Advisors Inner Circle Fund

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N-CSRS 1 d515792dncsrs.htm ADVISORS INNER CIRCLE FUND Advisors Inner Circle Fund

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-06400

The Advisors’ Inner Circle Fund

(Exact name of registrant as specified in charter)

101 Federal Street

Boston, MA 02110

(Address of principal executive offices) (Zip code)

SEI Corporation

One Freedom Valley Drive

Oaks, PA 19456

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-877-446-3863

Date of fiscal year end: October 31, 2013

Date of reporting period: April 30, 2013

Item 1.

Reports to Stockholders.

LOGO


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013


TABLE OF CONTENTS

Shareholders’ Letter			1

Schedule of Investments			3

Statement of Assets and Liabilities			5

Statement of Operations			6

Statement of Changes in Net Assets			7

Financial Highlights			8

Notes to Financial Statements			9

Disclosure of Fund Expenses			16

The Fund files its complete schedule of investments of fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q within sixty days after period end. 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, D.C. 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 Fund uses to determine how to vote proxies 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 (i) without charge, upon request, by calling 1-866-301-7212; and (ii) on the Commission’s website at http://www.sec.gov.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013 *(Unaudited)*

Dear Fellow Shareholders,

We are pleased to send you the Semi-Annual Report for the Haverford Quality Growth Stock Fund (the “Fund”) for the six-month period ended April 30, 2013. The report contains information on the holdings of the Fund, along with financial highlights and Statement of Operations. During the past six months, the Haverford Quality Growth Stock Fund returned 15.59%, while the S&P 500 Index increased 14.42%. The Fund’s outperformance was due in large part to stock selection within the Industrial sector as companies like Eaton, United Technologies, and Union Pacific far outpaced the market. We continue to believe that owning a diversified portfolio of the highest quality companies can provide the best risk adjusted returns over a full market cycle.

It’s natural to be a bit fearful of heights, especially of the financial kind. New market highs have been greeted with a healthy dose of skepticism. It is easy to get bogged down by the negatives, but one shouldn’t lose sight of the many positives that have formed the underpinnings of the most recent market advance. Our optimism stems mainly from resurgence in the housing, manufacturing, and energy sectors, offset by relatively slow growth in domestic employment and the continuing malaise in Europe.

After five somewhat tortuous years, the Dow Jones Industrial Average broke through to a new all-time high in early March, eclipsing its previous peak of 14,164 reached in October of 2007. As mentioned, the market’s new highs have not been accompanied by exuberance, but instead by skepticism. Many attribute the market’s good performance to the Federal Reserve’s unprecedented monetary stimulus.

Although we believe that the Fed has helped tremendously in jumpstarting the economy and the capital markets, the real driving force behind this bull market has been a stronger economy and increases in corporate profits and dividends. Earnings growth, for the most part, has kept pace with the market’s gain. Only during the past year have we seen an expansion in the market’s Price-Earnings (P/E) multiple. In addition to strong corporate fundamentals, the market’s strong performance thus far this year can be attributed to a reduction in macroeconomic threats. The fiscal cliff “crisis” and tax hikes left the economy relatively unscathed.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013 *(Unaudited)*

Investors have been through a great deal over the past several years, and now with markets much higher, it is only natural to question the longevity of recent gains. Again, while we believe there will be stops and starts along the way, we view the current environment as being very conducive to long-term growth. Fundamentals continue to improve, and Corporate America boasts the strongest balance sheets witnessed in years. This is especially true for the high quality companies in which we invest.

Sincerely,

LOGO

Henry B. Smith

Chief Investment Officer

Haverford Financial Services, Inc.

This material represents the manager’s assessment of the Fund and market environment at a specific point in time and should not be relied upon by the reader as research or investment advice.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call 1-866-301-7212 or visit our website at www.haverfordfunds.com.

Definition of Comparative Index

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value weighted index (stock price times the number of shares outstanding), with each stock’s weight in the index proportionate to its market value.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013 *(Unaudited)*

SECTOR WEIGHTINGS†

LOGO

†	Percentages are based on total investments.


SCHEDULE OF INVESTMENTS COMMON STOCK — 99.6%
	Shares		Value
CONSUMER DISCRETIONARY — 10.9%
McDonald’s		51,350	$	5,244,889
TJX		47,000		2,292,190
Walt Disney		84,100		5,284,844

				12,821,923

CONSUMER STAPLES — 13.5%
Coca-Cola		67,942		2,875,985
CVS Caremark		91,400		5,317,652
PepsiCo		53,000		4,370,910
Procter & Gamble		42,300		3,247,371

				15,811,918

ENERGY — 11.1%
Apache		37,600		2,777,888
Chevron		31,500		3,843,315
Exxon Mobil		43,602		3,880,142
Schlumberger		34,000		2,530,620

				13,031,965

FINANCIAL SERVICES — 11.8%
BlackRock, Cl A		16,000		4,264,000
JPMorgan Chase		83,500		4,092,335
Wells Fargo		145,295		5,518,304

				13,874,639

HEALTH CARE — 16.6%
Becton Dickinson		35,800		3,375,940
Covidien		63,100		4,028,304
Johnson & Johnson		62,000		5,284,260

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013 *(Unaudited)*


COMMON STOCK — continued


	Shares		Value
HEALTH CARE — continued
Novartis ADR		56,900	$	4,196,944
UnitedHealth Group		42,500		2,547,025

				19,432,473

INDUSTRIAL — 10.3%
Eaton		77,886		4,782,979
Union Pacific		19,800		2,929,608
United Technologies		47,300		4,318,017

				12,030,604

INFORMATION SERVICES — 21.6%
Accenture, Cl A		52,655		4,288,223
Apple		10,500		4,648,875
Cisco Systems		122,500		2,562,700
International Business Machines		25,500		5,164,770
Microsoft		116,400		3,852,840
QUALCOMM		77,700		4,787,874

				25,305,282

MATERIALS — 3.8%
E.I. du Pont de Nemours		81,664		4,451,505

TOTAL COMMON STOCK (Cost $93,137,183)				116,760,309


TOTAL INVESTMENTS — 99.6% (Cost $93,137,183)			$	116,760,309

Percentagesare based on Net Assets of $117,221,941.

ADR

— American Depositary Receipt

— Class

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013 *(Unaudited)*


STATEMENT OF ASSETS AND LIABILITIES

Assets:
Investments at Value (Cost $93,137,183)	$	116,760,309
Receivable for Investment Securities Sold		637,366
Dividends Receivable		104,119
Receivable for Capital Shares Sold		17,500
Dividend Tax Reclaim Receivable		8,530
Prepaid Expenses		4,398

Total Assets		117,532,222

Liabilities:
Payable for Investment Securities Purchased		99,328
Payable for Capital Shares Redeemed		89,776
Payable due to Investment Adviser		69,260
Payable due to Administrator		11,346
Chief Compliance Officer Fees Payable		2,794
Payable due to Trustees		1,975
Payable to Custodian		1,424
Other Accrued Expenses		34,378

Total Liabilities		310,281

Net Assets	$	117,221,941

Net Assets Consist of:
Paid-in Capital	$	93,762,169
Undistributed Net Investment Income		45,390
Accumulated Net Realized Loss on Investments		(208,744	)
Net Unrealized Appreciation on Investments		23,623,126

Net Assets	$	117,221,941

Institutional Shares:
Outstanding Shares of Beneficial Interest (unlimited authorization — no par value)		9,835,038

Net Asset Value, Offering and Redemption Price Per Share	$	11.92

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		FOR THE SIX MONTHS ENDED
		APRIL 30, 2013 *(Unaudited)*


STATEMENT OF OPERATIONS

Investment Income:
Dividends (Net of Foreign Taxes Withheld of $21,137)	$	1,354,145

Total Income		1,354,145

Expenses:
Investment Advisory Fees		320,441
Advisory Waiver Recapture (Note 5)		63,374
Administration Fees		64,089
Trustees’ Fees		6,351
Chief Compliance Officer Fees		3,757
Transfer Agent Fees		28,941
Legal Fees		15,204
Audit Fees		10,738
Printing Fees		9,133
Registration and Filing Fees		3,863
Custodian Fees		3,140
Other Expenses		5,062

Total Expenses		534,093
Less:
Fees Paid Indirectly (Note 4)		(18	)

Net Expenses		534,075

Net Investment Income		820,070

Net Realized Gain on Investments		2,259,917
Net Change in Unrealized Appreciation on Investments		12,593,238

Net Realized and Unrealized Gain on Investments		14,853,155

Net Increase in Net Assets Resulting from Operations	$	15,673,225

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND


STATEMENT OF CHANGES IN NET ASSETS
	November 1, 2012 to April 30, 2013 (Unaudited)			Year Ended October 31, 2012

Operations:
Net Investment Income	$	820,070		$	1,542,509
Net Realized Gain (Loss) on Investments		2,259,917			(448,957	)
Net Change in Unrealized Appreciation on Investments		12,593,238			6,286,072

Net Increase in Net Assets Resulting from Operations		15,673,225			7,379,624

Dividends and Distributions:
Net Investment Income		(904,379	)		(1,466,686	)

Total Dividends and Distributions		(904,379	)		(1,466,686	)

Capital Share Transactions:
Issued		11,803,440			28,981,436
Reinvestment of Dividends and Distributions		840,482			1,341,906
Redeemed		(11,906,610	)		(14,574,011	)

Net Increase in Net Assets from Capital Share Transactions		737,312			15,749,331

Total Increase in Net Assets		15,506,158			21,662,269
Net Assets:
Beginning of Period		101,715,783			80,053,514

End of Period (Including Undistributed Net Investment Income of $45,390 and $129,699, respectively)	$	117,221,941		$	101,715,783


Share Transactions:
Issued		1,059,722			2,821,177
Reinvestment of Dividends and Distributions		76,811			130,122
Redeemed		(1,077,206	)		(1,418,192	)

Net Increase in Shares Outstanding from Share Transactions		59,327			1,533,107

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND


FINANCIAL HIGHLIGHTS
				Selected Per Share Data & Ratios For a Share Outstanding Throughout Each Period

				Year Ended October 31,
	November 1, 2012 to April 30, 2013 (Unaudited)			2012			2011			2010			2009			2008
Net Asset Value, Beginning of Period	$	10.40		$	9.71		$	9.38		$	8.35		$	8.07		$	11.75

Income (Loss) from Investment Operations:
Net Investment Income⁽¹⁾		0.08			0.17			0.13			0.13			0.14			0.13
Net Realized and Unrealized Gain (Loss)		1.53			0.68			0.33			1.02			0.28			(3.49	)

Total from Investment Operations		1.61			0.85			0.46			1.15			0.42			(3.36	)

Dividends and Distributions:
Net Investment Income		(0.09	)		(0.16	)		(0.13	)		(0.12	)		(0.14	)		(0.12	)
Net Realized Gains		—			—			—			—			—			(0.20	)

Total Dividends and Distributions		(0.09	)		(0.16	)		(0.13	)		(0.12	)		(0.14	)		(0.32	)

Net Asset Value, End of Period	$	11.92		$	10.40		$	9.71		$	9.38		$	8.35		$	8.07

Total Return**		15.59	%		8.79	%		4.86	%*		13.87	%*		5.40	%*		(29.25	)%*

Ratios and Supplemental Data
Net Assets, End of Period (Thousands)	$	117,222		$	101,716		$	80,054		$	49,156		$	20,366		$	14,503
Ratio of Expenses to Average Net Assets (including waivers, reimbursements, recaptures, and fees paid indirectly)⁽²⁾		1.00	%†		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of Expenses to Average Net Assets (excluding waivers, reimbursements, recaptures and fees paid indirectly)		0.88	%†		0.92	%		1.00	%		1.44	%		2.45	%		1.97	%
Ratio of Net Investment Income to Average Net Assets		1.54	%†		1.65	%		1.33	%		1.43	%		1.81	%		1.22	%
Portfolio Turnover Rate		14	%		26	%		17	%		28	%		23	%		30	%

(1)

Per share data calculated using average shares method.

(2)

The Ratio of Expenses to Average Net Assets includes the effects of fees paid indirectly. If these expense offsets were excluded, the ratios would have been 1.00%, 1.00%, 1.00%, 1.00%, 1.00% and 1.02% for the six months ended April 30, 2013 and the years ended October 31, 2012, 2011, 2010, 2009, and 2008, respectively.

Total return would have been lower had certain expenses not been waived and assumed by the Adviser during the period.

Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

†

Annualized

Amounts

designated as “—” are $0.

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


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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 45 funds. The financial statements herein are those of the Haverford Quality Growth Stock Fund, a diversified fund (the “Fund”). The investment objective of the Fund is long-term growth of capital. The Fund invests primarily (at least 80% of its net assets) in equity securities. The Fund focuses on U.S. listed common stocks with large market capitalizations that Haverford Financial Services, Inc. (the “Adviser”) believes are the quality companies with stock that offer the potential for future price appreciation. The financial statements of the remaining funds of 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.

2.	Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Fund.

Use of Estimates — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material.

Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, or, if there is no such reported sale, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Values of debt securities are generally reported at the last reported sales price if the security is actively traded. If a debt security is not actively traded it is valued at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

sixty days or less may be valued at their amortized cost, which approximates market value. The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates.

Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Fund’s Board of Trustees (the “Board”). The Fund’s fair value procedures are implemented through a fair value pricing 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. As of April 30, 2013, there were no securities valued in accordance with the fair value procedures.

All investment companies held in the Fund’s portfolio are valued at the published net asset value.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Fund discloses fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or 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 Fund has the ability to access at the measurement date;

•

Level 2 — Other significant observable inputs (includes quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in inactive markets, etc.); and


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

•

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 April 30, 2013, all the investments for the Fund are Level 1. For details of investment classifications, reference the Schedule of Investments.

For the six months ended April 30, 2013, there have been no transfers between Level 1 and Level 2 assets and liabilities. For the six months ended April 30, 2013, there were no Level 3 securities.

For the six months ended April 30, 2013, there have been no significant changes to the Fund’s fair value methodologies.

Federal Income Taxes — It is the Fund’s intention to continue to qualify as a regulated investment company for Federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its income to its shareholders. Accordingly, no provision for Federal income taxes has been made in the financial statements.

The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s 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 Fund 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), ongoing analysis of and changes to tax laws, regulations and interpretations thereof.

As of and during the six months ended April 30, 2013, the Fund did not have any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended April 30, 2013, the Fund did not incur any interest or penalties.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

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. Discounts or premiums are accreted or amortized to interest income using the effective interest method. Interest income is recognized on the accrual basis.

Expenses — Expenses that are directly related to the Fund are charged to the Fund. Other operating expenses of the Trust are prorated to the Fund based on the number of funds and/or relative net assets.

Dividends and Distributions to Shareholders — The Fund will distribute substantially all of its net investment income, if any, quarterly. Any net realized capital gains will be distributed at least annually. All distributions are recorded on ex-dividend date.

3.	Transactions with Affiliates:

Certain officers of the Trust are also officers of SEI Investments Global Funds Services (the “Administrator”), a wholly owned subsidiary of SEI Investments Company, and/or SEI Investments Distribution Co. (the “Distributor”). Such officers are paid no fees by the Trust 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 have been approved by and are reviewed by the Board.

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

The Fund and the Administrator are parties to an Administration Agreement under which the Administrator provides management and administrative services for an annual fee equal to the higher of $100,000 for the Fund, plus $15,000 for each additional class created, or 0.12% of the first $250 million, 0.10% of the next $250 million, and 0.08% of any amount above $500 million of the Fund’s average daily net assets.

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

DST Systems, Inc. serves as the transfer agent and dividend disbursing agent for the Fund under a transfer agency agreement with the Trust. During the six months


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

ended April 30, 2013, the Fund earned cash management credits of $18, which were used to offset transfer agent expenses. This amount is labeled “Fees Paid Indirectly” on the Statement of Operations.

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

5.	Investment Advisory Agreement:

Under the terms of an investment advisory agreement, the Adviser provides investment advisory services to the Fund at a fee calculated at an annual rate of 0.60% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive all or a portion of its fees and to reimburse expenses in order to limit operating expenses for the Fund from exceeding 1.00% of the Fund’s average daily net assets until February 28, 2014. In addition, if at any point it becomes unnecessary for the Adviser to reduce fees or make expense reimbursements, the Board may permit the Adviser to retain the difference between total annual operating expenses and 1.00% to recapture all or a portion of its prior reductions or reimbursements made during the preceding three-year period. At April 30, 2013, pursuant to the above, the amount of previously waived and reimbursed fees for the Fund for which the Adviser may seek repayment was $79,655.


Expense Deferred in Fiscal Period Ending, April 30:		Subject to Repayment Until April 30:			Haverford Quality Growth Stock Fund
	2011		2014		$	79,655

				Total	$	79,655

For the six months ended April 30, 2013, the Adviser recaptured previously waived fees of $63,374.

6.	Investment Transactions:

For the six months ended April 30, 2013, the Fund made purchases of $19,223,145 and sales of $15,074,576 of investment securities other than long-term U.S. Government and short-term securities. There were no purchases or sales of long-term U.S. Government securities.

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 invest-


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

ment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to undistributed net investment income (loss), accumulated net realized gain (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the years ended October 31, were as follows:


	Ordinary Income
2012	$	1,466,686
2011		922,668

As of October 31, 2012, the components of distributable earnings on a tax basis were as follows:


Undistributed Ordinary Income	$	129,699
Capital Loss Carryforwards		(2,462,744	)
Unrealized Appreciation		11,023,971

Total Distributable Earnings	$	8,690,926

For Federal income tax purposes, capital loss carryforwards represent realized losses of the Fund that may be carried forward for a maximum period of eight years and applied against future capital gains. As of October 31, 2012, the Fund had $340,549, $1,092,455 and $543,231 of capital loss carryforwards expiring in 2016, 2017, and 2018, respectively. During the year ended October 31, 2012, the Fund did not utilize capital loss carryforwards, to offset capital gains.

Under the recently enacted Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. Short-term losses carried forward under these new provisions are $486,509.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND
		APRIL 30, 2013

The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Fund at April 30, 2013, were as follows:


Federal Tax Cost		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized Depreciation			Net Unrealized Appreciation
$	93,137,183	$	25,625,588	$	(2,002,462	)	$	23,623,126

8.	Other:

At April 30, 2013, 78% of total shares outstanding were held by one record shareholder. This shareholder was comprised of omnibus accounts that were held on behalf of various shareholders.

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

9.	Subsequent Events:

The Fund has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures or adjustments were required to the financial statements.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND

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 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.

The table on the next page illustrates your Fund’s costs in two ways:

•

Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the six month 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 six month period. Simply divide your ending starting 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.


THE ADVISORS’ INNER CIRCLE FUND		HAVERFORD QUALITY
		GROWTH STOCK FUND


	Beginning Account Value 11/01/12		Ending Account Value 04/30/13		Annualized Expense Ratios			Expenses Paid During Period*
Actual Fund Return	$	1,000.00	$	1,155.90		1.00	%	$	5.35
Hypothetical 5% Return		1,000.00		1,019.84		1.00			5.01

*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181/365.

Haverford Quality Growth Stock Fund

P.O. Box 219745

Kansas City, MO 64121

866-301-7212

Adviser:

Haverford Financial Services, Inc.

Three Radnor Corporate Center, Suite 450

Radnor, PA 19087

Distributor:

SEI Investments Distribution Co.

Oaks, PA 19456

Administrator:

SEI Investments Global Funds Services

Oaks, PA 19456

Legal Counsel:

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Ave., N.W.

Washington, DC 20004

Independent Registered Public Accounting Firm:

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103

This information must be preceded or accompanied by a current prospectus for the Fund described.

HIM-SA-001-0900

Item 2.

Code of Ethics.

Not applicable for semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6.

Schedule of Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable. Effective for closed-end management investment companies for fiscal years ending on or after December 31, 2005

Item 9.

Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

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, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Items 12.

Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed herewith.

(b) Officer certifications as required by Rule 30a-2(b) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(b)) also accompany this filing as an Exhibit.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 8, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)						/s/ Michael Beattie
						Michael Beattie, President

Date: July 8, 2013

By (Signature and Title)						/s/ Michael Lawson
						Michael Lawson
						Treasurer, Controller & CFO

Date: July 8, 2013

(Registrant)

The Advisors’ Inner Circle Fund

By (Signature and Title)

/s/ Michael Beattie

Michael Beattie, President