UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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: July 31, 2013

 

 

 

Item 1. Schedule of Investments

Schedule of Investments

 

July 31, 2013

   (Unaudited)

 

LSV Conservative Value
Equity Fund 		   Shares      Value
(000) 		 

Common Stock (99.4%)

  

Aerospace & Defense (3.4%)

  

Alliant Techsystems

     6,900       $ 642   

General Dynamics

     12,300         1,050   

Huntington Ingalls Industries

     4,600         286   

L-3 Communications Holdings, Cl 3

     7,800         726   

Northrop Grumman

     13,500         1,243   

Raytheon

     15,600         1,121   
     

 

 

 
        5,068   
     

 

 

 

Agricultural Operations (0.9%)

  

Archer-Daniels-Midland

     35,400         1,291   
     

 

 

 

Agricultural Products (0.6%)

  

Fresh Del Monte Produce

     16,200         455   

Ingredion

     6,800         457   
     

 

 

 
        912   
     

 

 

 

Air Freight & Logistics (0.5%)

  

FedEx

     7,200         763   
     

 

 

 

Aircraft (0.8%)

  

Lockheed Martin

     4,700         565   

Southwest Airlines

     43,600         603   
     

 

 

 
        1,168   
     

 

 

 

Asset Management & Custody Banks (2.5%)

  

Ameriprise Financial

     11,800         1,050   

Bank of New York Mellon

     39,200         1,233   

State Street

     21,200         1,477   
     

 

 

 
        3,760   
     

 

 

 

Automotive (2.6%)

  

Autoliv

     5,800         474   

Cooper Tire & Rubber

     15,300         513   

CST Brands*

     2,788         91   

Ford Motor

     88,600         1,496   

General Motors*

     18,600         667   

Lear

     8,800         610   
     

 

 

 
        3,851   
     

 

 

 

Banks (10.5%)

  

Bank of America

     152,300         2,224   

Fifth Third Bancorp

     46,400         892   

Huntington Bancshares

     80,700         690   

JPMorgan Chase

     77,100         4,297   

Keycorp

     59,100         726   

PNC Financial Services Group

     14,300         1,087   

Regions Financial

     83,100         832   

SunTrust Banks

     13,100         456   

US Bancorp

     12,200         455   

Wells Fargo

     95,300         4,146   
     

 

 

 
        15,805   
     

 

 

 

Biotechnology (0.4%)

  

Amgen

     6,000         650   
     

 

 

 
       Shares      Value
(000) 		 

Cable & Satellite (0.3%)

  

DIRECTV*

     7,000       $ 443   
     

 

 

 

Casinos & Gaming (0.3%)

  

International Game Technology

     26,100         482   
     

 

 

 

Chemicals (1.3%)

  

Dow Chemical

     18,200         638   

Huntsman

     27,500         495   

LyondellBasell Industries, Cl A

     11,600         797   
     

 

 

 
        1,930   
     

 

 

 

Commercial Printing (0.4%)

  

RR Donnelley & Sons

     32,700         621   
     

 

 

 

Computer & Electronics Retail (1.0%)

  

Best Buy

     20,100         605   

GameStop, Cl A

     19,100         937   
     

 

 

 
        1,542   
     

 

 

 

Computers & Services (4.9%)

  

Apple

     2,800         1,267   

CA

     22,700         675   

Computer Sciences

     11,000         524   

Dell

     33,900         429   

Hewlett-Packard

     63,400         1,628   

Microsoft

     21,800         694   

Seagate Technology

     12,700         520   

Symantec

     31,400         838   

Western Digital

     13,200         850   
     

 

 

 
        7,425   
     

 

 

 

Construction & Engineering (0.3%)

  

KBR

     15,300         479   
     

 

 

 

Consumer Discretionary (1.6%)

  

Procter & Gamble

     31,100         2,497   
     

 

 

 

Diversified Metals & Mining (0.3%)

  

Freeport-McMoRan Copper & Gold

     14,400         407   
     

 

 

 

Drug Retail (1.3%)

  

CVS Caremark

     31,100         1,913   
     

 

 

 

Electrical Services (5.8%)

  

Ameren

     21,600         773   

American Electric Power

     23,700         1,098   

DTE Energy

     10,200         721   

Entergy

     11,800         797   

General Electric

     147,500         3,595   

Pinnacle West Capital

     11,100         654   

Portland General Electric

     14,600         463   

Public Service Enterprise Group

     17,200         581   
     

 

 

 
        8,682   
     

 

 

 

Fertilizers & Agricultural Chemicals (0.4%)

  

CF Industries Holdings

     2,900         568   
     

 

 

 
 

 

1

Schedule of Investments

 

July 31, 2013

   (Unaudited)

 

LSV Conservative Value

Equity Fund

   Shares      Value
(000) 		 

Financial Services (4.3%)

  

Capital One Financial

     11,900       $ 821   

Citigroup

     62,100         3,238   

GFI Group

     54,800         219   

Goldman Sachs Group

     10,300         1,690   

Morgan Stanley

     18,500         503   
     

 

 

 
        6,471   
     

 

 

 

Food, Beverage & Tobacco (0.7%)

  

Smithfield Foods*

     17,400         578   

Supervalu*

     33,400         267   

Universal

     2,400         147   
     

 

 

 
        992   
     

 

 

 

General Merchandise Stores (0.4%)

  

Target

     8,300         592   
     

 

 

 

Health Care Equipment (1.5%)

  

Medtronic

     11,400         630   

St. Jude Medical

     14,400         754   

Zimmer Holdings

     10,700         893   
     

 

 

 
        2,277   
     

 

 

 

Household Products, Furniture & Fixtures (0.6%)

  

Whirlpool

     6,400         857   
     

 

 

 

Insurance (11.3%)

  

ACE

     10,500         960   

Aetna

     19,200         1,232   

Aflac

     13,700         845   

Allstate

     21,900         1,116   

American International Group*

     9,700         441   

Aspen Insurance Holdings

     14,500         544   

Assurant

     12,100         655   

Berkshire Hathaway, Cl B*

     19,300         2,236   

CIGNA

     8,400         654   

Hartford Financial Services Group

     15,100         466   

Lincoln National

     25,200         1,050   

MetLife

     16,400         794   

Prudential Financial

     15,900         1,256   

Torchmark

     10,700         761   

Travelers

     10,700         894   

UnitedHealth Group

     16,900         1,231   

Unum Group

     23,600         747   

WellPoint

     14,200         1,215   
     

 

 

 
        17,097   
     

 

 

 

Machinery (1.7%)

  

AGCO

     11,000         619   

Caterpillar

     8,700         721   

Deere

     7,200         598   

Timken

     10,000         584   
     

 

 

 
        2,522   
     

 

 

 

Metal & Glass Containers (0.2%)

  

Owens-Illinois*

     13,400         399   
     

 

 

 
       Shares      Value
(000) 		 

Mortgage REIT’s (0.3%)

  

Annaly Capital Management

     39,300       $ 468   
     

 

 

 

Multimedia (0.3%)

  

Walt Disney

     7,600         491   
     

 

 

 

Office Electronics (0.6%)

  

Xerox

     97,300         944   
     

 

 

 

Office Equipment (0.2%)

  

Pitney Bowes

     23,200         383   
     

 

 

 

Office REIT’s (0.3%)

  

Brandywine Realty Trust

     36,200         505   
     

 

 

 

Oil & Gas Equipment & Services (0.5%)

  

Halliburton

     18,000         814   
     

 

 

 

Paper & Paper Products (0.3%)

  

International Paper

     8,800         425   
     

 

 

 

Paper Packaging (0.5%)

  

Rock-Tenn, Cl A

     6,600         755   
     

 

 

 

Petroleum & Fuel Products (15.4%)

  

Apache

     11,100         891   

Chevron

     37,700         4,746   

ConocoPhillips

     34,000         2,205   

Exxon Mobil

     73,400         6,881   

Helmerich & Payne

     7,800         493   

HollyFrontier

     16,000         729   

Marathon Oil

     36,000         1,309   

Marathon Petroleum

     13,600         997   

Murphy Oil

     9,700         657   

Nabors Industries

     24,700         380   

Occidental Petroleum

     16,400         1,461   

Phillips 66

     16,650         1,024   

Tesoro

     10,100         574   

Valero Energy

     25,100         898   
     

 

 

 
        23,245   
     

 

 

 

Petroleum Refining (0.6%)

  

Hess

     11,300         841   
     

 

 

 

Pharmaceuticals (6.3%)

  

AbbVie

     8,800         400   

Johnson & Johnson

     39,700         3,712   

Merck

     39,200         1,888   

Pfizer

     120,300         3,517   
     

 

 

 
        9,517   
     

 

 

 

Printing & Publishing (0.8%)

  

Gannett

     25,000         644   

Lexmark International,
Cl A

     13,800         517   
     

 

 

 
        1,161   
     

 

 

 

Railroads (0.7%)

  

Norfolk Southern

     15,300         1,119   
     

 

 

 

Reinsurance (1.5%)

  

Everest Re Group

     5,200         694   

Montpelier Re Holdings

     18,200         492   

PartnerRe

     4,600         412   
 

 

2

Schedule of Investments

 

July 31, 2013

   (Unaudited)

 

LSV Conservative Value Equity
Fund 		 

Shares/

Face

Amount

    Value
(000) 		 

Reinsurance (continued)

  

Reinsurance Group of America, Cl A

    2,900      $ 197   

Validus Holdings

    12,800        454   
   

 

 

 
      2,249   
   

 

 

 

Retail (2.1%)

  

Kohl’s

    12,100        641   

Kroger

    18,700        735   

Macy’s

    15,500        749   

Safeway

    25,900        668   

Wal-Mart Stores

    5,700        444   
   

 

 

 
      3,237   
   

 

 

 

Semi-Conductors/Instruments (1.9%)

  

Intel

    103,400        2,409   

TE Connectivity

    8,600        439   
   

 

 

 
      2,848   
   

 

 

 

Specialized REIT’s (1.0%)

  

Hospitality Properties Trust

    15,800        450   

LaSalle Hotel Properties

    17,500        471   

Omega Healthcare Investors

    17,300        551   
   

 

 

 
      1,472   
   

 

 

 

Steel & Steel Works (0.3%)

  

Reliance Steel & Aluminum

    7,700        541   
   

 

 

 

Telephones & Telecommunications (5.0%)

  

AT&T

    76,300        2,691   

Cisco Systems

    120,900        3,089   

Corning

    76,200        1,158   

Harris

    11,200        639   
   

 

 

 
      7,577   
   

 

 

 

Total Common Stock (Cost $119,710)

      150,056   
   

 

 

 

Repurchase Agreement (1.0%)

  

Morgan Stanley 0.010%, dated 07/31/13, to be repurchased on 08/01/13,repurchase price $1,527,464 (collateralized by a U.S. Treasury Note, par value $1,503,141, 2.625%, 12/31/2014; with total market value $1,558,023)

  $ 1,527        1,527   
   

 

 

 

Total Repurchase Agreement
(Cost $1,527)

    

    1,527   
   

 

 

 

Total Investments — 100.4%
(Cost $121,237) †

    

  $ 151,583   
   

 

 

 

Percentages are based on Net Assets of $151,037(000).

 

Cl   Class

 

REIT   Real Estate Investment Trust
*   Non-income producing security.

 

†   At July 31, 2013, the tax basis cost of the Fund’s investments was $121,237 (000), and the unrealized appreciation and depreciation were $38,434 (000) and ($8,088 (000)) respectively.

The following is a summary of the inputs used as of July 31, 2013, in valuing the Fund’s investments carried at value ($ Thousands):

 

Investments in
Securities

   Level 1      Level 2      Level 3      Total  

Common Stock

   $ 150,056       $ —       $ —       $ 150,056   

Repurchase Agreement

     —         1,527         —         1,527   

Total Investments in Securities

   $ 150,056       $ 1,527       $ —       $ 151,583   

For the period ended July 31, 2013, there were no transfers between Level 1 and Level 2 assets and liabilities. As of July 31, 2013, there were no level 3 securities.

For information on the Fund’s policy regarding valuation of investments, fair value hierarchy levels, and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

LSV-QH-002-1400

 

 

3

Item 2. 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 Investment Company Act of 1940 (the “1940 Act”)) are effective, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

(a) 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.

SIGNATURES

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

 

(Registrant)       The Advisors’ Inner Circle Fund
By (Signature and Title)      

/s/ Michael Beattie

      Michael Beattie
      President

Date: September 27, 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: September 27, 2013

 

By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson
      Treasurer, Controller & CFO

Date: September 27, 2013

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