THE ADVISORS' INNER CIRCLE FUND
[GRAPHIC OMITTED]
WESTWOOD SHORT DURATION HIGH YIELD FUND
Summary Prospectus | March 1, 2014
Ticker: A Class Shares -- WSDAX
Before you invest, you may want to review the Fund's complete prospectus,
which contains more information about the Fund and its risks. You can find
the Fund's prospectus and other information about the Fund online at
http://www.westwoodfunds.com/literature/FundLiterature.aspx. You can also get
this information at no cost by calling 1-877-386-3944, by sending an e-mail
request to westwoodfunds@seic.com, or by asking any financial intermediary that
offers shares of the Fund. The Fund's prospectus and statement of additional
information, both dated March 1, 2014, are incorporated by reference into this
summary prospectus and may be obtained, free of charge, at the website, phone
number or e-mail address noted above.
FUND INVESTMENT OBJECTIVE
The investment objective of the Westwood Short Duration High Yield Fund (the
"Fund") is to generate a high level of current income while experiencing lower
volatility than the broader high yield market.
FUND FEES AND EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
A Class Shares of the Fund. You may qualify for sales charge discounts if you
and your family invest, or agree to invest in the future, at least $100,000 in
the Fund. More information about these and other discounts is available from
your financial professional and in the section "Sales Charges" on page 69 of
the prospectus.
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)
A CLASS SHARES
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of
offering price) 2.25%
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Maximum Deferred Sales Charge (Load) (as a percentage of net asset value) None
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends and
Other Distributions (as a percentage of offering price) None
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Redemption Fee (as a percentage of amount redeemed, if applicable) None
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ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT YOU PAY EACH YEAR AS A PERCENTAGE
OF THE VALUE OF YOUR INVESTMENT)
A CLASS SHARES
Management Fees 0.75%
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Distribution (12b-1) Fees 0.25%
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Other Expenses 0.32%
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Total Annual Fund Operating Expenses 1.32%
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Less Fee Reductions and/or Expense Reimbursements (0.17)%
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Total Annual Fund Operating Expenses After Fee Reductions
and/or Expense Reimbursements(1) 1.15%
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(1) Westwood Management Corp. (the "Adviser") has contractually agreed to
reduce fees and reimburse expenses in order to keep Total Annual Fund
Operating Expenses After Fee Reductions and/or Expense Reimbursements for A
Class Shares (excluding interest, taxes, brokerage commissions, acquired
fund fees and expenses, and extraordinary expenses (collectively, "excluded
expenses")) from exceeding 1.15% of the Fund's A Class Shares' average
daily net assets until February 28, 2016. In addition, if at any point
Total Annual Fund Operating Expenses (not including excluded expenses) are
below the expense cap, the Adviser may receive from the Fund the difference
between the Total Annual Fund Operating Expenses (not including excluded
expenses) and the expense cap to recover all or a portion of its prior fee
reductions or expense reimbursements made during the preceding three-year
period during which this Agreement (or any prior agreement) was in place.
This Agreement may be terminated: (i) by the Board of Trustees of The
Advisors' Inner Circle Fund (the "Trust"), for any reason at any time; or
(ii) by the Adviser, upon ninety (90) days' prior written notice to the
Trust, effective as of the close of business on February 28, 2016.
EXAMPLE
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
Example also assumes that your investment has a 5% return each year and that
the Fund's operating expenses (including capped expenses for the period
described in the footnote to the fee table) remain the same.Although your
actual costs may be higher or lower, based on these assumptions your costs
would be:
1 YEAR 3 YEARS 5 YEARS 10 YEARS
$340 $600 $900 $1,750
2
PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover rate
may indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
total annual fund operating expenses or in the example, affect the Fund's
performance. During its most recent fiscal year, the Fund's portfolio turnover
rate was 49% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES
Under normal circumstances, the Fund invests at least 80% of its net assets,
plus any borrowings for investment purposes, in high yield securities. This
investment policy may be changed by the Fund upon 60 days' prior written notice
to shareholders. High yield securities, also referred to as "junk" bonds, are
securities rated BB+, Ba1 or below by independent rating agencies at the time
of purchase by the Fund, or securities that are unrated but judged to be of
comparable quality by SKY Harbor Capital Management, LLC (the "Sub-Adviser").
The Fund may invest in securities of any rating, including securities that are
in default.
In seeking to achieve the Fund's objective, the Sub-Adviser generally invests
in a portfolio of high yield securities of U.S. companies, as described in
further detail below. While the Sub-Adviser may purchase securities of any
maturity, under normal market conditions, the Sub-Adviser generally expects to
invest in high yield securities, including privately placed securities, that
have an expected redemption through maturity, call or other corporate action
within three years or less, although this may vary if, in the Sub-Adviser's
opinion, it is warranted by current market conditions. While there is no
maximum duration on individual securities, the average maximum "duration to
worst" of the Fund is expected to be under three years. "Duration to worst" is
the duration of a bond computed using the bond's nearest call date or maturity,
whichever comes first. The Sub-Adviser believes such a portfolio serves to
reduce volatility and preserve capital when compared to traditional high yield
portfolios. In the Sub-Adviser's view, traditional high yield portfolios
generally possess durations to worst of longer than three years. Portfolios
with longer durations to worst are generally more sensitive to interest rate
changes and other market risks. Accordingly, the Sub-Adviser seeks to achieve
less volatility and better preservation of capital for the Fund relative to
traditional high yield portfolios by maintaining a duration to worst for the
Fund that is significantly shorter than that of traditional high yield
portfolios. The Fund also invests in high yield securities of non-U.S.
companies, and the Sub-Adviser expects that the Fund's investments in non-U.S.
companies will normally represent less than 25% of the Fund's assets, and may
include investments in emerging markets.
3
In selecting securities for the Fund's portfolio, the Sub-Adviser seeks issuers
that exhibit attractive characteristics including, but not limited to: stable
businesses with projectable cash flows; positive year-over-year cash flow
comparisons supported by stable industry conditions; generation of cash in
excess of corporate and financial obligations; and management intentions for
use of cash flows favorable to bond holders. In making investment decisions,
the Sub-Adviser utilizes an investment process that is based on fundamental
analysis of issuers, markets, and general macro-economic conditions and
supported by quantitative valuation and risk monitoring tools. The goal of the
investment process is to identify high yield securities with attractively
priced income streams and to achieve superior long term returns from
investments. The Sub-Adviser employs an established selling discipline and may
generally sell a security for one of three non-exclusive reasons: (i) there is
a negative change in the Sub-Adviser's fundamental assessment of a security;
(ii) the security becomes overvalued relative to other opportunities; or (iii)
the Sub-Adviser is shifting the portfolio from one sector or risk segment to
another.
PRINCIPAL RISKS
As with all mutual funds, a shareholder is subject to the risk that his or her
investment could lose money. A Fund share is not a bank deposit and it is not
insured or guaranteed by the FDIC or any government agency. The principal risk
factors affecting shareholders' investments in the Fund are set forth below.
HIGH YIELD BOND RISK -- High yield, or "junk," bonds are highly speculative
securities that are usually issued by smaller, less creditworthy and/or highly
leveraged (indebted) companies. Compared with investment-grade bonds, high
yield bonds are considered to carry a greater degree of risk and are considered
to be less likely to make payments of interest and principal. In particular,
lower-quality high yield bonds (rated CCC, CC, C, or unrated securities judged
to be of comparable quality) are subject to a greater degree of credit risk
than higher-quality high yield bonds and may be near default. High yield bonds
rated D are in default. Market developments and the financial and business
conditions of the corporation issuing these securities generally influence
their price and liquidity more than changes in interest rates, when compared to
investment-grade debt securities.
LIQUIDITY RISK -- Insufficient liquidity in the non-investment grade bond
market may make it more difficult to dispose of non-investment grade bonds and
may cause the Fund to experience sudden and substantial price declines.
VALUATION RISK -- A lack of reliable, objective data or market quotations may
make it more difficult to value non-investment grade bonds accurately.
4
CREDIT RISK -- The credit rating or financial condition of an issuer may affect
the value of a fixed income debt security. Generally, the lower the credit
quality of a security, the greater the perceived 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
considered by the rating agency or the Sub-Adviser to be more likely to pay
interest and repay principal than an issuer of a lower quality bond. Adverse
economic conditions or changing circumstances may weaken the capacity of the
issuer to pay interest and repay principal.
INTEREST RATE RISK -- As with most funds that invest in fixed income
securities, changes in interest rates are a factor that could affect the value
of your investment. Rising interest rates tend to cause the prices of fixed
income securities (especially those with longer maturities) and the Fund's
share price to fall.
The concept of duration is useful in assessing the sensitivity of a fixed
income fund to interest rate movements, which are usually the main source of
risk for most fixed-income funds. Duration measures price volatility by
estimating the change in price of a debt security for a 1% change in its yield.
For example, a duration of five years means the price of a debt security will
change about 5% for every 1% change in its yield. Thus, the longer the
duration, the more volatile the security.
Fixed income debt securities have a stated maturity date when the issuer must
repay the principal amount of the bond. Some fixed income debt securities,
known as callable bonds, may repay the principal earlier than the stated
maturity date. Fixed income debt securities are most likely to be called when
interest rates are falling because the issuer can refinance at a lower rate.
PRIVATE PLACEMENTS RISK -- Investment in privately placed securities may be
less liquid than in publicly traded securities. Although these securities may
be resold in privately negotiated transactions, the prices realized from these
sales could be less than those originally paid by the Fund or less than what
may be considered the fair value of such securities. Further, companies whose
securities are not publicly traded may not be subject to the disclosure and
other investor protection requirements that might be applicable if their
securities were publicly traded.
FOREIGN SECURITIES RISK -- Investing in securities of foreign issuers poses
additional risks since political and economic events unique to a country or
region will affect foreign securities markets and their issuers. These risks
will not necessarily affect the U.S. economy or similar issuers located in the
United States. In addition, investments in securities of foreign issuers are
generally denominated in a foreign currency. As a result, changes in the value
of those currencies compared to the U.S. dollar may affect (positively or
negatively) the value of the Fund's investments. These currency movements may
occur separately from, and in response to, events
5
that do not otherwise affect the value of the security in the issuer's home
country. In an attempt to reduce currency risk associated with non-U.S.
denominated securities, the Fund intends to hedge its foreign currency exposure
by entering into forward currency contracts. A forward currency contract
involves an obligation to purchase or sell a specific amount of currency at a
future date or date range at a specific price, thereby fixing the exchange rate
for a specified time in the future. However, the Sub-Adviser has limited
ability to direct or control foreign exchange execution rates, and there is no
guarantee that such hedging strategies will be successful in reducing the
currency risk associated with investing in foreign securities. Foreign
companies may not be registered with the SEC and are generally not subject to
the regulatory controls imposed on U.S. issuers and, as a consequence, there is
generally less publicly available information about foreign securities than
is available about domestic securities. Income from foreign securities owned by
the Fund may be reduced by a withholding tax at the source, which tax would
reduce income received from the securities comprising the portfolio. The Fund's
investments in foreign securities are also subject to the risk that the
securities may be difficult to value and/or valued incorrectly.
The Fund may invest in securities of European issuers. The European financial
markets have recently experienced volatility and adverse trends due to concerns
about rising government debt levels of certain European countries, each of
which may require external assistance to meet its obligations and run the risk
of default on its debt, possible bail-out by the rest of the European Union
("EU") or debt restructuring. Assistance given to an EU member state may be
dependent on a country's implementation of reforms in order to curb the risk of
default on its debt, and a failure to implement these reforms or increase
revenues could result in a deep economic downturn. These events may adversely
affect the economic and market environment in Europe, which in turn may
adversely affect the price or liquidity of high yield securities issued by
European issuers and therefore may adversely affect the Fund and its
investments in such securities.
EMERGING MARKETS SECURITIES RISK -- Investments in emerging markets securities
are considered speculative and subject to heightened risks in addition to the
general risks of investing in foreign securities. Unlike more established
markets, emerging markets may have governments that are less stable, markets
that are less liquid and economies that are less developed. In addition, the
securities markets of emerging market countries may consist of companies with
smaller market capitalizations and may suffer periods of relative illiquidity;
significant price volatility; restrictions on foreign investment; and possible
restrictions on repatriation of investment income and capital. Furthermore,
foreign investors may be required to register the proceeds of sales, and future
economic or political crises could lead to price controls, forced mergers,
expropriation or confiscatory taxation, seizure, nationalization or creation of
government monopolies.
6
PERFORMANCE INFORMATION
The bar chart and the performance table below illustrate the risks and
volatility of an investment in the Fund by showing changes in the Fund's
performance from year to year and by showing how the Fund's average annual
returns for 1 year and since inception compare with those of a broad measure of
market performance. Of course, the Fund's past performance (before and after
taxes) does not necessarily indicate how the Fund will perform in the future.
Updated performance information is available on the Fund's website at
www.westwoodfunds.com or by calling 1-877-FUND-WHG (1-877-386-3944).
A Class Shares of the Fund commenced operations on June 28, 2013 and therefore
do not have performance history for a full calendar year. Consequently, the bar
chart shows the performance of the Fund's Institutional Class Shares and the
performance table compares the average annual total returns of the Fund's
Institutional Class Shares to those of a broad measure of market performance.
The Fund's Institutional Class Shares are offered in a separate prospectus. A
Class Shares of the Fund would have substantially similar performance as
Institutional Class Shares because the shares are invested in the same portfolio
of securities and the annual returns would differ only to the extent that the
expenses of A Class Shares are higher than the expenses of the Institutional
Class Shares and, therefore, returns for the A Class Shares would be lower than
those of the Institutional Class Shares. Institutional Class Shares performance
presented has been adjusted to reflect the Distribution (12b-1) fees and, for
the performance table, the Maximum Sales Charge (Load), applicable to A Class
Shares. Institutional Class Shares first became available on December 28, 2011.
[BAR CHART OMITTED - PLOT POINTS AS FOLLOWS]
6.08% 5.15%
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2012 2013
BEST QUARTER WORST QUARTER
2.53% (0.83)%
(09/30/2013) (06/30/2013)
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7
AVERAGE ANNUAL TOTAL RETURNS FOR PERIODS ENDED DECEMBER 31, 2013
After-tax returns are calculated using the historical highest individual
federal marginal income tax rates and do not reflect the impact of state and
local taxes. Your actual after-tax returns will depend on your tax situation
and may differ from those shown. After-tax returns shown are not relevant to
investors who hold their Fund shares through tax-deferred arrangements, such as
401(k) plans or individual retirement accounts.
SINCE INCEPTION
WESTWOOD SHORT DURATION HIGH YIELD FUND 1 YEAR (12/28/11)
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Fund Returns Before Taxes 5.15% 5.59%
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Fund Returns After Taxes on Distributions 2.99% 3.63%
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Fund Returns After Taxes on Distributions and
Sale of Fund Shares 2.90% 3.48%
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BofA Merrill Lynch U.S. High Yield Index (reflects
no deduction for fees, expenses, or taxes) 7.42% 11.48%
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INVESTMENT ADVISER
Westwood Management Corp. ("Westwood") serves as investment adviser to the
Fund. SKY Harbor Capital Management, LLC serves as investment sub-adviser to
the Fund.
PORTFOLIO MANAGER
Anne Yobage, CFA, Lead Portfolio Manager and co-founder of SKY Harbor Capital
Management, LLC, has managed the Fund since its inception in 2011.
8
PURCHASE AND SALE OF FUND SHARES
To purchase shares of the Fund for the first time, including an initial
purchase through an individual retirement account ("IRA") or other tax
qualified account, you must invest at least $5,000. There is no minimum for
subsequent investments.
If you own your shares directly, you may redeem your shares on any day that the
New York Stock Exchange is open for business by contacting the Fund directly by
mail at Westwood Funds, P.O. Box 219009, Kansas City, MO 64121-9009 (Express
Mail Address: Westwood Funds, c/o DST Systems, Inc., 430 West 7th Street,
Kansas City, MO 64105) or telephone at 1-877-FUND-WHG (1-877-386-3944).
If you own your shares through an account with a broker or other institution,
contact that broker or institution to redeem your shares. Your broker or
institution may charge a fee for its services in addition to the fees charged
by the Fund.
TAX INFORMATION
The Fund intends to make distributions that may be taxed as ordinary income or
capital gains, unless you are investing through a tax-deferred arrangement,
such as a 401(k) plan or individual retirement account, in which case your
distribution will be taxed when withdrawn from the tax-deferred account.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank), the Fund and its related companies may pay the
intermediary for the sale of Fund shares and related services. These payments
may create a conflict of interest by influencing the broker-dealer or other
intermediary and your salesperson to recommend the Fund over another
investment. Ask your salesperson or visit your financial intermediary's web
site for more information.
9
WHG-SM-015-0200
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