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, 2014

Date of reporting period: January 31, 2014

 

 

 

Item 1. Schedule of Investments

Schedule of Investments

 

January 31, 2014

   (Unaudited)

 

LSV Conservative Value
Equity Fund 		   Shares      Value
(000) 		 

Common Stock (99.5%)

  

Aerospace & Defense (3.1%)

  

Alliant Techsystems

     2,800       $ 402   

General Dynamics

     8,000         811   

L-3 Communications Holdings, Cl 3

     5,000         555   

Northrop Grumman

     7,800         901   

Raytheon

     7,100         675   
     

 

 

 
        3,344   
     

 

 

 

Agricultural Operations (0.8%)

  

Archer-Daniels-Midland

     22,700         896   
     

 

 

 

Agricultural Products (0.4%)

  

Ingredion

     6,800         424   
     

 

 

 

Air Freight & Logistics (0.6%)

  

FedEx

     5,300         707   
     

 

 

 

Aircraft (0.9%)

  

Lockheed Martin

     2,200         332   

Southwest Airlines

     31,000         649   
     

 

 

 
        981   
     

 

 

 

Asset Management & Custody Banks (1.8%)

  

Ameriprise Financial

     6,300         665   

Bank of New York Mellon

     20,200         646   

State Street

     10,400         696   
     

 

 

 
        2,007   
     

 

 

 

Automotive (2.6%)

  

Autoliv

     3,700         335   

Cooper Tire & Rubber

     15,300         358   

Ford Motor

     70,600         1,056   

General Motors

     16,300         588   

Lear

     5,800         420   

Murphy USA*

     2,425         94   
     

 

 

 
        2,851   
     

 

 

 

Banks (10.4%)

  

Bank of America

     93,600         1,568   

Fifth Third Bancorp

     33,700         708   

Huntington Bancshares

     51,500         467   

JPMorgan Chase

     53,600         2,967   

Keycorp

     33,600         429   

PNC Financial Services Group

     12,100         967   

Regions Financial

     44,300         450   

SunTrust Banks

     8,700         322   

US Bancorp

     12,200         485   

Wells Fargo

     64,100         2,906   
     

 

 

 
        11,269   
     

 

 

 

Biotechnology (0.3%)

  

Amgen

     2,700         321   
     

 

 

 

Cable & Satellite (0.3%)

  

DIRECTV*

     4,700         326   
     

 

 

 
       Shares      Value
(000) 		 

Casinos & Gaming (0.4%)

  

International Game Technology

     26,100       $ 377   
     

 

 

 

Chemicals (1.3%)

  

Dow Chemical

     14,500         660   

Huntsman

     17,000         372   

LyondellBasell Industries, Cl A

     4,200         331   
     

 

 

 
        1,363   
     

 

 

 

Commercial Printing (0.3%)

  

RR Donnelley & Sons

     18,400         340   
     

 

 

 

Computer & Electronics Retail (0.9%)

  

Best Buy

     20,100         473   

GameStop, Cl A

     13,700         481   
     

 

 

 
        954   
     

 

 

 

Computers & Services (5.5%)

  

Apple

     3,400         1,702   

CA

     15,300         491   

Computer Sciences

     8,700         525   

Hewlett-Packard

     41,100         1,192   

Microsoft

     8,900         337   

Oracle

     8,700         321   

Seagate Technology

     6,200         328   

Symantec

     17,000         364   

Western Digital

     8,100         698   
     

 

 

 
        5,958   
     

 

 

 

Construction & Engineering (0.3%)

  

KBR

     10,300         322   
     

 

 

 

Consumer Discretionary (2.4%)

  

Energizer Holdings

     5,500         520   

Procter & Gamble

     27,000         2,069   
     

 

 

 
        2,589   
     

 

 

 

Diversified Metals & Mining (0.4%)

  

Freeport-McMoRan Copper & Gold

     14,400         467   
     

 

 

 

Drug Retail (1.3%)

  

CVS Caremark

     21,000         1,422   
     

 

 

 

Electrical Services (6.4%)

  

Ameren

     13,100         496   

American Electric Power

     18,200         888   

DTE Energy

     10,200         696   

Edison International

     12,800         616   

Entergy

     9,900         624   

General Electric

     94,100         2,365   

Pinnacle West Capital

     8,600         453   

Public Service Enterprise Group

     23,000         767   
     

 

 

 
        6,905   
     

 

 

 

Fertilizers & Agricultural Chemicals (0.6%)

  

CF Industries Holdings

     2,900         669   
     

 

 

 
 

 

1

Schedule of Investments

 

January 31, 2014

   (Unaudited)

 

LSV Conservative Value
Equity Fund 		   Shares      Value
(000) 		 

Financial Services (4.3%)

  

Capital One Financial

     14,200       $ 1,003   

Citigroup

     40,600         1,926   

Goldman Sachs Group

     5,400         886   

Morgan Stanley

     14,100         416   

SLM

     18,100         412   
     

 

 

 
        4,643   
     

 

 

 

Food, Beverage & Tobacco (0.8%)

  

Supervalu*

     33,400         193   

Tyson Foods, Cl A

     15,800         591   

Universal

     2,400         123   
     

 

 

 
        907   
     

 

 

 

General Merchandise Stores (0.4%)

  

Target

     8,300         470   
     

 

 

 

Health Care Equipment (1.1%)

  

Medtronic

     11,400         645   

Zimmer Holdings

     5,600         526   
     

 

 

 
        1,171   
     

 

 

 

Household Products, Furniture & Fixtures (0.6%)

  

Whirlpool

     4,700         626   
     

 

 

 

Independent Power Producers & Energy
Traders (0.4%)

   

AES

     34,900         491   
     

 

 

 

Insurance (10.8%)

  

ACE

     4,500         422   

Aetna

     10,400         710   

Aflac

     8,600         540   

Allstate

     17,100         876   

American International Group

     9,700         465   

Assurant

     6,700         438   

Berkshire Hathaway, Cl B*

     13,600         1,518   

CIGNA

     6,800         587   

Hartford Financial Services Group

     11,000         366   

Lincoln National

     13,500         648   

MetLife

     10,100         495   

Prudential Financial

     10,500         886   

Torchmark

     4,300         323   

Travelers

     10,700         870   

UnitedHealth Group

     15,700         1,135   

Unum Group

     14,900         480   

WellPoint

     10,300         886   
     

 

 

 
        11,645   
     

 

 

 

Machinery (1.5%)

  

AGCO

     8,200         437   

Caterpillar

     8,700         817   

Deere

     3,800         327   
     

 

 

 
        1,581   
     

 

 

 

Metal & Glass Containers (0.2%)

  

Owens-Illinois*

     6,700         215   
     

 

 

 
       Shares      Value
(000) 		 

Mortgage REIT’s (0.4%)

  

Annaly Capital Management

     39,300       $ 423   
     

 

 

 

Multimedia (0.8%)

  

Time Warner

     6,900         433   

Walt Disney

     6,000         436   
     

 

 

 
        869   
     

 

 

 

Office Electronics (0.6%)

  

Xerox

     59,100         641   
     

 

 

 

Office Equipment (0.2%)

  

Pitney Bowes

     10,600         267   
     

 

 

 

Office REIT’s (0.3%)

  

Brandywine Realty Trust

     24,800         353   
     

 

 

 

Oil & Gas Equipment & Services (0.2%)

  

Halliburton

     5,496         269   
     

 

 

 

Paper & Paper Products (0.2%)

  

International Paper

     4,800         229   
     

 

 

 

Paper Packaging (0.3%)

  

Rock-Tenn, Cl A

     3,400         345   
     

 

 

 

Petroleum & Fuel Products (14.4%)

  

Apache

     9,400         754   

Chevron

     25,300         2,824   

ConocoPhillips

     18,700         1,215   

Exxon Mobil

     46,700         4,304   

Helmerich & Payne

     5,500         484   

HollyFrontier

     7,800         361   

Marathon Oil

     23,100         757   

Marathon Petroleum

     10,300         897   

Murphy Oil

     6,400         362   

Nabors Industries

     24,700         422   

Occidental Petroleum

     13,700         1,200   

Phillips 66

     16,650         1,217   

Valero Energy

     16,000         818   
     

 

 

 
        15,615   
     

 

 

 

Petroleum Refining (0.6%)

  

Hess

     8,700         657   
     

 

 

 

Pharmaceuticals (7.0%)

  

Abbott Laboratories

     12,600         462   

Johnson & Johnson

     32,100         2,840   

Merck

     24,900         1,319   

Pfizer

     99,400         3,022   
     

 

 

 
        7,643   
     

 

 

 

Printing & Publishing (0.6%)

  

Gannett

     13,100         361   

Lexmark International, Cl A

     9,000         353   
     

 

 

 
        714   
     

 

 

 

Railroads (0.8%)

  

Norfolk Southern

     9,500         880   
     

 

 

 

Reinsurance (1.7%)

  

Everest Re Group

     3,200         463   
     

 

 

 
 

 

2

Schedule of Investments

 

January 31, 2014

   (Unaudited)

 

LSV Conservative Value
Equity Fund 		  Shares/
Face
Amount
(000) 		    Value
(000) 		 

Reinsurance (continued)

  

Montpelier Re Holdings

    11,100      $ 309   

PartnerRe

    4,600        452   

Reinsurance Group of
America, Cl A

    2,900        217   

Validus Holdings

    12,800        460   
   

 

 

 
      1,901   
   

 

 

 

Retail (1.9%)

  

Kohl’s

    12,400        628   

Kroger

    9,000        325   

Macy’s

    8,100        431   

Safeway

    7,100        222   

Wal-Mart Stores

    5,700        425   
   

 

 

 
      2,031   
   

 

 

 

Semi-Conductors/Instruments (2.1%)

  

Intel

    80,900        1,985   

TE Connectivity

    5,700        322   
   

 

 

 
      2,307   
   

 

 

 

Specialized REIT’s (0.9%)

  

Hospitality Properties Trust

    15,800        406   

LaSalle Hotel Properties

    8,900        274   

Omega Healthcare Investors

    10,400        332   
   

 

 

 
      1,012   
   

 

 

 

Telephones & Telecommunications (5.4%)

  

AT&T

    77,500        2,582   

Cisco Systems

    87,200        1,910   

Corning

    52,100        897   

Harris

    6,600        458   
   

 

 

 
      5,847   
   

 

 

 

Total Common Stock
(Cost $85,046)

    

    108,244   
   

 

 

 

Repurchase Agreement (1.2%)

  

Morgan Stanley
0.010%, dated 01/31/14, to be repurchased on 02/03/14, purchase price $1,365,673 (collateralized by US Treasury Obligations, par value $93,598 - $1,286,413, 0.750% - 6.250%,12/31/17 - 08/15/23; with total market value of $1,392,988)

  $ 1,366        1,366   
   

 

 

 

Total Repurchase Agreement
(Cost $1,366)

    

    1,366   
   

 

 

 

Total Investments — 100.7%
(Cost $86,412)†

    

  $ 109,610   
   

 

 

 

Percentages are based on Net Assets of $108,815 (000).

Cl   — Class

 

REIT   — Real Estate Investment Trust

 

*   Non-income producing security.

 

†   At January 31, 2014, the tax basis cost of the Fund’s investments was $86,412 (000), and the unrealized appreciation and depreciation were $27,349 (000) and ($4,151 (000)) respectively.

The following is a list of the level of inputs used as of January 31, 2014, in valuing the Fund’s investments and other financial instruments carried at value ($ Thousands):

 

Investments in
Securities

   Level 1      Level 2      Level 3      Total  

Common Stock

   $ 108,244       $ —       $ —       $ 108,244   

Repurchase Agreement

     —         1,366         —         1,366   

Total Investments in Securities

   $ 108,244       $ 1,366       $ —       $ 109,610   

For the period ended January 31, 2014, there were no transfers between Level 1 and Level 2 assets and liabilities. As of January 31, 2014, 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-002-1500

 

 

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: March 31, 2014

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: March 31, 2014

 

By (Signature and Title)      

/s/ Michael Lawson

      Michael Lawson
      Treasurer, Controller & CFO

Date: March 31, 2014

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