adviser’s profitability. For the same reason, the Board did not make any conclusions regarding the extent to which economies of scale would be realized by the Adviser as the assets of the Funds grow. In this regard, during future considerations of the Advisory Agreement, the Board will consider whether any economies of scale are being realized by the Adviser and, if so, an appropriate mechanism for sharing the benefits of such economies of scale.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Advisory Agreement are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the services that the Adviser will provide to the Funds; and (c) agreed to approve the Advisory Agreement for an initial term of two years.

Trust:
The Advisors’ Inner Circle Fund

Funds:
Aviva Investors Core Aggregate Fixed Income Fund
Aviva Investors High Yield Bond Fund

Adviser:
AVIVA Investors North America, Inc.

Distributor:
SEI Investments Distribution Co.

Administrator:
SEI Investments Global Fund Services

Legal Counsel:
Morgan, Lewis & Bockius LLP

Independent Registered Public Accounting Firm:
Ernst & Young LLP

The Fund files its complete schedule of Portfolio 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 Fund’s Forms N-Q are available on the Commission’s website at http://www.sec.gov, and may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that The Advisors’ Inner Circle Fund uses to determine how to vote proxies (if any) relating to portfolio securities, as well as information relating to how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, is available without charge (i) upon request, by calling 1-877-515-4725 and (ii) on the Commission’s website at http://www.sec.gov.

AVA-AR-001-0100

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, comptroller or principal accounting officer, and any person who performs a similar function.

Item 3. Audit Committee Financial Expert.

(a)(1)

The registrant’s 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 George Sullivan and John Darr, and are independent as defined in Form N-CSR Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by PricewaterhouseCoopers (“PwC LLP”) Related to the Trust

PwC LLP billed the Trust aggregate fees for services rendered to the Trust for the last two fiscal years as follows:

2010

2009

All other fees

All fees and

and services

All fees and

and services

All fees and

services to

to service

All fees and

services to

to service

services to

service

affiliates that

services to

service

affiliates that

the Trust that

affiliates that

did not

the Trust that

affiliates that

did not

were pre-

require pre-

were pre-

require pre-

approved

approval

approved

approval

(a) Audit Fees⁽¹⁾

$58,626

N/A

50,928

N/A

(b) Audit-Related Fees

N/A

(d) All Other Fees

N/A


Notes:

(1)		Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

Fees billed by Ernst & Young LLC (“E&Y LLC”) Related to the Trust

E&Y LLC billed the Trust aggregate fees for services rendered to the Trust for the last fiscal period as follows:

2010

All other fees

All fees and

and services

All fees and

services to

to service

services to

service

affiliates that

the Trust that

affiliates that

did not

were pre-

require pre-

approved

approval

(a) Audit Fees⁽¹⁾

$37,932

N/A

(b) Audit-Related Fees

N/A

(d) All Other Fees

N/A


Notes:

(1)		Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings.

(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 LLP):


	2010			2009
Audit-Related Fees		0	%		0	%
Tax Fees		0	%		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 (E&Y LLC):


	2010
Audit-Related Fees		0	%
Tax Fees		0	%
All Other Fees		0	%

(f)

Not applicable.

(g)

The aggregate non-audit fees and services billed by PwC LLP for the last two fiscal years were $0 and $0 for 2010 and 2009, respectively.

(g)

The aggregate non-audit fees and services billed by E&Y LLC for the last fiscal period was $0 for 2010.

(h)

During the past fiscal year, Registrant’s principal accountant provided certain non-audit services to Registrant’s investment adviser or to entities controlling, controlled by, or under common control with Registrant’s investment adviser that provide ongoing services to Registrant that were not subject to pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X. The audit committee of Registrant’s Board of Trustees reviewed and considered these non-audit services provided by Registrant’s principal accountant to Registrant’s affiliates, including whether the provision of these non-audit services is compatible with maintaining the principal accountant’s 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.

Not applicable.

Item 11. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s 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 that includes the disclosure required by this paragraph, 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)).


(Registrant)		The Advisors’ Inner Circle Fund

By (Signature and Title)*		/s/ Philip T. Masterson Philip T. Masterson
		President


By (Signature and Title)*		/s/ Philip T. Masterson Philip T. Masterson
		President

Date: March 10, 2011

By (Signature and Title)*		/s/ Michael Lawson

		Michael Lawson
		Treasurer, Controller & CFO


Manager’s Discussion and Analysis of Fund Performance			1

Schedules of Investments			6

Statements of Assets and Liabilities			13

Statements of Operations			14

Statements of Changes in Net Assets			15

Financial Highlights			16

Notes to Financial Statements			17

Report of Independent Registered Public Accounting Firm			23

Disclosure of Fund Expenses			24

Trustees and Officers of The Advisors’ Inner Circle Fund			25

Notice to Shareholders			30

Approval of Investment Advisory Agreement			31


*		Print the name and title of each signing officer under his or her signature.